Core Viewpoint - The company Tmall (滔搏) reported a decline in revenue and profit for the six months ending August 31, 2025, indicating ongoing challenges in its retail and wholesale business [1] Financial Performance - Revenue for the period was approximately 12.2986 billion yuan, a year-on-year decrease of 5.79% [1] - Profit attributable to equity holders was about 789 million yuan, down 9.69% year-on-year [1] - Earnings per share were 12.72 cents, with an interim dividend of 13 cents compared to 14 cents in the same period last year [1] Sales and Market Trends - The total sales amount for the retail and wholesale business in the second quarter of the fiscal year 2025/26 experienced a high single-digit decline year-on-year [1] - The company is expected to face continued sales pressure in the first half of fiscal year 2026, although cost control measures have shown positive effects [1] Margin and Cost Control - Gross margin slightly decreased by 0.1 percentage points to 41.0%, impacted by changes in discounts and an increase in online revenue share [1] - The contribution from retail business and support from brand partners partially offset negative impacts on gross margin [1] Future Outlook - The company anticipates clearer signs of recovery in the second half of the fiscal year [1] - The interim payout ratio was 102%, with an expected dividend yield close to 7%, which may provide downside protection for the company's stock price [1]