Financial Data and Key Metrics Changes - Total net revenue reached a record high of RMB 5.15 billion, representing a 27.1% year-over-year growth [5][25] - 1P product revenue increased by 28.7% year-over-year to RMB 4.73 billion, while 3P platform service revenue rose 11.6% year-over-year to RMB 420 million [5][27] - Non-GAAP operating profits reached RMB 140 million, up 34.9% year-over-year, with a non-GAAP operating profit margin of 2.7% [5][35] Business Line Data and Key Metrics Changes - Combined refurbished product revenue surged 102% year-over-year, with 1P2C revenue growing over 70% year-over-year [7] - The number of contracted merchants on the PJC Marketplace surpassed 1.37 million, driven by rapid growth in product supply and small-sized merchants [11] - GMV for consignment in the PaiPai marketplace grew 180% year-over-year, with the take rate trending upward in the high single-digit range [14] Market Data and Key Metrics Changes - AHS Recycle achieved a trade-in penetration rate exceeding 10% on JD.com, with significant potential for further growth as retail prices of new devices increase [44] - The overall take rate of the marketplace was 4.89% for the third quarter of 2025 [28] Company Strategy and Development Direction - The company aims to strengthen core capabilities in second-hand consumer electronics, enhance fulfillment capabilities, and advance technology through automation and AI [18][19] - AHS Recycle is positioned as China's leading recycling brand, focusing on user engagement and frequency of service usage [20] - The company is preparing for an international strategy to share China's recycling story globally, with a focus on export standards and international mutual recognition [21][22] Management's Comments on Operating Environment and Future Outlook - Management expects total revenue growth in Q4 2025 to be between 25.4% and 27.4%, driven by attractive new products and strong consumer demand [45] - For 2026, the company anticipates maintaining a relatively rapid year-over-year growth rate, supported by increased trade-in program penetration and enhanced brand power [48] Other Important Information - The company repurchased approximately 0.5 million ADSs for about $2.1 million during the third quarter [36] - As of September 30, 2025, cash and cash equivalents totaled RMB 2.54 billion, sufficient to support reinvestment and shareholder returns [37] Q&A Session Summary Question: Impact of national subsidy policies on business - Management noted that national trade-in subsidies primarily promote sales of new devices priced under RMB 6,000, with limited impact on premium models [42] - The company has collaborated with JD.com and major brands to enhance trade-in experiences, benefiting from the subsidies [43] Question: Outlook for Q4 and next year - Management expects total revenue growth in Q4 to be between 25.4% and 27.4%, driven by strong consumer demand for new devices [45][46] - For 2026, the company anticipates continued growth driven by trade-in program penetration and improved supply chain efficiency [48] Question: Store opening pace for Q4 and next year - The company aims to accelerate store openings while ensuring quality development and superior user experience [52] Question: Plans for multi-category business - The multi-category business has maintained rapid growth, focusing on high-value categories and user experience [54] Question: Uptake of enhanced services across marketplace businesses - The take rate for PJC marketplace remains stable at over 6%, with ongoing adjustments to merchant service policies [57] - The consignment model in PaiPai has shown success, driving its take rate into the high single-digit range [58]