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Baozun Announces First Quarter 2026 Unaudited Financial Results

SHANGHAI, May 20, 2026 /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 first quarter ended March 31, 2026.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “The first quarter of 2026 was robust across the board. We achieved growth in revenue, profitability, and improvement in working capital efficiency, reflecting genuine improvement in our value proposition and, in turn, stronger sales and profit conversion. BEC resumed sustainable growth, evolving into a higher-quality and value-driven business through enhanced brand partnerships, tighter BBM integration, and disciplined operational refinement. BBM accelerated its revenue growth, while GAP achieved its second consecutive quarter of non-GAAP operating breakeven, validating the strength of our Merchandising-Marketing-Channel (MMC) methodology. Both divisions are performing in synchrony, and operational synergies are emerging.”

Chief Financial Officer commented, “We are pleased with our 15% year-over-year revenue growth and the return to non-GAAP operating profitability at the group level, especially given that the first quarter is typically a seasonally softer period for topline performance. Both BEC and BBM significantly improved their bottom lines alongside double-digit revenue growth. We also conducted comprehensive working capital reviews and streamlined technology processes to further optimize resource allocation and operating efficiency. Overall, working capital turnover days in the first quarter of 2026 improved to 109 days from 193 days in the first quarter of 2025, reflecting our operational discipline and rigor. With focused execution, enhanced margins, and strong performance from both divisions, we remain confident in sustaining our profitability trajectory.”

First Quarter 2026 Financial Highlights

  • Total net revenues were RMB2,381.1 million (US$[1]345.2 million), representing an increase of 15.3% compared with RMB2,064.4 million in the same quarter of last year.
  • Income from operations was RMB0.3 million (US$0.04 million), compared with loss from operations of RMB84.0 million in the same quarter of last year. Operating margin was 0.01%, compared with negative 4.1% for the same period of 2025.
  • Non-GAAP income from operations[2] was RMB8.1 million (US$1.2 million), compared with non-GAAP loss from operations of RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was 0.3%, compared with negative 3.2% for the same period of 2025.
    • Adjusted operating profit of E-Commerce[3] was RMB13.0 million (US$1.9 million), compared with adjusted operating loss of RMB45.8 million for the same period of 2025.
    • Adjusted operating loss of Brand Management[3] was RMB4.9 million (US$0.7 million), a significant improvement from RMB21.1 million in the same quarter of last year.
  • Net loss attributable to ordinary shareholders of Baozun was RMB7.5 million (US$1.1  million), narrowed from RMB63.1 million for the same period of 2025.
  • Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was RMB1.4 million (US$0.2 million), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun of RMB57.2 million for the same period of 2025.  
  • Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share (“ADS[5]“) were both RMB0.13 (US$0.02), compared with RMB1.09 for the same period of 2025.
  • Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[6] was RMB0.02 (US$0.00[7]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS RMB0.99 for the same period of 2025.

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.

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 first quarter of 2026, total revenue from BEC increased by 10.4% year-over-year, mainly driven by resilient growth in both product sales and service fee model. BEC’s product sales grew 20.6% year-over-year compared with the same period of 2025, with broad-based growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms. BEC’s services revenue grew by 7.1% to RMB1,376.2 million, mainly driven by revenue growth in Digital Marketing and IT solutions and online store operations.

Baozun Brand Management, or “BBM”

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 first quarter of 2026, total revenue from BBM increased by 38.8% year-over-year to RMB537.8 million. We have 176 offline stores under our management at the end of the first quarter of 2026.

First Quarter 2026 Financial Results

Total net revenues were RMB2,381.1 million (US$345.2 million), an increase of 15.3% from RMB2,064.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company’s BEC and BBM business lines.

Total product sales revenue was RMB1,045.0 million (US$151.5 million), an increase of 29.1% compared with RMB809.3 million in the same quarter of last year, of which,

  • Product sales revenue of E-Commerce was RMB510.3 million (US$74.0 million), an increase of 20.6% compared with RMB423.2 million in the same quarter of last year. The increase was primarily driven by sales growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms.
  • Product sales revenue of Brand Management was RMB537.6 million (US$77.9 million), an increase of 39.0% from RMB386.7 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, channels and marketing initiatives to boost sales.

Services revenue was RMB1,336.0 million (US$193.7 million), an increase of 6.5% from RMB1,255.1 million in the same quarter of last year. The increase was primarily attributable to double-digit revenue growth in digital marketing and IT solutions and online store operations.

Total operating expenses were RMB2,380.8 million (US$345.1 million), compared with RMB2,148.4 million in the same quarter of last year.

  • Cost of products was RMB694.8 million (US$100.7 million), compared with RMB547.2 million in the same quarter of last year. The increase was primarily driven by growth in sales volume, partially offset by cost reductions resulting from efficiency improvements.
  • Fulfillment expenses were RMB519.2 million (US$75.3 million), compared with RMB524.5 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 the Company’s cost control initiatives and efficiency improvements.
  • Sales and marketing expenses were RMB893.3 million (US$129.5 million), compared with RMB800.4 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 expenses associated with the expansion of offline stores and marketing activities for BBM during the quarter.
  • Technology and content expenses were RMB124.8 million (US$18.1 million), compared with RMB116.5 million in the same quarter of last year. The increase was primarily due to more revenue contribution from technology monetization, partially offset by the company’s continued efforts to implement cost control and efficiency improvement initiatives.
  • General and administrative expenses were RMB164.2 million (US$23.8 million), compared with RMB170.5 million in the same quarter of last year. The decrease was primarily due to the company’s continued efforts to implement cost control and efficiency improvement initiatives.

Income from operations was RMB0.3 million (US$0.04 million), compared with loss from operations of RMB84.0 million in the same quarter of last year. The operating margin was 0.01%, compared with negative 4.1% in the same quarter of last year.

Non-GAAP income from operations was RMB8.1 million (US$1.2 million), compared with non-GAAP loss from operations of RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was 0.3%, compared with negative 3.2% in the same quarter of last year.

  • Adjusted operating profit of E-Commerce was RMB13.0 million (US$1.9 million), a significant improvement from adjusted operating loss of RMB45.8 million in the same quarter of last year.
  • Adjusted operating loss of Brand Management was RMB4.9 million (US$0.7 million), a significant improvement from RMB21.1 million in the same quarter of last year.

Unrealized investment loss was RMB4.4 million (US$0.6 million), compared with an unrealized investment gain of RMB12.4 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 invested in.

Fair value change on financial instruments was a gain of RMB0.9 million (US$0.1 million), compared with a loss of RMB13.6 million in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in.

Exchange gain was RMB2.5 million (US$0.4 million), due to exchange rate fluctuation in the quarter ended March 31, 2026, compared to exchange gain of RMB8.2 million in the same quarter of last year.

