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 ...

Financial and Business Summary [Summary of Financial Performance](index=3&type=section&id=摘要-财务业绩) For H1 2025, the Group's total revenue grew 4.0% to RMB 714 million, operating profit surged over 30 times to RMB 84.09 million, achieving a net profit of RMB 72.57 million, with period-end cash at RMB 940 million and no interim dividend recommended Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB 10,000) | H1 2024 (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 71,359 | 68,633 | +4.0% | | **Gross Profit** | 46,678 | 46,915 | -0.5% | | **Gross Profit Margin** | 65.4% | 68.4% | -3.0 p.p. | | **Operating Profit** | 8,409 | 259 | +3,151.7% | | **Profit/(Loss) for the Period** | 7,257 | (430) | Turnaround to Profit | | **Cash and Cash Equivalents (Period-end)** | 93,982 | - | - | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) [Business Segment Performance](index=3&type=section&id=摘要-业务分部表现) During the reporting period, merchant solutions business was the primary growth driver with a 10.3% increase in revenue, while subscription solutions revenue slightly decreased by 1.0%, with merchant solutions also achieving a 3.5% gross profit growth, contrasting with a 2.8% decline in subscription solutions gross profit Revenue and Gross Profit Performance by Business Segment | Business Segment | Revenue (RMB 100 million) | YoY Change | Gross Profit (RMB 100 million) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Subscription Solutions** | 3.74 | -1.0% | 2.87 | -2.8% | | **Merchant Solutions** | 3.38 | +10.3% | 1.78 | +3.5% | Unaudited Condensed Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=未經審核簡明綜合損益及其他全面收益表) The Group achieved a turnaround to profit in H1 2025, reporting RMB 72.57 million in net profit, primarily due to effective cost control, reduced operating expenses, and a reversal of financial asset impairment losses Key Items from Statement of Profit or Loss (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 713,589 | 686,329 | | Gross Profit | 466,775 | 469,149 | | Selling and Distribution Expenses | (259,962) | (265,763) | | Administrative Expenses | (63,457) | (70,020) | | Research and Development Costs | (79,861) | (93,828) | | **Operating Profit** | **84,089** | **2,586** | | **Profit/(Loss) for the Period** | **72,569** | **(4,295)** | | Profit/(Loss) attributable to owners of the parent | 72,742 | (17,224) | | Basic Earnings/(Loss) Per Share (RMB) | 0.0023 | (0.0005) | [Consolidated Statement of Financial Position](index=7&type=section&id=未經審核簡明綜合財務狀況表) As of June 30, 2025, the Group's financial position remained robust with total assets of RMB 6.08 billion and net assets increasing to RMB 1.14 billion, demonstrating stable short-term solvency with a current ratio of 1.09 times Key Items from Statement of Financial Position (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Non-current Assets** | 1,408,728 | 1,412,490 | | **Total Current Assets** | 4,670,940 | 4,498,721 | | **Total Current Liabilities** | 4,283,227 | 4,144,146 | | **Total Non-current Liabilities** | 657,915 | 691,574 | | **Net Assets** | **1,138,526** | **1,075,491** | | Deposits with central banks | 3,351,375 | 3,127,657 | | Cash and cash equivalents | 939,816 | 888,821 | [Consolidated Statement of Cash Flows](index=11&type=section&id=未經審核簡明綜合現金流量報表) In H1 2025, the Group's operating cash flow significantly improved, turning from a net outflow to a net inflow of RMB 86.53 million, with period-end cash and cash equivalents increasing to RMB 940 million Summary of Cash Flow Statement (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash flows from/(used in) operating activities | 86,530 | (64,293) | | Net cash flows from/(used in) investing activities | 95 | (1,086) | | Net cash flows used in financing activities | (35,539) | (17,088) | | **Net increase/(decrease) in cash and cash equivalents** | **51,086** | **(82,467)** | | Cash and cash equivalents at end of period | 939,816 | 840,766 | Notes to the Financial Statements [Operating Segment Information](index=13&type=section&id=附註4.%20經營分部資料) The Group operates in third-party payment and merchant services segments, with merchant services contributing the majority of revenue in H1 2025, while third-party payment services demonstrated stronger profitability with a segment result of RMB 51.74 million Segment Results for H1 2025 (RMB thousand) | Segment | Sales to external customers | Segment result | | :--- | :--- | :--- | | Third-party payment services | 149,807 | 51,741 | | Merchant services | 560,277 | 41,278 | | Others | 3,505 | 3,560 | | **Total** | **713,589** | **96,579** | [Revenue Analysis](index=15&type=section&id=附註5.