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G-P Joins Built on Workday Program

Customers can build and manage global teams using G-P’s AI-powered Employer of Record (EOR) and global HR agent G-P Gia™ directly within Workday

BOSTON, Aug. 28, 2025 /PRNewswire/ — REMOTE FIRST COMPANY — G-P (Globalization Partners), recognized as the undisputed leader in global employment by industry analysts, today announced it has joined Built on Workday, a partner program that empowers Workday partners to create and market pre-built apps to solve customers’ business and industry challenges. Through the Built on Workday partnership, G-P aims to streamline global employment, empowering customers to seamlessly hire, onboard and manage global talent directly in the Workday platform through G-P’s AI-powered global employment solutions, including G-P’s AI-powered Employer of Record (EOR) and G-P’s global HR agent, G-P Gia.

“The future of global work just became more accessible. By joining the Built on Workday program, G-P extends its commitment to innovation with real impact, delivering the technology organizations need to more easily grow and scale into markets around the world,” said Lori McNally, senior vice president, partners, G-P. “G-P EOR and G-P Gia will transform how organizations build and manage global teams, removing friction and making global employment faster, smarter and more compliant.”

The G-P Developer Platform powers key integrations with leading HCM vendors like Workday, enabling seamless synchronization of workforce data across systems. By allowing developers to effortlessly automate the flow of critical employee information, the platform eliminates manual, repetitive tasks and reduces the risk of errors—enhancing operational efficiency for HR and finance teams while accelerating time-to-value for global workforce management.

“The G-P Developer Platform is holistic with product APIs, embeddable widgets and developer tools that allow our customers and partners to integrate and extend seamlessly,” said GK Konduri, senior vice president and head of product, G-P. “At G-P, our products, built on a serverless, event-driven platform and advanced agentic AI, are extensible with a best in class developer experience, providing a flexible global employment platform to our customers.”

G-P’s AI-powered EOR enables shared Workday and G-P customers to hire in 180+ countries internationally in regions where they do not have an entity. It facilitates the direct integration of global hires into the Workday platform, including demographic details, salary and payslip information and invoices. Any updates to international employee details made in Workday will be automatically reflected in G-P.

Additionally, the partnership includes an integration with G-P’s global HR agent, G-P Gia. Combining G-P’s decade of global HR expertise with cutting-edge AI, G-P Gia is designed to be HR’s trusted partner, providing guidance on the toughest employment questions, creating contracts and handbooks, analyzing compensation and more in 50 countries and 50 U.S. states. Gia is always up to date with the latest global compliance standards, giving users the confidence to make informed decisions when building and managing global teams.

Built on Workday empowers innovation partners to build, manage and deploy apps directly on the Workday platform and deliver them to thousands of customers through Workday Marketplace. This provides partners with opportunities to accelerate and scale their app development while addressing customers’ evolving business, industry, and regional challenges.

G-P EOR and G-P Gia will be available soon in the Workday Marketplace. For more information about G-P, visit G-P.com.

About G-P
G-P (Globalization Partners) is the recognized leader in global employment, ranked No. 1 in every industry analyst report. G-P’s global employment platform delivers everything companies of all sizes need to manage the full employee lifecycle with its trusted Global HR Agent, G-P Gia, and AI-powered Employer of Record (EOR) and Contractor products. G-P supports teams in 180+ countries with more than a decade of global employment experience, the largest team of in-country HR, legal, and compliance experts, and its unmatched proprietary knowledge base.

G-P: Global Made Possible™
To learn more, please visit: g-p.com or connect with us via LinkedIn, X, Facebook or check out our Blog.

Media Contact:
comms@g-p.com

Regent Hong Kong Named the Best Brand Hotel in Hong Kong at Virtuoso Travel Week 2025

HONG KONG SAR / SINGAPORE – Media OutReach Newswire – 28 August 2025 – Regent Hong Kong has been crowned the Best Hotel in Hong Kong 2025, earning the prestigious Best Brand Hotel title at this year’s Virtuoso Travel Week in Las Vegas. This global recognition by Virtuoso’s network of elite travel agencies, advisors, and partners underscores Regent’s reputation for unparalleled service, refined design, and a timeless vision of luxury along Victoria Harbour.

Global Award for World-Class Hospitality

Virtuoso Travel Week is often described as the “fashion week” of luxury travel, where the world’s most discerning travel experts gather to celebrate excellence. Winning Best Brand Hotel 2025 places Regent Hong Kong at the pinnacle of the industry, affirming its status as not just a leading hotel in the city, but also one of the top luxury hotels in Asia 2025.

Matthew D. Upchurch, Chairman and CEO of Virtuoso, highlighted Regent Hong Kong’s achievement:
“Regent Hong Kong exemplifies the innovation, collaboration, and unwavering commitment that define our network. Their dedication to creating unforgettable experiences elevates the Virtuoso community and the luxury travel industry as a whole.”

A Stage for Memorable Gatherings

Regent Hong Kong is more than a hotel—it is a stage for unforgettable occasions that live on in memory with quiet grace.

  • Official Hotel Partner for the 43rd Hong Kong Film Awards, blending cinematic glamour into curated cocktails and stays.
  • Partner of the Hong Kong Ballet, transforming the Lobby Lounge into an elegant pre-show sanctuary.
  • Official Hospitality Partner for ComplexCon Hong Kong 2025, welcoming global leaders in fashion, music, and art.
  • Proud host of Cristiano Ronaldo and Al Nassr during the Saudi Super Cup, marking a milestone in the hotel’s storied legacy.
  • From premieres to galas, every event sparkles with Regent’s signature elegance and timeless sophistication.

Reasons that Regent Hong Kong is one of the Best Hotel in Hong Kong 2025

Following its transformative relaunch in 2023, Regent Hong Kong has redefined the luxury hospitality landscape. Visionary designer Chi Wing Lo infused the property with serene interiors that harmonize with sweeping Victoria Harbour views, creating a tranquil haven amidst the city’s vibrant energy.

Signature Suites & Personal Havens with Best Hotel View

The hotel’s Signature Suites, many with private rooftop terraces, provide panoramic harbour views and a new standard of discreet luxury. Every room is designed as a “Personal Haven”—a peaceful retreat where guests can pause, reflect, and savor the moment.

For suite guests, the Regent Club offers a residential-style retreat with personalized service and exclusive experiences.

Award-Winning Dining Experiences

Food and wine enthusiasts are spoiled for choice with six world-class restaurants and bars:

  • Lai Ching Heen – Two MICHELIN stars & Black Pearl Two Diamond, Cantonese mastery with modern finesse.
  • The Steak House – Ranked among the World’s 101 Best Steak Restaurants 2025, renowned for precision-seared cuts and rare vintages.
  • Qura Bar – Named one of Tatler Hong Kong’s Best 20 Bars 2025, radiating vintage allure with rare spirits and harbour views.
  • Nobu Hong Kong – Japanese precision meets Peruvian warmth, embodying omotenashi.
  • Harbourside – A reimagined global hotel buffet marrying Asian & Western flavours.
  • Lobby Lounge – A serene retreat, elevating afternoon tea in Hong Kong against the backdrop of the Symphony of Lights.

