BingEx Ltd (FLX) 2025 Q2 法說會逐字稿

Good day, and welcome to BingEx's 2025 second-quarter financial results conference call. Today's conference is being recorded.

大家好，歡迎參加 BingEx 2025 年第二季財務業績電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Helen Wu from Piacente Financial Communications. Please go ahead.

現在，我想將會議交給 Piacente Financial Communications 的 Helen Wu。請繼續。

Thank you, operator. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results may differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

謝謝您，接線生。在本次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。這些評論是基於我們今天的預測和期望。由於存在許多風險和不確定因素，包括我們最近向美國證券交易委員會提交的文件中提到的風險和不確定因素，實際事件或結果可能與今天的新聞稿和本討論中提到的存在重大差異。

The non-GAAP financial measures we provide are for comparison purpose only. The definition of these measures and a reconciliation table are available in the news release we issued earlier today.

我們提供的非公認會計準則財務指標僅供比較之用。這些措施的定義和對帳表可在我們今天早些時候發布的新聞稿中找到。

As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the FlashEx Company's IR website at ir.ishansong.com. Furthermore, throughout the call, we will consistently use the company brand name FlashEx to refer to its publicly listed entity, BingEx Limited.

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路重播將在 FlashEx 公司的投資者關係網站 ir.ishansong.com 上提供。此外，在整個電話會議期間，我們將始終使用公司品牌名稱 FlashEx 來指稱其上市公司 BingEx Limited。

Joining us today from FlashEx senior management are Mr. Adam Xue, Founder, Chairman of the Board and Chief Executive Officer; Mr. Hongjian Yu, Co-Founder, Director, and Executive President; and Mr. Luke Tang, Chief Financial Officer.

今天與我們一起出席的 FlashEx 高階主管包括創辦人、董事會主席兼執行長 Adam Xue 先生；共同創辦人、董事兼執行總裁 Yu Hongjian 先生；以及財務長 Luke Tang 先生。

I will now turn the call over to Mr. Adam Xue.

現在我將電話轉給 Adam Xue 先生。

Thank you, Helen. Hello, everyone, and welcome to FlashEx's second-quarter 2025 earnings call. In the second quarter, the industry saw rapid shifts with new competitive dynamics and challenges emerging in quick succession. Amid this changing landscape, FlashEx stayed true to its mission, focusing our core efforts on enhancing and elevating product and service quality.

謝謝你，海倫。大家好，歡迎參加 FlashEx 2025 年第二季財報電話會議。第二季度，產業快速變化，新的競爭態勢和挑戰層出不窮。在這種不斷變化的情況下，FlashEx 始終忠於自己的使命，將核心精力集中在增強和提高產品和服務品質上。

FlashEx executes a tiered and refined operation strategy, conducting in-depth analysis of different user groups’ characteristics and the nuances of various business scenarios. This allows us to deliver tailored, personalized services, ensuring that every request receives the most attentive and efficient response. Through its unwavering commitment to product and service quality, FlashEx has stood out in a highly competitive market and maintained a strong reputation. Growing brand recognition and loyalty have further strengthened our position in customers' minds, laying a solid foundation for the Company's long-term growth.

FlashEx 實施分層精細化的營運策略，深入分析不同使用者群體的特性以及各種業務場景的細微差別。這使我們能夠提供量身定制的個人化服務，確保每個請求都能得到最周到和有效的回應。FlashEx 憑藉對產品和服務品質的堅定承諾，在競爭激烈的市場中脫穎而出並保持了良好的聲譽。品牌認知與忠誠度的不斷提升，進一步鞏固了我們在客戶心目中的地位，為公司的長期發展奠定了堅實的基礎。

In the second quarter of 2025, FlashEx recorded total revenue of RMB1.02 billion with gross margin rising 1.2 percentage points year over year to 12%. Adjusted net profit reached RMB45.59 million. Despite intense industry competition, FlashEx’s business demonstrated strong resilience.

