Core Insights - The annual "Double 11" shopping festival has set a record for the longest promotional period, lasting a month, with platforms focusing on simplified rules and instant retail as a key growth area [1] Industry Overview - The third-party delivery sector is positioned as a core infrastructure for instant retail, facing new challenges and opportunities as companies prepare for "Double 11" [2] - SF Express has deployed over 800 unmanned vehicles in more than 100 cities to support last-mile delivery, highlighting the importance of logistics in conversion during the promotional period [2] Company Strategies - SF Express has established deep partnerships with major brands like McDonald's, KFC, Starbucks, and Sam's Club, providing a one-stop solution for multi-platform delivery [3] - The company leverages a "front warehouse/store + same-city delivery" model to enhance supply chain efficiency for e-commerce brands, collaborating with tech giants like Xiaomi and Huawei [3] Market Dynamics - The demand for instant delivery services has surged, with significant order increases reported on platforms like Taobao, indicating a shift in consumer expectations [2] - The competition has evolved from merely speed to a focus on differentiated customer experiences, with varying requirements across different product categories and platforms [4] Future Outlook - As instant retail becomes a critical battleground for "Double 11," the value of third-party delivery infrastructure is expected to grow, driven by the need for customized solutions across multiple platforms and scenarios [4]

Group 1: Double 11 Promotion and Logistics Efficiency - The "Double 11" promotion period this year lasts for a month, increasing the industry's demand for "minute-level" fulfillment, making logistics capacity crucial for conversion during the promotion [1] - SF Express has deployed over 800 unmanned vehicles in more than 100 cities nationwide, with an average of 20,000 active trips per month, focusing on "last mile" delivery to alleviate end-point pressure during the promotion [1] - The efficiency of unmanned vehicles in bulk delivery during peak orders will further enhance labor efficiency and ensure fulfillment efficiency [1] Group 2: Instant Retail and Market Competition - Instant retail has evolved from a "supplementary option" in e-commerce competition to a "must-fight territory," driven by the saturation of traffic dividends and the deep exploration of "near-field consumption" value [2] - Companies with capabilities for both long-distance and near-field coordinated delivery will play a significant role in this process, with SF Express leveraging its omnichannel fulfillment capabilities to support major merchants and platforms during promotions [2] - SF Express has established partnerships with various chain brands, providing integrated supply chain services that enhance operational efficiency through a "front warehouse/store + same-city instant delivery" model [2]

Group 1 - The core event of the 2025 Shunfeng Tongcheng Rider Festival has officially started on September 1, with an investment exceeding 4 million yuan to provide exclusive holiday benefits for riders [1] - The festival will feature a series of activities such as "Finding Lucky Koi," "Offline Flash Events," "Mall Discounts," "Surprise Red Envelopes," and "Card Collection Rewards," showcasing the platform's care for the rider community [1] - The main venue for this year's festival is in Shanghai, chosen by over 3,000 riders through voting, indicating a shift towards greater rider involvement in decision-making [1] Group 2 - The "917" Rider Festival, held annually, serves as an important channel for conveying care and promoting sustainable development in the industry, having successfully hosted six editions to date [2] - More rider protection measures are set to be announced during the upcoming Rider Festival on September 17, which will be connected to riders nationwide through online live streaming [2] - The total number of new employment form laborers in the country, including riders, has exceeded 84 million, highlighting the need for enhanced safety and career development measures [1]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue was RMB1 billion, with a gross margin increase to 10%, a 1.4 percentage point year-on-year rise [5][21] - For the full year 2024, total revenue remained steady at RMB4.5 billion, with a gross margin increase of 2.3 percentage points and a non-GAAP net profit surge of 82% compared to the previous year [6][21] - Average gross profit per order rose by 21% year-on-year, reflecting operational efficiency improvements [6] Business Line Data and Key Metrics Changes - The company achieved a gross profit of RMB102.9 million in Q4 2024, with a full-year gross profit of RMB499.6 million, representing a year-on-year increase of 24.3% [22] - Non-GAAP income from operations for the full year 2024 soared to RMB134.3 million from RMB10.6 million in 2023 [23] Market Data and Key Metrics Changes - By the end of 2024, FlashX's services spanned 295 cities in China, supported by a network of 2.8 million registered riders and 100 million users [9] - The total number of orders fulfilled in 2024 reached 277 million, marking an increase from 2023 [9] Company Strategy and Development Direction - FlashX remains committed to its on-demand dedicated courier model, focusing on operational efficiency and service quality to maintain its market leadership [10][25] - The company plans to enhance its business operations by optimizing processes, leveraging big data analytics, and implementing a category-driven strategy to address unique delivery challenges [30][31] Management's Comments on Operating Environment and Future Outlook - Management noted that recent government initiatives have strengthened consumer confidence, leading to increased demand for on-demand delivery services [29] - The outlook for 2025 is positive, with expectations of sustained growth driven by macroeconomic recovery and the rise of new e-commerce formats [35] Other Important Information - FlashX has established 11 riders' homes across 10 cities, providing services such as rest and vehicle maintenance to support rider welfare [42] - The company has partnered with merchants to create over 3,600 rider energy stations, enhancing support for riders during their busy hours [43] Q&A Session Summary Question: What is the outlook on industry demand for 2025? - Management expects demand growth to remain resilient, supported by macroeconomic recovery and the deepening of e-commerce penetration [35] Question: What is the assessment of the competitive landscape of the industry this year? - The competitive dynamic will persist, but leading companies focusing on quality and customer experience will maintain a distinct advantage [40] Question: What is the company's stance on assisting riders with their social insurance? - FlashX is committed to safeguarding riders' rights and welfare, actively fostering a strong sense of professional pride among its workforce [42]