Recognized Beyond Virtuoso

The Virtuoso award adds to an impressive list of accolades Regent Hong Kong has received since reopening:

  • Named Asia’s No. 1 Hotel by Travel + Leisure (2025).
  • Awarded Virtuoso Global Awards 2025 – Best Brand Hotel.
  • Weaves glamorous heritage with contemporary vision.
  • Stands as a timeless luxury icon along Victoria Harbour.

These distinctions affirm Regent’s ability to balance urban dynamism with serene sophistication, making it the best luxury hotel in Hong Kong 2025 for discerning global travelers.

A Vision of Discreet Luxury

Michel Chertouh, Managing Director of Regent Hong Kong, shared his pride in the team’s achievement:
“We are deeply honored to be named the ‘Best Brand Hotel’ by Virtuoso’s esteemed travel advisors. This recognition reflects the passion and professionalism of our team, who consistently craft unforgettable moments through thoughtful design, intuitive service, and curated experiences. We are grateful to our loyal guests and the global travel community for embracing our vision of discreet luxury on Victoria Harbour.”

Reasons that Travelers Choose Regent Hong Kong

Travelers searching for the best hotel in Hong Kong 2025 will find that Regent offers:

  • A balance of urban vibrancy and serene sanctuary
  • Award-winning dining experiences for gourmands
  • Suites designed as personal havens with panoramic views
  • Easy access to Kowloon’s cultural and heritage attractions
  • Warm, intuitive service from Regent Experience Agents

Whether staying for business, leisure, or a special occasion, Regent Hong Kong delivers unforgettable moments and a true sense of refined hospitality.

Luxury Hotel Near Hong Kong’s Cultural Landmarks

Regent Hong Kong enjoys a prime location near the West Kowloon Cultural District, making it the perfect base for travelers who want to explore the city’s most iconic cultural attractions. From the hotel, guests have easy access to world-class destinations including:

  • M+ Museum – Asia’s first global museum of contemporary visual culture.

Continuing its legacy as a cultural gateway along Victoria Harbour, Regent Hong Kong connects guests to the best of Hong Kong’s art, heritage, and modern lifestyle.

Exceptional Service at Regent Hong Kong

At the heart of Regent Hong Kong is its signature philosophy: “On Your Terms.” This guiding principle ensures every stay is defined by intuitive, heartfelt hospitality that anticipates every desire.

  • Guests enjoy personalized hotel wedding journeys and curated rituals crafted with effortless indulgence.
  • Regent’s service rekindles the warmth of its storied past, elevated to meet modern luxury standards.
  • Every detail is designed to deliver the best hospitality in Hong Kong, blending timeless elegance with contemporary refinement.

For discerning travelers searching for a luxury hotel in Hong Kong with world-class service, Regent stands as an icon of personalized, thoughtful hospitality.

Experience the Best Luxury Hotel in Hong Kong 2025

From its MICHELIN-starred dining to its harbourfront location and global recognition, Regent Hong Kong is more than a hotel—it is a destination in itself. Discover why it has been named the best luxury hotel in Hong Kong 2025 and experience timeless elegance on Victoria Harbour.

Reserve a stay at Regent Hong Kong today and be part of an award-winning journey in luxury.

Hashtag: #RegentHongKong #BestBrandHotel #VirtuosoTravelWeek2025



The issuer is solely responsible for the content of this announcement.

Baozun Announces Second Quarter 2025 Unaudited Financial Results

SHANGHAI, Aug. 28, 2025 /PRNewswire/ — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun”, the “Company” or the “Group”), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the second quarter of 2025.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “Baozun delivered another solid quarter, with total revenue up 7% and significant improvement in underlying operating profitability in both BEC and BBM businesses. BEC’s focus on refined management, value creation and organizational efficiency is beginning to yield tangible results. BBM also posted another robust quarter, showcasing accelerated topline growth and solid execution across merchandising, channels, and marketing. We believe these results demonstrate the resilience of our business model. As we continue to navigate market complexities, we remain committed to our vision and strategic goals, driving sustained growth and long-term success.”

Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, “Reflecting a decent quarter, both BEC and BBM made commendable progress, with E-Commerce revenue increasing 3% and Brand Management revenue accelerating 35% year-over-year. Adjusted operating income of E-commerce was RMB41.1 million, which after exclusion of the impact of non-recurring impairment of accounts receivable, achieved a 56% increase compared with the same period of last year, showing a stronger foundation. BBM continued to narrow its non-GAAP operating loss by 30%. With discipline execution, clear strategic alignment, and a sharper focus on high-quality growth, we remain confident in achieving meaningful profitability expansion while sustaining modest topline growth.”

Second Quarter 2025 Financial Highlights

  • Total net revenues were RMB2,552.7 million (US$[1]356.3 million), representing an increase of 6.8% compared with RMB2,391.0 million in the same quarter of last year.
  • Loss from operations was RMB9.4 million (US$1.3 million), compared with RMB18.8 million in the same quarter of last year. Operating margin was negative 0.4%, compared with negative 0.8% for the same period of 2024.
  • Non-GAAP income from operations[2] was RMB6.1 million (US$0.9 million), compared with RMB10.0 million in the same quarter of last year. Non-GAAP operating margin was 0.2%, compared with 0.4% for the same period of 2024.
    • Adjusted operating income of E-commerce was RMB41.1 million (US$5.7 million), compared with adjusted operating income RMB60.2 million for the same period of 2024.
    • Adjusted operating loss of Brand Management narrowed to RMB35.0 million (US$4.9 million), an improvement of 30.0% from RMB50.0 million for the same period of 2024.
  • Net loss attributable to ordinary shareholders of Baozun was RMB34.0 million (US$4.7 million), compared with RMB30.6 million for the same period of 2024.
  • Non-GAAP net loss attributable to ordinary shareholders of Baozun[3] was RMB18.0 million (US$2.5 million), compared with RMB3.9 million for the same period of 2024.
  • Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share (“ADS[4]“) were both RMB0.59 (US$0.08), compared with RMB0.51 for the same period of 2024.
  • Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS[5] was RMB0.31 (US$0.04), compared with RMB0.06 for the same period of 2024.

Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.

Adjusted operating profits (losses) are included in the Segments data of Segment Information.

[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.

[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancellation fees of repurchased ADSs.

[3] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).

[4] Each ADS represents three Class A ordinary shares.

[5] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS are non-GAAP financial measures, which are respectively defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three, respectively.

Business Highlights

Baozun e-Commerce, or “BEC”

BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the second quarter of 2025, total revenue from BEC increased by 3.4% year-over-year, driven by both sustainable growth in the product sales and service model. BEC’s product sales grew by 3.3% to RMB598.6 million, driven by growth categories in Beauty and Cosmetics, and Alcohol. BEC’s services revenue grew by 3.5% to RMB1,601.6 million, driven by revenue growth in online-store operations and Digital Marketing and IT solutions.

Omni-channel expansion remains a key theme for our brand partners. Notably, during this quarter, we achieved growth across many marketplaces, with JD contributing high double-digit revenue growth and RedNote generating triple digit growth on year-on-year basis. By the end of the second quarter of 2025, approximately 48.5% of our brand partners engaged with us for store operations of at least two channels, compared to 45.8% at the end of same quarter of last year.

Baozun Brand Management, or “BBM”

The company launched the BBM business line in 2023, to leverage its leading portfolio of technologies in service of brands, fostering deeper and longer relationships to drive sustainable business growth in China.

BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the second quarter of 2025, total revenue from BBM increased by 35.4% year-over-year to RMB398.3 million, and we have 162 offline stores under our management at the end of the second quarter of 2025.

Second Quarter 2025 Financial Results

Total net revenues were RMB2,552.7 million (US$356.3 million), an increase of 6.8% from RMB2,391.0 million in the same quarter of last year. The increase in total net revenues was driven by both of the Group’s two business lines.

Total product sales revenue was RMB994.1 million (US$138.8 million), an increase of 14.2% compared with RMB870.3 million in the same quarter of last year, of which,

  • Product sales revenue of E-Commerce was RMB598.6 million (US$83.6 million), an increase of 3.3% from RMB579.2 million in the same quarter of last year. The increase was primarily attributable to the categories of Beauty and Cosmetics, and Alcohol sectors.

The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [6] for the periods indicated:

For the three months ended June 30,

2024

2025

RMB

% of Net
Revenues

RMB

US$

% of Net
Revenues

YoY
Change

(In millions, except for percentage)

Product Sales of E-Commerce

Appliances

264.2

11 %

190.6

26.6

7 %

-28 %

Beauty and Cosmetics

107.9

5 %

185.9

26.0

7 %

72 %

Home and Furnishing

56.4

2 %

62.9

8.8

2 %

12 %

Health and Nutrition

83.9

4 %

62.0

8.7

2 %

-26 %

Others

66.8

2 %

97.2

13.5

5 %

46 %

Total net revenues from product
sales of E-Commerce

579.2

24 %

598.6

83.6

23 %

3 %

  • Product sales revenue of Brand Management was RMB396.0 million (US$55.3 million), an increase of 35.5% from RMB292.3 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channel and marketing initiatives to boost sales.

[6] Key categories refer to the categories that accounted for no less than 10% of product sales of E-Commerce revenues during the periods indicated.

Services revenue was RMB1,558.6 million (US$217.6 million), a slight increase of 2.5% from RMB1,520.7 million in the same quarter of last year.

The following table sets forth a breakdown of services revenue by business models for the periods indicated:

 

For the three months ended June 30,

2024

2025

RMB

% of Net
Revenues

RMB

US$

% of Net
Revenues

YoY
Change

(In millions, except for percentage)

Services revenue

Online store operations

441.4

18 %

478.8

66.8

19 %

8 %

Warehousing and fulfillment

587.8

25 %

542.3

75.7

21 %

-8 %

Digital marketing and IT solutions

520.5

22 %

582.8

81.4

23 %

12 %

Inter-segment eliminations7

(29.0)

-1 %

(45.3)

(6.3)

-2 %

56 %

Total net revenues from services

1,520.7

64 %

1,558.6

217.6

61 %

2 %

Breakdown of total net revenues of online store operations of services revenue by key categories [8] for the periods indicated:

For the three months ended June 30,

2024

2025

RMB

% of Net
Revenues

RMB

US$

% of Net
Revenues

YoY
Change

(In millions, except for percentage)

Online store operations in
Services revenue 

Apparel and accessories

317.8

13 %

354.1

49.4

14 %

11 %

Luxury

96.9

4 %

102.2

14.3

4 %

5 %

Sportswear

117.1

5 %

129.8

18.1

5 %

11 %

Other apparel

103.8

4 %

122.1

17.0

5 %

18 %

Others

123.6

6 %

124.7

17.4

5 %

1 %

Inter-segment eliminations9

(12.0)

-1 %

(18.4)

(2.6)

-1 %

53 %

Total net revenues from online
store operations in services

429.4

18 %

460.4

64.2

18 %

7 %

 

Total operating expenses were RMB2,562.0 million (US$357.6 million), compared with RMB 2,409.8 million in the same quarter of last year.

  • Cost of products was RMB711.5 million (US$99.3 million), compared with RMB649.7 million in the same quarter of last year. The increase was primarily due to an increase in product sales volume.
  • Fulfillment expenses were RMB606.0 million (US$84.6 million), compared with RMB 627.0 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with savings in Gap logistics expenses.
  • Sales and marketing expenses were RMB937.8 million (US$130.9 million), compared with RMB844.7 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased marketing activities and expenses associated with the expansion of offline stores for BBM during the quarter.
  • Technology and content expenses were RMB114.7 million (US$16.0 million), compared with RMB129.8 million in the same quarter of last year. The decrease was mainly due to the company’s continued efforts to implement cost control and efficiency improvement initiatives.
  • General and administrative expenses were RMB224.4 million (US$31.3 million), an increase of 30.7% compared with RMB 171.6 million in the same quarter of last year. The increase was primarily due to a write-down of account receivable totaling RMB53.3 million. As disclosed in the Form 20-F of 2024, in September 2021, one of our subsidiaries, Baozun Hong Kong Holding Limited, initiated an arbitration proceeding against a distributor in the health care and cosmetics industry for payment default. Management had previously provided an allowance of RMB93.3 million (US$13.1 million) of accounts receivable in connection with the default of this distributor in the past. Based on the latest progress of arbitration proceedings, management assessed the likelihood of recovery as remote and therefore provided additional allowance against the remaining carrying amount due from this distributor.

[7] The inter-segment eliminations mainly consist of revenues from online store operations, warehousing and fulfillment, and digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.

[8] Key categories refer to the categories that accounted for no less than 10% of services revenue during the periods indicated. 

[9] The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under Brand Management.

Loss from operations was RMB9.4 million (US$1.3 million), compared with RMB18.8 million in the same quarter of last year. The operating margin was negative 0.4%, compared with a negative 0.8% in the same quarter of last year.

Non-GAAP income from operations was RMB6.1 million (US$0.9 million), compared with RMB10.0 million in the same quarter of last year. Non-GAAP operating margin was 0.2%, compared with 0.4% in the same quarter of last year.

  • Adjusted operating profit of E-Commerce was RMB41.1 million (US$5.7 million), compared with RMB60.2 million in the same quarter of last year.
  • Adjusted operating loss of Brand Management was RMB35.0 million (US$4.9 million), an improvement of 30.0% compared with RMB50.0 million in the same quarter of last year.

Unrealized investment loss was RMB4.0 million (US$0.6 million), compared with RMB2.8 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invest in.

Fair value change on financial instruments was a gain of RMB4.4 million (US$0.6 million), compared with RMB11.2 million in the same quarter of last year. The fair value change on financial instruments was mainly composed of the gain recognized from the financial instruments the Company invested in.

Exchange loss was RMB0.5 million (US$0.1 million), due to exchange rate fluctuation in the quarter ended June 30, 2025, compared to RMB10.4 million in the same quarter last year.

Net loss attributable to ordinary shareholders of Baozun was RMB34.0 million (US$4.7 million), compared with net loss attributable to ordinary shareholders of Baozun RMB30.6 million in the same quarter of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.59 (US$0.08), compared with both RMB0.51 for the same period of 2024.

Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB18.0 million (US$2.5 million), compared with RMB3.9 million in the same quarter of last year.

Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.31 (US$0.04), compared with RMB0.06 for the same period of 2024.

Segment Information

(a)   Description of segments

The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.

