21 October 2025 | 7:58AM HKT Equity Research NAVIGATING CHINA INTERNET: ECOMMERCE TRACKER Steady Sep online retail growth; five initial observations from the longest Singles' Day shopping festival September national online retail goods GMV growth sustained at +7% yoy vs. +7% in August, concluding 3Q25 at +8% yoy growth (accelerated from +6% yoy in 2Q25); meanwhile we head into 4Q25 with a relatively easy 4Q comp last year. Online services GMV growth continued with strong momentum at +33% (vs. 37% in August) ...