Core Points - The Tmall Double 11 event features a "48-hour shopping spree" from November 10 to November 11, offering significant discounts and various coupons for consumers [1][15] - Consumers can access a range of promotional activities, including limited-time offers and exclusive deals on popular products [1][14] Discounts and Coupons - Starting at 8:00 AM on November 10, consumers can claim a 1000 yuan coupon with a 10% discount, which can be used immediately [6] - Various category coupons are available, including a 440 yuan beauty surprise coupon and a 702 yuan clothing discount coupon, which can be claimed at 10:00 AM [7] - The event includes a "crazy coupon moment" where consumers can access additional discounts on high-demand items [7] Special Promotions - At 3:00 PM on November 10, a seaside hotel room will be available for bidding starting at 1 yuan, alongside a live broadcast featuring celebrity giveaways [8] - A limited quantity of flying Maotai liquor will be available for 1499 yuan at 8:00 PM on November 10 [9] - On November 11 at 10:00 AM, free tickets to Shanghai Disneyland will be available through a lottery [10] Live Events and Giveaways - The Tmall official live broadcast on November 11 will feature multiple rounds of red envelope giveaways, with the highest prize being 1111 yuan [12] - The event will culminate in a "crazy 48-hour" shopping rush, with significant subsidies on popular products like the iPhone 17 bundle priced at 8999 yuan [13] Additional Offers - Consumers can explore exclusive offers through the Alipay "Surprise Market," which includes limited-time subsidy coupons and discounts on select items [14] - The beauty brand sale features discounts as low as 20%, with specific products significantly reduced from their original prices [14]

Core Insights - JD.com has launched a creative product called "Good Luck Vinegar" as part of its 11.11 Warm Surprise Day, offering 50,000 free samples to consumers [1][2] - The product is designed to resonate with modern young consumers by combining traditional cultural elements with contemporary emotional needs [1] - The promotion includes significant discounts and a variety of offers to enhance the shopping experience during the winter season [2] Group 1 - JD.com initiated the 11.11 Warm Surprise Day on November 7, featuring the "Good Luck Vinegar" available for just 0.01 yuan [1] - The "Good Luck Vinegar" is a product of the Jiangsu Zhenjiang vinegar brand Xianqi, reflecting a blend of traditional brewing techniques and innovative marketing [1] - The product aims to attract younger consumers by linking the concept of vinegar with good fortune, tapping into the cultural significance of the winter solstice [1] Group 2 - In addition to the vinegar giveaway, JD.com is offering substantial discounts, including a winter subsidy program with prices as low as 50% off [2] - The platform is also featuring a new comedy series titled "This Winter is Not Too Cold" to engage users during the winter shopping season [2] - Consumers can access a wide range of low-priced essential goods through JD.com's special price channel, enhancing the overall shopping experience [2]

Core Insights - Tmall's AI "Smart Benefit Engine" has significantly improved operational efficiency for tens of thousands of merchants during this year's Double 11 shopping festival, leading to new growth opportunities [1][3] - The AI engine has driven a conversion rate increase of 81% from AI-generated red envelopes, with a 41% growth in the number of users placing orders [1][3] - The AI technology is not just a tool for efficiency but is directly contributing to brand growth by enhancing customer conversion rates, particularly among new and price-sensitive customers [3] Group 1 - Tmall invested 50 billion yuan in consumer vouchers and utilized the AI "Smart Benefit Engine" for decision-making on limited-time discounts [1] - The AI engine has been adopted by tens of thousands of brands across various industries, including apparel, beauty, 3C, home appliances, sports, food, and pet products [3] - The AI-driven approach has led to a significant increase in transaction volume, with some brands reporting over 80 million yuan in sales attributed to the AI engine [3] Group 2 - Tmall has implemented AI to intelligently organize its 2 billion product catalog, resulting in a 25% increase in purchasing efficiency through improved matching of products and consumers [4] - The AI integration covers nearly all aspects of brand management on Tmall, from operational analysis to audience engagement, saving merchants hundreds of billions in costs [4] - Brands utilizing AI are experiencing incremental growth and capturing the benefits of this technological advancement [4]

Core Insights - Amazon has announced a global organizational optimization, resulting in a net reduction of approximately 14,000 corporate jobs, marking the largest restructuring since late 2022 [2] - The layoffs affect multiple core departments, including Human Resources, AWS, Advertising, and Devices & Services, with a significant impact on the China region where some departments have seen a 50% reduction [2][5] - Since 2022, Amazon has laid off over 27,000 employees, indicating a shift towards AI transformation and organizational flattening [2][3] Financial Performance - In Q2 of fiscal year 2025, Amazon reported net sales of $167.7 billion, a 13% year-over-year increase, and net profit of $18.2 billion, reflecting a 35% increase [4] International Business Challenges - Amazon's international business growth has slowed, with a reported growth rate of 4.9% in Q1 of 2025, attributed to increased uncertainty in the global trade environment and competition from emerging platforms [5] - Employees have reported that some were laid off shortly after completing their probation period, highlighting the rapid nature of the layoffs [5] Strategic Shift - Amazon's leadership has indicated that the layoffs are part of a strategic shift from "scale expansion" to "efficiency priority," focusing resources on high-profit areas such as AI and cloud computing [7] - The company aims to streamline operations by reducing middle management and non-core functions, thereby enhancing overall operational efficiency and profitability [7][6]

