A：Consumers are prioritizing value and making more rational purchasing decisions, with a shift towards innovative experiences emerging from new scenarios and business models. The travel and leisure demand remains robust, but there are rapidly shifting hotspots and an uneven recovery across regions. In the retail market, consumption is increasingly centered around experiential offerings and quality of life upgrades.

A：In the third quarter, the company's Revpar was RMB 371.3, representing 97.8% of the level in the same period of 2024. Specifically, OCC nearly recovered to the prior year level at 99.9% and ADR reached 98.1% of its level in the same period of 2024.

A：The company's hotel network expanded successfully with the launch of various high-quality projects. In the first quarter, they opened 152 new hotels, which is a record high for a single quarter. By the end of the third quarter, the number of rooms represented a 27.1% year-over-year increase, and they have full confidence in achieving their strategic target of script Premier hotels by year-end.

A：'A Tour' hotel brand's portfolio includes A Tour 3.6 and A Tour 4.0. A Tour 3.6 is a new benchmark for the tour series, with 19 hotels opened to date, gaining market recognition for its meticulous attention to detail and scenario design. A Tour 4.0 places greater emphasis on fostering deep resonance with guests and delivering a healing experience that promotes holistic well-being.

A：The upper mid-scale segment of the company's hotel business saw robust performance in the third quarter, with Revpar exceeding RMB 900. The company's third hotel under the script operating hotels model demonstrated strong market appeal with its unique design style and accommodation experience.

A：The company's retail business sustained strong growth in the third quarter, with GMV reaching RMB 994 million, representing a 75.5% year-over-year increase. Online channels contributed over 90% of total GMV, and during the Double 11 shopping festival, the company further strengthened its deep sleep brand image and ranked among the top brands in the betting category on major third-party platforms.

A：A to Planet has highlighted its commitment to breakthrough innovations through collaborative R&D with academic institutions and market expansion. It has introduced new categories like deep sleep fitted sheet and loungewear, refining the sleep ecosystem. Core category leadership is demonstrated through the market lead in major third-party platforms, strong sales performance of the Deep Sleep Memory Foam Pillow Pro 3.0, and the expansion of the product portfolio with travel and children's versions of the Deep Sleep Pillow.

A：The Deep Sleep Thermal Regulating Comforter series has achieved a significant cumulative sales volume of over 2 million units since its launch, indicating strong market performance. These products are designed to dynamically adjust the sleep micro environment for more stable rest.

A：A to Planet has established the 'A to Planet Deep Sleep standard', which covers dynamic pressure stabilization factors for pillows and dynamic temperature management for comforters. This standard will serve as criteria for product iteration, ensuring high quality and consistency, and it has driven the company to enhance supply chain capabilities and competitive advantages.

A：A to Planet is focusing on its founding aspirations, listening to users' genuine needs, and refining product details. The company is strengthening foundational capabilities in product development, supply chain management, and quality control. It is also committed to elevating industry standards and providing a natural deep sleep experience to users.

A：A to Planet's membership base has grown robustly, with the number of registered individual members exceeding 108 million, showing a year-over-year growth of over 30%. The core CRS channel remained stable, accounting for 62.4% of total room nights sold in the third quarter. The company is continuously enhancing the membership benefit system and creating multi-scenario end-to-end service experiences.

A：Mr. Wu Jianfeng presented that the company's net revenues for the third quarter grew year-over-year and quarter-over-quarter. The revenue from mini-size hotels increased by 38.4% year over year and 6.5% quarter over quarter. The revenue from retail business rose 76.4% year over year and declined 12.3% quarter over quarter. The hotel opening costs increased by 23.5% year over year and 21.1% quarter over quarter, while the gross margin of all hotel businesses expanded. The retail cost grew by 36.3% year over year and decreased by 11.2% quarter over quarter.

A：The company's dividend policy was adopted in August 2024, and a second cash dividend for the second quarter totaling approximately US dollar 143 million was declared as part of a comprehensive shareholder return initiative.

A：RevPar has shown a year-over-year improvement trend since the beginning of this year, following the implementation of a refined strategy of revenue management. During the National Day holiday, leisure travel demand was robust, but the market exhibited structural divergence. After the holiday, the market transitioned to a business-dominated environment, which is expected to ease the pressure from the year-over-year decline in RevPar in the fourth quarter. Looking ahead, the market will continue to show divergence with challenges and uncertainties remaining, but the company will focus on user needs and strengthening foundational capabilities to secure long-term advantages.

A：The company's strategy for hotel expansion focuses on high-quality growth by maintaining a strategic focus on premier hotels in core locations, strictly controlling quality, and launching new hotel products that meet market needs. Brand strength and competitive advantages have been solidified through the successful launch of many high-quality projects. The company does not pursue scale-driven growth but aims to achieve sustainable value by advancing scale growth on the foundation of quality.

A：The company opened 152 hotels in the third quarter and has full confidence in achieving the full year guidance of 500 new openings, with a strategic target of 2,000 premier hotels by the end of the year. The company also maintains a proactive replacement rate to ensure the quality of its hotel network, closing 28 hotels in the third quarter with approximately 40 expected to close for the year.

A：The company believes that the real competition is not with peers but with the continuous evolution of itself. The development strategy includes building distinctive products and supply chain systems, as evidenced by the launch of the Aurora Planet Deep Sleep Standard. Given the evolving competitive landscape, the company did not simply follow the existing industry path but instead created a forward-looking standard focusing on sensory science and human sleep rhythms. While the company actively addresses the changing competitive environment, it has not yet made any adjustments to the full year retail revenue guidance.

A：The company's strategy for both retail and hotel businesses is to prioritize quality over scale and to focus on systematic development of long-term capabilities.

A：The company has raised its full-year retail revenue growth outlook to 65% on a year-to-year basis.

A：The second dividend distribution this year amounts to approximately 50 million US dollars, representing about 29 percent of last year's net income.

A：The company is committed to a payout ratio based on the previous fiscal year's GAAP net income, with the implementation pace to be dynamically arranged in line with business development and capital planning.

A：The company plans to systematically build a dedicated operational system for tour light, strengthening its differentiated positioning across brand concepts to service delivery. This is to distinguish it from the main tour hotel brand and highlight its unique value in the mid-scale market. The company aims to steadily advance toward a long-term development goal of reaching 1,000 tour light hotels.