近期，贝壳财经记者走访了三大集中退付点，探寻国际消费体验升级的新趋势。 首批集中退付点试运行平稳单笔退税仅需几分钟 "5月15日开始试运行当天，我们的离境退税'即买即退'集中退付点就有客户获得了现金退税，为国际旅 客购物带来了极大便利。"金融街购物中心副总经理王曦对贝壳财经记者表示。 今年4月，离境退税"即买即退"服务措施从多地试点推广至全国。北京在前期试点已发展16家大型综合 性商场成为"即买即退"商店的基础上，再度升级扩围举措，在全国率先推出"全城离境退税、市内一点 通办"服务模式，设立了全市首批市内"即买即退"集中退付点，境外旅客在全市任意一家退税商店开具 的离境退税申请单，均可在集中退付点办理提前退税，进一步便利境外旅客退税。 据悉，首批"即买即退"集中退付点分别为王府中環集中退付点、金融街集中退付点以及国贸商城集中退 付点，这些退付点已于5月15日启动试运营，6月1日起将正式运营。 记者在采访中了解到，首批离境退税"即买即退"集中退付点自5月15日试运行以来，整体运行平稳。外 国旅客在集中退付点办理离境退税仅需要几分钟，即可拿到退税款。同时，退税后的商品价格优势显 著，也大大提升了商品对境外旅客的吸 ...

Financial Data and Key Metrics Changes - GMV for Q1 2025 was $94.7 million, up 3% year over year, exceeding guidance despite a challenging market backdrop [22][32] - Net revenue increased to $22.5 million, a 2% rise, with transaction revenue comprising approximately 75% of total revenue [27][32] - Adjusted EBITDA loss was $1.7 million, compared to a loss of $1.8 million in the previous year, maintaining an adjusted EBITDA margin loss of 8% [30][32] Business Line Data and Key Metrics Changes - Consumer GMV grew mid-single digits, while trade GMV remained flat; jewelry and fashion verticals posted double-digit growth [25][32] - Active buyers increased to approximately 64,800, reflecting a 7% year-over-year growth [25][32] - Unique seller accounts decreased by 23% year over year to about 5,900, attributed to subscription pricing optimizations [19][26] Market Data and Key Metrics Changes - The company experienced steady listings growth, ending the quarter with over 1.8 million listings, up 5% [26][32] - Organic traffic accounted for over 70% of total traffic, with improvements in SEO and direct traffic contributing to growth [12][24] - Conversion rates improved year over year for six consecutive quarters, although growth moderated in Q1 compared to Q4 [10][24] Company Strategy and Development Direction - The company is focused on a product-led growth strategy aimed at enhancing buyer and seller experiences while gaining market share [4][10] - Key initiatives include accelerating organic traffic growth, competitive pricing, funnel optimization, and elevating service levels [11][12] - The company aims to maintain growth and expense discipline while capturing additional market share throughout 2025 [20][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tougher demand backdrop for luxury home discretionary spending due to evolving trade policies and macroeconomic effects [5][8] - The company expects continued listings growth and normalization of seller churn in Q2 2025 [20][32] - Future guidance reflects a forecasted GMV of $85 million to $92 million for Q2, indicating a potential decline of 7% to an increase of 1% [31][32] Other Important Information - The company has repurchased approximately $33.4 million worth of shares since initiating its buyback program in August 2023 [31] - The adjusted EBITDA margin guidance for Q2 is projected to be a loss of 14% to 10%, reflecting increased headcount-related costs and transaction loss provisions [32] Q&A Session Summary Question: On organic traffic and conversion - Management noted that organic traffic had declined for over a year but returned to growth in Q1, attributing this to product and engineering efforts [36][38] - Conversion changes were primarily driven by macroeconomic factors, particularly in the consumer furniture segment [39][40] Question: On active buyers growth - Active buyer growth is linked to conversion rates, which are influenced by macroeconomic conditions; management remains focused on long-term value drivers [44][46] Question: On market share gains - Market share is measured against GMV changes versus syndicated credit card data, with growth observed for five consecutive quarters [50] - The rollout of machine learning pricing models has seen high adoption for lower-priced items, with ongoing improvements expected [52][54]