BEIJING, March 17, 2026 (GLOBE NEWSWIRE) -- BingEx Limited (the "Company") (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as "FlashEx"), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter and Fiscal Year 2025 Highlights:
-- Revenues were RMB1,001.3 million (US$143.2 million) in the fourth quarter
of 2025, compared with RMB1,028.9 million in the same period of 2024. For
the year ended December 31, 2025, revenues were RMB3,992.1 million
(US$570.9 million), compared to RMB4,468.2 million in 2024.
-- Gross profit was RMB107.9 million (US$15.4 million) in the fourth quarter
of 2025, compared with RMB102.9 million in the same period of 2024. Gross
profit margin was 10.8%, improving from 10.0% in the same period of 2024.
For the year ended December 31, 2025, gross profit was RMB469.1 million
(US$67.1 million), compared with RMB490.6 million in 2024. Gross profit
margin was 11.8%, improving from 11.0% in 2024.
-- Income from operations was RMB2.9 million (US$0.4 million) in the fourth
quarter of 2025, compared with a loss from operations of RMB152.7 million
in the same period of 2024. For the year ended December 31, 2025, income
from operations was RMB46.3 million (US$6.6 million), compared with a
loss from operations of RMB25.8 million in 2024.
-- Non-GAAP income from operations1 was RMB10.5 million (US$1.5 million) in
the fourth quarter of 2025, compared with RMB7.3 million in the same
period of 2024. For the year ended December 31, 2025, non-GAAP income
from operations was RMB92.7 million (US$13.3 million), compared with
RMB134.3 million in 2024.
-- Net income was RMB22.5 million (US$3.2 million) in the fourth quarter of
2025, compared with a net loss of RMB294.0 million in the same period of
2024. For the year ended December 31, 2025, net income was RMB109.4
million (US$15.6 million), compared with a net loss of RMB146.5 million
in 2024.
-- Non-GAAP net income1 was RMB41.6 million (US$5.9 million) in the fourth
quarter of 2025, compared with RMB20.1 million in the same period of
2024. For the year ended December 31, 2025, non-GAAP net income was
RMB199.4 million (US$28.5 million), compared with RMB201.3 million in
2024.
-- Net income attributable to ordinary shareholders was RMB22.5 million
(US$3.2 million) in the fourth quarter of 2025, compared with a net loss
attributable to ordinary shareholders of RMB296.8 million in the same
period of 2024. For the year ended December 31, 2025, net income
attributable to ordinary shareholders was RMB109.4 million (US$15.6
million), compared with a net loss attributable to ordinary shareholders
of RMB260.1 million in 2024.
-- Non-GAAP net income attributable to ordinary shareholders1 was RMB41.6
million (US$5.9 million) in the fourth quarter of 2025, compared with
RMB17.2 million in the same period of 2024. For the year ended December
31, 2025, non-GAAP net income attributable to ordinary shareholders was
RMB199.4 million (US$28.5 million), compared with RMB87.6 million in
2024.
-- The number of orders fulfilled was 63.2 million in the fourth quarter of
2025. For the year ended December 31, 2025, total fulfilled orders
amounted to 249.2 million.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, "In 2025, we remained focused on strengthening FlashEx by improving service quality and expanding the scenarios in which our services can create value. At the same time, we actively embraced AI technologies to enhance efficiency across customer service, operations, and product development. As we enter 2026, we will continue to strengthen our signature on-demand dedicated courier business while accelerating the application of AI across our platform, from intelligent dispatching to AI-enabled service management and user interaction. We are also exploring new opportunities in emerging logistics infrastructure, including low-altitude delivery. As the low-altitude economy develops, drone-enabled logistics has the potential to complement our rider network in complex urban and longer-distance scenarios. Through continued technological innovation and disciplined execution, we believe FlashEx is well positioned to capture new market opportunities and drive sustainable growth."
Mr. Luke Tang, Chief Financial Officer of FlashEx, said, "Throughout 2025, our differentiated, on-demand dedicated courier model and sharp focus on operational efficiency enabled us to maintain stable performance despite intense industry competition. For the full year, we reported net income of RMB109.4 million and non-GAAP net income of RMB199.4 million, marking our third consecutive year of non-GAAP profitability. We closed the year with a robust cash balance of RMB951.6 million. As of March 16, 2026, we have repurchased US$9.2 million of our shares. Our Board has also approved a one-year extension of the existing US$30 million share repurchase program. Looking ahead, we will continue to enhance the user experience, support our rider community, and strengthen operational excellence."