%20收益) The Group's total revenue is primarily from subscription and merchant solutions, with merchant solutions revenue growing 10.3% in H1 2025 as a key driver, while subscription solutions revenue slightly decreased, and most revenue originated from mainland China Revenue by Business Line (RMB thousand) | Business Line | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Subscription solutions | 373,643 | 377,489 | (1.0) | | Merchant solutions | 338,211 | 306,639 | 10.3 | | Others | 1,735 | 2,201 | - | | **Total** | **713,589** | **686,329** | **4.0** | - Mainland China contributed **RMB 710 million** in revenue, accounting for **99.6%** of total revenue[24](index=24&type=chunk) Management Discussion and Analysis [Business Review](index=27&type=section&id=業務回顧) In H1 2025, Youzan integrated intelligent technologies to enhance merchant marketing and operations, with GMV reaching RMB 49.8 billion, store SaaS business contributing 51% of GMV, and average sales per existing paying merchant increasing by 11% - The company continues to integrate intelligent technologies with its solutions, launching various smart products focused on intelligent marketing, omnichannel management, and operational analysis to help merchants increase revenue and efficiency[48](index=48&type=chunk) Key Operating Data for H1 2025 | Indicator | Value | | :--- | :--- | | Gross Merchandise Volume (GMV) | Approx. RMB 49.8 billion | | Store SaaS Business GMV Share | Approx. 51% | | Average Sales Per Merchant | Approx. RMB 930,000 (YoY growth of 11%) | | Number of Existing Paying Merchants | 53,651 | | Number of New Paying Merchants | 8,583 | [Financial Review](index=29&type=section&id=財務回顧) The Group's H1 2025 financial performance was robust, with total revenue up 4.0% driven by merchant solutions, and despite higher cost of sales impacting gross margin, effective expense control led to significant operating profit growth and a net profit turnaround, with adjusted non-HKFRS profit increasing 59.0% [Revenue Analysis](index=29&type=section&id=財務回顧-收益) Total revenue increased by 4.0% to RMB 714 million, driven by a 10.3% growth in merchant solutions revenue due to logistics solution penetration, while subscription solutions revenue slightly decreased by 1.0% Revenue Breakdown (RMB thousand) | Business Segment | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Subscription solutions | 373,643 | 377,489 | (1.0) | | Merchant solutions | 338,211 | 306,639 | 10.3 | | **Total** | **713,589** | **686,329** | **4.0** | - The growth in merchant solutions revenue was primarily due to increased penetration of logistics solutions, leading to a higher volume of orders utilizing Youzan's logistics solutions[59](index=59&type=chunk) [Cost of Sales and Gross Profit Analysis](index=31&type=section&id=財務回顧-銷售成本) Cost of sales increased by 13.6% to RMB 247 million, primarily due to higher logistics, transaction, and technical service expenses, resulting in a decrease in the Group's overall gross profit margin from 68.4% to 65.4% - Key drivers for the increase in cost of sales include a **69.0%** rise in logistics costs, a **9.6%** increase in transaction costs, and a **52.6%** increase in technical service expenses[62](index=62&type=chunk) Gross Profit Margin by Business Segment | Business Segment | H1 2025 Gross Profit Margin | H1 2024 Gross Profit Margin | | :--- | :--- | :--- | | Subscription solutions | 76.9% | 78.3% | | Merchant solutions | 52.7% | 56.2% | | **Total** | **65.4%** | **68.4%** | [Analysis of Expenses and Other Items](index=33&type=section&id=財務回顧-費用和其他) The Group effectively controlled expenses, with selling and distribution, administrative, and R&D costs decreasing by 2.2%, 9.4%, and 14.9% respectively, largely due to the adoption of AI-driven tools reducing R&D labor costs - Selling and distribution expenses decreased by **2.2%**, primarily due to reduced channel commission expenses[68](index=68&type=chunk) - Administrative expenses decreased by **9.4%**, mainly attributable to reduced staff costs due to a decrease in administrative and back-office personnel[68](index=68&type=chunk) - Research and development costs decreased by **14.9%**, primarily due to the widespread adoption of AI-driven tools in R&D activities, leading to lower R&D staff costs[68](index=68&type=chunk) [Non-HKFRS Measures](index=34&type=section&id=非香港財務報告準則計量) Under non-HKFRS measures, adjusted profit for the period increased 59.0% to RMB 82.36 million, and adjusted EBITDA rose 94.6% to RMB 70.20 