Management remarks
Call period: 2026 Q2 · 2026-08-24
Demand and orders: Lei Chen: These initiatives unlock greater innovation among merchants, leading to the launch of new products and new brands, which drove incremental demand and new sources of growth.Margins: Jun Liu: Non-GAAP operating profit margin was 26% this quarter versus 27% for the same quarter last year.Analyst Q&A
Analyst Thomas Chong asked: [Foreign Language] I will translate myself. My first question is about the company's global business. We noticed that the EU introduced a temporary customs duty on low-value cross-border consignments starting from July this year. Can management help us understand the expected impact of this change on the company's overall order volume? Management Lei Chen answered: In the short term, cross-border orders in the affected markets will face lower fulfillment efficiency and higher costs, which will have a considerable impact on those parts of our business. However, over the medium to long term, changes in the external environment have further underscored the importance in our supply chain and has prompted us to accelerate the development of the relevant capabilities. First, the platform will continue to onboard and support more high-quality local merchants to broaden the supply of local products.管理层陈述
电话会期间：2026 Q2 · 2026-08-24
需求与订单：陈磊：这些举措激发了商户更大的创新活力，推动了新产品和新品牌的推出，进而带动了增量需求和新的增长来源。利润率：刘军：本季度非GAAP营业利润率为26%，去年同期为27%。分析师问答
分析师托马斯·钟提问：我将自行翻译，我的第一个问题是关于公司全球业务。我们注意到欧盟从今年7月起对低价值跨境包裹征收临时关税，管理层能否说明这一变化对公司整体订单量的预期影响？管理层陈磊回答：短期内，受影响市场的跨境订单履约效率降低、成本上升，将对该部分业务造成相当大影响；不过中长期来看，外部环境变化凸显了供应链重要性，促使我们加快相关能力建设，首先平台将持续引入并支持更多优质本地商家以拓宽本地产品供应。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
