Good day, and welcome to BingEx 2024 Fourth Quarter and Full Year Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Helen Wu from The Piacente Group. Please go ahead. Thank you, Operator. During this call, we'll discuss our business outlook and the make forward- looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. The non-GAAP financial measures provide for comparison purposes only. The definition of these measures and a reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the FlashEx Company's IR website at ir.ishansong.com. Furthermore, throughout the call, we'll consistently use the company's brand name, FlashEx, to refer to its publicly listed entity, BingEx Limited. Joining us today from FlashEx senior management are Mr. Adam Xue, Founder, Chairman of the Board and Chief Executive Officer, Mr. Hong Jianyu, Co-Founder, Director, and Executive President, and Mr. Luke Tang, Chief Financial Officer. I will now turn the call over to Mr. Adam Xue. Thank you. Hello, everyone, and welcome to FlashEx Fourth Quarter and Full Year 2024 Earnings Call. In the fourth quarter, FlashEx recorded total revenue of RMB 1 billion. Gross margin rose to 10%, representing a 1.4 percentage point year-on-year increase. Non-GAAP net profit for the quarter was RMB 20 million. For the full year, total revenue remained steady at RMB 4.5 billion. Fueled by ongoing improvements in operational efficiency, the company achieved a 2.3 percentage point increase in gross margin for the year, while non-GAAP net profit surged by an impressive 82% compared to the previous year. Moreover, the average gross profit per order rose by 21% year-on-year, underscoring the solid resilience and competitive strength derived from FlashEx's differentiated market positioning amid an intensely competitive industry landscape. 2024 stands as a milestone year in FlashEx's journey, highlighted by sustained growth and broad industry recognition. FlashEx also became China's number one on-demand dedicated courier service brand for ten consecutive years, a prestigious title that not only validates our decade of exceptional service but also pays tribute to each of our committed employees and diligent Flash riders who brave all conditions to ensure excellence in every delivery. Since our inception, we have remained focused on the on-demand dedicated courier model, understanding that every order bears our users' trust and expectations. From order placement to final delivery, we prioritize precision, ensuring a seamless point-to-point experience that meets real-time needs. Our unwavering attention to detail and pursuit of excellence have made FlashEx a household name and a byword of the intercity on-demand dedicated courier industry. By the end of 2024, FlashEx service spanned 295 cities across China, supported by a network of 2.8 million registered riders and 100 million users. The total number of orders fulfilled in full year 2024 reached 277 million, making an increase from 2023. FlashEx made its debut on Nasdaq this year, taking a crucial step forward with its capital market entry. Our successful IPO underscores the market's confidence in our strategic positioning and industry leadership, while also establishing a strong foundation for the company's sustained development and growing brand influence. 2024 was also a year of both accomplishment and challenges. The on-demand delivery market grew increasingly competitive, with numerous industry players expanding into this sector. However, we firmly believe that the true service excellence lies in unwavering attention to detail and efficiency. That's why FlashEx remains committed to the on-demand dedicated courier model, dedicating every flash rider to a single order from pickup to drop-off, free from distractions. This approach guarantees fast, seamless, and personalized point-to-point deliveries, ensuring that every order is not just received but also handled with utmost care. To further elevate service quality, FlashEx conducts meticulous analysis of the nuanced details, distinct characteristics, and specific logistical requirements of various product categories. Leveraging these insights, we develop tailored solutions that address the unique challenges of each delivery scenario. For delicate and perishable items such as birthday cakes, we have implemented advanced protective measures to ensure their flawless arrival even in the peak heart of summer. For high-value electronics, we have enhanced our insurance framework, providing comprehensive coverage to mitigate risks at every stage of delivery from merchant to customer. Simultaneously, we have strengthened protections for riders, ensuring their rights and well-being are safeguarded throughout the delivery process. Furthermore, we provide tailored services for discerning customers and those with specialized needs, including personalized transportation options, customized rider attire, and exclusive product-specific packaging solutions. With our professionalism and precision reflected in every detail, FlashEx strives to deliver an exceptional and elevated value experience for our