Net loss attributable to ordinary shareholders of Baozun was RMB7.5 million (US$1.1 million), compared with RMB63.1 million in the same quarter of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.13 (US$0.02), compared with RMB1.09 for the same period of 2025.

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB1.4 million (US$0.2 million), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. of RMB57.2 million for the same period of 2025.

Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.02 (US$0.00[8]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.99 for the same period of 2025.

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 Chinese Mainland, including locations such as Hong Kong SAR, Macau SAR and Taiwan Region and South East Asia.

(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. 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 March 31, 2025 and 2026:

For the three months ended March 31,

2025

2026

RMB

RMB

Net revenues:

E-Commerce

1,708,666

1,886,427

Brand Management 

387,359

537,842

Inter-segment eliminations *

(31,665)

(43,210)

Total consolidated net revenues

2,064,360

2,381,059

Adjusted Operating (Losses) Profits **:

E-Commerce

(45,828)

12,958

Brand Management

(21,068)

(4,854)

Inter-segment eliminations *

(15)

10

Total Adjusted Operating (Losses) Profits

(66,911)

8,114

Unallocated expenses:

Share-based compensation expenses

(9,178)

(450)

Amortization of intangible assets resulting from business acquisition   

(7,901)

(7,414)

Total other income (expenses), net

5,814

6,785

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

(78,176)

7,035

*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 and amortization of intangible assets resulting from business acquisition, cancellation
fees of repurchased ADSs and impairment of goodwill.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, May 20, 2026 (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:

4769193

A replay of the conference call may be accessible through May 26, 2026 by dialing the following numbers:

United States:

1-855-669-9658

International:

1-412-317-0088

Replay Access Code:

3492191

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.

[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 RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 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, impairment of goodwill and cancellation fees of repurchased ADSs.

[3] The Group operates through two segments: (i) E-Commerce; (ii) Brand Management. For more information, please refer to Supplemental Information.

[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).

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

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

[7] The amount is less than US$0.01.

[8] The amount is less than US$0.01.

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, 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, 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.  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, 

March 31, 

March 31, 

2025

2026

2026

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

907,335

1,149,663

166,666

Restricted cash

140,959

94,178

13,653

Short-term investments (including RMB40,000 and
   RMB50,000 of the investments measured at fair value as
   of December 31, 2025 and March 31, 2026)

1,747,032

1,702,638

246,831

Accounts receivable, net

2,173,163

2,100,323

304,483

Inventories

879,421

858,352

124,435

Advances to suppliers

366,671

387,115

56,120

Derivative financial assets

6,342

7,687

1,114

Prepayments and other current assets

575,984

671,055

97,283

Amounts due from related parties

6,235

7,333

1,063

Total current assets

6,803,142

6,978,344

1,011,648

Non-current assets

Long-term debt investments (including RMB144,873 and
   RMB142,699 of the investments measured at fair value
   as of December 31, 2025 and March 31, 2026)

232,213

230,163

33,367

Long – term equity investments

256,406

249,186

36,124

Property and equipment, net

758,703

742,692

107,668

Intangible assets, net

322,924

315,719

45,770

Land use right, net

36,413

36,156

5,242

Operating lease right-of-use assets

651,660

614,917

89,144

Goodwill

274,326

274,326

39,769

Other non-current assets

71,075

118,797

17,222

Deferred tax assets

284,254

285,793

41,430

Total non-current assets

2,887,974

2,867,749

415,736

Total assets

9,691,116

9,846,093

1,427,384

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Short-term loan

1,207,773

1,201,908

174,240

Accounts payable

466,081

547,462

79,365

Notes payable

335,171

414,694

60,118

Income tax payables 

35,506

29,457

4,270

Accrued expenses and other current liabilities

1,359,389

1,413,518

204,915

Amounts due to related parties

1,532

2,027

294

Current operating lease liabilities

239,712

227,685

33,007

Total current liabilities

3,645,164

3,836,751

556,209

Non-current liabilities

Deferred tax liabilities

22,981

21,300

3,088

Long-term operating lease liabilities

489,598

453,416

65,732

Other non-current liabilities

41,781

56,239

8,153

Total non-current liabilities

554,360

530,955

76,973

Total liabilities

4,199,524

4,367,706

633,182

Redeemable non-controlling interests

57,619

57,619

8,353

Baozun Inc. shareholders’ equity:

Class A ordinary shares (US$0.0001 par value; 470,000,000
   shares authorized, 174,284,503 shares issued, 161,015,878
   shares outstanding, as of December 31, 2025 and
   March 31, 2026)

93

93

14

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, 2025 and March 31, 2026)

8

8

1

Additional paid-in capital 

4,639,555

4,642,890

673,078

Treasury shares (13,268,625 shares as of December 31,
   2025 and March 31, 2026)

(90,643)

(90,643)

(13,140)

 Accumulated deficit

(933,885)

(941,344)

(136,465)

 Accumulated other comprehensive income

27,491

15,600

2,262

Total Baozun Inc. shareholders’ equity

3,642,619

3,626,604

525,750

Non-controlling interests

1,791,354

1,794,164

260,099

Total Shareholders’ equity

5,433,973

5,420,768

785,849

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

9,691,116

9,846,093

1,427,384

 

 

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 March 31,

2025

2026

RMB

RMB

US$

Net revenues

Product sales (1)

809,295

1,045,016

151,496

Services

1,255,065

1,336,043

193,686

Total net revenues

2,064,360

2,381,059

345,182

Operating expenses (2)

Cost of products

(547,178)

(694,802)

(100,725)

Fulfillment (3)

(524,525)

(519,199)

(75,268)

Sales and marketing (3)

(800,351)

(893,336)

(129,507)

Technology and content (3)

(116,475)

(124,808)

(18,093)

General and administrative (3)

(170,485)

(164,209)

(23,805)

Other operating income, net

10,664

15,545

2,254

Total operating expenses 

(2,148,350)

(2,380,809)

(345,144)

Loss (income) from operations 

(83,990)

250

38

Other income (expenses)

Interest income 

11,357

16,720

2,424

Interest expense 

(12,528)

(8,889)

(1,289)

Unrealized investment gain (loss)

12,411

(4,444)

(645)

Exchange loss

8,164

2,521

365

Fair value change on financial instruments(4)

(13,590)

877

127

(Loss) gain before income tax

(78,176)

7,035

1,020

Income tax benefits (expense) (5)

6,412

(9,501)

(1,377)

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

(504)

702

102

Net loss

(72,268)

(1,764)

(255)

Net loss (income) attributable to
   noncontrolling interests

8,887

(2,810)

(407)

Net loss (income) attributable to
   redeemable noncontrolling interests

301

(2,885)

(418)

Net loss attributable to ordinary shareholders of
   Baozun Inc.

