职场穿搭想毫不费力地展现文艺洒脱范儿，张曼玉在《流金岁月》中的低饱和度造型再合适不过。简约 白衬衫搭配卡其色长裤，再用深棕色腰带做点缀，没有多余装饰却处处彰显质感。想要 get 同款文艺格 调，可选择初语潮流衬衫，其柔软垂坠面料演绎清爽利落。此外，ELLE 高腰阔腿西裤包容身材，及踝 长度悄悄拉长比例，通勤得体不沉闷。点睛选蔻驰经典针扣腰带，精选材质搭配温润五金光泽，无需繁 复装饰，便如曼玉荧幕造型般，用简约细节勾勒经得起细品的质感格调，轻松拿捏职场松弛感。 若想在聚会等非日常场合穿出吸睛惊艳感，不妨复刻张曼玉在《飞跃谜情》中的经典搭配，黑纱裙与珍 珠饰品组合，用优雅细节轻松撑起气场。裙装可选择UR 褶皱薄纱连衣裙， A 字版型演绎灵动飘逸，黑 色吊带勾勒精致线条。另外，周六福银蝴蝶双层珍珠项链叠戴颈间，莹润珍珠衬出温婉气质，同系列 18K 金珍珠耳环映着金属光泽，无需浓墨重彩，便如曼玉般用优雅细节撑起全场气场。 近日，张曼玉的经典穿搭再度出圈，引众多网友纷纷复刻。她标志性的"曼式风格"，融合都市摩登与随 性松弛，在当下时尚语境中愈发凸显出独特魅力。想解码这份永不过时的时髦？京东服饰早已备好灵 感，从复古衬衫 ...

Core Viewpoint - The impact of the new food delivery business on JD's performance is significant, leading to increased marketing expenses and a reduction in free cash flow, indicating a challenging competitive environment in the market [1][2]. Financial Performance - JD's marketing expenses in Q2 increased by 127.6% year-on-year, with a net increase of 15.1 billion yuan, raising the marketing expense ratio from 4.1% to 7.6% [1][2]. - The overall increase in "three expenses" (marketing, R&D, and administrative) was 95% year-on-year, resulting in an operating loss of 860 million yuan in Q2, compared to an operating profit of 10.5 billion yuan in the same period last year [2][5]. - Free cash flow in Q2 dropped by 56% year-on-year to 22 billion yuan, indicating a significant cash outflow due to increased spending on marketing and new business initiatives [6]. Market Strategy - JD's entry into the food delivery market aims to leverage high-frequency daily transactions to boost its core e-commerce business, with management expressing confidence in achieving expected synergies [3][5]. - The company plans to maintain a stable subsidy strategy in the food delivery market, avoiding excessive competition and focusing on long-term strategic goals [6][7]. Industry Context - The competitive landscape is intensifying, with Amazon expanding its same-day delivery service, putting pressure on JD and other retailers [1][7]. - The overall retail market growth is slowing, with the National Bureau of Statistics reporting a 6% year-on-year increase in wholesale and retail revenue in Q2, indicating a challenging environment for growth [8].

Group 1 - The core viewpoint of the article indicates that Hong Kong Technology Exploration (01137.HK) reported stable performance in its Hong Kong e-commerce business for July 2025 compared to June 2025 [1] - The average daily gross merchandise value (GMV) remained at HKD 21,800,000 for both July and June 2025, leading to a total monthly GMV of HKD 675,000,000 in July 2025, an increase from HKD 653,000,000 in June 2025, reflecting resilient consumer engagement [1] - However, compared to the same period last year, the average daily GMV and total monthly GMV in July 2025 decreased by 3.5% and 3.6% respectively, indicating ongoing external travel pressures affecting the overall retail market in Hong Kong [1] Group 2 - The number of independent customers increased by 0.7% from June 2025 to reach 605,000, but decreased by 1.6% compared to 615,000 customers in July 2024, also reflecting persistent annual external travel pressures [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 業務更新 及 二零二五年七月之未經審核營運數據 香港科技探索有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）欣然宣佈本集團若干業務更新及二零二五年七月未經審核營運數據。 (1) 業務更新 本集團之香港電子商貿業務於二零二五年七月與二零二五年六月相比，表現維 持穩定。 1 | | 二零二五年七月份內 | 二零二五年六月份內 | 二零二四年七月份內 | | --- | --- | --- | --- | | 獨立客戶數目（調整至最接近的千位數） | 605,000 | 601,000 | 615,000 | | | 二零二五年七月份內 ii | 二零二五年六月份內 | 二零二四年七月份內 | | 每月活躍獨立設備 ii | 1,477,000 | 不適用 | 不適用 | | 每月活躍 HKTVmall 應用程式用戶 iii | 不適用 | 1,591,000 | 1,634,00 ...

