（文章来源：证券日报） 证券日报网讯 12月3日，富临运业在互动平台回答投资者提问时表示，目前，公司与丰翼科技计划成立 合资公司开展低空物流应用场景的探索与打造。 ...

Core Viewpoint - The company, Fulin Transportation (002357.SZ), is planning to establish a joint venture with Fengyi Technology to explore and develop low-altitude logistics application scenarios [1] Group 1 - The joint venture aims to focus on low-altitude logistics, indicating a strategic move towards innovative logistics solutions [1]

Group 1 - The core point of the article highlights that China's express delivery business volume has exceeded 180 billion packages as of November 30, marking a historical high, driven by the expansion of service networks and the application of smart logistics technologies [1][2]. - The successful delivery of the 180 billionth package in Shenzhen demonstrates the full automation of the delivery process, showcasing advancements in smart logistics and the normalization of low-altitude logistics operations in major urban areas [2][4]. - The implementation of drone delivery services is gaining traction, with consumers actively choosing this option for its efficiency, as evidenced by the experiences of local residents who utilize drone services for both personal and business needs [6][12]. Group 2 - In rural areas, drones are not only enhancing delivery speed but also providing essential services, such as delivering meals to elderly residents, thereby contributing to rural revitalization efforts [17][19]. - The establishment of standardized drone takeoff and landing points in rural regions has significantly improved the transportation of agricultural products, allowing farmers to efficiently reach markets [27][29]. - The expansion of drone delivery routes in Zhejiang province, with over 60 operational lines, indicates a growing trend towards integrating drone logistics into various sectors, including medical delivery and emergency services [29][30]. Group 3 - The development of a dual approach in drone logistics is evident, with urban areas focusing on high-efficiency delivery and rural regions addressing logistical challenges posed by geography [30][34]. - The current landscape shows that over 300 drones are in operation across the country, having delivered more than 3 million packages, reflecting the increasing adoption of drone technology in logistics [32][34]. - Experts suggest that the future of drone logistics will involve a more integrated "ground-air" transportation system, requiring advancements in regulations, technology, and public acceptance to fully realize its potential [38][40].

Core Insights - The express delivery business in China has surpassed 180 billion packages as of November 30, marking a historical high, driven by the expansion of service networks and the application of smart logistics technologies [1][2]. Group 1: Urban Logistics and Technology - The completion of the 180 billionth package in Shenzhen highlights the full automation of the delivery process, showcasing advancements in smart logistics and the normalization of low-altitude logistics operations in major urban areas [2][14]. - Shenzhen has opened multiple drone routes connecting the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing regional connectivity and efficiency in logistics [2][14]. - The use of drones for delivery is becoming increasingly popular among consumers, with options available for selecting drone delivery services based on package characteristics [6][12]. Group 2: Rural Logistics and Community Impact - In rural areas, drones are not only improving delivery speed but also enhancing community welfare by providing essential services, such as meal delivery to elderly residents [18][20]. - The establishment of standardized drone takeoff and landing points in rural regions has significantly improved the transportation of agricultural products, reducing delivery times and increasing online orders [24][26]. - Zhejiang province has opened over 60 drone delivery routes, with plans for further expansion into medical delivery and emergency services [26]. Group 3: Challenges and Future Developments - The integration of drone logistics into a comprehensive ground-air transport system faces challenges such as endurance, airspace management, and regulatory frameworks [27][33]. - The current drone delivery model requires consumers to wait at designated locations, indicating a need for further development in last-mile delivery solutions [35]. - Future advancements may include the collaboration of drones with autonomous vehicles to create a multi-modal delivery network, enhancing service capabilities and addressing regulatory and public acceptance issues [31][33].