2025年第二季度，FlashEx總營收為10.2億元人民幣，毛利率較去年同期上升1.2個百分點至12%。經調整淨利達4,559萬元。儘管行業競爭激烈，FlashEx 的業務仍表現出強大的韌性。

In the first half of 2025, market competition intensified, yet the instant delivery industry continued to show steady growth. Among all categories, flowers and cakes maintained a significant share, driven by their unique market demand.

2025年上半年，市場競爭加劇，但即時配送業仍維持穩定成長。在所有類別中，鮮花和蛋糕由於其獨特的市場需求而保持了相當大的份額。

With tailored, efficient services designed specifically for the flower and cake categories, FlashEx has effectively met market demand and secured a strong position in this niche, maintaining a stable market share.

FlashEx 針對鮮花和蛋糕類別，提供客製化、高效的服務，有效滿足了市場需求，鞏固了在該領域的領先地位，維持了穩定的市場份額。

At the same time, we have actively expanded partnerships with merchants, broadening our reach to cover more types of merchants while deepening collaboration to achieve mutual benefits and growth.

同時，我們積極拓展與商家的合作關係，涵蓋更多類型的商家，深化合作，實現互利共贏。

For example, during holidays, demand for flowers, cakes, and similar categories often surges within a short period. To address this challenge, we deployed on-site support teams to certain core merchant locations to assist with order sorting and distribution, ensuring smooth, efficient deliveries. This proactive approach not only demonstrated our keen sensitivity to users' needs and rapid response capabilities, but also enhanced merchant satisfaction and reliance, laying the groundwork for strengthening and expanding future partnerships.

例如，在假日期間，鮮花、蛋糕等類別的需求往往會在短時間內激增。為了應對這項挑戰，我們向某些核心商家部署了現場支援團隊，協助訂單分類和分發，確保順利、有效率地交付。這種積極主動的做法不僅體現了我們對使用者需求的敏銳敏感性和快速回應能力，而且提高了商家的滿意度和依賴性，為加強和擴大未來的合作夥伴關係奠定了基礎。

For 3C digital products, which are vulnerable to issues such as damage and delays during delivery, our team conducted on-site research at our client stores and worked closely with them to review the entire delivery process from packaging to handover. Based on these insights, we implemented targeted improvements, including optimizing packaging materials and strengthening delivery personnel training. These efforts have further strengthened high-value clients’ trust and confidence in the FlashEx brand.

針對3C數位產品易出現破損、配送延誤等問題，我們的團隊深入客戶門市進行現場調查，與客戶緊密合作，審核從包裝到交接的整個配送流程。基於這些洞察，我們實施了有針對性的改進，包括優化包裝材料、加強配送人員培訓等。這些努力進一步增強了高價值客戶對 FlashEx 品牌的信任和信心。

In addition, we have sharpened our focus on high-frequency clients, enhancing after-sales support. By streamlining service processes and improving response times, we ensure that every customers receive timely and effective solutions whenever issue arise, significantly boosting satisfaction. The implementation of these measures has not only improved client retention, but also notably increased engagement, providing strong momentum for FlashEx's continued growth.

此外，我們也更關注高頻客戶，加強售後支援。透過簡化服務流程並縮短回應時間，我們確保每位客戶在出現問題時都能及時得到有效的解決方案，從而顯著提高滿意度。這些措施的實施不僅提高了客戶保留率，而且顯著提高了參與度，為FlashEx的持續成長提供了強勁動力。

To deliver higher-quality, more personalized service, and fully meet users' diverse needs across different scenarios, we continued to expand our service offerings in Q2. We analyzed user behavior and demand patterns to identify key everyday needs, such as luggage delivery, hotel storage, clothing shipping, and package pickup, unlocking new service areas with strong potential and unique value. Throughout this process, we have maintained a rigorous and responsible approach using small-scale tests and feedback collection to continuously refine and optimize service details, aiming to deliver a smoother and more satisfying user experience. Currently, the application of the specialized services is steadily expanding and has received positive user feedback. By continuously exploring new scenarios, we are not only broadening FlashEx’s service portfolio into more aspects of daily life, but also embedding the brand's value more naturally and meaningfully into users' everyday routines.

