In the latest period of Q4'25, CPNG's Gross Margin stood at 28.8%, reflecting a slight decline from the previous quarter's 29.4%. Operating Margin deteriorated sharply to 0.1%, indicating increased operational pressures, while Net Profit Margin turned negative at -0.3%, marking a return to losses after three consecutive profitable quarters. Over the period from Q1'23 to Q4'25, Gross Margin exhibited a clear upward trend, rising from 24.5% to a peak of 31.3% in Q4'24 before stabilizing around 29% in 2025, demonstrating improved cost efficiencies in core operations. Operating Margin remained volatile and low, fluctuating between -0.3% and 3.9% with no sustained growth, often pressured by expenses. Net Profit Margin showed inconsistency, with a notable spike to 15.7% in Q4'23 driven by one-time factors, but generally hovered below 2.5% thereafter, underscoring challenges in achieving consistent profitability amid periodic losses in Q2'24 and Q4'25.