us start working very off good morning, despite would I hard a everyone helping by much, and also today. to our like to solid deliver Thank to evening, you for a thanking thank would Jinyi. customers, teammate here environment. our Good of join all very partners challenging us I performance to like everyone.
in the restrictions our and to the the results will in again the the once demonstrate have And at We quarter the share I'm and pleased last strength COVID-XX surge China challenges resilience our year business. of pandemic end the witnessed year of some past from fourth certainly of the which year. today, to
XXXX on to fourth China colors year me Now allow economic during was share more The situation quarter last the financial of full for the please and consumer performance. XXXX quarter market. mixed our
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and year-on-year sequential consumer and lifted, positive in we improved of trajectory performance XXXX. a we weaker first performance. as business restrictions level are activity the month in resulted has are high COVID-XX a This see the seeing now Nevertheless, of QX
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very We they achieving both clearly our to with progress pleased strategic our are as objectives. overall demonstrate solid results our and execution key
confidence in our and our business have We strategy. momentum our products,
now. have business the our demonstrated cycle several market We resilience model of through
However, the geopolitical environment, macroeconomic we guidance not a given to in current are uncertain a and provide for position XXXX.
we with the cautious, our we optimistic remain lifting growth a a have remain that and leading in restrictions team ultimately And effect While of on believe pandemic-related of we positive network, XXXX. professional for consumer performance will confidence. partners continued strong
December. the last opening reopening new our our this, net was stores, recruitment illustrate store partnership to in close program XXXX of following January To XXX
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store strategy and to increase X X cities. Our Tier density is in
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with To quarter, for meet outbreak, a ongoing COVID demand. mainly XXX restraining the our due supply products decreased store impact compared quarter, last and massive we both the net with had fourth in new openings, to demand
stores business to mentioned as However, of demand XXX consumer and we around the solved our in recovering earlier. already going new expected normalize as opened XXXX, January forward the
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terms store, the opened our the XXX fourth stores partnership mix, quarter. net self-operated in And XX In store we new stores. new opened of for net we
self-operated partnership stores. At stores the end of over XXXX, and we X,XXX X,XXX have than more
value We see to the to as to of are our stakeholders. continues for the expansion of building it all execution unfolding contribute pleased steady our strategy
material profile a year-over-year pleased it a basis. quarterly demonstrated on to and annual has see basis hit improvement are our profitability We that, a sequential a due COVID-XX, took the although to on
would I time highlighting So like the spend to today some nuances.
was Our cost improved quarter reported call. of strong well technology-driven described to was The X.X%, overall driven operations and in by December scale. in profitability the drop in impact as historical by efficiency benefit as positive QX fourth margin negative we last earlier contributed compared in due COVID from mostly achieved operating a profit the with the the to operating as the mainly high, control quarter business of
on We reported For in the XX% margin operating level almost our year-over-year full year of X.X%. XX% in efficiency improvements basis were our to self-operated positive, compared of Store number turned and the margin due margin last reached products, introducing the XXXX, to profit a store also sold. quarter new of active at level same products grew to operating our approach the largely period store year. believe this expanding
were In resilient ratio and be we the see expenses is addition, glad efficient more overhead during to quarter. continue the to
was of an increased in and allowance professional mainly existing our current scale. percentage fee. our quarter, strengthen to offset IT The while partially further of revenue by decrease initiatives, benefit expenses decreased of from the X.X% loss credit basis which after year-over-year, expected Our assessment an value result assets in financial by being a of a investment for the general this XX% absolute a as service to QX and continued expenses on G&A administrative increased to R&D thanks XX% of year last the
commission last branding marketing strategic quarter. year last in Compared The to up as company with we e-commerce X.X% spent more increase ratio investment on the more various is well to sales expenses service of in number on platforms, and the advertising through as subcontractor third-party delivery year, orders. line from to business which the expenses fees to more was on our X.X% as in during the delivery fee continued our channels and support
reported year. amounted the QX the XXXX Expenses related company to related due are March This will net prior to completion. restructuring previously XXXX, transactions continue fabricated fourth reported on overseas to revenue and fabricated revenue of of X.X% quarter of investor We related the of in settlement the professional is in transactions expenses its and believe previously the to to successfully X.X% liquidation largely to compared litigation of the net completing diminish. near
RMBXXX.X of operating of quarter, the compared $X positive If fourth XXXX. quarter outflow activities operating achieved we inflow a of the we same During around million, to of of payment which RMBXX.X million is RMBXX.X provided cash net quarter exclude the fourth litigants cash million, equity XXXX. million was operating RMBXXX.X million, in to by cash
In of the our QX restructuring the settlement. class in sheet and have fully terms offshore XXXX, balance following in the we paid notes federal redeemed
debt, now and of is around have remains cash and the restricted million $XXX bearing and this cash strong very which we no billion with year. cash end our equivalents, at of RMBX.X interest So around the position cash,
continue healthy we and ensure ongoing and all balance liquidity optimize an We continue our review our requirements a that we have to needs capital our to sheet, will of can further on to business structure. basis meet to
very challenging In our the lifting the to the pleased and restrictions. closing, the of store which normalized are model resilience business business thriving largely see COVID-related our operations following have demonstrates our during we of returned still level to again times,
milestones, and to Our customers tirelessly products team even to and and better has to and develop serve we achieved work our continue executed multiple service.
technology delivering the value sustainable creating journey. profit sharpen and to forward our long-term strengthen along continuing focus, look We're in advantages. our growth, and invest revenue We our for and people competitive shareholders to
for now concluding remarks followed I Q&A. to Jinyi turn by will it over
