A：In 2025, the company achieved revenue of RMB 22.9 billion, representing a year-on-year increase of over 45%.

A：The revenue of the same-city distribution business was 10.7 billion yuan, up 60% year-on-year, showing good business resilience, and the growth momentum of head customer cooperation was strong, with the cooperation revenue and order volume of multiple head KA customers growing at a high speed.

A：Net profit amounted to RMB 280 million, doubling year on year to reach a growth rate of 200%. Adjusted net profit was RMB 410 million, more than doubling from the previous year. Same-city delivery service order volume increased by more than 55% year-on-year, demonstrating strong growth momentum.

A：Through technology empowerment and refined operation, the company maintained the stable and good performance of various performance service quality indicators in the case of fluctuations in the volume of business orders, and at the same time, by improving operational efficiency, the number of profitable business circles nearly doubled year-on-year.

A：The company continues to iterate its marketing strategy on the C- side business, refining its operations according to the user characteristics of different channels and improving the order conversion rate, with steady growth in both its own and external cooperation channels.

A：In 2025, the last kilometer of business revenue was 9.4 billion yuan, up 42% year-on-year, maintaining rapid growth, and the ecological synergy with Shunfeng Group was further enlarged, and the penetration rate of business cooperation in various scenarios was increased.

A：We use the national flexible application network and hour-level, minute-level scheduling capabilities to help logistics companies reduce costs and improve efficiency. At the same time, we continue to optimize the last mile service. In the past few years, the customer complaint rate has decreased and the favorable rating rate has increased. This has enhanced customers' confidence in our service quality and laid a solid foundation for subsequent business development and network integration.

A：In terms of science and technology, we actively promote the strategic upgrade of AI and unmanned distribution, and the urban logistics system has been updated iteratively. Intelligent order matching, intelligent scheduling, path planning and other capabilities have been systematically improved. In 2025, we will focus on building a AI intelligence application system, covering marketing response, audit, data development and other scenarios, significantly improving the overall effectiveness of the business. For example, on the marketing side, AI agents help automate business opportunity identification and dynamic adjustment of marketing strategies; on the response side, respond quickly to customer and rider questions to improve operational efficiency; on the data analysis and research and development side, AI enabling data insight and analysis AI coding capabilities to optimize research and development efficiency and costs.

A：Unmanned distribution is our key development direction. By the end of 2025, more than 1000 unmanned vehicles have been operated in 116 cities. It not only promotes unmanned distribution in the same city connection and network distribution scenarios, but also successfully lands unmanned vehicles in many instant distribution business scenarios such as catering distribution and campus distribution, providing diversified transportation capacity solutions.

A：In order to cooperate with the accelerated landing of unmanned vehicles, we have established an end-to-end unmanned vehicle operation and management system, including vehicle life cycle management, intelligent scheduling, route planning, emergency handling, etc., and are committed to providing customers with a one-stop rider plus integrated capacity solution for unmanned vehicles, and continuously upgrading the core competitiveness of unmanned distribution.

A：We uphold the concept of rider-friendly, build a healthy platform environment, with the expansion of business scale and rich service scenarios, the number of active riders reached 1.46 million by the end of 2025, the overall rider efficiency increased by 30% year-on-year. At the same time, through the optimization of intelligent dispatching system, the increase of order density, the holding of offline care activities, the promotion of industry-first grievance awards and the establishment of health insurance funds, the welfare of riders is fully guaranteed, satisfaction is improved, and promotion channels are provided to ensure the stability and efficiency of the rider team.

A：In 2025, the company achieved quite good financial results, including growth in the number of profitable business districts, profitability of each business line, profitability of most customers, and high growth in revenue and profit. In addition, the company has strict cash flow control, improved operating cash flow, and invested heavily in long-term development, such as value-added unmanned vehicle companies, strengthening talent development (including equity incentives) and enhancing price competitiveness. On the whole, the company focuses on long-term investment and deployment for future development while pursuing short-term profits.

