Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the Dingdong Limited third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note that this event is being recorded. I will now turn the conference over to the first speaker today, Nicky Zheng, Director of Investor Relations. Please go ahead, sir. Thank you. Hello, everyone, and welcome to Dingdong's third quarter 2025 earnings call. With me today are Mr. Changlin Liang, our Founder and CEO, and Mr. Song Wang, our CFO. You can refer to our third quarter 2025 financial results on our website at iido100.me. You can also access a replay of this call on our website when it becomes available a few hours after its conclusion. For today's call, management will go through their prepared remarks, which will be followed by a question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please note that all numbers stated in the following management prepared remarks are in RMB terms. We will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC. I will now turn the call to our first speaker today, the Founder and the CEO of Dingdong, Mr. Liang. 尊敬的各位投资人、分析师以及线上线下支持 Dingdong 的伙伴们，感谢大家参加本次 Dingdong 买菜 2025 年 Q3 业绩沟通会。截止 2025 年 Q3，Dingdong 买菜已经实现了连续 12 个季度 non-GAAP 标准下的盈利，并且也已经连续 7 个季度实现 GAAP 口径下的盈利。在去年同期下降高基数的基础上，在收入上我们依然实现了同比的正增长。这是我们连续 7 个季度实现收入的同比正增长，持续稳健的规模增长以及盈利目标的稳步兑现，也充分验证了 Dingdong 在面对目前复杂的市场与竞争环境当中有足够的战略韧性和高效的执行力，这为我们未来长期战略的落地注入了强劲动力。接下来，我将首先复盘 Q3 的经营亮点，再分享一下我们对自身业务的思考和展望。 Hello everyone, thank you for participating in Dingdong's Q3 2025 earnings call. As of Q3 2025, Dingdong has maintained profitability under non-GAAP standards for 12 consecutive quarters and under GAAP standards for 7 consecutive quarters. Despite a higher baseline compared to the same period last year, revenue has achieved year-over-year growth, which marks the seventh straight quarter. This sustained expansion and steady achievement of profit targets fully demonstrate Dingdong's strategic resilience and execution excellence amid the current complex market and competitive landscape, providing strong momentum for advancing our long-term strategy. Next, I'll review the key highlights of Q3 operations and share our insights and outlook for the business. a net profit margin of 1.2%. Building on the rapid business growth in 2024 Q3, we have continued to maintain the momentum of scale growth and sustained profitability. In Q3 2025, Dingdong reported a GMV of RMB 7.27 billion and a revenue of RMB 6.66 billion, both increasing slightly year-on-year. This marked Dingdong's highest-ever quarterly GMV and revenue. Non-GAAP net profit was RMB 0.1 billion, with a profit margin of 1.5%, while GAAP net profit was RMB 0.08 billion, with a margin of 1.2%. Building on the strong growth seen in Q3 2024, we continue to sustain our growth momentum and stay profitable. 今年以来，公司在好商品体系的建设中已取得显著成效。一批好商品不仅有效提升了用户粘性与复购率，也为整体 GMV 增长提供了有力支撑。以数据为例，9 月份好商品 SKU 数量占比为 37.2%，贡献了整体 GMV 的 44.7%。相较于 1 月份即开始推行 4G 战略之时，当时好商品 SKU 占比仅为 14.1%，对 GMV 的贡献只有 16.4%。如今两者都实现了快速跃升，越来越多的好商品也吸引了更多的用户在 Dingdong 下单。Q3 的月下单用户转化率同比提升 1.6 个百分点，月下单用户数同比增长 4.1%。同时，好商品进一步带动了用户心智的提升，Q3 月均下单频次达到历史最高值 4.6 次，同比增长 4.9%。其中，会员用户的月均下单频次达到了历史最高值 7.7 次，同比增长 1.3%。 This year, the company has made notable progress with its good product system. A series of good products has effectively enhanced user retention and repurchase rates, while also significantly supporting overall GMV growth. For instance, in September, SKUs classified as good products comprised 37.2%, generating 44.7% of total GMV, a rapid jump from January. When the 4G strategy was launched, the share of good products SKUs was 14.1%, and their GMV contribution was 16.4%. The growing number of these good products has attracted more users to place orders on Dingdong. In Q3, the monthly order conversion rate increased by 1.6 percentage points year-over-year, and the number of monthly ordering users grew by 4.1%. Additionally, good products have further strengthened user mindshare. The average monthly order frequency reached a record 4.6 times in Q3, up 4.9% year-over-year, with member placing an average of 7.7 orders per month, a 1.3% year-on-year increase. 