Financial Data and Key Metrics Changes - Total net revenue reached RMB3.24 billion, an increase of 17.2% year over year, driven by a surge in transaction service revenue which rose 39.4% year over year to RMB1.33 billion [9][19] - Non-GAAP adjusted operating income was RMB1.23 billion, up 76% year over year, while non-GAAP adjusted net income rose 39.3% year over year to RMB1.35 billion [10][22] - Basic income per ADS was RMB1.2, compared to RMB0.79 in the same period of 2024, indicating significant growth in profitability [23] Business Line Data and Key Metrics Changes - Fulfilled orders totaled RMB60.8 million, a 23.8% year over year increase, with a fulfillment rate reaching a historical high of 40.7%, an improvement of approximately seven percentage points year over year [6][9] - Average shipper MAUs exceeded 3,160,000, a 19.3% year over year increase, while shipper members surpassed 1,200,000, demonstrating enhanced user engagement [7][14] - The number of active truckers fulfilling orders rose to 4,340,000, up approximately 9% year over year, with trucker membership approaching 1,000,000 [8][15] Market Data and Key Metrics Changes - The average fulfillment rate among low and medium frequency direct shippers approached 60%, up almost 10 percentage points year over year, indicating strong performance in this segment [13] - Monetized order penetration reached 86.7%, up more than five percentage points from the prior year, reflecting improved monetization efficiency [16] Company Strategy and Development Direction - The company aims to remain user-centric, focusing on strengthening the healthy development of both shipper and trucker ecosystems, expanding into new markets, and driving digital transformation in the logistics sector [10][24] - The company has decided to increase freight brokerage service fees to reduce reliance on government subsidies, which may lead to a decline in transaction volume but is expected to optimize revenue structure in the long run [23][24] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in fulfilled orders despite macro uncertainties, attributing this to a strong market position and ongoing optimization of user structure [31] - The company anticipates a significant decline in freight brokerage transaction volume due to increased fees, but expects limited impact on transaction service business [24][50] Other Important Information - The company has implemented measures to protect truckers' rights and foster a sustainable industry ecosystem in response to the industry self-regulation convention [43][44] - The company has restructured its entrusted shipment service to focus on full truckload transactions, enhancing operational efficiency and premium brand positioning [53][55] Q&A Session Summary Question: What are the key factors driving the growth in fulfilled orders? - Management attributed the growth to user base expansion, optimization of shipper user structure, and product/service upgrades, with a strong performance from low and medium frequency direct shippers [28][30] Question: What are the main drivers behind the growth in monthly active shippers? - Growth was driven by improved user acquisition efficiency and enhancements to product experience, with a focus on high conversion channels and retention among existing users [36][38] Question: What measures has the company implemented in response to the industry self-regulation convention? - The company has strengthened oversight of shippers, provided robust support for truckers, and enhanced communication channels to maintain a fair trading environment [43][44] Question: What operational changes have been made in response to the increased freight brokerage service fees? - The company has focused on strengthening customer communication and retention while enhancing freight matching services to maintain stable fulfillment performance [48][49] Question: How did the entrusted shipment business perform in the second quarter? - The company streamlined its entrusted shipment service to focus on full truckload transactions, which is expected to strengthen user mindsets and create competitive advantages in the long term [53][55]

Financial Data and Key Metrics Changes - Total net revenue reached RMB3.24 billion, a 17.2% year-over-year increase, driven by a 39.4% surge in transaction service revenue to RMB1.33 billion [9][19] - Non-GAAP adjusted operating income rose to RMB1.23 billion, up 76% year-over-year, while non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion [10][22] - Basic income per ADS was RMB1.2, compared to RMB0.79 in the same period of 2024, indicating significant growth in profitability [23] Business Line Data and Key Metrics Changes - Fulfilled orders totaled 60.8 million, a 23.8% year-over-year increase, with a fulfillment rate reaching 40.7%, an improvement of approximately seven percentage points [6][8] - Average shipper MAUs exceeded 3,160,000, a 19.3% year-over-year increase, while shipper members surpassed 1,200,000 [7][14] - Active truckers fulfilling orders rose to 4,340,000, up approximately 9% year-over-year, with trucker membership approaching 1,000,000 [7][15] Market Data and Key Metrics Changes - The average fulfillment rate among low and medium frequency direct shippers approached 60%, up almost 10 percentage points year-over-year [13] - Monetized order penetration reached 86.7%, up more than five percentage points