BingEx Limited

Good day, and welcome to Bing EX's 2025 Second 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.

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 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 findings with the SEC. The non-GAAP financial measures will provide for a comparison purpose only. The definition of these measures and a consolidation table available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, a webcast to replay of this conference call will be available on the FlushX company's IR website at ir.isansung.com. Furthermore, throughout the call, we will consistently use the company brand name FlushX to refer to its publicly listed entity, BingX Ltd. Join us today from FlashEx Senior Management, Mr. Adam Xue, Founder, Chairman of the Board, and Chief Executive Officer, Mr. Hong Jianyu, Co-Founder, Director, and Executive President, and Mr. Luke Tang, Chief Financial Officer. I will now turn the call over to Mr. Adam Xue.

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, Flash EX stayed true to its mission, focusing our core efforts on enhancing and elevating product and service quality. Flash EX executes a tiered and refined operations strategy, conducting in-depth analysis of different user groups, characteristics, and the news of various business scenarios. This allows us to deliver tailored, personalized services, ensuring that every request receives the most attentive and efficient response. Through this 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. In the second quarter of 2025, FletchEX recorded total revenue of 1.02 billion RMB, with gross margin riding 1.2 percentage points year-over-year to 25%, adjusted net profit reached $45.59 million. Despite intense industry competition, FlashEX Business demonstrated strong resilience. In the first half of 2025, market competition intensified as 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. 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. At the same time, we have actively expanded partnerships with merchants, broadening our reach to cover more types of merchants, with deepening collaboration to achieve mutual benefits and growth. For example, during holidays, demand for flowers, cakes, and similar categories are often surged within a short period. To address this challenge, we deployed onsite support teams to certain core merchants' locations to assist with order sorting and distribution, ensuring smooth, efficient deliveries This proactive approach not only demonstrates our keen sensitivity to users' needs and rapid response capabilities, but also enhanced merchant satisfaction and resilience, laying the groundwork for strengthening and expanding future partnerships. 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 Flash EX brand. 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 customer receives timely and effective solutions whenever issues arise. significantly boosting satisfaction. The implementation of this virus has not only improved client retention, but also notably increased engagement, providing strong momentum for FlashX's continued growth. To deliver high-quality, more personalized service and fully meet users' diverse needs across different scenarios, we continue to expand our service offerings In quarter two, 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 these specialized services is steadily expanding and has received positive user feedback. By continuously exploring new scenarios, we are not only broadening Flash EX service portfolio into more aspects of daily life, but also embedding the brand's value more naturally and meaningfully into users' everyday routines. 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 Flash EX's path towards refined operations These initiatives allow us to accurately identify and deeply address their needs, users' needs, enrich product usage scenarios, and strengthen our engagement, users' engagement. From a long-term perspective, those efforts will drive continuous improvement and serve as cornerstones for FlashX's sustainable growth, ensuring we maintain a leading position in a highly competitive market. In quarter two, competitive 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. At the delivery planning level, we leverage 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 the resources based on order fluctuation across different areas and time periods. We recognize that the riders are the heart of Flash EX service, with their visibility and professionalism directly affecting service quality and company growth. To support them, we constantly strengthen our comprehensive rider support system, encompassing subsidies, trainings, 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, They 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. It is FlashX's longstanding, comprehensive support and care for riders that has enabled us to maintain a stable, professional, and efficient delivery team. Even amid 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. 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. At the same time, we will actively explore innovative brand promotion strategies to strengthen the Flash EX 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 training topics, we aim to integrate the Flash EX brand naturally into everyday routines. Additionally, We will continue to deepen collaborations with high-value merchants, extending from order delivery to tailored logistics solutions that help enhance end-users 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 FlashX as a top-of-mind choice in on-demand dedicated career services, we are driving the company toward long-term, stable, and sustainable growth. That concludes my remarks. Now, I will hand the call off to our CFO, Luke Tang. Thank you.