users. In 2024, we launched customer delivery boxes in select cities designed with adjustable compartments to meet the specific requirements of different product categories. We intend to expand this initiative to additional cities, further elevating both delivery security and service excellence. It is the seemingly subtle yet profoundly impactful details that create FlashEx's unparalleled competitive edge in the on-demand delivery market, securing our unique position in an intensely competitive environment. FlashEx is also accelerating its digital management transformation, leveraging cutting-edge digital systems and processes to elevate operational efficiency. This ensures the seamless alignment of premium delivery resources with high-value users, even during peak periods such as holidays or challenging weather conditions. By delivering constantly punctual and secure services, we coupled with strong word-of-mouth advocacy, further solidifying our brand reputation while our superior user experience continues to drive sustained order volume growth. To further elevate our scheduling system's intelligence and efficiency, we have progressively integrated DeepSeek into our service infrastructure and developed a unique algorithm tailored to our on-demand dedicated courier model. This algorithm optimized order allocation, substantially enhancing delivery efficiency. Accordingly, we reduced average delivery time for full year 2024 to 26.8 minutes. On the company's operation level, we have completed the privatized deployment of DeepSeek and developed an operational assistant that serves multiple departments, including product and operations. This assistant has significantly streamlined daily workflows, boosting overall efficiency. Looking ahead, FlashEx will continue exploring the application of big data models and cutting-edge technologies across diverse verticals and throughout the entire value chain to drive the intelligent advancement of our organizational operations, data analysis, and decision-making capabilities. Meanwhile, we have enhanced and iterated our customer service system nationwide. The upgraded system features automated capabilities to efficiently handle customer complaints related to delivery delays. This advancement has not only reduced operational costs but also ensures that user inquiries and requests are addressed properly and accurately, significantly elevating overall customer satisfaction. On a related note, we conducted a comprehensive organizational review and optimization in the fourth quarter aimed at driving ongoing cost efficiency improvements through a more strategic organizational structure and clear duty allocation. These efforts not only enhanced FlashEx's internal operational effectiveness but also provided us with a significant competitive advantage, further cementing our leadership in the on-demand dedicated courier industry. While continuously enhancing the user experience, FlashEx has always viewed our riders' welfare and career development as central to the company's overall growth. Through a comprehensive approach that spans welfare benefits, professional development, operational support, and cultural initiatives, we carefully protect our riders' rights and interests, cultivating a strong sense of belonging and professional pride. By the end of 2024, FlashEx has successfully established 11 riders' homes across 10 cities nationwide. These facilities not only provide riders with one-stop services such as rest, recharging, and vehicle maintenance but also serve as welcoming gathering places for them to share experiences and stories. In addition, we have partnered with dedicated merchants to jointly create over 3,600 rider energy stations in more than 100 cities across the country, offering riders more convenient energy replenishment and rest areas. As part of our commitment to prioritizing our riders' health and well-being, we have implemented a vehicle rescue service to ensure riders receive prompt and effective assistance in the event of an emergency. Furthermore, we conduct regular safety training programs, combining theoretical instruction with hands-on practice to continually strengthen rider safety awareness and emergency response capabilities. Moreover, we continually refine various systems to foster a more efficient and supportive working environment for riders. By leveraging cutting-edge order matching algorithms, dynamic intelligent dispatch systems, and robust safety protocols, we ensure precise order allocation and seamless scheduling, effectively reducing riders' wait times. This not only enhances their delivery efficiency but also ensures the stability and sustainability of their incomes. Since 2022, the Ministry of Human Resources and Social Security, in collaboration with other relevant departments, has initiated a trial of occupational injury insurance for people in new forms of employment across seven provinces and municipalities, including Beijing, Jiangsu, etc. Over the past two years, the trial has expanded its coverage to four key industries: ride-hailing, food delivery, on-demand