BingEx Ltd (FLX) 2025 Q3 法說會逐字稿

Good day, and welcome to BingEx' 2025 third quarter financial results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Helen Wu from Piacente Financial Communications. Please go ahead.

大家好，歡迎參加 BingEx 2025 年第三季財務業績電話會議。今天的會議正在錄影。此時，我謹將會議交給來自 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 could 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.

謝謝接線生。在本次電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些評論是基於我們截至目前為止的預測和預期。由於存在許多風險和不確定因素，包括我們在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次討論中提到的內容存在重大差異。

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

我們提供的非GAAP財務指標僅供比較之用。這些措施的定義和核對錶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 BingEx company's IR website at ir.ishansong.com. Furthermore, throughout the call, we will consistently use the Company's brand name FlashEx to refer to its publicly listed entity, BingEx Limited.

再次提醒，本次會議正在錄影。此外，本次電話會議的網路直播回放將在BingEx公司投資人關係網站ir.ishansong.com上提供。另外，在整個會議過程中，我們將始終使用公司品牌名稱FlashEx來指稱其上市實體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. I will now turn the call over to Mr. Adam Xue.

今天出席我們節目的FlashEx高階管理層成員有：創辦人、董事長兼執行長薛先生；共同創辦人、董事兼執行總裁於宏建先生；以及財務長唐盧克先生。現在我將把電話交給薛先生。

Thank you, Helen. Hello, everyone, and welcome to FlashEx' third quarter 2025 earnings call. Amid ongoing external challenges in the third quarter, FlashEx continued to enhance our unique on-demand dedicated courier model, further strengthening our core competitiveness. To elevate service quality and user experience, we expanded service categories and scenarios, deepened user insights, broadened service touchpoints, tested new technologies, and improved our dispatch algorithm. Meanwhile, we steadily improved user engagement by focusing on high-value, time-sensitive sectors and leveraging refined operations to reinforce our brand reputation and boost user recognition. We also broadened our reach among both merchant and individual customers, building a strong foundation for long-term, sustainable growth.

謝謝你，海倫。大家好，歡迎參加 FlashEx 2025 年第三季財報電話會議。在第三季持續面臨外部挑戰的情況下，FlashEx 繼續完善我們獨特的隨選專屬快遞模式，進一步增強了我們的核心競爭力。為了提升服務品質和使用者體驗，我們擴展了服務類別和場景，加深了使用者洞察，拓寬了服務觸點，測試了新技術，並改進了調度演算法。同時，我們專注於高價值、時效性強的行業，並利用精細化的營運來鞏固品牌聲譽，提高用戶認知度，從而穩步提升用戶參與度。我們也擴大了在商家和個人客戶中的覆蓋範圍，為長期永續成長奠定了堅實的基礎。

For the third quarter of 2025, FlashEx recorded total revenue of RMB1 billion with a gross margin of 11%. Adjusted net profit reached RMB62.6 million, representing a 9% increase year over year. As of the end of the quarter, cash position stood at RMB877.9 million, reflecting a healthy financial position.

2025年第三季度，FlashEx錄得總收入10億元人民幣，毛利率為11%。經調整後的淨利達人民幣6,260萬元，較去年同期成長9%。截至季末，現金餘額為人民幣8.779億元，財務狀況良好。

Let's move on to our operational initiatives for merchants and individual users. In the third quarter, we adopted a more refined, tiered management approach for our merchant customers, optimizing response mechanisms and benefits within our existing service framework. For high-frequency merchant customers, we introduced a dedicated VIP support team offering direct one-on-one assistance to improve feedback efficiency and order fulfillment. We also launched a membership program that grants qualified merchants key benefits such as priority dispatching and peak hour surcharge waivers, ensuring stable fulfillment rates and service quality even during holidays or peak demand periods. These core merchant customers generally have more mature operations, higher order frequency, and steady demand. With longer customer lifecycles and stronger brand synergies, they provide FlashEx with stable, predictable revenue, building a resilient income moat through long-term collaboration.

