香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 FURNIWEB HOLDINGS LIMITED 飛霓控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8480） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 衛龍美味全球控股有限公司 WEILONG Delicious Global Holdings Ltd （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 截 至2025年6月30日止六個月的 中期業績公告 2025年中期業績摘要 – 1 – • 總收入為人民幣3,482.9百 萬 元，同 比 上 升18.5%； • 毛利為人民幣1,642.4百 萬 元，同 比 上 升12.3%； • 毛利率為47.2%，同 比 下 降2.6個 百 分 點； • 期內利潤為人民幣736.2百 萬 元，同 比 上 升18.5%； • 每股基本盈利為人民幣0.31元，同 比 上 升14.8%； • 決議派發中期股息每股普通股人民幣0.18元。 衛龙美味全球控股有限公司（「本公司」或「衛 龍 美 味」）董事會（「董事會」）欣然公 佈本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示不會就因本公 告或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ZACD GROUP LTD. 杰 地 集 團 有 限 公 司 （於新加坡註冊成立的有限公司） 截至二零二五年六月三十日止六個月中期業績公告 香港聯合交易所有限公司（「聯交所」） G E M特色 G E M乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供 一個上市市場。有意投資者應了解投資於該等公司的潛在風險，並應經過 審慎周詳考慮後方作出投資決定。 由於 G E M上市公司普遍為中小型公司，於 G E M買賣的證券可能會較於聯交所 主板買賣的證券承受較大的市場波動風險，同時無法保證於 G E M買賣的證 券會有高流通市場。 本公告載有遵照G E M上市規則而提供有關杰地集團有限公司*（「本公司」， 連同其附屬公司統稱為「本集團」）的資料，董事就本公告共同及個別承 擔全部責任。本公司董事在作出一切合理查詢後確認，就彼等所深知及確 信，本公告所載資料在各重大方面均屬準確及完整，並無誤導或欺詐成分， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 TSIT WING INTERNATIONAL HOLDINGS LIMITED 捷榮國際控股有限公 司* （根據百慕達法例註冊成立的有限公司） （股份代號：2119） 截至2025年6月30日止六個月的 中期業績公告 財務摘要 * 僅供識別 – 1 – • 截至2025年6月30日止六個月的收入為380.4百萬港元，較2024年同期的349.4百萬 港元增加8.9%。 • 截至2025年6月30日止六個月的毛利為115.9百萬港元，較2024年同期的124.8百萬 港元減少7.1%。 • 毛利率由截至2024年6月30日止六個月的35.7%減少至截至2025年6月30日止六個 月的30.5%。 • 截至2025年6月30日止六個月的溢利為24.9百萬港元，較2024年同期的36.1百萬港 元減少31.0%。 • 純利率由截至2024年6月30日止六個月的10.3%減少至截至2025年6月30日止六個 月 ...

南戈壁資源有限公司* 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SOUTHGOBI RESOURCES LTD. （香港股份代號：1878） （根據加拿大英屬哥倫比亞法例存續的有限公司） （多倫多證券交易所創業板股份代號：SGQ） 南戈壁公佈2025年第2季度未經審核財務及經營業績 南戈壁資源有限公司（「本公司」或「南戈壁」）今日公佈其截至2025年6月30日止三個月及六 個月的未經審核財務及經營業績。 詳情請參見隨附公告。隨附的公告內所載的資料可到SEDAR+網站www.sedarplus.ca及披露 易網站www.hkexnews.hk的本公司資料查閱。 承董事會命 南戈壁資源有限公司 首席董事 赫英斌 溫哥華，2025年8月14日 香港，2025年8月14日 於本公告日期，本公司執行董事為徐瑞彬先生、朱重臨女士及申晨先生；本公司獨立非執行董 事為赫英斌先生、權錦蘭女士及蔡奮強先生；本公司非執行董事為高柱先生及溫在祥先生。 ...

財務摘要 截至6月30日止六個月 | | 2025年 | 2024年 | 同比變動 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | （%） | | | （未經審計）（未經審計） | | | | 收入 | 35,290,047 | 28,343,961 | 24.5 | | 毛利 | 8,891,918 | 6,699,943 | 32.7 | | 經營盈利(1) | 2,127,048 | 1,035,018 | 105.5 | | 除稅前盈利 | 2,863,666 | 2,439,342 | 17.4 | | 期間盈利 | 2,591,347 | 2,034,378 | 27.4 | | 期間非國際財務報告準則盈利(2) | 3,570,104 | 2,643,770 | 35.0 | 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 JD Health International I ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 GCL New Energy Holdings Limited 協鑫新能源控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：451） 有關截至二零二四年十二月三十一日止年度之 年報之補充公告 茲提述協鑫新能源控股有限公司（「本公司」，連同其附屬公司，「本集團」）於二零二五 年四月二十八日發佈的截至二零二四年十二月三十一日止年度之年報（「二零二四年年 報」）。除文義另有界定者外，本公告所用詞彙與二零二四年年報所界定者具有相同涵 義。 除二零二四年年報所提供的資料外，本公司謹此提供下列有關二零二四年年報之補充 資料： 二零二二年配售事項所得款項用途 本公司謹此根據上市規則附錄D2第11(8)段提供以下進一步資料，內容有關於二零 二二年八月自先舊後新配售及認購股份事項籌集的所得款項淨額約 3.1億港元（「二零 二二年配售事項」）的用途。 – 1 – 二零二二年配售事項的所得款項用途詳情如下： 截至 | ...

Announcement Information [Company Information and Announcement Statement](index=1&type=section&id=Company%20Information%20and%20Announcement%20Statement) JD.com, Inc. discloses unaudited Q2 and interim 2025 results, operating with a dual-class share structure where ADSs represent Class A ordinary shares - JD.com, Inc. announced its unaudited results for Q2 and interim 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The company operates with a dual-class share structure: **Class A ordinary shares** (1 vote/share), **Class B ordinary shares** (20 votes/share), and **ADSs** (represent two Class A ordinary shares)[1](index=1&type=chunk) [Q2 and Interim 2025 Earnings Announcement](index=1&type=section&id=Q2%20and%20Interim%202025%20Earnings%20Announcement) This announcement formally releases JD Group's unaudited Q2 and interim 2025 results, signed by Chairman