Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to generate revenue of 3.2 billion RMB in Q4 2025, reflecting a year-over-year decrease of 1%, with adjusted net profit projected at 1.1 billion RMB, remaining flat year-over-year. This stability in revenue is primarily influenced by strategic adjustments in the freight brokerage and credit solutions businesses. The core freight transaction service's commission penetration and monetization capabilities are on a steady upward trajectory [1][2] - A long-term shareholder return plan has been established, committing to return at least 50% of the previous year's non-GAAP net profit to shareholders through dividends or buybacks. For 2026, a total of 400 million USD is earmarked for shareholder returns, including 300 million in dividends and 100 million for buybacks, indicating a clear and sustainable return mechanism [4] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 12.4 billion, 11.5 billion, and 13.9 billion RMB respectively, with adjusted net profits expected to be 4.4 billion, 4.9 billion, and 6.5 billion RMB. The adjustments reflect a strategic contraction in the freight brokerage business, but the long-term profit outlook remains positive due to rapid growth in transaction services [5][11] - The company anticipates a 31% year-over-year increase in commission business revenue to 1.5 billion RMB in Q4 2025, with expectations of double-digit growth in the take rate by the end of 2026 [2] Business Optimization - The freight brokerage business is expected to generate 900 million RMB in Q4 2025, showing a year-over-year decline of 1.4%. The company plans to optimize its business model by collaborating with smaller freight platforms to improve profitability through technology service fees [3] - The company is controlling the scale of its micro-lending business while enhancing risk management, leading to stabilized risk indicators [3] Shareholder Return Mechanism - The long-term shareholder return plan has been approved by the board, ensuring a sustainable return to shareholders based on the company's stable cash flow from core operations [4] Valuation - The report adjusts the valuation to a target price of 16.1 USD for 2026, based on a price-to-earnings ratio of 24 times, reflecting a premium valuation due to the company's leading position in China's digital freight market [5][12]