Financial Data and Key Metrics Changes - The company's revenue for Q2 2025 reached RMB 3.3 billion, an increase of 10.2% year over year [21] - Gross merchandise volume (GMV) was RMB 8.1 billion, reflecting a year-over-year increase of 15.5% [21] - Non-GAAP net income was RMB 629.8 million, up by 0.1% year over year, while total non-GAAP net income for 2025 rose by 6.8% year over year to RMB 1.3 billion [22][32] - The total membership exceeded 200 million, increasing by 14.5 million from Q1 and 42.7% year over year [22] Business Line Data and Key Metrics Changes - Revenue from franchisee tea houses grew by 6.1% to RMB 3.02 billion, accounting for 90.7% of total revenue [24] - Revenue from company-owned tea houses surged by 77.3% to RMB 311.2 million, representing 9.3% of total revenue [24] - Average monthly GMV per tea house in Greater China was RMB 404,352, showing a year-over-year decline due to a high base from the previous year [25] Market Data and Key Metrics Changes - Overseas markets experienced significant growth, with GMV increasing by 77.4% year over year and 31.8% quarter over quarter [25] - The company opened a net of 52 stores overseas in 2025, bringing the total to 208 stores as of June 30, 2025 [26] - In Singapore, daily sales remained strong, averaging above 1,500 cups per day per store [55] Company Strategy and Development Direction - The company is focused on maintaining a premium brand positioning and avoiding price wars, emphasizing high-quality products and customer experience [40][41] - A new North American leadership team has been established to accelerate market expansion [7][9] - The company plans to invest strategically in overseas markets and enhance its global talent pipeline [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged intensified competition from delivery platforms in China, which has impacted margins and profitability [23] - The company remains committed to its long-term growth strategy, focusing on quality and brand integrity despite short-term challenges [34] - Management expressed confidence in the overseas operations gaining traction and building a solid operational foundation for future growth [33] Other Important Information - The gross margin improved to 53.9%, up from 48.4% year over year, driven by economies of scale and lower purchasing costs [27] - Operating expenses increased significantly due to share-based compensation related to the IPO and expansion efforts [28][31] Q&A Session Summary Question: Impact of delivery platform subsidy program on operations - Management noted that reliance on subsidies is unsustainable and does not foster brand loyalty, emphasizing a focus on quality and operational efficiency instead [39][40] Question: Update on overseas expansion plans - Management provided details on the successful store openings in various countries, including the first store in Los Angeles, and plans for further expansion in the Philippines and Vietnam [52][60] Question: Same store sales performance and future trends - Management indicated that same store GMV softened due to a high base from last year and intensified competition, but they expect the impact of subsidies to fade over time [64][65]

Financial Data and Key Metrics Changes - In Q2 2025, the company delivered over 1,400 vehicles, a decrease of 49% year on year [8] - Total deliveries for the first half of the year exceeded 2,800 units, down by 43% compared to the same period last year [9] - Revenue narrowed to $126 million in Q2 and $218 million for the first half, down 44% and 45% year on year respectively [9] - Gross margin for Q2 stood at 5%, down four percentage points from the same quarter last year, while the first half gross margin was 8% [9][10] - Operating loss for Q2 was $160 million, a 22% improvement year on year, while net loss for the quarter was $130 million, down 36% [13] - First half operating loss was $263 million, a 40% year on year decrease, while net loss narrowed to $313 million, down by 32% [13] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 83% of total deliveries in Q2, up from 36% in Q1, contributing 68% of total deliveries in the first half [10] - Deliveries in China showed notable growth with the upgraded Eletras HyperXUVs becoming a leading model in the premium battery electric SUV segment [11] Market Data and Key Metrics Changes - Deliveries to North America were disrupted in Q2 due to tariff disputes but resumed in July [11] - The regional composition of deliveries was balanced with North America at 20%, Europe at 38%, ROW at 13%, and China at 29% [25] Company Strategy and Development Direction - The company has entered into a security purchase agreement for up to $300 million and secured funding commitments from strategic partner Geely [15] - The company is focusing on enhancing operational efficiency, having reduced operating expenses for seven consecutive quarters [13] - The product pipeline includes the rollout of the model year 2026 Emera sports car and plans for a plug-in hybrid vehicle production starting at the end of this year [19][22] Management Comments on Operating Environment and Future Outlook - Management highlighted the impact of U.S. tariff policies and ongoing destocking activities as challenges faced during the transition period [9] - The CEO emphasized the importance of strategic partnerships and localized market entry solutions to navigate market volatility and policy uncertainties [25][28] Other Important Information - The company is actively pursuing AI and autonomous driving technologies through its subsidiary, Lotus Robotics, and has entered into an MOU for collaboration in the Middle East [17][28] - The company plans to phase out underperforming outlets in China while broadening urban coverage [24] Q&A Session Summary Question: Could you share more details about the company's product roadmap and future business outlook? - Management discussed the promotion of hyper hybrid technology with the first vehicle launching in Q1 next year and emphasized global compliance for all products [33][34] Question: Could you explain the One Lotus strategy and the expected merger with Lotus UK? - Management explained the consolidation plan for efficiency improvements and technology synergies, targeting to close the deal by the end of this year or Q1 next year [39][41]

