Profitability and Financial Performance - The company achieved non-GAAP net income profitability for the third consecutive year, with a full-year 2025 non-GAAP net margin rising to 5% from 4.5% in 2024, and non-GAAP net income increased 107% year-over-year to RMB 41.6 million in Q4, totaling RMB 199.4 million for the full year [1] - Cost of revenues for Q4 was RMB 893.4 million, down 3.5% year-over-year, and for the full year, it declined 11.4% to RMB 3.5 billion, primarily due to lower revenues [2] - Despite a revenue decline, gross profit in Q4 was RMB 107.9 million, up from RMB 102.9 million a year earlier, with gross margin rising 0.8 percentage points to 10.8% [3] - Q4 revenue totaled RMB 1 billion, flat year-over-year, while full-year revenue was RMB 4 billion, down from RMB 4.5 billion in 2024, attributed to lower order volumes amid intensified competition [4] Operational Highlights - The service network expanded to 298 cities across China, with 31 million registered riders and 120 million registered users, emphasizing a differential service experience as a core competitive advantage [5] - The company is focusing on high-value delivery orders, with demand for electronics delivery up 17% year-over-year in Q4, and cake delivery returning to growth with a volume increase of over 5% [10][11] - The company is expanding into high-frequency services such as assisted purchasing and food pickup, aiming to become an on-demand service entry point in users' daily lives [12] Merchant and Rider Strategies - FlashEx has expanded into new service scenarios, including partnerships with consumer electronics rental platforms for same-city instant rentals [13] - Merchant acquisition efforts leverage riders' insights to identify high-potential merchants, with a tiered management framework offering tailored services to high-frequency and high-value merchants [14] - The company has strengthened service standards for riders through systematic training and equipment upgrades, focusing on professionalism and delivery safety [15] Technology and Innovation - The company deployed AI across customer service, operations, and R&D, improving response efficiency and reducing operating costs, with AI-assisted coding tools increasing development efficiency by roughly 30% [16] - A pilot for low-altitude delivery was launched in Hangzhou, with over 2,000 drone delivery orders completed since inception, aiming to reduce delivery times in complex environments [18][19] - The integration of AI with low-altitude logistics is expected to support smarter capacity allocation and improved fulfillment efficiency [19] Future Outlook - The company anticipates intense competition in 2026, continuing to prioritize refined operations and improvements in fulfillment standards, service quality, and user experience [20] - In Q4 2025, the company fulfilled 63.2 million orders, with a total of 249.2 million orders for the full year, expecting a relatively steady year-over-year outlook for average selling price and overall order volume in 2026 [21]

Financial Data and Key Metrics Changes - Total revenue decreased by 30.2% from RMB 1,619 million in H1 2024 to RMB 1,131 million in H1 2025 [15] - Gross profit was RMB 24.8 million in H1 2024 and decreased to RMB 4.1 million in H1 2025 [17] - Net loss increased to RMB 53 million in H1 2025 from RMB 46.5 million in H1 2024, representing a 14% increase [21] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 1,039 million, a decrease of 30.7% from RMB 1,499 million in H1 2024 [15] - Housekeeping and accommodation solutions revenue increased by 70.8% year-over-year to RMB 34.8 million [16] - Mobility service solutions revenue decreased by 42.8% to RMB 57.4 million due to a new business model and optimization efforts [16] Market Data and Key Metrics Changes - The domestic food delivery market experienced significant changes, with increased competition and structural adjustments by major customers [4] - Market share began to increase in May 2025, indicating potential for scalable profitability despite short-term pressures [4] Company Strategy and Development Direction - The company is pursuing a dual-track strategy: optimizing the core business for quality growth and accelerating the development of the second core business [3] - Focus on transitioning from a fulfillment service provider to a supply chain enabler, with a new cooperation with JD Jingdong Takeaway [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the on-demand delivery business faced pressures but maintained resilience and made progress in the second core business [13] - The company plans to continue focusing on operational efficiency and refining business models to deliver sustainable long-term returns [14] Other Important Information - The housekeeping and accommodation segment is becoming a significant driver of profitability, with strong growth in both revenue and gross profit [5] - The company is involved in a trust plan to enhance property quality and rental value, which is expected to generate stable returns for investors [9] Q&A Session Summary Question: What is Quhuo's specific role in the trust corporation and its impact on future financial performance? - Quhuo Ltd is a core operator in the trust project, turning business revenues into data assets and then into financial assets, which strengthens liquidity and increases asset returns [24] - The trust structure allows for monetizing future cash flows, improving cash flow flexibility and enabling expansion in current and new businesses [25]

