BingEx Limited(US:FLX)2025-05-22 13:02Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached RMB 961 million, a decline from RMB 1,108 million in the same period of 2024, primarily due to a decrease in fulfilled orders amid intensified market competition [18][20] - Gross profit was RMB 127 million, with a gross profit margin of 13.2%, an increase of 1.4 percentage points year-over-year [19][20] - Adjusted net profit for Q1 2025 was RMB 49.6 million, down from RMB 64.6 million in Q1 2024 [20] Business Line Data and Key Metrics Changes - FlashX completed 58 million orders in Q1 2025, with gross margin per order continuing to improve [7] - The company has attracted nearly 2.86 million registered riders and over 100 million registered users, indicating strong brand momentum [7] Market Data and Key Metrics Changes - The service footprint has expanded significantly in lower-tier cities, enhancing market penetration [7] - The competitive landscape has intensified, particularly in the food delivery sector, but FlashX maintains a differentiated service model [32][34] Company Strategy and Development Direction - FlashX is focused on refining service details and enhancing user experience through personalized solutions and faster delivery speeds [5][9] - The company aims to broaden its application of the on-demand dedicated courier model and enhance service efficiency [15] - FlashX is investing in technology and innovative management to improve operational performance and user experience [11][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the fierce competition but believes it positively influences service standards across the industry [26] - The company expects operational efficiency and user experience to remain stable in the short term, with confidence in achieving sustainable long-term growth [27][20] Other Important Information - FlashX has implemented a recognition and rewards program for riders, enhancing their career development opportunities and overall welfare [14][36] - The company is actively participating in a pilot program for occupational injury protection for riders, reflecting its commitment to corporate social responsibility [37][38] Q&A Session Summary Question: Changes in order volume and competition landscape - Analyst inquired about the decrease in order volume and how competition has evolved, seeking insights on future improvements [22][23] Response - Management emphasized a focus on core customers and service refinement, believing that healthy competition enhances service standards [25][26] Question: Margins and operating expenses - Analyst asked about the reasons behind the slight decrease in operating margin despite improvements in gross margin and profit per order [22][23] Response - Management explained that focusing on core customers and leveraging big data models are key strategies to optimize business structure and enhance user experience [27] Question: Rising delivery demand and rider incentives - Analyst questioned if customer subsidies from platforms have influenced order volume growth and how rider incentives have changed [31] Response - Management noted that competition is mainly in the food delivery sector, and while the impact on operations has been limited, it has raised awareness of delivery efficiency [32][34] - They also highlighted increased investment in rider support and career development initiatives [36][37]