Financial Data and Key Metrics Changes - Total operating expenses decreased from $3.9 million in 2024 to $2.6 million in 2025, a decline of 32.9% driven by lower general and administrative expenses and reduced R&D expenditure [16] - Net loss decreased by 64.6% to $1.5 million in 2025 compared to $4.3 million in 2024, primarily due to finance income of $1.7 million from the appreciation of intercompany loans [16] - Cash used in operations decreased by 56.8% from $3.2 million in H1 2024 to $1.4 million in H1 2025 [16] - Shareholders' equity amounted to $4.1 million as of June 30, 2025, down from $6.6 million at year-end 2024 [16] Business Line Data and Key Metrics Changes - The RNA delivery business is a key focus, with significant progress in particle formulation and process development [7][9] - The company has established collaborations with multiple partners, including Hekket Therapeutics and Universal Group, to leverage its RNA platform technology [11] - The legacy assets, including the BENCHO nasal spray and AM-125 nasal spray, are being transitioned to new production sites and regulatory classifications to enhance commercialization efforts [13][14] Market Data and Key Metrics Changes - The circular RNA market is projected to grow at a rate of 15.2% from 2026 to 2033, potentially reaching $5.2 billion by 2033 [12] - The company is focusing on expanding its RNA delivery platform to capitalize on the growing interest in circular RNA as a promising modality [10] Company Strategy and Development Direction - The company is shifting its focus to a platform model for RNA delivery, moving away from developing its own drug products [15] - A planned partial spin-off of the RNA delivery business aims to attract private equity investment and better capitalize the RNA delivery segment [5][18] - The company intends to manage and monetize its legacy assets while focusing on the growth of its RNA delivery business [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress in the RNA delivery business and the potential for future growth, contingent on appropriate funding [18] - The decision to pursue private equity involvement is seen as a beneficial alternative to public market funding, which has not been favorable [18][19] Other Important Information - The company has completed the transfer of manufacturing for its legacy products to enhance supply capabilities [13] - The approval process for the BENTURE product in China is advancing, which is expected to significantly boost the company's performance [14] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a formal Q&A session [21]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 reached RMB 3.3 billion, an increase of 10.2% year over year [19] - GMV for the quarter was RMB 8.1 billion, reflecting a year over year increase of 15.5% [19] - Non-GAAP net income was RMB 629.8 million, up by 0.1% year over year [20] - Total membership exceeded 200 million, increasing by 14.5 million from Q1 and 42.7% year over year [20] - Gross profit reached RMB 1.8 billion, resulting in a gross margin of 53.9%, up from 48.4% year over year [26] Business Line Data and Key Metrics Changes - Net revenue from franchisee tea houses grew by 6.1% to RMB 3.02 billion, accounting for 90.7% of total revenue [23] - Net revenue from company-owned tea houses increased by 77.3% to RMB 311.2 million, representing 9.3% of total revenue [23] - Average monthly GMV per tea house in Greater China was RMB 404,352, reflecting a year over year decline [24] - GMV in overseas markets increased by 77.4% year over year, driven by strategic store expansion [24] Market Data and Key Metrics Changes - In Singapore, daily sales remained strong, averaging above 1,500 cups per store [56] - In Malaysia, the profitability of stores exceeded internal plans, with 178 stores operating smoothly [57] - The first store in Los Angeles sold 5,000 cups in a single day, maintaining an average of 1,000 cups daily [58] Company Strategy and Development Direction - The company is focused on maintaining a premium brand positioning and avoiding price wars, emphasizing product quality and customer experience [41][42] - A new North American leadership team has been established to accelerate market expansion [6][8] - The company plans to invest strategically in overseas markets and enhance its global talent pipeline [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged intensified competition from delivery platforms in China, impacting near-term performance [22] - The company remains committed to long-term growth through quality products and operational efficiency [32] - Management expressed confidence in the strategic trajectory despite near-term headwinds [32] Other Important Information - The company plans to launch a comprehensive upgrade plan for essential raw materials in the second half of the year [10] - The introduction of themed concept stores in China aims to blend traditional culture with modern retail design [15] Q&A Session Summary Question: Impact of delivery platform subsidy programs on operations - Management noted that reliance on subsidies is unsustainable and emphasized a focus on high-quality products and customer experience [38][40] Question: Update on overseas expansion plans - Management provided details on the growth of international stores, highlighting strong performance in Singapore and Malaysia, and plans to enter new markets like the Philippines [60][61] Question: Same store sales performance in Q2 - Management indicated that same store GMV softened due to high base comparisons and competitive pressures, but they remain focused on product quality and customer experience [63][64]

