Recent news highlights BingEx's strong Q3 2024 financial performance, ongoing earnings reports, and profit improvements in Q2 2025.

• BingEx Ltd reported strong financial performance in Q3 2024, reflecting operational growth and efficiency improvements [N1].
• The company was included in an after-hours earnings report on April 20, 2026, indicating continued market presence [N2].
• BingEx reported profit increases in Q2 2025, signaling recovery and operational progress [N3].
• The company disclosed first quarter 2025 financial results showing revenue decline but improved gross profit margin [N4].
• BingEx announced its first quarter 2025 financial results release date on May 22, 2025 [N5].
• BingEx filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, providing comprehensive financial disclosures [N6].
• The company reported a widened net loss in Q4 2024, reflecting operational challenges [N7].
• BingEx disclosed fourth quarter and fiscal year 2024 financial results showing revenue decrease and changes in profitability [N8].

BingEx has demonstrated the ability to generate profitability with net income of RMB109.4 million (US$15.6 million) in 2025 following a net loss in 2024, supported by a strong gross margin of 11.8%. The company’s proprietary technology and large rider network enable efficient scaling and service quality, which may support continued customer adoption. Its diversified customer base across individuals and businesses, including SMEs and fine dining restaurants, provides multiple revenue streams. The company’s liquidity position is strong with a current ratio of 2.35 and cash ratio of 2.16 as of December 31, 2025. The Nasdaq listing and share repurchase program provide financial flexibility and potential shareholder value initiatives.

BingEx faces regulatory uncertainties related to PRC government approvals for offshore offerings, cybersecurity reviews, and foreign exchange controls, which could adversely affect operations and financial condition. The company’s ADS trading has been volatile since its 2024 Nasdaq IPO, influenced by market and industry factors beyond its control. The dual-class share structure concentrates voting power with the founder, potentially limiting broader shareholder influence and affecting corporate governance. Revenue declined from 2023 to 2025, and operating expenses include significant share-based compensation, which may pressure profitability. The company does not anticipate paying dividends, relying on stock price appreciation for shareholder returns, which may not materialize.

BingEx's moat is anchored in its differentiated on-demand dedicated courier model that emphasizes time certainty, delivery safety, and service quality, distinguishing it from traditional order-merge delivery providers. The company's extensive network of approximately 3.1 million registered Flash-Riders and coverage across 298 cities in China creates a powerful network effect that supports operational scale and delivery capacity. Proprietary technology systems for pricing, dispatching, and rider management enhance efficiency and customer experience, enabling the company to maintain a low loss rate and premium pricing. The brand FlashEx has become synonymous with high-quality on-demand courier services in China, fostering strong customer loyalty among both individual and business clients. These factors collectively contribute to BingEx's competitive positioning in the Chinese logistics market.

• Regulatory Risks in China: BingEx is subject to uncertainties regarding PRC regulatory approvals for offshore offerings, cybersecurity reviews, and foreign exchange controls. Failure or delays in obtaining necessary approvals could result in sanctions, operational restrictions, or financial penalties.
• Market and Trading Volatility: Since its Nasdaq IPO in October 2024, BingEx's ADSs have experienced significant price volatility influenced by broad market, industry, and company-specific factors, which may affect investor sentiment and liquidity.
• Concentrated Voting Power: The dual-class share structure concentrates voting power with the founder, potentially limiting the influence of other shareholders on corporate decisions and possibly discouraging change-of-control transactions.
• Revenue and Profitability Fluctuations: The company experienced revenue decline from 2023 to 2025 and a net loss in 2024. Operating expenses include substantial share-based compensation, which may impact future profitability.
• Dividend Policy: BingEx does not expect to pay dividends in the foreseeable future, making shareholder returns dependent on stock price appreciation, which is uncertain.

• BingEx Ltd operates an on-demand dedicated courier service branded as FlashEx, serving individual and business customers in China with a focus on time certainty, delivery safety, and service quality.
• As of December 31, 2025, BingEx had approximately 3.1 million registered riders (Flash-Riders) and service coverage in 298 cities in China.
• The company completed local delivery orders in an average of 26 minutes in 2025, with a low loss rate of 0.01%.
• BingEx's business model assigns a dedicated Flash-Rider to each order without combining multiple orders, differentiating it from order-merge delivery providers.
• The company serves a broad customer base including individuals, SMEs, local merchants, fine dining and boutique restaurants, and e-commerce platforms.
• BingEx provides an open API for business customers to integrate delivery services with their enterprise applications.
• The company uses proprietary technology systems for pricing, dispatching, and rider management to optimize efficiency and customer experience.
• Average price per order was RMB16.0 in 2025.
• BingEx reported revenues of RMB3,992.1 million (US$570.9 million) in 2025, down from RMB4,468.2 million in 2024 and RMB4,528.8 million in 2023.
• Gross profit was RMB469.1 million (US$67.1 million) in 2025 with a gross margin of 11.8%, improving from 11.0% in 2024 and 8.7% in 2023.
• Net income was RMB109.4 million (US$15.6 million) in 2025, compared to a net loss of RMB146.5 million in 2024 and net income of RMB110.5 million in 2023.
• Operating expenses include selling and marketing, general and administrative, and research and development expenses, with share-based compensation impacting expense levels.
• Liquidity as of December 31, 2025 included cash and cash equivalents of USD 80.24 million, short-term investments of USD 55.82 million, current assets of USD 147.85 million, and current liabilities of USD 62.94 million, resulting in a current ratio of 2.35 and a cash ratio of 2.16.
• The company completed its IPO on Nasdaq in October 2024, raising approximately US$62.3 million net proceeds.
• BingEx has a share repurchase program authorized for up to US$30 million, extended through April 2027.
• The company faces regulatory risks related to PRC regulations on offshore offerings, cybersecurity reviews, and foreign exchange controls.
• BingEx's ADSs have experienced volatility since listing, influenced by market, industry, and company-specific factors.
• The company has a dual-class share structure concentrating voting power with the founder, which may limit influence of other shareholders.
• BingEx does not expect to pay dividends in the foreseeable future, relying on potential price appreciation for shareholder returns.