Financial Data and Key Metrics Changes - The company reported net revenues of RMB880 million for Q2 2025, representing a 40% year-over-year increase and a 9% quarter-over-quarter increase [16][17] - Gross margin expanded by 2.3 percentage points year-over-year to 27.5%, reflecting a favorable revenue mix and cost optimization efforts [17][18] - Non-GAAP operating profit was RMB116 million, marking the seventh consecutive quarter of positive operating profit, with a non-GAAP operating margin of 13.2% [7][18] Business Line Data and Key Metrics Changes - The e-vapor segment remains a key driver of growth, with the company expanding its product offerings to include modern oral nicotine products [10][11] - The company has established market leadership in the e-vapor segment and is diversifying its portfolio to include other smokeless products [10][12] Market Data and Key Metrics Changes - The company has seen moderate year-over-year growth in its overseas business, particularly in Asian markets, despite a decline in China export data [28] - The domestic market in China is recovering, driven by stricter controls on illegal products, although illegal products still dominate the market [32][33] Company Strategy and Development Direction - The company is committed to a multi-category strategy, focusing on sustainable product innovation and strengthening its global distribution network [14][20] - The recent acquisition of a European e-vapor company is expected to enhance the company's operational footprint and local market share [41][42] Management Comments on Operating Environment and Future Outlook - Management noted that the regulatory landscape for e-vapor products is becoming clearer, which is expected to benefit compliant companies [26][27] - The company anticipates a stabilization in the market towards the end of 2025, allowing for healthy growth in 2026 and beyond [11][12] Other Important Information - The company announced a cash dividend of $0.01 per ordinary share, reaffirming its commitment to delivering value to shareholders [20][36] - The company has been actively pursuing partnerships with distributors and retailers to broaden its reach in key markets [13] Q&A Session Summary Question: Regulation impact on non-compliant products - Management indicated that the tightening of regulations is standardizing the management of non-compliant products, which is expected to positively impact compliant products and business development [24][26] Question: Organic growth of overseas business - The company reported moderate year-over-year organic growth in overseas markets, with significant contributions from the recent expansion into Europe [28] Question: Current situation of the China market - Management observed a moderate recovery in the domestic compliance market, driven by stricter controls on illegal products, although illegal products still dominate [31][33] Question: Dividend announcements and share repurchase program - The company does not foresee additional dividend announcements this year and plans to continue its shareholder return program [36][38] Question: Details on the investment agreement with a European company - The investment agreement with a European e-vapor company is expected to enhance the company's distribution and retail capabilities in Europe [41][42]

Welcome back. Shares of Toast are down this morning despite the company beating earnings and revenue estimates. Stock had nearly doubled over the last year going into the print.Toast also just announcing a new partnership with American Express this week. Joining us this morning in an exclusive interview is Toast CEO Among U. Welcome back.It's good to have you. Thanks for having me, Carl. Glad to be here.Maybe we just start lining out some broad uh narratives that you think are important for viewers and inve ...

We hope to get to 16 regular season games. Uh we think that that's the ideal number for us. So every team is playing in an international game.We think that's the right number for us and it'll give us a chance to reach the key markets around the globe that we really want to be in. But that's just one part of the strategy. Uh as we move to these new cities, it's really about how do we use the media to to take that event and and make it an all yearround event and engage our fans on a regular basis.So, it's pla ...