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Founder and CEO Changling Liang detailed the strategy's success, highlighting a comprehensive restructuring of product development divisions and a shift in performance metrics away from GMV towards quality indicators. Mr. Liang noted that 'good users' now constitute nearly 30% of users and 58% of GMV, with a high repurchase rate of at least eight orders monthly. He also stated that 'good products' now represent 40% of SKUs and contribute to 47% of GMV, demonstrating significant growth since the strategy's launch.

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Founder and CEO Liang Changlin explained that the 4G strategy (good users, good products, good services, good mind share) shifts the company's focus from price competition to superior quality. He detailed significant internal changes, including adjusting performance metrics to prioritize product quality and user satisfaction over pure GMV, and restructuring product development teams into independent business units. While acknowledging short-term impacts on growth and margins, Mr. Liang asserted this inside-out transformation will build genuine, lasting core competitiveness.

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Founder and CEO Liang Changlin explained that Dingdong is moving beyond traditional supplier relationships to foster deeper partnerships. This involves opening key categories for collaboration, sharing IT capabilities, and providing financial support. He cited a partnership with a chicken supplier since 2019, which led to a 30% year-over-year sales increase for a customized free-range chicken product, demonstrating their model of mutual growth and value creation.

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CEO Liang Changlin attributed the success to several operational improvements. He highlighted the rapid ramp-up of 80 new frontline fulfillment stations, an enhanced product structure with over 400 new SKUs in key categories, and significant gains in end-to-end efficiency from improved forecasting and delivery systems, which boosted order conversion rates. He also noted strong GMV growth of over 40% in lower-tier cities within the Jiangsu and Zhejiang regions.

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Co-Founder, Chairman & CEO Robin Li highlighted Apollo Go's leadership in both left- and right-hand drive markets, its validated business model with unit economic breakeven in low-fare cities, and its cost-efficient, purpose-built RT6 vehicle. He explained that partnerships with Uber and Lyft are key to an asset-light global expansion into higher-fare markets.

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Interim CFO Junjie He affirmed Baidu's commitment to increasing AI investment in 2025, covering both CapEx and operating cash flow. Key priorities include scaling AI Cloud infrastructure, advancing ERNIE models, expanding Apollo Go, and accelerating the AI transformation of Search. While acknowledging near-term margin pressure from these investments, He emphasized their importance for long-term growth. He also highlighted shareholder returns as a priority, pointing to the accelerated share repurchase program, which bought back $445 million since the start of Q1.

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Interim CFO Junjie He affirmed Baidu's commitment to increasing its AI investments in 2025. Key priorities include: 1) scaling AI Cloud infrastructure to meet rising demand, 2) advancing ERNIE foundation models, 3) expanding Apollo Go's autonomous driving operations, and 4) accelerating the AI transformation of Baidu Search. He also emphasized a continued focus on shareholder returns, noting the accelerated share repurchase program ($445 million since the start of Q1) will maintain a similar pace throughout the year.

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Interim CFO Junjie He confirmed that capital allocation will prioritize advancing AI capabilities across all key segments, with a focus on disciplined ROI management. Regarding shareholder returns, He highlighted the significant acceleration of the buyback program, with over $1 billion repurchased since the start of 2024, and affirmed the plan to continue this pace under the existing $5 billion authorization.

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Co-Founder and CEO Yanhong Li emphasized Baidu's competitive edge from over a decade of investment, leading to technological leadership and operational scale, with Apollo Go surpassing 8 million cumulative rides. He noted the cost-effectiveness of the RT6 vehicle (under $30,000 for mass production) as a key differentiator. Li stated that Baidu is actively exploring international expansion and asset-light strategies to enhance operational efficiency.

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CFO Wang Jing responded, clarifying that the company's capital structure is healthy. She noted the outstanding balance of the 2028 convertible notes is now only $8 million, with sufficient cash to meet obligations. Furthermore, the domestic debt profile has improved to a 50/50 split between long-term and short-term loans, supporting both operations and future growth.

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Sean Zhang, Head of IR, clarified that JD's international strategy focuses on leveraging its supply chain capabilities, distinct from typical cross-border models. The approach involves both helping Chinese brands expand globally and building localized retail operations. The proposed European acquisition is seen as synergistic, combining the target's market position with JD's online operational expertise. He also noted the planned launch of the 'JoyBuy' e-commerce platform in Europe later in the year.

