BingEx Ltd (FLX) 2026 Q1 法說會逐字稿

Good day, and welcome to BingEx 2026 first-quarter financial results conference call. Today's conference is being recorded.

各位好，歡迎參加 BingEx 2026 年第一季財務業績電話會議。今天的會議將被錄音。

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

此時，我想將會議交給來自 Piacente Financial Communications 的傅一丹。請開始。

Thank you, operator. During this call, we'll 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，接線員。在本次電話會議中，我們將討論業務展望並發表前瞻性陳述。這些評論係基於我們截至今日的預測與預期。由於多項風險與不確定性（包括我們最近向美國證券交易委員會（SEC）提交的文件中所提及者），實際事件或結果可能與今日新聞稿及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 those measures and the reconciliation table are available in the news release we issued earlier today. 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.

我們提供的非 GAAP 財務衡量指標僅供比較之用。該等指標的定義及對帳表載於我們今日稍早發布的新聞稿中。提醒各位，本次會議將被錄音。此外，本次電話會議的網路重播將於 BingEx 公司投資人關係網站 ir.ishansong.com 提供。

Furthermore, throughout the call, we will consistently use the company brand name FlashEx to refer to its publicly listed entity, 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.

此外，在本次電話會議中，我們將一貫使用公司品牌名稱 FlashEx 來指稱其公開上市主體 BingEx Limited。今天與會的 FlashEx 高階管理團隊包括：創辦人、董事會主席兼執行長薛亞東先生；共同創辦人、董事兼執行總裁于洪建先生；以及財務長唐路克先生。

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

接下來我將把電話交給薛亞東先生。

Thank you, Yidan. Hello, everyone, and welcome to FlashEx first-quarter 2026 earnings call. In the first-quarter of 2026, the on-demand delivery industry continued to grow steadily, driven by rising user demand for high-quality time-sensitive delivery services. At the same time, the competitive landscape continued to evolve.

謝謝一丹。各位好，歡迎參加 FlashEx 2026 年第一季財報電話會議。2026 年第一季，即時配送產業在用戶對高品質、強時效配送服務需求上升的帶動下，持續穩健成長。同時，競爭格局也持續演變。

Against this backdrop, we made meaningful progress in both operational efficiency and business innovation. Most notably, we made new breakthroughs this quarter in opening up our technology ecosystem and real-world deployment of low altitude logistics created new avenues for the platform's medium- and long-term growth.

在此背景下，我們在營運效率與業務創新兩方面都取得了實質進展。尤其值得一提的是，本季我們在開放技術生態方面取得新突破，且低空物流的實際落地部署為平台中長期成長開闢了新的路徑。

In the first-quarter, FlashEx fulfilled 57.9 million orders, delivering a stable performance amid a dynamic market environment that demonstrated the resilience of our business model. Today, the platform has 3.1 million registered Flash--Riders. Our average delivery time further improved to 25.7 minutes, reflecting our continued efforts to enhance user experience and service efficiency.

第一季，FlashEx 完成 5,790 萬筆訂單履約，在多變的市場環境中仍保持穩定表現，展現了我們商業模式的韌性。目前平台擁有 310 萬名註冊的 Flash--Riders。我們的平均配送時間進一步提升至 25.7 分鐘，反映出我們持續提升用戶體驗與服務效率的努力。

Turning to our financial performance. Total revenues for the first-quarter reached RMB935.3 million with a gross margin of 11.3%. Non-GAAP income from operations was RMB21.6 million. As of the end of the first-quarter, we held cash and cash equivalents, restricted cash and short-term investments totaling RMB859.1 million, maintaining a healthy financial position.

接著談財務表現。第一季總營收達人民幣 9.353 億元，毛利率為 11.3%。非 GAAP 營運利潤為人民幣 2,160 萬元。截至第一季末，我們持有的現金及現金等價物、受限制現金及短期投資合計人民幣 8.591 億元，維持健康的財務狀況。

On the merchant side, we continued to execute our tiered merchant management strategy in the first-quarter, further improving service response efficiency and resource allocation. Among our core high-frequency categories, cake and flower merchants, typically have stable recurring business needs and lasting business relationships, making them the most predictable component of our revenue mix.