The following summary describes the operations in each of the Group’s operating segment:

(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).

a> BEC includes our mainland China e-commerce businesses, such as brands’ store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.

b> BZI includes our e-commerce businesses outside of mainland China, including locations such as Hong Kong, Macau, Taiwan, South East Asia and Europe.

(ii) Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. Currently, the primary brand under the Company’s brand management is Gap in Greater China.

(b)   Segments data

The table below provides a summary of the Group’s reportable segment results for the three months ended June 30, 2024 and 2025:

For the three months ended June 30,

2024

2025

RMB

RMB

Net revenues:

E-Commerce

2,130,881

2,200,182

Brand Management 

294,283

398,342

Inter-segment eliminations *

(34,170)

(45,863)

Total consolidated net revenues

2,390,994

2,552,661

Adjusted Operating Profits (Losses) **:

E-Commerce

60,212

41,149

Brand Management

(49,976)

(34,996)

Inter-segment eliminations *

(200)

(18)

Total Adjusted Operating profit

10,036

6,135

Unallocated expenses:

Share-based compensation expenses

(17,478)

(7,612)

Amortization of intangible assets resulting from business acquisition   

(10,916)

(7,901)

Cancellation fees of repurchased shares

(415)

Total other income (expenses), net

4,163

(929)

Loss before income tax and share of loss in equity method
investment

(14,610)

(10,307)

*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.

** Adjusted Operating (Losses) Profits represent segment (losses) profits, which is (loss) income from operations from each segment without allocating share-based compensation expenses, amortization of intangible assets resulting from business acquisition, and cancellation fees of repurchased shares.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Thursday, August 28, 2025 (7:30 p.m. Beijing time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:                         

1-888-317-6003

Hong Kong:                           

800-963-976

Singapore:                               

800-120-5863

Mainland China:                   

4001-206-115

International:                           

1-412-317-6061

Passcode:                               

7947054

A replay of the conference call may be accessible through September 4, 2025 by dialing the following numbers:

United States:                         

1-877-344-7529

International:                           

1-412-317-0088

Canada:                                 

855-669-9658

Replay Access Code:             

3755054

A live webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.

The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continues,” “ongoing,” “targets,” “guidance,” “going forward,” “looking forward,” “outlook” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun’s filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.

About Baozun Inc.

Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service.  It serves approximately 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America as of December 31, 2024.

Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth.  Driven by the principle that “Technology Empowers the Future Success”, Baozun’s business lines are devoted to empowering their clients’ business and navigating their new phase of development.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of

December 31,
2024 

June 30,
2025 

June 30,
2025 

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

1,289,323

1,189,429

166,038

Restricted cash

354,991

138,178

19,289

Short-term investments

1,271,618

1,374,219

191,834

Accounts receivable, net

2,033,778

2,043,408

285,249

Inventories

1,117,439

955,961

133,447

Advances to suppliers

404,353

290,141

40,502

Derivative financial assets

11,557

1,510

211

Prepayments and other current assets

724,091

629,836

87,922

Amounts due from related parties

7,021

2,568

358

Total current assets

7,214,171

6,625,250

924,850

Non-current assets

Long-term debt investments (including
RMB73,869 of the investments measured at
fair value as at June 30,2025)

160,792

22,446

Long-term equity investments

341,687

338,149

47,204

Property and equipment, net

822,229

778,566

108,684

Intangible assets, net

357,307

336,773

47,012

Land use right, net

37,438

36,926

5,155

Operating lease right-of-use assets

767,376

688,876

96,163

Goodwill

362,399

362,399

50,589

Other non-current assets

69,886

58,161

8,119

Deferred tax assets

234,508

235,472

32,871

Total non-current assets

2,992,830

2,996,114

418,243

Total assets

10,207,001

9,621,364

1,343,093

LIABILITIES , REDEEMABLE NON-
CONTROLLING INTERESTS AND
SHAREHOLDERS’ EQUITY

Current liabilities

Short-term loan

1,220,957

1,385,268

193,376

Accounts payable

620,679

348,438

48,640

Notes payable

461,179

207,937

29,027

Income tax payables 

26,559

6,140

857

Accrued expenses and other current liabilities

1,169,547

1,151,295

160,719

Derivative liabilities

130

283

40

Amounts due to related parties

5,369

1,334

185

Current operating lease liabilities

243,137

263,001

36,714

Total current liabilities

3,747,557

3,363,696

469,558

Non-current liabilities

Deferred tax liabilities

32,783

29,178

4,073

Long-term operating lease liabilities

597,805

514,211

71,781

Other non-current liabilities

48,277

47,681

6,656

Total non-current liabilities

678,865

591,070

82,510

Total liabilities

4,426,422

3,954,766

552,068

Redeemable non-controlling interests

1,670,379

1,685,446

235,279

Baozun Inc. shareholders’ equity:

Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized,175,668,586 and
175,846,486 shares issued, 161,337,586 and
160,044,058 shares outstanding, as of December 31,
2024, and June 30, 2025, respectively)

95

95

13

Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares
issued and outstanding as of December 31, 2024,
and June 30, 2025)

8

8

1

Additional paid-in capital 

4,646,631

4,649,833

649,092

Treasury shares (14,331,000 and 15,802,428
shares as of December 31, 2024, and June 30,
2025, respectively)

(95,502)

(105,719)

(14,758)

Accumulated deficit

(691,785)

(788,823)

(110,116)

Accumulated other comprehensive income

54,575

32,853

4,586

Total Baozun Inc. shareholders’ equity

3,914,022

3,788,247

528,818

Non-controlling interests

196,178

192,905

26,928

Total Shareholders’ equity

4,110,200

3,981,152

555,746

Total liabilities, redeemable non-controlling
interests and shareholders’ equity 

10,207,001

9,621,364

1,343,093

 

 

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except for share and per share data and per ADS data)

For the three months ended June 30,

2024

2025

RMB

RMB

US$

Net revenues

Product sales (1)

870,301

994,094

138,770

Services

1,520,693

1,558,567

217,568

Total net revenues

2,390,994

2,552,661

356,338

Operating expenses (2)

Cost of products

(649,696)

(711,500)

(99,322)

Fulfillment (3)

(626,958)

(605,957)

(84,588)

Sales and marketing (3)

(844,698)

(937,846)

(130,918)

Technology and content (3)

(129,788)

(114,655)

(16,005)

General and administrative (3)

(171,637)

(224,377)

(31,322)

Other operating income, net

13,010

32,296

4,508

Total operating expenses 

(2,409,767)

(2,562,039)

(357,647)

Loss from operations 

(18,773)

(9,378)

(1,309)

Other income (expenses)

Interest income 

16,695

10,895

1,521

Interest expense 

(10,436)

(11,781)

(1,645)

Unrealized investment loss

(2,830)

(4,036)

(564)

Exchange loss

(10,418)

(454)

(63)

Fair value change on financial instruments 

11,152

4,447

621

Loss before income tax and share of income in
equity method investment

(14,610)

(10,307)

(1,439)

Income tax expense (4)

(3,763)

(13,359)

(1,865)

Share of (loss) income in equity method
investment, net of tax of nil 

(3,616)

3,212

448

Net loss

(21,989)

(20,454)

(2,856)

Net loss attributable to noncontrolling interests

5,862

1,172

164

Net income attributable to redeemable
noncontrolling interests

(14,493)

(14,676)

(2,049)

Net loss attributable to ordinary shareholders of
Baozun Inc.

