Slides
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August 29, 2025 June Quarter 2025 Results
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Disclaimer This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see GAAP to Non-GAAP Measures Reconciliation, GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders and the slides presenting revenue andEBITA by segments. This presentation 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 “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and similar statements. In addition, statements that are not historical facts, including statements about Alibaba’s strategies and business and operational plans, Alibaba’s beliefs, expectations and guidanceregarding the growth of its business,itsfinancialresults,return on investments, strategicinvestmentsanddispositionsandshare repurchases,and the business outlook and quotations from management in this presentation, are or contain 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:Alibaba’s ability to compete, innovate and maintain or grow its business; risks associated with sustained investments in Alibaba’s businesses; risksrelatedtostrategictransactions;fluctuations in general economic and business conditions in China and globally; uncertainties arising from competition among countries and geopolitical tensions, including national trade, investment, protectionist or other policies and export control, economic or trade sanctions; changestoourshareholderreturninitiatives;and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Alibaba’s filings withthe U.S.SecuritiesandExchangeCommissionand announcements on the website of TheStock ExchangeofHongKongLimited. All information provided in this presentation is as of the date of this presentation and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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Business and FinancialHighlights 1 •We are embarking on a new chapter of entrepreneurship by investing intwo strategic pillars of consumption and AI + Cloud. •We undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group, transforming our value proposition into a comprehensive consumption platform.•Our quick commerce businessachieved key milestones, while contributing to the 25%year-over-year growth in theTaobao app monthly active consumers in the first three weeks of August. •Our cloud business delivered accelerated growth, as segment revenue and revenue from external customersboth grew 26%, with AI-related product revenue maintaining triple-digitgrowth for the eighthconsecutive quarter.•AIDCdelivered solid progress, approaching breakeven while sustaining strong growth momentum. Revenue for the quarter endedJune30:TotalRevenue (Excluding Sun Art and Intime1) 10% 2024 2025 Alibaba China E-commerce Group10% 2024 2025 Cloud Intelligence Group26% 2024 2025 19%Alibaba International Digital Commerce Group (“AIDC”)2024 2025 Note:(1)Excluding revenue from thedisposed businesses of Sun Art and Intime on a like-for-like basis.
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FinancialHighlights 2 Notes:(1)Each ADS represents eight ordinary shares.(2)Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.(3)Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share, on a diluted basis. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio. (in RMB Mn, except per share data and percentages) 2024 2025 YoY% Revenue 243,236 247,652 2% Income from operations 35,989 34,988 (3)% Non-cash share-based compensation expense 4,109 3,194 Amortization and impairment of intangible assets, and others 1,792 662 Provision for the shareholder class action lawsuits 3,145 - Net income 24,022 42,382 76% Diluted earnings per share(1)(2) 1.24 2.25 82% Diluted earnings per ADS(1)(2) 9.89 17.98 82% Non-GAAP Measures Adjusted EBITA 45,035 38,844 (14)% Non-GAAP net income 40,691 33,510 (18)% Non-GAAP diluted earnings per share(1)(3) 2.05 1.84 (10)% Non-GAAP diluted earnings per ADS(1)(3) 16.44 14.75 (10)% Three months ended June 30,