為了提供更優質、更個人化的服務，充分滿足使用者不同場景的多元需求，我們在第二季持續拓展服務內容。我們分析了用戶行為和需求模式，以確定行李遞送、酒店寄存、服裝運送和包裹提取等關鍵日常需求，從而解鎖具有強大潛力和獨特價值的新服務領域。在過程中，我們始終秉持嚴謹負責的態度，透過小規模的測試和回饋收集，不斷完善和優化服務細節，力求為用戶帶來更流暢、更滿意的體驗。目前，專業化服務應用範圍正在穩步拓展，並獲得了用戶積極回饋。透過不斷探索新的場景，我們不僅將FlashEx的服務範圍拓展到日常生活的更多方面，還將品牌價值更自然、更有意義地融入用戶的日常生活中。

While the contribution of these newly expanded services to order volume and revenue may be limited in short term, we firmly believe that they represent a critical step in FlashEx's path towards refined operations. These initiatives allow us to accurately identify and deeply address user needs, enrich product usage scenarios, and strengthen user engagement. From a long-term perspective, these efforts will drive continuously improvement and serve as a cornerstone for FlashEx's sustainable growth, ensuring we maintain a leading position in a highly competitive market.

雖然這些新拓展的服務在短期內對訂單量和收入的貢獻可能有限，但我們堅信，這代表FlashEx邁向精細化營運的關鍵一步。這些措施使我們能夠準確識別並深入解決用戶需求，豐富產品使用場景，並加強用戶參與度。從長遠來看，這些努力將推動持續改進，並成為 FlashEx 永續成長的基石，確保我們在競爭激烈的市場中保持領先地位。

In Q2, capacity management emerged as a key lever for enhancing service quality and strengthening our market competitiveness. We focused on refining operations on the supply side, taking precise actions across multiple dimensions to optimize the entire delivery process to provide users with a higher-quality and more efficient service experience.

第二季度，運能管理成為提升服務品質、增強市場競爭力的重要槓桿。我們著重供給側精細化營運，多維度精準發力，優化交付全流程，為使用者提供更優質、更有效率的服務體驗。

At the delivery planning level, we leveraged advanced algorithms and big data analytics to optimize routing. By incorporating real-time traffic, order distribution, and weather conditions, we provide riders with the most efficient delivery routes, enhancing overall efficiency. At the same time, we developed an intelligent rider allocation system that precisely adjusts resources based on order fluctuations across different areas and time periods.

在交付計劃層面，我們利用先進的演算法和大數據分析來優化路線。透過結合即時交通狀況、訂單分佈和天氣狀況，我們為騎士提供最有效的配送路線，提高整體效率。同時，我們開發了智慧騎士分配系統，可以根據不同區域、不同時段的訂單波動，精準調整資源。

We recognize that the riders are at the heart of FlashEx's service, with their stability and professionalism directly affecting service quality and company growth. To support them, we consistently strengthen our comprehensive rider support system, encompassing subsidies, training, and rewards. Subsidies are structured based on clear standards to ensure fair compensation and boost motivation and income. Regular professional training helps riders enhance their skills and service quality, enabling them to handle complex delivery scenarios and customer needs. Through rewards such as the monthly “Outstanding Rider” award, we provide both material and recognition-based incentives, fostering dedication and a healthy competitive spirit. This holistic approach ensures riders are well-supported, engaged, and empowered to deliver the best possible service.

我們認識到騎手是FlashEx服務的核心，他們的穩定性和專業性直接影響著服務品質和公司的發展。為了支持他們，我們不斷加強全面的騎士支持體系，包括補貼、培訓和獎勵。補貼按照明確的標準構建，以確保公平的補償並提高積極性和收入。定期的專業培訓有助於騎士提高技能和服務質量，使他們能夠應對複雜的配送場景和客戶需求。透過每月「傑出騎手」獎等獎勵，我們提供物質和認可激勵，培養奉獻精神和健康的競爭精神。這種整體方法可確保乘客得到良好的支援、參與和授權，從而提供最好的服務。

It is FlashEx's long-standing comprehensive support and care for readers that has enabled us to maintain a stable, professional, and efficient delivery team. Even amidst intense market competition in quarter two, this team not only strengthens our reputation and market standing, but also provides a solid foundation for the company's sustainable growth.