接下來，我們來談談針對商家和個人用戶的營運措施。第三季度，我們為商家客戶採用了更精細的分層管理方法，在現有服務框架內優化了回應機制和優惠。對於高頻交易的商家客戶，我們引入了專門的 VIP 支援團隊，提供一對一的直接協助，以提高回饋效率和訂單履行率。我們還推出了一項會員計劃，為符合資格的商家提供優先發貨和高峰時段附加費豁免等重要福利，確保即使在節假日或需求高峰期也能保持穩定的訂單履行率和服務品質。這些核心商家客戶通常營運較成熟，訂單頻率較高，需求穩定。憑藉更長的客戶生命週期和更強的品牌協同效應，他們為 FlashEx 提供了穩定、可預測的收入，並透過長期合作建立了強大的收入護城河。

In addition, we continued to focus on highly time- and experience-sensitive categories such as fresh flowers and cakes, expanding our merchant partnerships from simple delivery to collaborative operations. Building on previous initiatives like packaging design upgrades and delivery route optimization, we established specialized team to conduct customized fulfillment training each month, covering holidays, trends, consumer preferences and more. These programs ensure that our riders are well-trained in precision handling procedures for dedicated flowers and cakes, turning “last mail“ delivery into a seamless extension of our merchants’ brand experience.

此外，我們繼續專注於對時間和體驗要求極高的品類，例如鮮花和蛋糕，並將我們的商家合作關係從簡單的配送擴展到協作運作。在先前包裝設計升級和配送路線優化等措施的基礎上，我們組建了專門的團隊，每月進行客製化的履約培訓，內容涵蓋假期、趨勢、消費者偏好等。這些計劃確保我們的騎士接受過專門運送鮮花和蛋糕的精準操作程序的良好培訓，將「最後的郵件」遞送變成我們商家品牌體驗的無縫延伸。

At the same time, we expanded our in-store service pilot program in key cities. Under this program, dedicated on-site representatives work directly with merchant customers to allocate delivery resources in real time based on peak hours and special events, improving delivery efficiency and fulfillment rates. For example, at a cake shop in Chongqing, FlashEx’s order volume grew fourfold from the previous quarter after the in-store model was introduced in July. This success also encouraged nearby merchants to join the platform, unlocking additional order potential. By combining category expertise with in-store support, we help merchants enhance customer satisfaction while reinforce FlashEx’s unique advantages in premium delivery categories. This approach continues to strengthen recognition of our brand’s differentiated model and boost user loyalty.

同時，我們在重點城市擴大了店內服務試點計畫。在該計劃下，專門的現場代表直接與商家客戶合作，根據高峰時段和特殊活動即時分配配送資源，從而提高配送效率和訂單完成率。例如，重慶一家蛋糕店自 7 月引入店內模式以來，FlashEx 的訂單量比上一季增加了四倍。這項成功也鼓勵了附近的商家加入該平台，從而釋放了更多的訂單潛力。透過將品類專業知識與店內支援結合，我們協助商家提升顧客滿意度，同時鞏固 FlashEx 在高階配送品類中的獨特優勢。這種方法不斷加強對我們品牌差異化模式的認可，並提高用戶忠誠度。

While deepening collaboration with high-frequency merchant customers, we also continued to expand our channels for acquiring new merchant leads. First, our business development teams actively engage with commercial districts and local communities to reach potential new customers. Meanwhile, we encourage and incentivize our Flash-Riders to identify new stores during their daily deliveries. Compared with traditional shop-by-shop prospecting, Rider-generated leads are less costly and better aligned with real business scenarios. This approach not only improves the efficiency of new merchant acquisition, but also creates a virtuous cycle that organically enhances our reach among small and medium-sized businesses.