A：The takeaway war did not significantly affect the performance of the instant logistics sector. Over the past few years, the company's gross margin has increased year by year, due to economies of scale and productivity gains from IT investment. However, this year's gross profit margin has regressed by 5 ‰, mainly because the business volume suddenly climbed rapidly in April and May. The shortage of transportation capacity in the industry led to the company's increased investment in pulling new riders and maintenance costs, which led to a short-term decline in gross profit margin.

A：The situation in 2026 has improved, the overall operating market has eased compared to last year, and the industry as a whole continues to grow. The gross margin trend has improved as capacity costs, procurement costs and new pull costs have fallen. In addition, in terms of three fees, this year's rate drop is close to one point, thanks to the operating leverage effect brought about by the increase in business volume, as well as the slight proportion of marketing expenditure compared with revenue growth, while the investment in AI technology also effectively improves the per capita efficiency and reduces the cost of marketing technology. From 2021 to 2025, the company's overall revenue grew by nearly 30%, with the tiger growth product line performing well. Despite the pressure of a high base, the company's confidence in maintaining high growth remains. The performance in the first quarter was quite good, and with the business expansion of high-quality customers in the sinking market, revenue is expected to continue to maintain a good growth trend.

A：In terms of research and development, although the main business system has been operating stably and no longer requires large-scale investment, considering that there are still cost-saving opportunities in artificial intelligence and intelligent business scenarios, the company is expected to increase research and development expenditures in 2026, especially in Business scenarios on artificial intelligence applications. At the same time, the company is confident that it will control the input-output ratio through a corresponding reduction in sales expenses, and expects a relatively large increase in expenses. While equity incentives and other factors will lead to higher fees this year, management expects rates to continue to fall in 2026 and margins are expected to rise further to nearly 2 points.

A：In terms of intelligent marketing and intelligent scheduling, the company has achieved some results in 2025 and saved overall expenses and costs. However, because these tools are not yet available nationwide, the company plans to build a national rollout in 2026 to take full advantage of these productivity-enhancing tools to reduce costs. At the same time, the company is actively cooperating with the outside world to explore more AI projects, hoping to share more projects that have landed and achieved results in the semi-annual report.

A：Our three judgments about the industry still hold true in 2025. First of all, the competition of industry channels and the dispersion of market share will continue to evolve. 2025 is the most intense year of change, but the change in 2026 is still worth observing. Secondly, no matter how the channel changes, the industry's high-quality supply or head brand concentration will increase, this law is also applicable at home and abroad, especially in the field of standards, KA (key account) will benefit significantly. Finally, the lifestyle of instant logistics services will continue to penetrate into all categories other than takeout, and from first-tier cities to second-and third-tier cities. Based on these three logical judgments, we have constructed an external growth framework for the same city business, and we believe that the fundamentals of growth in 2026 will remain sound even in the face of industry headwinds or opportunistic events in 2025.

A：We firmly believe that the concentration of KA market will increase, which is based on the fact that most brands forecast more optimistic growth in 2026 than in 2025. The customers we serve and the main source of business growth are these large KA customers, many of which are well-known brands or listed companies. Therefore, as long as we maintain a central position in the brand market and store practice of these major customers, we can ensure a solid base for growth in 2026. KA's growth fundamentals provide a solid foundation in areas such as takeaway, instant retail (e. g., supermarket), and other brands and running errands in C2C (consumer-to-consumer).

A：We focus on building the cost-effectiveness of our products, and continuously improve the cost-effectiveness of single and distribution in the C2C field. With the increase of network coverage density, we will shift the focus of express delivery business to the same city. The goal is to realize that within 6 kilometers of the same city express delivery will not be forced to switch to the same city performance in 2026, because our network can provide better service experience and lower cost. At present, the group has begun to implement this strategy in some cities, and the effect is remarkable, which is expected to bring about the double growth of external competitiveness and internal group strategic coordination.

A：With regard to the commercialization of unmanned vehicles, the company is exploring ways to reduce costs and develop more competitive businesses by investing in unmanned vehicles and investing heavily in unmanned vehicles to upgrade from the simple crowdsourcing scheduling model of the past to unmanned advantages. Despite a high growth base in 2025, the company believes it can maintain growth confidence on multiple tracks in 2026.

A：In terms of AI, an important development of the company in 2025 is to apply AI capabilities to actual business scenarios at scale, and build a set of AI intelligence application system that includes marketing response, audit, data development and other links to improve operational efficiency and service experience. The concrete results are reflected in more accurate and efficient intelligent marketing, intelligent response system to solve common problems independently, reduce manual audit costs, while AI research and development tools to cover all research and development personnel and realize the transformation from auxiliary to independent research and development mode, there are two independent subsystems driven by AI.

A：The specific objectives of the commercialization of unmanned vehicles, the progress of cost reduction and long-term planning will be supplemented in the answer. The progress of unmanned vehicles in Q1 2020 shows a significant increase in token adjustment, thanks to the optimization of the intelligent body building system and the transformation of some systems to AI interaction, which will have a more obvious help to the company's operations. The specific goals, timetables and capital investment arrangements for this year's unmanned vehicles will be further elaborated in the follow-up content.

A：In 2025, unmanned vehicles will be used on a large scale, and many cities have wheeler companies to obtain the right of way and start operations. At present, it is mainly used to help express delivery companies complete the connection task, especially in the delivery of packages. Through unmanned vehicles, it can significantly release the time from the delivery point to the delivery point. For example, the number of unmanned vehicles in operation in Shunfeng City has reached 1000, and profit points have been realized in many cities. This is mainly related to the number of packages delivered. The more package delivery points, the easier it is to reach the break-even point. Unmanned vehicles have seen large-scale mass production in the last two years, there is still room for continued decline in vehicle costs, and the iteration of self-driving components is also very fast, so that the overall cost can be saved. It is expected that the total cost of unmanned vehicles will have the opportunity to be further explored in the future, which is crucial for the large-scale deployment of the connection scenario. The company will constantly adjust the route during the technical pilot and trial run to maximize the break-even point.

A：Unmanned vehicles have also begun to rise in the passenger business field. The company is piloting a technical solution called "economic project", which is currently being tested in a city. In the future, it will be promoted on a large scale after obtaining real rights according to technical feasibility and national policies. Hope to share more about the progress of unmanned vehicles in the semi-annual report.

A：In 25 years, gross margin performance was affected by higher new costs for riders due to the takeaway war. But since the fourth quarter, supply and demand have returned to balance, and gross margins have rebounded. The company will continue to maintain price competitiveness to attract more business, while driving continuous improvement in gross margin through economies of scale and efficiency. Although some resources will be put into the price side to remain competitive, we will continue to focus on the improvement of gross margin. The company's management plans to find a new growth curve, increase profit margins, and strengthen the construction of ecological models and the application of AI technologies to improve operational efficiency within two years, on the premise of stable delivery of the main business. Although the scale effect will bring about the improvement of gross margin, it is also emphasized that it will remain competitive in terms of price. It is hoped that the overall order density and market share can be further improved to maintain the growth momentum of about 30% in the past few years.

A：In order to meet the development needs, the company has made management adjustments, elected fine lines to play an important role, responsible for ensuring strategic landing and operational delivery, especially in the promotion of new business such as unmanned vehicles. Xie Wen himself will continue to serve as the chairman of the board of directors, focusing on strategic design and promotion. The goal is to enable the same city business to find new growth points on the basis of the stability of the main business within two years and achieve higher profitability possibilities. At the same time, the CRO team was launched, with Zhang Rong as CMO and Ren Fei as COO, to jointly lead the company to refine its existing business and explore more possibilities to elevate the city to a new level.