# EDGAR Filing Document

**Accession Number:** 0001922097
**File Stem:** 0001104659-25-064763
**Filing Date:** 2025-7
**Character Count:** 22087
**Document Hash:** 9f09dc33836e832198ca70a9a2814a21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064763.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001104659-25-064763

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lanvin Group Holdings Ltd
- **CENTRAL INDEX KEY:** 0001922097
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93844
- **FILM NUMBER:** 251096919

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4F, 168 JIUJIANG ROAD,
- **STREET 2:** CARLOWITZ & CO, HUANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** (86)13636579351

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4F, 168 JIUJIANG ROAD,
- **STREET 2:** CARLOWITZ & CO, HUANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fosun International Ltd
- **CENTRAL INDEX KEY:** 0001447884

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 808, ICBC TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 85225093228

**MAIL ADDRESS:**
- **STREET 1:** ROOM 808, ICBC TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**Lanvin Group Holdings Limited**

*(Name of Issuer)*

**Ordinary Shares, par value $0.000001 per share**

*(Title of Class of Securities)*

**G5380J100**

*(CUSIP Number)*

**SZE Mei Ming**<br>Room 808, ICBC Tower,<br>3 Garden Road, Central<br>Hong Kong K3 00000<br>852-2509-3228

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/27/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G5380J100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fosun International Limited** | Name of reporting person<br>**Fosun International Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**65451209.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**24883006.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**65451209.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**24883006.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**90334215.00** | Aggregate amount beneficially owned by each reporting person<br>**90334215.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**71.92%** | Percent of class represented by amount in Row (11)<br>**71.92%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8 and 10: Includes (i) 18,811,415 ordinary shares, par value $0.000001 per share ("Ordinary Shares") held by Fosun Fashion Holdings (Cayman) Limited and (ii) 6,071,591 Ordinary Shares held by Yujing Fashion (BVI) Limited. Fosun Fashion Holdings (Cayman) Limited is wholly owned by Fosun International Limited (HKSE Stock Code: 00656). Yujing Fashion (BVI) Limited is wholly owned by Yu Jing Industrial Limited, which is in turn wholly owned by Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655). Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655) is majority owned by Fosun International Limited (HKSE Stock Code: 00656) indirectly through a number of intermediate subsidiaries.
Row 11: Includes (i) 65,451,209 Ordinary Shares held by Fosun International Limited, (ii) 18,811,415 Ordinary Shares held by Fosun Fashion Holdings (Cayman) Limited and (iii) 6,071,591 Ordinary Shares held by Yujing Fashion (BVI) Limited.
Row 13: Based on 125,595,914 Ordinary Shares of the Issuer outstanding as of June 27, 2025, as determined based on the records of the Issuer.

| **CUSIP No.** | **G5380J100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fosun Fashion Holdings (Cayman) Limited** | Name of reporting person<br>**Fosun Fashion Holdings (Cayman) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18811415.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18811415.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**18811415.00** | Aggregate amount beneficially owned by each reporting person<br>**18811415.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.98%** | Percent of class represented by amount in Row (11)<br>**14.98%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 13: Based on 125,595,914 Ordinary Shares of the Issuer outstanding as of June 27, 2025, as determined based on the records of the Issuer.

| **CUSIP No.** | **G5380J100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yujing Fashion (BVI) Limited** | Name of reporting person<br>**Yujing Fashion (BVI) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6071591.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6071591.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.83%** | Percent of class represented by amount in Row (11)<br>**4.83%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8, 10 and 11: Represents 6,071,591 Ordinary Shares held by Yujing Fashion (BVI) Limited. Yujing Fashion (BVI) Limited is wholly owned by Yu Jing Industrial Limited, which is in turn wholly owned by Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655). Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655) is majority owned by Fosun International Limited (HKSE Stock Code: 00656) indirectly through a number of intermediate subsidiaries.
Row 13: Based on 125,595,914 Ordinary Shares of the Issuer outstanding as of June 27, 2025, as determined based on the records of the Issuer.

| **CUSIP No.** | **G5380J100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shanghai Yuyuan Tourist Mart (Group) Co., Ltd** | Name of reporting person<br>**Shanghai Yuyuan Tourist Mart (Group) Co., Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6071591.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6071591.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.83%** | Percent of class represented by amount in Row (11)<br>**4.83%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8, 10 and 11: Represents 6,071,591 Ordinary Shares held by Yujing Fashion (BVI) Limited. Yujing Fashion (BVI) Limited is wholly owned by Yu Jing Industrial Limited, which is in turn wholly owned by Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655). Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655) is majority owned by Fosun International Limited (HKSE Stock Code: 00656) indirectly through a number of intermediate subsidiaries.
Row 13: Based on 125,595,914 Ordinary Shares of the Issuer outstanding as of June 27, 2025, as determined based on the records of the Issuer.

| **CUSIP No.** | **G5380J100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yu Jing Industrial Limited** | Name of reporting person<br>**Yu Jing Industrial Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6071591.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6071591.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | Aggregate amount beneficially owned by each reporting person<br>**6071591.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.83%** | Percent of class represented by amount in Row (11)<br>**4.83%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8, 10 and 11: Represents 6,071,591 Ordinary Shares held by Yujing Fashion (BVI) Limited. Yujing Fashion (BVI) Limited is wholly owned by Yu Jing Industrial Limited, which is in turn wholly owned by Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655). Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (SSE Stock Code: 600655) is majority owned by Fosun International Limited (HKSE Stock Code: 00656) indirectly through a number of intermediate subsidiaries.
Row 13: Based on 125,595,914 Ordinary Shares of the Issuer outstanding as of June 27, 2025, as determined based on the records of the Issuer.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, par value $0.000001 per share

