Efficiency gains offset by non-owner VAS's drag on GP margin. The company delivered notable efficiency gains - SG&A expenses dropped 9.1% YoY (vs revenue growth of 6.6%) driving a 0.9ppt narrowing of the SG&A ratio. However, a 6.8ppt YoY gross margin decline in non-owner VAS dragged down the overall gross margin by 1.1ppt YoY. Ultimately, net profit margin edged down 0.1ppt YoY to 10.6% in 1H25 No interim dividend, missing some investors' expectations. The company maintained its no-interim-dividend policy, ...