Richard Qiangdong Liu - Announcement of unaudited results for the three and six months ended June 30, 2025[3](index=3&type=chunk) - Mr. Richard Qiangdong Liu, Chairman of the Board, signed this announcement and listed board members[3](index=3&type=chunk) Performance Highlights [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO Xu Ran highlighted significant user growth and record retail operating margin, while CFO Sandy Xu noted strong revenue growth and improved retail gross margin - CEO Ms. Xu Ran reported significant growth in user traffic, quarterly active users, and purchase frequency in Q2, with core JD Retail revenue increasing by **20.6%** and operating margin reaching **4.5%**, a record high for a major promotion quarter[7](index=7&type=chunk) - CFO Mr. Sandy Xu stated that total group revenue increased by **22.4%** year-over-year, with core retail gross margin growing for **13 consecutive quarters** and operating margin steadily rising[10](index=10&type=chunk) - JD Waimai (delivery) business developed healthily, forming effective synergy with JD Retail and other existing businesses, achieving initial strategic goals[7](index=7&type=chunk) [Q2 2025 Key Financial Highlights](index=2&type=section&id=Q2%202025%20Key%20Financial%20Highlights) JD Group's Q2 2025 total revenue grew 22.4% to RMB 356.7 billion, but net income attributable to ordinary shareholders declined 2025 Q2 Key Financial Data | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | Notes | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 356.7 | 291.4 | +22.4% | | | **Net Income Attributable to Ordinary Shareholders** | 6.2 | 12.6 | -50.8% | | | **Non-GAAP Net Income Attributable to Ordinary Shareholders** | 7.4 | 14.5 | -48.9% | | | **Diluted Earnings Per ADS** | 4.15 | 8.19 | -49.3% | | | **Non-GAAP Diluted Earnings Per ADS** | 4.97 | 9.36 | -46.9% | | | **JD Retail Revenue** | 310.1 | 257.072 | +20.6% | | | **JD Retail Operating Income** | 13.9 | 10.1 | +37.6% | | | **JD Retail Operating Margin** | 4.5% | 3.9% | +0.6% | Record high for major promotion quarter | [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) JD repurchased $1.5 billion in shares by June 30, 2025, under its $5 billion program, with $3.5 billion remaining - As of June 30, 2025, the company repurchased approximately **80.7 million Class A ordinary shares** (**40.4 million ADSs**), totaling approximately **$1.5 billion**[10](index=10&type=chunk) - Repurchased shares accounted for **2.8%** of ordinary shares outstanding as of December 31, 2024[10](index=10&type=chunk)[12](index=12&type=chunk) - **$3.5 billion** remains under the share repurchase program (up to $5 billion, valid until August 2027)[10](index=10&type=chunk) Business Development [JD Retail](index=3&type=section&id=JD%20Retail) JD Retail drove new product sales and trend categories through customized offerings and the "Accelerated Upgrade Program," expanding JD MALL - JD Super (supermarket) launched customized products across 6 categories (packaging, IP, gift boxes, craftsmanship, functions, and raw materials) to offer differentiated shopping experiences and help brands avoid homogenization[11](index=11&type=chunk) - Launched the 3C Digital "Accelerated Upgrade Program" to support new product sales and increase support for trend categories like **AI glasses** and **embodied intelligent robots**[11](index=11&type=chunk) - In Q2 2025, JD MALL opened new stores in multiple cities including Beijing, Shenzhen, Nanjing, Wuhan, and Taiyuan, with a cumulative total of **24 stores** by the end of June, providing immersive, digital shopping experiences integrating online and offline[11](index=11&type=chunk) [JD Logistics](index=4&type=section&id=JD%20Logistics) JD Logistics expanded its "Global Supply Chain Network" with new overseas warehouses and launched "JoyExpress" in Saudi Arabia, scaling its "Smart