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Cash Flow & Balance Sheet: Selected Financials 3 Notes:(1)Net cash inflow from investment and acquisition activities represent cash inflow from disposal of investments, net of cash outflow for investment and acquisition activities.(2)Cashandother liquid investments represent cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use. 2024 Cash Flow RMB MnRMB Mn USD Mn Net cash provided by operating activities 33,636 20,672 2,886 Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses) (11,939) (38,629) (5,392) Changes in the buyer protection fund deposits (4,325) (858) (120) Free cash flow 17,372 (18,815) (2,626) Net cash outflow relating to capital expenditure (12,094) (38,676) (5,399) Net cash inflow from investment and acquisition activities(1) 727 9,028 1,260 Share Repurchase (42,695) (5,840) (815) As of March 31, 2025 Balance Sheet RMB MnRMB Mn USD Mn Cash and other liquid investments(2) 597,132 585,663 81,755 Less: Current and non-current bank borrowings (72,471) (75,503) (10,540) Non-current unsecured senior notes (122,398) (121,164) (16,914) Non-current convertible unsecured senior notes (35,834) (35,431) (4,946) Net cash position 366,429 353,565 49,355 2025 Three months ended June 30, 2025 As of June 30,
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ShareRepurchases 4 During the quarter ended June 30, 2025, we repurchased a total of 56 million ordinary shares (equivalent to 7 million ADSs) for a total of US$815million. These purchases were made in the U.S. market under our share repurchase program. The remaining amount of Board authorization for our share repurchase program, which is effective through March 2027, was US$19.3 billion as of June 30, 2025. !"#$%&'( )"*$%&+(,-.$%&+( /01$%&'( !"#$%&'( )"*$%&+(,-.$%&+( /01$%&'( 2'2& 2'2& 2'23 2'23 2'23 2'23 2'24 2'24 !"#$%&'()"*(+,$-.*/012*3-4 567************ 869************ :6;************ <6;************ :65************ 56=************ >6?************ >6;************ 1'(%")*%"#$%&'()"@*/A-*BC1)4 59************* =7************* ?<************* 77************* <8************* 5<************* ?*************** 7*************** M$.).(-@E-F*)'(%")*/A-*BC1)4 8G<=5******** 8G:99******** 8G:=:******** 8G=7;******** 8G=87******** 8G=5<******** 8G=>9******** 8G=59********
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CostofRevenueandOperatingExpenses ProductDevelopmentExpenses(excludingSBC)(RMB Mn)Three months ended% of RevenueThree months endedCost of Revenue (excluding SBC)(RMB Mn) % of Revenue Sales&MarketingExpenses(excludingSBC)(RMB Mn)Three months ended% of Revenue General&AdministrativeExpenses(excludingSBC)(RMB Mn)Three months ended% of Revenue 5.5% 21.3% 4.9% 4.8% 13.3% 2.5% 59.8% 5 54.9%
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Segment Results: Quarter ended June 30 6 Notes:(1)All others include Freshippo, Cainiao, Alibaba Health, Hujing DME, Amap, Intelligent Information Platform (which mainly consistsof UCWeband Quark businesses), Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services.(2)For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate. !"#$%&'$&#($)*+),-$,).+)#-/0)12 !"#$%$%&G(#)%*+,-..I0,I10-23 !"#$%$%4)5I0)%5#-)%"6#7#5%"G-..I0,I10-23 G"-284)5I""#7I),I10-23!""&95(I0J;<=>)%""-,%5I84)5I0+JI7.I)5I"#.#)%5#-)G-)J-"#8%5I8 ?I@I)2I &&&&&&&&<ABCBDE&&&&&&&&&&&FACDA<&&&&&&&&&&&FFCFGH&&&&&&&&&&&IHCIGG&&&&&&&&&&&&&&&&I<G&&&&&&&&&;<GCJDD=&&&&&&&&EADCJIE!"#"$%"&'(') &*+) &*,) &-.) I-01) &-)!8O2J5I8&*L4M! &&&&&&&&&&&FHCFHG&&&&&&&&&&&&&&&&;IG=&&&&&&&&&&&&&ECGIA&&&&&&&&&&&;<CA<I=&&&&&&&&&&&&&&;A<G=&&&&&&&&&&&&&&;JBJ=&&&&&&&&&&&FHCHAA234%56"3&789:2&'('&;<=$>"&&&&&&&&&I*+?@.A1&&&&&&&&&&&&&@?.AB&&&&&&&&&&&&&&&&.*B&&&&&&&&&&&&&&&I@@01&&&&&&&&&&&&&&&&AC-&&&&&&&&&&&&&&&I-+C1&&&&&&&&&&&I.?*,*1 234%56"3&789:2&'(')I-1 I-*1) &,0) &-.) I@*1) I*A1) !"#$%&'$ !"#$%$%&G(#)%*+,-..I0,I10-23 !"#$%$%4)5I0)%5#-)%"6#7#5%"G-..I0,I10-23 G"-284)5I""#7I),I10-23!""&95(I0J;<=>)%""-,%5I84)5I0+JI7.I)5I"#.#)%5#-)G-)J-"#8%5I8 ?I@I)2I &&&&&&&&<EDCJDB&&&&&&&&&&&EGCEGF&&&&&&&&&&&EJCIAG&&&&&&&&&&&H<CFIA&&&&&&&&&&&&&&&&A<G&&&&&&&&&;EECBAG=&&&&&&&&EAFCEFJ!8O2J5I8&*L4M! &&&&&&&&&&&AHCDIF&&&&&&&&&&&;FCDBJ=&&&&&&&&&&&&&ECFFD&&&&&&&&&&&;<CBDD=&&&&&&&&&&&&&&;HD<=&&&&&&&&&&&&&&;AB<=&&&&&&&&&&&AICBFI M(0II&.-)5(J&I)8I8&N2)I&FBC&EBEI M(0II&.-)5(J&I)8I8&N2)I&FBC&EBEA