从趋势角度来看，本季度江浙沪区域 GMV 延续了稳健的正向增长态势，整体同比增幅达 1.4%。作为战略核心的上海市场，在前期已达到较高渗透率的基础上，本季度依旧保持稳定运行，为整个区域的增长提供了坚实的基本盘支持。而处于快速渗透期的江苏浙江地区，增长动能依然充沛，本季度 GMV 同比增长率达 3.6%。在江浙地区已覆盖的 19 个城市中，除本季度新开拓的宣城和滁州以外，有 9 个城市实现了同比 10% 以上的高速增长。其中，温州市场表现尤为突出，同比增速突破 60%，展现出强劲的消费潜力。这些数据清晰表明，江浙地区的市场需求尚未完全释放，无论是现有成熟城市的运营空间，还是新增城市的市场开拓潜力，都为公司后续业务增长提供了广阔的空间。 From a regional perspective, the GMV in Jiangsu, Zhejiang, and Shanghai continued its steady upward trend this quarter, increasing by 1.4% year-over-year. Shanghai, as the strategic core market, maintained stable operations, leveraging its high penetration rate to support the region's overall growth. Meanwhile, Jiangsu and Zhejiang, which are still in the phase of rapid market penetration, sustained strong growth, with GMV rising 3.6% year-over-year. Of the 19 cities in the region, excluding the recently expanded cities of Xuancheng and Chuzhou, nine cities delivered growth of over 10%, with Wenzhou performing exceptionally well, with growth exceeding 60%, reflecting significant consumption potential. These results clearly indicate that the market demand in Jiangsu and Zhejiang is still largely untapped. The existing mature cities' operational capacity and the expansion potential in new cities together present substantial opportunities for future growth. 我们在持续践行好用户、好商品、好服务、好心智的 4G 战略基础上，进一步提出了一大一小一世界的发展思路，为公司下一阶段的成长路径指明了更具象的方向。所谓一大即大单品策略，在好商品战略初见成效的基础上，我们正着力推动大单品体系的构建。我们认为，对商品的深入理解不仅来自规模效应所带来的价值释放，也来自于精细化运营不断发现的结构性机会，这也正是大单品策略的长期意义所在。 In Q3, building on our ongoing implementation of the 4G strategy of good users, good products, good services, good mindset, we introduced a new development framework called One Big One Small One World to guide a company's next stage of growth. One Big emphasizes our high-volume, top-selling product strategy. Building on the initial successes of our good product strategy and approach, we are now dedicated to developing a top-selling product system. We believe that a deep understanding of products arises not only from economies of scale, but also from the structural opportunities discovered through refined operations, which is precisely the long-term significance of our top-selling product strategy. outstanding sales performance, laying a solid foundation for the continued advancement of the top-selling product strategy. Unlike bestsellers, small but beautiful products prioritize user value and unique experiences over scale. Conversely, high-volume, top-selling products prioritize market fundamentals such as sourcing raw materials, category resilience, and scalability. At Dingdong, we set clear standards for creating blockbuster products. They must possess core competitiveness, ideally with universal appeal for potential for wide consumer appeal. By systematically analyzing production resources, efficiently managing supply chains, and brand building, these products are well-positioned for operational success and growth. Additionally, blockbuster products should align with existing channels, meet genuine consumer needs, and have low loss rates coupled with high market scalability. During the 100-day summer campaign, from June 21 to September 30, over 100 top-selling products were developed, laying a strong foundation for our high-volume, top-selling product strategy. 