在商戶端，我們第一季持續推進分層商戶管理策略，進一步提升服務回應效率與資源配置。在我們核心的高頻品類中，蛋糕與鮮花商戶通常具有穩定的重複性業務需求與長期合作關係，使其成為我們收入組合中最具可預測性的部分。

In the first-quarter, order volume from the cake category exceeded 15.4 million, achieving year-over-year growth despite a high comparison base. To support this category, we continue to improve our fulfillment capabilities, including upgrading delivery box design, improving shock resistance standards and strengthening rider handling protocols.

第一季，蛋糕品類訂單量超過 1,540 萬筆，即使在較高的比較基期下仍實現年增長。為支持該品類，我們持續提升履約能力，包括升級配送箱設計、提高抗震標準並強化騎手操作規範。

All these efforts contributed to higher fulfillment quality and merchant satisfaction. Electronics delivery in the first-quarter posted robust growth as well, with order volume up 15.9% year-over-year, maintaining strong momentum and becoming an important driver of order mix improvement. We continued to refine our service response standards for merchants in these key verticals during the quarter, deploying delivery resources ahead of key period to ensure stable order fulfillment rates and delivery quality during peak season.

上述努力共同提升了履約品質與商戶滿意度。第一季電子產品配送亦實現強勁成長，訂單量年增 15.9%，保持良好動能，並成為推動訂單結構改善的重要驅動力。本季我們持續完善這些關鍵垂直領域商戶的服務回應標準，在關鍵時段前提前配置配送資源，以確保旺季期間訂單履約率與配送品質的穩定。

A growing number of well-known companies in automotive services, premium retail and consumer electronics have incorporated FlashEx into their standard fulfillment channels, further strengthening our reputation as a trusted provider in the premium on-demand dedicated courier segment. In terms of new scenario expansion, we continued to explore new service opportunities in the first-quarter.

越來越多汽車服務、高端零售與消費電子領域的知名企業，已將 FlashEx 納入其標準履約渠道，進一步強化我們作為高端即時專送快遞服務可信賴供應商的口碑。在新場景拓展方面，我們第一季也持續探索新的服務機會。

Campus delivery is one example. Most campus delivery services currently stop at the campus entrance falling short of users' last-mile on-demand delivery needs. At the same time, there are large numbers of students on campus who are looking for flexible part-time income. Building on this, FlashEx is exploring a model that combines our user network with on-campus students resources to complete the full delivery chain from campus entrances to dormitories.

校園配送就是其中一例。目前多數校園配送服務僅送達校門口，未能滿足用戶最後一公里的即時配送需求。同時，校園內有大量學生希望獲得彈性兼職收入。基於此，FlashEx 正在探索一種模式，將我們的用戶網路與校園學生資源結合，完成從校門口到宿舍的全鏈路配送。

On the individual user side, we continued to reinforce our positioning as an 'instant lifestyle assistant'. In the first-quarter, daily order volumes remained steady across lifestyle services such as assisted purchasing, parcel pickup, food pickup, gift delivery and luggage delivery, as these service categories continue to gain traction, FlashEx's connection with users' daily lives has deepened, gradually transforming the platform from a single-purpose delivery tool into an on-demand service entry point, covering a broader range of everyday needs. This helps strengthen user engagement and supports improvements in overall platform activity and user retention.

在個人用戶端，我們持續強化「即時生活助理」的定位。第一季，在代買、取件、取餐、禮品配送與行李配送等生活服務場景中，日訂單量保持穩定。隨著這些服務類別持續獲得用戶採用，FlashEx 與用戶日常生活的連結進一步加深，平台也逐步從單一用途的配送工具轉型為即時服務入口，覆蓋更廣泛的日常需求。這有助於提升用戶黏著度，並支持整體平台活躍度與用戶留存的改善。

On the technology and ecosystem front, in April, we officially open sourced our core command line interface tool, becoming the first company in the intra city on-demand delivery industry to do so. Through this tool, FlashEx has further standardized and API-enabled its delivery capabilities. Merchants can integrate our system with their own point of sale or order management system to automatically trigger delivery requests upon customer payment.

在技術與生態方面，4 月我們正式將核心命令列介面工具開源，成為同城即時配送行業首家採取此舉的公司。透過該工具，FlashEx 進一步將配送能力標準化並以 API 方式提供。商戶可將我們的系統與其自有收銀（POS）或訂單管理系統整合，在客戶付款後自動觸發配送需求。

Developers and enterprise clients can connect directly with FlashEx back end via command line to place orders, request pricing and track shipments. Leading AI agents, including Claude Code, Codex and Cursor can also invoke FlashEx services directly through this interface. This marks the first time that on-demand delivery capability has formally entered the AI workflow ecosystem as a standardized composable and API accessible model.

