Adjusted general and administrative expenses increased by 23.2% year-over-year, which was primarily due to an increase in outside service fees related to audit, IT, and business travel, an increase in credit loss of accounts receivable partially outside by a decrease in headquarters staff compensation costs, and a decrease in depreciation and amortization.

Dec 9, 2025 / receipt, needs a key / Albert Li, CFO | earnings call 2025-12-09 | transcript a8b4f383-d69e-4bfb-bc79-392152065cbb | chars 10770-11128 | segment 10