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Alibaba China E-commerce Group 7 Business HighlightsWe launched “Taobao Instant Commerce” service on the Taobao app at the end of April to meet consumer needs for on-demand delivery across a wide range of product categories, including food, groceries, electronics and apparel. This initiative strengthened the Taobao app’s leadership in China’s e-commerce industry. Our significant investment in quick commerce focused on building consumer mindshare and business scale, which contributed to the 25% year-over-year increase in monthly active consumers on the Taobao app in the first three weeks of August. As part of our quick commerce strategy, we expanded our product offerings and front warehouse coverage for non-food categories. While continuing to improve user experience and enhance operating efficiency, we executed our plan to generate synergies between quick commerce and the rest of Alibaba’s ecosystem by leveraging supply chains, users and membership benefits across our businesses. Customer management revenue grew 10% year-over-year to RMB89,252 million (US$12,459 million) during the quarter, primarily driven by the improvement of take rate, which benefited from the addition of software service fees in September last year and increasing penetration of Quanzhantui.We had a successful 6.18 Shopping Festival, which delivered strong consumer growth year-over-year on the Taobao app, as we implemented user-friendly promotion mechanisms and increased support for merchants that provide high-quality products and customer services.The number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 53 million. We will continue to focus on improving the retention of 88VIP membership through enhanced value proposition to our most valued customers. E-commerce Revenue•Customer management revenue increased 10% year-over-year, primarily driven by the improvement of take rate.•Direct sales, logistics and others revenue under E-commerce business increased 7%year-over-year, primarily driven by the increase in revenue from logistics services, partly offset by the decrease in direct sales revenue as a result of our planned reduction of certain direct sales businesses. Quick Commerce Revenue•Revenue from our Quick commerce businessincreased 12%, mainly due to order growth as a result of the rollout of “Taobao Instant Commerce” at the end of April 2025. ChinaCommerceWholesaleRevenue•Revenue from our China commerce wholesale business increased 13%, primarily due to an increase in revenue from value-added services provided to paying members. SegmentAdjustedEBITA•Alibaba China E-commerce Group adjusted EBITA decreased 21% to RMB38,389 million (US$5,359 million), primarily due to the investment in “Taobao Instant Commerce”, as well as user experiences, user acquisition and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group. 2024 2025 YoY % E-commerce 108,522 118,577 9% - Customer management 81,088 89,252 10% - Direct sales, logistics and others 27,434 29,325 7% Quick commerce 13,196 14,784 12% China commerce wholesale 5,952 6,711 13% Revenue 127,670 140,072 10% Adj. EBITA 48,753 38,389 (21)% (in RMB Mn, except percentages) Three months ended June 30, Ele.me TaobaoInstantCommerce
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AlibabaInternationalDigitalCommerceGroup(“AIDC”) 8 InternationalCommerceRetailRevenue•Revenue from our International commerce retail business in the quarter ended June 30, 2025 was RMB28,395 million (US$3,964 million), an increase of 20%, primarily driven by the increase in revenue contributed by AliExpress and Trendyol. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.InternationalCommerceWholesaleRevenue•Revenue from our International commerce wholesale business in this quarter was RMB6,346 million (US$886 million), an increase of 13%, primarily due to an increase in revenue generated by cross-border related value-added services.SegmentAdjustedEBITA•Alibaba International Digital Commerce Group adjusted EBITA was a loss of RMB59 million (US$8 million) in this quarter, primarily due to significant improvement in AliExpress’ operating efficiency, and enhanced efficiency across various businesses including Alibaba.com, Lazada and Trendyol. Business HighlightsFor the quarter ended June 30, 2025, revenue from AIDC grew 19% year-over-year to RMB34,741 million (US$4,850 million), primarily driven by strong performance in cross-border businesses. While maintaining a strategic emphasis on key regions, AIDC remained focused on operating efficiency, leading to significantly narrowed losses year-over-year and quarter-over-quarter. The unit economics of the AliExpress’ Choicebusiness continued to improve meaningfully, primarily due to logistics optimization and investment efficiency enhancement. The unit economics of Trendyol’s International business also improved quarter-over-quarter.AIDC’s international commerce retail businesses, AliExpress and Trendyol in particular, continued to diversify and enrich product offerings by engaging local merchants and partners through different business models in different markets. Our international wholesale platform saw broader adoption by merchants of its AI-powered tools for marketing, procurement and product listing, which provided multiple ways for the platform to monetize. We believe that our diverse businesses, comprehensive product offerings and technological strengths across geographies will bring competitive advantages in the long run set against the backdrop of a rapidly evolving global e-commerce landscape. !"!# !"!$ %&%'( !"#$%"&#'("&)*+(,,$%+$*%$#&')*******-.I012*******-3I.14 -56 !"#$%"&#'("&)*+(,,$%+$*78()$9&)$*********4I05-*********0I.:0 2.6 )*+*,-* '''''''!.I!.0'''''''0#I1#2 2.( 3456'789J3 '''''''';0I1"<=''''''''''''';$.= .>( J?@**'A&,B?C'*,4*4'D-,*'0"I !"#$%&'$&#($)*+),-$,).+)#-/0)12
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9 CloudIntelligenceGroup Segment Revenue•Revenue from Cloud Intelligence Group was RMB33,398 million (US$4,662 million) in the quarter ended June 30, 2025, an increase of 26%. Overall revenue excluding Alibaba-consolidated subsidiaries increased by 26% year-over-year, primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.SegmentAdjustedEBITA•Cloud Intelligence Group adjusted EBITA increased 26% to RMB2,954 million (US$412 million) in this quarter, primarily due to public cloud revenue growth and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation. Business HighlightsFor the quarter ended June 30, 2025, revenue from Cloud Intelligence Group was RMB33,398 million (US$4,662 million), an increase of 26% year-over-year. During this quarter, the year-over-year growth of revenue excluding Alibaba-consolidated subsidiaries also accelerated to 26%. This momentum was primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products. AI-related product revenue maintainedtriple-digit year-over-year growth for the eighth consecutive quarter. As AI demand continues to grow rapidly, we are also seeing increased demand of compute, storage and other public cloud services to support AI adoption. We will continue to invest in anticipation of customer growth and technology innovation, including AI products and services, to increase cloud adoption for AI and maintain our market leadership. Alibaba Cloud’s strong position in providing critical infrastructure for the GenAI market has been highlighted in Omdia’s “Market Radar: GenAI Cloud Titans in Asia & Oceania 2025” report, which pointed to our full-stack GenAI solutions, comprehensive and developer-friendly AI platform offering and open-source initiatives. The report emphasized that through Model Studio and Platform for AI (PAI), Alibaba Cloud offers enterprises a user-friendly environment for building and deploying GenAI applications.!"!# !"!$ %&%'( )*+*,-* '''''''!.I$#0'''''''11I102 !.( 3456'789J3 '''''''''!I11;'''''''''!I0$# !.( J<=**'>&,?<@'*,4*4'A-,*'1"I !"#$%&'$&#($)*+),-$,).+)#-/0)12