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CEO Sandy Xu stated that government stimulus policies are having a positive effect and that she expects the strong momentum in the electronics and home appliance categories to continue into the second quarter. CFO Ian Shan provided a detailed update on capital returns, noting that year-to-date, the company has repurchased approximately USD 1.5 billion in shares and completed a USD 1.44 billion dividend payment in April, reaffirming the commitment to shareholder returns.

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CEO Sandy Xu expressed long-term optimism about consumer sentiment, citing supportive government policies and observed demand momentum on JD's platform, despite short-term macro challenges. CFO Ian Shan added that for 2025, the company will focus on supply chain efficiencies to expand profit while investing with discipline. He reiterated the long-term high single-digit margin target, which will be driven by supply chain improvements, margin uplift in categories like supermarkets, and an increasing mix of the 3P business.

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CFO Ian Shan reiterated the company's mid-to-long-term goal of achieving a high single-digit net profit margin, driven by platform ecosystem growth and category mix optimization. He detailed the significant shareholder returns in H1 2024, including $3.3 billion in buybacks and a $1.2 billion dividend payment. He confirmed JD's commitment to continue repurchases and maintain dividend payments to return value to shareholders.

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President Lei Jin detailed that the AI Ad Placement Optimizer automates the entire advertising process, from demand analysis and strategy to data analytics and optimization. He stated that in the medium to long term, the tool is expected to drive advertising revenue growth by improving advertiser ROI and enhance segment profitability by identifying high-quality, cost-efficient traffic.

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President Lei Jin projected stronger growth momentum in the second half of the year, contingent on stable market conditions. He cited three key drivers: accelerated overseas advertising through new partnerships with Google and TikTok; the launch of AI-powered solutions like Youdao MagicBox; and deepened collaboration with NetEase Group, particularly in gaming promotions. He added that the impact from potential tariffs on e-commerce clients is expected to be minimal.

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VP of Strategy and Capital Markets Peng Su explained that Youdao Lingshi is the core strategic priority for Learning Services in 2025, with expectations for continued growth in revenue and gross billings. Key initiatives include a comprehensive upgrade of AI services within Lingshi using DeepSeek for more personalized learning and implementing a data-driven feedback loop to update instructional videos based on student performance. He also noted that the ongoing structural adjustments in the segment are expected to conclude in the second half of 2025, leading to revenue stabilization.

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CEO Feng Zhou attributed the 25% YoY growth to a strategic focus on fewer, better products, particularly the successful Dictionary Pen X7 series, which now includes offline LLM features. He noted the team's enhanced capabilities and resilience after facing previous pressures. Dr. Zhou confirmed strong Double 11 sales and a product pipeline with new launches in Q4 and Q1, expressing confidence in continued growth and profitability for the segment.

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Management stated that they could not comment in detail on the Ximalaya deal as it is still awaiting regulatory approval. However, they reiterated their belief in the strategic value of long-form audio as a complement to their music business, noting positive progress in their existing audio content. They expressed confidence that a successful deal would create opportunities to grow both subscription and advertising revenue.

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Management responded via a moderator, stating they could not comment in detail due to the deal pending regulatory approval. However, they affirmed their belief in the strategic value of long-form audio as a complement to music. They noted that if the deal proceeds, it is expected to help grow both subscription and advertising revenues, building on the progress of their existing audio content.

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An executive explained that the strong Q3 gross margin was driven by music revenue growth, disciplined cost management (ROC), self-commissioned content, and better social entertainment margins. For 2025, these drivers will persist, though GP margin growth may moderate. Operating expenses (S&M, G&A) are expected to grow at a much lower rate than revenue, supporting continued adjusted net profit margin expansion.

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Founder, Chairman & Group CEO Forrest Li responded that new games like Delta Force are still in the early, fine-tuning stages. He expressed excitement about AI's impact on gaming, noting it already improves development productivity. For player engagement, he highlighted the potential for AI-powered teammates to boost retention and the exploration of generative AI to allow gamers to create their own content, making gameplay more immersive.

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Group CFO Hou Tianyu confirmed that AI is delivering benefits on both fronts. For revenue, AI-powered search and recommendation tools have improved conversion rates. For cost savings, he highlighted that AI chatbots now handle 80% of customer service queries, and AI models are making faster, more accurate decisions on return/refund cases, which significantly reduces the need for manual agent intervention and lowers operational costs.

