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][14] - Cash and cash equivalents totaled RMB 877.9 million, indicating a healthy financial position [5][16] - Non-GAAP net margin expanded to 6.2% from 5% year-over-year, while shareholders' equity grew to RMB 839.3 million from RMB 747.1 million [14][15] Business Line Data and Key Metrics Changes - The company adopted a refined tiered management approach for merchant customers, enhancing service quality and customer engagement [5][6] - Daily delivery volume for individual users grew by 15% from the previous quarter, driven by new service offerings [8][9] - The average delivery time improved to 26 minutes, contributing to increased repeat orders and stable writer income [21] 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 [21] - The company is focusing on high-frequency merchant customers and expanding its reach among small and medium-sized businesses [7][8] Company Strategy and Development Direction - The company aims to enhance service capabilities and user experience while exploring new service opportunities [12][10] - FlashEx is positioning itself as a leading on-demand dedicated courier service provider, leveraging technology and operational efficiency to drive growth [11][12] - The strategy includes deepening collaboration with enterprise clients to tap into their private traffic potential [10][23] 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 [19][20] - The company plans to continue amplifying time efficiency advantages and increasing order frequency through collaborative management models [22] Other Important Information - The company repurchased approximately 1.6 million ADS as of November 18, 2025, demonstrating commitment to enhancing shareholder value [15] - FlashEx is implementing a citywide low-altitude logistic delivery solution, which is currently in the commercial testing stage [10][11] Q&A Session Summary Question: Could you please share our third-quarter order volume and ASP trends broken down by 2B and 2C segments? - Management indicated that the scaling back of subsidies and regulatory standardization are fostering a stable market environment, allowing FlashEx to leverage its differentiated value proposition [19][20] Question: What is the management's outlook on the trend and potential for future reduction in the company's expense ratio? - Management stated that the overall expense ratio has been on a stable and gradually declining trajectory, with further room for optimization as revenue grows and client structure improves [22][23]

Core Viewpoint - The rise of AI-generated rumors has created a black market that poses new challenges for social governance, with significant implications for public safety and trust in information sources [2][4]. Group 1: AI Rumors and Their Impact - AI-generated rumors are increasingly realistic and can mislead both ordinary users and professionals, creating a "chain of evidence" that appears credible [2][4]. - Economic and enterprise-related rumors, as well as public safety rumors, are the most prevalent and fastest-growing categories of AI-generated misinformation [4]. Group 2: Regulatory and Governance Responses - The Central Cyberspace Affairs Commission launched a special action in July to address the dissemination of false information by self-media, focusing on AI-generated content that deceives the public [5]. - The release of the "Artificial Intelligence Security Governance Framework" 2.0 emphasizes the need for improved regulatory standards and mechanisms to combat AI misinformation [5]. - New media platforms are encouraged to enhance intelligent recognition mechanisms for AI-generated rumors and reform revenue-sharing models to reduce profit incentives for spreading misinformation [5]. Group 3: Legal Framework and Enforcement - The Ministry of Public Security is actively conducting operations to combat online rumors, with legal consequences outlined for those who create and disseminate false information that disrupts social order [5][6]. - Penalties for spreading false information about emergencies can include imprisonment for up to seven years, depending on the severity of the consequences [5]. Group 4: Collaborative Efforts for Mitigation - A multi-faceted approach involving legislation, judicial action, platform responsibility, and public participation is essential to establish a comprehensive governance system against AI-generated rumors [6].