delivery, and intercity logistics. As an active participant, FlashEx has adopted a per-order payment model to provide riders with enhanced protection, ensuring comprehensive coverage for every delivery. At FlashEx, we firmly believe that only by genuinely supporting and nurturing each rider can we truly enhance service quality, as they are the cornerstone of our exceptional, efficient, and differentiated delivery experience. Moving forward, we will remain committed to our founding principles and on-demand dedicated courier model. We will continue to prioritize our core users and core values, gain a deeper understanding of users' diverse needs, and constantly strive to deliver a more personalized and differentiated service experience. We will also continue to expand our category coverage, offering users an even broader range of convenient options. Meanwhile, we will leverage big data analytics and user research to accurately capture evolving market trends. As we constantly amplify our presence in the individual industry market, we will also strengthen our collaborations with business customers and enhance service scenarios to deliver premium, efficient, and tailored delivery services to a growing user base. Finally, FlashEx will embrace a more open and innovative approach in 2025, elevating the service experience while cooperating with industry partners to propel the sustainable and healthy growth of the on-demand dedicated courier sector. I will hand over to Luke Tang to introduce more financial details. Thank you, Adam. Hello everyone. This is Luke. In 2024, our unique on-demand dedicated courier model remains strong and resilient, demonstrated by sustained growth in the total number of orders fulfilled throughout the year. We are also delighted to see that our efforts to improve operational efficiency have delivered positive outcomes, with gross profit margins exhibiting healthy growth in both the fourth quarter and Full Year 2024. Meanwhile, non-GAAP net income for the Full Year 2024 saw a strong upswing of 82% compared to 2023, with non-GAAP net margin rising by 2.1 percentage points to 4.5%. Now, let me walk you through the key highlights of our fourth quarter and the Full Year 2024 financial results. For the fourth quarter, we recorded total revenues of RMB 1 billion. Total revenues for the Full Year 2024 reached RMB 4.5 billion, remaining largely stable compared to 2023 despite intensified market competition. Our cost of revenues decreased by 16.5% year-over-year to RMB 926 million for the fourth quarter, primarily due to the improved operating efficiency on rider force and the decreased FlashEx riders' remuneration and incentives to fulfill orders. Our gross profit was RMB 102.9 million for the fourth quarter, mostly flat with the same period of 2023. Gross profit for the Full Year 2024 grew significantly to RMB 490.6 million, representing a year-over-year increase of 24.3%. Gross profit margin grew by 1.4 percentage points and 2.3 percentage points for the fourth quarter and full year 2024, respectively. Turning to operating expenses, our total operating expenses were RMB 255.6 million for the fourth quarter, consisting of selling and marketing expenses of RMB 90.3 million, general and administrative expenses of RMB 85 million, and research and development expenses of RMB 80.4 million. The increase in operating expenses was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions under U.S. GAAP. Excluding share-based compensation expenses, our non-GAAP income from operations was RMB 7.3 million for the fourth quarter. Non-GAAP income from operations for the full year 2024 soared to RMB 134.3 million from RMB 10.6 million in 2023. Other income was RMB 7.3 million for the fourth quarter and RMB 41.7 million for the full year 2024, compared with RMB 40.2 million and RMB 74.3 million for the fourth quarter and full year 2023, respectively. The decrease was primarily due to a lower amount of government grants. Let's move to our non-GAAP net income, which stood at RMB 20.1 million for the fourth quarter. Non-GAAP net income for full year 2024 surged 82% year-over-year to RMB 201.3 million. Our cash position remained healthy, with cash and cash equivalents, restricted cash, and short-term investments totaling RMB 793 million as of December 31, 2024. As we moved into 2025, we remained committed to our on-demand dedicated courier model, reinforcing FlashEx's unique market position. We will also deepen our efforts to optimize corporate structure and enhance operational efficiency, supported by our differentiated service model and a solid financial foundation. We are confident in our ability to drive sustainable growth. That concludes our prepared remarks. We would like now to open the floor to your questions. Operator, please go ahead. Thank you. We will now begin the question and answer session. To ask a question, please press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Once again, that's star one one for questions. We will now take our first question from the line of Jessie Xu from Deutsche Bank. Please ask your