BingEx (FLX) Q4 2025 earnings summary

Executive summary

• Achieved stable operations and profitability in 2025, with a differentiated on-demand courier model and expanded service network to 298 cities, 31 million riders, and 120 million users.

• Revenues for Q4 2025 were RMB1,001.3 million, down from RMB1,028.9 million year-over-year; full-year 2025 revenues were RMB3,992.1 million, down from RMB4,468.2 million in 2024.

• Gross profit margin improved to 10.8% in Q4 2025 from 10.0% in Q4 2024; full-year margin rose to 11.8% from 11.0% year-over-year.

• Net income for Q4 2025 was RMB22.5 million, reversing a net loss of RMB294.0 million in Q4 2024; full-year net income was RMB109.4 million, compared to a net loss of RMB146.5 million in 2024.

• Focused on high-quality, personalized fulfillment and operational refinement, improving service quality and user experience.

Financial highlights

• Fourth quarter 2025 revenue was RMB 1 billion, flat year-over-year; full year revenue was RMB 4 billion, down from RMB 4.5 billion in 2024 due to lower order volumes.

• Gross margin improved to 10.8% in Q4 and 11.8% for the year, both up 0.8 percentage points year-over-year.

• Adjusted net profit for Q4 rose 107.1% year-over-year to RMB 41.6 million; full year adjusted net profit nearly RMB 200 million.

• Non-GAAP net margin increased to 5% for 2025 from 4.5% in 2024.

• Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 951.6 million as of December 31, 2025.

Outlook and guidance

• Order volume for 2026 expected to remain stable year-over-year, with steady ASP trends across both B2B and B2C segments.

• Management plans to accelerate AI adoption across operations, including intelligent dispatching and service management.

• Plans to further develop drone delivery and AI-driven service models to enhance efficiency and user experience.