在深化與高頻商家客戶的合作的同時，我們也持續拓展獲取新商家線索的管道​​。首先，我們的業務拓展團隊積極與商業區和當地社區互動，以接觸潛在的新客戶。同時，我們鼓勵並激勵我們的閃電騎士在日常送貨過程中發現新的商店。與傳統的逐家拜訪方式相比，騎士產生的銷售線索成本更低，也更符合真實的商業場景。這種方法不僅可以提高新商家的獲取效率，還能創造一個良性循環，從而自然地擴大我們在中小企業中的影響力。

For individual users, we remained focused on “instant lifestyle assistant” positioning in the third quarter, actively expanding service scenarios to grow our user base.

對於個人用戶，我們在第三季繼續專注於「即時生活助理」定位，積極拓展服務場景以擴大用戶群。

Since the second quarter, we have steadily introduced a range of new services for individual users in the FlashEx APP, including shopping assistance, parcel pickup, meal pickup, gift delivery and luggage delivery. Daily order volume across these five lifestyle scenarios continued to grow in the third quarter, up by 15% from the previous quarter. We also explored new and emerging needs. For example, with rising demand in the electric vehicle sector, we piloted an on-site battery charging support service that allows Flash-Riders to handle the manual process for car owners, saving them valuable time. Our offerings are designed to meet users' everyday needs, transforming FlashEx from a delivery brand into an essential part of their daily lives.

自第二季以來，我們已在 FlashEx APP 中穩步推出一系列針對個人用戶的新服務，包括購物協助、包裹代收、餐點代收、禮品遞送和行李遞送。第三季度，這五種生活方式場景的日訂單量持續成長，比上一季成長了 15%。我們也探索了新的和正在出現的需求。例如，隨著電動車產業需求的不斷增長，我們試行了一項現場電池充電支援服務，讓 Flash-Riders 為車主處理手動充電流程，從而節省他們寶貴的時間。我們的產品和服務旨在滿足用戶的日常需求，將 FlashEx 從一個外送品牌轉變為他們日常生活中不可或缺的一部分。

To further enhance individual user engagement and experience, we added a new community section to the FlashEx APP, encouraging users to share their experiences, usage scenarios and personal needs. These interactions help us gain deeper user insights and continuously improve our services. Meanwhile, they also naturally boost brand awareness, allowing us to more effectively promote new service features.

為了進一步提升使用者參與度和體驗，我們在 FlashEx APP 中加入了一個新的社群版塊，鼓勵使用者分享他們的經驗、使用場景和個人需求。這些互動有助於我們更深入地了解用戶，並不斷改進我們的服務。同時，它們也能自然地提升品牌知名度，使我們能夠更有效地推廣新的服務功能。

As we continued to deepen our engagement with merchant customers and the individual users during the quarter, we also focused our business development efforts on enterprise clients, a high-value user group, and actively pursued outreach and partnership opportunities.

在本季度，隨著我們不斷加深與商家客戶和個人用戶的互動，我們也把業務拓展工作重點放在了企業客戶這個高價值用戶群上，並積極尋求拓展和合作機會。

Enterprise clients offer important benefits; they typically have long lifecycles and high retention rates, and require ongoing, steady services. Their long-term value helps drive our steady and stable business growth.

企業客戶能帶來重要的好處；他們的生命週期通常較長，客戶留存率較高，需要持續穩定的服務。它們的長期價值有助於推動我們業務的穩定成長。

Based on these traits, we have created focused strategies for enterprise clients, targeting mutual growth through deeper collaboration. By tapping into enterprise clients’ private traffic potential and helping them improve service quality, we expand FlashEx’s user base, reach more industries, and penetrate new service scenarios. This approach not only drives business volume growth, but also increases brand awareness, strengthening FlashEx’s market recognition and reputation.

