Profits continued to grow faster than revenue. GPM declined by 1.0ppt/1.4ppt to 26.2%/26.0% in 2Q25/1H25 with GPM decline for both 2B and 2C business in 1H. The overall GPM decline was partly due to faster growth of 2B with lower GPM. While the company didn't comment in the disclosure on the reason for the 2C GPM decline, we think it was probably due to the intensified competition in the online channel. The above said, total profits still grew at a faster rate vs revenue due to efficiency gains and contribu ...