Financial Data and Key Metrics Changes - The proxy position at the general meeting was reported to be more than 97% in favor of the poll, with 83.11% of the register having voted [11][15]. Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [6]. Market Data and Key Metrics Changes - The company has a significant presence of shareholders in Europe, North America, and Australia, indicating a global market engagement [16]. Company Strategy and Development Direction and Industry Competition - The company is focused on implementing a scheme that requires approval from shareholders and the court, indicating a strategic move towards consolidation or acquisition [19]. - The management emphasized strong engagement with shareholders and efforts to encourage participation in the voting process, reflecting a commitment to shareholder interests [15][16]. Management's Comments on Operating Environment and Future Outlook - The CEO noted that despite some press coverage regarding the transaction, shareholders overwhelmingly voted in favor of the scheme, indicating confidence in the company's direction [13]. - Management expressed comfort with the high turnout of shareholders voting, suggesting a positive outlook on shareholder engagement and support for the company's initiatives [15][16]. Other Important Information - The meeting was conducted with a focus on ensuring that all shareholders, regardless of their location, had the opportunity to participate, reflecting the company's global operational strategy [16]. Q&A Session Summary Question: Attendance of shareholders at the meeting - There were seven shareholders in attendance at the meeting in Jersey [9]. Question: Concerns about the takeover price - The proxy position was reported to be more than 97% in favor, indicating no significant protest votes against the takeover [11][13]. Question: Availability of meeting materials for shareholders - The management did not consider the request for publishing a full copy of the webcast relevant, citing overwhelming support for the previous meeting [14]. Question: Scheduling of meetings for Australian shareholders - The company engaged a proxy solicitation firm to encourage participation, and noted that the meeting time was chosen to accommodate shareholders across multiple time zones [15][16].

Financial Data and Key Metrics Changes - The company's revenue in the first half was €133 million, down 22% year on year, reflecting softer market conditions and planned creative transitions [9][10] - Gross profit margin declined by 400 basis points to 54%, primarily due to sell-through of prior season inventory [10][14] - Adjusted EBITDA margin decreased to negative €52 million, reflecting negative operational leverage, although cost discipline helped mitigate a larger drop [15][10] Business Line Data and Key Metrics Changes - Lanvin's revenue declined by 42%, primarily due to weak wholesale demand in EMEA, but DTC revenue increased by 46% in the second quarter [20][21] - Wolfer's revenue was down 23%, but wholesale channel grew by 14%, while D2C decreased by 35% due to rightsizing of the retail network [22] - Sergio Rossi's revenue fell 25%, but retail sales were up 17% and e-commerce was up 10% in Q2 [24] - St. John maintained nearly flat revenue with a 4% growth in its core North American market [27] Market Data and Key Metrics Changes - All key regions saw revenue declines, with EMEA and Greater China facing the most significant headwinds [13] - D2C and wholesale channels were down, with major softness in wholesale for EMEA and cautious consumer sentiment in Greater China [13] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing cost discipline, operational efficiency, and strategic repositioning across geography and product assortment [4][12] - The strategy includes streamlining operations, optimizing retail footprint, and deploying targeted marketing initiatives to boost traffic and conversion [8][19] - The company plans to leverage new creative talent to drive growth in the second half [12][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough macroeconomic and geopolitical climate but expressed confidence in the foundational work completed in the first half [3][30] - There are encouraging signs of recovery in the second quarter across several brands, and management is optimistic about the plans for the second half [30][31] Other Important Information - The company rightsized 29 underperforming stores in the first half and is continuing a comprehensive review of its network [8][18] - Significant strides were made in reducing G&A expenses across various brands, with reductions of 27% for Wolfer, 25% for Sergio Rossi, and 35% for St. John [15][16] Q&A Session Summary - There were no questions during the Q&A session, and the conference call concluded without any inquiries [32]