正是FlashEx長期以來對讀者的全方位支援與關懷，使得我們擁有了一支穩定、專業、有效率的投放團隊。即使在第二季激烈的市場競爭中，這支團隊不僅增強了我們的聲譽和市場地位，也為公司的永續成長奠定了堅實的基礎。

Looking ahead to the second half of 2025, we will continue to embed the principles of refined management across every aspect of our operations and business lines. Through this approach, we aim to achieve optimal resource allocation, maximize efficiency, and maintain effective cost control, supporting the Company's high-quality growth.

展望2025年下半年，我們將繼續把精細化管理的概念貫穿到公司經營管理的各個環節和業務線。透過這種方式，我們力求實現資源優化配置、效率最大化，並有效控製成本，支援公司高品質發展。

At the same time, we will actively explore innovative brand promotion strategies to strengthen FlashEx’s brand value in more creative and engaging ways. By executing a series of scenario-based and event-driven marketing initiatives that closely align with users' daily lives and trending topics, we aim to integrate the FlashEx brand naturally into everyday routines.

同時，我們將積極探索創新的品牌推廣策略，以更具創意、更具吸引力的方式提升FlashEx的品牌價值。透過執行一系列基於場景和事件驅動的行銷活動，緊密貼合用戶的日常生活和熱門話題，我們旨在將 FlashEx 品牌自然地融入日常生活。

Additionally, we will continue to deepen collaborations with high-value merchants, extending from order delivery to tailored logistics solutions that help enhance end-user satisfaction and drive repeat purchases. Through these initiatives, we aim to strengthen the emotional connection between users and our brand, enhance user loyalty and engagement, and elevate brand value. By reinforcing FlashEx as a top-of-mind choice in on-demand dedicated courier services, we are driving the Company towards long-term, stable, and sustainable growth.

此外，我們將繼續深化與高價值商家的合作，從訂單交付延伸到客製化的物流解決方案，以幫助提高最終用戶滿意度並推動重複購買。透過這些舉措，我們旨在加強用戶與品牌之間的情感聯繫，增強用戶忠誠度和參與度，並提升品牌價值。透過加強 FlashEx 作為按需專用快遞服務的首選，我們正在推動公司實現長期、穩定和永續的成長。

That concludes my remarks. Now, I will hand the call off to our CFO, Luke Tang. Thank you.

我的發言到此結束。現在，我將把電話轉交給我們的財務長 Luke Tang。謝謝。

Thank you, Adam. Hello, everyone. This is Luke. Let me walk you through our second-quarter financials. Before I begin, please note that all numbers are in renminbi and all percentage changes are on a year-over-year basis unless otherwise noted.

謝謝你，亞當。大家好。這是盧克。讓我向您介紹一下我們第二季的財務狀況。在我開始之前，請注意，除非另有說明，所有數字均以人民幣為單位，所有百分比變化均為同比變化。

In the second quarter of 2025, we successfully navigated a competitive market environment by executing our refined operation strategy and focusing on service quality. Our unique on-demand dedicated courier model continued to demonstrate strong resilience supported by stable user growth and targeted initiatives to optimize efficiency and resource allocation. This strategic focus is clearly visible in our gross profit margin, which rose to 12% from 10.8% in the same period last year, directly reflecting our success in operational efficiency and cost management.

2025年第二季度，我們透過實施精細化營運策略，注重服務品質，成功應對了競爭激烈的市場環境。我們獨特的按需專線快遞模式在穩定的用戶成長和優化效率和資源配置的有針對性的舉措的支援下繼續表現出強大的韌性。這項策略重點在我們的毛利率上得到了清晰的體現，毛利率從去年同期的10.8%上升至12%，直接反映了我們在營運效率和成本管理方面的成功。

Our revenues for the second quarter reached RMB1,024.6 million compared to RMB1,176.7 million in the same period of 2024. The year-over-year decline was primarily driven by lower order volumes as competitive dynamics in the market remained active throughout the quarter.