Wolf" system - JD Logistics accelerated its "Global Supply Chain Network" initiative, opening new overseas warehouses in multiple countries in the first half of the year, with over **130 bonded, direct mail, and overseas warehouses** by June 30, 2025, totaling over **1.3 million square meters** of managed area, covering **23 countries and regions**[13](index=13&type=chunk) - Launched its self-operated express delivery brand **"JoyExpress"** in Saudi Arabia, forming a complete logistics network from warehousing and sorting to last-mile delivery, upgrading its localized overseas operations[13](index=13&type=chunk) - The self-developed efficient intelligent warehousing solution **"Smart Wolf"** system has been scaled nationwide, integrating core components like handling robots and flying ladder robots, achieving high-density storage and significantly improving warehouse operational efficiency[14](index=14&type=chunk) [JD Health](index=5&type=section&id=JD%20Health) JD Health solidified its "first platform for exclusive new and specialty drug launches" by selling innovative weight-loss and anti-influenza drugs online - JD Health solidified its "first platform for exclusive new and specialty drug launches" advantage, successfully selling Innovent Biologics' weight-loss innovative drug **Xinermai®** and Qingfeng Pharmaceutical's domestic anti-influenza new drug **Yisuda®** online[15](index=15&type=chunk) [New Businesses](index=5&type=section&id=New%20Businesses) JD Waimai achieved significant growth during JD 618, forming synergies, while 7Fresh Kitchen launched in July 2025 - JD Waimai business developed healthily, with daily orders exceeding **25 million** during JD 618, over **1.5 million quality merchants** onboarded, and the full-time rider force surpassing **150,000**[16](index=16&type=chunk) - JD Waimai is deeply integrated into the overall JD ecosystem, leveraging synergistic value with existing businesses on the user, fulfillment, and supply sides[16](index=16&type=chunk) - Launched **7Fresh Kitchen** in July 2025, innovating the catering delivery market supply chain through a "dish partner model"[16](index=16&type=chunk) [Environmental, Social, and Governance](index=5&type=section&id=Environmental%2C%20Social%2C%20and%20Governance) JD's ecosystem employed approximately 900,000 people by June 30, 2025, with human resource expenditure reaching RMB 136 billion - As of June 30, 2025, the total number of personnel within the JD ecosystem was approximately **900,000** (including part-time, interns, and personnel from affiliated companies)[17](index=17&type=chunk) - Total human resource expenditure within the JD ecosystem for the twelve months ended June 30, 2025, reached **RMB 136 billion**[17](index=17&type=chunk) Financial Analysis [Q2 2025 Consolidated Financial Results](index=6&type=section&id=Q2%202025%20Consolidated%20Financial%20Results) JD Group's Q2 2025 total revenue grew 22.4% to RMB 356.7 billion, but increased expenses led to an operating loss [Revenue](index=6&type=section&id=Revenue) In Q2 2025, JD Group's total revenue increased by 22.4% to RMB 356.7 billion, driven by growth in both product and service revenues 2025 Q2 Revenue Composition | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | | :--- | :--- | :--- | :--- | | **Total Revenue** | 356.7 | 291.4 | 22.4% | | Product Revenue | 282.414 | 233.908 | 20.7% | | Service Revenue | 74.246 | 57.489 | 29.1% | [Cost of Revenues](index=6&type=section&id=Cost%20of%20Revenues) In Q2 2025, cost of revenues increased by 22.2% to RMB 300 billion, largely in line with revenue growth 2025 Q2 Cost of Revenues | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | | :--- | :--- | :--- | :--- | | Cost of Revenues | 300 | 245.5 | 22.2% | [Fulfillment Expenses](index=6&type=section&id=Fulfillment%20Expenses) Fulfillment expenses increased by 28.6% to RMB 22.1 