Group 1: Business Performance - In the first three quarters of 2025, despite impacts from tariffs, the company's revenue and gross profit margin showed continuous growth, indicating strong resilience in profitability [2] - The company has seen an increase in the number of end customers and clients in Europe, with expectations for additional orders in the coming year following market expansion efforts [2] Group 2: Brand Development - During the "Double Eleven" shopping festival, the company's self-owned brand revenue maintained a high growth rate, with significant contributions from new staple foods and duck meat snacks [2] - The brand "Jueyan" has solidified its leading position in the dog snack category across various platforms, with standout products like air-dried snacks and canned food ranking at the top [2] Group 3: ODM Business Insights - In Q4 2025, the ODM business is expected to show a significant recovery compared to the previous quarter, with a dual trend of month-on-month improvement and year-on-year growth [3] - The company has established core production lines in China, Southeast Asia, and New Zealand, enabling it to meet diverse customer needs through flexible production capabilities [5] Group 4: Future Outlook - The company anticipates steady growth in overseas markets, driven by new customer development and the release of production capacity from its New Zealand and Southeast Asia facilities [6] - The strategy for self-owned brands will focus on quality and nutritional science, aiming to expand international market share while enhancing collaboration with core customers [6]