(63,080)

(7,459)

(1,080)

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

Basic

(0.36)

(0.04)

(0.01)

Diluted

(0.36)

(0.04)

(0.01)

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

Basic

(1.09)

(0.13)

(0.02)

Diluted

(1.09)

(0.13)

(0.02)

Weighted average shares used in calculating net
   loss per ordinary share

Basic

173,353,270

174,316,616

174,316,616

Diluted

173,353,270

174,316,616

174,316,616

Net loss

(72,268)

(1,764)

(255)

Other comprehensive income,
   net of tax of nil: 

Foreign currency translation adjustment

(7,344)

(11,891)

(1,724)

Comprehensive loss

(79,612)

(13,655)

(1,979)

(1) These amounts include product sales from E-Commerce and Brand Management of RMB510.3 million and
     RMB537.6 million for the three months period ended March 31, 2026, respectively, compared with product sales
     from E-Commerce of RMB423.2 million and Brand Management of RMB386.7 million for the three months
     period ended March 31, 2025.

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

 

For the three months ended March 31,

2025

2026

RMB

RMB

US$

Fulfillment

377

269

39

Sales and marketing

1,676

743

108

Technology and content

499

(757)

(110)

General and administrative

6,626

195

28

9,178

450

65

(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted
      to RMB7.9 million and RMB7.4 million for the three months period ended March 31, 2025 and 2026,
      respectively. 

(4) These amounts include RMB7.7 million fair value loss on financial instruments in relation to the previous
      year’s business acquisition for the three months period ended March 31, 2025.

(5) These amounts include income tax benefits of RMB1.8 million and RMB1.7 million related to the reversal of
      deferred tax liabilities recognized on business acquisition, for the three months period ended March 31, 2025
      and 2026, respectively.

 

 

Baozun Inc.

Reconciliations of GAAP and Non-GAAP Results

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

For the three months ended March 31,

2025

2026

RMB

RMB

US$

(Loss) income from operations 

(83,990)

250

38

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

7,901

7,414

1,075

Non-GAAP (loss) income from operations 

(66,911)

8,114

1,178

Net loss

(72,268)

(1,764)

(255)

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

7,901

7,414

1,075

Fair value loss on financial instruments

7,654

Unrealized investment (gain) loss

(12,411)

4,444

645

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

(1,802)

(1,681)

(244)

Non-GAAP net (loss) income 

(61,748)

8,863

1,286

Net loss attributable to ordinary shareholders of Baozun Inc.

(63,080)

(7,459)

(1,080)

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

5,528

5,052

732

Fair value loss on financial instruments

4,822

Unrealized investment (gain) loss

(12,411)

4,444

645

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

(1,209)

(1,090)

(158)

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

(57,172)

1,397

204

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

(0.99)

0.02

*

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

173,353,270

174,408,833

174,408,833

* The amounts are less than 0.01.

(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.

 

Alibaba Announces Comprehensive Full-Stack AI Upgrade for the Agentic Era

Qwen3.7-Max, upgraded cloud infrastructure and model services, and new T-Head chips announced at Alibaba Cloud Summit

HANGZHOU, CHINA – Media OutReach Newswire – 20 May 2025 – Alibaba today announced a comprehensive upgrade of its full AI stack—spanning cloud infrastructure and model services, AI chips and foundation models —to empower customers in building, deploying, and scaling AI agents with greater efficiency, reliability, and performance.

Unveiled at the Alibaba Cloud Summit, Qwen3.7-Max is Alibaba’s latest large language model, engineered for advanced agentic coding, complex reasoning, and long-horizon task execution. Qwen3.7-Max will be available soon for developers and enterprises worldwide.

To address surging compute and AI workload demands in the agentic era, Alibaba Cloud has also upgraded its infrastructure and model services. Key launches include the Panjiu AL128 Supernode Server, designed to empower scalable agent inference and large-scale model training, and an optimization update within Alibaba’s model service platform that continuously refines model performance.

Additionally, T-Head, Alibaba’s semiconductor design subsidiary, introduced the Zhenwu M890, its latest AI training and inference processor, featuring high-capacity memory, robust inter-chip bandwidth, and native FP4 precision support.

Qwen 3.7-Max: A Versatile Foundation Model for the Agent Era

Designed as a robust foundation for AI agents, Qwen 3.7-Max seamlessly handles code generation and debugging, office workflow automation, and complex multi-step tasks requiring hundreds or thousands of actions.

The model delivers exceptional agent capabilities across diverse domains. As a frontier-level coding assistant, it supports coding tasks from rapid frontend prototyping to complex, multi-file software engineering. To enhance office work productivity, it reliably orchestrates multi-agent workflows to tackle sophisticated operations. Notably, Qwen 3.7-Max can autonomously execute long-horizon agentic tasks—sustaining continuous operation for up to 35 hours and managing over 1,000 tool calls without performance degradation.

Deeply optimized for leading agent frameworks including OpenClaw, Hermes Agent, Claude Code, Qwen Paw and Qoder, it serves as a reliable backbone for different agent systems. The model achieves top-tier results across major benchmarks in coding, general-purpose agents, general capabilities and multilingualism, making it competitive with leading frontier models. It will be soon accessible through Alibaba’s model service platform Model Studio for global developers.

Next-Generation Intelligent Computing and Enhanced Model Services

To empower scalable AI Agent inference and large-scale model training, Alibaba Cloud has launched the Panjiu AL128 Supernode Server, powered by the Zhenwu M890 AI processor and ICN Switch 1.0 networking chip. By tightly integrating 128 AI accelerators within a single rack, the system delivers single-rack bandwidth at the petabyte-per second (PB/s) scale, dramatically improving the handling of large-scale concurrent requests from agents.

The Panjiu AL128 is now available on Model Studio for the China market (or “Bailian”), enabling Chinese enterprises to efficiently address training and inference demands across sectors.

To optimize performance, Bailian has introduced Agentic RL, a reinforcement learning mechanism powered by agent execution feedback, to drive continuous model iteration. Bailian also features built-in safety governance capabilities, ensuring that autonomously operating agents always remain within defined boundaries.

T-Head’s Latest Chips and Software Stack for AI Training and Inferencing

T-Head’s latest AI accelerator, the Zhenwu M890, delivers three times the performance of its predecessor Zhenwu 810E. Zhenwu M890 features 144 gigabytes (GB) of GPU memory and 800 GB per second of inter-chip bandwidth. The chip natively supports multiple data precision formats, ranging from FP32 (32-bit floating-point) down to FP4 (4-bit floating-point), supporting both high-precision model training and ultra-low-precision model inference. These capabilities make it exceptionally well-suited for complex agentic AI workloads, which demand extensive working memory for context retention, high-speed communication for multi-agent coordination, and low-precision computing to maintain rapid execution while reducing cost. The chip is built on T-Head’s proprietary parallel computing architecture and utilizes its custom ICN (Inter-Chip Network) interconnect protocol.