billion, rising to 6.2% of revenue due to enhanced capabilities 2025 Q2 Fulfillment Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fulfillment Expenses | 22.1 | 17.2 | 28.6% | 6.2% | 5.9% | - Fulfillment expenses increased primarily due to the company's continuous optimization of fulfillment capabilities and increased human resource investment to enhance user experience[19](index=19&type=chunk) [Marketing Expenses](index=6&type=section&id=Marketing%20Expenses) Marketing expenses surged by 127.6% to RMB 27 billion, increasing to 7.6% of revenue, primarily due to new business promotion activities 2025 Q2 Marketing Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Marketing Expenses | 27 | 11.9 | 127.6% | 7.6% | 4.1% | - Marketing expenses significantly increased primarily due to higher spending on new business promotion activities[19](index=19&type=chunk) [Research and Development Expenses](index=6&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses increased by 25.7% to RMB 5.3 billion, with its percentage of revenue slightly rising to 1.5% 2025 Q2 Research and Development Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 5.3 | 4.2 | 25.7% | 1.5% | 1.4% | [General and Administrative Expenses](index=6&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by 53.2% to RMB 3.3 billion, rising to 0.9% of revenue, mainly due to higher share-based compensation 2025 Q2 General and Administrative Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 3.3 | 2.1 | 53.2% | 0.9% | 0.7% | - General and administrative expenses increased primarily due to higher share-based compensation expenses[20](index=20&type=chunk) [Operating Income/(Loss) and Non-GAAP Operating Income](index=6&type=section&id=Operating%20Income%2F(Loss)%20and%20Non-GAAP%20Operating%20Income) The company reported an operating loss of RMB 0.9 billion in Q2 2025, with non-GAAP operating income also declining due to new business investments 2025 Q2 Operating Income/(Loss) | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Income/(Loss) | (0.9) | 10.5 | From profit to loss | | Operating Margin | -0.2% | 3.6% | -3.8% | | Non-GAAP Operating Income | 0.9 | 11.6 | -92.2% | | Non-GAAP Operating Margin | 0.3% | 4.0% | -3.7% | | JD Retail Operating Income | 13.9 | 10.1 | +37.6% | | JD Retail Operating Margin | 4.5% | 3.9% | +0.6% | - Operating income decreased primarily due to increased strategic investments in new businesses[20](index=20&type=chunk) [Non-GAAP EBITDA](index=7&type=section&id=Non-GAAP%20EBITDA) Non-GAAP EBITDA significantly decreased to RMB 3 billion in Q2 2025, with the EBITDA margin falling from 4.6% to 0.8% 2025 Q2 Non-GAAP EBITDA | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Non-GAAP EBITDA | 3 | 13.5 | -77.8% | | Non-GAAP EBITDA Margin | 0.8% | 4.6% | -3.8% | [Net Income Attributable to Ordinary Shareholders and Non-GAAP Net Income Attributable to Ordinary Shareholders](index=7&type=section&id=Net%20Income%20Attributable%20to%20Ordinary%20Shareholders%20and%20Non-GAAP%20Net%20Income%20Attributable%20to%20Ordinary%20Shareholders) Both GAAP and Non-GAAP net income attributable to ordinary shareholders significantly decreased in Q2 2025, with lower net income margins 2025 Q2 Net Income Attributable to Ordinary Shareholders | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Ordinary Shareholders | 6.2 | 12.6 | -50.8% | | Net Income Margin | 1.7% | 4.3% | -2.6% | | Non-GAAP Net Income Attributable to Ordinary Shareholders | 7.4 | 14.5 | -48.9% | | Non-GAAP Net Income Margin | 2.1% | 5.0% | -2.9% | [Diluted Earnings Per Share and Non-GAAP Diluted Earnings Per Share](index=7&type=section&id=Diluted%20Earnings%20Per%20Share%20and%20Non-GAAP%20Diluted%20Earnings%20Per%20Share) In Q2 2025, both GAAP and Non-GAAP diluted earnings per ADS significantly decreased compared to the prior year 2025 Q2 Diluted Earnings Per ADS | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Diluted Earnings Per ADS | 4.15 | 8.19 | -49.3% | | Non-GAAP Diluted Earnings Per ADS | 4.97 | 9.36 | -46.9% | [Cash Flow and Working Capital](index=7&type=section&id=Cash%20Flow%20and%20Working%20Capital) Total cash and investments were RMB 223.4 billion by June 30, 2025, but Q2 free cash flow significantly decreased, with mixed cash flows from investing and financing [Cash Flow for the Three Months Ended June 30, 2025](index=7&type=section&id=Cash%20Flow%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025) Q2 2025 operating cash flow was RMB 24.409 billion, but free cash flow significantly decreased, with investing activities generating net inflow 2025 Q2 Cash Flow | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 24,409 | 50,738 | -51.9% | | Free Cash Flow | 22,018 | 49,555 | -55.6% | | Net Cash Generated from Investing Activities | 8,218 | (38,527) | From outflow to inflow | | Net Cash Used in Financing Activities | (12,439) | (8,969) | -38.7% | - Net cash inflow from investing activities primarily included net cash received from maturities of time deposits and wealth management products[26](index=26&type=chunk) - Net cash outflow from financing activities primarily included cash paid for dividends, repurchases of ordinary shares, and acquisitions of additional equity in non-wholly owned subsidiaries[26](index=26&type=chunk) [Cash Flow for the Twelve Months Ended June 30, 2025](index=8&type=section&id=Cash%20Flow%20for%20the%20Twelve%20Months%20Ended%20June%2030%2C%202025) For the twelve months ended June 30, 2025, free cash flow significantly decreased to RMB 10.076 billion Free Cash Flow for the Twelve Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 24,819 | 74,040 | -66.5% | | Free Cash Flow | 10,076 | 55,642 | -81.9% | [Segment Results](index=8&type=section&id=Segment%20Results) JD Group's three segments, JD Retail, JD Logistics, and New Businesses, showed varied revenue growth and operating margin performance in Q2 2025 [Segment Revenue and Operating Income](index=9&type=section&id=Segment%20Revenue%20and%20Operating%20Income) JD Retail revenue grew 20.6% with improved margin, while New Businesses saw high revenue growth but expanded losses in Q2 2025 2025 Q2 Segment Revenue and Operating Income | Segment | 2025 Q2 Revenue (RMB million) | 2024 Q2 Revenue (RMB million) | Revenue YoY Change | 2025 Q2 Operating Income (RMB million) | 2024 Q2 Operating Income (RMB million) | Operating Margin (2025 Q2) | Operating Margin (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JD Retail | 310,075 | 257,072 | 20.6% | 13,939 | 10,108 | 4.5% | 3.9% | | JD Logistics | 51,564 | 44,207 | 16.6% | 1,958 | 2,183 | 3.8% | 4.9% | | New Businesses | 13,852 | 4,636 | 198.8% | (14,777) | (695) | (106.7)% | (15.0)% | - New businesses' operating loss significantly expanded, primarily reflecting increased strategic investments in new businesses[20](index=20&type=chunk) [Revenue Composition](index=11&type=section&id=Revenue%20Composition) Q2 2025 saw growth in product revenue from electronics and general merchandise, alongside strong increases in service revenue 2025 Q2 Revenue Composition | Revenue Category | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Electronics and Home Appliances Product Revenue | 178,982 | 145,061 | 23.4% | | General Merchandise Product Revenue | 103,432 | 88,847 | 16.4% | | **Total Product Revenue** | **282,414** | **233,908** | **20.7%** | | Platform and Advertising Services Revenue | 28,507 | 23,425 | 21.7% | | Logistics and Other Services Revenue | 45,739 | 34,064 | 34.3% | | **Total Service Revenue** | **74,246** | **57,489** | **29.1%** | | **Total Revenue** | **356,660** | **291,397** | **22.4%** | [Supplemental Financial Information and Business Metrics](index=24&type=section&id=Supplemental%20Financial%20Information%20and%20Business%20Metrics) Trailing