我們第二季的營收達到 10.246 億元，而 2024 年同期為 11.767 億元。年比下降主要是由於訂單量下降，因為整個季度市場競爭仍然活躍。

Our cost of revenues for the quarter decreased by 14.1% to RMB901.9 million. This was primarily in line with the decline in revenues along with our ongoing focus on improving operating efficiency.

本季我們的收入成本下降 14.1% 至 9.019 億元。這主要與收入下降以及我們持續專注於提高營運效率有關。

Our gross profit was RMB122.7 million for the second quarter, compared with RMB127 million in the same period last year. Gross profit margin grew by 1.2 percentage points to 12% for the second quarter.

第二季我們的毛利為人民幣1.227億元，去年同期為人民幣1.27億元。第二季毛利率成長1.2個百分點至12%。

Turning to operating expenses. Our total operating expenses for the second quarter were RMB103.4 million, consisting of selling and marketing expenses of RMB48.2 million, general and administrative expenses of RMB36 million, and research and development expenses of RMB19.2 million.

談到營運費用。我們第二季的總營運費用為人民幣 1.034 億元，其中包括銷售和行銷費用人民幣 4,820 萬元、一般及行政費用人民幣 3,600 萬元以及研發費用 1,920 萬元。

Excluding share-based compensation expenses, our non-GAAP income from operations was [ RMB31.9 million] (corrected by the company after the call) for the second quarter compared with RMB42.3 million in the same period of 2024.

不計入股權激勵費用，我們第二季度的非公認會計準則營業利潤為 [ 人民幣 3190 萬元 ]（公司在電話會議後進行了更正），而 2024 年同期為 人民幣 4230 萬元。

Other income was RMB1.3 million for the second quarter, compared with RMB9.5 million in the same period of 2024. The year-over-year decrease was primarily due to a lower amount of government grants.

第二季其他收入為人民幣130萬元，而2024年同期為人民幣950萬元。年比下降主要是由於政府補助金額減少。

Our non-GAAP net income for the second quarter was RMB45.6 million, compared with RMB59.1 million in the same period of 2024.

我們第二季的非公認會計準則淨收入為人民幣 4,560 萬元，而 2024 年同期為 5,910 萬元。

Our cash position remained healthy, with cash and cash equivalents, restricted cash, and short-term investments totaling RMB827.8 million as of the second quarter end.

我們的現金狀況保持健康，截至第二季末，現金及現金等價物、受限現金和短期投資總額為人民幣 8.278 億元。

In summary, despite the intense competition in the food delivery market, our second-quarter performance underscores the durability of our business model. Supported by targeted initiatives and a stable user growth, our focus on delivering differentiated, high-quality on-demand service continues to foster strong customer loyalty. Looking ahead, we remain committed to optimizing resource allocation and capturing emerging opportunities to drive sustainable and long-term growth.

總而言之，儘管外送市場競爭激烈，但我們第二季的業績凸顯了我們商業模式的持久性。在有針對性的舉措和穩定的用戶成長的支持下，我們專注於提供差異化、高品質的按需服務，繼續培養強大的客戶忠誠度。展望未來，我們將持續致力於優化資源配置，抓住新興機遇，推動永續的長期成長。

That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead.

我們的準備好的演講到此結束。我們現在願意回答大家的提問。接線員，請繼續。

(Operator Instructions) Sifan Jiang, CICC.

(操作員指示) 蔣思凡，CICC。

Thank you, the management team, I've got two questions here today. My first question is, could you please share the company's order volume and ASP for this quarter, broken down by 2B and 2C business? How do you project the trend for order volume and ASP in the second half of the year?