Summary of Conference Call on China Internet Sector Industry Overview - **Sector**: China Internet Sector, specifically focusing on e-commerce platforms and apparel brands - **Event**: Discussion on the performance during the Double 11 shopping festival and the evolving competitive landscape in e-commerce Key Takeaways Double 11 Performance - **Growth Acceleration**: Double 11 GMV (Gross Merchandise Value) growth improved from Q3, driven by higher platform subsidies, user reactivation through quick commerce, and favorable early winter weather boosting apparel demand [2][3] - **Platform Performance**: - **Taobao Tmall**: Most significant GMV acceleration and increase in merchant support and subsidies compared to last year - **Douyin**: Notable growth, followed by PDD and JD, with VIPS showing moderation compared to Q3 [2][3] Offline Retail Challenges - **Declining Foot Traffic**: Offline retail is facing challenges with reduced customer foot traffic and conversion rates - **Shift to Online**: Consumers are increasingly trying products offline but purchasing online, which may pressure merchant margins due to higher average selling prices (ASP) in offline retail [2][3] Quick Commerce Insights - **Contribution to Sales**: Quick commerce currently accounts for 5% of total sales, expected to rise to 10% in the long run for the apparel category [3] - **Consumer Behavior**: 70% of quick commerce customers are existing e-commerce customers, with 20% overlapping between online and offline, and 10% being new traffic [3] - **Traffic Conversion**: Low lifetime value (LTV) for new consumers from food delivery initiatives, indicating price sensitivity and a focus on white label products [3] Merchant Strategies - **ROI-Focused Advertising**: Merchants are prioritizing efficient platforms for ad spend, with about 30% allocated to acquiring new traffic targeting higher quality consumers [4] - **Impact of New Tax Policy**: The new ad tax policy, effective from October 1, limits tax-deductible ad spending, with potential larger impacts on short-form video platforms like Douyin and Kuaishou if strictly enforced [4] - **AI Tools**: AI-powered chatbot search on Taobao Tmall has shown a 5% ROI improvement, with expectations for further enhancements as data accumulates [6] Competitive Landscape - **BABA (Alibaba)**: Focus on enhancing execution and merchant efficiency, shifting from low-price competition to quality focus [7] - **JD (Jingdong)**: Apparel investments are driving growth, but consumer perception and app interface need time to evolve [7] - **PDD (Pinduoduo)**: Leading in brand penetration, with a significant portion of sales priced similarly to Taobao Tmall, supported by a merchant support initiative [7] Risks and Challenges - **Key Risks**: - Evolving competitive landscape and intensifying competition - Rapid technological changes and shifting consumer preferences - Uncertain monetization and rising costs of traffic acquisition - Regulatory changes and market sentiment fluctuations [8] Conclusion The conference call highlighted the robust growth in the China Internet sector, particularly during the Double 11 shopping festival, while also addressing the challenges faced by offline retail and the strategic shifts of major e-commerce platforms. The insights provided a comprehensive view of the current landscape and potential future developments in the sector.

Core Insights - Shanghai Rural Commercial Bank has established a strategic partnership with New Zealand New Cloud (Shanghai) E-commerce Co., Ltd. during the 8th China International Import Expo, enhancing digital cross-border financial solutions for participating enterprises [1][2] - The collaboration follows the bank's launch of two new cross-border remittance products, "Xin Yi Xian Su Da" and "Xin Yi Bai Bi Tong," aimed at improving financial services for import businesses [1] - The partnership exemplifies the bank's commitment to financial innovation and support for enterprises like New Zealand, facilitating the rapid delivery of fresh milk from New Zealand to China within 72 hours [1] Group 1 - The strategic cooperation aims to provide comprehensive digital cross-border financial solutions to a range of enterprises participating in the expo [1] - Shanghai Rural Commercial Bank has been a consistent participant in the Import Expo for eight consecutive years, showcasing its dedication to supporting businesses through financial innovation [1] - The bank's initiatives include optimizing remittance paths and managing currency risks, effectively addressing financial bottlenecks in the import cold chain food trade [1] Group 2 - The bank positions itself as a "financial bridge" connecting global markets with opportunities in China, focusing on innovative and high-potential enterprises like New Zealand [2] - It aims to create an international, comprehensive, and digital financial service system, providing integrated financial solutions across the entire lifecycle and industry chain [2] - The partnership contributes to the ongoing development of Shanghai as an international trade center, injecting sustained momentum into its growth [2]

