More encouraging color on near-term trends: 1) 618 performance targeting DD% yoy growth: Management shared performance to date is broadly on track, with May already returning to positive yoy growth and they expect the full 618 period (May + June) to deliver more than DD% growth yoy; 2) By channel, mgmt commented on seeing similar improvement trends on both Tmall and Douyin, while seeing only minor timing-related disruption on JD.com. Offline remained broadly stable and in line with expectations. 3) 1H26 Sal ...