question, Jessie. Hi. Good evening, Management. This is Jessie Xu from Deutsche Bank. Congratulations on very resilient results and a tough environment last year. Thanks for taking my questions. I have two questions. The first one is on macro. Understood that in the past few months, we have seen some policy stimulus, and overall consumption sentiment seems bottomed out. I want to check in whether we see any changes in our operating environment year to date. My second question is about our outlook for 2025. Can Management elaborate on your outlook in terms of order volume or revenue or margins for the new year, and what would be the key growth drivers? Thank you. Thank you, Jessie. This is Adam speaking. Recently, a series of government initiatives, including consumption stimulus programs, have significantly strengthened consumer confidence as overall sentiment improves. Growing consumer demand has directly driven the expansion of on-demand delivery volumes. Notably, the rapid rise of emerging e-commerce formats such as live streamlining and social commerce has injected fresh momentum into the market, fueling additional growth in the on-demand delivery sector. In response to these evolving market dynamics and the growing demand for higher service quality, FlashEx will enhance and upgrade its business operations in the following key areas. The first one is optimizing operational process, leveraging big data analytics to enhance order matching efficiency and optimize delivery routes, enabling faster response times and improved overall operational performance. Additionally, by integrating DeepSeek into the customer service system, FlashEx will proactively enhance service quality, uphold its strong reputation, and further strengthen user engagement on the platform. The second is category-driven strategy. FlashEx will conduct in-depth analysis of storage and transportation challenges associated with core product categories, developing targeted solutions to address these pain points. Moving forward, we aim to create a distinctly differentiated experience by adopting a vertical approach to key product categories, aligning them with FlashEx's specialized fulfillment capabilities. By addressing the unique needs of users across various categories, we will further strengthen our differentiated fulfillment expertise. In summary, we will enhance our business operations by optimizing our operational processes, strengthening user experience and differentiation, and implementing a category and customer experience-driven strategy, all designed to improve our operational capabilities and better adapt to market trends while meeting the evolving needs of our customers. Thank you. Thank you. Our next question comes from the line of Susan Jiang from CICC. Please ask your question, Susan. Thank you, the management team, for taking my question. I'm Susan from CICC. I've got three questions here today. The first question is, what will be our outlook on industry demand for 2025? The second question is, may I ask our assessment of the competitive landscape of the industry this year? The third question is, recently, there has been discussion about providing social insurance for riders in the on-demand delivery industry. What will be our stance on assisting riders with their social insurance? Thank you. Thank you for your question. Firstly, demand growth remains resilient. Recent policy signals indicate that the support for customer sectors will further strengthen in 2025, with a gradual recovery of the macroeconomic environment and the continued deepening of e-commerce penetration. Delivery volumes are poised for sustained, robust expansion. At the same time, the emergence of new e-commerce formats, such as live streaming and social commerce, has drawn more players into the logistics sectors. These innovations not only enhance efficiency but also elevate the shopping experience, promoting more local merchants to engage directly with customers and deliver fast, high-quality logistics services to meet the rising market demand. Second, consumers are placing increasing emphasis on delivery timeliness, personalization, and customer experience as e-commerce offerings diversify and customer preferences become more discerning. Customers not only seek premium products but also expect an elevated customer experience characterized by greater efficiency and reliability. This includes increasing demand for security, speed, and meticulous attention to detail, especially during special occasions and festive events. On the policy front, the continued expansion of the trade in program is set to drive higher purchase frequency of premium consumers. From the merchant's perspective, fast and secure delivery services are instrumental in enhancing our customer experience and satisfaction, ultimately strengthening brand reputation and fostering long-term growth. For businesses in specialized sectors such as florists, bakeries, and high-end restaurants, the need for personalized, high-quality delivery experience is even more pronounced. FlashEx has conducted in-depth analysis of the logistics