million, primarily excluding non-cash items like share-based payments and intangible asset amortization Non-HKFRS Profit Reconciliation (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the period | 72,569 | (4,295) | | Add: Equity-settled share-based payments | 9,822 | 21,704 | | Add: Amortization of intangible assets | – | 40,467 | | Less: Related tax adjustments | (34) | (6,070) | | **Adjusted non-HKFRS profit for the period** | **82,357** | **51,806** | [Financial Resources and Liquidity](index=36&type=section&id=財務資源及流動資金) As of June 30, 2025, the Group maintained a robust financial position with approximately RMB 940 million in cash and cash equivalents, and a stable debt-to-asset ratio of 5.7%, consistent with year-end 2024 Key Liquidity Data (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 939,816 | 888,821 | | Bank and other borrowings | 345,291 | 338,725 | - As of June 30, 2025, the Group's debt-to-asset ratio was **5.7%**, remaining relatively stable compared to **5.7%** as of December 31, 2024[74](index=74&type=chunk) Other Disclosures [Share Repurchases](index=44&type=section&id=購買、出售或贖回本公司的上市證券) For H1 2025, the company repurchased 257,868,000 shares on the Stock Exchange for approximately HKD 23.79 million, reflecting the Board's confidence in business prospects and commitment to shareholder value Share Repurchase Details for H1 2025 | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD thousand) | | :--- | :--- | :--- | | January 2025 | 4,000,000 | 428 | | March 2025 | 59,888,000 | 6,084 | | April 2025 | 136,392,000 | 11,945 | | May 2025 | 40,588,000 | 3,721 | | June 2025 | 17,000,000 | 1,613 | | **Total** | **257,868,000** | **23,791** | [Corporate Governance](index=45&type=section&id=企業管治守則) The company largely complied with the Corporate Governance Code, with one deviation: the Chairman and CEO roles are held by Mr. Zhu Ning, an arrangement the Board deems in the best interest of the company and shareholders due to his leadership and business understanding - The company deviated from the Corporate Governance Code's provision that the roles of Chairman and Chief Executive Officer should be held by different individuals, as Mr. Zhu Ning, the Executive Director and Chief Executive Officer, also serves as the Chairman of the Board[103](index=103&type=chunk)[104](index=104&type=chunk) - The Board believes Mr. Zhu Ning is the most suitable person for both positions, and this arrangement is beneficial to the company and its shareholders and is in their overall best interests[105](index=105&type=chunk)

[Financial Summary](index=1&type=section&id=Performance) [Consolidated Income Statement](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's turnover decreased by 19.2% to HK$487 million, resulting in an operating loss of HK$14.15 million from a profit of HK$55.92 million last year, and a loss attributable to owners of HK$3.96 million Key Interim Performance Indicators | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Turnover | 487,111 | 603,261 | -19.2% | | Gross Profit | 288,954 | 361,871 | -20.1% | | Operating (Loss) / Profit | (14,148) | 55,924 | N/A (Turned to Loss) | | (Loss) / Profit Attributable to Owners of the Company | (3,960) | 58,233 | N/A (Turned to Loss) | | Basic (Loss) / Earnings Per Share (HK Cents) | (0.41) | 5.98 | N/A (Turned to Loss) | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Despite an operating loss, total comprehensive income for the period significantly improved to HK$86.2 million, from a loss of HK$8.76 million last year, primarily due to positive exchange differences from RMB appreciation Changes in Comprehensive Income | Item (HK$ Thousand) | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | (Loss) / Profit for the Period | (3,944) | 58,240 | | Exchange Differences | 76,651 | (74,436) | | **Total Comprehensive Income for the Period** | **86,201** | **(8,760)** | [Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group maintained a robust financial position with total assets of HK$5.24 billion and total equity of HK$4.44 billion, with investment properties being the largest non-current asset Balance Sheet Summary (As at Period End) | Indicator (HK$ Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,242,929 | 5,146,477 | | Total Liabilities | 807,445 | 797,194 | | Total Equity | 4,435,484 | 4,349,283 | | Investment Properties | 2,658,006 | 2,604,529 | | Bank Balances and Cash | 1,131,027 | 1,050,536 | [Notes to the Financial Statements](index=4&type=section&id=Notes) [Significant Accounting Policies](index=4&type=section&id=1.