開發者與企業客戶可透過命令列直接連接 FlashEx 後端，以進行下單、請求報價與追蹤運單。包括 Claude Code、Codex 與 Cursor 在內的主流 AI 代理也可透過此介面直接調用 FlashEx 服務。這標誌著即時配送能力首次以標準化、可組合且可透過 API 存取的模式，正式進入 AI 工作流程生態。

And this advancement manifests what we have always envisioned, enabling ecosystem partners to access FlashEx service at lower cost while empowering our Flash riders to evolve beyond the traditional courier role to become a bridge between AI systems and physical reality. The initial open-source release supports four core functions: price inquiry, order placement, order tracking and order cancellation.

這一進展也體現了我們一貫的願景：讓生態夥伴以更低成本接入 FlashEx 服務，同時賦能我們的 Flash 騎手從傳統快遞角色進化為連接 AI 系統與物理世界的橋樑。首批開源版本支持四項核心功能：查價、下單、訂單追蹤與取消訂單。

We will continue to iterate and expand their capabilities, deepening the integration between on-demand delivery and the broader AI ecosystem. We have also completed our Quick app integration with the Huawei HarmonyOS ecosystem, allowing users to initiate delivery request directly through conversational interactions on the devices without opening the Flash app.

我們將持續迭代並擴展其能力，深化即時配送與更廣泛 AI 生態的融合。我們也已完成 Quick app 與華為 HarmonyOS 生態的整合，讓用戶無需打開 Flash app，即可在設備上透過對話互動直接發起配送需求。

Additionally, we have fully opened our API interface to support major AI platforms in invoking FlashEx's order placement capabilities through standardized integrations, further broadening access to our services. In terms of internal operational efficiency, AI tools are evolving from isolated productivity tools into systematic efficiency drivers at the organizational level.

此外，我們已全面開放 API 介面，支持主要 AI 平台透過標準化整合調用 FlashEx 的下單能力，進一步擴大服務觸達。在內部營運效率方面，AI 工具正從孤立的生產力工具演進為組織層面的系統性效率驅動因素。

In customer service, AI can now independently handle the majority of the routine complaint types, significantly reducing the headcount required. The time needed to test and launch new service scenarios has been shortened from approximately two months to one to two weeks. The onboarding process for new partners has also been fully automated through AI agents, bringing integration time lines down from over a week to under a day. In R&D, AI-assisted coding tools have improved overall development efficiency compared to last year.

在客服方面，AI 現已能獨立處理大多數常規投訴類型，顯著降低所需人力編制。新服務場景的測試與上線時間已由約兩個月縮短至一到兩週。新合作夥伴的導入流程也已透過 AI 代理全面自動化，使整合時程由一週以上縮短至一天以內。在研發方面，AI 輔助程式碼工具相較去年提升了整體開發效率。

Taken together, these efficiency gains are delivering ongoing value across multiple operational functions, lowering the marginal cost of business expansion while ensuring service quality. In low-altitude logistics, we made significant progress this quarter. As many of you may have noticed earlier this week, we announced an important development, FlashEx's wholly owned subsidiary has entered into a strategic investment partnership with Hangzhou Low-altitude Industry Development, making FlashEx one of the first on-demand courier service providers in Hangzhou's low-altitude economy sector to receive strategic institutional backing.

綜合來看，這些效率提升正在為多個營運職能持續創造價值，在確保服務品質的同時，降低業務擴張的邊際成本。在低空物流方面，我們本季取得了顯著進展。正如各位本週稍早可能已注意到的，我們宣布了一項重要進展：FlashEx 的全資子公司已與杭州低空產業發展達成策略投資合作夥伴關係，使 FlashEx 成為杭州低空經濟領域中首批獲得策略性機構支持的即時按需快遞服務提供商之一。

This partnership represents not only strong recognition from the capital markets, but also a meaningful endorsement of our real-time fulfillment capabilities and technological innovation. More importantly, it marks a major milestone in FlashEx's expansion into autonomous delivery and low-altitude logistics as we accelerate the transition from the technology exploration to real-world deployment and scaled operation.