一大一小一世界当中的一小指的是小城、开城、开仓。我们可以看到，在核心市场如上海、苏州、杭州等地，我们的仓储网络已具备较高密度。基于当前布局，我们将进一步把拓展重心转向江浙沪区域内的更多中小城市，例如本季度新开的宣城和滁州。这些城市普遍呈现出传统零售业态持续收缩的趋势，同时消费者具备良好的购买力，尤其在食品类目上表现出较大、较高的可支配支出比例。随着生活水平的普遍提升与消费观念的成熟，当地居民对商品品质和健康属性的关注度日益增强，为高品质生鲜与食品提供了广阔市场空间。 The One Small in One Big, One Small, One World refers to establishing frontline fulfillment stations in smaller cities and expanding into those markets. Our warehousing network is already dense in key areas like Shanghai, Suzhou, and Hangzhou. Building on this, we plan to focus our expansion on smaller and medium-sized cities in the Jiangsu, Zhejiang, and Shanghai regions, such as Xuancheng and Chuzhou, which we launched this quarter. These cities tend to experience a decline in traditional retail, yet their consumers demonstrate strong purchasing power, especially in discretionary spending in food categories. As living standards rise and consumption habits evolve, local residents increasingly value product quality and health, creating a significant opportunity for high-quality fresh groceries. 在探索中小城市市场的过程中，我们逐步总结出并形成了一套体系化的开拓方法论，持续在实际运营中验证并迭代优化。相较于成熟城市，我们在城市准入策略、用户拉新手段、商品结构配置及绩效考核机制等方面均做出了针对性调整。我们以围绕小城餐桌和茶几休闲场景为核心抓手，致力于提供让消费者省心、放心且价格适中的优质商品。这一战略方向已成为我们当前激烈竞争环境中寻找到的结构性突破口。截止第三季度，我们今年已累计新开设 40 个全职商站点，其中第三季度新增 17 个，成功拓展了上海崇明岛、南通、如高、宣城、滁州等小城区域。探索并深耕江浙沪小城市场，正是我们在复杂竞争格局中寻找到的破局之路与增长答案。 In exploring markets in small and medium-sized cities, we have developed a systematic approach to market expansion, continuously refining it through real-world operations. Compared with mature cities, we have made specific adjustments to our city entry strategies, user acquisition methods, product configurations, and performance metrics. Our core focus is on dining and coffee table leisure scenarios in small cities, aiming to offer consumers high-quality, reliable, and affordable products. This strategic direction has proven to be a key breakthrough for us in today's highly competitive market environment. By the third quarter, we had opened 40 new frontline fulfillment stations this year, including 17 in the third quarter, successfully expanding into small city markets such as Chongming Island in Shanghai, Ruigao in Nantong, Xuancheng in Chuzhou. By exploring and developing small city markets in Jiangsu, Zhejiang, and Shanghai, we have found a clear strategic path to breakthrough and sustainable growth in an increasingly competitive environment. DFI Retail Group、李锦记、Hong Kong TV Mall 等等优质伙伴建立了合作关系。我们也惊喜地看到一大批 Dingdong 开发的生鲜食材和包装食品在海外市场受到了消费者的广泛欢迎。 Finally, the One World in One Big One Small One World strategy refers to the expansion into international markets. By leveraging our robust, domestically developed fresh grocery supply chain, we're confident in our ability to grow overseas. We have foreign partnerships with top-tier partners like FairPrice in Singapore, DFI Retail Group in Hong Kong, Lee Kum Kee, and Hong Kong TV Mall. We're also pleased to see the large number of fresh groceries and packaged foods developed by Dingdong have been widely embraced by overseas consumers. 最后，我再向大家更新一下对于 2025 年 Q4 的展望。当前，即使零售领域的竞争日趋白热化，也成为行业的普遍共识。无论是平台方还是线下商户，均在持续加大资源投入以抢占市场份额，推动整体市场竞争强度不断攀升。但我们相信，凭借我们在供应链、商品开发、IT 系统等方面的积累和优势，在持续盈利与自有资金稳步积累的财务保障下，Dingdong 买菜有信心在高度竞争的市场环境中，围绕着一大一小一世界的战略，走出一条兼顾质量、效率与韧性的差异化发展路径。我们有信心可以在 Q4 达到去年的规模，并继续实现 non-GAAP 口径以下的盈利。我的发言到此结束，谢谢大家。下面请公司 CFO 王松来介绍一下公司的财务情况。 