Alongside the accelerator, T-Head unveiled the ICN Switch 1.0, a dedicated switching chip designed to create high-bandwidth, low-latency scale-up networks for compute clusters. It delivers up to 25.6 Tbps of aggregate bandwidth and achieves extreme low latencyand congestion-free communication. By pairing the Zhenwu M890 with the ICN Switch 1.0 chip, it enables full-bandwidth interconnection across 64 accelerators, significantly boosting the computational efficiency and stability of large-scale intelligent computing. T-Head also unveiled its proprietary software stack, T-Head SAIL™, to unleash the full computational potential for its chips.

T-Head has achieved widespread industrial adoption of its proprietary AI chips, with over 560,000 Zhenwu units delivered to date. More than 400 external customers across 20 industries, including leading automakers and financial services companies, have deployed the chips to power intelligent operations.

Hashtag: #Alibaba

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

About Alibaba Group

Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.

Doubleview Commences Advanced 2026 Exploration and Technical Program at the Hat Polymetallic Project


Vancouver, British Columbia – Newsfile Corp. – May 20, 2026 – Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (WKN: A1W038) (the “Company or “Doubleview) is pleased to announce the start of its most advanced exploration, environmental, metallurgical, and technical work program to date at its Hat polymetallic deposit, located in northwestern British Columbia.

The 2026 field season has started a coordinated program designed to support ongoing technical studies, advance project understanding, and provide additional geological, metallurgical, environmental, and engineering data for future study stages, including potential Pre-Feasibility Study and Feasibility Study work.

The initial phase of the program includes preparation and shipment of approximately 14 tonnes of mineralized sample material for metallurgical test work. Details of the metallurgical program, including sample selection, test objectives, laboratory work, and expected scope of study, will be announced in a future news release. The work may require several months to complete.

Doubleview has also started the installation of weather monitoring stations to support environmental baseline and hydrological studies. These stations will collect site-specific data to assist with water balance work, climate records, hydrological interpretation, and future project planning.

The Company, as part of its collection of high quality data for engineering, infrastructure planning, environmental assessment and other technical studies, will prepare detailed topographical surface maps of the Hat Property and nearby areas for use in engineering, infrastructure planning, environmental assessment, and future technical studies, including possible Pre-Feasibility and Feasibility level work.

Drilling Program

Doubleview expects to begin drilling immediately as part of the 2026 exploration program. The planned drilling has several objectives:

  • Infill drilling within selected areas of the deposit to improve block model confidence.
  • Additional drilling in areas where the geologic model is weak.
  • Step-out and perimeter drilling in areas where possible extensions of the deposit are highlighted by geology, geophysics, previous drilling, and current interpretation.
  • Collection of additional technical data to support resource modelling, metallurgical interpretation, and future engineering studies.

The drilling program will almost certainly provide critical data that will allow promotion of certain mineral resources from lower confidence categories to higher confidence categories such as, for instance, upgrades of Inferred mineral resources to Indicated mineral resources, and possibly, even boost the Measured mineral resources.

The step-out and perimeter drilling will test areas adjacent to the known deposit where the geological model indicates expansion potential and yield data vital to mine planning

Doubleview is well funded to carry out the planned 2026 program. The Company currently has more than C$13 million in cash and no debt, giving it the financial strength to proceed with the above-outlined program of metallurgy, drilling, environmental and hydrological studies, detailed topographical mapping, and engineering support work.

Farshad Shirvani, President and CEO of Doubleview, stated:

“The Hat Project has reached an important technical stage. This season is not only about drilling more metres. It is about collecting essential data for metallurgical, environmental, engineering, topographic, hydrologic, and mineral resource confirmation. The 14 tonne metallurgical sample, the weather stations, the detailed topographic work, and the planned drilling program are all part of a broadened technical approach to move the Hat Project forward in a disciplined and responsible manner.”

Mr. Shirvani continued:

“The Hat deposit is a large polymetallic system with robust proven potential for copper, gold, cobalt, scandium and other critical and precious metals. Our work in the 2026 season will improve the quality of our extensive database and support the next stages of technical studies. We intend to continue advancing the project with quality technical work and responsible exploration practices.”

Technical and Study Objectives

The 2026 program is expected to contribute to several key technical areas, including:

  • Mineral resource confidence and possible category conversion.
  • Deposit expansion as supported by the geological model.
  • Metallurgical test work on a large sample.
  • Environmental and hydrological baseline data collection.
  • Detailed topographical mapping.
  • Engineering and infrastructure planning.
  • Future Pre-Feasibility and Feasibility level work.

The Company cautions investors that a decision to proceed to a Pre-Feasibility Study or Feasibility Study will require appropriate technical, economic, environmental, and corporate review.

Doubleview maintains a website at www.doubleview.ca.

Qualified Persons:

Erik Ostensoe, P. Geo., a consulting geologist, and Doubleview’s Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, and approved the technical contents of this news release. He is not independent of Doubleview as he is a shareholder in the company.

Brief Summary of PEA Results

On March 2, 2026, Doubleview announced positive PEA results for the Hat Project, which were clarified on March 23, 2026. On April 14, 2026, the Company announced the filing on SEDAR of the independent National Instrument 43-101 technical report titled “Preliminary Economic Assessment of the Hat Polymetallic Project, British Columbia, Canada.”

The PEA outlined strong project economics, including an after-tax NPV(5%) of C$6.73 billion and an IRR of 23% at consensus metal prices. At spot metal prices, the PEA reported an after-tax NPV(5%) of C$13.53 billion and an IRR of 39%.

The PEA also included a scenario with scandium and the associated processing circuit. Under this scenario, the PEA reported an after-tax NPV(5%) of C$7.27 billion and an IRR of 19% at consensus metal prices, and an after-tax NPV(5%) of C$14.85 billion and an IRR of 32% at spot metal prices.

About the Hat Project

The Hat Project is a polymetallic copper-gold-cobalt-scandium project located in northwestern British Columbia. The project hosts a porphyry-style mineralized system and has been the subject of extensive drilling, geological modelling, metallurgical work, and technical studies. Doubleview continues to advance the Hat Project through exploration, technical evaluation, metallurgical test work, and environmental baseline programs.

About Doubleview Gold Corp

Doubleview Gold Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada, and is publicly traded on the TSX-Venture Exchange (TSXV: DBG), (OTCQB: DBLVF), (WKN: A1W038), (FSE: 1D4). Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the-art exploration methods. The Company’s portfolio of strategic properties provides diversification and mitigates investment risks.

On behalf of the Board of Directors,

Farshad Shirvani, M.Sc. Geology

President & Chief Executive Officer

For further information please contact:

Doubleview Gold Corp
Vancouver, BC Farshad Shirvani
President & CEO
T: (604) 678-9587
E: corporate@doubleview.ca

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes statements regarding the Company’s planned 2026 exploration program, drilling, metallurgical test work, environmental and hydrological studies, topographical mapping, future technical studies, possible mineral resource category conversion, possible deposit expansion, and future project advancement.

