Financial Performance - In Q3 2025, the company achieved a revenue of 37.61 billion CNY, a year-on-year decrease of 3.01% [2] - The net profit attributable to shareholders was 4.67 billion CNY, down 10.61% year-on-year, with basic earnings per share at 1.08 CNY [2] - For the first nine months of 2025, revenue by product category was as follows: mattresses (19.15 billion CNY, +4.63%), bed frames (10.81 billion CNY, -5.73%), sofas (2.62 billion CNY, -15.08%), and bedding (1.76 billion CNY, -17.12%) [3] - Revenue by channel for the first nine months: distribution (27.89 billion CNY, -2.30%), e-commerce (7.29 billion CNY, -4.61%), direct supply (1.17 billion CNY, -4.50%), and direct sales (0.44 billion CNY, -29.67%) [3] - Domestic revenue was 35.83 billion CNY (down 5.05%), while overseas revenue was 1.78 billion CNY (up 70.90%) [3] - The overall gross margin for the first nine months was 52.34%, an increase of 1.54 percentage points year-on-year [3] Strategic Initiatives - The company is focusing on health sleep, AI advancements, and global brand development to strengthen its competitive edge [2] - Significant investments in brand building and product innovation are being made to enhance long-term growth [2] - The company launched the "Harmony Smart Choice" smart bed, emphasizing user-centric product development [4] Market Challenges and Responses - The decline in net profit in Q3 was attributed to increased sales expenses due to upfront investments in e-commerce promotions and strategic initiatives for overseas expansion and AI product marketing [3] - To address a sluggish consumer environment, the company is optimizing its product matrix and enhancing marketing strategies on platforms like Douyin and Xiaohongshu [5] Global Expansion - The company has established strategic partnerships for brand promotion in Southeast Asia and the Middle East, including Vietnam, Malaysia, Indonesia, and Saudi Arabia [6] - The Indonesian production base has been received, and the Vietnamese base is under construction, expected to be operational by 2026 [6] Investor Relations - The company emphasizes a long-term approach to dividend policies, considering operational performance, profitability, capital expenditure needs, and shareholder preferences [7] - The investor relations activity was conducted online, ensuring compliance with information disclosure regulations [8]