Financial Performance - The company's total net revenue reached RMB 2.6 billion, a year-over-year increase of 7%[7] - E-Commerce net revenue was RMB 2.2 billion, up 3% year-over-year[7] - Brand Management (BBM) net revenue reached RMB 398 million, showing a significant year-over-year growth of 35%[5] - Group product sales gross profit margin increased to 28.4% in 2Q25 from 25.4% in 2Q24[10] - Non-GAAP operating income for the group was RMB 6.1 million, a decrease of 38.9% year-over-year[5] - Adjusted Non-GAAP operating income for the group was RMB 59.1 million, a substantial increase of 489.2% year-over-year, excluding a one-time provision[5, 6] Business Segments - BBM net revenue was RMB 536 million, representing a 17% year-over-year increase[7] - E-Commerce product sales gross margin improved to 12.8% in 2Q25 from 11.7% in 2Q24[12, 30] - Brand Management gross profit margin remained relatively stable at 52%, with net revenues growing by 35% year-over-year[14, 36] Operational Expenses - Fulfillment expenses decreased to RMB 606 million in 2Q25 from RMB 627 million in 2Q24[17] - Sales and marketing expenses increased to RMB 938 million in 2Q25 from RMB 845 million in 2Q24[19] - General and administrative expenses decreased to RMB 115 million in 2Q25 from RMB 130 million in 2Q24[21]