Forward-looking information involves known and unknown risks, uncertainties, and other factors which might cause actual results, performance, or achievements to differ from those expressed or implied by such information. These risks include exploration risk, metallurgical risk, permitting risk, financing risk, market risk, regulatory risk, weather-related delays, availability of contractors and equipment, laboratory timing, and the risk that drilling or technical work will not produce the expected results.

Mineral resource category conversion is not assured. Additional drilling does not guarantee conversion of Inferred mineral resources to Indicated mineral resources or Indicated mineral resources to Measured mineral resources. Step-out drilling does not guarantee expansion of the deposit. Future technical studies, including any Pre-Feasibility Study or Feasibility Study, remain subject to further work, financing, regulatory review, and technical results.

The Company does not undertake any obligation to update forward-looking information, except as required by applicable securities laws.

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

About Doubleview Gold Corp.

Galaxy Macau and UFC Co-present an Action-packed Series of Interactive Events Throughout Fight Week for UFC FIGHT NIGHT Macau

UFC Fighter meet-and-greets, autograph sessions, official merchandise sales and Galaxy Macau rewards take the fan thrills beyond the Octagon


MACAU SAR – Media OutReach Newswire – 20 May 2026 – In tandem with the highly anticipated return of UFC FIGHT NIGHT® to Macau, Galaxy Macau – the world-class luxury resort – is set to elevate the excitement with a dynamic line-up of immersive fan experiences and curated activities throughout Fight Week. The week will culminate in three electrifying fight events at Galaxy Arena, Macau’s largest, state-of-the-art indoor arena.

Galaxy Macau - UFC Fight Night 2026 Schedule

Fans can enjoy a series of up-close meet-and-greets, autograph sessions, and workout showcases, offering rare opportunities to connect with their favourite UFC fighters in person.

The excitement begins with the Opening Ceremony for the Fight Week 2026 at East Square, Galaxy Macau at 6:45pm on Wednesday, May 27. Right after, the Open Workouts will give fans a behind-the-scenes glimpse at how the sport’s stars prepare for their fights, featuring main eventers Song Yadong and Deiveson Figueiredo; co-main eventers Zhang Mingyang and Alonzo Menifield; and superstar fighters Kai Asakura and Xiong Jingnan.

At 4pm on Friday, May 29, special guest UFC athletes will make an appearance at East Square for a meet-and-greet session with fans, showcasing UFC flyweight champion Valentina Shevchenko, UFC #5 featherweight Yair Rodriguez, and fan favourite veteran “the Leech” Li Jingliang.

The experience continues at 12nn on Saturday, May 30, when East Square hosts an exclusive autograph session with UFC guest athletes Shevchenko, Rodriguez, and former two-time UFC strawweight champion Zhang Weili, creating memorable face‑to‑face fan moments.

Official UFC merchandise will be available at the Pearl Lobby, featuring limited‑edition designs created exclusively for UFC Macau Fight Week 2026, for one action-packed week.
Official UFC merchandise will be available at the Pearl Lobby, featuring limited‑edition designs created exclusively for UFC Macau Fight Week 2026, for one action-packed week.

Throughout the week, official UFC merchandise will be available at the Pearl Lobby, Galaxy Promenade, featuring limited‑edition designs created exclusively for this year’s UFC FIGHT NIGHT® Macau. Highlights include apparel emblazoned with a locally relevant golden dragon motif, commemorative items such as keychains, and collectible pins celebrating Macau.

Throughout fight week for UFC FIGHT NIGHT® Macau, guests will have the opportunity to boost their adrenaline with dopamine-filled UFC experiences at the interactive UFC FAN EXPERIENCE.
Throughout fight week for UFC FIGHT NIGHT® Macau, guests will have the opportunity to boost their adrenaline with dopamine-filled UFC experiences at the interactive UFC FAN EXPERIENCE.

Throughout UFC Fight Week, the Pearl Lobby will be transformed into an immersive UFC FAN EXPERIENCE featuring the sport’s iconic Octagon‑themed installation. Guests can dive into UFC experiences, including AI‑integrated activations that put fans in the spotlight on UFC posters, virtual weigh-in poses, and friend-versus-friend face-offs. Visitors can also test their athletic prowess through interactive fitness challenges such as vertical jump and reaction‑time drills, bringing the intensity, adrenaline and thrill of UFC to life at Galaxy Macau.

The action in the Octagon kicks off at Galaxy Arena on Friday and Saturday, May 28 and 29, with the opening rounds of ROAD TO UFC Season 5, the chance to get a first look at the rising MMA prospects across Asia-Pacific as they compete for a coveted UFC contract. Tickets are selling fast, with limited seats remaining.

ROAD TO UFC celebrates its premiere in Macau at Galaxy Arena with the opening rounds of its 5th season on May 28 and 29, featuring Asia-Pacific's hottest MMA prospects fighting for a coveted UFC contract. Each night will feature a special main event of UFC fights. Select tickets are available at www.galaxyticketing.com. May 30 will see the sold-out UFC FIGHT NIGHT at Galaxy Arena.
ROAD TO UFC celebrates its premiere in Macau at Galaxy Arena with the opening rounds of its 5th season on May 28 and 29, featuring Asia-Pacific’s hottest MMA prospects fighting for a coveted UFC contract. Each night will feature a special main event of UFC fights. Select tickets are available at www.galaxyticketing.com. May 30 will see the sold-out UFC FIGHT NIGHT at Galaxy Arena.

The atmosphere culminates as main event star fighters Song Yadong and Deiveson Figueiredo clash in the Octagon on Saturday, May 30 – a sold-out event.

An Array of Extended Rewards at Galaxy Macau
In celebration of UFC Fight Week Macau 2026, Galaxy Macau presents a curated collection of exclusive shopping and dining privileges, inviting guests to experience a vibrant convergence of lifestyle, flavour and excitement.

In celebration of UFC Fight Week Macau 2026, Galaxy Macau presents a curated collection of exclusive shopping privileges, including rewards and special brand offers. A limited-edition UFC x Galaxy Macau Gym Sack is available for redemption upon designated spending.
In celebration of UFC Fight Week Macau 2026, Galaxy Macau presents a curated collection of exclusive shopping privileges, including rewards and special brand offers. A limited-edition UFC x Galaxy Macau Gym Sack is available for redemption upon designated spending.

From May 22 to 31, guests presenting valid event tickets can enjoy shopping rewards at Galaxy Promenade, including MOP500 vouchers with qualifying spend and a limited‑edition UFC x Galaxy Macau Sports Holdall upon spending MOP2,800 or above. A selection of international brands will also offer time‑limited promotions and exclusive gifts.

Galaxy Macau’s award-winning dining portfolio introduces UFC inspired culinary creations, alongside up to 15% off at designated restaurants for Galaxy Ultimate members on event days.
Galaxy Macau’s award-winning dining portfolio introduces UFC inspired culinary creations, alongside up to 15% off at designated restaurants for Galaxy Ultimate members on event days.