Group 1: M&A Strategy - DoorDash emphasizes the importance of partnering with operating teams that share its values in M&A, as highlighted by CEO Tony Xu [2] - The company completed the $1.2 billion acquisition of SevenRooms and acquired ad-tech platform Symbiosys for approximately $175 million [2] - DoorDash has agreed to acquire UK-based Deliveroo for about $3.9 billion, expecting to close in Q4 2025, pending regulatory approval [2] Group 2: Automation and AI Initiatives - DoorDash has been working on autonomous delivery solutions, including drones and sidewalk robots, since 2017, facing significant challenges in achieving reliable and scalable delivery [3] - The company is beginning to see commercial progress with successful tests and pilots in the U.S. and Australia, including partnerships with Coco Robotics and Alphabet's Wing [4] - DoorDash develops AI agents for various applications such as customer service, voice ordering, logistics, and merchant support [5] Group 3: Business Evolution - Founded in 2013, DoorDash aims to build a local commerce business rather than just a food delivery service, expanding its offerings beyond food to include groceries, pharmacies, and retail stores [6] - The company debuted on the Fortune 500 list last year, indicating significant growth and market presence [6]

Financial Data and Key Metrics Changes - In 2024, the company achieved revenue of RMB 3 billion, with adjusted EBITDA of RMB 9 million, demonstrating positive EBITDA for three consecutive fiscal years [6][18] - Adjusted net income reached RMB 1.6 million, while general and administrative expenses decreased by 19% year on year, reflecting improved operational efficiency [6][18] - Total revenue for the fiscal year 2024 was RMB 3,046.8 million, a decrease of 17.7% compared to RMB 3,702.4 million in 2023 [26][27] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 2,828.5 million, a decrease of 17.1% due to the disposal of underperforming service stations [26][27] - Revenue from mobility service solutions decreased by 25.1%, primarily due to a reduction in vehicles sold in the vehicle export solution business [26][27] - Gross profit for bike maintenance and ride building services grew significantly, with gross profit margin for housekeeping and accommodation services increasing from 26% to 36% [8][9] Market Data and Key Metrics Changes - The used vehicle export business, represented by Qubo International, exported over 3,500 cars to various regions, establishing a recognized certification brand and service system [10][12] - The company has focused on enhancing operational efficiency in the supply chain, particularly in Azerbaijan, through technology and resource export solutions [12][13] Company Strategy and Development Direction - The company is undergoing a strategic transformation aimed at balancing commercial and social value through deepening, empowering, and innovation strategies [5][6] - The strategy of empowering focuses on stimulating collaborative dynamics and driving ecosystem synergy, particularly through partnerships like that with New World for beef supply chain solutions [10][14] - The innovation strategy aims to activate existing networks and explore new growth frontiers, transitioning from a service provider to a supply chain enabler [13][14] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining business quality amidst market uncertainties to generate long-term development momentum [9][18] - The partnership with New World is expected to contribute significant revenues by 2025, with plans to expand the supply chain model to other food service providers [32] Other Important Information - The company provided flexible employment opportunities for over 83,000 workers, creating a safety net through commercial insurance and vocational training [17] - The new energy vehicles exported are expected to reduce carbon emissions significantly, aligning with the company's social responsibility goals [17] Q&A Session Summary Question: What is the current progress of the cooperation with New World and what are the company's expectations? - The partnership with New World has improved the efficiency of beef delivery and is expected to contribute significant revenues by 2025, with plans to expand the model to other food service providers [32]

Table of Contents As filed with the Securities and Exchange Commission on September 27, 2024 Registration No. 333-282091 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BingEx Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Cayman Islands 7370 Not Applicable (Primary Standard ...

Table of Contents As filed with the Securities and Exchange Commission on September 13, 2024 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BingEx Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 7370 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification ...