And our third quarter OpEx amounted to RMB289 million, an increase of RMB25 million compared to the same period of last year. And this increase was mainly due to a RMB88 million increase in provisions for credit losses in this quarter. Excluding the impact of the credit losses in each period, the OpEx decreased 25% year-over-year. As percentage of revenue also decreased by 1.4 ppt from 22.3% last year to 21% this year. Further detail I will explain in a moment. Selling and marketing expenses were RMB123 million. As percentage of revenue was 13.2%. It is a year-over-year decrease of RMB48 million and 1.6 ppt lower than last year, primarily due to a reduction in advertising and promotion activities. R&D expenses amounted to RMB39 million, representing an RMB11 million decrease year-over-year, primarily due to a decrease in share-based compensation and staff costs and also the design and system development professional fees.
G&A expenses were RMB127 million, representing an RMB83 million increase year-over-year, and this is due to the increase in provision for credit losses of RMB88 million. Excluding this credit losses, the G&A expenses decreased by 13% compared to the same period of last year. Since our international operation has expanded, we have seen a corresponding increase in the extent of our account receivables, which forms the basis of computing the bad debt provisions. As we mentioned in the previous quarters, the European consumer sentiment remains cautious, leading our distributors to ask for extended payment terms due to the weak retail sales. In the meantime, one of our key motorcycle and mopeds distributors in the European market announced on September 6 this year that it’s going to — into a court-supervised constructing process due to the intense economic pressures.
Consequently, this quarter, we took a provision of RMB54 million, representing a full amount of receivable owned by this distributor. And despite the prudent raising — provisions for credit losses on the overdue payments, we retain a positive outlook on the future receivable collections given our other partners’ robust financial standing and their continuous ongoing payments. To conclude, excluding the prudent provision for credit losses, our cost controls have driven an overall decrease in expenses and made us more efficient, linear and flexible to negative today’s — to navigate today’s volatile and weak macro economy and emerge stronger when conditions eventually improve. In the third quarter, our net loss was nearly RMB80 million under the GAAP measurement compared to a net profit of RMB3 million for the same period of last year.
And turning to our balance sheet and cash flow. We ended the quarter with nearly RMB1.4 billion in cash, restricted cash, term deposit and short-term investment. The operating cash flow was RMB229 million compared to RMB415 million in the same period of last year and RMB217 million last quarter. And our CapEx for the third quarter amounted to RMB26 million and has remained stable for the past four — five quarters. And now, let’s turn to guidance. We expect the fourth quarter revenue to be in the range of RMB490 million to RMB612 million, representing a year-over-year decrease from 20% to flat. And please be aware that this outlook is based on information available as of the date and reflects the company’s current and preliminary expectation, which is subject to change due to the uncertainty relating to various factors.
And with that, we’ll now open the call for any questions that you may have for us. Operator, please go ahead.
Operator:
Yan Li: Thank you, operator, and thank you all for participating on today’s call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you.
Operator: That concludes today’s conference call. Thank you for your participation. You may now disconnect your lines.
