Group 1 - The company places significant emphasis on the development of online channels and aims to fully explore opportunities through multi-brand strategies [1] - In Q1 2025, the company's online revenue grew by 26% year-on-year on a comparable basis [1] - During the second quarter, various brands performed well during the 618 shopping festival, with self-portrait and IRO ranking in the top 10 of the luxury brand category on Douyin, Laurel ranking in the top 5 of the women's suit category on Tmall, and the company's brand also ranking in the top 10 of the international high-end women's wear category on Douyin [1] Group 2 - The company's online advertising expenses are expected to account for less than 15% of total operating revenue in 2024 [1] - Current tax regulations do not have any impact on the company [1]