Group 1 - JD Group reported Q2 2025 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [1] - Core retail business showed strong performance with a 20.6% year-on-year growth and an operating profit margin of 4.5%, the highest in promotional quarters [1] - New business revenue surged by 199%, primarily driven by JD's food delivery services [1] Group 2 - User traffic, active user count, and purchase frequency all saw significant growth, with active user count increasing by over 40% year-on-year for seven consecutive quarters [1] - During the "618" shopping festival, JD's overall order volume exceeded 2.2 billion, with daily active users reaching a historical high [1] - JD Supermarket launched new products and enhanced user experience through supply chain innovations, including the introduction of "JD label" products [2] Group 3 - JD's food delivery service achieved over 25 million daily orders, covering 350 cities with over 1.5 million quality restaurant partners [2] - The company has invested over 150 billion yuan in R&D since 2017, with supply chain infrastructure assets nearing 170 billion yuan [2] - JD plans to recruit 35,000 positions in 2026 and has invested 7 billion yuan in youth apartments in Beijing [3] Group 4 - JD has employed over 4,000 disabled individuals and supports their employment through training and operational guidance [3] - The company aims to introduce 1,000 overseas brands within three years, targeting a cumulative sales growth of 10 billion yuan [2]

方泽夫不是个例。走进山东外贸商家李文录的公司，会发现原本到晚上就黑屏的电脑，如今齐刷刷地亮着，空无一人的办公室，光标在对话框里不知疲倦 地跳动——他们的AI和客户聊得正欢。 过去，不懂英文的黄连将在上品时，只能用软件翻译几个基础的词汇。但如今，借助阿里国际站的AI在几秒钟内就把上百个不同的关键词摆在了她面 前，询盘精准度提高了30%。 外贸，正在成为AI落地最迅猛的领域。 它正以前所未有的速度，渗透进全球贸易的"毛细血管"。在如今的外贸圈，AI不再是陌生的技术概念，而是一套完整的工具、一种全新的工作方法，甚至 是一种能够扭转战局的商业思维。 直到，他成了阿里国际站AI生意助手的第一批客户。这是全球最大的B2B外贸平台研发的AI产品，专注于B2B跨境电商。 而业务员早上上班时，就能得到AI一晚上的"成果"，"大大缩短了订单成交的时间"。现在一个月的时间，AI生意助手至少帮方泽夫挽救了98个"即将流 产"的订单。 这些略带科幻的画面，正在成为中国外贸行业的一个真实切面。"AI虽然无法替代人工，但不会用AI的人，一定是最先被淘汰的。" 客户眼里的专业其实是AI 潮汕生意人方泽夫，2018年开始在阿里国际站做外贸生意 ...

在京东自营竞争白热化的家居赛道，一家主打"新中式简约风"的国产品牌用八个月时间实现销售额翻倍，其逆袭路径揭示了社淘电商的深层赋能逻辑。品牌 初入京东时，曾因定位模糊陷入流量困境——产品兼具设计感与性价比，却在海量商品中难以触达目标客群。转折点出现在与社淘电商合作后，通过其提供 的全链路运营服务，品牌迅速在细分市场打开局面。 社淘电商的"数据驱动定位"策略成为破局关键。依托京东商智与社淘自研的"市场洞察系统"，团队发现"25-35岁都市新婚家庭"对"小户型多功能家具"需求激 增。据此，品牌将原2米长传统沙发改良为1.5米可折叠设计，并突出"实木框架+环保漆"卖点。这种精准调整使产品搜索量提升60%，首月点击率突破8万 次。 15# 专利活性 菌株 4 种 女性专利 菌株 SOLOOF 专利活菌 添加低聚果糖益生元和维 B 人体临床验证对肠道私处问题有效 供应链端的优化同样功不可没。社淘电商通过"京仓协同系统"实现库存动态管理，根据销售数据自动调整补货节奏，将库存周转率提升35%。某次大促前， 系统预警某款电视柜可能断货，品牌紧急加产并提前铺设京东物流，最终单品销售额突破150万，成为平台爆款。同时，社淘协调京东 ...

