Core Insights - The company reported a revenue of RMB 328 million for the first half of 2025, reflecting a year-on-year growth of 1.3% [1] - The company incurred a loss of RMB 114 million during the same period, with a year-on-year increase in losses of 37.0% [1] - Adjusted net loss amounted to RMB 74.46 million, representing a significant year-on-year increase of 120.0% [1] Revenue Performance - Revenue growth was primarily driven by the performance in Hong Kong and overseas markets, which collectively contributed RMB 259.9 million, marking a growth of 10.8% [1] - The revenue from the mainland China market declined by 23.8%, dropping from RMB 89.7 million to RMB 68.4 million [1] - The international expansion strategy has proven effective, with Hong Kong and overseas business now accounting for 79.2% of total revenue [1] Market Growth - The Hong Kong market experienced a growth of 15.6%, demonstrating the company's strong service quality and brand recognition [1] - The Singapore market grew by 15.2%, attributed to the company's strategic expansion into electric vehicle logistics and partnerships with well-known brands [1] - The Indian market recorded a rapid growth of 25.2%, benefiting from its first-mover advantage [1] User and Transaction Metrics - As of June 30, 2025, the company has attracted a total of 34.9 million registered users and 7.1 million registered drivers [2] - During the reporting period, the company completed 5.5 million transportation orders, with a total gross transaction value (GTV) of RMB 709.2 million [2]