**(b) Name of Issuer:**
Lanvin Group Holdings Limited

**(c) Address of Issuer's Principal Executive Offices:**
4F, 168 Jiujiang Road, CARLOWITZ & CO, Huangpu District, Shanghai, F4, 200001

This Amendment No. 6 (this "Amendment"), jointly filed on behalf of Fosun International Limited ("Fosun International"), Fosun Fashion Holdings (Cayman) Limited ("FFH"), Yujing Fashion (BVI) Limited ("Yujing Fashion"), Yu Jing Industrial Limited ("Yu Jing") and Shanghai Yuyuan Tourist Mart (Group) Co., Ltd ("Yuyuan" and, together with Fosun International, FFH, Yujing Fashion and Yu Jing, the "Reporting Persons" and each a "Reporting Person"), relates to the ordinary shares, par value $0.000001 per share (the "Ordinary Shares") of Lanvin Group Holdings Limited (the "Issuer"), and amends and supplements the Schedule 13D filed by the Reporting Persons on December 23, 2022 with the SEC, as amended by Amendment No. 1 filed by the Reporting Persons on December 18, 2023, Amendment No. 2 filed by the Reporting Persons on February 7, 2024, Amendment No. 3 filed by the Reporting Persons on April 9, 2024, as amended by Amendment No. 4 filed by the Reporting Persons on June 17, 2024 and as further amended by Amendment No. 5 filed by the Reporting Persons on August 6, 2024 (the "Schedule 13D"). Capitalized terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Schedule 13D. Unless specifically amended hereby, the disclosure set forth in the Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented by incorporating by reference therein the information set forth in Item 6 of this Amendment.

**Item 5. Interest in Securities of the Issuer**

**(a)**
This Amendment is being filed to update the percentages of the Ordinary Shares beneficially owned by the Reporting Persons due to reverse dilution caused by the Issuer's repurchase of 13,804,733 Ordinary Shares from Meritz Securities Co., Ltd. ("Meritz"), an institutional investor, pursuant to a share buyback agreement, dated as of June 27, 2025, by and between the Issuer and Meritz (the "2025 Meritz SBA"), and not in connection with a disposition of any Ordinary Shares by the Reporting Persons.

Section (a) and Section (b) of Item 5 of the Schedule 13D are hereby amended and restated in their entirety as follows:

(a)-(b) The information contained on the cover pages to this Schedule 13D is incorporated herein by reference. Fosun International directly beneficially owns 65,451,209, or 52.11%, of the Ordinary Shares. FFH directly beneficially owns 18,811,415, or 14.98%, of the Ordinary Shares. Yujing Fashion directly beneficially owns 6,071,591, or 4.83%, of the Ordinary Shares. Yu Jing as the sole shareholder of Yujing Fashion, and Yuyuan as the sole shareholder of Yu Jing, may be deemed to have shared voting and dispositive power, and therefore, beneficial ownership, over the 6,071,591 Ordinary Shares owned directly by Yujing Fashion. Fosun International as the sole shareholder of FFH and the indirect majority shareholder of Yujing Fashion may be deemed to have shared voting and dispositive power, and therefore, beneficial ownership, over the 18,811,415 and 6,071,591 Ordinary Shares owned directly by FFH and Yujing Fashion, respectively.

The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act, the beneficial owners of the Ordinary Shares.

**(b)**
—

**(c)**
None of the Reporting Persons has effected and, to the best knowledge of the Reporting Persons, none of the Covered Persons has effected any transactions in the Ordinary Shares since the most recent filing of the Schedule 13D on August 6, 2024.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented by inserting the following:

In connection with the consummation of the transactions contemplated under the 2025 Meritz SBA, Meritz sold and surrendered, and the Issuer repurchased from Meritz 13,804,733 Ordinary Shares for a price equal to EUR48.1 million (the "Repurchase Price") and (ii) the Issuer issued to Meritz a fixed rate 11.40% secured loan note (the "Loan Note") for a principal amount equal to the Repurchase Price.

The foregoing descriptions of the 2025 Meritz SBA and Loan Note do not purport to be complete and are qualified in their entirety by reference to the, copies of which are filed as Exhibit 99.1and Exhibit 99.2 to the Issuer's current report on Form 6-K furnished to the SEC on July 1, 2025, respectively, which are incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fosun International Limited

**Signature:** /s/ SZE Mei Ming

**Name/Title:** SZE Mei Ming/Company Secretary

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fosun Fashion Holdings (Cayman) Limited

**Signature:** /s/ ZOU Chao

**Name/Title:** ZOU Chao/Director

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yujing Fashion (BVI) Limited

**Signature:** /s/ ZOU Chao

**Name/Title:** ZOU Chao/Director

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shanghai Yuyuan Tourist Mart (Group) Co., Ltd

**Signature:** /s/ HUANG Zhen

**Name/Title:** HUANG Zhen/Chairman

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yu Jing Industrial Limited

**Signature:** /s/ ZOU Chao

**Name/Title:** ZOU Chao/Director

**Date:** 07/01/2025