Financial Data and Key Metrics Changes - Total revenue for Q2 2025 reached RMB 4.99 billion, representing a year-over-year growth of 32.2% [11][26] - 1P product revenue grew by 34% year-over-year to RMB 4.56 billion, while 3P service revenue increased by 15.4% year-over-year to RMB 430 million [12][26] - Non-GAAP operating profit margin was 2.4%, meeting the full-year target [12][33] Business Line Data and Key Metrics Changes - C2B recycling business maintained robust double-digit growth, benefiting from national subsidies and promotional campaigns [12] - Refurbished products contributed 13.5% of 1P revenue, with on-demand refurbishment model generating over RMB 100 million in the quarter [15] - B2B marketplace Paiditang saw a surge in warehousing inspection GMV, increasing penetration rate from 62% in 2024 to 73% in 2025 [16] Market Data and Key Metrics Changes - The company operated 2,092 AHS stores nationwide by the end of Q2 2025, including 987 self-operated stores in Tier one and Tier two cities [13] - The overall take rate of the marketplace was 5.3%, up slightly year-over-year and quarter-over-quarter [26] Company Strategy and Development Direction - The company aims to leverage national subsidies and policies to enhance trading programs and supply chain capabilities, positioning itself as a leader in pre-owned consumer electronics [21] - AHS Recycle is focused on expanding its platform-based recycling businesses across high-value product categories [22] - The company launched the AHS Recycle Green Wallet to promote eco-friendly recycling and green consumption [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year operational objectives, anticipating revenue growth to accelerate in the second half of the year [23][40] - The company plans to maximize recycling and fulfillment capabilities while positioning AHS Recycle as China's leading recycling brand [40][41] Other Important Information - The company announced a three-year shareholder return program, committing to return no less than 60% of annual non-GAAP net profit to shareholders [23] - The company set ambitious targets to reduce greenhouse gas emissions intensity by 35% for Scope one and two, and 50% for Scope three by 2030 [24] Q&A Session Summary Question: What are the company's growth expectations for the second half of the year? - Management believes in the enduring potential of the circular economy model and is focusing on maximizing recycling and fulfillment capabilities while positioning AHS Recycle as a leading brand [39][40] Question: Any notable trends in trade-in activity via JD.com or offline stores? - Smartphones remained the strongest C2B recycling category, with robust growth driven by enhanced fulfillment capabilities and national subsidies [46] Question: What adjustments were made to the Apple business and overseas business? - The Apple trading business has maintained profitability and is expected to contribute solid product revenue for the full year [51]