Now, let me share with you our outlook for Q4 2025. Industry-wide competition in the instant retail sector is intensifying, with both platforms and offline merchants increasing their investments to gain market share. This has led to a rise in overall market competition. Nevertheless, building on the One Big One Small One World framework introduced in Q3 and leveraging our strengths in supply chain, product development, and IT systems bolstered by sustained profitability and solid cash reserves, Dingdong is confident in forging a unique, quality-focused, efficient, and resilient growth path through intense competition and in maintaining last year's scale and non-GAAP profitability in Q4. That concludes my remarks. Thank you. Now, I invite our CFO, Song Wang, to discuss the company's financial status. 谢谢梁总。大家好。在向大家介绍我们的财务情况之前，先说明一下我们的所有数据都是以人民币为单位的。 Thank you, Mr. Liang. Hello, everyone. Before I present our financial performance, please note that all figures are in RMB. consecutive quarter of positive inflow. As of the end of Q3, after accounting for scheduled loan repayments, our actual self-owned cash balance continued to increase to RMB 3.03 billion. In Q3 2025, Dingdong reported revenue of RMB 6.66 billion, marking a 1.9% year-over-year growth and maintaining positive growth for seven straight quarters. Non-GAAP net profit reached RMB 0.1 billion with a 1.5% net profit margin, while GAAP net profit was RMB 0.08 billion with a 1.2% margin. We had net operating cash inflow of RMB 0.14 billion in Q3, the ninth consecutive quarter of positive cash flow. By the end of Q3, after deducting short-term borrowings, our actual cash owed increased to RMB 3.03 billion. continued to develop steadily, with a year-over-year revenue growth rate of 67.4%. The revenue proportion increased by 1.9% year-over-year. Next, let's review the specific financial results for Q3. Revenue for Q3 reached RMB 6.66 billion, marking a 1.9% year-over-year increase. GMV was RMB 7.27 billion, up 0.1% compared to the previous year. The scale growth mainly stemmed from a general rise in order volume, which increased by 2.2% year-over-year in Q3. This quarter, our B2B business continued to grow steadily, with revenue expanding by 67.4% year-over-year, and its revenue share rose by 1.9 percentage points year-over-year. our user base and market reputation. Gross profit margin was 28.9%, down 0.9 percentage points year-over-year. The decline in gross profit narrowed on a quarter-over-quarter basis. During the quarter, the company maintained its focus on its good product strategy by refining its product lineup, emphasizing flagship items and increasing the supply of high-quality goods. It continued to enhance its supply chain system by prioritizing high-quality products that meet market demand, while systematically phasing out slow-moving goods with low user preference. This high-quality in, low-quality out approach enabled the company to focus core categories, thereby enhancing overall product competitiveness. At the same time, in a highly competitive instant retail environment, the company actively managed gross profit margins, rewarding consumers, improving market access for high-quality products, and steadily expanding its user base and market reputation. year. These data all represent our commitment to continuously optimizing service to create an exceptional user experience, win user trust, and create long-term value. The fulfillment cost ratio was 21.5%, up by 0.1 percentage points compared to last year. Although the overall fulfillment cost ratio stayed stable year-over-year, we continued to prioritize service improvement. This quarter, our on-time delivery rate reached 97%, up by 1.5 percentage points from the previous year. The product negative review rate was 0.04%, and rider negative reviews were at 0.02%, each decreasing by 0.01 percentage points annually. The average fulfillment time for instant orders was 36.3 minutes, down by 1.4 minutes year-over-year. These results highlight our ongoing efforts to optimize services, enhance user experience, build user trust, and generate long-term value. Q3 的营销费用率为 1.9%，同比优化了 0.3 个百分点。