這項合作不僅代表資本市場對我們的高度認可，也對我們的即時履約能力與技術創新給予了重要背書。更重要的是，這標誌著 FlashEx 在自主配送與低空物流拓展上的重大里程碑，因為我們正加速從技術探索邁向實際落地與規模化營運。

After more than a decade of operating in China's on-demand delivery market, FlashEx has built a nationwide fulfillment network spanning nearly 300 cities and established a highly mature real-time delivery infrastructure. Looking ahead, low-altitude logistics represents a key strategic priority for both our technological advancement and long-term business expansion.

在中國即時按需配送市場深耕逾十年後，FlashEx 已建立覆蓋近 300 個城市的全國履約網路，並打造出高度成熟的即時配送基礎設施。展望未來，低空物流將成為我們技術進步與長期業務擴張的關鍵策略重點。

Leveraging our industry-leading real-time fulfillment capabilities, our core operational strength that continues to set us apart, we are well positioned to meet the standardized and high-efficiency operational requirements of drone delivery services. At the same time, by integrating Hangzhou's local industrial ecosystem and strategic resources, we are building a next-generation on-demand logistics model that combines rapid aerial transportation plus ground-based last mile fulfillment, enabling seamless coordination between low altitude and ground delivery networks.

憑藉我們業界領先的即時履約能力——這一持續使我們脫穎而出的核心營運優勢——我們已具備滿足無人機配送服務標準化與高效率營運要求的良好條件。同時，透過整合杭州在地產業生態與策略資源，我們正在打造新一代按需物流模式，結合快速空中運輸與地面最後一公里履約，實現低空與地面配送網路之間的無縫協同。

At present, our drone delivery initiative has moved into substantive commercial operations. In partnership with Hangzhou Low-altitude Industry Ecosystem, we have established 5 takeoff and landing sites and launched 14 delivery routes covering key districts, including Yuhang, Shangcheng and Gongshu. In the first-quarter, drone delivery order volume grew 157% quarter-over-quarter.

目前，我們的無人機配送項目已進入實質商業化營運。與杭州低空產業生態合作下，我們已建成 5 個起降點，並開通 14 條配送航線，覆蓋餘杭、上城、拱墅等核心區域。第一季無人機配送訂單量環比增長 157%。

To date, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights while maintaining a 100% safety record. Through real-world operations, the commercial viability of the business model has now been validated. Under normal operating conditions, our Air FlashEx service has achieved delivery time approximately 20% to 30% faster than traditional ground-based delivery services.

截至目前，該項目已完成約 3,500 筆付費訂單與近 2,900 架次無人機飛行，並保持 100% 的安全紀錄。透過真實場景營運，該商業模式的可行性已獲驗證。在正常營運條件下，我們的 Air FlashEx 服務配送時間較傳統地面配送快約 20% 至 30%。

Looking ahead, we will continue to drive innovation through technology and further invest in frontier areas such as intelligent dispatching, route optimization and autonomous delivery. By deeply integrating our mature ground fulfillment infrastructure with next-generation low-altitude logistics technologies, we aim to further enhance delivery efficiency, broaden service capabilities and expand the boundaries of our fulfillment network.

展望未來，我們將持續以技術驅動創新，並進一步投資於智慧調度、路線優化與自主配送等前沿領域。透過將成熟的地面履約基礎設施與新一代低空物流技術深度融合，我們旨在進一步提升配送效率、拓展服務能力，並擴大履約網路的邊界。

On the rider side, we continue to refine our training programs and service standards to ensure that every delivery brings users a high-quality experience. In the first-quarter, we continued our 'Good Deed' Flash rider recognition program, selecting outstanding riders from the platform who proactively demonstrated social responsibility during the deliveries.

在騎手端，我們持續完善培訓體系與服務標準，確保每一次配送都能為用戶帶來高品質體驗。第一季，我們延續「善行」Flash 騎手表彰計畫，從平台中遴選在配送過程中主動展現社會責任的優秀騎手。

These riders received both material rewards and public recognition, reinforcing their sense of professional pride and belonging. We firmly believe that the stability and the professionalism of our rider team is a cornerstone of our service quality. Looking ahead to the coming quarters, we will remain focused on three strategic priorities.

這些騎手獲得了物質獎勵與公開表彰，進一步強化其職業自豪感與歸屬感。我們堅信，騎手團隊的穩定性與專業度是服務品質的基石。展望未來幾個季度，我們將持續聚焦三項策略重點。

First, continue to deepen the application of AI across FlashEx's internal operations to further improve organizational efficiency; second, accelerating the expansion and commercialization of low-altitude logistics by exploring more order types and scenarios suited to air ground coordination; and third, continuing to strengthen high-value merchant services and user scenario coverage to drive further improvements in our order mix.

