The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of USAS Building System (Shanghai) Co., Ltd. 美 聯 鋼 結 構 建 築 系 統（ 上 海 ）股 份 有 限 公 司 ( ...

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]