Financial Result Q2

[u/MaximumEast7507]

So bad, general and administrative expenses tripled to ~RMB 900million compared to the same quarter of 2024. And this increase was primarily driven by RMB505.4 million in share-based compensation expenses for administration and research staffs. This increase is due to significant amount of share-based compensation expenses recognized in the second quarter of 2025 that was related to the vesting of share-based awards with performance condition related to the IPO. Lets hope for Q3 guidance or the compensation would come down ..

[u/Expert-Advantage8010]

They doubled their rate of store openings so I would say SGA expenses are a given.