Financial Data and Key Metrics Changes - In Q3 2025, GMV decreased by 2.3% year-over-year to RMB 2.62 billion, while total revenues increased by 2.1% to RMB 2.33 billion, indicating a recovery in top-line growth [17] - Adjusted net loss narrowed significantly by approximately 78% year-over-year to RMB 14 million, with an adjusted net loss margin improving to 0.6% [5][20] - Operating loss decreased by 69.3% to RMB 32.3 million, with the margin improving to negative 1.4% from negative 4.6% [19] Business Line Data and Key Metrics Changes - The number of transacting customers exceeded 70,000, reaching a new quarterly high, and private label GMV grew by 16.7% year-over-year, accounting for 8.2% of total GMV [17][8] - Gross margin for product sales YP model increased by 11.2 basis points to 16.2%, while the marketplace model's take rate rose by 47.5 basis points to 13.1% year-over-year [18] Market Data and Key Metrics Changes - The average weekday order value improved from approximately RMB 37 million in July to RMB 52 million in November, representing an increase of over 40% [4] - The company added over 2.3 million sellable SKUs, bringing the total to more than 19 million, and onboarded over 1,200 new suppliers [7] Company Strategy and Development Direction - The company is focused on enhancing its supply chain capabilities and product offerings, particularly in professional and industrial-grade MRO categories [9][25] - AI technologies are being integrated across various business processes to improve operational efficiency and customer experience [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving quarterly profitability in Q4 2025, driven by improved operational efficiency and a balanced customer mix [21] - The company anticipates GMV growth of 15%-20% per year going forward, while balancing profitability with long-term investments in core competencies [33] Other Important Information - The company generated net cash of approximately RMB 105.5 million from operating activities, a significant improvement from the previous year [21] - The launch of the Expert Linglong AI model is expected to enhance the entire MRO supply chain, improving efficiency and productivity [11] Q&A Session Summary Question: Views on the competitive landscape of the MRO market in China - Management believes that the IPO of JD Industrial is beneficial for the industry, as it promotes the concept of one-stop purchasing on e-commerce platforms [24] - The company emphasizes its specialization in chemicals and industrial-grade MROs, which sets it apart from competitors [25][26] Question: Reasons for not being profitable and balancing profitability with long-term investments - Management indicated that previous losses were due to significant investments in infrastructure and core competencies, but they are now entering a phase focused on profitability [30] - The company plans to control expenses while continuing to invest in R&D and overseas expansion to ensure sustainable profitability [33] Question: Future plans for overseas expansion - Management is focused on serving Chinese companies going abroad while also developing business in the U.S. and Europe, with a break-even target for overseas operations by 2026 [36]