Order Volume and Rider Base
Fulfilled 57.9 million orders in Q1 2026 and maintained a registered rider base of 3.1 million, demonstrating platform scale and operational resilience.
Improved Delivery Efficiency
Average delivery time improved to 25.7 minutes, reflecting enhancements in fulfillment capabilities and user experience.
Strategic Revenue Mix Gains in Key Categories
Cake category order volume exceeded 15.4 million and achieved year-over-year growth despite a high comparison base; electronics order volume grew 15.9% year-over-year, contributing to improved order mix and higher ASPs from KA merchants.
Technology and AI Integration
Open-sourced core command line interface and fully opened APIs to major AI platforms; integrated Quick app with Huawei HarmonyOS and enabled AI agents to invoke services. AI deployments reduced onboarding times from >1 week to <1 day and shortened test/launch cycles from ~2 months to 1β2 weeks, improving organizational efficiency.
Drone / Low-Altitude Logistics Commercial Progress
Entered substantive commercial operations in Hangzhou with 5 takeoff/landing sites and 14 routes. Drone delivery orders grew 157% quarter-over-quarter, ~3,500 paid orders and ~2,900 flights to date, 100% safety record, and aerial service delivered ~20β30% faster than ground under normal conditions.
Operating Expense Control
Total operating expenses decreased 18.7% year-over-year to RMB 94.8 million, indicating progress on cost discipline and efficiency improvements enabled by AI.
Modest GAAP Operating Improvement
Income from operations increased to RMB 11.0 million (operating margin 1.2%) from RMB 10.0 million (1.0%) year-over-year, showing slight improvement on a GAAP operating basis.
Strong Cash Position
Cash and cash equivalents, restricted cash and short-term investments totaled RMB 859.1 million as of March 31, 2026, supporting runway for strategic investments and R&D.