Financial Data and Key Metrics Changes - In Q4 2025, the company reported total revenue of CNY 1 billion, with a gross margin of 10.8% [5][17] - For the full year 2025, total revenue reached CNY 4 billion, down from CNY 4.5 billion in 2024, reflecting lower order volumes amid intensified market competition [17] - Adjusted net profit increased by 107.1% year-over-year to CNY 41.6 million in Q4 2025, and for the full year, adjusted net profit was nearly CNY 200 million [5][19] - The non-GAAP net margin improved to 5% from 4.5% in 2024 [16] Business Line Data and Key Metrics Changes - The share of mid to high-value delivery orders has been steadily increasing, particularly in the electronics delivery category, which saw a 17% year-over-year increase in order volume [7][8] - Cake delivery returned to growth in Q4 2025, with order volume increasing by over 5% year-over-year [8] Market Data and Key Metrics Changes - As of the end of 2025, the service network expanded to 298 cities across China, with 31 million registered riders and 120 million registered users [4][5] - Demand for high-quality delivery services remains strong, with expectations for stable order volume in 2026 compared to 2025 [25] Company Strategy and Development Direction - The company emphasizes a differentiated service experience as its core competitive advantage, focusing on operational refinement and service quality [5][15] - FlashEx is exploring low-altitude delivery and has established a dedicated logistics division for drone delivery, which has entered real-world operations [11][12] - The integration of AI technology is a key focus, with applications in customer service, operations, and R&D to enhance efficiency and service quality [13][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the intense competition in the on-demand delivery industry but remains confident in the company's operational foundation and service capabilities [15][20] - The company plans to continue leveraging technology and innovation to capture emerging opportunities and create long-term value [20] Other Important Information - The company held CNY 951.6 million in cash and cash equivalents as of the end of 2025 [6][19] - The introduction of AI-assisted coding tools increased development efficiency by roughly 30% compared to 2024 [13] Q&A Session Questions and Answers Question: Could you please share our fourth quarter order volume and ASP trends broken down by B2B and B2C segments? What is our outlook for order volume trends this year, and what are the key drivers? - In Q4 2025, the company fulfilled 63.2 million orders, with total fulfillment orders for the year amounting to 249.2 million. The outlook for 2026 is for stable order volume, driven by consistent demand for high-quality services [24][25] Question: How will the management strategize to embrace AI? How will this boost our efficiency? - The company is leveraging AI across various areas to enhance operational efficiency, including customer service and delivery operations. Future plans include AI agent-based interactions to simplify user experiences [26][27][28]