(30,620)

(33,958)

(4,741)

Net loss per share attributable to ordinary
shareholders of Baozun Inc.:

Basic

(0.17)

(0.20)

(0.03)

Diluted

(0.17)

(0.20)

(0.03)

Net loss per ADS attributable to ordinary
shareholders of Baozun Inc.:

Basic

(0.51)

(0.59)

(0.08)

Diluted

(0.51)

(0.59)

(0.08)

Weighted average shares used in calculating net
loss per ordinary share

Basic

181,899,568

173,318,225

173,318,225

Diluted

181,899,568

173,318,225

173,318,225

Net loss

(21,989)

(20,454)

(2,856)

Other comprehensive income (loss),
net of tax of nil: 

Foreign currency translation adjustment

6,328

(14,378)

(2,007)

Comprehensive loss

(15,661)

(34,832)

(4,863)

 

(1)     These amounts include product sales from E-Commerce and Brand Management of RMB598.6 million and RMB 396.0 million for the three months period ended June 30, 2025, respectively, compared with product sales from E-Commerce of RMB579.2 million and Brand Management of RMB292.3 million for the three months period ended June 30, 2024.

(2)     Share-based compensation expenses are allocated in operating expenses items as follows:

       

For the three months ended June 30,

2024

2025

RMB

RMB

US$

Fulfillment

1,358

226

32

Sales and marketing

2,242

512

72

Technology and content

2,446

371

52

General and administrative

11,432

6,503

907

17,478

7,612

1,063

(3)     These amounts include amortization of intangible assets resulting from business acquisition, which amounted to RMB10.9 million and RMB7.9 million for the three months period ended June 30, 2024 and 2025, respectively.

(4)     These amounts include income tax benefits of RMB2.3 million and RMB1.8 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for the three months period ended June 30, 2024 and 2025, respectively.

 

 

Baozun Inc.

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per ADS data)

For the three months ended June 30,

2024

2025

RMB

RMB

US$

Loss from operations 

(18,773)

(9,378)

(1,309)

Add: Share-based compensation expenses

17,478

7,612

1,063

Amortization of intangible assets resulting from
business acquisition

10,916

7,901

1,103

Cancellation fees of repurchased ADSs

415

Non-GAAP income from operations 

10,036

6,135

857

Net loss

(21,989)

(20,454)

(2,856)

Add: Share-based compensation expenses

17,478

7,612

1,063

Amortization of intangible assets resulting from
business acquisition

10,916

7,901

1,103

Cancellation fees of repurchased ADSs

415

Unrealized investment loss

2,830

4,036

564

Less: Tax effect of amortization of intangible assets
           resulting from business acquisition(1)

(2,259)

(1,802)

(252)

Non-GAAP net income (loss)

7,391

(2,707)

(378)

Net loss attributable to ordinary shareholders of Baozun Inc.

(30,620)

(33,958)

(4,741)

Add: Share-based compensation expenses

17,478

7,612

1,063

Amortization of intangible assets resulting from
business acquisition

7,523

5,528

772

Cancellation fees of repurchased ADSs

415

Unrealized investment loss

2,830

4,036

564

Less: Tax effect of amortization of intangible assets
           resulting from business acquisition(1)

(1,510)

(1,209)

(169)

Non-GAAP net loss attributable to ordinary
shareholders of Baozun Inc.

(3,884)

(17,991)

(2,511)

Diluted non-GAAP net loss attributable to ordinary
shareholders of Baozun Inc. per ADS:

(0.06)

(0.31)

(0.04)

Weighted average shares used in calculating
diluted net loss per ordinary share

181,899,568

173,318,225

173,318,225

(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial income tax effects except for amortization of intangible assets resulting from business acquisition.

Commonwealth Fusion Systems Raises $863 Million Series B2 Round to Accelerate the Commercialization of Fusion Energy

  • This round of capital is the largest raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021.
  • The almost $3 billion that CFS has raised to date is about one-third of the total capital invested in private fusion companies worldwide, solidifying its leadership of the fusion industry.
  • In recognition of the new category of energy technology that the company is creating, CFS expanded its global footprint by adding international investors from a widening range of sectors — from long-established fundamental investors, technology and industrial companies such as Counterpoint Global (Morgan Stanley) and Google, to hedge funds and leading individual investors such as Stanley Druckenmiller.

DEVENS, Mass., Aug. 28, 2025 /PRNewswire/ — Commonwealth Fusion Systems (CFS), the largest and leading private fusion company, today announced that it raised $863 million in a Series B2 fundraising round as it moves closer to being the first in the world to commercialize fusion power.

The oversubscribed round of capital is the largest amount raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021. CFS will use the funds to complete SPARC, its fusion demonstration machine, and progress on development work on its first ARC power plant in Virginia. To date, CFS has raised close to $3 billion, about one-third of the total capital invested in private fusion companies worldwide.

“Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives,” said Bob Mumgaard, CEO and Co-founder. “This funding recognizes CFS’ leadership role in developing a new technology that promises to be a reliable source of clean, almost limitless energy — and will enable investors to have the opportunity to capitalize on the birth of a new global industry.”

In this round, CFS expanded its global footprint by adding international investors from a widening range of sectors — from long-established fundamental investors to industrial companies. In recognition of the new category of energy technology that the company is creating, CFS deepened and broadened its access across the financial ecosystem, with investors that span venture capitalists, private equity firms, sovereign wealth funds, leading individual investors, industrials, hedge funds, pension funds and banks.

New investors in CFS include (in alphabetical order): Brevan Howard Macro Venture Fund; Counterpoint Global (Morgan Stanley); Stanley Druckenmiller; FFA Private Bank (Dubai) Ltd.; Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY); Gigascale Capital; HOF Capital; Neva SGR (Intesa Sanpaolo Bank); NVentures (NVIDIA’s venture capital arm); Planet First Partners; Woori Venture Partners US; and others committed to the mission of commercializing fusion energy.

A consortium of 12 Japanese companies led by Mitsui & Co., Ltd. and Mitsubishi Corporation also participated. The Japanese consortium included Development Bank of Japan Inc.; Fujikura Ltd.; JERA Co., Inc.; JGC Japan Corporation; Mitsui Fudosan Co., Ltd.; Mitsui O.S.K. Lines Ltd.; NTT, Inc.; Sumitomo Mitsui Banking Corporation; Sumitomo Mitsui Trust Bank Ltd.; and The Kansai Electric Power Co., Inc.

They join existing CFS investors who increased their stakes, including Breakthrough Energy Ventures; Emerson Collective; Eni; Future Ventures; Gates Frontier; Google; Hostplus Superannuation Fund; Khosla Ventures; Lowercarbon Capital; Safar Partners; Eric Schmidt, former CEO of Google; Starlight Ventures; Tiger Global;  a large state pension fund and others who support CFS’ leadership in this energy transition.

“CFS offers investors the clearest path to bringing commercial fusion to the world — and an unprecedented opportunity to make a real impact as global demand for power accelerates with electrification and increased use of AI and data centers,” said Ally Yost, Senior Vice President of Corporate Development at CFS. “Along with the promise of energy independence and security, fusion power will help to expand energy access, and with it, improve quality of life.”

