BingEx Limited (NASDAQ: FLX), trading under the brand FlashEx, reported its fourth‑quarter and full‑year 2025 results on March 17, 2026. Net income for the year rose to RMB109.4 million (US$15.6 million) from a loss of RMB146.5 million in 2024, while non‑GAAP net income reached RMB199.4 million (US$28.5 million). Revenue fell 10.7% to RMB3,992.1 million (US$570.9 million) as order volume slipped amid intensified competition, but the company’s gross profit margin expanded to 11.8% from 11.0% in 2024.
Earnings per share for the quarter were $0.02, a sharp decline from $0.18 in the same period a year earlier, reflecting the combined impact of lower revenue and higher operating costs. The company’s ability to turn a loss into a profit in 2025 was largely driven by disciplined cost management and a shift toward higher‑margin, time‑sensitive delivery services, which helped offset the revenue decline.
Founder and CEO Adam Xue said, "The industry shift toward greater emphasis on delivery, safety, and service experience plays to FlashEx’s strengths. We are focusing on operational refinement and reinforcing our competitive advantage in high‑quality service." CFO Luke Tang added, "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."
Cash and cash equivalents at year‑end were RMB951.6 million (US$136.1 million). The board approved a one‑year extension of a US$30 million share‑repurchase program, and the company had repurchased US$9.2 million of shares as of March 16, 2026, underscoring management’s confidence in the firm’s financial position.
Investor sentiment was mixed to negative, with concerns focused on the continued revenue decline despite the company’s profitability gains. Analysts noted that the revenue drop, driven by intensified competition and lower order volume, could pressure future growth if not addressed.
Overall, BingEx’s earnings demonstrate that disciplined cost control and a higher‑margin service mix can offset revenue headwinds, but the company will need to sustain its competitive edge to reverse the downward trend in top‑line growth.
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