Core Insights - Alibaba International Station's Accio Agent has gained rapid popularity among overseas buyers, facilitating key aspects of cross-border e-commerce such as market research, product development, and supplier communication [1] Group 1 - Accio Agent was launched recently and has seen a surge in user interest, leading to an invitation-only access model [1] - A large number of invitation codes were quickly claimed by users from over ten countries, indicating strong demand [1] - Alibaba International Station is currently working on expanding the service to allow more global SMEs to experience this new AI-driven trade approach [1]

Core Insights - JD.com's second quarter revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to ordinary shareholders fell by 50.8% to 6.2 billion yuan [2] - The company reported an operating loss of 900 million yuan for Q2 2025, compared to an operating profit of 10.5 billion yuan in Q2 2024, primarily due to increased strategic investments in new businesses [2] - New business revenue, including JD's food delivery service, surged to 13.85 billion yuan in Q2, marking a 198.8% year-on-year growth, but incurred significant operating losses of 14.78 billion yuan [4][6] Business Segments - JD Retail, which encompasses JD Health and JD Industrial, generated 310.1 billion yuan in revenue for Q2, reflecting a 20.6% year-on-year increase, with electronics and home appliances growing by 23.4% and daily necessities by 16.4% [2] - JD Logistics reported a revenue of 51.56 billion yuan in Q2, a 16.6% increase year-on-year, and expanded its overseas warehouse presence to 130 locations across 23 countries and regions [3] - The marketing expenses for JD increased by 127.6% to 27 billion yuan in Q2 2025, driven by promotional activities for new businesses [6] Operational Developments - JD's food delivery service continues to grow, with daily order volume surpassing 25 million during the 618 shopping festival, and over 1.5 million quality merchants joining the platform [6] - As of June 30, 2025, JD's ecosystem employed approximately 900,000 individuals, with total human resources expenditure reaching 136 billion yuan over the past twelve months [6]

Core Viewpoint - JD's second-quarter financial report highlights significant growth in revenue but a substantial decline in net profit, primarily due to increased strategic investments in new business areas [3][4]. Business Performance - JD's total revenue for Q2 2025 reached 356.7 billion yuan, a year-on-year increase of 22.4%. However, net profit attributable to ordinary shareholders fell by 50.8% to 6.2 billion yuan [3]. - The retail segment, including JD Health and JD Industrial, generated 310.1 billion yuan in revenue, up 20.6% year-on-year, with electronics and home appliances seeing a 23.4% increase [4]. - JD Logistics reported revenue of 51.56 billion yuan, reflecting a 16.6% year-on-year growth [5]. New Business Developments - New business revenue, including JD's food delivery service, surged to 13.85 billion yuan, marking a 198.8% increase year-on-year. However, this segment incurred significant operational losses of 14.78 billion yuan due to high costs [7]. - Marketing expenses rose dramatically by 127.6% to 27 billion yuan, largely driven by promotional activities for new business initiatives [9]. Operational Expansion - JD Logistics expanded its overseas warehouse presence, establishing facilities in countries such as the USA, UK, France, and Saudi Arabia, with over 130 warehouses globally as of June 30, 2025 [6]. - The launch of the "JoyExpress" delivery service in Saudi Arabia and the introduction of the "Seven Fresh Kitchen" initiative reflect JD's commitment to diversifying its service offerings [7][10]. Workforce and Human Resources - As of June 30, 2025, JD's ecosystem employed approximately 900,000 individuals, with total human resource expenditures reaching 136 billion yuan over the past twelve months [10].