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Forrest Li, Chairman and CEO, described Free Fire as a service with 'evergreen' potential, highlighting its continued user growth as a sign of its longevity. On logistics, he clarified that investments are primarily opex-driven rather than capex-heavy and are already factored into EBITDA calculations, thus not expected to have a significant future impact on margins.

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Chairman & CEO Charles Zhang acknowledged that marketing revenue is weak due to the macroeconomic environment and consumption downgrades, with the auto sector remaining the largest category. He explained that AI improves productivity in gaming and enhances search within media apps, using open-source models. Regarding capital returns, Zhang stated there are no plans for dividends as the company needs a 'war chest' to fund user growth for its social network platforms.

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Chairman and CEO Dr. Charles Zhang responded that in marketing services, the auto sector performed well while luxury goods declined. He noted the overall economic weakness makes the second-half outlook uncertain. Regarding AI, Dr. Zhang explained that Sohu's social network focus lessens its exposure to AI disruption, with benefits being marginal efficiency gains. For gaming, an executive confirmed AI is heavily used to improve efficiency in art, UI, and audio design.

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Chairman and CEO Dr. Charles Zhang attributed the soft advertising outlook to a weak macroeconomic situation causing advertisers to reduce spending. An executive clarified that Q1 gaming performance is expected to be flat quarter-over-quarter. Dr. Zhang also detailed current and future AI applications in media and gaming, including content generation, editing efficiency, and social interaction aids, while noting they are exploring DeepSeek possibilities.

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Changyou CEO Dewen Chen addressed the 2025 games outlook, stating the goal is to maintain stability in existing games while developing a pipeline of around 10 new titles, including 'NBA Absolute Superstar' and 'Hero: Three Kingdoms'. He also noted a new version of the TLBB PC game would begin testing soon. The question regarding the long-term operating margin trend was not addressed before the call concluded.

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Management, via a moderator, stated that the media services business outlook is tied to OEM advertising budgets, which are expected to recover as the industry price war stabilizes. They expressed a more bullish view for the second half of the year, anticipating increased ad spending during the traditional 'golden September and silver October' peak season. Autohome aims to capture this recovery through its integrated online and offline service offerings.

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CEO Song Yang addressed the questions, noting that while overall auto sales grew, NEV growth slowed and industry profit margins compressed. She highlighted new government trade-in policies and a market shift from price wars to tech competition. For Autohome, the strategy involves leveraging intelligent tools like the 'starting price tool' and expanding its new retail network, which currently has nearly 200 locations. The company aims to exceed 500 total locations by the end of 2025, focusing on lower-tier markets to drive future growth.

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CEO Song Yang explained that Haier's strategic investment recognizes Autohome's market potential and will inject new vitality, creating synergies in user experience, smart hardware, and new retail by leveraging CARTECH's operational systems. He noted that Ping An will remain a key shareholder. Regarding the market, Mr. Yang attributed the Q4 2024 recovery to year-end sales efforts and policy incentives. For 2025, he projects stable and positive growth for the auto market, forecasting a 2% increase in retail sales, driven by favorable policies, NEV growth, and continued, albeit stabilizing, price competition.

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COO Sichuan Zhang highlighted product enhancements like AI-powered tools to stabilize the user base. CFO Cathy Peng provided specific financial guidance, projecting a low-teens percentage YoY decline for Mainland China revenue in Q2 and a decline of approximately 10% for the full year 2025. She noted this represents a significant moderation from 2024 and suggested the overall group top-line could see positive growth in the second half of the year.

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COO Sichuan Zhang stated that Soulchill's revenue grew 50% in 2024 to nearly RMB 1 billion, driven by localization in Turkey, Egypt, and Gulf countries. She introduced Yaha Live and AMAR as new, promising apps in the MENA region. CFO Cathy Peng projected total overseas revenue to grow from RMB 1 billion in 2024 to a range of RMB 1.7 billion to RMB 2 billion in 2025, emphasizing that scaling with a focus on ROI is the priority over immediate profitability.

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CEO Tang Yan explained Tantan's focus is on fixing core product experience issues, namely user authenticity and post-match interaction rates, with the current upgrade round expected to conclude in H1 2025. He anticipates user and revenue declines will continue for the next two quarters. CFO Cathy Peng added that while Tantan is profitable in 2024, cost controls will be a priority in 2025 to prevent it from returning to a loss as the top-line remains under pressure.

