1Revenue growth was primarily driven by an increase in sales, partially offset by a decrease in the cardboard price per ton, reflecting both market demand and input cost dynamics.
2The company's net loss was influenced by significant share-based compensation expenses and strategic investments in new regions and talent, aligning with its growth trajectory.
3Operating cash flow strengthened, supporting capital expenditures for store openings, renovation of existing stores and distribution centers, acquisitions of equipment, and software investments.
4The company's historical operating results reflect the impact of ongoing investments to support growth, including store expansion and development of a proprietary warehouse and distribution network.
5Financial performance was affected by an increase in taxable profits in subsidiaries, leading to a higher annual effective tax rate partially offset by increased expenditures and tax benefits.