Financial Data and Key Metrics Changes - The company's revenue for Q2 2025 reached RMB 3,331,900,000, an increase of 10.2% year over year [19] - Gross merchandise volume (GMV) was RMB 8,100,000,000, reflecting a year-over-year increase of 15.5% [19] - Non-GAAP net income was RMB 629,800,000, up by 0.1% year over year, while total non-GAAP net income for 2025 rose by 6.8% year over year to RMB 1,300,000,000 [20][31] - The total membership exceeded 200 million, increasing by 14.5 million from Q1 and 42.7% year over year [20] Business Line Data and Key Metrics Changes - Revenue from franchisee tea houses grew by 6.1% to RMB 3,020,700,000, accounting for 90.7% of total revenue [23] - Revenue from company-owned tea houses surged by 77.3% to RMB 311,200,000, representing 9.3% of total revenue [23] - Average monthly GMV per tea house in Greater China was RMB 404,352, showing a year-over-year decline due to a high base from the previous year [24] Market Data and Key Metrics Changes - Overseas markets experienced significant growth, with GMV increasing by 77.4% year over year and 31.8% quarter over quarter [24] - The company opened a net of 52 stores overseas, bringing the total to 208 stores as of June 30, 2025 [25] - In Singapore, daily sales remained strong, averaging above 1,500 cups per store [57] Company Strategy and Development Direction - The company is focused on maintaining a premium brand positioning and avoiding price wars, emphasizing product quality and customer experience [40][41] - A new North American leadership team has been established to accelerate market expansion [6][8] - The company plans to invest strategically in overseas markets and enhance its global talent pipeline [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged intensified competition from delivery platforms in China, which has impacted profitability [22] - The company remains committed to its long-term growth strategy, focusing on quality and operational efficiency [32][33] - Management expressed confidence in the overseas operations gaining traction and building a foundation for long-term growth [32] Other Important Information - The gross profit margin improved to 53.9%, up from 48.4% year over year, driven by economies of scale and lower purchasing costs [26] - Operating expenses increased significantly due to share-based compensation related to IPO success [27][30] - The company achieved its tenth consecutive quarter of profitability with a net income of RMB 77,200,000 [31] Q&A Session Summary Question: Impact of delivery platform subsidy program on operations - Management noted that reliance on subsidies is unsustainable and emphasized a focus on high-quality products and services without engaging in price wars [38][40] Question: Update on overseas expansion plans - Management provided details on the expansion, highlighting strong performance in Singapore and Malaysia, and plans to enter new markets like the Philippines and Vietnam [56][60] Question: Same store sales performance in Q2 - Management acknowledged softening same store GMV due to high base comparisons and competitive pressures but remains focused on product quality and customer experience [64][65]

Financial Data and Key Metrics Changes - Total operating expenses decreased from $3.9 million in 2024 to $2.6 million in 2025, a decline of 32.9% driven by lower general and administrative expenses, which fell by 37.4% to $1.2 million, and reduced research and development expenditure, down by 25.3% to $1.5 million [16] - Net loss decreased by 64.6% to $1.5 million in 2025 compared to $4.3 million in 2024, primarily due to finance income of $1.7 million from the appreciation of intercompany loans and lower finance expenses [16] - Cash used in operations decreased by 56.8% from $3.2 million in the first half of 2024 to $1.4 million in 2025 [16] - Shareholders' equity amounted to $4.1 million as of June 30, 2025, compared to $6.6 million at year-end 2024 [16] Business Line Data and Key Metrics Changes - The company is transitioning to a platform model focused on RNA delivery, which has led to a decrease in spending levels [15] - Significant progress in the RNA delivery business, with a focus on particle formulation and process development for various RNA platforms [7][10] - The company has established collaborations with multiple partners in the biotech and pharma industry, expanding its licensing strategy [11] Market Data and Key Metrics Changes - The circular RNA market is projected to grow at a rate of 15.2% from 2026 to 2033, potentially reaching $5.2 billion by 2033 [12] Company Strategy and Development Direction - The company plans to spin off a majority of its Swiss subsidiary, Altamira Therapeutics AG, to attract private equity investment, transitioning to a holding company model [5][6] - The focus will be on monetizing legacy assets while enhancing the RNA delivery business through partnerships and collaborations [5][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the RNA delivery business's progress and the potential for growth, emphasizing the need for appropriate funding [18] - The decision to pursue a partial spin-off is seen as a beneficial alternative to accessing capital through public markets [18][19] Other Important Information - The company has made progress in transitioning its medical device, Ventrion, to comply with new EU regulations, with expected completion in late 2025 or early 2026 [14] - A patent for AM-125 nasal spray has been obtained in