Fourth Quarter 2025 Financial Results
Revenues were RMB1,001.3 million (US$143.2 million) in the fourth quarter of 2025, compared with RMB1,028.9 million in the same period of 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition.
Cost of revenues was RMB893.4 million (US$127.8 million), compared with RMB926.0 million in the same period of 2024. The decrease was in line with the decline in revenues.
Gross profit was RMB107.9 million (US$15.4 million), compared with RMB102.9 million in the same period of 2024. Gross profit margin was 10.8%, compared with 10.0% in the same period of 2024.
Total operating expenses were RMB105.0 million (US$15.0 million), representing a decrease of 58.9% from RMB255.6 million in the same period of 2024. The decrease was primarily attributable to the immediate recognition of accumulated share-based compensation expenses in the fourth quarter of 2024.
Selling and marketing expenses were RMB52.0 million (US$7.4 million), representing a decrease of 42.4% from RMB90.3 million in the same period of 2024.
General and administrative expenses were RMB35.0 million (US$5.0 million), representing a decrease of 58.8% from RMB85.0 million in the same period of 2024.
Research and development expenses were RMB18.0 million (US$2.6 million), representing a decrease of 77.6% from RMB80.4 million in the same period of 2024.
Income from operations was RMB2.9 million (US$0.4 million), compared with a loss from operations of RMB152.7 million in the same period of 2024.
Non-GAAP income from operations(1) was RMB10.5 million (US$1.5 million), compared with RMB7.3 million in the same period of 2024.
Changes in fair value of long-term investments were RMB11.5 million (US$1.6 million), representing a decrease of 92.5% compared with RMB154.0 million in the same period of 2024. The decrease was primarily attributable to the reduction in losses from the fair value measurement of long-term investments.
Investment income was RMB27.8 million (US$4.0 million), compared with RMB0.8 million in the same period of 2024, reflecting an increase in the fair value of short-term investments and realized gain from long-term investments.
Net income was RMB22.5 million (US$3.2 million), compared with a net loss of RMB294.0 million in the same period of 2024.
Non-GAAP net income(1) was RMB41.6 million (US$5.9 million), compared with RMB20.1 million in the same period of 2024.
Net income attributable to ordinary shareholders was RMB22.5 million (US$3.2 million), compared with a net loss attributable to ordinary shareholders of RMB296.8 million in the same period of 2024.
Non-GAAP net income attributable to ordinary shareholders(1) was RMB41.6 million (US$5.9 million), compared with RMB17.2 million in the same period of 2024.
Basic net earnings per ordinary share was RMB0.11 (US$0.02).
Diluted net earnings per ordinary share was RMB0.11 (US$0.02).
Fiscal Year 2025 Financial Results
Revenues were RMB3,992.1 million (US$570.9 million) in 2025, compared with RMB4,468.2 million in 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition.
Cost of revenues was RMB3,523.0 million (US$503.8 million), compared with RMB3,977.6 million in 2024. The decrease was in line with the decline in revenues.
Gross profit was RMB469.1 million (US$67.1 million), compared with RMB490.6 million in 2024. Gross profit margin was 11.8%, compared with 11.0% in 2024.
Total operating expenses were RMB422.8 million (US$60.5 million), representing a decrease of 18.1% from RMB516.3 million in 2024.
Selling and marketing expenses were RMB192.4 million (US$27.5 million), representing a decrease of 14.1% from RMB223.9 million in 2024. The decrease was primarily attributable to a reduction in share-based compensation expenses.
General and administrative expenses were RMB145.9 million (US$20.9 million), remaining stable compared with RMB148.5 million in 2024.
Research and development expenses were RMB84.5 million (US$12.1 million), representing a decrease of 41.3% from RMB143.9 million in 2024. The decrease was primarily attributable to the reduction in share-based compensation expenses and staff costs.
Income from operations was RMB46.3 million (US$6.6 million), compared with a loss from operations of RMB25.8 million in 2024.
Non-GAAP income from operations(1) was RMB92.7 million (US$13.3 million), compared with RMB134.3 million in 2024.
Changes in fair value of long-term investments were RMB43.5 million (US$6.2 million), representing a decrease of 76.8% compared with RMB187.7 million in 2024. The decrease was primarily attributable to the reduction in losses from the fair value measurement of long-term investments.
Investment income was RMB79.0 million (US$11.3 million), compared with RMB4.2 million in 2024, reflecting an increase in the fair value of short-term investments and realized gain from long-term investments.
Net income was RMB109.4 million (US$15.6 million), compared with a net loss of RMB146.5 million in 2024.
Non-GAAP net income(1) was RMB199.4 million (US$28.5 million), compared with RMB201.3 million in 2024.
Net income attributable to ordinary shareholders was RMB109.4 million (US$15.6 million), compared with a net loss attributable to ordinary shareholders of RMB260.1 million in 2024.
Non-GAAP net income attributable to ordinary shareholders(1) was RMB199.4 million (US$28.5 million), compared with RMB87.6 million in 2024.
Basic net earnings per ordinary share was RMB0.53 (US$0.08).
Diluted net earnings per ordinary share was RMB0.52 (US$0.07).
As of December 31, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB951.6 million (US$136.1 million).
________________
(1) Non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliations of GAAP and Non-GAAP Results."
Update on Share Repurchase
On March 17, 2026, the Board of directors approved a one-year extension of the Company's existing share repurchase program. The Company is authorized to repurchase up to an aggregate of US$30.0 million worth of its shares until April 1, 2027. As of March 16, 2026, the Company had repurchased a total of approximately 2.8 million ADSs in the open market with cash for an aggregate consideration of approximately US$9.2 million.
Conference Call
The Company will host an earnings conference call on Tuesday, March 17, 2026, at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BI3cb69ece9b4c43c3bcabef4fd367742d
Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.
A live webcast of the conference call will be available on the Company's investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.
About BingEx Limited
BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as "FlashEx," or " ". FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people's lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.
For more information, please visit: http://ir.ishansong.com.
Use of Non-GAAP Financial Measures
To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. Non-GAAP net income attributable to ordinary shareholders represents net income attributable to ordinary shareholders excluding changes in fair value of long-term investments and share-based compensation expenses.
By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.
Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2025.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
BINGEX LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for number of shares
and per share data)
December 31, December 31,
2024 2025
------------- ------------------
RMB RMB USD
ASSETS
Current assets
Cash and cash equivalents 592,358 561,127 80,240
Restricted cash 46,735 91 13
Short-term investments 153,910 390,353 55,820
Accounts receivable 16,893 36,726 5,252
Prepayments and other
current assets 48,553 45,665 6,529
------------ --------- -------
Total current assets 858,449 1,033,962 147,854
------------ --------- -------
Non-current assets
Long-term investments 324,110 224,404 32,089
Property and equipment, net 3,687 1,941 278
Operating lease right-of-use
assets 44,577 25,087 3,587
Other non-current assets 4,600 3,062 438
Total non-current assets 376,974 254,494 36,392
------------ --------- -------
Total assets 1,235,423 1,288,456 184,246
============ ========= =======
LIABILITIES
Current liabilities
Accounts payable 223,391 224,090 32,044
Deferred revenue 56,768 60,541 8,657
Operating lease liabilities,
current 13,091 9,728 1,391
Accrued expenses and other
current liabilities 165,714 145,791 20,848
------------ --------- -------
Total current liabilities 458,964 440,150 62,940
------------ --------- -------
Non-current liabilities
Operating lease liabilities,
non-current 29,395 12,879 1,842
------------ --------- -------
Total non-current
liabilities 29,395 12,879 1,842
------------ --------- -------
Total liabilities 488,359 453,029 64,782
------------ --------- -------
Shareholders' equity 747,064 835,427 119,464
------------ --------- -------
Total liabilities and
shareholders' equity 1,235,423 1,288,456 184,246
============ ========= =======
BINGEX LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for number of shares
and per share data)
Three months ended December 31, Year ended December 31,