未来，我们将分化大单品战略，将其打造为核心的增长引擎与流量路口，通过集中资源进行薪资渗透与高效转化，持续提升营销投资的整体回报。 The sales and marketing expense ratio was 1.9%, a decrease of 0.3 percentage points year-over-year. Going forward, we'll strengthen our top-selling product strategy, making it a core growth driver and traffic generator. By focusing resources on mind share penetration and efficient conversion, we'll continuously enhance the overall return on marketing investment. across the entire chain. Combined G&A and R&D expenses represented 4.9% of revenue, similar to the same period last year. We'll maintain our focus on R&D investment in food research, agricultural technology, and data algorithms. Additionally, we'll continuously enhance our product development capabilities and strengthen digital integration throughout the entire supply chain. achieved a GAAP net profit margin of 1.2%, with net profit reaching RMB 80 million this quarter. We recorded a non-GAAP net profit margin of 1.5%, with a net profit of RMB 0.1 billion. Meanwhile, our GAAP net profit margin was 1.2%, amounting to RMB 0.08 billion this quarter. 3.03 billion, an increase of RMB 80 million quarter over quarter. As of the end of Q3, the total of cash, cash equivalent, short-term restrictive funds, short-term investment, and long-term wealth management products stood at RMB 3.94 billion. We maintain efforts to improve capital efficiency and optimize our financing structure. After deducting short-term borrowings, our net equity funds hit a record high of RMB 3.03 billion, up RMB 0.08 billion from the previous quarter. 我们今天的发言到此结束。Operator，下面可以进入提问环节了。 That concludes our presentation for today. Operator, we can now proceed to the Q&A session. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on a telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. Please state your question in Chinese first and then repeat it in English for the convenience of everyone on the call. At this time, we will pause momentarily to assemble our roster. Our first question today will come from Erica Chu of Jefferies. Please go ahead. Erica, you may be muted on your end. Your line is live here. Erica, is your line muted? We can move on to our next question. Our next question will come from Yang Bai of China International Capital Corporation Limited. Please go ahead with your question. 好的，感谢管理层。我的问题是有关行业竞争。刚才管理层也提到，当前的即时零售竞争依然非常激烈，而生鲜又是这一领域的主战场。我们看到像阿里、美团、京东等巨头都在持续加大投入。请问公司如何看待当前的竞争格局？这种竞争给公司带来的挑战有哪些？当然，这里边是否也蕴含了一些新的机会？ Thank you, Management, for taking my question. The instant retail market remains highly competitive, and fresh groceries are at the heart of this battlefield. Industry giants like Alibaba, Meituan, and Jingdong are all making significant investments. How does Dingdong build a current competitive landscape? What challenges does it bring, and are there new opportunities behind it? Thank you. 好，谢谢您的问题。确实，即时零售的竞争从未平静。生鲜是市场竞争中最难但也最有价值的领域。我们常在思考，在激烈的竞争中如何生存，更重要的是如何找到自己的生存之道、生长之道。 Thank you for the question. Indeed, competition in instant retail has never been quiet. Fresh groceries are not only the most competitive part of the market, but also the most valuable. We constantly ask ourselves, how can we not just survive in competition, but grow meaningfully through it? 首先要看到，目前市场的主流打法仍然集中在价格竞争，通过补贴和低价换取短期流量与规模增长。这是阶段性的策略，但不是长期的答案。Jingdong选择的方向是主动建立差异化优势。我们主要有两条战略路径。 We observe that the mainstream approach in today's market still revolves around price competition, using subsidies and discounts to drive short-term traffic and scale. This may work in the near term, but it's not sustainable long-term. At JD.com, our path is to build differentiation proactively, guided by two major strategic paths. 