And on the other hand, it will come from the new revenue stream of our multi-category recycling business. This effort is an extension of our service capabilities. In an attempt to cater to consumer demand for multi-category recycling, we applied a tiered store operating system to 1,800 stores, readily introducing multi-category recycling services in these locations. During the third quarter, we piloted this service across 50 stores located in Shanghai and Beijing. On average, we generated an additional monthly GMV of RMB300,000, and a profit of RMB20,000 for each store. During the fourth quarter, we will continue to ship their idle goods out. during the fourth quarter, we will continue to refine our structured SKU database, enhance user experience, and including price inquiries and improve the conversion rates, we expect to have further breakthroughs in terms of CD coverage, extending our consumer ratio across over 160 core AHS stores across China, and we aim to share more detailed color about our multi-category recycling business in the fourth quarter.
Thank you for the question.
Operator: Our next question comes from Joyce Ju from Bank of America. Please go ahead.
Joyce Ju: Hi. Thank you for taking my question. Now I will translate myself. The first question is, could you please comment the recent consumption momentum during Double 11 Shopping Festival and including impact from the COVID disruptions in China recently? And second question is about could you give us more color on the path to profitability and medium to long-term margin expectations?
Kerry Chen: Thank you for the questions. I’ll take the first one and CFO Rex will take the second. This year the promotion showed moderate growth. Promotions have now became regular and straightforward. When preparing for this grand promotion, we collaborated with JD’s home appliances business unit to provide our trade-in services across more product categories. Users first using new home appliances on JD could trade-in consumer electronics to reduce the economic burden. JD has been reporting steady growth in its core revenue stream from electronics and home appliances. Leveraging JD’s traffic in electronics and home appliances, we further diversified our trade-in scenarios. This can increase the penetration rate of our mobile phone and consumer electronics recycling business.
During the first 28 hours when the Singles Day Grand Promotion kicked off at 8 pm on October 31, the number of JD customers who traded in their used devices for the new increased by 310% year-on-year. Home appliance cross category trade-in orders accounted for 20% of all the paid trade-in orders during the Grand Promotion. This year, we further advanced our service capabilities to satisfy consumer demand for economic shopping options. That’s mutually benefiting consumers and JD’s new product sales. In addition, excluding frontline personnel costs and platform expenses, realized an overall operating margin of 2% as we prioritized profit and supplemented 1P refurbished product. In terms of brands we support, Apple has maintained its industry-leading market share.
When other smartphone brands were entered downward pressure, Apple retained its growth in new device shipments in the third quarter. Mobile phone — mobile phones account for 70% of our total transaction value, whereas Apple’s products account for 45% of our overall transaction value. Although the supply chain of the iPhone 14 line up was under pressure recently, consumer demand for Pro and Promax models remained strong. We believe that as Apple gradually resumed its production capacity, trade-in demand can rebound and we are confident that we will fulfill that demand with a better and more seamless service process. For Android for , in the context of declining consumption, consumers need a stronger incentive to shop for new products. We believe that our cost-efficient trade-in solutions could be that incentive that manufacturers also find encouraging.