凤联村位于山区，村中60岁以上老人占比超过三分之一。以往，助餐服务依靠人工翻山配送，不仅耗费时间 长，饭菜也容易变凉。今年，当地政府携手快递企业推出无人机送餐试点，通过五条规划航线，将在群山间的 五个自然村紧密连接。 （央视财经《天下财经》）在浙江山区，无人机已成为跨越群山、连接内外的重要纽带。它既能为留守老人送 上热乎饭菜，也能将新鲜的高山蔬菜快速运往市场。让偏远地区同样共享智慧物流的发展红利。 中午时分，浙江桐庐县横村镇凤联村乌善岭自然村上空，一架无人机越过山峦，稳稳降落在村前空地，将热腾 腾的饭菜送至老人手中。 如今，这样的困扰已成为过去。今年，盘前村与中国邮政合作建成标准化无人机起降点，配备专业运维团队与 智能调度系统。工作人员将打包好的蔬菜固定至机舱，无人机便能沿航线，自动飞往10公里外的市场。运输时 效的大幅提升，也带动了村里线上订单的增长。 从民生服务到产业赋能，无人机在浙江的应用场景不断拓展。目前，浙江全省邮政快递行业已开通了60余条无 人机配送线路，部分线路已经常态化运行。未来浙江将进一步优化低空物流航线布局，推动无人机在乡村医疗 配送、应急救援、农资运输等领域的广泛应用。 转载请注明央视财 ...

Group 1 - The recent opening of low-altitude logistics has injected new momentum into express logistics, with multiple drone routes connecting the Guangdong-Hong Kong-Macao Greater Bay Area in Shenzhen [2] - Consumers can actively choose drone delivery services, enhancing the convenience of logistics [3] - Since its official operation in April 2024, the drone airport in Shenzhen has opened two cross-city routes to Zhongshan and Zhuhai, with an average of over ten flights per route daily [7] Group 2 - In addition to express delivery, low-altitude logistics in Shenzhen is also applied in food delivery and medical distribution, with a 46.9% year-on-year increase in civilian drone production in the first three quarters of 2025 [8] - In rural areas of Zhejiang, drones have become a vital link for delivering meals and transporting fresh produce, significantly benefiting local communities [8][10] - The introduction of drone delivery services in rural areas has improved the efficiency of meal delivery and agricultural product transportation, addressing long-standing logistical challenges [14][17] Group 3 - Zhejiang province has opened over 60 drone delivery routes in the postal and express industry, with plans for further optimization and expansion into medical delivery and emergency rescue [16] - The establishment of standardized drone takeoff and landing points in rural areas has enhanced the transportation efficiency of agricultural products, leading to increased online orders [17]

Core Viewpoint - The successful delivery of the 1.8 billionth express package in Shenzhen marks a significant milestone in the automation of logistics, showcasing the capabilities of smart technology in China's express delivery sector and the normalization of low-altitude logistics operations in large urban areas [1] Group 1: Urban Logistics Development - Shenzhen has launched multiple drone routes connecting the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing regional connectivity [1] - The integration of drones in urban logistics includes not only express delivery but also applications in food delivery and medical logistics, with a reported 46.9% year-on-year increase in civilian drone production in Shenzhen by the third quarter of 2025 [6][19] - Consumers in Shenzhen can choose drone delivery services, indicating a growing acceptance and demand for this technology in urban settings [5] Group 2: Rural Logistics and Community Impact - In rural areas, drones serve as a vital link, providing essential services such as meal delivery to elderly residents and transporting fresh produce to markets, thus contributing to rural revitalization [7][9] - The establishment of standardized drone takeoff and landing points in remote villages has significantly improved the efficiency of agricultural product transportation, leading to increased online orders [15] - Zhejiang province has opened over 60 drone delivery routes, with plans to expand applications in medical delivery, emergency rescue, and agricultural transport [17] Group 3: Challenges and Future Directions - The development of a comprehensive "ground-air combined transport" system is essential for the deep integration of drone logistics, facing challenges such as endurance, airspace management, and regulatory frameworks [17][25] - Experts suggest that future logistics networks will require collaboration between drones and autonomous vehicles to create a multi-modal delivery system, enhancing service personalization and efficiency [24][25] - The current drone delivery model requires consumers to wait at designated locations, indicating a need for further development in last-mile delivery solutions [25]

Core Viewpoint - The company is actively exploring and developing low-altitude logistics and unmanned logistics application scenarios [1] Group 1: Low-altitude Logistics - The company plans to prioritize the development of low-altitude logistics by focusing on scenic areas for material transportation and emergency rescue services [1] Group 2: Unmanned Logistics - The company's unmanned logistics business is currently in the early exploration stage [1]