The oversubscribed round validates that CFS is developing the most promising path to commercial fusion power in the coming years, as demonstrated by the company’s key advances in high-temperature superconducting magnets and its execution velocity in the construction of  SPARC in Devens, Massachusetts.

In parallel, CFS is moving forward with plans to build the world’s first grid-scale fusion power plant, called ARC, in Chesterfield County, Virginia. This effort to put power on the grid in the early 2030s is bolstered by strategic partnerships with Dominion Energy and Google — an investor in CFS that also agreed to buy half the power produced at the plant.

Perspectives from CFS investors:

“CFS is a rare fusion of visionary leadership, scientific breakthrough, and executional excellence – targeting one of the world’s biggest markets.  Counterpoint Global is excited to partner with CFS to help them achieve their mission to deliver affordable and abundant energy to power a sustainable future.” 
–Dennis Lynch, Head of Counterpoint Global (Morgan Stanley)

“At Khosla Ventures, we invest in bold and impactful projects, and CFS is one of the most impactful and ambitious projects I’ve seen in my career. Year after year, CFS has executed flawlessly.  Their ARC power plants will soon deliver limitless energy to fuel the age of AI driving a new wave of societal transformation.” —Vinod Khosla, Founder and Investor, Khosla Ventures

“Energy has always been the foundation of human progress, driving productivity, health, and prosperity. To meet the challenges of this century, we need energy that is abundant, clean, and accessible everywhere. That’s what fusion offers. For the first time in history, we have a real opportunity to commercialize the long-held promise of fusion power, and Commonwealth Fusion Systems has just taken a decisive step toward making that promise a reality.” –Laurene Powell Jobs, Founder and President, Emerson Collective

“CFS is pioneering one of the most credible and accelerated pathways to commercial fusion. Their breakthrough high-field magnet technology and pragmatic scaling strategy position them to deliver safe, reliable, and abundant clean energy, an outcome that could fundamentally reshape the global energy system.” —Hisham Elhaddad, Managing Partner at HOF Capital

“Achieving commercial, affordable fusion power would be one of the most transformative milestones in human history—delivering clean, limitless energy to help strengthen energy security and improve global living standards. CFS is advancing fusion at a pace and scale that can turn this future into reality—providing a unique opportunity to shape the energy landscape, especially as AI and data centers are driving unprecedented demand.” —Carmichael Roberts, Managing Partner, Breakthrough Energy Ventures

“We are excited to back Commonwealth Fusion Systems as they aim to transform decades of innovation in deep technologies into scalable, limitless power driving our future infrastructure. Their work exemplifies the kind of bold, world-changing ambition we are committed to supporting, and we are thrilled to partner in shaping the next era of global infrastructure.” —Sam Englebardt, General Partner of Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY)

“Few technologies in our investable universe have the potential to reshape the global energy system – and therefore the climate trajectory – as profoundly as fusion power. CFS has assembled a world-class team which is executing on a highly credible plan to deliver net energy gain with SPARC, a transformational milestone. Planet First Partners is beyond excited to join Bob and the CFS team on their mission to make commercial fusion power a reality.” —Frédéric de Mévius, Executive Chairman and Managing Partner at Planet First Partners

“Every discovery that changes the world begins with those who have the courage to believe in it. CFS is working on the most advanced technology in the world, in a sector that will revolutionize our lives. As part of Italy’s leading bank, our investment in the company stems from the conviction that our country must play an active role in this transformation and involve its SMEs and manufacturing network in building a new industrial supply chain for clean and sustainable energy. We are committed to ensuring that this initiative has a systemic impact: the goal is to anticipate global trends, support the transformation of businesses, and generate skilled employment.” —Mario Costantini, CEO and General Manager Neva SGR (Intesa Sanpaolo Bank) 

“Eni has further strengthened its financial commitment to CFS, confirming our long-term involvement in the development of fusion energy. We consider this technology a game-changing breakthrough for achieving the energy transition goals. As a relative majority shareholder, Eni’s support for CFS extends beyond financial capital. We continue to provide critical operational, technological, and project execution support by sharing methodologies applied in the energy industry.” —Clara Andreoletti, CEO Eni Next

As one of Commonwealth Fusion Systems’ earliest investors, we’ve had a front-row seat to witness their exceptional execution and the remarkable growth of what we believe is one of the most talented teams in the deep tech space. Their consistent ability to hit aggressive milestones while building breakthrough technology has reinforced our conviction that CFS is positioned to lead the clean energy revolution. We are confident in the senior management team’s excellence, and their commitment to creating a better world for humanity. We’re proud to continue supporting a company that combines world-class innovation with the operational discipline needed to bring fusion power to market as soon as possible.” —Nader Motamedy, Managing Partner, Safar Partners

“Backing Commonwealth isn’t about chasing hype, it’s about supporting a team that is steadily advancing physics and engineering toward the most consequential breakthrough of our lifetime. This fundraise is one more step on that audacious path.” —Maryanna Saenko, Co-founder, Future Ventures

“CFS is redefining what it takes to build a deep tech unicorn. With one of the most scientifically vetted approaches to fusion and a team built to execute, they’re turning breakthrough science into a global industry.”—Mike Schroepfer, Founder, Gigascale Capital

“At FFA Private Bank Dubai, we are committed to backing transformative technologies with the potential to redefine entire industries. Commonwealth Fusion Systems represents exactly that — a bold leap toward limitless, clean energy. We are proud to support CFS in accelerating the transition from ambition to reality, shaping the future of global energy security and sustainability.” —Nadim Haidar, CEO of FFA Private Bank (Dubai) Ltd.

“We’ve been proud to support Commonwealth Fusion Systems since 2019 and every round since. Perhaps no other technology better reflects our mission of backing unstoppable teams solving humanity’s most critical challenges – and it’s humbling to see them bring abundant, carbon-free fusion energy closer to reality with disciplined execution.” —Matias Mosse, Founder of Starlight Ventures

About Commonwealth Fusion Systems
Commonwealth Fusion Systems is the world’s largest and leading private fusion company. The company’s marquee fusion project, SPARC, will generate net energy, paving the way for limitless carbon-free energy. The company has raised more than $3 billion in capital since it was founded in 2018.

Media contacts:
Commonwealth Fusion Systems
press@cfs.energy

Hang Lung Properties Launches Community · Connect as it marks its 65th Anniversary

Three entrepreneurs welcomed alongside the “Well-Being · Start-Up 2.0” program initiated by the Hong Kong Housing Authority


Program will provide rent-free shops and marketing support to empower young people in realizing their creative dreams

HONG KONG SAR & SHANGHAI, CHINA – Media OutReach Newswire – 28 August 2025 – As part of an initiative that supports the Hong Kong Housing Authority’s “Well-Being · Start-Up 2.0” Program, Hang Lung Properties Limited (SEHK stock code: 00101) (the “Company” or “Hang Lung”) has provided three shops for young entrepreneurs at different locations in Hong Kong. In celebration of Hang Lung’s 65th anniversary, the project is the first initiative in Hong Kong as part of its new community investment philosophy, Community · Connect, designed to empower young entrepreneurs and cultural startups to thrive. Yesterday, the Hong Kong Secretary for Housing, Ms. Winnie Ho Wing-yin, visited one of the stores to meet with young entrepreneurs, offering her advice and encouragement.

Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (second from the right) and the Secretary for Housing, Ms. Winnie Ho Wing-yin (third from the right) visits the store at Peak Galleria to learn about the brand concepts and products of the three young entrepreneurs
Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (second from the right) and the Secretary for Housing, Ms. Winnie Ho Wing-yin (third from the right) visits the store at Peak Galleria to learn about the brand concepts and products of the three young entrepreneurs

As a supporting partner of the “Well-Being · Start-Up 2.0” program, Hang Lung has selected three outstanding young entrepreneurs from nearly 80 applications and lent premium shops at Peak Galleria, Kornhill Plaza and Amoy Plaza. This initiative provides entrepreneurs with a real operating environment where they can test business concepts and interact directly with customers to explore market opportunities. As well as the rent-free operating period, Hang Lung has also provided renovations, comprehensive marketing support and brand exposure platforms to reach potential customers, helping them explore the retail market and realize their entrepreneurial ambitions.

Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (third from the right), the Secretary for Housing, Ms. Winnie Ho Wing-yin (second from the left) and Ms. Evelyne Fung, Chief Estate Surveyor/Commercial Properties of the Housing Department (first from the right) at a sharing session with the three young entrepreneurs
Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (third from the right), the Secretary for Housing, Ms. Winnie Ho Wing-yin (second from the left) and Ms. Evelyne Fung, Chief Estate Surveyor/Commercial Properties of the Housing Department (first from the right) at a sharing session with the three young entrepreneurs

Ms. Winnie Ho Wing-yin, Secretary for Housing, said, “The success of the ‘Well-Being · Start-Up 2.0’ program is an excellent example of the value of public-private partnerships. I would like to express my heartfelt gratitude to Hang Lung Properties for its support in expanding our program to the private sector, providing a tangible platform for aspiring young entrepreneurs to launch their innovative ideas in a real market environment. These creative young people have injected new impetus into the community and Hong Kong’s retail industry, and will encourage more start-ups to realize their ambitions.”

The three winning entrepreneurs sharing their entrepreneurial journey with the Secretary for Housing, Ms. Winnie Ho Wing-yin (first from the right)
The three winning entrepreneurs sharing their entrepreneurial journey with the Secretary for Housing, Ms. Winnie Ho Wing-yin (first from the right)

Through a range of community investment projects, Hang Lung’s Community · Connect aims to promote career diversity for young people, encourage entrepreneurship, promote creativity and cultural development, and champion community health and inclusion.

The stores run by the three young entrepreneurs were officially opened at Peak Galleria, Kornhill Plaza and Amoy Plaza respectively, realizing their entrepreneurial dreams
The stores run by the three young entrepreneurs were officially opened at Peak Galleria, Kornhill Plaza and Amoy Plaza respectively, realizing their entrepreneurial dreams
The stores run by the three young entrepreneurs were officially opened at Peak Galleria, Kornhill Plaza and Amoy Plaza respectively, realizing their entrepreneurial dreams
The stores run by the three young entrepreneurs were officially opened at Peak Galleria, Kornhill Plaza and Amoy Plaza respectively, realizing their entrepreneurial dreams

Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties, said, “Community · Connect is an important milestone for Hang Lung to celebrate its 65th anniversary and a concrete action to give back to the community by implementing our ‘We Do It Well’ core value. We launched the program at Grand Gateway 66 in Shanghai, receiving an enthusiastic response and achieving encouraging results. Hang Lung is delighted to partner with the Housing Authority to support young entrepreneurs in shopping malls across Hong Kong. Our role extends beyond providing physical retail spaces; we emphasize ‘empowerment’ – helping entrepreneurs transform their unique ideas into sustainable businesses while delivering a richer and more diverse retail experience to customers.”

In July, Hang Lung launches its first pilot, “Summer Retro Market” at Grand Gateway 66 in Shanghai as an initiative under Community · Connect. The two-weekend-long market brings together more than 40 emerging brands led by young people, provides them with a rent-free exhibition platform, allows creativity and business to collide, and helps young entrepreneurs explore the market and realize their dreams
In July, Hang Lung launches its first pilot, “Summer Retro Market” at Grand Gateway 66 in Shanghai as an initiative under Community · Connect. The two-weekend-long market brings together more than 40 emerging brands led by young people, provides them with a rent-free exhibition platform, allows creativity and business to collide, and helps young entrepreneurs explore the market and realize their dreams
In July, Hang Lung launches its first pilot, “Summer Retro Market” at Grand Gateway 66 in Shanghai as an initiative under Community · Connect. The two-weekend-long market brings together more than 40 emerging brands led by young people, provides them with a rent-free exhibition platform, allows creativity and business to collide, and helps young entrepreneurs explore the market and realize their dreams

Further Community · Connect activities will be held in Jinan and Kunming in October, and will return to Hong Kong in December.

AppendixAbout the three start-ups and their sharing

LAM WING SUM is a local sustainable fashion brand that brings imagination to life while promoting a sustainable future. With the “The Art of Mending” philosophy, the brand celebrates imperfection and highlights beauty through techniques like Sashiko and mending. Location: Shop 218, Level 2, Peak Galleria, 118 Peak Road, The Peak

The founder, Lam Wing Sum commented: “As a local fashion designer, it isn’t easy to set up a store in Hong Kong, with rental costs the biggest challenge. With the support of Hang Lung, the opening of our first physical store at the landmark of Peak Galleria is an important milestone. It allows me to connect with travelers from all over the world, which is perfect for promoting my design philosophy of combining environmental protection and handicrafts. Thank you, Hang Lung, for providing such a valuable opportunity for local creativity.”

Rosemania & Co. was first introduced online in 2024. The brand celebrates eternal love through preserved flowers with its unique designs, offering exquisite products such as preserved flower glass domes, bouquets, memory capsules, and more. Location: Shop S5a, Kornhill Plaza South, 1-2 Kornhill Road, Quarry Bay

Said the founder Christine Lau: “I am very grateful to Hang Lung for their support for young entrepreneurs, providing rent-free shops, but also for supporting on marketing, which made me deeply feel the importance and dedication they put into this project. The Hang Lung team has been hugely attentive and considerate of us at every turn, which has given me greater confidence to develop my business even more. I already have a stable customer base in Hong Kong Island East, and Kornhill Plaza itself is a community I am familiar with, so being able to open here has added a sense of community and helped me reach more family customers and realize my original intention of connecting with people through floral art.”

PokeCard specializes in Pokémon and sports cards, offering a wide range of card boxes and graded cards to satisfy the needs of players and collectors. The shop reignites the classic joy of physical cards in the digital age and celebrates the spirit of card-playing culture through events and competitions. Location: Shop F126-127A, 1/F, Phase 1, Amoy Plaza, 77 Ngau Tau Kok Road, Kowloon Bay

“I grew up around the neighborhood of Amoy Garden and have a special affection for it,” said the founder, Ricky Siu. “Thank you to Hang Lung for giving me this unique opportunity to provide complete equipment and rent-free support to promote card culture and build a physical community. The store space allows me to host Pokémon championship events, which is an application criteria to become an official Pokémon gym and also enhances the brand’s professionalism. Through this platform, I hope to turn my hobby into a career and connect with more like-minded players.”