Complementing the retail experience, Galaxy Macau’s award-winning dining portfolio introduces UFC inspired culinary creations, alongside up to 15% off at designated restaurants for Galaxy Ultimate members on event days. Themed UFC Macau Fight Week 2026 dishes will also be available across a variety of dining outlets at Galaxy Macau. Highlights include the Royal Octagon Uni & Caviar Fish Burger by The Apron Oyster Bar & Grill, Knockout Beef Platter by CHA BEI, and a duo of meat platters by Bei Shan Lou – designed to reflect the standout spirit of UFC.

Together, these curated experiences underscore Galaxy Macau’s commitment to delivering innovative, guest‑centric moments. As Macau comes alive with UFC excitement, Galaxy Macau stands as a destination where sport, entertainment and luxury converge, creating unforgettable memories for guests and fans from around the world.

For more information about Galaxy Macau and UFC Macau Fight Week 2026, please visit www.galaxymacau.com.

Galaxy Macau and UFC Co-present an Action-packed Series of Interactive Events Throughout Fight Week for UFC FIGHT NIGHT Macau
Galaxy Macau and UFC Co-present an Action-packed Series of Interactive Events Throughout Fight Week for UFC FIGHT NIGHT Macau

Hashtag: #GalaxyMacau #UFC

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

ABOUT GALAXY MACAU INTEGRATED RESORT

Galaxy Macau, world-class luxury integrated resort, delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Nine award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau, and Capella at Galaxy Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575 metres, the largest Skytop Wave Pool with waves up to 1.5-metre high and 150-metre pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate.

As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meter, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theatres are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai’s golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavours & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff.

Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau.

For more details, please visit and

Teen Innovators Win Top Honours with Nature-based, Low-cost Solution to Tackle River Odour in Tuen Mun

“River Lord” takes Senior Secondary Division Grand Award and “My Favourite Team” Award in Hang Seng x HKFYG Seek Our Ways Ideation Programme


HONG KONG SAR – Media OutReach Newswire – 20 May 2026 – Five students from S.K.H. St. Simon’s Lui Ming Choi Secondary School have developed a floating ecological purification system using natural and low-cost materials to improve the Tuen Mun River’s water quality and reduce odour. After 180 hours of design, research and testing, the team’s project, “River Lord,” won the Senior Secondary Division Grand Award in the second cohort of Hang Seng x HKFYG Seek Our Ways Ideation Programme, and also received the “My Favourite Team” Award.

Mr Clarence Leung, BBS, JP, Acting Secretary for Home and Youth Affairs; Ms Luanne Lim, Executive Director and Chief Executive of Hang Seng Bank, and Ms Hsu Siu-man, Executive Director of The Hong Kong Federation of Youth Groups, joined judges, guests, and students at the Award Presentation Ceremony of the second cohort of Seek Our Ways Ideation Programme. More than 240 teachers, students and parents attended to show their support.
Mr Clarence Leung, BBS, JP, Acting Secretary for Home and Youth Affairs; Ms Luanne Lim, Executive Director and Chief Executive of Hang Seng Bank, and Ms Hsu Siu-man, Executive Director of The Hong Kong Federation of Youth Groups, joined judges, guests, and students at the Award Presentation Ceremony of the second cohort of Seek Our Ways Ideation Programme. More than 240 teachers, students and parents attended to show their support.

Fully supported by Hang Seng Bank and organised by The Hong Kong Federation of Youth Groups (HKFYG) Leadership Institute, the second cohort of the Seek Our Ways Ideation Programme (the “Programme”) brought together over 400 secondary and tertiary students to tackle pressing social challenges across three themes: Environment & Sustainable Development, Elderly & Wellness, and Arts & Culture. Over five months, participants completed nearly 14,000 hours of training, mentorship, and field exposure. Guided by more than 75 social leaders and advisors, they developed close to 90 proposals grounded in real-world insights and community needs.

From these, nine finalist teams advanced to the final pitching round held at the Penthouse of Hang Seng Bank Headquarters, presenting their ideas to a distinguished panel of judges, school representatives and fellow students. The award presentation was held on the same day and officiated by the Guest of Honour, Mr Clarence Leung, BBS, JP, Acting Secretary for Home and Youth Affairs. He was joined by Ms Luanne Lim, Executive Director and Chief Executive of Hang Seng Bank, and Ms Hsu Siu-man, Executive Director of the HKFYG. More than 240 teachers, students and parents attended to show their support.

Mr Clarence Leung, BBS, JP, Acting Secretary for Home and Youth Affairs, highlighted the growing role of technology in addressing social challenges and encouraged young people to seize emerging opportunities. “We should continuously aim at improving our country’s living standards,” he said. Mr Leung also highlighted this alignment with the first “Hong Kong Five-Year Plan” designed to complement the national 15th Five‑Year Plan, and stressed that efforts are being made “to improve community and public welfare, thereby opening up vast opportunities for youth participation.”

Ms Luanne Lim, Executive Director and Chief Executive of Hang Seng Bank, said, “This is the second consecutive year Hang Seng has supported the Seek Our Ways Ideation Programme. We’re pleased to see that across two cohorts, the Programme has attracted over 800 students and received more than 170 creative proposals. Starting from the community, students have turned what they learned into real action, proposing creative solutions and building prototypes to respond to community needs. Their performance is truly encouraging. We hope the Programme not only inspires young people’s passion for social innovation but also encourages them to keep exploring and putting ideas into practice, bringing more positive impact to the community.”

Ms Hsu Siu-man, Executive Director of HKFYG, emphasised that the programme is designed not as a one-off competition, but as a catalyst for long-term engagement. “We are encouraged to see young people drawing inspiration not from textbooks, but from curiosity and empathy,” she said. “Last year’s winning team ‘Fruitful’ has already turned its idea into a social enterprise, with members continuing to deepen their expertise. This is what the programme stands for, a launchpad for those who want to make a lasting difference.”

In the Junior Secondary Division, Christian & Missionary Alliance Sun Kei Secondary School won with “Onederful,” an eco-friendly packaging solution made from upcycled rice husks and coffee grounds. Developed by Tang Cheuk-wing, Law Mon-in, Har Lok-hin, Chan Ching-yan, Lee Hoi-kiu and Hung Tsz-hei, the team went through more than ten rounds of testing and hope that their biodegradable material will reduce landfill waste generated by e-commerce packaging.

The Senior Secondary Division Grand Award, which also won the “My Favourite Team” Award, went to S.K.H. St. Simon’s Lui Ming Choi Secondary School for “River Lord,” a nature-based water purification system designed to address long-standing odour issues in the Tuen Mun River. Team members Wang Ming-fang, Cai Yu-yin, Gao Yan-yee, Yam Wing-yu and Chan Hoi-ning devised their idea by using zeolite to support naturally occurring nitrifying bacteria. The system converts ammonia into odourless nitrate, which is then absorbed by eel grass, a native plant that also releases oxygen into the water. The team’s low-cost, scalable approach offers a practical pathway to improving urban water systems, with plans for field trials underway.

