Core Viewpoint - Baozun E-commerce (9991.HK) demonstrated strong market performance, with a nearly 20% increase in stock price, reaching HKD 11.91, marking a new high since August 2023 [1] Financial Performance - In late August, Baozun E-commerce reported Q2 2025 net revenue of RMB 2.6 billion, a year-on-year increase of 7% [1] - The e-commerce segment generated net revenue of RMB 2.2 billion, up 3% year-on-year, while the brand management segment saw net revenue of RMB 400 million, a significant increase of 35% [1] - The overall gross profit from product sales was RMB 280 million, reflecting a year-on-year growth of 28% [1] - Adjusted operating profit for the group was RMB 59 million, showing a remarkable year-on-year increase of 489% [1] Stock Performance - In the US market, Baozun E-commerce shares rose over 12%, closing at USD 4.46, which translates to approximately HKD 11.36 per share in the Hong Kong market [1] Incentive Plan - In early September, Baozun E-commerce granted 129,000 restricted stock units to nine recipients as part of the company's 2022 equity incentive plan [1]

Core Viewpoint - Pinduoduo (PDD.US) shares surged over 11% in pre-market trading, reaching $141.61, following the release of its earnings report for Q2 2025, which exceeded market expectations [1] Financial Performance - Revenue for Q2 2025 was reported at 103.98 billion yuan, representing a year-on-year growth of 7%, slightly above the expected 103.93 billion yuan [1] - Adjusted earnings per ADS were 22.07 yuan, surpassing the market expectation of 15.50 yuan [1] - Adjusted net profit reached 32.71 billion yuan, exceeding the market forecast of 22.39 billion yuan [1]