闪送 (FLX.US) 2025年第二季度业绩电话会
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会议摘要
Announces Q2 2025 revenue of 1.02 billion RMB, 25% gross margin, and 45.59 million adjusted net profit. Highlights product/service quality enhancement, tiered operation strategy, and merchant partnerships. Discusses delivery team efficiency, order volume, ASP, and rider metrics, with plans for H2 2025 growth. Concludes with Q&A session.
会议速览
Financial report for the second quarter of 2025 and future outlook.During the meeting, the company's financial performance for the second quarter of 2025 was discussed, and future development prospects were outlined. Emphasis was placed on the potential differences between forecasts and actual results, as well as the purposes of using non-GAAP financial metrics.
Second quarter performance in 2025: Flash X improves its services and products in the competition, achieving steady growth.In the second quarter of 2025, facing fast-changing industry competition, Flash X stuck to its mission, improved product quality and solidified its market position through refined operational strategies and personalized services. The company achieved a total revenue of 1.02 billion RMB, with a gross profit margin increasing to 25%. Adjusted net profit reached 45.59 million RMB, demonstrating strong business resilience and laying a solid foundation for long-term growth.
Deepen market cooperation and service innovation, promote the steady growth of the Shansong X brand.Facing fierce market competition, Flash Delivery X deepened cooperation with merchants, optimized service processes, strengthened personnel training, effectively responded to challenges during peak demand periods, and improved user satisfaction. At the same time, the company actively expanded its service areas, such as luggage delivery and hotel storage, to meet the diverse needs of users. Although these measures may have limited short-term impact on order volume and revenue contribution, in the long run, they will consolidate the brand's leading position in the market and promote sustainable development.
Refined management and brand innovation: Promoting high-quality services and sustainable growthBy enhancing service quality and market competitiveness through refined management, including optimizing delivery processes, intelligent resource allocation, and rider support systems. In the future, we will deepen brand innovation and collaborate with merchants, enhance emotional connection with users and brand value, and promote long-term stable growth of the company.
2025 Second Quarter Financial Report: Optimizing Operational Strategies and Cost ManagementThe report summarized the financial performance of the second quarter of 2025, including changes in key indicators such as revenue, costs, and profits, emphasizing the increase in gross profit margin achieved through optimizing operational strategies and cost management, as well as the resilience of the business model in intense market competition. Looking ahead, we will continue to optimize resource allocation, seize emerging opportunities, and drive sustainable growth.
Analysis of company order volume and ASP trends and rider incentive budget.Inquired about the order quantity and ASP situation of the company's 2B and 2C businesses for this quarter, as well as the forecast trend for the second half of the year; at the same time, discussed the expected changes in rider supply pressure, rider retention rate, and rider incentive budget.
In the first half of 2025, orders have seen steady growth, with a positive outlook for the second half of the year.In a complex market environment, the company completed 123 million orders in the first half of the year, with the average selling price (ASP) remaining stable and a slight increase in CN orders. By optimizing service systems, improving operational efficiency, exploring new service scenarios, and planning to expand the team and service coverage in order to enhance user experience. It is expected that the order volume will resume growth in the second half of the year and maintain a positive outlook for the second half of 2025.
Facing intense market competition, how can the company stabilize the rider team and optimize operational efficiency?Facing intense competition in the food delivery market in 2020, the company adhered to the strategy of the rider team and was not affected by short-term market fluctuations. By optimizing the intelligent scheduling system, improving delivery efficiency, and perfecting the rider development and incentive system, the company ensured stable rider income and a clear career growth path. At the same time, deepening cooperation with key merchants, accurately planning peak delivery periods, and strengthening resource optimization allocation. The company firmly believes that reasonable competition promotes the long-term sustainable development of the industry. Looking to the future, the company plans to further expand the business and rider team, enhance operational capabilities, and support continued growth.
The financial report and business update meeting for the second quarter of 2025 has successfully concluded.This meeting provided a detailed interpretation of the financial situation and business progress in the second quarter of 2025. The host expressed gratitude after the meeting and invited those with questions to contact the IR team. Subsequently, the meeting was adjourned, with a reminder to participants that they could disconnect at any time.
要点回答
Q：How did FlashX maintain its strong market position in the delivery industry?
A：FlashX maintained its strong market position by focusing on enhancing and elevating product and service quality. It executed a tiered and refined operation strategy, conducting index analysis of different user groups and business scenarios to deliver tailored, personalized services and ensure efficient response times.
Q：What were the financial results of FlashX's second quarter?
A：In the second quarter, FlashX recorded total revenue of 1.02 billion RMB, with a gross margin of 25%, and an adjusted net profit of 45.59 million. Despite intense market competition, FlashX's business demonstrated strong resilience.
Q：What steps did FlashX take to improve its service quality?
A：To improve service quality, FlashX's team conducted in-depth research at client stores and works closely with them to review the entire delivery process. They optimized packaging materials, trained delivery personnel, and enhanced after-sale support. These efforts were aimed at ensuring a smooth user experience and strengthening client trust and confidence in the brand.
Q：How is FlashX expanding its service offerings?
A：FlashX is expanding its service offerings by analyzing user behavior and demand patterns to identify key everyday needs and areas with strong potential and unique value. Through rigorous and responsible approaches, including small-scale tests and feedback collection, they are continuously refining and optimizing service details to deliver a smoother and more satisfying user experience.
Q：What strategies are in place for competitive management and operational efficiency?
A：For competitive management and operational efficiency, FlashX is focusing on refining operations on the supply side and taking precise actions across multiple dimensions to optimize the entire delivery process. They utilize advanced algorithms and big data analytics to optimize routing and have developed an intelligent weather allocation system to adjust resources based on order fluctuations.
Q：How does FlashX support its delivery personnel?
A：FlashX supports its delivery personnel with a comprehensive support system that includes subsidies, training, and rewards. The subsidies are structured to ensure fair compensation and motivation. Professional training helps riders enhance their skills, and awards provide recognition and incentives for dedication and performance. This holistic approach ensures that delivery personnel are well-supported, engaged, and empowered to deliver the best possible service.
Q：What are the company's refined management principles and business strategy for the second half of 2025?
A：The company will continue to embed principles of refined management across all operations and business lines, aiming for optimal resource allocation, efficiency, and cost control to support high-quality growth. Additionally, they plan to explore innovative brand promotion strategies, deepen collaborations with merchants, and enhance user satisfaction and repeat purchases, thus strengthening the emotional connection with the brand, user loyalty, and engagement while elevating brand value.
Q：What financial results were reported for the second quarter of 2025?
A：The financial results for the second quarter of 2025 include revenues of 1024.6 million, a year-over-year decline of 14.1% in cost of revenues to 901.9 million, gross profit of 122.7 million with a margin of 12%, and total operating expenses of 103.4 million. The non-GAAP net income for the second quarter was 45.6 million, and the company maintained a healthy cash position of 827.8 million.
Q：What is the company's outlook for order volume and average selling price (ASP)?
A：The company expects a recovery in overall order volume and is optimistic about the second half of 2025, anticipating a positive trend in order volume despite the competitive market environment. The average selling price (ASP) is expected to remain steady compared to last year, with a slight but positive increase in the share of CN orders.
Q：How is the company managing the challenges in the food delivery market related to competition and rider supply?
A：The company is focusing on operational efficiency and cautious growth, ensuring healthy operational profits. It is strengthening its service system, exploring new service scenarios, and has a clear plan to expand the team and broaden service coverage. In the face of competition and rider supply issues, the company continues to prioritize its rider team and has made significant improvements in operational efficiency, enhanced the intelligent dispatch system, and developed a comprehensive rider development and incentive system. The company is leveraging technological innovation to optimize resources and reduce reliance on traditional subsidy models. Despite intense market competition, Flash's unique on-demand, dedicated CER model offers a competitive advantage by providing personalized and differentiated premium service experiences.
Q：What is the company's position on market competition and how does it plan to manage future challenges?
A：The company views the current market competition as having a short and limited impact and believes in the sustainability and competitiveness of its business model. Looking ahead to the second half of 2025, the company sees signs that industry competition is easing and has plans to further expand its business and delivery team to support continued growth.
