Core Viewpoint - The company's Q2 2025 performance met expectations, with significant growth in supply chain business and the launch of full-time delivery rider services, indicating potential for enhanced network collaboration [1][2]. Financial Performance - Q2 2025 revenue reached 51.56 billion yuan, a year-on-year increase of 17% - Non-IFRS net profit was 2.59 billion yuan, up 5% year-on-year, with a non-IFRS net profit margin of 5.0%, down 0.5 percentage points year-on-year [1]. - Integrated supply chain customer revenue grew by 26% year-on-year to 26.9 billion yuan, with external customer revenue increasing by 18% to 9.1 billion yuan [1]. Cost and Expense Analysis - Operating costs rose by 18% year-on-year, with employee benefits and outsourcing costs both increasing by 21% - Gross margin decreased by 1.3 percentage points to 10.6% due to increased costs associated with the expansion of delivery services [2]. - The company employed over 660,000 staff, including full-time delivery riders, an increase of approximately 180,000 from the end of 2024 [2]. Development Trends - The company began recruiting and managing full-time riders in Q2 2025, participating in JD's delivery services and launching instant retail services [2]. - The integration of delivery riders with existing logistics networks is expected to enhance delivery efficiency and capacity flexibility [2]. - Continued investment in internationalization and automation, including the launch of a self-operated express brand in Saudi Arabia and the development of self-researched light trucks [2]. Profit Forecast and Valuation - The company's non-IFRS net profit forecasts for 2025 and 2026 were revised down by 2.7% and 5.8% to 8.307 billion yuan and 8.883 billion yuan, respectively [3]. - The current stock price corresponds to 10.2 times and 9.4 times the non-IFRS P/E ratios for 2025 and 2026, with a target price of 18.50 HKD, indicating a potential upside of 32.5% [3].