Japan, expanding intellectual property protection [14] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - In Q2 2025, the company delivered over 1,400 vehicles, a decrease of 49% year on year [8] - Total deliveries for the first half of the year exceeded 2,800 units, down by 43% compared to the same period last year [9] - Revenue narrowed to $126 million in Q2 and $218 million for the first half, down 44% and 45% year on year respectively [9] - Gross margin for Q2 stood at 5%, down four percentage points from the same quarter last year, while the first half gross margin was 8% [9][10] - Operating loss for Q2 was $160 million, a 22% improvement year on year, while net loss for the quarter was $130 million, down 36% [13] - First half operating loss was $263 million, a 40% year on year decrease, and net loss narrowed to $313 million, down by 32% [13] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 83% of total deliveries in Q2, up from 36% in Q1, contributing 68% of total deliveries in the first half [10] - Deliveries in China showed notable growth with the upgraded Eletras HyperXUVs becoming a leading model in the premium battery electric SUV segment [11] Market Data and Key Metrics Changes - Deliveries to North America were disrupted in Q2 due to tariff disputes but resumed in July [11] - The regional share of deliveries was balanced with North America at 20%, Europe at 38%, ROW at 13%, and China at 29% [25] Company Strategy and Development Direction - The company has entered into a security purchase agreement for up to $300 million in convertible notes and secured funding commitments from strategic partner Geely [15] - The company is focusing on enhancing operational efficiency, having reduced operating expenses for seven consecutive quarters [13] - The product pipeline includes the rollout of the model year 2026 Emera sports car and plans for a plug-in hybrid vehicle by the end of this year [19][22] Management Comments on Operating Environment and Future Outlook - Management highlighted the impact of U.S. tariff policies and ongoing destocking activities as challenges faced during the transition period [9] - The CEO emphasized the importance of strategic partnerships and localized market entry solutions to navigate market volatility and policy uncertainties [25][28] Other Important Information - The company is actively pursuing AI and autonomous driving technologies through its subsidiary, Lotus Robotics, and has entered into a strategic collaboration in the Middle East [17][28] - The company plans to launch a new model, Vision X, in 2027 and is developing a hyper hybrid technology with a driving range of over 1,000 kilometers [20][22] Q&A Session Summary Question: Could you share more details about the company's product roadmap and future business outlook? - Management discussed the promotion of hyper hybrid technology with the first vehicle launching in Q1 next year and emphasized global compliance for all products [32][34] Question: Could you explain the One Lotus strategy and the expected merger with Lotus UK? - Management explained the consolidation plan for efficiency improvement and technology synergies, targeting to close the deal by the end of this year or Q1 next year [38][41]

Financial Data and Key Metrics Changes - The proxy position at the general meeting is more than 97% in favor of the poll, with 83.11% of the register having voted [11][15]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting [6]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting [6]. Company Strategy and Development Direction and Industry Competition - The company is focused on ensuring strong shareholder engagement and participation in meetings, with efforts made to accommodate shareholders across different time zones [16]. - The company has been set up and run as a global business, listed on both the Australian Stock Exchange and the New York Stock Exchange, indicating a broad market presence [16]. Management's Comments on Operating Environment and Future Outlook - Management noted a high turnout of total shareholders voting and an overwhelmingly favorable vote for the transaction, despite some press coverage suggesting discontent among shareholders [13]. - The CEO emphasized that there has been strong engagement with shareholders, and the company is comfortable with the level of participation and support for the scheme [16]. Other Important Information - The meeting included a discussion on the voting process and the importance of shareholder participation, with a proxy solicitation firm engaged to encourage voting [15]. - The company plans to comply with all regulations regarding the disclosure of voting outcomes [17]. Q&A Session Summary Question: How many shareholders attended the meeting? - There were seven shareholders in attendance at the meeting in Jersey [9]. Question: Has there been any protest votes regarding the takeover price? - The proxy position is more than 97% in favor, indicating no significant protest votes [11][13]. Question: Will the company publish a full copy of the webcast for shareholders? - The company does not consider this issue material and will not publish the webcast [14]. Question: Why was the meeting scheduled late on a Friday night? - The timing was designed to accommodate shareholders in North America, Australia, and Europe, ensuring participation from all regions [16]. Question: Will headcount numbers be included in the voting outcome disclosure? - The company assured compliance with ASX and NYSE regulations regarding the publication of voting results [17].