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AllOthers 10 Segment Revenue•Revenue from All others segment was RMB58,599 million (US$8,180 million) in the quarter ended June 30, 2025, a decrease of 28% year-over-year, primarily due to the revenue decrease as a result of disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap. SegmentAdjustedEBITA•Adjusted EBITA from All others segment in the quarter ended June 30, 2025 was a loss of RMB1,415 million (US$198 million), compared to a loss of RMB1,077 million in the same quarter of 2024, primarily due to the increased investment in technology businesses, partly offset by the improved operatingresults of Freshippo, Amap, Hujing DME and Alibaba Health. Amap !"!# !"!$ %&%'( )*+*,-* ''''''''.I01$#''''''''$.0$22 3!.4( 5678'9J;<5 ''''''''3I0"==4''''''''3I0#I$4 31I4( !"#$%&'$&#($)*+),-$,).+)#-/0)12 <>?**'@&,A>B'*,6*6'C-,*'1"0
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Appendix 13
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RevenueBreakdown 11 Notes:(1)Direct sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well asrevenue from logistics services and value-added services.(2)Quick commerce revenue represents quick commerce business revenue, including revenue generated through “Taobao Instant Commerce”service and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.(3)All others include Freshippo, Cainiao, Alibaba Health, Hujing DME, Amap, Intelligent Information Platform (which mainly consistsof UCWeband Quark businesses), Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, AlibabaHealth and Amap. (in RMB Mn, except percentages) 2024 2025 YoY% Alibaba China E-commerce Group 127,670140,072 10% E-commerce 108,522118,577 9% - Customer management 81,088 89,252 10% - Direct sales, logistics and others(1) 27,434 29,325 7% Quick commerce(2) 13,196 14,784 12% China commerce wholesale 5,952 6,711 13% Alibaba International Digital Commerce Group29,293 34,741 19% International commerce retail 23,691 28,395 20% International commerce wholesale 5,602 6,346 13% Cloud Intelligence Group 26,549 33,398 26% All others(3) 81,354 58,599 (28)% Unallocated 419 519 Inter-segment elimination (22,049) (19,677) Consolidated revenue 243,236247,652 2% Three months ended June 30,
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GAAP to Non-GAAP Measures Reconciliation 12 Note:(1)Tax effects primarily comprise tax effects relating to non-cash share-based compensation expense, amortization and impairment ofintangible assets and certain gains and losses from investments, and others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GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders 13 Notes:(1)Non-GAAP adjustments excluding the attributions to the noncontrolling interests. See the table above for items regarding the reconciliation of net income to non-GAAP net income (before excluding the attributions to the noncontrolling interests).(2)Each ADS represents eight ordinary shares.(3)Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.(4)Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share, on a diluted basis. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio. 2024 (in Mn, except per share data) RMB RMB USD Net income attributable to ordinary shareholders – basic 24,269 43,116 6,019 Dilution effect on earnings arising from non-cash share-based awards operated by equity method investees and subsidiaries (75) (162) (23) Adjustments for interest expense attributable to convertible unsecured senior notes 26 71 10 Net income attributable to ordinary shareholders – diluted 24,220 43,025 6,006 Non-GAAP adjustments to net income attributable to ordinary shareholders(1) 16,045 (7,734) (1,080) Non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted earnings per share/ADS 40,265 35,291 4,926 Weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share/ADS (million shares)(2) 19,595 19,142 Diluted earnings per share(2)(3) 1.24 2.25 0.31 Non-GAAP diluted earnings per share(2)(4) 2.05 1.84 0.26 Diluted earnings per ADS(2)(3) 9.89 17.98 2.51 Non-GAAP diluted earnings per ADS(2)(4) 16.44 14.75 2.06 Three months ended June 30, 2025