Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by consumption stimulus policies and an enhanced platform ecosystem [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 301.08 billion yuan, representing a year-on-year growth of 15.8% [2]. - The GAAP net profit reached 10.89 billion yuan, up 52.7% year-on-year, while the Non-GAAP net profit was 12.76 billion yuan, reflecting a 43.4% increase [2]. Revenue Growth Acceleration - The overall merchandise revenue in Q1 2025 was 242.31 billion yuan, with a year-on-year growth of 16.2% [3]. - The home appliance and 3C product revenue was 144.3 billion yuan, growing 17.1% year-on-year [3]. - Daily necessities revenue reached 98.01 billion yuan, increasing by 14.9% year-on-year [3]. - Service revenue totaled 58.77 billion yuan, with a year-on-year growth of 14.0% [3]. Strategic Initiatives - The company announced an export-to-domestic sales plan, aiming to procure no less than 200 billion yuan worth of goods through partnerships with domestic manufacturers [3]. - The company has deepened strategic cooperation with digital product brands like Xiaomi to enhance product offerings and customer experience [3]. Share Buyback and Employee Benefits - As of May 13, 2025, the company repurchased 80.7 million A shares, totaling approximately 1.5 billion USD, which is about 2.8% of the circulating shares at the end of 2024 [4]. - The remaining buyback plan has a budget of 3.5 billion USD [4]. - The company became the first platform in China to provide full-time delivery riders with social insurance and housing fund contributions starting from March 1, 2025 [4].