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    Stephen Zhang

    Research Analyst at CICC

    Stephen Zhang is an Analyst and Investment Assistant at China International Capital Corporation (CICC), where he supports research and analysis activities, primarily focusing on Asian capital markets. Since joining CICC over three years ago, he has contributed to the coverage of prominent listed companies in mainland China and Hong Kong, working closely with senior analysts to provide insights for investment banking clients. Prior to joining CICC, Stephen held internships or junior roles in finance, reflecting a career that began after 2020, though details of previous firms remain limited. He is recognized for his detailed research support capabilities, but public records do not specify professional licenses or recognized analyst rankings.

    Stephen Zhang's questions to BingEx (FLX) leadership

    Stephen Zhang's questions to BingEx (FLX) leadership • Q3 2024

    Question

    Stephen Zhang from CICC asked for an update on the company's unit economics (UE) and rider remuneration trends during the third quarter of 2024, as well as the outlook for these metrics.

    Answer

    CFO Le Tang explained that BingEx's unit economics model is performing well with a healthy cost structure, where rider remuneration is the main component. He noted that the cost of revenue has been continuously optimized, leading to an expanded gross profit. Tang highlighted that strong brand recognition keeps marketing expenses stable and focused on brand building rather than user subsidies, contributing to operating leverage. He confirmed the company has achieved eight consecutive profitable quarters and will stick to its one-to-one model to leverage economies of scale.

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