twelve-month operating and free cash flows significantly decreased by Q2 2025, while inventory and receivables turnover days increased Trailing Twelve-Month Cash Flow and Turnover Days | Indicator | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Cash Flow — TTM (RMB billion) | 74.0 | 52.8 | 58.1 | 51.1 | 24.8 | | Free Cash Flow — TTM (RMB billion) | 55.6 | 33.6 | 43.7 | 37.6 | 10.1 | | Inventory Turnover Days — TTM | 29.8 | 30.4 | 31.5 | 32.8 | 34.1 | | Accounts Payable Turnover Days — TTM | 57.0 | 57.5 | 58.6 | 57.6 | 59.0 | | Accounts Receivable Turnover Days — TTM | 5.7 | 5.8 | 5.9 | 6.4 | 7.4 | Supplemental Information [Definitions of Non-GAAP Measures](index=13&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines Non-GAAP metrics used by JD Group to assess core operating performance by excluding non-cash or non-recurring items - Non-GAAP operating income excludes share-based compensation expenses, amortization of intangible assets, impact of business cooperation arrangements, gains from sale of development properties, and impairment of goodwill/long-lived assets[37](index=37&type=chunk) - Free cash flow is defined as net cash generated from operating activities, adjusted for the impact of consumer credit receivables and capital expenditures[37](index=37&type=chunk) - Non-GAAP measures aim to exclude non-cash or non-recurring items to provide a more meaningful period-to-period comparison and view of core operating results[38](index=38&type=chunk)[39](index=39&type=chunk) [Reconciliations of GAAP to Non-GAAP Results](index=25&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Results) This section reconciles GAAP to Non-GAAP operating income, EBITDA, and net income, detailing adjustments for non-cash and non-recurring items 2025 Q2 GAAP to Non-GAAP Operating Income Reconciliation | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | | :--- | :--- | :--- | | Operating Income/(Loss) (GAAP) | (859) | 10,501 | | Add: Share-based compensation expenses | 1,657 | 666 | | Add: Amortization of intangible assets | 253 | 316 | | Add: Impact of business cooperation arrangements | 69 | 113 | | Less: Gains from sale of development properties | (224) | — | | **Non-GAAP Operating Income** | **896** | **11,596** | | Non-GAAP Operating Margin | 0.3% | 4.0% | 2025 Q2 GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders Reconciliation | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | | :--- | :--- | :--- | | Net Income Attributable to Ordinary Shareholders (GAAP) | 6,178 | 12,644 | | Add: Share-based compensation expenses | 1,578 | 549 | | Add: Amortization of intangible assets | 169 | 151 | | Add/(Reversal of): Adjustments for equity method investments | (185) | 211 | | Add: Impairment of goodwill, long-lived assets and investments | 178 | 1,102 | | (Reversal of)/Add: Fair value change of long-term investments | (531) | (104) | | Less: Gains from sale of development properties | (168) | — | | Less: Gains from disposal of investments and others | (30) | (208) | | Add: Impact of business cooperation arrangements | 69 | 113 | | Add/(Reversal of): Income tax impact of Non-GAAP adjustments | 136 | 2 | | **Non-GAAP Net Income Attributable to Ordinary Shareholders** | **7,394** | **14,460** | | Non-GAAP Net Income Margin | 2.1% | 5.0% | [Reconciliations of GAAP to IFRS](index=27&type=section&id=Reconciliations%20of%20GAAP%20to%20IFRS) This section reconciles JD Group's condensed consolidated statements from GAAP to IFRS, with Deloitte Touche Tohmatsu providing limited assurance [Assurance Engagement Statement](index=27&type=section&id=Assurance%20Engagement%20Statement) Deloitte Touche Tohmatsu performed a limited assurance engagement on the GAAP to IFRS reconciliation, finding no material inaccuracies - Deloitte Touche Tohmatsu performed a limited assurance engagement on the GAAP to IFRS