謝謝管理團隊，我今天有兩個問題。我的第一個問題是，您能否分享公司本季的訂單量和平均售價，並按2B和2C業務細分？您如何預測下半年訂單量和平均售價的趨勢？

And my second question is, due to platform competition this year, we heard there had been pressure on rider supply across the industry. How would you assess riders stickiness and retention metrics? What trajectory should we anticipate for rider incentive budgets this year? Thank you.

我的第二個問題是，我們聽說今年由於平台競爭激烈，整個行業的乘客供應都面臨壓力。您如何評估乘客的黏性和保留率指標？我們應該預期今年乘客激勵預算的走勢如何？謝謝。

Thank you, Sifan. And I think maybe Adam will answer the first question, and I will take the second.

謝謝你，思凡。我想也許亞當會回答第一個問題，而我會回答第二個問題。

Thank you for your question. In the first half of this year, we fulfilled 123 million orders. Despite a complex market and industry environment, we stayed true to our strategy, prioritizing our operational efficiency. We pursue growth cautiously and steadily, ensuring operating profits remain at healthy levels. Our first-half data show that ASP held steady compared with last year, while the share of C-end orders saw a slight but positive increase.

感謝您的提問。今年上半年，我們完成了1.23億份訂單。儘管市場和產業環境複雜，我們仍堅持策略，優先考慮營運效率。我們謹慎、穩健地追求成長，確保營業利潤維持在健康水準。我們的上半年數據顯示，平均售價與去年同期相比保持穩定，而C端訂單份額則略有正增長。

Current industry trends indicate that competition is gradually stabilizing and returning to a more normal state. In this environment, FlashEx is strengthening its service system and improving operational efficiency. At the same time, we are exploring new service scenarios to better integrate into users' daily lives, expand offerings, and boost engagement.

當前行業趨勢表明，競爭正在逐步穩定並回歸正常狀態。在此環境下，FlashEx正在加強其服務體系並提高營運效率。同時，我們也探索新的服務場景，以便更能融入使用者的日常生活，拓展服務內容，提升參與度。

Additionally, we have a clear expansion plan to grow the FlashEx team and broaden service coverage. This will allow us to better meet users' needs and improve overall service quality and experience. With these strategies in place, we are optimistic about the second half of 2025 and expect a recovery in overall order volume. Thank you.

此外，我們還有一個明確的擴張計劃，以擴大 FlashEx 團隊並擴大服務覆蓋範圍。這將使我們能夠更好地滿足用戶的需求並提高整體服務品質和體驗。有了這些策略，我們對 2025 年下半年充滿信心，並預計整體訂單量將會復甦。謝謝。

Thank you. I will take the second question. In the first half of 2025, competition in the food delivery market remained fierce and creating some pressure on the on-demand, dedicated courier industry, especially for our riders. Nevertheless, we continue to center our strategy on our rider team, regardless of short-term market fluctuations or isolated challenges. Our registered and new rider numbers remain strong. And given the differentiated business model and the distinct rider profiles, there has been no notable impact.

謝謝。我來回答第二個問題。2025年上半年，外送市場的競爭依然激烈，給按需專車產業帶來了一定的壓力，尤其是對我們的騎士而言。儘管如此，無論短期市場波動還是孤立挑戰如何，我們仍將我們的策略重點放在騎士團隊上。我們的註冊騎士和新騎士數量依然強勁。鑑於差異化的商業模式和獨特的乘客特徵，並沒有產生明顯的影響。

On the operational efficiency front, we have continued to make significant improvements. We have optimized our intelligent dispatch system and delivery routes, enabling precise allocation of delivery resources and significantly boosting rider productivity. The system dynamically adjusts order assignments in real time, ensuring riders’ earnings remain stable.

在營運效率方面，我們持續取得重大進步。我們優化了智慧調度系統和配送路線，實現了配送資源的精準配置，大幅提升了騎士的工作效率。系統即時動態調整訂單分配，確保騎士的收入保持穩定。

Meanwhile, we have developed a comprehensive rider development and incentive system, covering subsidies, training and reward mechanisms. This framework provides riders with a clear career progression path, allowing each of them to see opportunities for growth and a defined future within the FlashEx platform.