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CEO Yan Tang stated that the Tantan revamp aims to fundamentally improve the core dating experience by focusing on user authenticity and better match quality, even if it requires short-term financial sacrifices. CFO Cathy Peng added that the Tantan team has been given flexibility on financial targets to prioritize this user experience overhaul. She projected that Tantan's revenue decline in the second half might mirror the Q2 rate, but the company intends to maintain marketing spend and expects Tantan to remain profitable for the full year 2024.

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CFO Wang Han stated that 2025 is a year of business model optimization. For Marketing Services, low-quality content is down while client mix and AI products are improving. Paid Membership is expanding its content mix. Vocational Training is shifting to a more social, knowledge-sharing model. He expressed confidence that due to these operational refinements, the company's financial performance will exceed initial expectations for the year.

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CFO Wang Han described 2025 as a pivotal year for business model optimization. He detailed that marketing services are improving client mix, paid membership is broadening its content offerings, and vocational training is shifting to a more community-integrated, knowledge-sharing model. He concluded by expressing confidence that financial performance for the year will exceed initial expectations.

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CFO Wang Han acknowledged an expected decrease in CCS revenue due to a strategic focus on community trustworthiness, but noted that brand advertising grew 40% year-over-year. The long-term strategy is to shift focus from in-platform traffic to leveraging Zhihu's brand premium, where brands use the platform to establish credibility and professional market awareness, validating the endorsement value of Zhihu's content.

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Chairperson and CEO Ting Li addressed the monetization outlook, explaining a shift in reporting to focus on live streaming vs. non-live streaming revenue. She anticipates live streaming revenue will stabilize in Q2 and resume quarter-over-quarter growth, while non-live streaming revenue growth is expected to accelerate in the second half. VP of Finance Alex Liu discussed margins, noting Q1 improvements in both BIGO and other segments. He projected that for the full year 2025, the group's non-GAAP operating profit will show an improving trend.

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Chairperson & CEO Ting Li explained that the company now reports by revenue type (live streaming vs. non-live streaming). She anticipates live streaming revenue will stabilize in Q2 and resume quarter-over-quarter growth, while non-live streaming revenue growth will accelerate in the second half. VP of Finance Alex Liu added that Q1 margins improved due to cost optimizations and a favorable revenue mix shift. For the full year, he expects the group's non-GAAP operating profit to show an improving trend, with BIGO's profit remaining stable or growing and losses narrowing in other segments.

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Chief Financing and Investment Officer Chong Cai attributed the growth to expanding business scale and improving order quality. He highlighted the increase in commission order coverage to 85% and a 12% YoY rise in monetization per order to RMB 25.5. The strategy is shifting from a city-based to a more refined order-based exemption model.

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CFO Chong Cai outlined a strategy focused on steady business growth, with an expected order volume increase of at least 15%. Financially, the focus will be on optimizing the revenue structure by reducing the freight brokerage business's share and elevating the transaction service business to be the core engine for revenue and profit growth. This shift is intended to significantly enhance overall profit margins and shareholder returns.

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CEO Gaofei Wang stated that Q2 ad trends are expected to be similar to Q1, with strong performance anticipated from the automotive and handset sectors, the latter expected to rebound. The gaming vertical remains challenged. The core ad strategy continues to focus on leveraging Weibo's strength as a platform for new product launches and content marketing. He also highlighted ongoing investment in performance-based ads and the use of AI to enhance information-feed ad products to capture more budget.

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CEO Eric Shen (interpreted by Jessie Fan) noted improving sales momentum in March and April and reaffirmed the company's expectation to return to growth in the second half of 2025. He stated that full-year net margins should be comparable to 2024. Regarding the June 18th promotion, he explained that consumers are accustomed to frequent sales and now focus on value for essential needs, a trend Vipshop will cater to with unique, off-price deals.

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CEO Eric Shen stated that year-to-date performance is on track with guidance and consumer sentiment is marginally better than in prior quarters. For the full year 2025, he expressed the goal of returning to positive growth in both GMV and revenue by pursuing a high-quality growth strategy while maintaining solid profitability, noting the company may invest a portion of profits into growth initiatives.

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CEO Eric Shen, via interpreter Jessie Fan, stated that quarter-to-date performance is within guidance, with October's strength attributed to an early Double 11 promotion. He noted that while consumer sentiment may have bottomed out, it remains rational, and a meaningful recovery has not yet occurred. For 2025, the outlook is unpredictable, and the company will plan cautiously, expecting Q4 trends to extend into the new year. Management is focused on growing profit dollars and maintaining stable margins with disciplined cost control.

