BingEx Limited

Good day and welcome to BingX 2024 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 the Piacente Group. Please go ahead.

Thank you, Operator. During today's call, we will discuss our business outlook and make forelooking statements. These comments are based on our predictions and expectations of today. Actual events or results could differ materially from those mentioned in today's earnings release and in the discussion due to a number of risks and uncertainties, including those mentioned in our most recent finding with the SEC. The non-GAAP financial measures we provide are for comparison purpose only. The definition of these measures and a consultation table 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 BINYACS IR website at ir.ishansung.com. Joining us today from BINYACS Senior Management are Mr. Adam Xue, Founder, Chairman of the Board, and Chief Executive Officer Mr. Hong Jianyu, Co-Founder, Director, and Executive President, and Mr. Luotong, Chief Financial Officer. I will now turn the call over to Mr. Adam Xue.

Thank you, Helen. This is Adam speaking. Hello, everyone, and welcome to BEX 2024 Q3 Earnings Conference. We are thrilled to share our financial results and business development with you for the first time as a publicly listed company. 2024 marks a decade of growth and innovation for Bing EX since our founding in 2014. Over the past 10 years, we have remained committed to our unique one-to-one delivery model, providing seamless point-to-point services to meet users' needs. We believe that every order represents the trust and confidence our users place in us, and every delivery builds a meaningful connection. Our success is driven by our relentless pursuit of service excellence, care for dedicated flash riders, and steadfast commitment to social responsibility. As we expand our market presence, our brand value grows even stronger. We submitted our initial listing application in mid-2021. Over the next two years, we focused on enhancing our business operations and data protection capabilities to meet the newly introduced listing regulations and comply with policies and review requirements. This exciting chapter in our company's story provided us with valuable market insights and a great opportunity to thoroughly review and refine our business operations and processes. Our listening process provided invaluable insights into the responsibilities and expectations associated with operating as a public company. Staying true to our mission, we remained committed to addressing users' needs, fine-tuning service processes, and optimizing operational efficiency. Thanks to those efforts and the unwavering dedication of all BingEx employees, the company has achieved steady growth with great improvements in profitability. Today, BingEx is a household name, widely recognized as a go-to brand for on-demand dedicated delivery service. In October 2024, SpaceX successfully went public on Nasdaq, raising over $60 million. This landmark achievement not only stands as a testament to our past success, but also marks the next chapter in our growth story. Today, we are pleased to announce that in the third quarter of 2024, the company delivered a strong and resilient been committed to meeting users' most urgent delivery needs since inception. Over the past decade, we have adhered and refined our one-to-one delivery model, avoiding joint orders, to ensure that each flash rider serves a single user from pickup to delivery. This exclusive point-to-point approach enhances services' efficiency and reliability with a personalized delivery experience tailored to each user's unique requirements. As of September 2024, Bing EX's high-quality 24-7 services have expanded to 295 cities nationwide. Our one-to-one delivery model guarantees minimal transit time, direct point-to-point delivery and no mixed orders, effectively preventing the risk of errors, contamination, or atom loss. It also ensures enhanced security and reliability for critical deliveries. Our service is particularly advantageous for categories with high demands around time needs, safety, and customer experience, such as food, cakes, documents, and fresh flowers. In the third quarter, we further strengthened our fulfillment capabilities and achieved an order completion rate of 87% across more than 400 categories. This outstanding performance reinforces our brand's competitive edge and solidifies our market leadership. Notably, items requiring stringent safety measures accounted for over 70% of total orders, highlighting users' confidence in Bing EX's distinctive service model. At Bing EX, we prioritize user experience and service quality by minimizing response times, accelerating pickup and delivery speed, optimizing rider routes, and refining service details. We strive to consistently exceed user expectations. Research shows that as younger and middle-aged generations increasingly drive consumption spending, delivery demands are evolving rapidly. Users are increasingly dependent on delivery services with speed and quality emerging as a key factor influencing individual users' choices in the on-demand delivery market. Also, driven by the rise of the experience economy, consumers now place emotional value on service experiences across various sectors. On-demand delivery is no exception. Beyond meeting users' functional needs, delivering emotional value through services is being increasingly important. As of September 2024, our total registered users exceeded 90 million, representing a 27% year-over-year increase. In terms of service quality, we have achieved an average delivery time of 27 minutes for