%20Significant%20Accounting%20Policies) The interim financial information is prepared in accordance with HKAS 34, with consistent accounting policies, and new standards are not expected to have a material impact - Financial information is prepared in accordance with HKAS 34, with accounting policies consistent with annual statements[6](index=6&type=chunk)[7](index=7&type=chunk) [Turnover and Segment Information](index=6&type=section&id=2.%20Turnover%20and%20Segment%20Information) Group turnover declined by 19.2%, with China and Hong Kong apparel business revenue down 24.1% and turning to loss, while property investment and development revenue slightly decreased Segment Turnover and Results (For the six months ended June 30) | Operating Segment (HK$ Thousand) | 2025 Turnover | 2024 Turnover | 2025 Segment Results | 2024 Segment Results | | :--- | :--- | :--- | :--- | :--- | | China and Hong Kong Apparel Business | 350,101 | 461,487 | (16,333) | 46,904 | | Singapore Apparel Business | 17,081 | 18,535 | (3,461) | (2,337) | | Property Investment and Development | 125,494 | 129,043 | 31,223 | 41,185 | Turnover by Revenue Source (For the six months ended June 30) | Revenue Source (HK$ Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Sale of Goods | 335,005 | 439,332 | | Sale of Properties | 27,987 | 28,334 | | Rental Income from Investment Properties | 72,002 | 74,299 | [Other Financial Notes](index=8&type=section&id=Other%20Financial%20Notes) Investment property fair value loss expanded to HK$22.95 million, income tax expense significantly decreased, and the interim dividend was halved to 1.0 HK cents per share - Investment property fair value loss was **HK$22.95 million**, compared to HK$19.82 million in the prior period[12](index=12&type=chunk) - The Board recommended an interim dividend of **1.0 HK cents per share**, a 50% year-on-year decrease[17](index=17&type=chunk)[20](index=20&type=chunk) - Net trade receivables decreased from **HK$88.67 million** at the beginning of the year to **HK$52.37 million**[18](index=18&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Operating%20Results) [Operating Results Analysis](index=11&type=section&id=Operating%20Results) Under macroeconomic uncertainties, the Group's H1 2025 performance was pressured, with turnover down 19%, resulting in an operating loss of HK$14.15 million and a 79% adjusted profit decline - Total turnover was **HK$487 million**, a **19% year-on-year decrease**, primarily due to revenue declines across all major businesses[21](index=21&type=chunk) - The Group recorded an operating loss of **HK$14.15 million** for the period, compared to an operating profit of HK$55.92 million in the prior period[26](index=26&type=chunk) - Excluding the after-tax net loss from fair value changes of investment properties, profit for the period was **HK$15.58 million**, a year-on-year decrease of approximately **79%**[27](index=27&type=chunk) [Business Review](index=12&type=section&id=Business%20Review) All core businesses faced challenges, with China apparel revenue down 24% due to market competition, property investment rental income down 3% from rising vacancies, and slow property development inventory clearance [Apparel Business](index=12&type=section&id=Apparel%20Business) China and Hong Kong apparel business revenue fell 24%, with wholesale sales halved and retail/e-commerce also declining, while Singapore sales dropped 11% in local currency, widening losses - China apparel business recorded a total turnover of **HK$318 million**, a year-on-year decrease of approximately **24%**[28](index=28&type=chunk) - Domestic key channel sales performance: * Wholesale sales: **down 50%** * Self-operated retail: **same-store sales down 12%** * Outlets: **sales down approximately 30%** * E-commerce business: **sales down approximately 14%**[28](index=28&type=chunk)[29](index=29&type=chunk) - Singapore apparel sales were **HK$17.08 million**, a year-on-year decrease of approximately **8%** (11% in local currency), with business losses widening[31](index=31&type=chunk) [Property Investment and Development](index=14&type=section&id=Property%20Investment%20and%20Development) The property investment market faced a severe environment, with total rental and property management income down 3%, Guangzhou's "Goldlion Digital Network Tower" occupancy rate falling to 77%, and slow sales for the Meixian "Goldlion Garden" project - Total rental and property management income for the period decreased by approximately **3%** year-on-year, mainly due to increased vacancy rates in some properties[32](index=32&type=chunk) - Guangzhou's "Goldlion Digital Network