基於這些特點，我們為企業客戶制定了重點策略，旨在透過更深入的合作實現共同成長。透過挖掘企業客戶更大的私有流量潛力，並幫助他們提高服務質量，我們擴大了 FlashEx 的用戶群，涵蓋了更多行業，並滲透到新的服務場景。這種方法不僅能推動業務量成長，還能提高品牌知名度，並增強 FlashEx 的市場認可度和聲譽。

As we grow our user base, we’ve prioritized improving technology and operational efficiency. In the third quarter, we teamed up with the Yuhang District government in Hangzhou and other partners to implement a citywide low-altitude logistics delivery solution, which has now reached the commercial testing stage.

隨著用戶群的成長，我們優先考慮提高技術和營運效率。第三季度，我們與杭州市餘杭區政府及其他合作夥伴共同實施了全市低空物流配送解決方案，目前已進入商業測試階段。

With more than 11 years of experience, a nationwide network across 298 cities and over 100 million users, FlashEx provides precise order forecasting, site recommendations for drone takeoff and landing, route planning, and smart dispatch support, positioning us as an early leader in urban drone delivery systems.

FlashEx 擁有超過 11 年的經驗，涵蓋 298 個城市的全國性網路和超過 1 億用戶，提供精準的訂單預測、無人機起飛和降落地點推薦、路線規劃和智慧調度支持，使我們成為城市無人機配送系統的早期領導者。

As a key element of new productive forces, low-altitude logistics not only fits well with FlashEx’s “on-demand dedicated courier” model, but also offers better solutions for long-distance, time-critical, and personalized orders. By combining drones with riders, we can better support deliveries in specific scenarios, like heavy traffic, helping to fill service gaps and improve delivery quality and user experience.

作為新生產力的關鍵要素，低空物流不僅與 FlashEx 的「按需專屬快遞」模式非常契合，而且為長途、時效性強和個人化訂單提供了更好的解決方案。透過將無人機與騎士結合，我們可以更好地支援特定場景（如交通擁堵）下的配送，幫助填補服務空白，提高配送品質和使用者體驗。

FlashEx has always viewed our riders as our key strength. In the third quarter, we continued to enhance our incentive programs and career development opportunities for riders and offered educational support to families of eligible riders. These initiatives boost rider’ sense of belonging as well as their career motivation, highlighting FlashEx’s strong commitment to social responsibility.

FlashEx一直將我們的騎士視為我們的核心優勢。第三季度，我們繼續加強對騎士的激勵計劃和職業發展機會，並為符合條件的騎士家庭提供教育支援。這些舉措增強了騎士的歸屬感和職業動力，凸顯了 FlashEx 對社會責任的堅定承諾。

As we enter the fourth quarter of 2025, FlashEx will remain focused on steady growth in our core business, refining operations business-wide to drive comprehensive platform growth. We will deepen our efforts across key service areas, boosting our service capabilities and targeting the right user segments to grow our user base. We will also explore new service opportunities, strengthen partnerships, and enhance the user experience, reinforcing FlashEx's unique position as the leading on-demand dedicated courier service provider and building a strong competitive edge.

進入 2025 年第四季度，FlashEx 將繼續專注於核心業務的穩定成長，並在全公司範圍內改善運營，以推動平台全面成長。我們將深化在重點服務領域的努力，提升服務能力，並瞄準合適的用戶群，以擴大用戶基礎。我們也將探索新的服務機會，加強合作夥伴關係，提升使用者體驗，鞏固 FlashEx 作為領先的隨選專屬快遞服務供應商的獨特地位，並建立強大的競爭優勢。

Meanwhile, we will actively align with national policies and current trends, offering users a more diverse range of services to boost satisfaction. Through these efforts, we aim to achieve both commercial success and social impact, making a positive contribution to society as a whole.

同時，我們將積極順應國家政策和當前趨勢，為使用者提供更多樣化的服務，以提高用戶滿意度。透過這些努力，我們旨在實現商業上的成功和社會影響，為整個社會做出積極貢獻。

This concludes my remarks. Now I will turn the call over to our CFO, Luke Tang. Thank you.