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Executive Chairman James Liang explained that vertical agents excel in real-time data and service integration, while general agents rely on OTAs for booking. He highlighted Trip.com's AI tools like TripGenie and Trip.Best, noting increased user engagement and a commitment to continuous enhancement to remain a reliable one-stop platform.

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CFO Xiaofan Wang explained that while summer prices improved sequentially, the year-over-year decrease in domestic ADR was due to a significant increase in hotel supply (up 20% YoY) and the diversion of high-end travelers to outbound destinations. She expects this pricing pressure to ease in Q4 and views the expanded supply as a long-term benefit for the platform.

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CFO Xiaofan Wang confirmed the domestic price decline but attributed it to a shift in travel preferences towards outbound destinations and lower-tier cities, coupled with increased hotel and flight supply, rather than a downgrade in consumer spending. For outbound travel, she noted that air ticket prices are normalizing to about 15% above 2019 levels, while outbound hotel prices have remained stable year-over-year.

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CEO William Ding, via interpreter Bill Pang, stated that NetEase has sufficient resources to pursue both domestic and overseas markets simultaneously. He highlighted the company's 20-year history of accumulating tools, processes, and talent. While acknowledging the need to better understand overseas gamers, he affirmed that from a resource and execution standpoint, NetEase is well-equipped for both fronts.

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Junhong Huang, Acting Co-CEO and SVP, explained that the three-year, no-less-than $400 million dividend plan is designed to reward shareholders, optimize capital structure, and improve cash utilization. He highlighted Huya's strong financial position, with over $900 million in cash and no debt at the end of 2024, ensuring sufficient funds remain for business development post-dividend. Huang also confirmed the extension of the existing share repurchase program, of which $63.6 million has been utilized, until March 2026.

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Executive Junhong Huang acknowledged that live streaming revenue remains under pressure from the soft macroeconomic environment and weak user spending on tipping. While short-term pressure is expected to continue, management sees future flexibility as the economy improves. The company's strategy is to maintain user engagement through content investment and technology improvements to prepare for future diversified commercialization. In the long run, the expansion of game-related services is expected to bring more stability to the overall business.

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President & COO Alex Hungate reported that advertising penetration of GMV grew to 1.7% in Q4, with merchant adoption increasing significantly and retention at approximately 75%. He noted the return on ad spend is 5-8x for merchants. CFO Peter Oey explained that the 2025 guidance uses prevailing spot rates and that the company tends to be conservative on FX assumptions at the start of the year.

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Arthur Yu, President of Baozun E-Commerce, noted a softening of sales across all categories post-Double 11 due to heavy promotions, but expressed hope for an apparel recovery in December with colder weather. He described the overall category outlook for next year as flat and cautious. However, he emphasized that the current market creates opportunities for high-quality service providers like Baozun, as brands focus on building their infrastructure and capabilities.

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Arthur Yu, President of Baozun E-commerce, responded that Tmall is seeing a recovery while Douyin continues double-digit growth, a trend expected to persist. He highlighted the emergence of true omnichannel operations across platforms like Little Red Book and Kuaishou. For Double 11, he anticipates an earlier start and longer duration, which presents a value-added opportunity for Baozun to help brands navigate the increased complexity and replicate their strong 618 performance.

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Executive Yongming Wu explained that TTG is in a heavy investment phase, focusing on user experience, diversified merchant supply, and technology. Consequently, he expects EBITDA to fluctuate in the coming quarters. Wu expressed high expectations for user growth from WeChat Pay integration, particularly in boosting Monthly Active Consumers (MACs), viewing it as a crucial long-term investment to drive incremental GMV.

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CFO Toby Xu stated the company aims to complete its Hong Kong primary listing conversion by the end of August, pending shareholder approval. CEO Eddie Wu addressed the AI question, projecting that AI products will drive over half of the cloud segment's expected double-digit external revenue growth in the second half of the fiscal year due to strong demand for GPU-based computing.

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CEO Yongdong Peng attributed the outperformance to robust operational execution, expanded channel service coverage, and enhanced sales capabilities. He highlighted deeper strategic collaborations with top-tier developers, particularly state-owned enterprises, which doubled year-over-year. Peng also noted that improved agent incentives and technology tools that better identify potential customers have significantly boosted transaction efficiency and sales volume, allowing Beike to outperform the market without compromising its monetization rate.

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