Question · Q3 2025
Dan Xu Xianda asked about the REFPA trend since October, seeking management's outlook for REFPA in the fourth quarter of 2025 and for the full year 2026.
Answer
Haijun Wang, Founder, Chairman, and CEO, explained that REFPA showed progressive improvement year-over-year in the first three quarters of 2025, with year-on-year growth during the National Day holiday. He anticipates further easing of year-on-year decline pressure in Q4 2025 due to resilient business demand in core cities, while acknowledging continued market divergence and uncertainties for 2026.
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