BingEx Ltd. Q4 FY2025 earnings call

• 2025 was a year of growth for on-demand retail and local lifestyle services, with service network expanding to 298 cities in China, 31 million registered riders and 120 million registered users. - Focus on refined operations, optimizing order mix and service quality, with targeted customer acquisition and smarter capacity allocation. - Partnered with industry players to expand service scenarios, e.g., with consumer electronic rental platform for instant rental. - Strengthened rider training and service standards, upgraded equipment. - Launched low-altitude delivery pilot in Hangzhou, established low-altitude logistics division, drone delivery in real-world operations. - Utilized AI across customer service, operations, R&D to improve efficiency, e.g., AI-assisted coding in R&D increased efficiency by ~30%

For the first quarter, total revenue was 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 2025, total revenue reached 4 billion RMB with a gross margin of 11.8%, adjusted net profit was nearly 200 million. The share of mid- to high-value delivery orders has been steadily increasing, with electronics delivery order volume up 17% in Q4 2025 and cake delivery order volume up over 5% year-over-year. The order mix improvement supports profitability and growth

• 2026 will prioritize refined operations, enhancing fulfillment standards, service quality, and user experience. - Expect relatively steady ASP trends in 2026 for both merchant and individual user segments. - Continue to explore AI agent-based intelligent interactions and expand low-altitude delivery applications in diverse on-demand logistics scenarios

Actual events or results could differ materially from forward-looking statements due to risks and uncertainties mentioned in the most recent filing with the SEC

Q: Could you please share our fourth quarter order volume and ASP trends broken down by B and C segments, and what is our outlook for order volume trends this year, and what are the key drivers?

A: In Q1 2025, total fulfillment orders were 63.2 million. For full year 2025, total fulfillment orders amounted to 249.2 million. ASP trends expected to be relatively steady in 2026. Key drivers include expanding merchant base, deepening focus on experience-oriented delivery scenarios, and integration of new AI technology.

Q: Given the rapid development of AI technology, how will the management strategize to embrace AI? How will this boost our efficiency?

A: FlashEX leverages AI across customer service, operational management, dispatching planning, and R&D. In 2025, AI improved response times and execution efficiency. Looking ahead, explore AI agent-based intelligent interactions where users describe needs via voice/text, system handles order creation, etc. Also integrate AI with low-altitude logistics for smarter capacity allocation and precise order matching