Shangtang-W: In 2025, the revenue is 5.015 billion yuan, an increase of 32.9% year-on-year.

Shangtang-W announced that in 2025, the revenue was 5.015 billion yuan, an increase of 32.9% year-on-year; net loss was 1.782 billion yuan, compared to a net loss of 4.307 billion yuan in the same period last year. Adjusted net loss was 1.956 billion yuan, compared to a net loss of 4.281 billion yuan in the same period last year.