Financial Data and Key Metrics Changes - For Q3 2025, total revenue reached RMB 1 billion, with a gross margin of 11% and an adjusted net profit of RMB 62.6 million, reflecting a 9% year-over-year increase [4][15] - Non-GAAP net margin expanded to 6.2% from 5% in the same period last year, while shareholders' equity grew to RMB 839.3 million, up from RMB 747.1 million at the end of 2024 [15][16] - Cash position remained healthy, totaling RMB 877.9 million as of the end of Q3 2025 [5][17] Business Line Data and Key Metrics Changes - The company adopted a refined tiered management approach for merchant customers, enhancing service quality and customer experience, which contributed to stable revenue from high-frequency merchant customers [5][6] - Daily delivery volume for individual users grew by 15% from the previous quarter, driven by new service offerings in the FlashEx APP [8][9] Market Data and Key Metrics Changes - The overall order volume demonstrated strong resilience despite external market fluctuations, with an increase in average selling price (ASP) year-over-year [23] - The company is focusing on enhancing collaboration with merchant clients to increase order frequency and improve service quality [22] Company Strategy and Development Direction - FlashEx aims to deepen its core business operations while exploring new service opportunities and enhancing user experience [13][14] - The company is strategically positioned to capture emerging opportunities and drive sustainable long-term growth through refined operations and differentiated business positioning [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the scaling back of subsidies in the food delivery industry is shifting competitive focus towards better service, fostering a more stable market environment [22] - Looking ahead, the company plans to amplify time efficiency advantages and deepen scenario penetration to drive long-term growth [24] Other Important Information - The company has repurchased approximately 1.6 million ADS as of November 18, 2025, demonstrating a commitment to enhancing shareholder value [16] Q&A Session Summary Question: Order volume and ASP trends in 2B and 2C segments - Management indicated that the scaling back of subsidies is fostering a stable market environment, allowing FlashEx to leverage its differentiated value proposition [22] Question: Outlook on future reduction in expense ratio - Management stated that the expense ratio has been gradually declining due to refined operations and efficiency enhancements, with expectations for further optimization in the future [25][27]

Financial Data and Key Metrics Changes - For Q3 2025, total revenue reached RMB 1 billion, with a gross margin of 11% and adjusted net profit of RMB 62.6 million, reflecting a 9% year-over-year increase [4][15] - Non-GAAP net margin expanded to 6.2% from 5% in the same period last year, while shareholders' equity grew to RMB 839.3 million, up from RMB 747.1 million at the end of 2024 [15][16] - Cash and cash equivalents totaled RMB 877.9 million, indicating a healthy financial position [5][17] Business Line Data and Key Metrics Changes - The company adopted a refined tiered management approach for merchant customers, enhancing service quality and customer experience, which is expected to drive stable revenue growth [5][6] - Daily delivery volume for individual users grew by 15% from the previous quarter, driven by new service offerings [8][9] Market Data and Key Metrics Changes - The overall order volume demonstrated strong resilience despite external market fluctuations, with an increase in average selling price (ASP) year-over-year [23] - The company is focusing on high-frequency merchant customers and expanding its reach among small and medium-sized businesses [7][10] Company Strategy and Development Direction - The company aims to enhance its unique on-demand dedicated courier model, focusing on service quality and user experience [4][10] - Strategic initiatives include expanding service categories, optimizing delivery efficiency, and deepening collaboration with enterprise clients [10][12] - The company is exploring new service opportunities and strengthening partnerships to enhance user experience and brand recognition [13][18] Management's Comments on Operating Environment and Future Outlook - Management noted that the scaling back of subsidies in the food delivery industry is shifting competitive focus towards better service, which aligns with the company's value proposition [22] - The outlook for Q4 2025 and 2026 includes amplifying time efficiency advantages and increasing order frequency through collaborative management [24] Other Important Information - The company has repurchased approximately 1.6 million ADS as of November 18, 2025, demonstrating a commitment to enhancing shareholder value [16] - The company is implementing a citywide low-altitude logistic delivery solution, positioning itself as a leader in urban drone delivery systems [11] Q&A Session Summary Question: Order volume and ASP trends in 2B and 2C segments - Management indicated that the scaling back of subsidies is fostering a more stable market environment, allowing the company to leverage its differentiated value proposition [22] Question: Outlook on future reduction in expense ratio - Management stated that the expense ratio has been gradually declining due to refined operations and enhanced efficiency, with expectations for further optimization in the future [25][27]