Financial Performance - The total GMV for Bawang Tea Ji reached 8.103 billion yuan in Q2 2025, representing a year-on-year growth of 15.5% [1] - The net revenue for Q2 was 3.332 billion yuan, an increase of 10.2% year-on-year [1] - Adjusted net profit for Q2 was 630 million yuan, with an adjusted net profit margin of 18.9% [1] - For the first half of the year, the cumulative adjusted net profit was 1.31 billion yuan, up 6.8% year-on-year [1] - Costs improved, with raw material, storage, and logistics costs decreasing by 1.5% year-on-year in Q2 [1] Membership and Customer Base - As of June 30, the registered membership of Bawang Tea Ji exceeded 200 million, reaching 207 million, with a net increase of 14.55 million members quarter-on-quarter, and a year-on-year growth of 42.7% [1] International Expansion - The overseas business has become a significant growth engine, with Q2 GMV reaching 235 million yuan, a year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [1] - As of June 30, Bawang Tea Ji had a total of 7,038 stores globally, including 208 overseas stores located in Malaysia (178), Singapore (16), Indonesia (8), Thailand (5), and the United States (1) [1] Management Changes - Bawang Tea Ji announced a new North American management team, appointing Emily Chang as Chief Business Officer and Aaron Harris as Chief Development Officer [2] - Emily Chang previously served as CEO of VML West, a subsidiary of WPP, while Aaron Harris held a senior development vice president position at Dutch Bros Coffee before joining Bawang Tea Ji [2]

Core Points - Didi has upgraded its membership system, introducing five categories of benefits and over twenty membership privileges, expanding from transportation to travel, covering a comprehensive range of "eat, stay, travel" lifestyle scenarios [2][5] - The new membership system allows users to link their Didi membership with major brands like Hilton, Atour, Huazhu, and Haidilao, enabling mutual recognition of membership levels and shared benefits [5][6] - Users can redeem various travel-related benefits, such as hotel discounts, free breakfasts, room upgrades, and late check-outs, by matching their hotel memberships through the Didi platform [5][6] - Didi membership offers exclusive travel benefits for different levels, enhancing the user experience by providing faster ride-hailing and cost-saving options [6][7] - Members can receive surprise coupon packages weekly, which include discounts for various services like rides, rentals, and ticket purchases, with higher-tier members receiving more valuable packages [7][9] - Didi aims to build a comprehensive membership ecosystem by collaborating with more brands and integrating various lifestyle scenarios, enhancing the value and diversity of its membership offerings [9]