Tower" occupancy rate decreased to **77%**, and Shenyang's "Goldlion Commercial Building" revenue fell **17%** due to rent concessions[33](index=33&type=chunk) - Only **34 units** of the Meixian "Goldlion Garden" property development project were sold during the period, with a significant number of units remaining for sale[33](index=33&type=chunk) [Outlook](index=14&type=section&id=Outlook) The Group anticipates continued challenging operating conditions in H2 2025, with strategies including optimizing domestic apparel, integrating distribution, enhancing Singapore operations, and launching a snooker apparel series - The operating environment in H2 2025 is expected to remain challenging, with slow recovery in domestic consumer confidence and a difficult operational outlook[35](index=35&type=chunk) - The Group plans to launch a snooker apparel series, promoting it through event and player sponsorships[36](index=36&type=chunk) - The property investment business will focus on improving property leasing and flexibly selling the remaining units of Meixian "Goldlion Garden"[36](index=36&type=chunk) [Financial Position](index=15&type=section&id=Financial%20Position) The Group's financial position is exceptionally robust, with approximately HK$1.13 billion in cash, zero bank loans, a zero debt-to-asset ratio, and a high current ratio of 6.1 Key Financial Position Indicators (As at June 30, 2025) | Indicator | Value | | :--- | :--- | | Cash and Bank Balances | HK$1.13 billion | | Bank Loans and Overdrafts | Zero | | Debt-to-Asset Ratio | Zero | | Current Ratio | 6.1 | [Other Information](index=15&type=section&id=Other%20Information) [Dividends and Shares](index=10&type=section&id=Interim%20Dividend) The Board recommended an interim dividend of 1.0 HK cents per share, totaling HK$9.74 million, to be paid on September 17, 2025, with no share repurchases or sales during the period - Proposed interim dividend of **1.0 HK cents per share** (2024: 2.0 HK cents), totaling **HK$9.74 million**[20](index=20&type=chunk) - The Company did not conduct any share repurchases or sales during the period[41](index=41&type=chunk) [Human Resources](index=16&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed approximately 1,600 staff, with total staff costs, including directors' emoluments, amounting to HK$111 million, largely consistent with the prior period Human Resources Data | Indicator | Value | | :--- | :--- | | Total Staff (As at June 30, 2025) | Approximately 1,600 persons | | Six-month Staff Costs (HK$ Thousand) | 111,454 | [Corporate Governance and Audit](index=16&type=section&id=Corporate%20Governance) The Company complied with the Listing Rules' Corporate Governance Code, with the Chairman and CEO roles combined for effective leadership, and both the Audit Committee and external auditors reviewed the interim financial information - The Company has complied with the provisions of the Corporate Governance Code[42](index=42&type=chunk) - Both the Audit Committee and external auditors have reviewed the interim financial information[43](index=43&type=chunk)[44](index=44&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。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2025年第二季度及中期財務業績公告 我們謹此發佈我們截至第二季度及2025年6月30日止六個月的未經審計財務業績 （「2025年第二季度及中期財務業績」）。2025年第二季度及中期財務業績乃根據香 港聯合交易所有限公司證券上市規則（「《香港上市規則》」）第13.48(1)條作為我們 截至2025年6月30日止六個月的中期報告向股東提供。 2025年第二季度及中期財務業績可於香港聯合交易所有限公司網站www.hkexnews.hk 及本公司網站 http://ir.weibo.com查閱。 承董事會命 微博股份有限公司 董事會主席 曹國偉先生 香港，2025年8月14日 於本公告日期，本公司董事會包括董事曹國偉先生、王高飛先生、杜紅女士及劉 博先生以及獨立董事盧伯卿先生、陳丕 ...

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。 JD Logistics, Inc. 京東物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2618） 截 至 2025 年 6 月 3 0 日止三個月及六個月 業績公告 京东物流股份有限公司（「本公司」或「京東物流」）董事（「董事」）會（「董事會」）欣然宣佈 本公司、其子公司及關聯併表實體（統稱「本集團」）截至2025年6月30日止三個月及六個 月的未經審計合併業績。該等中期業績已經本公司審計委員會（「審計委員會」）審閱。 於 本 公 告 中，「我 們」指 本 公 司，倘 文 義 另 有 所 指，指 本 集 團。此 外，「京東集團」指 JD.com, Inc.（納斯達克代碼：JD；香港聯交所代號：9618（港幣櫃台）及89618（人民幣櫃 台））及其子公司，包括京东健康股份有限公司（香港聯交所代號：6618（港幣櫃台）及86618 （人民幣櫃台））與關聯併表實體，不包括 ...

財務摘要 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佈之內容概不負責，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佈全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 CONVENIENCE RETAIL ASIA LIMITED 利亞零售有限公司 （於開曼群島註冊成立之有限公司） (股份代號: 00831) 中期業績 截至二零二五年六月三十日止六個月 營商環境持續充滿挑戰，集團收益下跌4.6% 嚴格的成本控制抵銷銷售額及毛利率下降的壓力，令盈利有所提升 本地零售市場於下半年繼續面對挑戰，但部分競爭對手退出使集團有機會搶佔更多市場份 額 集團於二零二五年上半年維持穩健財務狀況，擁有淨現金167,000,000港元，且無銀行借貸 | | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | --- | | | | 變動 | 千港元 | 千港元 | |  | 收益 | -4.6% | 688,139 | 721,654 | |  | 核心經營溢利 | +17.3% | 20,425 | 17,419 | |  | 核心經 ...