第一，持續深化 AI 在 FlashEx 內部營運中的應用，進一步提升組織效率；第二，透過探索更多適合空地協同的訂單類型與場景，加速低空物流的擴張與商業化；第三，持續強化高價值商戶服務與用戶場景覆蓋，推動我們的訂單結構進一步改善。

As industry competition continue to intensify, the combination of operational efficiency and service quality remains the foundation of FlashEx's long-term competitive advantage. We have always believed that a platform with genuine value serves multiple stakeholders. creating real convenience for users, providing Flash riders with stable and rewarding career opportunities and contributing positively to the healthy development of the industry. This is how we define long-term value, and it remains the driving force behind FlashEx's continued progress.

隨著行業競爭持續加劇，營運效率與服務品質的結合仍是 FlashEx 長期競爭優勢的基礎。我們始終相信，真正有價值的平台應服務多方利益相關者：為用戶創造真正的便利，為 Flash 騎手提供穩定且有回報的職業機會，並為行業的健康發展作出積極貢獻。這就是我們對長期價值的定義，也將持續成為推動 FlashEx 不斷前進的動力。

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

以上是我的發言。接下來我把電話會議交給我們的財務長 Luke Tang。謝謝。

Thank you, Adam. Hello, everyone. This is Luke. I would like to walk you through our first-quarter 2026 financial results. As the industry's competitive landscape continues to evolve, we have leveraged AI to enhance organizational efficiency and made progress in optimizing operational effectiveness. Our broader deployment of AI has contributed to an increase in operating margin in the first quarter.

謝謝你，Adam。各位好，我是 Luke。我將帶各位回顧我們 2026 年第一季的財務業績。隨著行業競爭格局持續演變，我們運用 AI 提升組織效率，並在優化營運效能方面取得進展。我們更廣泛的 AI 部署也促成第一季營業利潤率的提升。

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. Our revenues for the first-quarter reached RMB935.3 million compared to RMB960.8 million in the same period of 2025. The year-over-year decline was primarily driven by intensifying market competition.

在開始之前，請注意所有數字均以人民幣計，除非另有說明，所有百分比變動均以同比口徑計算。我們第一季營收為人民幣 935.3 百萬元，較 2025 年同期的人民幣 960.8 百萬元有所下降。同比下滑主要由市場競爭加劇所致。

Our cost of revenues for the first-quarter were RMB829.5 million compared with RMB834.1 million in the same period of 2025. The decrease was in line with the decline in revenues. Our gross profit was RMB105.8 million for the first-quarter compared with RMB126.7 million in the same period of 2025. Gross profit margin was 11.3% compared with 13.2% in the same period of 2025.

我們第一季營收成本為人民幣 829.5 百萬元，較 2025 年同期的人民幣 834.1 百萬元下降。該下降與營收下滑趨勢一致。我們第一季毛利為人民幣 105.8 百萬元，較 2025 年同期的人民幣 126.7 百萬元下降。毛利率為 11.3%，較 2025 年同期的 13.2% 下降。

Turning to operating expenses. Our total operating expenses for the first-quarter were RMB94.8 million, representing a decrease of 18.7% from RMB116.7 million in the same period of 2025. They consisted of RMB38.5 million in selling and marketing expenses, RMB39.9 million in general and administrative expenses and RMB16.5 million in research and development expenses.

接下來看營業費用。我們第一季營業費用總額為人民幣 94.8 百萬元，較 2025 年同期的人民幣 116.7 百萬元下降 18.7%。其中包括人民幣 38.5 百萬元的銷售與行銷費用、人民幣 39.9 百萬元的一般及行政費用，以及人民幣 16.5 百萬元的研發費用。

Our income from operations was RMB11 million compared with RMB10 million in the same period of 2025, lifting our operating margin to 1.2% from 1% year-over-year. Excluding share-based compensation expenses, our non-GAAP income from operations was RMB21.6 million for the first-quarter compared with RMB26.6 million in the same period of 2025.

我們的營業利潤為人民幣 11 百萬元，較 2025 年同期的人民幣 10 百萬元增加，使營業利潤率同比由 1% 提升至 1.2%。剔除股份支付費用後，我們第一季非 GAAP 口徑營業利潤為人民幣 21.6 百萬元，較 2025 年同期的人民幣 26.6 百萬元下降。

Our non-GAAP net loss was RMB11.1 million compared with non-GAAP net income of RMB49.6 million in the same period of 2025. Our cash position remains healthy with cash and cash equivalents, restricted cash and short-term investments, totaling RMB859.1 million as of March 31, 2026. As we move through 2026, we remain committed to disciplined execution and upholding our high-quality service advantages.