---------------------------------------- ------------------------------------------
2024 2025 2025 2024 2025 2025
------------ ------------ ------------ ------------ ------------ --------------
RMB RMB USD RMB RMB USD
Revenues 1,028,877 1,001,305 143,185 4,468,161 3,992,067 570,858
Cost of revenues (925,962) (893,378) (127,751) (3,977,598) (3,522,968) (503,778)
----------- ----------- ----------- ----------- ----------- -----------
Gross Profit 102,915 107,927 15,434 490,563 469,099 67,080
Operating
expenses:
Selling and
marketing
expenses (90,266) (51,954) (7,429) (223,935) (192,400) (27,513)
General and
administrative
expenses (84,986) (35,027) (5,009) (148,549) (145,925) (20,867)
Research and
development
expenses (80,379) (18,044) (2,580) (143,856) (84,473) (12,079)
----------- ----------- ----------- ----------- ----------- -----------
Total operating
expenses (255,631) (105,025) (15,018) (516,340) (422,798) (60,459)
----------- ----------- ----------- ----------- ----------- -----------
Income (loss)
from
operations (152,716) 2,902 416 (25,777) 46,301 6,621
----------- ----------- ----------- ----------- ----------- -----------
Interest income 4,681 3,498 500 21,216 14,278 2,042
Changes in fair
value of
long-term
investments (154,039) (11,517) (1,647) (187,725) (43,526) (6,224)
Investment
income 762 27,758 3,969 4,203 79,008 11,298
Other income 7,321 20 3 41,672 13,645 1,951
----------- ----------- ----------- ----------- ----------- -----------
Income (loss)
before income
taxes (293,991) 22,661 3,241 (146,411) 109,706 15,688
Income tax
expense (1) (202) (29) (69) (277) (40)
----------- ----------- ----------- ----------- ----------- -----------
Net income
(loss) (293,992) 22,459 3,212 (146,480) 109,429 15,648
Accretion of
redeemable
convertible
preferred
shares to
redemption
value (2,831) - - (113,658) - -
----------- ----------- ----------- ----------- ----------- -----------
Net income
(loss)
attributable to
ordinary
shareholders (296,823) 22,459 3,212 (260,138) 109,429 15,648
=========== =========== =========== =========== =========== ===========
Net earnings
(loss) per
ordinary share
-- Basic (1.49) 0.11 0.02 (2.51) 0.53 0.08
-- Diluted (1.49) 0.11 0.02 (2.51) 0.52 0.07
Weighted
average number
of shares
outstanding
used in
computing net
earnings (loss)
per ordinary
share
-- Basic 199,130,925 204,828,855 204,828,855 103,695,655 207,133,005 207,133,005
-- Diluted 199,130,925 206,213,466 206,213,466 103,695,655 208,554,152 208,554,152
BINGEX LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except for number of shares
and per share data)
Three months ended December
31, Year ended December 31,
----------------------------- --------------------------
2024 2025 2025 2024 2025 2025
------------ ------ ------- --------- ------- ------
RMB RMB USD RMB RMB USD
Income (loss)
from
operations (152,716) 2,902 416 (25,777) 46,301 6,621
Add:
Share-based
compensation
expenses 160,027 7,595 1,086 160,027 46,430 6,639
-------- ------ ------- -------- ------- ------
Non-GAAP
income from
operations 7,311 10,497 1,502 134,250 92,731 13,260
Operating
margin -14.8% 0.3% -0.6% 1.2%
Add:
Share-based
compensation
expenses as a
percentage of
revenues 15.6% 0.8% 3.6% 1.2%
-------- ------ -------- -------
Non-GAAP
operating
margin 0.8% 1.1% 3.0% 2.4%
Net income
(loss) (293,992) 22,459 3,212 (146,480) 109,429 15,648
Add: Changes
in fair value
of long-term
investments 154,039 11,517 1,647 187,725 43,526 6,224
Add:
Share-based
compensation
expenses 160,027 7,595 1,086 160,027 46,430 6,639
-------- ------ ------- -------- ------- ------
Non-GAAP net
income 20,074 41,571 5,945 201,272 199,385 28,511
Net income
(loss)
margin -28.6% 2.2% -3.3% 2.7%
Add: Changes
in fair value
of long-term
investments
as a
percentage of
revenues 15.0% 1.2% 4.2% 1.1%
Add:
Share-based
compensation
expenses as a
percentage of
revenues 15.6% 0.8% 3.6% 1.2%
-------- ------ -------- -------
Non-GAAP net
income
margin 2.0% 4.2% 4.5% 5.0%
Net income
(loss)
attributable
to ordinary
shareholders (296,823) 22,459 3,212 (260,138) 109,429 15,648
Add: Changes
in fair value
of long-term
investments 154,039 11,517 1,647 187,725 43,526 6,224
Add:
Share-based
compensation
expenses 160,027 7,595 1,086 160,027 46,430 6,639
-------- ------ ------- -------- ------- ------
Non-GAAP net
income
attributable
to ordinary
shareholders 17,243 41,571 5,945 87,614 199,385 28,511
(END) Dow Jones Newswires
March 17, 2026 05:00 ET (09:00 GMT)
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