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37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¯å©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> éGAAPæ¯å©567亿人æ°å¸ï¼+23% YoYï¼ï¼è¶ åºé¢æ9%ï¼æ¯å©ç15.9%ï¼vs. 15.8% in 2Q24ï¼ãJDRæ¯å©çæåè³17.3%ï¼vs. 16.2%ï¼ï¼JDLæ¯å©çéè³10.3%ï¼vs. 11.5%ï¼ï¼æ°ä¸å¡æ¯å©ç为-4.0%ï¼vs. 21.4%ï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»è¥å©æ¶¦ï¼OPï¼ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é®é¢æå¨</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ãéGAAP OP 74.3亿人æ°å¸ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">-93% YoY</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ï¼è¿ä½äºå¸åºé¢æç450亿人æ°å¸ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä½äº83%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ï¼ç»è¥å©æ¶¦çä» 0.21%ï¼vs. 3.88%ï¼ã主è¦åå æ¯æ°ä¸å¡OPäºæ148亿人æ°å¸ï¼äºæç-106.68%ï¼vs. -14.99%ï¼ã尽管JDR OPå¢é¿38%è³139亿人æ°å¸ï¼å©æ¶¦ç4.50%ï¼ï¼JDL OPä¸é10%è³20亿人æ°å¸ï¼å©æ¶¦ç3.80%ï¼ï¼ä½åæ æ³æµæ¶æ°ä¸å¡çå·¨é¢äºæã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span 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data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¿è¥ææ ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¥è¿ç°éæµï¼OCFï¼å¤©æ°éè³24.8天ï¼æ¹åï¼ï¼èªç±ç°éæµï¼FCFï¼å¤©æ°éè³10.1天ï¼æ¹åï¼ï¼ä½åºå天æ°å¢è³34.1天ï¼æ¶åï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åè´ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 1æ1æ¥è³5æ13æ¥åè´15亿ç¾å ï¼5æ13æ¥è³6æ30æ¥æ åè´ãå©ä½åè´é¢åº¦35亿ç¾å ï¼æææè³2027å¹´8æï¼ã</span></span></span></span></section></li></ul><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2.3Q25 å±æï¼</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ¬å¸æå¼ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> JDRæ¶å ¥åæ¯å¢é¿10%ï¼éå¢æ»æ¶å ¥åæ¯å¢é¿ä½åä½æ°ï¼low teensï¼ï¼JDR OPåæ¯å¢é¿10%ï¼æå³çJDR OPM稳å®ï¼ãæ°ä¸å¡äºæé¢è®¡ä¸2Q25类似ï¼çº¦140亿人æ°å¸ï¼ï¼ä½äºå¸åºé¢æçäºææ¶çªãäºææ平主è¦æºäºè®¢åéå¢é¿ååä½ç»æµæçï¼UEï¼ç¥ææ¹åã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ©æ ¹å£«ä¸¹å©é¢æµï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ»æ¶å ¥åæ¯å¢é¿15%ï¼éGAAP OP 19亿人æ°å¸ï¼éGAAP NP 42亿人æ°å¸ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">主è¦ææï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> é¢è®¡ä»9æå¼å§ï¼çµå产åå家çµéå®å°é¢ä¸´ä¸¥å³»çåæ¯åºæ°ï¼tough compsï¼ã</span></span></span></span></section></li></ul><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3.2025å ¨å¹´å±æï¼</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ¬å¸æå¼ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç»´ææ¤åæå¼ï¼JDRæ¶å ¥ãéå¢æ¶å ¥ãJDR OPåå®ç°åä½æ°åæ¯å¢é¿ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ©æ ¹å£«ä¸¹å©é¢æµï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ»æ¶å 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data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è°2025/2026å¹´NPé¢æµï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åºäº2Q25 NPè¶ é¢æï¼ä½æºäºéç»è¥æ§é¡¹ç®ï¼ï¼ä¸è°2025å¹´éGAAP NPé¢æµ9%ï¼2026å¹´ä¸è°3%ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span 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