我們的非 GAAP 淨虧損為人民幣 11.1 百萬元，而 2025 年同期非 GAAP 淨利為人民幣 49.6 百萬元。截至 2026 年 3 月 31 日，我們的現金狀況仍然健康，現金及現金等價物、受限制現金及短期投資合計為人民幣 859.1 百萬元。隨著我們推進 2026 年的工作，我們將持續致力於嚴謹執行，並維持我們高品質服務的優勢。

Building on our achievements in AI deployments, we will further refine cost structures and control expenses to boost margins. By practicing prudent financial management and actively pursuing business innovation, we will capture emerging opportunities and leverage operational efficiency gains to deliver sustainable long-term value for all stakeholders.

在 AI 部署成果的基礎上，我們將進一步優化成本結構並控制費用，以提升利潤率。透過審慎的財務管理並積極推動業務創新，我們將把握新興機會，並利用營運效率提升所帶來的成果，為所有利益相關者創造可持續的長期價值。

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

以上為我們的事先準備發言。接下來我們將開放提問。接線員，請開始。

(Operator Instructions) Sifan Jiang, CICC.

（接線員指示）Sifan Jiang，中金公司。

My first question is, could you please share our first-quarter order volume and ASP trends broken down by 2B and 2C segments? Given this year's deceleration in order volume growth with the food delivery sector, coupled with an increase in AOV, how should we interpret the implications of this trend for premium service providers like us?

我的第一個問題是，能否請您分享我們第一季按 2B 與 2C 分部拆分的訂單量與 ASP 走勢？鑑於今年外賣配送行業訂單量增速放緩，同時 AOV 上升，我們應如何解讀這一趨勢對像我們這樣的高端服務提供商所帶來的影響？

And my second question is, we have recently noted reports that we have received investment from Hangzhou State Capital to expand into the low-altitude economy sector. Could you please outline the strategic direction, specific application scenarios and current progress of this initiative?

我的第二個問題是，我們近期注意到有報導指出，我們已獲得杭州國資的投資，以拓展低空經濟領域。請問您能否概述該項目的戰略方向、具體應用場景以及目前的進展？

Yes. Thank you, Sifan, for your questions. This is Luke. I would like to answer your first question and may hand over your second question to Adam. Now let me first give you an overview of our first-quarter performance and then share our perspective on what the recent shift in the food delivery sector mean for FlashEx. In the first-quarter, FlashEx fulfilled 57.9 million orders, maintaining solid performance amid intensifying industry competition and a dynamic market environment, which reflects the resilience of our on-demand dedicated courier model.

好的。謝謝你，思凡，提出的問題。我是 Luke。我先回答你的第一個問題，第二個問題我可能會交由 Adam 來回答。現在我先概述我們第一季的表現，接著分享我們對近期外送行業變化對閃送意味著什麼的看法。第一季，閃送完成了 5,790 萬筆訂單，在行業競爭加劇與市場環境多變的情況下仍保持穩健表現，這反映了我們即時專送騎手模式的韌性。

At the same time, our average delivery time further improved to 25.7 minutes and our registered rider base reached 3.1 million, reflecting continued improvement in our fulfillment capabilities and service experience. On the merchant side, we continued to execute our tiered merchant management strategy in the first-quarter. with high-quality categories driving continued order mix improvement.

同時，我們的平均配送時長進一步提升至 25.7 分鐘，註冊騎手規模達到 310 萬，反映出我們履約能力與服務體驗的持續改善。在商戶端，我們在第一季持續推進分層商戶管理策略，高品質品類帶動訂單結構持續優化。

The cake category order volume exceeded 15.4 million for the quarter, achieving year-over-year growth despite a high comparison base. Electronics order volume grew 15.9% year-over-year, sustaining its strong momentum and serving an important driver of order mix improvement. At the same time, leading companies in automotive services, premium retail and consumer electronics continue to adopt FlashEx as part of their standard fulfillment channels.