我的發言到此結束。現在我將把電話交給我們的財務長盧克唐。謝謝。

Thank you, Adam. Hello everyone, this is Luke. Let me walk you through our third quarter financial results. 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，我是盧克。讓我帶您了解我們第三季的財務表現。在開始之前，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 third quarter of 2025, we delivered a solid financial performance driven by disciplined, refined operations and the strengthening of our differentiated business positioning. Our on-demand dedicated courier model continued to demonstrate strong resilience. In the third quarter, gross margin held steady at 11%, while non-GAAP net margin expanded to 6.2% from 5% in the same period of last year. Our shareholders' equity grew to RMB839.3 million as of third quarter end 2025, up from RMB747.1 million at the end of 2024. Additionally, we have demonstrated our commitment to enhancing shareholder value by repurchasing approximately 1.6 million ADSs in aggregate, as of November 18, 2025.

2025年第三季度，我們憑藉著嚴謹細緻的營運和不斷強化的差異化業務定位，實現了穩健的財務表現。我們的按需專屬快遞模式持續展現出強大的韌性。第三季度，毛利率維持穩定在 11%，而非 GAAP 淨利率從去年同期的 5% 成長至 6.2%。截至 2025 年第三季末，我們的股東權益成長至 8.393 億元，高於 2024 年底的 7.471 億元。此外，截至 2025 年 11 月 18 日，我們已累計回購約 160 萬份美國存託股份，證明我們致力於提升股東價值。

Our revenues for the third quarter reached RMB1,005.4 million, compared to RMB1,154.8 million in the same period of 2024. The year-over-year decline primarily reflects lower order volumes amid ongoing competitive pressures in the market throughout the quarter.

第三季營收達人民幣10.054億元，2024年同期營收為人民幣11.548億元。年比下降主要反映了本季市場競爭持續激烈，導致訂單量減少。

Our cost of revenues for the quarter was RMB893.6 million, representing a decrease of 12.8% from the same period of 2024. This was primarily in line with the decline in revenues, and also reflects our continued efforts to enhance operational efficiency.

本季我們的營業成本為人民幣8.936億元，比2024年同期下降12.8%。這主要與收入下降的情況相符，也反映了我們為提高營運效率而持續做出的努力。

Our gross profit was RMB111.8 million for the third quarter, compared with RMB130.3 million in the same period of 2024. Gross profit margin for the third quarter was 11.1%.

第三季毛利為人民幣1.118億元，2024年同期為人民幣1.303億元。第三季毛利率為11.1%。

Turning to operating expenses. Our total operating expenses for the third quarter were RMB97.7 million, comprised of RMB42.9 million in selling and marketing expenses, RMB37 million in general and administrative expenses and RMB17.7 million in research and development expenses.

接下來談談營運費用。第三季總營運費用為人民幣9,770萬元，其中銷售及市場推廣費用為人民幣4,290萬元，一般及行政費用為人民幣3,700萬元，研發費用為人民幣1,770萬元。

Excluding share-based compensation expenses, our non-GAAP income from operations was RMB23.7 million for the third quarter compared with RMB46.2 million in the same period of 2024.

不計入股權激勵費用，我們第三季的非GAAP營業收入為人民幣2,370萬元，而2024年同期為人民幣4,620萬元。

Other income was RMB2.5 million for the third quarter compared with RMB5.8 million in the same period of 2024. The year-over-year decrease was primarily due to a lower amount of government grants.

第三季其他收入為人民幣250萬元，而2024年同期為人民幣580萬元。年比下降的主因是政府撥款減少。

Our non-GAAP net income for the third quarter reached RMB62.6 million, representing an 8.6% increase compared with RMB57.6 million in the same period of 2024.

第三季非GAAP淨利達人民幣6,260萬元，較2024年同期人民幣5,760萬元成長8.6%。

Our cash position remained healthy, with cash and cash equivalents, restricted cash and short-term investments totaling RMB877.9 million as of the third quarter’s end.

