According to the third quarter 2024 performance review report released by Minsheng Securities, the company's revenue increased by 24.4% year-on-year, and Non GAAP operating profit increased by 41% year-on-year. The habit of second-hand trading is gradually cultivated, and JD channel has shown outstanding performance, with significant growth in the trade in business. The store continues to grow, and the contribution of multi category business is increasing. Against the backdrop of the continuous deepening of the trade in policy, Wanwu Xinsheng, as a leader in domestic 3C second-hand transactions, benefits from the promotion of the policy. The company expects to further enhance the service scope and quality of its stores through the addition of multi category business. According to Bloomberg's consistent expectations, the adjusted P/E ratios for Wanwu Xinsheng in 2024/2025 are 10 and 6 times, respectively. It is recommended to actively monitor this company.