本季蛋糕品類訂單量超過 1,540 萬單，在較高的對比基數下仍實現同比增長。電子產品訂單量同比增長 15.9%，延續強勁動能，成為訂單結構改善的重要驅動因素。同時，汽車服務、高端零售及消費電子等領域的頭部企業持續將閃送納入其標準履約渠道之一。

Overall, KA merchants GMV contribution improved steadily year-over-year in the first-quarter and ASP hold at a relatively stable elevated level, further reinforcing our reputation in the premium on-demand delivery segment. On the individual user side, we continue to strengthen our positioning as an instant lifestyle assistant. In the first-quarter, daily order volumes remained steady across lifestyle service categories, including assisted purchasing, parcel pickup, food pickup, gift delivery and luggage delivery.

整體而言，第一季 KA 商戶的 GMV 貢獻同比穩步提升，ASP 維持在相對穩定的較高水平，進一步鞏固了我們在高端即時配送細分市場的口碑。在個人用戶端，我們持續強化「即時生活助手」的定位。第一季，包含代買、取件、取餐、送禮與送行李等生活服務品類的日均訂單量保持穩定。

As these categories gain traction, FlashEx's connection with the users' daily lives has deepened and the platform is gradually evolving from a single-purpose urgent delivery tool into an on-demand service entry point covering a broader range of everyday needs. Stepping back to the industry level, FlashEx and food delivery platforms have always differed meaningfully in terms of user profiles, use cases, delivery efficiency and service experience.

隨著這些品類逐步起量，閃送與用戶日常生活的連結更為加深，平台也正從單一用途的緊急配送工具，逐步演進為覆蓋更廣泛日常需求的即時服務入口。回到行業層面，閃送與外送平台在用戶畫像、使用場景、配送效率與服務體驗等方面一直存在顯著差異。

In our view, the broader return to the rational competition across the industry is a positive development, both for FlashEx and for the healthy development of the industry as a whole. For FlashEx, specifically, as we deepen our refined operations for merchant clients, expand our channel reach and cover new customer scenarios, the industries and the brands we serve, we continue to diversify alongside the steady growth in KA merchant GMV contribution.

我們認為，行業整體回歸理性競爭是一個積極的發展，無論對閃送還是對行業的健康發展都具有正面意義。就閃送而言，隨著我們深化對商戶客戶的精細化運營、拓展渠道觸達並覆蓋新的客戶場景，在 KA 商戶 GMV 貢獻穩步增長的同時，我們所服務的行業與品牌也在持續多元化。

At the same time, we are proactively positioning ourselves to capture these opportunities through technology. On one hand, by integrating AI capabilities more deeply to make FlashEx services more accessible for merchants and users. On the other, by developing low-altitude logistics to overcome geographic and traffic constraints and continue improving fulfillment efficiency and service experience.

同時，我們也在主動透過技術布局來把握這些機會。一方面，更深度地整合 AI 能力，讓閃送服務對商戶與用戶更易用；另一方面，發展低空物流，以突破地理與交通限制，持續提升履約效率與服務體驗。

Overall, FlashEx will stay true to our value proposition, continuing to focus on high-value merchants, high-quality consumer scenarios and emerging areas such as AI and low-altitude logistics to reinforce our long-term competitive advantage in the premium on-demand delivery segment.

總體而言，閃送將堅守我們的價值主張，持續聚焦高價值商戶、高品質消費場景，以及 AI、低空物流等新興領域，以鞏固我們在高端即時配送細分市場的長期競爭優勢。

Now we would like to please Adam to answer your second question.

現在我們請 Adam 來回答你的第二個問題。

Thank you for your question. For the second question, FlashEx has always placed great importance on emerging technologies and their applications in the industry and our service scenarios. This strategic investment represents another significant milestone following our deep integration of AI and reflects not only capital market recognition, but also strong endorsement of our on-demand dedicated courier model, real-time fulfillment capabilities and technological innovation.

謝謝你的提問。關於第二個問題，閃送一直高度重視新興技術及其在行業與我們服務場景中的應用。此次戰略投資是在我們深度整合 AI 之後的又一個重要里程碑，不僅體現了資本市場的認可，也對我們的即時專送模式、即時履約能力與技術創新給予了有力背書。

Let me walk you through the three dimensions you raised. strategic direction, application scenarios and current progress. Starting with the strategic direction. After more than a decade in intracity on-demand delivery, FlashEx has built a major ground-based fulfillment network spanning nearly 300 cities across China. We see low-altitude logistics as both a meaningful extension of our existing business and one of our priorities for technological advancement and medium- to long-term growth.

