本报讯 （记者向炎涛）8月20日，北京中迪投资股份有限公司（以下简称"ST中迪"）发布2025年半年度 报告。上半年，公司实现营业收入1.34亿元，同比减少52.39%；实现归属于上市公司股东的净利 润-8484.67万元。 此外，公司董事会、管理层十分重视新业务的投资工作，在持续关注既定的投资方向外，也拓展了投资 范围，发掘其他行业能够与上市公司可持续发展匹配的投资可能性。 （编辑 张伟） 2025年上半年度，公司撤销了退市风险警示，降低了公司经营风险。同时，公司继续推动房地产项目的 开发建设工作。 ST中迪在公告中表示，2025年度，公司发展的重点依然在持续推动房地产业务、寻找新投资业务的两 大方向。针对房地产业务，"中迪·花熙樾"项目已经建设开发完毕，其工作重点为加快项目配套商业、 车位的销售，提高项目回款能力；"中迪·绥定府"项目在上半年度内完成了部分楼栋的交付，项目将做 好后续工程的开发建设，保证工程进度，做好销售工作。"两江·中迪广场"项目正在加紧推进债务风险 化解，与相关债权人协商债务解决方案。 ...

Summary of JD.com's Earnings Call Company Overview - **Company**: JD.com - **Date**: August 14, 2025 Key Financial Metrics - JD.com reported a **22% year-over-year revenue growth**, reaching **RMB 357 billion** [3][4] - Non-GAAP net income attributable to ordinary shareholders was **RMB 7.4 billion**, down from **RMB 14.5 billion** year-over-year, primarily due to investments in new businesses [3][4] - Operating profit under non-GAAP increased by **38%** to **RMB 13.9 billion**, with operating margin rising from **3.9% to 4.5%** [2][3][4] User Growth and Engagement - Quarterly Active Customers (QAC) grew by over **40% year-over-year**, with shopping frequency also increasing by over **40%** [2][5] - Membership user shopping frequency surged by over **50%** [5] - During the 618 shopping festival, the number of purchasing users more than doubled, with total orders exceeding **2.2 billion** [2][5] Supply Chain and Product Performance - JD's supply chain capabilities continued to strengthen, with electronics and home appliances revenue growing by **23%** and general merchandise revenue by **16%** [2][6] - Supermarket category maintained double-digit growth for six consecutive quarters, while fashion also saw double-digit growth [2][6] New Business Developments - New initiatives, including JD Daojia, experienced exponential growth in daily order volume and a rapid increase in full-time delivery drivers [2][7] - Urban food delivery services showed synergy with core retail operations, enhancing performance in supermarkets and lifestyle services [2][7] International Expansion Strategy - JD.com is establishing localized operations in Europe and the Middle East, focusing on retail formats, warehousing, and transportation infrastructure [4][8] - The company aims to leverage its supply chain and technology advantages in international markets [8][33] Long-term Strategic Goals - JD.com aims to serve **1 billion e-commerce users** in China, focusing on enhancing user experience, reducing costs, and improving efficiency [29] - The company plans to continue strategic investments to achieve sustainable user growth and value creation [29][32] Profitability and Margin Expansion - Core retail business profitability is driven by improved supply chain efficiency, leading to lower costs and enhanced operational efficiency [30] - The gross profit margin for the second quarter reached **15.9%**, with a **23%** year-over-year increase in gross profit [14][11] Challenges and Future Outlook - The company faces short-term pressure on net income due to strategic investments in new business areas, particularly in food delivery [14][32] - JD.com is committed to maintaining a balance between investment in growth and shareholder returns, including stock buybacks and dividends [25][32] Conclusion - JD.com demonstrated strong financial performance and user engagement in the second quarter, with significant growth in both core and new business areas. The company is strategically positioned for long-term growth through supply chain enhancements and international expansion efforts.