截至第三季末，我們的現金狀況依然良好，現金及現金等價物、受限現金及短期投資總額為人民幣8.779億元。

In summary, our third-quarter results highlight the resilience of our business in a dynamic and competitive market. By leveraging our refined and differentiated operational strategy, loyal core merchant base, and the continued expansion of user scenarios, we are strategically positioned to capture emerging opportunities and drive sustainable, long-term growth.

總而言之，我們第三季的業績凸顯了我們業務在充滿活力和競爭激烈的市場中的韌性。憑藉我們精細化和差異化的營運策略、忠誠的核心商家基礎以及不斷擴展的用戶場景，我們已佔據戰略優勢，能夠抓住新興機遇，推動可持續的長期成長。

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

我們的發言稿到此結束。現在我們來回答各位的問題。操作員，請開始。

(Operator Instructions) Sifan Jiang, CICC.

（操作說明）姜思凡，中金公司。

Thank you, the management team for taking my question. I'm Sifan from CICC. I've got two questions here today. My first question is, could you please share our third quarter order volume and ASP trends, broken down by 2B and 2C segments? Given the subsidy rollbacks of food delivery and colder weather in the fourth quarter, have these factors had a measurable impact on other growth? Finally, what is our outlook for order volume trends next year? And what are the key drivers?

感謝管理團隊回答我的問題。我是中金公司的司凡。今天我有兩個問題。我的第一個問題是，能否請您分享我們第三季的訂單量和平均售價趨勢，並按 2B 和 2C 細分市場進行劃分？鑑於第四季度食品配送補貼的削減和天氣轉冷，這些因素是否對其他成長產生了可衡量的影響？最後，我們對明年的訂單量趨勢有何展望？關鍵驅動因素是什麼？

And my second question is, what is the management's outlook on the trend and potential for further reduction in the Company's expense ratio. Thank you.

我的第二個問題是，管理階層對公司費用率進一步降低的趨勢和潛力有何看法？謝謝。

Okay. Thank you for question. I will answer your first question and then my CFO, Luke, will answer the second question. Well, for the first question, we believe that the scaling back of subsidies and the regulatory standardization in the food delivery industry are shifting the competitive focus from “lower price” to “better service”, fostering a more stable market environment. This rational environment allows FlashEx to fully leverage its differentiated value proposition of “on-demand dedicated courier.” Users are increasingly willing to pay for reliable timeliness, a sense of trust and security, and a perceivable quality of service. Accordingly, we remain committed to investing resources in expanding service scenarios and refining the user experience.

好的。謝謝你的提問。我會先回答你的第一個問題，然後我的財務長盧克會回答第二個問題。對於第一個問題，我們認為，食品配送業補貼的縮減和監管標準化正在將競爭重點從“更低的價格”轉移到“更好的服務”，從而創造一個更穩定的市場環境。這種理性的環境使 FlashEx 能夠充分發揮其差異化的價值主張，即「按需專屬快遞」。使用者越來越願意為可靠的及時性、信任感和安全感以及可感知的服務品質付費。因此，我們將持續致力於投入資源，拓展服務場景，提升使用者體驗。

On one hand, we continue to strengthen our positioning as an “instant lifestyle assistant,” intensifying the penetration of key everyday scenarios and uncovering users' latent needs.

一方面，我們持續加強自身作為「即時生活助手」的定位，加強對關鍵日常場景的滲透，挖掘使用者的潛在需求。

On the other hand, we are enhancing collaboration with our merchant clients, adopting a collaborative management approach to elevate their service quality and customer experience, thereby increasing order frequency.

另一方面，我們正在加強與商家客戶的合作，採用協作管理方式來提升他們的服務品質和客戶體驗，從而提高訂單頻率。

On the operational and delivery side, we continuously optimize operating efficiency while strengthening the training and support system for our Flash-Riders. In the third quarter, the average delivery time was 26 minutes. Improved user experience drives repeat orders, ensures stable rider income, and attracts high-quality delivery resources, creating a positive cycle where better service experiences lead to more frequent orders, which in turn drives higher income for riders.