Hashtag: #HangLungProperties

The issuer is solely responsible for the content of this announcement.

About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong and Shanghai, the Company manages a portfolio of over 3.5 million square meters of retail, office, residential, and hotel properties across Hong Kong and mainland China.
The Company’s diverse portfolio in Hong Kong includes office towers and malls in prime districts, as well as luxury residential developments in prestigious areas. In mainland China, under the signature “66” brand, the Company’s mixed-use and retail developments are regarded as premium landmarks, strategically located in the hearts of key cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan, and Hangzhou.
The Company is recognized for pioneering sustainability in the real estate industry, with an MSCI ESG rating of AA and inclusion on CDP “A List” for Climate Change. The Company powers 80% of its operating properties in the Mainland with renewable energy, with a net-zero commitment by 2050.
At Hang Lung Properties – We Do It Well.
For more information, please visit .

Dog Poisoning Crisis in Laos: One Man’s Fight for Justice

Dog Poisoning Crisis in Laos: One Man’s Fight for Justice
A collection of photos of Noum and Robin, his late dog. (photo credit: Anousith “Noum” Phompida)

Dog poisoning has long been an issue in Laos, with cases of pets being poisoned and kidnapped continuing to put owners on edge. 

Laos Launches Commercial Operations of Southeast Asia’s Largest Wind Farm

Monsoon Wind Power Project, spanning two southern provinces, Dak Cheung District in Sekong and Sanxay District in Attapeu, Southern Laos. (Photo credit: Monsoon Wind Power)

Laos launched its first wind power project on 22 August.  

The 600-megawatt Monsoon Wind Power Project is Southeast Asia’s largest onshore wind farm and Asia’s first cross-border renewable energy venture. It’s now begun supplying electricity to Vietnam Electricity (EVN).

Strategic Location and Scale

Spanning two southern provinces, Dak Cheung District in Sekong and Sanxay District in Attapeu, the 133 turbines are positioned along mountain ridgelides at elevations between 1,100 and 1,700 meters above sea level.

Each turbine generates 4.51 megawatts of electricity, enough to power roughly 3,000-4,000 households.

Electricity is being delivered through four 115-kilovolt substations, stepped up to 500 kV, and transmitted along a 27-kilometre high-voltage line to the Lao-Vietnam border, then onward to EVN’s Thanh My substation in Vietnam.

A Decade-Long Journey

Laos signed an agreement with the International Energy Agency in 2011 to study large-scale wind potential. After identifying Sekong and Attapeu as prime sites in 2015. 

Later in September 2019, the Vietnamese government approved the wind project, saying it could safely connect to the power grid in Vietnam. 

Construction began in April 2023. The first turbine was installed in October that year, and by May 2025, all 133 turbines were installed.

In July, the wind farm was operating at half capacity with 300 megawatts, according to Deputy Governor of Sekong Province, Khanti Seelavongsa.

International Partnership and Investment

The USD-950-million venture showcases unprecedented regional cooperation. 

“The project not only delivers renewable energy at scale but also demonstrates how ASEAN countries can work together for a cleaner, more sustainable future,” said Nat Hutanuwatr, Managing Director of Monsoon Wind Power.

Over its 25-year lifespan, the facility will prevent 32.5 million tonnes of Carbon dioxide emissions, or approximately 1.3 million tonnes of Carbon dioxide annually, equivalent to removing seven million cars annually or planting 59 million trees for a quarter-century.

WuXi Biologics’ Near-Term and Net-Zero Targets Approved by SBTi

  • Committed to net-zero across the value chain by 2050
  • Aligned with 1.5°C mitigation pathways, the most ambitious SBTi designation
  • Leader in Green CRDMO to drive innovation for a healthier future

SHANGHAI, Aug. 28, 2025 /PRNewswire/ — WuXi Biologics (2269.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO), today announced its near-term and net-zero greenhouse gas (GHG) emissions reduction targets have been approved by the Science Based Targets initiative (SBTi).

WuXi Biologics is one of the first companies in the industry to receive approval for near-term and net-zero targets from SBTi, a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating climate change by setting goals to reduce greenhouse gas (GHG) emissions.

Deeply understanding the importance of tackling climate change, WuXi Biologics has adopted a broad, integrated strategy with measurable targets and a refined roadmap. The company set a GHG emission intensity reduction target in 2021, established an operational net-zero target in 2022, and introduced new, ambitious SBTi targets in 2025. Aligning with 1.5°C pathways to limit global warming, the SBTi target matrix covers Scope 1, 2, and 3 GHG emissions, and includes near-term and net-zero targets.

While diligently pursuing its own climate goals, WuXi Biologics also actively engages with its suppliers through comprehensive sustainable supply chain management to help achieve positive impacts across the entire value chain.

Dr. Chris Chen, CEO of WuXi Biologics and Chairman of its ESG Committee, commented, “We are delighted that our near-term and net-zero GHG targets have been approved by SBTi, an acknowledgement that further inspires our steadfast dedication to tackling climate change and leading the way to a net-zero economy. As a global leader in Green CRDMO, we consistently deliver ESG excellence, enable partners worldwide with end-to-end solutions, and work together with all stakeholders to promote responsible practices.”

As a participant of the United Nations Global Compact (UNGC) and Pharmaceutical Supply Chain Initiative (PSCI), WuXi Biologics proactively advocates sustainability and has earned widespread recognitions for its efforts. The company was granted an MSCI AAA Rating; awarded an EcoVadis Platinum Medal; listed in the Dow Jones Sustainability Indices (DJSI); named to the CDP Water Security “A List” and Supplier Engagement Assessment “A List”, and awarded a CDP Climate Change leadership-level “A-” score for two consecutive years; given the highest negligible-risk rating by Sustainalytics, and recognized as a Sustainalytics industry and regional ESG top-rated company for five consecutive years; selected as a Constituent of the FTSE4Good Index Series; listed in the Hang Seng ESG 50 Index; and rated as Prime by ISS ESG Corporate Rating.

WuXi Biologics’ SBTi Target Matrix

Overall Net-Zero Target

Reach net-zero greenhouse gas emissions across the value chain by 2050.

Near-Term Targets

Reduce absolute scope 1 and 2 GHG emissions 58.8% by 2034 from a 2024 base year; reduce scope 3 GHG emissions covering purchased goods and services 63.8% per kg of product produced within the same timeframe.

Long-Term Targets

Reduce absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2024 base year; reduce absolute scope 3 GHG emissions covering purchased goods and services, capital goods, fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, and employee commuting 90% within the same timeframe.

About SBTi

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis. 

It develops standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.

The SBTi is incorporated as a charity, with a subsidiary which will host its target validation services. Its partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of June 30, 2025, WuXi Biologics is supporting 864 integrated client projects, including 24 in commercial manufacturing.

WuXi Biologics regards sustainability as the cornerstone of long-term business growth. The company continuously drives green technology innovations to offer advanced end-to-end Green CRDMO solutions for its global partners while consistently achieving excellence in Environment, Social and Governance (ESG). Committed to creating shared value, it collaborates with all stakeholders to foster positive social and environmental impacts, and promote responsible practices that empower the entire value chain. 

For more information about WuXi Biologics, please visit: www.wuxibiologics.com

Contacts

ESG
esg@wuxibiologics.com

Media
PR@wuxibiologics.com