reconciliation[54](index=54&type=chunk) - The engagement found no matters suggesting the reconciliation was arithmetically inaccurate or failed to reflect accounting policy differences in all material respects[57](index=57&type=chunk)[58](index=58&type=chunk) [Condensed Consolidated Statements of Operations Reconciliation](index=29&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20Reconciliation) This section details the GAAP to IFRS reconciliation for consolidated statements of operations, highlighting differences in financial instruments and lease accounting Condensed Consolidated Statements of Operations GAAP to IFRS Reconciliation for the Six Months Ended June 30, 2025 | Indicator | GAAP Amount (RMB million) | Total IFRS Adjustments (RMB million) | IFRS Amount (RMB million) | | :--- | :--- | :--- | :--- | | Cost of Revenues | (553,254) | — | (553,254) | | Fulfillment Expenses | (41,882) | 877 | (41,007) | | Marketing Expenses | (37,556) | 2 | (37,554) | | Research and Development Expenses | (9,920) | 4 | (9,916) | | General and Administrative Expenses | (5,680) | 5 | (5,675) | | Gains from sale of development properties | 224 | (123) | 101 | | Operating Income | 9,674 | 763 | 10,437 | | Share of results of equity method investments | 3,402 | (270) | 3,132 | | Interest expense | (1,243) | (1,152) | (2,395) | | Other, net | 8,208 | 546 | 8,772 | | Fair value change of preference shares | — | (4) | (4) | | Profit before income tax | 20,041 | (99) | 19,942 | | Income tax (expense)/benefit | (2,053) | 164 | (1,889) | | Net Income | 17,988 | 65 | 18,053 | | Net Income Attributable to JD.com, Inc. ordinary shareholders | 17,068 | 17 | 17,085 | [Condensed Consolidated Balance Sheets Reconciliation](index=31&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20Reconciliation) This section lists the GAAP to IFRS reconciliation for consolidated balance sheets, focusing on asset, liability, and equity impacts from accounting differences Condensed Consolidated Balance Sheets GAAP to IFRS Reconciliation as of June 30, 2025 | Indicator | GAAP Amount (RMB million) | Total IFRS Adjustments (RMB million) | IFRS Amount (RMB million) | | :--- | :--- | :--- | :--- | | Property, equipment and software, net | 87,160 | (2,135) | 85,025 | | Land use rights, net | 37,173 | (1,155) | 36,018 | | Operating lease right-of-use assets | 27,454 | (1,305) | 26,149 | | Equity investments | 48,225 | (20,581) | 27,644 | | Available-for-sale securities and other investments | 61,397 | (1,906) | 59,491 | | Financial assets at fair value through profit or loss | — | 31,876 | 31,876 | | Financial assets at fair value through other comprehensive income | — | 237 | 237 | | Deferred tax assets | 2,881 | (228) | 2,653 | | **Total Assets** | **706,939** | **4,803** | **711,742** | | Accrued expenses and other liabilities | 45,481 | 3,785 | 49,266 | | Financial liabilities at fair value through profit or loss | — | 22,563 | 22,563 | | Unsecured senior notes | 24,712 | (2,604) | 22,108 | | Deferred tax liabilities | 8,388 | 582 | 8,970 | | **Total Liabilities** | **409,650** | **24,326** | **433,976** | | Total equity attributable to JD.com, Inc. shareholders | 227,160 | (7,810) | 219,350 | | Non-controlling interests | 70,129 | (11,719) | 58,410 | | **Total Equity** | **297,289** | **(19,529)** | **277,760** | [Reconciliation Notes](index=33&type=section&id=Reconciliation%20Notes) This section explains seven key GAAP to IFRS reconciliation differences, including financial instruments, fair value investments, lease accounting, and convertible notes - Financial instruments with special attributes: GAAP accounts for them as mezzanine equity or non-controlling interests, while IFRS classifies them as financial liabilities due to the unconditional right to avoid delivering cash[65](index=65&type=chunk) - Investments measured at fair value: GAAP uses cost less impairment for