from the prior year, indicating improved monetization efficiency [16] Company Strategy and Development Direction - The company aims to remain user-centric, focusing on strengthening the shipper and trucker ecosystems, expanding into new markets, and driving digital transformation in logistics [10] - The company plans to increase freight brokerage service fees to reduce reliance on government subsidies, which may lead to a decline in transaction volume but is expected to optimize revenue structure in the long run [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in fulfilled orders despite macro uncertainties, attributing this to strong market position and ongoing user structure optimization [31] - The company anticipates a significant decline in freight brokerage transaction volume due to increased fees but expects limited impact on transaction service business [24][48] Other Important Information - The company has implemented measures to protect truckers' rights and ensure timely payments, enhancing the overall trading environment [42][44] - A strategic shift in the entrusted shipment service has been made to focus on full truckload transactions, which are expected to improve user experience and revenue stability [52][54] Q&A Session Summary Question: What are the key factors driving the growth in fulfilled orders? - Management attributed the growth to user base expansion, optimization of shipper user structure, and product/service upgrades, with a strong performance from low and medium frequency direct shippers [28][30] Question: What are the main drivers behind the growth in monthly active shippers? - Growth was driven by improved user acquisition efficiency and enhancements to product experience, with a focus on direct shippers over intermediaries [36][39] Question: What measures have been put in place in response to the industry self-regulation convention? - The company has strengthened oversight of shippers, provided support for truckers, and enhanced communication channels to foster a fair trading environment [42][44] Question: What operational changes have been made in the freight brokerage service? - The company increased fee rates to cover rising costs and focused on customer communication and retention, with early observations indicating stable user retention post-adjustment [46][47] Question: How did the entrusted shipment business perform in the second quarter? - The company streamlined its entrusted shipment service to focus on full truckload transactions, which are expected to enhance user experience and revenue stability [52][54]

Group 1: Event Overview - The Australia Mining and Resources Exhibition (IMARC) will take place from October 21-23, 2025, at the Sydney Convention Centre, Australia [1] - The event is organized by the Australian Mining and Metallurgy Association and is held annually [1] - IMARC aims to gather leading mining companies, technology suppliers, researchers, and government representatives to showcase innovations in mining equipment and technology [1] Group 2: Industry Significance - Australia is a major global producer and exporter of mineral resources, with over 70 identified mineral resources, including leading reserves of lead, nickel, silver, tantalum, uranium, and zinc [1] - The mining investment environment in Australia is stable and open, contributing to rapid development in the mining resources industry [1] - IMARC serves as a crucial business opportunity for exhibitors and attendees, promoting collaboration in mining, investment, and innovation trends for a sustainable future [1] Group 3: Historical Context - Over the past decade, IMARC has evolved into a leading platform for the global mining industry and is the largest mining event in Australia [1] - In 2023, the event attracted 9,385 attendees from the entire mining value chain, featuring 450 exhibitors and 587 speakers across seven thematic conference halls [1] - The upcoming event in 2025 will occupy a total area of 20,000 square meters and continues to receive support from founding partners, Australian and international government organizations, and major mining companies [1] Group 4: Market Background - The Australian mining market has a rich history and maturity, with abundant mineral resources and advanced mining technologies [7] - The demand for mineral resources is increasing due to global economic development, presenting a broad outlook for the mining market [7] - The industry faces challenges such as environmental protection, safety production, and resource depletion, necessitating continuous innovation and upgrades by mining companies and technology suppliers [7] Group 5: Technological Advancements - The mining industry is undergoing a technological revolution driven by digitalization and smart technologies, which enhance production efficiency, reduce costs, and improve safety [7] - IMARC will focus on showcasing new technologies and equipment that promote sustainable development in the mining sector [7] Group 6: Exhibition Scope - The exhibition will cover a wide range of sectors, including mining evaluation services, geological exploration, mining companies, machinery and equipment, mineral processing, safety and environmental protection, and educational institutions [10] - Specific exhibits will include mining equipment, geological exploration instruments, mineral processing machinery, and safety equipment [10]