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]

Financial Performance - Total net revenues reached RMB 4,653.5 million, a 27.5% year-over-year increase[10] - Net product revenues grew by 28.8% year-over-year to RMB 4,263.7 million[10] - Net service revenues increased by 14.2% year-over-year to RMB 389.8 million[10] - Non-GAAP income from operations increased by 39.5% year-over-year to RMB 111.9 million[10] - Non-GAAP operating profit margin improved by 21 basis points year-over-year to 2.4%[10] Business Updates - 1P business net product revenues, excluding ATI and international business, increased by 54.2% year-over-year[12] - 3P business net service revenues from multi-services category recycling increased significantly by 172.9% year-over-year[13] - Overall service take rate for the 3P business was 5.25%[13] - Total transaction units reached 9.5 million, a 13.1% year-over-year increase[15] Store Network - The total number of AHS stores reached 1,886, a net increase of 458 stores year-over-year[14] - Self-operated standard stores increased by 206 to a total of 917[14] - Joint-operated standard stores increased by 286 to a total of 843[14]

Financial Data and Key Metrics Changes - Total net revenues for the fourth quarter of 2024 increased by 25.2% year-over-year to RMB4.85 billion, exceeding guidance [7][35] - Full year revenue reached RMB16.33 billion, representing a 25.9% year-over-year growth [8][35] - Non-GAAP income from operations was RMB130 million in the fourth quarter and RMB410 million for the full year, growing 61% and 62.8% year-on-year respectively [8][48] - Non-GAAP operating margins were 2.7% in the fourth quarter and 2.5% for the full year [9][48] Business Line Data and Key Metrics Changes - Product revenues for the fourth quarter grew by 26.6% year-over-year [9] - Net product revenues for the full year reached RMB14.84 billion, representing a year-on-year increase of 27.3% [37] - Net service revenues were RMB389 million in the fourth quarter, an increase of 10.7% [38] - Multi-category recycling business contributed over RMB40 million to service revenues, a significant increase from 5.5% in the same period of 2023 [39] Market Data and Key Metrics Changes - The number of transactions grew to over 35.3 million, supported by government subsidies for equipment renewal [9] - The service revenue of multi-category recycling increased significantly, contributing 8.6% of total service revenues in 2024, up from 2.3% in 2023 [39][40] Company Strategy and Development Direction - The company aims to focus on experience-driven growth, brand building, and strengthening fulfillment capabilities in 2025 [23][33] - Plans to open 800 new stores and add 1,000 two-door service staff to enhance face-to-face fulfillment network [59] - The strategy includes leveraging new media platforms for brand awareness and expanding service capabilities [60][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in China's pre-owned electronics market, driven by national subsidies [55][61] - The company anticipates total revenues for the first quarter of 2025 to be between RMB4,550 million and RMB4,650 million, representing a year-over-year increase of 24.6% to 27.4% [50][51] - The focus will be on maintaining a healthy non-GAAP operating profit margin while balancing reinvestment and shareholder returns [75] Other Important Information - The company has sufficient financial reserves to support reinvestment and shareholder returns, with cash and cash equivalents totaling RMB2.9 billion [49] - The repurchase program allows for up to $50 million of ADSs through June 27, 2025 [48][76] Q&A Session Summary Question: Plans to capture growth opportunities in 2025 - Management highlighted the significant untapped potential in China's pre-owned electronics market and plans to leverage national subsidies to increase recycling volume [55][57] Question: Use of AI in operations - Management confirmed the deployment of AI in quality inspection and plans to expand AI applications across various business scenarios to improve efficiency [64][66] Question: Capital management priorities - Management stated a balanced approach to reinvestment for growth and returning capital to shareholders, with a focus on maintaining healthy profit margins [70][75]