Ge Long Hui·2025-07-12 19:22Core Viewpoint - The company is expected to achieve a year-on-year revenue growth of 15.5% in Q2 2025, with a Non-GAAP net profit of approximately 4.5 billion yuan, driven by robust growth in GMV and retail revenue, particularly in the electric and daily necessities categories [1][2]. Group 1: Revenue and Growth Projections - Q2 2025 is projected to see a year-on-year increase in total revenue of 15.5%, with retail revenue also expected to grow by 15% [1]. - GMV and revenue are anticipated to maintain double-digit growth, with both electric and daily necessities categories showing steady growth [1][2]. - For the entire year of 2025, the company expects continued double-digit growth in retail revenue, supported by national subsidies and refined operations in daily necessities [1]. Group 2: Profitability and Margin Analysis - The retail operating profit margin is expected to remain stable year-on-year, despite increased investment in the new food delivery business [2]. - The Non-GAAP net profit for Q2 is estimated to be around 4.5 billion yuan, influenced by higher promotional expenditures during the 618 shopping festival compared to the previous year [2]. Group 3: New Business Development - The food delivery business has seen rapid growth since March 2025, with significant investments in merchant supply and delivery capacity, leading to a peak of over 25 million orders by early June [3]. - The company is focusing on enhancing synergy between the food delivery service and its core e-commerce operations, with cross-selling trends improving month-on-month [3]. - In Q3, the company plans to increase investments in the food delivery business, aiming for sustained order growth while improving unit economics [3].