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]