在營運和交付方面，我們不斷優化營運效率，同時加強對閃電騎手的培訓和支援體系。第三季度，平均配送時間為 26 分鐘。改善使用者體驗可以促進重複訂單，確保騎士收入穩定，並吸引高品質的配送資源，從而形成良性循環：更好的服務體驗帶來更頻繁的訂單，進而提高騎士的收入。

In the third quarter, the Company's overall order volume demonstrated strong resilience despite external market fluctuations, and ASP achieved a year-over-year increase. Looking ahead to the fourth quarter and 2026, we will continue to amplify our time-efficiency advantage, deepen scenario penetration, expand the overall user base, and increase order frequency from merchants through the collaborative management model, driving FlashEx’s long-term and sustainable growth.

第三季度，儘管外部市場波動，但公司整體訂單量表現出很強的韌性，平均售價實現了同比增長。展望第四季和 2026 年，我們將繼續透過協同管理模式，擴大我們的時間效率優勢，加深場景滲透，擴大整體用戶群體，並提高商家的訂單頻率，從而推動 FlashEx 的長期永續成長。

Thank you, Sifan and Adam. This is Luke. I will take your second question. In recent years, the Company's overall expense ratio has remained on a stable and gradually declining trajectory, primarily driven by our sustained investments in refined operations and efficiency enhancements. At the same time, we have been expanding the channels of new user acquisition, effectively lowering client acquisition costs. On the merchant side, we further diversified our new merchant discovery approach. We encourage riders to identify new stores during their deliveries. Additionally, through deep collaboration with the core merchants, including on-site support and coordination, we have attracted nearby merchants to join the platform, achieving effective synergies in merchant acquisition. Furthermore, in this quarter, we focused on unlocking potential among enterprise clients by leveraging their private-domain traffic, effectively increasing our brand reach to border end users.

謝謝Sifan和Adam。這是盧克。我來回答你的第二個問題。近年來，公司整體費用率保持穩定並逐漸下降的趨勢，這主要得益於我們對精細化營運和效率提升的持續投資。同時，我們不斷拓展新用戶獲取管道，有效降低了客戶獲取成本。在商家方面，我們進一步豐富了新的商家發現方式。我們鼓勵騎士在送貨過程中發現新的店。此外，透過與核心商家的深度合作，包括現場支援和協調，我們吸引了附近的商家加入平台，在商家拓展方面實現了有效的協同效應。此外，本季我們專注於利用企業客戶的私人網域流量來釋放其潛力，從而有效地擴大了我們的品牌影響力，使其覆蓋到海外終端用戶。

From a medium- to long-term perspective, we believe there remains room for further optimization of our expense ratio. With continued revenue growth, an improved client structure, and ongoing upgrades to operational strategies, we expect the expense ratio to trend downward in a healthy and controlled manner. While maintaining strategic investments, we will continue to optimize our cost structure, ensuring that the Company can realize stronger operating leverage as market competition stabilizes.

從中長期來看，我們認為我們的費用率還有進一步優化的空間。隨著收入持續成長、客戶結構改善以及營運策略的不斷升級，我們預期費用率將以健康可控的方式呈現下降趨勢。在維持策略投資的同時，我們將持續優化成本結構，確保公司在市場競爭趨於穩定後能達到更強的營運槓桿作用。

Overall, with continuous improvement in operational efficiency and a solid foundation for scale, the company's expense ratio retains potential for further reduction in the future.

總體而言，隨著營運效率的不斷提高和規模的穩定發展，公司的費用率在未來仍有進一步降低的潛力。

Yes. Thank you.

是的。謝謝。

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

問答環節到此結束。現在我將把電話交給吳海倫女士，請她作總結發言。

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

再次感謝您參加今天BingEx 2025年第三季財務表現及業務更新電話會議。如果您還有其他疑問，請聯絡 BingEx 或 Piacente Financial Communications 的投資人關係團隊。謝謝，祝您今天過得愉快。

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了。