The Tertiary Division Grand Award went to a cross-university team from The Chinese University of Hong Kong, The Education University of Hong Kong, and City University of Hong Kong. Team members Lam Sze-ming, Leung Pui-ying, Yeung Tsz-ting, Chan Wai-chuen, Ho Tsz-yung and Chan Pak-yee observed that many newly arrived students were unconfident in speaking Cantonese, so they designed a Cantonese card game named “CantoMore” to enable these students to “learn through play” and build their confidence. It is hoped that this initiative will be adopted by local secondary schools in the future to help more students integrate into the community.

Each winning team will receive HK$20,000 and the opportunity to participate in a career immersion experience provided by Hang Seng Bank. On the event day, the audience also voted for the “My Favourite Team” Award, with the winning team receiving HK$2,000.

Seek Our Ways Ideation Programme List of Winning Teams

Grand Award Winners by Division

Junior Secondary Division Grand Award
School and Student Names Christian & Missionary Alliance Sun Kei Secondary School

Tang Cheuk-wing, Law Mon-in, Har Lok-hin, Chan Ching-yan, Lee Hoi-kiu and Hung Tsz-hei

Theme Upcycling rice husks and coffee grounds into eco-friendly packaging materials
Project Title Onederful
Project Summary Online shopping is popular among young people, but most of the packaging used in these transactions is not biodegradable, leading to environmental pollution in the long term. The group discovered that agricultural waste products such as rice husks and coffee grounds can be upcycled into packaging materials for courier services, thereby reducing excessive packaging and alleviating the problem of solid waste in landfills.
Senior Secondary Division Grand Award and “My Favourite Team” Award
School and Student Names S.K.H. St. Simon’s Lui Ming Choi Secondary School

Wang Ming-fang, Cai Yu-yin, Gao Yan-yee, Yam Wing-yu and Chan Hoi-ning

Theme A floating ecological purification system to improve the water quality and reduce odour of the Tuen Mun River
Project Title River Lord
Project Summary Members, from a school in Tuen Mun, have long been concerned about the water quality and odour issues in the Tuen Mun River. The proposal suggests using zeolite as a carrier to harness the river’s indigenous nitrifying bacteria to convert ammonia nitrogen into odourless nitrate. This nitrate is then absorbed by the native Hong Kong plant Eel Grass, which releases oxygen in the process, thereby creating a self-sustaining micro-ecosystem that improves water quality and reduces odours at low cost.
Tertiary Division Grand Award
School and Student Names The Chinese University of Hong Kong, The Education University of Hong Kong and City University of Hong Kong

Lam Sze-ming, Leung Pui-ying, Yeung Tsz-ting, Chan Wai-chuen, Ho Tsz-yung and Chan Pak-yee

Theme Cantonese card game named “CantoMore” to enable these students to “learn through play” and build their confidence
Project Title CantoMore
Project Summary Members observed that many newly arrived students were unconfident in speaking Cantonese, making it difficult for them to integrate into the local community. This card game combines physical cards with online learning, using scenes from Hong Kong films for practice, enabling newly arrived students to “learn through play,” improve their conversational skills, and adapt more quickly to the local community.

Hashtag: #TheHongKongFederationofYouthGroups

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

Kaiyi Laos Hands Over 10 Electric Mini Taxis to LOCA to Support Smart Mobility in Laos

A picture of Kaiyi Laos has handed over 10 fully electric mini taxis to LOCA on 20 May at the Kaiyi Laos showroom in Vientiane Capital, Laos. (Photo by Laotian Times)

Kaiyi Laos has officially handed over 10 units of its fully electric e-Qute 04 vehicles to LOCA as part of a new collaboration aimed at expanding electric mini taxi services and promoting smart mobility in Laos.

The handover ceremony took place on 20 May at the Kaiyi Laos showroom in Vientiane Capital, Laos. The partnership marks another step in the growing use of electric vehicles in Laos, particularly in urban transport services where demand for affordable and environmentally friendly travel options continues to increase.

Speaking at the event, Biju Narayanan, Managing Director of Automotive RMA Lao, said the collaboration reflects a shared vision between Kaiyi and LOCA to support cleaner and smarter transportation solutions in the country. 

He added that the company remains committed to introducing environmentally friendly and accessible mobility solutions to the Lao market as the automotive industry continues shifting toward electric transportation.

According to the company, the Kaiyi e-Qute 04 is a compact fully electric vehicle designed for urban transportation, featuring modern technology and innovation, energy efficiency, and safety systems aimed at supporting daily city travel.

LOCA Expands Mini Taxi Program

Speaking to the Laotian Times during the event, LOCA Co-Founder and Co-CEO Souliyo Vongdala said the company first began developing its mini taxi concept around two years ago while searching for ways to make taxi services more affordable for the public.

“At first, we considered using three-wheeled electric vehicles, but we felt they were not suitable for transportation due to safety and convenience concerns,” he said.

Souliyo explained that the company later shifted toward compact four-wheeled electric vehicles after conducting further research and testing.

“We concluded that mini four-wheeled vehicles were a better option because they can fit three to four passengers, protect riders from rain and heat, and include safety features such as seat belts and airbags, while still remaining affordable,” he added.

According to Souliyo, LOCA tested multiple vehicle brands before selecting Kaiyi for the project.

“We found that Kaiyi offered the best balance in terms of pricing, after-sales service, and warranty support,” he said.

The company believes the expansion of mini electric taxis could help make urban transportation more accessible while also encouraging wider adoption of electric vehicles in Laos.

State Grid Ningxia Electric Power Co., Ltd. Material Company Ensures Timely Completion of Electrical Installation for Xiling 750kV Substation Project

YINCHUAN, China, May 20, 2026 /PRNewswire/ — Electrical installation work at the newly built Xiling 750kV Substation was successfully completed on May 18, 2026, following the installation of the final bushing for the 750kV gas-insulated switchgear (GIS). State Grid Ningxia Electric Power Co., Ltd. Material Company provided full-process, high-efficiency material support throughout the project, achieving zero delays, zero errors and zero quality issues. Its robust supply guarantee and full-cycle services laid a solid foundation for the project’s on-time, high-quality completion, strongly advancing the construction of a new-type power system in Ningxia.

As a pivotal hub project for optimizing the power grid structure, enhancing power supply capacity and facilitating new energy consumption, the Xiling 750kV Substation Project features high construction standards, tight schedules, a wide range of equipment and stringent technical accuracy requirements.

