Core Insights - The company has reported significant progress in its new retail strategy, particularly through the "Ten Thousand Store Franchise" initiative, which has contributed to a robust growth in sales and store expansion [1] Group 1: New Retail Strategy - The "Ten Thousand Store Franchise" strategy has led to the establishment of 33,275 direct-operated and franchised pharmacies nationwide by the end of Q3 2025 [1] - Sales revenue from franchise pharmacies reached 5.402 billion yuan, marking a year-on-year increase of 43.40% [1] - The company has expanded its supplier network to over 800 brand suppliers, enhancing its supply chain capabilities [1] Group 2: C-end Business and Services - Revenue from C-end business amounted to 2.235 billion yuan [1] - The company has over 6,800 qualified professional pharmacies, with its own pharmacies handling 429 million yuan in prescription outflow [1] - Specialized services for 13 chronic disease categories have been provided, serving over one million patients [1] Group 3: O2O Business and Digitalization - The O2O business, facilitated by the "Store Connection" system, has over 7,000 offline pharmacies for drug delivery, achieving sales exceeding 300 million yuan in the first three quarters [1] - The company offers a one-stop service for franchise pharmacies through a "Retail SaaS System + Traceability Code Solution" [1] - The digital platform, "Jiuzhou Ten Thousand Stores," serves all retail pharmacies, enhancing operational efficiency [1]