A：The strategic direction for revenue streams is to enhance business quality, refine service satisfaction, and ultimately improve overall profitability by continuing to prioritize revenue streams towards these goals.

A：The company aims to engage more deeply with clients, understand their businesses at a gradual level, and collaborate closely to drive sustainable growth. For PBM, the goal is to achieve a clear path toward GAAP annual operating breakeven, which it reached for the second consecutive quarter in the first quarter.

A：The company has strong Q1 results that bolster its confidence in the full-year outlook and its ability to excel during the acceleration phase of its business transformation.

A：Detailed financial results mentioned in the call include a total net revenue growth of 13.88 billion, with e-commerce revenue increasing by script to script script and brand management revenue growing by Ly to BBC Million. The group reported non GAAP income from operations of 65 million, a significant improvement from a loss of 33 million in the same period last year. The non GAAP income from operations was 125 million, which is a significant improvement from a loss of 62 million a year ago. GAAP operating loss for BVM was 4.9 million, compared with a loss of 21.1 million a year ago.

A：Fulfillment costs for the quarter decreased slightly by 1% to 590 million. Content expenses increased by script to script million due to more revenue contribution from technology monetization. GA expenses decreased by Ed to Circus reflecting a continued focus on cost control and operational efficiency.

A：The non GAAP income from operations was 65 million, a significant improvement compared to a loss of 33 million in the same period of the previous year. The non GAAP income from operations was 125 million, which is a significant improvement from a loss of 62 million a year ago. GAAP operating loss for BVM was 4.9 million, compared with a loss of 21.1 million a year ago.

A：The quarter saw services revenue growth, led by digital marketing and IT solutions, as well as online store operations. The company gained market share in key categories like outdoor, reflecting trust from partnerships in high-value segments. The company was recognized across major marketplaces as a top-tier service provider, achieving awards across multiple platforms.

A：The company is encouraged by the results and remains focused on deepening client relationships, driving service innovation, and improving operational excellence. Looking ahead, the company expects to deliver continuous revenue growth and is on track to meet full-year targets, including 15 new gift store openings.

A：The company has initiated comprehensive profitability and productivity analysis across service layers, business models, and revenue streams to focus on higher value work and reduce exposure to lower ROI services. They aim to improve gross margin across both product sales and service business. To support this, they are implementing enterprise-wide lean initiatives for operational agility and cost optimization, and scaling the adoption of AI tools to enhance productivity.

A：BBC maintained its strong momentum into the first quarter with revenue growth and significant improvement in profitability, achieving GAAP operating profits and a second consecutive break-even quarter. The solid growth was driven by gains across key operating metrics, traffic conversion, and the average transaction value, alongside leveraged omnichannel capabilities and agile integration.

A：The company's merchandising strategy blends global trends with locally appealing features, connecting strongly with target consumers. The online segmentation strategy shifted focus from price-driven initiatives to more fashion-forward and thematic assortment. Marketing strategies included thematic campaigns, product collaborations, and an emphasis on traditional aesthetics through modern design. The company also upgraded store形象 and launched new flagship stores, contributing to a unique shopping experience and driving foot traffic.

A：The company plans to maintain a relatively stable gross margin and improve the store level contribution margin by increasing scale effect through both online and offline channels, as well as the headquarters. This will be achieved by keeping an eye on current performance and expansion plans.

A：The business is expected to improve its margin trend in the coming quarters due to the increased contribution from the BBC segment, which has a higher margin ratio, resulting in growth for the total business. Additionally, synergies between P& BDM and an enhanced opportunity to work with existing brands in the DBC portfolio are expected to contribute to better margin potential.

A：While specific criteria were not detailed in the transcript, the company will be very cautious about new brand acquisitions, focusing on potential integration with its current portfolio and unique value proposition in the market.

A：The company plans to provide a 2-in-1 solution for brands, combining creative content and performance marketing. They will help brands allocate budget from traditional performance marketing to content-driven platforms, and then measure the return on investment, leveraging an omnichannel perspective to use the budget wisely.

A：The company's standard for acquiring new brands involves a focus on scale and category diversity, particularly in fashion apparel. They aim to work with larger scale opportunities and categories where they can utilize past experiences. The company is unique in its model, combining online and offline channels, merchandising expertise, and marketing know-how, which sets a high standard for potential acquisitions.

A：The company is leveraging AI technology primarily to enhance bottom-line efficiency, using AI agents for automated tasks to save human labor. In terms of the top line, they are focusing on using AI for data-driven decision support to operations team, such as collecting competitive data and digital analytics to make informed business decisions. In the long run, the company plans to collaborate with major platforms and maintain and upgrade in-house systems based on AI to stay competitive.

A：The online business has maintained the same level of sales in April compared to the previous year, which is attributed to the beginning of a pre-war stage before the high sales period. This has led to brands saving budget and assortment allocation for the upcoming campaign period.

A：The company's strategies include not exhausting but increasing brand value while also expanding scale. This includes deep understanding and fast reaction to market changes, building a strong supply chain, and approval in areas like motors. These factors are expected to meet consumer needs and drive alpha growth momentum.

A：Yes, management shared insights on sales performance, indicating a strong month in sales and confidence in the company's performance for the remainder of the year, encompassing both e-commerce and brick-and-mortar business segments.

A：The outlook for sales growth is as follows: Sports and outdoors maintain leadership in online categories, premium and luxury follow, and SMC G (presumably a misinterpretation of 'Sports and Outdoor Sales Growth') also shows robust performance similar to the previous year. FMCG, particularly the cosmetic category, is expected to slow down and wait for events like the double 11 in November. Consumer electronics, especially home appliances and electronic devices, have shown a strong growth rate for the first part of the Eds campaign. The apparel category is leading in sales, followed by FMCG and consumer electronics.