Since the project’s launch, State Grid Ningxia Electric Power Co., Ltd. Material Company has implemented a dedicated project manager system, full-process closed-loop management and cross-departmental collaboration mechanisms. State Grid Ningxia Electric Power Co., Ltd. Material Company has closely coordinated with project construction, supervision and design parties to accurately sort out material demand lists, technical standards, delivery schedules and installation sequences, and formulated reverse construction plans.

State Grid Ningxia Electric Power Co., Ltd. Material Company has built a comprehensive support chain covering demand docking, production control, quality supervision, logistics scheduling, on-site acceptance and after-sales service. Adhering to the concept that “supply guarantee goes beyond delivery, and services run through the entire process”, State Grid Ningxia Electric Power Co., Ltd. Material Company stationed on-site personnel at the construction site to respond to on-site needs promptly.

Through telephone, WeChat and official work letters, State Grid Ningxia Electric Power Co., Ltd. Material Company coordinated with 32 manufacturers and deployed more than 110 on-site service personnel to quickly resolve technical and material matching issues. State Grid Ningxia Electric Power Co., Ltd. Material Company also proactively collaborated with all parties to optimize installation connection processes, eliminating construction obstacles through efficient coordination and attentive services, and safeguarding the project’s smooth progress with strong supply capacity.

Moving forward, State Grid Ningxia Electric Power Co., Ltd. Material Company will continue to refine its material support services, further enhance its overall material support capacity and collaborative service level, and deliver more professional, efficient and reliable supply services to contribute solid material support to the high-quality development of the power grid.

Haier Biomedical Publishes 2025 Sustainability Report: Committed to Building a Platform for Technology, Industry and Social Responsibility

QINGDAO, China, May 20, 2026 /PRNewswire/ — Haier Biomedical (688139.SH), a global leader in life sciences and medical solutions, has released its 2025 Sustainability Report, providing a comprehensive overview of the company’s measurable progress achieved in environmental, social, and governance with dedication to safer, greener, and more inclusive, accessible healthcare and life sciences worldwide.

Within its LIFE sustainability framework of Leadership, Integrity, Future, and Ecosystem, Haier Biomedical actively supports and implements all 17 United Nations Sustainable Development Goals (SDGs). Through continuous technological innovation and locally integrated strategies in global markets, the company empowers public health initiatives worldwide with key focuses of strengthening localized service networks, advancing cutting-edge scientific research, and driving sustainable development across industrial chains with innovative low-carbon solutions.

“In 2025, we achieved three strategic leaps: from products to scenarios, from China to the world, and from a single industry to a platform ecosystem. Guided by our philosophy of ‘Intelligent of Life Science,’ Haier Biomedical continues to deepen green, low‑carbon innovation and global health accessibility under our core ‘LIFE’ framework,” said Tan Lixia, Chairwoman of Haier Biomedical.

Haier Biomedical remains committed to making R&D and innovation a strategic priority. It has established a clear three-tier R&D management structure that balances resource allocation, drives technological breakthroughs, and accelerates new product development. Guided by the dual engines of core technology advancement and deep user insight, the company ensures strategic alignment through mechanisms such as milestone reviews by the management committee, monthly progress reports, and weekly operational meetings. This approach has yielded strong results:

  • R&D personnel account for 28.56% of the workforce, with total R&D investment reaching 323 million yuan (USD 47.25 million);
  • New invention patents grew 50% year-on-year, and non-storage patents now represent 73% of the portfolio;
  • It holds 428 software copyrights and has accumulated 51 provincial or higher-level science and technology awards, as well as involvement in setting 75 national, industry, group, and technical standards;
  • Owns 34 technologies recognized as internationally leading and a track record of 0.70 patents and 0.18 software copyrights per million yuan in revenue.

Haier Biomedical is integrating AI into product R&D, launching “AI+” solutions that address key safety and efficient pain points in healthcare:

  • The “AI+” Safety Cabinet, trained on over 7,000 annotated medicine vial images, achieves 99% recognition accuracy, covering 101 common vial types and significantly reducing medication errors.
  • The Cytotoxic Drug Dispensing Robot with 3D-AI vision is developed for fully automated chemotherapy preparation, protecting healthcare workers from hazardous exposure.
  • Its Fully Automated Cell Culture Workstation enables closed-loop cell processing from thawing to harvesting, improving standardization and traceability while reducing labor costs.

These innovations earned Haier Biomedical a second prize at the 2025 Qingdao Science and Technology Progress Award and first prize at the Shandong Provincial Science and Technology Progress Award.

In addition, Haier Biomedical has established a digitalized quality management process covering the entire journey from raw material intake to product dispatch, integrating digital capabilities into every aspect of production and quality control to drive smarter and more efficient quality management.

It has strengthened intelligent management and risk prevention through digitalization of the supply chain, quality and manufacturing. Its dual‑platform procurement system integrates supplier data and user feedback for real‑time quality optimization. Manufacturing digitalization enables full parameter monitoring, facial recognition for key processes, and real‑time SPC analytics. The digital quality platform makes quality visible, controllable, and assessable — reducing risks and ensuring product reliability.

Haier Biomedical’s smart IoT factory adopts automation, digitalization, and intelligent connectivity to precisely control production and dynamically monitor quality, effectively reducing in-process quality risks. The company is also building intelligent medical factories that integrate equipment, data, and controls to establish a full lifecycle production management model.

Driven by its vision to be “Making Life Better,” Haier Biomedical is dedicated to enhancing patient well‑being globally while making quality products accessible to more users. The company collaborates closely with international public welfare organizations, supporting communities through cash and product donations, totaling 1.406 million yuan (USD 205,697.8) during the reporting period.

Leveraging its technology and expertise, Haier Biomedical works with governments, NGOs, and universities to advance global health equity and make quality medical services more accessible. As a long‑term partner of GAVI, the company supports global immunization through its products. Since its inception in 2000, GAVI has served 1.2 billion children worldwide, significantly improving child health.

Haier Biomedical has made steady progress in its long‑term environmental investments, expanding its green product portfolio across energy saving, eco‑friendly materials, full lifecycle planning, and green packaging. The company has significantly reduced product energy consumption through innovations like Eco‑Drive technology and zero‑carbon solar direct‑drive cold storage.

During the reporting period, Haier Biomedical obtained 122 energy‑saving certificates covering 75 product models and added two new ENERGY STAR certified models, bringing the total to 34. The company has also partnered with institutions such as Eurofins, the University of Sheffield, and the University of Liverpool, providing low‑carbon equipment to support research while reducing environmental impact.

Furthermore, Haier Biomedical is committed to a diverse, equitable, and inclusive workplace and continuous talent development, with expanded dual career tracks for management and technical professionals. In late March 2026, following board and shareholder approval, the company established a compensation incentive fund to support equity incentives and employee stock ownership plans as part of its medium‑ to long‑term incentive programs.

Looking ahead, Haier Biomedical will continue its digital, global, and platform-driven transformation to build a world-leading integrated life science tools and intelligent productivity platform.

For more information, please visit: https://www.haiermedical.com/.