Core Insights - HKTVmall's total merchandise transaction value for October reached HKD 688 million, representing a month-on-month increase of 6.01% but a year-on-year decrease of 4.31% [1] - The average daily transaction value was HKD 22.2 million, showing a month-on-month increase of 2.78% and a year-on-year decline of 4.31% [1] - The number of independent customers reached 620,000, with a month-on-month increase of 1.64% and a year-on-year increase of 2.31% [1] Company Strategy - The company plans to invest HKD 250 million in marketing, promotion, and advertising activities as part of its strategic plan for 2026 [1] - The goal is to have one in three adults in Hong Kong as a user of HKTVmall [1] - The company aims to expand its services to under-served customer segments, including the elderly and younger demographics, as well as tourists and professionals from mainland China [1] - HKTVmall plans to introduce a "3-hour delivery" service covering supermarket, market, and personal care categories, with an expected product range of 80,000 to 100,000 items [1] Industry Context - The retail landscape is being reshaped by changes in consumer behavior, increased outbound tourism, and intensified competition from mainland China and other international e-commerce platforms [1] - The company views these changes as an irreversible trend that will continue to exert pressure on the retail industry [1]

Group 1 - Over 2000 flights were canceled and more than 7000 flights were delayed in the US on November 9, marking a record high due to government shutdown and FAA's 4% flight reduction directive [2] - The celebrity hotpot brand "Shangshangqian," founded by singer Xue Zhiqian, is closing its last store in Guangzhou, leaving only one store in Shanghai, reflecting a trend of celebrity restaurant brands declining [3] - BBC executives resigned following criticism over misleading editing of a Trump video, which allegedly misrepresented his statements regarding the Capitol riots [4] Group 2 - Blue Origin, Jeff Bezos's space company, is set to launch its "New Glenn" rocket for NASA, marking a significant step in challenging SpaceX's dominance in the space industry [6] - A tornado in Brazil's Parana state resulted in 6 deaths and approximately 750 injuries, with significant destruction reported in the city of Rio Bonito [7][8] - Meta's internal documents revealed that about 10% of its revenue in 2024, approximately $16 billion, could come from scam ads, prompting an SEC investigation [24][26] Group 3 - The "People's Cafe" has changed its name to "Yaochao People's Cafe" in response to public criticism regarding the use of the term "People" in its branding [9] - A Chinese fishing vessel capsized near South Korea, with ongoing search efforts for three missing crew members [10][12] - The 2025 China Robot Industry Development Conference will be held in Shanghai, focusing on the development of intelligent robotics [31]

業務更新 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。 及 二零二五年十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十月未經審核營運數據。 (1) 業務更新 香港電子商貿業務於二零二五年十月略有回升，主要由十月感謝祭所帶動。平 均每日訂單總商品交易額 i 增長 2.8%至 22,200,000 港元（二零二五年九月： 21,600,000 港元），令每月訂單總商品交易額達 688,000,000 港元（二零二五年 九月：649,000,000 港元）。 客戶參與度維持強勁： 二零二五年即將結束，香港零售業仍面臨結構性挑戰。過去十個月，消費模式 的轉變、出境旅遊的增加以及來自中國內地及其他國際網購平台日趨激烈的競 爭，重塑了零售業格局，預期這些因素將繼續為行業造成壓力。 1 • 獨立客戶數目增至 620,000 名（二零二五年九月：610,000 ...

Core Insights - JD.com is launching a major promotional event for the 11.11 shopping festival, offering significant discounts across various categories including fashion, beauty, and luxury items [1][15] - The event features a "please guest" campaign with participation from numerous brands and celebrities, providing consumers with unique offers and products at very low prices [3] Promotions and Discounts - Discounts start at 15% with additional offers such as beauty coupons and luxury items available at up to 80% off [1] - Specific examples of discounted products include men's and women's winter clothing, with prices like 1799 yuan for a Fila jacket and 499 yuan for a down jacket [3] - Footwear discounts include brands like Belle and Clarks, with prices starting from 499 yuan [5] Product Categories - The event includes a wide range of categories such as children's clothing, lingerie, and skincare products, with notable items like Balabala children's down jackets and SK-II skincare products [7][9] - Fitness and sports equipment are also featured, with items like Yonex badminton rackets priced at 203 yuan and Decathlon bicycles at 1289.9 yuan [11] Accessories and Luxury Items - The promotion highlights luxury accessories including gold jewelry and designer watches, with discounts such as 10% off on certain items [13] - Special offers on high-end products like Montblanc belts and Samsonite bags are also part of the campaign [13] Shopping Experience - Consumers can access the promotions by searching "服饰美妆1111" on the JD.com app, emphasizing the ease of shopping during this peak promotional period [15]