BingEx Limited

Good day and welcome to BIN-EX fourth quarter and full year 2025 financial results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Yidan Fu from Presente Financial Communications. Please go ahead.

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 fighting with the SEC. The non-GAAP financial measures were provided for comparison purposes only. The definition of those measures and a reconsideration 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 Bing EX Company's IR website at ir.ishansong.com. Furthermore, throughout the call, we will constantly use the company brand name Flash EX to refer to its publicly listed entity, Bing EX Limited. Joining us today from Flash EX Senior Management are Mr. Adam Xue, Founder, Chairman of the Board, and Chief Executive Officer. Mr. Hong Jingyi, 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. Hello, everyone. This is Adam. Thank you for joining FlashX fourth quarter and full year 2025 earnings conference call. 2025 was another year of growth for on-demand retail and local lifestyle services. In the past, the industry mainly focused on fulfillment speed. Today, users place greater emphasis on delivery safety and the overall service experience. This shift plays directly to Flash EX's strengths as our on-demand dedicated query model is uniquely positioned for high-quality, personalized fulfillment. Through continued operational refinement, we have further improved of service quality, enabling our platform to maintain robust resilience in a highly competitive market environment. As of the end of 2025, FlashX service network has expanded to 298 cities across China, with 31 million registered riders and 120 million registered users on the platform. The continued expansion of our service network and user base has provided a solid foundation for further enhancing our service capabilities and user experience. We firmly believe that in the on-demand delivery industry, a differentiated service experience is our core competitive advantage, and it will continue to serve as a key driver of our long-term growth. From a financial perspective, In the first quarter, the company reported total revenue of 1 billion RMB with a gross margin of 10.8%. Adjusted net profit increased by 107.1% year-over-year to 41.6 million RMB. For the full year of 2025, total revenue reached 4 billion RMB with a gross margin of 11.8%. and adjusted net profit was nearly 200 million. As of the end of 2025, the company held 951.6 million RMB in cash and cash equivalents. Overall, supported by continued optimization of our order mix and more refined subsidy strategies, our profitability continued to improve steadily. In the fourth quarter, we continued to execute our strategy centered on refined operations with a focus on optimizing our order mix and service quality. Through more targeted customer acquisition and smarter capacity allocation, we enhanced the service experience for high-value orders while further improving overall fulfillment efficiency. As this initiative continues to take effect, our order mix has been steadily improving, supporting healthier growth and stronger user engagement. From an order mix perspective, the share of mid- to high-value delivery orders has been steadily increasing. As more high-quality merchants adopt FlashEx as a reliable fulfillment channel, orders with high requirements but delivery speed and service quality have continued to grow. Leveraging FlashX has debilitated service capabilities. In the fourth quarter of 2025, demand for electronics delivery was particularly strong, with order volume increasing by 17% over the year. This category typically carries a higher average order value, reinforcing or differentiating positioning in high-quality delivery services and supporting the platform's gross margin. At the same time, we continued to deepen our focus on delivery scenarios where service experience matters most. As one of our core categories, cake delivery returns to gross in the fourth quarter, with order volume increasing by more than 5% year-over-year. For this category, we continued to refine various aspects of delivery process. For example, we redesigned our dedicated cake delivery boxes to improve stability and shock resistance. Further reducing the risk of product damage during delivery, we believe that by continuously enhancing the user experience, Through this operational improvement, FlashEX will further strengthen its reputation for high-quality service. In addition, we continued to explore on-demand local service scenarios by increasing our service penetration in high-frequency services such as assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery. We are making FlashEx a vital on-demand service entry point in the user's daily lives. On the merchant partnership front, we have continued to expand into new service scenarios. Recently, FlashEx partnered with several industry players, including a consumer electronic rental platform to launch a SimCity instant rental offering through FlashEx's CarRail network. Certain electronic rental orders can now be delivered within the same day. These partnerships not only enhance the user experience but also further integrate FlashX service capabilities into a broader range of customer scenarios. On merchant acquisition, we continue to leverage our rider-on-the-ground insights to identify high potential merchants. In addition, The company is placing greater emphasis on developing high quality merchants with long term partnership value, expanding the merchant base while optimizing its overall structure. While continuing to expand our service offerings, we remain focused on improving overall order quality and deepening our partnerships with high quality merchants through a tiered merchant management framework. We provide tailored services and resource support to high frequency and high value merchants, including customized fulfillment solutions, priority dispatch mechanisms, and dedicated customer support. In these initiatives, help our merchant partners achieve a more stable service experience and a higher order fulfillment rate. On the right-hand side, We strengthened our service standards in the first quarter. Through a more systematic training framework and standardized service procedures, we continued to enhance riders' professionalism in fulfillment practices, service attitude, and delivery safety. We also upgraded their equipment and strengthened our service image, ensuring that every delivery brings users a more reliable and intensive service experience. In terms of innovation and infrastructure development, we are actively exploring new initiatives. In June 2025, FlashEx launched a pilot program for low-altitude delivery in Hangzhou. In the fourth quarter, we formally established a low-altitude logistics division to advance the development of a city-level drone delivery network, which has now entered the real-world operations. Through the coordination between drone delivery and our rider network, delivery times can be significantly reduced in complex environments, such as cross-river roads. The Low Altitude Initiative has now entered the commercial validation stage. with over 2,000 drone delivery orders completed since the pilot's inception, laying a solid foundation for broader large-scale deployment. As a low-altitude economy gradually emerged as a key direction in China's industry planning, Flash EX will continue to explore the applications of drone delivery with urban on-demand logistics systems in 2026, gradually expanding into additional scenarios suited for low-altitude delivery. On the technology front, FlashX continues to explore new services models. Recently, we launched a quick access service entry on a major mobile operating system, allowing users to access our service directly from their devices without downloading the apps. As more devices This lightweight service model is expected to help FlashX reach a broader user base and integrate on-demand delivery more seamlessly across more devices and platforms, creating new opportunities for user growth. In 2025, AI became an important tool for improving our operational efficiency. We deployed AI across customer services, operations, and R&Ds, significantly improving response efficiency and reducing overall operating costs. In R&D, the introduction of AI-assisted coding tools increased development efficiency by roughly 30% compared to 2024. In delivery operations, We utilized AI to analyze the communication between riders and users, enabling early warnings for potential service risks and further enhancing service quality. Looking ahead, we will work with technology partners to explore more intelligent order placement methods for users. For instance, users could simply describe their delivery needs using voice. and the system will automatically interpret the request to complete the order creation and dispatch process. We believe this type of AI agent-based interaction is poised to become an important trend for future on-demand local services, offering users a more convenient and efficient experience. Looking ahead to 2026, competition in the on-demand delivery industry will remain intense. Flash EX will continue to prioritize refined operations as its key core strategy, enhancing fulfillment standards, service quality, and user experience. At the same time, we will deepen our presence in on-demand delivery and diversified lifestyle service offerings while advancing innovation across technology right rider operations, and logistics network. We believe that with our solid operational foundation and steadily improving service capabilities, Flash EX is well positioned to earn the trust of our long-term users and create sustainable value as the industry evolves. That concludes my remarks. Now, I will turn the call over to our CFO, Lok Tan. Thank you.