investments without readily determinable fair value, while IFRS classifies them as financial assets at fair value through profit or loss or OCI[66](index=66&type=chunk) - Lease accounting: GAAP records right-of-use asset amortization and interest expense together as lease expense, while IFRS amortizes right-of-use assets on a straight-line basis and measures interest expense at amortized cost separately[67](index=67&type=chunk) - Convertible preference notes: GAAP accounts for them entirely as debt, while IFRS treats them as hybrid instruments, separating and fair valuing embedded derivatives[70](index=70&type=chunk) - Investment in JD Technology: GAAP treats it as a common control transaction, while IFRS accounts for it as an acquisition of additional equity in an investee, with different accounting for redemption term modifications and fair value changes[72](index=72&type=chunk) Other Information [Conference Call Information](index=12&type=section&id=Conference%20Call%20Information) JD management will host a conference call on August 14, 2025, at 8:00 AM ET to discuss Q2 and interim financial results - The conference call will be held on **August 14, 2025, at 8:00 AM ET** (**8:00 PM Beijing/Hong Kong Time**)[35](index=35&type=chunk) - Pre-registration links and a telephone replay service are available, with the replay accessible for one week until August 21, 2025[35](index=35&type=chunk) [About JD.com](index=12&type=section&id=About%20JD.com) JD.com is a leading supply chain-based technology and service enterprise, offering "Retail as a Service" solutions to enhance industry productivity - JD.com is a leading supply chain-based technology and service enterprise[36](index=36&type=chunk) - The company offers **"Retail as a Service"** solutions, opening up its technology and infrastructure to enhance productivity and innovation across various industries[36](index=36&type=chunk) [Forward-Looking Statements](index=15&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995, involving inherent risks and uncertainties - This announcement contains forward-looking statements made under the **"safe harbor"** provisions of the U.S. Private Securities Litigation Reform Act of 1995[41](index=41&type=chunk) - Forward-looking statements concern business prospects, strategies, and operational plans, involving inherent risks and uncertainties that could cause actual results to differ materially from expectations[41](index=41&type=chunk) - The company undertakes no obligation to update any forward-looking statements, unless required by applicable law[41](index=41&type=chunk) [Contact Information](index=14&type=section&id=Contact%20Information) This section provides contact details for JD Group's investor relations and media inquiries for further information - Investor Relations contact: Shiyao Zhang, Phone: **+86 (10) 8912-6804**, Email: **IR@JD.com**[40](index=40&type=chunk) - Media contact: Phone: **+86 (10) 8911-6155**, Email: **Press@JD.com**[40](index=40&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2025年 6月30日止第二季度未經審計的財務業績公告、 第二季度股息公告及中期報告 網易股份有限公司（「公司」）謹此公佈其截至2025年6月30日的三個月和六個月未經 審計的財務業績。本業績公告亦為根據香港聯交所上市規則第13.48（1）條的規定提 供予股東的2025年中期報告。本業績公告可於香港聯交所網站www.hkexnews.hk及公 司網站http://ir.netease.com閱覽。 網易公布 2025 年第二季度未經審計財務業績 中國杭州，2025 年 8 月 14 日-領先的互聯網與游戲服務提供商網易股份有限公司（納斯達克代 號：NTES 及港交所代號：9999，「網易」或「公司」），今天宣布了截至 2025 年 6 月 30 日 的第二季度未經審計財務業績。 承董事會命 NetE ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 BAGUIO GREEN GROUP LIMITED 碧 瑤 綠 色 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1397） 截至二零二四年十二月三十一日止年度之 年報之補充公告 茲提述碧瑤綠色集團有限公司（「本公司」連同其附屬公司統稱「本集團」）於二零二五 年四月二十五日所刊發本公司截至二零二四年十二月三十一日止年度之年報（「年 報」）。除另有界定者外，本公告所用詞彙與年報所界定者具有相同涵義。 除年報中提供之資料外，本公司董事會（「董事會」）謹此就「董事會報告」一節「股份獎 勵計劃」一段提供進一步資料： 根據股份獎勵計劃可供發行的股份總數為41,500,000股，佔本報告日期（即二零二五 年三月二十七日）已發行股份總數（不包括庫存股份）（即415,000,000股）約10%。 1 碧瑤綠色集團有限公司 主席 吳永康 香港，二零二五年八月十四日 於 本 公 告 日 期，董 事 ...