同時，我們制定了完善的騎士發展和激勵體系，涵蓋補貼、訓練、獎勵機制。該框架為騎士提供了清晰的職業發展道路，讓每個人都能看到在 FlashEx 平台內成長的機會和明確的未來。

In managing the rider incentive budget, we adhere strictly to the principle of “precision and efficiency,” implementing dynamic adjustment mechanism to ensure resources are allocated optimally.

在騎士獎勵預算管理上，我們嚴格遵循「精準有效率」的原則，實施動態調整機制，確保資源得到最佳化配置。

From a medium- to long-term perspective, we are actively leveraging technological innovation to gradually reduce reliance on traditional subsidy model. Our newly upgraded intelligent dispatch system enables more efficient order allocation while optimized navigation on the rider app has significantly improved delivery efficiency.

從中長期來看，我們積極利用科技創新，逐步減少對傳統補貼模式的依賴。我們全新升級的智慧調度系統實現了更有效率的訂單分配，而騎士App的導航優化則顯著提升了配送效率。

In addition, we have deepened collaboration with key merchants to enhance delivery planning during peak periods, such as holidays, further optimizing overall resource allocation and making our delivery services more precise and efficient.

此外，我們深化與重點商家的合作，加強假日等尖峰時段的配送規劃，進一步優化整體資源配置，讓配送服務更加精準有效率。

FlashEx's long-standing, comprehensive support and thoughtful care for our riders is precisely what has enabled us to maintain a stable, professional, and highly efficient delivery team amid the intense market competition in Q2. This team serves as a solid backbone for navigating market challenges.

FlashEx長期以來對騎士的全方位支援與無微不至的關懷，正是讓我們在第二季激烈的市場競爭中，依然保持了一支穩定、專業、高效的配送團隊。該團隊是應對市場挑戰的堅實支柱。

Overall, compared with the competitive dynamics in the current food delivery and e-commerce sectors, FlashEx's unique “on-demand, dedicated courier” model offers users a more personalized and differentiated premium service experience, which is our core competitive advantage. We are already seeing riders return to our platform, demonstrating that our business model is both competitive and sustainable. At the same time, we firmly believe that for the industry to achieve long-term, sustainable, and healthy growth, fair and reasonable competition should be actively encouraged. Based on this, we view the current market competition as having only a short-term and limited impact on FlashEx.

整體而言，相較於目前外送、電商領域的競爭態勢，FlashEx獨特的「按需專人送達」模式，為用戶提供了更個人化、差異化的優質服務體驗，這是我們的核心競爭優勢。我們已經看到乘客重返我們的平台，這表明我們的商業模式既有競爭力又可持續。同時，我們堅信，為了實現產業長期、永續、健康發展，應該積極鼓勵公平合理的競爭。基於此，我們認為目前的市場競爭對FlashEx的影響是短期且有限。

Looking ahead to the second half of 2025, we are seeing signs that the industry competition is beginning to ease. At the same time, we have clear plans to further expand our business and our delivery team, strengthening our operational capacity to support the company's continued growth, that's all. Thank you.

展望2025年下半年，我們看到產業競爭開始緩和的跡象。同時，我們也有明確的計劃，進一步擴大我們的業務和交付團隊，加強我們的營運能力，以支持公司的持續成長，僅此而已。謝謝。

Thank you. And this concludes the question-and-answer session. I will now turn the call over to Helen Wu for closing remarks.

謝謝。問答環節到此結束。現在我將把電話交給 Helen Wu 做最後發言。

Thank you once again for joining FlashEx's 2025 second-quarter financial results and business update conference call today. If you have any further questions, please contact the IR team at FlashEx or Piacente Financial Communications. Thank you, and have a great day.

再次感謝您今天參加FlashEx 2025年第二季財務表現與業務更新電話會議。如果您有任何其他問題，請聯絡 FlashEx 或 Piacente Financial Communications 的 IR 團隊。謝謝您，祝您有愉快的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。