我從你提到的三個維度來說明：戰略方向、應用場景與目前進展。先談戰略方向。經過十餘年的同城即時配送深耕，閃送已建立覆蓋全國近 300 個城市的地面履約網絡。我們將低空物流視為對現有業務的有意義延伸，同時也是我們技術升級以及中長期增長的重點方向之一。

Drawing on years of accumulated fulfillment capability and operational expertise, we are well positioned to meet the standardized high-efficiency requirements of drone delivery. At the same time, by working with Hangzhou's local industry partners, we are exploring a new next-generation on-demand logistic model that combines rapid aerial transportation with ground-based last-mile delivery, progressively building a deeper coordination between low altitude and ground networks.

依託多年積累的履約能力與運營經驗，我們具備滿足無人機配送標準化、高效率要求的良好基礎。同時，透過與杭州本地產業夥伴合作，我們正在探索一種新一代即時物流模式，將快速空中運輸與地面末端配送相結合，逐步構建低空網絡與地面網絡之間更深度的協同。

On application scenarios, FlashEx has already built strong fulfillment capabilities in high-value, time-sensitive categories such as cakes, fresh flowers, premium retail and consumer electronics. These are precisely the scenarios where faster, more reliable and more secure delivery matters most and where drone delivery can demonstrate the clearest innovation value.

在應用場景方面，閃送已在蛋糕、鮮花、高端零售與消費電子等高價值、強時效品類建立了較強的履約能力。這些正是對更快、更可靠、更安全的配送需求最為突出的場景，也是無人機配送最能體現創新價值的領域。

In addition, for situations involving cross-district routes, geographic barriers such as rivers or hills or heavy traffic congestion where ground delivery efficiency is limited, drone delivery can meaningfully shorten delivery times and improve fulfillment reliability, which aligns well with the needs of our existing premium on-demand delivery clients.

此外，對於跨區路線、存在河流或丘陵等地理阻隔，或因交通嚴重擁堵導致地面配送效率受限的情況，無人機配送可以顯著縮短配送時間並提升履約可靠性，這與我們現有高端即時配送客戶的需求高度契合。

On current progress, our drone delivery initiative has now entered substantive commercial operations. In partnership with Hangzhou Low-altitude Industry Ecosystem, we have activated five takeoff and landing sites and launched 14 delivery routes covering key districts, including Yuhang, Shangcheng and Gongshu. In the first-quarter, drone delivery order volume grew 157% quarter-over-quarter.

在目前進展方面，我們的無人機配送項目已進入實質性的商業化運營階段。與杭州低空產業生態合作夥伴共同推進下，我們已啟用 5 個起降點，並開通 14 條配送航線，覆蓋餘杭、上城、拱墅等核心區域。第一季，無人機配送訂單量環比增長 157%。

As of the end of April, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights, maintaining a 100% safety record. The commercial model has been preliminarily validated. Under normal operating conditions, our aerial delivery service achieved delivery times 20% to 30% faster than the traditional ground-based services.

截至 4 月底，該項目已完成約 3,500 筆付費訂單與近 2,900 架次無人機飛行，並保持 100% 的安全紀錄。商業模式已初步得到驗證。在正常運營條件下，我們的空中配送服務較傳統地面服務的配送時長快 20% 至 30%。

Going forward, we will continue to drive innovation through technology, investing in areas such as intelligent dispatching, route optimization and autonomous delivery by deeply integrating our mature ground delivery infrastructure with low-altitude logistics technology, we aim to further improve delivery efficiency and expand the boundaries of FlashEx's service capabilities.

展望未來，我們將持續以技術驅動創新，在智能調度、路線優化與自主配送等領域加大投入。透過將成熟的地面配送基礎設施與低空物流技術深度融合，我們希望進一步提升配送效率，並拓展閃送服務能力的邊界。

I am showing no further questions, and that concludes the question-and-answer session. I will now turn the call over to Tidan Fu for closing remarks.

我這邊顯示沒有更多問題了，問答環節到此結束。接下來我將把電話會議交給 Tidan Fu 作結語。

Thank you once again for joining BingEx first-quarter 2026 financial results and 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.

再次感謝各位參加今天的 BingEx 2026 年第一季財務業績與業務更新電話會議。如有任何進一步問題，請聯繫 BingEx 的投資者關係（IR）團隊或 Piacente Financial Communications。謝謝，祝各位今天愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝各位參與今天的會議。本次節目到此結束。您現在可以掛斷電話。