From the financial report of Smart Share Global Ltd. Sponsored ADR Class A (EM.US), how much room for imagination is there in the "second half" of shared power bank beyond stability?

When an emerging industry transitions from a high-speed growth phase to a mature and stable phase, the core logic of market competition often shifts from scale-driven "land-grabbing" development to profit-driven "fine-tuning," at which point leading players will also emphasize operational optimization and innovative models. After all, in the business world, healthy operations and continuous growth are eternal pursuits. Taking the shared power bank industry as an example, along with the formation of business models and leading teams, even the participants still in the field urgently need to find a new paradigm for sustainable development. GMTEight noted that recently, Smart Share Global Ltd. Sponsored ADR Class A (EM.US) disclosed its third-quarter financial report for 2024. The report showed that during the third quarter of last year, the company achieved revenues of 491 million yuan (RMB), maintaining a steady development pace. At the same time, against the backdrop of a corporate strategy that emphasizes development quality, Smart Share Global Ltd. Sponsored ADR Class A reported an adjusted net profit of 9.2 million yuan under the Non-GAAP standards for the quarter, marking seven consecutive quarters of Non-GAAP profit; the GAAP net profit was 4.2 million yuan. Thanks to a sustainable financial model, Smart Share Global Ltd. Sponsored ADR Class A's balance sheet remains healthy, with cash and cash equivalents, short-term investments, and restricted cash totaling 3 billion yuan by the end of the third quarter. On the operating front, Smart Share Global Ltd. Sponsored ADR Class A is promoting model adjustments and expanding its business overseas. As of September 30th last year, Smart Share Global Ltd. Sponsored ADR Class A's agency points accounted for 96.8%. From an effectiveness perspective, the development of the agency model has positively impacted the expansion potential of Smart Share Global Ltd. Sponsored ADR Class A. In the third quarter, the company's mobile charging business revenue exceeded 1.2 billion yuan. By the end of the period, Smart Share Global Ltd. Sponsored ADR Class A had 1.27 million points of interest (POI) nationwide, with 9.5 million online power banks; during the entire third quarter, the platform added 13.1 million registered users, bringing the total to 430 million. For technology consumer companies like Smart Share Global Ltd. Sponsored ADR Class A, deepening technological moats and delivering high-quality supplies to the market are undoubtedly key to maintaining competitiveness. Recently, Smart Share Global Ltd. Sponsored ADR Class A launched the fourth generation 8-slot cabinet machine Pro version and the fourth generation 12-slot cabinet machine Pro version. The new generation of cabinet machines introduced an innovative jungle mode, allowing power banks to supply power to the machine in reverse; meanwhile, the machines added functions such as Bluetooth rental and three-color backlight, and enhanced late-night battery life. Expanding overseas will also be a decisive factor in determining the future direction of Smart Share Global Ltd. Sponsored ADR Class A. Taking the Southeast Asian market as an example, in terms of demand, Southeast Asia has both a large population base and is a major destination for Chinese tourists, with plenty of room for improvement in shared power bank penetration compared to the Chinese market. Since starting overseas cooperation last year, based on its domestic market operating experience, Smart Share Global Ltd. Sponsored ADR Class A has been accelerating the implementation of its overseas business. Earlier this year, Smart Share Global Ltd. Sponsored ADR Class A officially entered the Malaysian market. It is understood that the team that took the initiative to kick off Smart Share Global Ltd. Sponsored ADR Class A in Malaysia was one of its earliest domestic agents, and it remains worth watching the outcome of their cooperation in a foreign land. As the shared power bank industry enters the "second half" and the competitive landscape stabilizes, companies like Smart Share Global Ltd. Sponsored ADR Class A can focus more on technological innovation, expanding overseas, and other activities that can bring long-term returns. Next, as Smart Share Global Ltd. Sponsored ADR Class A, which has completed its model adjustment and is ready for action, grapples with the "growing pains" of overseas markets and charts a new path for growth, this may prove to be a case study with valuable insights.