pain points associated with various product categories and developed tailored solutions accordingly by implementing enhanced protective measures ranging from optimized packaging to specialized transportation vehicles and refining its insurance mechanism to better mitigate risks. FlashEx ensures that its delivery service for merchants are both highly reliable and customized to their unique requirements. Finally, digital transformation is accelerating the logistics industry's development. With the widespread adoption and continuous evolution of big data models, technologies such as intelligent order matching, route optimization, and AI-driven customer service are becoming deeply integrated into operations, driving significant improvements in efficiency and service quality. FlashEx actively embraces technological advancements. We have fully deployed the DeepSeek system and developed a proprietary algorithm tailored specially to our on-demand dedicated courier model. These advancements have markedly enhanced order matching precission and fulfillment efficiency. Meanwhile, we have comprehensively upgraded our nationwide customer system infrastructure, significantly reducing response times for users' inquiries and feedback while streaming operational costs. We also continue to optimize internal processes by harnessing the power of big data analytics, fortifying our market position, and reinforcing our long-term competitive edge. To the second question, first, we foresee that the competitive dynamic within the intercity delivery industry will persist in 2025. However, leading companies will maintain a distinct competitive advantage as consumers' demand for quality continues to rise and business clients increasingly prioritize customer experience. Top-tier companies that focus on detail and consistency will gain greater favor with users. Fostering powerful word of mouth and establishing a dominant market position, as these leading brands expand their scale and enhance their market recognition, their user loyalty will also grow, thereby strengthening their market competitiveness and laying a solid foundation for sustainable long-term growth. Secondly, digital operations have emerged as a core competitive advantage for intercity delivery companies. Through digitalization, companies can not only achieve effective cost control and sustained revenue growth but also significantly bolster customer loyalty and optimize network efficiency. Take FlashEx as an example. We have proactively integrated big data-driven technologies, enabling us to reduce average delivery time in 2024 to just 26.8 minutes. Furthermore, our operational efficiency enhancements have not only elevated our user experiences but also significantly improved our profitability. Simultaneously, the mid-to-high-end market presents vast growth potential as both consumers and business clients place ever greater emphasis on quality and personalized services. The mid-to-high-end delivery market is poised for continued expansion. This segment will become a primary focus for intercity delivery companies. FlashEx will remain committed to the on-demand dedicated courier model, reinforcing and broadening our leadership in this area by providing fast, high-quality, and tailored customer experiences. For the third question, FlashEx has always viewed riders' welfare and career development as crucial to its business growth. The company is committed to safeguarding riders' rights across various aspects while actively fostering a strong sense of professional pride and belonging among this workforce. By the end of 2024, FlashEx has successfully established 11 riders' homes in 10 cities nationwide. These hubs offer riders a comprehensive range of services, including rest, recharging, and vehicle maintenance, while also providing a welcoming space for interaction and experience sharing. Furthermore, in close partnership with partner merchants, we have set up over 3,600 rider energy stations across 100 cities. These stations offer riders timely energy replenishment and comfortable rest areas, ensuring they feel supported and valued during their busy hours. To enhance rider safety, we regularly hold safety training sessions that blend theoretical instructions with hands-on exercises, continuously strengthening riders' awareness and improving their ability to respond to emergencies. Additionally, as the company expands, our systems evolve. We have dedicated ourselves to creating a more efficient and convenient work environment for riders, helping them complete orders more swiftly and ensuring the stability and sustainability of their income. Thank you. Thank you. That concludes the question and answer session. I will now turn the call to Helen Wu for closing remarks. Thank you once again for joining BingEx 2024, Fourth Quarter and the Full-Year financial results in the Business Update conference call today. If you have any further questions, please contact the IR team and BingEx or Piacente Financial Communications. Thank you, and have a great day. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.