第一，在用户端，我们坚定执行四G战略。我们的核心逻辑是用好商品吸引好用户。这意味着我们不追求泛流量，而是构建高质量的用户结构，以差异化的商品和体验形成用户粘性。短期看，这可能不会带来爆发式的规模增长，但长期看，这是一种更健康、更具复利效应的增长模式。当商业回归价值与效率的本质时，这种积累会成为我们最坚实的护城河。 First, on the user side, we firmly execute our 4G strategy. Our philosophy is simple yet powerful. Good products attract good users. We're not chasing mass traffic, but focusing on building a high-quality user base through differentiated products and experiences. In the short term, this may not create explosive growth, but in the long run, it leads to healthier, compounding growth. When the market eventually returns to the fundamentals of value and efficiency, this foundation will become our strongest moat. 第二，在供应链端，我们坚持一寸窄一公里深。我们深耕核心领域，持续向源头渗透。在产地直采到自研自产，从仓储物流到数字化、智能化、能力建设，我们在每个环节、关键环节都力求做到极致。无论是大单品开发、食品研发生产，还是在溯源、IT、AI等基础设施和技术上的长期投入，都是为了打造Jingdong独有的供应链壁垒与系统能力。这部分能力不会立竿见影，但它是未来竞争中最难被复制、最具韧性的部分。 Second, on the supply chain side, we follow the principle of one inch wide, one mile deep. We focus deeply on our core areas, going all the way to the source, from direct sourcing at farms to in-house R&D and production, and from warehousing and logistics to digital and AI infrastructure. Whether it's developing best-selling products, investing in food innovation, or strengthening traceability, IT, and AI systems, all these efforts aim to build a supply chain capability that is uniquely Dingdong's. This strength doesn't show overnight, but it becomes the most resilient and hardest to replicate assets in the long run. 总结来看，我们选择是一条长期主义的道路。在短期价格战和规模战之外，我们更关注长期的效率战、能力战。随着市场逐步回归理性，那些真正具备供给能力、产品能力与组织能力的公司才能穿越周期，赢得未来。我们相信今天的耐心、定力与建设会成为明天的竞争力。喧嚣过后，时间终将站在我们这边。谢谢。 In summary, we're committed to a long-term path. Beyond short-term battles over price and scale, we focus on long-term battles of efficiency and capability. As the market becomes more rational, those who truly possess supply, product, and organizational strength will outlast the cycle and win the future. We believe that our patience, discipline, and long-term investment today will become our core competitiveness tomorrow. After the noise has faded, time will ultimately stand on our side. Thank you. Our next question today will come from Erica Chu of Jefferies. Please go ahead. 你好，可以听到吗？ 可以。可以听到。嗨，Eric。 你好。 你好，可以听到吗？ 可以。 梁总，不好意思，梁总，王总，你们好。恭喜公司这个季度继续取得非常优秀的成绩，特别是考虑到目前即时零售竞争异常激烈的情况。那么前面提到的大单品策略，不知能否结合今年Q3夏季当中的这些大单品来具体展开一下。 Let me translate that question. First of all, congratulations on the company's continued excellent performance this quarter, especially considering the extremely fierce competition in the instant retail market. Could you elaborate on the aforementioned top-selling product strategy, specifically in conjunction with the top sellers from this year's third quarter summer sales campaign? Thank you. 好的，谢谢您的问题。确实，今年夏天的大单品表现让我们更加坚定了以产品力驱动增长的长期战略方向。过去我们更多从渠道角度看商品，但现在我们正在从乙方思维向产品经理思维转变，从京东视角跃升到全链路视角。这意味着我们要像真正的产品经理那样，从产地出发，以消费者为终点去设计商品的全生命周期。我们不再只是把商品卖出去，而是希望让每件商品都能打动用户。生鲜的本质是非标的、高损耗的、强时令的。所以我们借助数字化和IT技术提升管理宽度和效率，压缩中间环节，降低采购成本。同时通过标准化的品控体系，持续降低损耗率，提升供应链的整体盈利空间。 Thank you for your question. The strong performance of our top-selling products this summer has reinforced our long-term commitment on product-driven growth. Previously, we built products mainly through a channel lens, but now we're shifting from a channel distributor mindset to a product manager mindset, moving from a Jingdong perspective to a full chain perspective. This requires us to think and act as comprehensive product managers, designing every product's full lifecycle from its origin to the hands of the consumer. We're no longer just selling products, but creating products that truly resonate with users. Fresh groceries are naturally non-standardized, highly perishable, and seasonal. To address this, we harness digital and IT technologies to expand our management scope and efficiency, eliminate intermediaries, reduce procurement costs, and lower spoilage rates through standardized quality control, thereby improving the overall profitability of our supply chain. 相比小美但规模有限的商品，我们的大单品战略更注重稳定性、可控性和规模效应。这种确定性对于建立用户信任非常关键。一个能持续提供高品质体验、供应稳定的大单品会形成强烈的用户心智，也会带来更高的复购率和品牌忠诚度。 Unlike the small but beautiful products that are limited in scale, our top-seller approach focuses more on stability, controllability, and economies of scale. This consistency is key to earning user trust. A top-selling product that reliably offers a high-quality experience and maintains a stable supply will deepen brand recognition in the minds of our users, resulting in increased repurchase rates and stronger brand loyalty. 在大单品孵化上，我们有一套系统的方法论。以水果为例，我们会从六个维度去评估一个品类的潜力：市场规模、供应链能力、产品竞争力、运营能力、渠道匹配度和盈利能力。经过严选，我们锁定最有潜力的标的商品，通过全国甚至全球布局、集中采购、统一品控、分级加工、规模履约，大幅降低成本和损耗，开发出更大的产品价值。更重要的是，通过这一过程，我们沉淀出了一整套可复制的系统能力。从产地筛选、种植指导、采购加工到仓储运输和终端销售，形成了全链路的标准化能力。这让我们对上游供应链的掌控力越来越强，也让京东产品形成差异化，甚至不可替代。 Our systematic approach to developing top-selling products involves assessing a category like fruits across six key dimensions: market size, supply chain capabilities, product competitiveness, operational efficiency, channel fit, and profitability. We carefully select the most promising targets and then scale them across the country or even into international markets. By leveraging centralized procurement, standardized quality control, tiered processing, and large-scale fulfillment, we're able to significantly reduce costs and losses, therefore enhancing product value. Furthermore, this process has helped us build a comprehensive set of replicable system capabilities, covering origin selection, planting, harvesting, processing, warehousing, transportation, and end-user sales, establishing a standardized supply chain framework. This enables us to better control the upstream supply chain, ensuring Dingdong's products are uniquely differentiated and virtually irreplaceable. 从结果上看，今年的下降数据充分印证了我们的方向。以水果为例，关西红心蜜柚在下降中实现了近1500万GMV，同比增长了22倍，用户复购率显著提升，品质投诉率仅0.84%。另一款新品贵为荔枝，实现了900万的GMV，收入和复购率都大幅增长。这些数据说明，既有特色又能占据用户心智的大单品，不仅能提升品牌力，也能成为推动业绩增长的重要引擎。 This summer campaign results validated our strategy. For example, Guangxi Red Heart Honey Pomelo generated nearly RMB 15 million in GMV, marking a 22-fold increase year over year, with notable growth in user repurchase rates and a low-quality complaint rate of just 0.84%. Similarly, the new product Guangwei Litchi achieved RMB 9 million in GMV, experiencing significant increases in revenue and repurchase rates. These figures show that distinctive high-quality individual products that resonate with consumers can strengthen brand identity and serve as key drivers of sales growth. 所以我们认为大单品战略不仅仅是一种销售策略，而是一条长期能力建设的路径。它让我们以产品为核心，构建起系统化的竞争力，既有品牌温度，又具备规模的效率。谢谢。 Therefore, we believe that the top-selling product strategy is more than just a sales tactic. It is a long-term approach to developing capabilities. This strategy enables us to create a sustainable competitive advantage centered on products, merging brand appeal with the benefits of scale. Thank you. This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks. Thank you again for joining our call today. If you have any further questions, please feel free to contact us or request through our website. We look forward to speaking with everyone in our next learning call. Have a good day and have a good night. The conference has now concluded. We thank you for attending today's presentation, and you may now disconnect your line.