Meituan has entered a critical validation phase for high-quality growth, firmly advancing its 'Retail + Technology' strategy. Research and development investment in this quarter increased by 22% year-on-year, reaching RMB 7 billion, accelerating the application of AI scenarios. The instant delivery business has seen an increase in new users, with improvements in user activity and loyalty. Affected by the high base in the same period last year, order volumes may decrease year-on-year in the second half of the year. However, the order structure is optimized, and GTV growth is expected to be more resilient, with increased user frequency and retention rates in the medium to long term becoming key drivers. Financial results showed that Meituan's revenue in this quarter was RMB 91 billion, up 5.6% year-on-year, with operating losses narrowing to RMB 6.5 billion. Losses in both core local commerce and new businesses significantly improved. New businesses are focusing on flash sales retail and overseas expansion, prioritizing improvements in return on investment, with enhanced operational efficiency in the Hong Kong and Saudi Arabian markets. Meituan will continue to increase its investment in AI, driving retail upgrades through technology to create long-term value.