intra-city deliveries. This exceptional service has earned us a widespread acclaim and strong customer loyalty, making Bing AX the preferred choice for urgent delivery needs. Bing AX is committed to deliver high-quality services not only to individual users but also to business users. Our one-to-one service model has constantly been validated by business owners across different sectors. With broad expansion across various different scenarios. With the rapid growth of instant retail, Bing EX has forged strong partnership with business owners in premium dining, home appliance and 3C electronics, among other sectors. Our services empower these partners to deliver high-value products and enhance experiences to their customers. In the premium restaurant sector, BingX's fast and precise delivery services enable food enthusiasts to enjoy their meal properly. This enhances the dining experience, helping restaurants attract more customers and build greater brand recognition. In the home appliance and 3C electronic sectors, BingX's dedicated riders ensure the seats are swift and secure delivery of electronic and household products, building trust between customers and merchants. Additionally, Bing EX is actively partnering with emerging new retail platforms to establish a comprehensive ecosystem for the instant delivery industry, bringing customers a safer and faster shopping experience. Looking ahead, Bing EX will continue to focus on user needs enhance personalized service experiences, expand category coverage, and explore additional collaborative opportunities with commercial partners. Bing EX invests deeply in technology to fuel our growth. On the past decade, we have built a unique big data algorithm model based on our accumulated delivery data. Leveraging this model, we have developed a dynamic intelligent scaling system that balances supply and demand between orders and rider capacity. This optimized resource allocation significantly boosted rider efficiency and enhanced our user experience. We have also upgraded our order matching system, maximizing efficiency and accuracy across the dispatch process. This advancement not only elevates user experience, but also consistently improves our operational performance. Bing EX's success relies on our dedicated Flash Riders. Over the past decade, we have built a large and highly skilled rider team with approximately 2.74 million registered riders as of September 2024. Each of our riders exclusively serve a single user with each delivery, upholding our commitment to safety and timely service. Our personalized approach honors our service's pledge while conveying warmth and care, ensuring that each delivery is thoughtful, precise, and punctual. Consequently, our flash riders have earned the trust and respect from our users. Our unique one-to-one service model has attracted a growing number of riders across every corner of our 295 cities served, bringing them closer to users and significantly reducing pickup times. As order volume rise and our matching system pre-session continues to improve. Our riders' incomes are also increasing. This has created a self-reinforcing flywheel effect. Shorter pickup times lead to enhanced service quality, which in turn drives a steady increase in order volume. As a result, Bing EX has developed an increasing robust scale effect, further strengthening our competitive advantage. At Bing AX, we firmly believe that the rider experience is as crucial as the user experience. We deeply value our riders as partners and essential contributors to the company's success. To ensure that our riders enjoy stable income, a strong sense of belonging, and personal fulfillment in the work, we created a dedicated flash rider care and support team we also established 11 riders' homes across 10 cities nationwide. These pit stops or warm homes serve as rest areas and emotional heavens for our riders, conveying our care for their physical and mental well-being. Furthermore, we have introduced a series of tailored support initiatives, including regular training sessions designed to enhance riders' social recognition and professional pride, empowering them to become carriers of good deeds and spread positive energy. For high-performance riders, we offer career advancement opportunities, inviting them to join the BEX team and continue to the company's growth firsthand. Also, since 2018, we have celebrated Flash Riders Day is November 23rd, providing our riders with various benefits and activities to express our sincere gratitude and recognition for their hard work and dedication. As a pioneer of the on-demand dedicated delivery industry, BEX has adhered to its core service philosophy of delivering with kindness. Since our inception in 2014, Now, as a publicly listed company, we have an even more profound understanding of the responsibility we carry. We will remain dedicated to our founding mission of acting with altruism, constantly delivering exceptional service experiences to our users while embracing our social responsibilities and creating long-term value. As we embark on this new chapter, BingX will continue to enhance and solidify our one-to-one delivery service model. To that end, we will increase our technology investments, expand our city penetration, and diversify our service offerings. By increasing order density and optimizing operational efficiency, we aim to strengthen Bing EX flywheel effect, driving the company's growth and the on-demand dedicated delivery industry's sustainable development. Now, I'd like to hand the call over to our CFO, Luke, who will share our financial performance for this quarter. Thank you.