Financial Data and Key Metrics Changes - The company achieved a real GMV growth of 12.1% in 2024, with an unadjusted inflation basis GMV growth of 74% year on year [5][6] - Gross contribution margin improved to 11.3%, reflecting a 2.1 percentage point increase compared to the previous year [6][17] - EBITDA as a percentage of GMV reached 1.1%, marking a 0.7 percentage point rise year on year [6][21] Business Line Data and Key Metrics Changes - Active customers increased by 235,000, totaling 12,200,000, with orders growing by 16 percentage points year on year to 131,400,000 [7][17] - The lending volume reached 16.2 billion, which is 2.6 times the total volume in 2023 [11] - The off-platform volume for HeftyJet increased by 89% year on year, with its off-platform share rising by 9.7 percentage points to nearly 34.6% of total volume [12] Market Data and Key Metrics Changes - Revenue grew by 6.4% in Q4, leading to an 11.1% growth for the full year compared to the previous year [19] - The revenue growth in Q4 was driven by a 15% rise in 3P revenue and an 18% increase in delivery service revenue [19] - The marketplace operations contributed to a 12% revenue growth in 2024 [20] Company Strategy and Development Direction - The company focuses on three strategic priorities: customer loyalty, enhancing delivery services, and expanding B2B services [8][10] - The loyalty program, Hexo Product Premium, reached a member base of 3.7 million, with expanded offerings through partnerships [10] - The company aims to capitalize on differentiation through lending solutions and improve merchant capabilities [11][12] Management Comments on Operating Environment and Future Outlook - The start of 2025 faced challenges due to macroeconomic headwinds and boycotts affecting consumer purchasing power [14][23] - The company expressed excitement about the potential value creation opportunities following the acquisition of a controlling stake by CASB [15][24] Other Important Information - Free cash flow decreased by 1.9 billion compared to the previous year, primarily due to a decrease in net cash from operating activities [22] - The company recorded a significant increase in advertising services revenues and premium subscription revenues [19][20] Q&A Session Summary - There was no Q&A session during this earnings call, and participants were encouraged to direct their questions to the Investor Relations team [24]

Financial Data and Key Metrics Changes - The company reported a real GMV growth of 12.1% in 2024, with an unadjusted inflation basis GMV growth of 74% year on year [6][7] - Gross contribution margin improved to 11.3%, reflecting a 2.1 percentage point increase compared to the previous year [7][18] - EBITDA as a percentage of GMV reached 1.1%, marking a 0.7 percentage point rise year on year [7][18] - Revenue grew by 11.1% for the full year, with a 6.4% increase in Q4 [20][24] Business Line Data and Key Metrics Changes - Active customers increased by 235,000, totaling 12.2 million, with orders growing by 16 percentage points year on year to 131.4 million [8][18] - The company saw a shift towards marketplace operations, with 3P operations accounting for approximately 70% of the business [19] - Delivery service revenue increased by 50% in 2024, contributing significantly to overall revenue growth [21][22] Market Data and Key Metrics Changes - The company faced macroeconomic headwinds in early 2025, impacting consumer purchasing power and marketing activities [15][25] - The company is excited about the potential value creation opportunities from the acquisition of a 65.4% controlling stake in a leading payment marketplace in Kazakhstan [15][26] Company Strategy and Development Direction - The company focuses on three strategic priorities: enhancing customer loyalty, improving delivery services, and expanding B2B services [9][12] - The loyalty program has grown to 3.7 million members, and partnerships have been established to enhance program offerings [10] - The company aims to capitalize on differentiation through lending solutions, with total lending volume reaching 16.2 billion, a 2.6 times increase from 2023 [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic conditions and political sensitivities affecting marketing efforts [15][25] - The acquisition of a controlling stake in a prominent fintech ecosystem is seen as a significant milestone, providing optimism for future growth [15][26] Other Important Information - Free cash flow decreased by 1.9 billion compared to the previous year, primarily due to a decline in net cash from operating activities [24] - The company recorded a significant increase in other revenue, including advertising services and premium subscription revenues [21][22] Summary of Q&A Session - There was no Q&A session during this earnings call, and participants were encouraged to direct their questions to the Investor Relations team [26]