Q4 2025 BingEx Ltd Earnings Call

March 17, 2026

Operator: Good day, and welcome to BingEx Q4 and Full Year 2025 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Yidan Fu from Piacente Financial Communications. Please go ahead.

Speaker #1: Please go ahead.

Yidan Fu: Thank you, operator. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filing with the SEC. The non-GAAP financial measures we provide are for comparison purposes only. The definition of those measures and a reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the BingEx company's IR website at ir.ishansong.com. Furthermore, throughout the call, we will constantly use the company brand name, FlashEx, to refer to its publicly listed entity, BingEx Limited.

Speaker #2: Thank you, Operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today.

Speaker #2: Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties.

Speaker #2: Including those mentioned in our most recent fighting with the SEC. The non-GAAP financial measures we provide are for comparison purposes only. The definition of those measures and their reconciliation table are available in the news release we issued earlier today.

Speaker #2: As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the BingEx Company's IR website at ir.aishensong.com.

Speaker #2: Furthermore, throughout the call, we will constantly use the company brand name, FlashEX, to refer to its publicly listed entity, BingEx Limited. Joining us today from FlashEX senior management are Mr. Adam Xue, Founder and Chairman of the Board, and Chief Executive Officer.

Yidan Fu: Joining us today from BingEx senior management are Mr. Peng Xue, Founder, Chairman of the Board, and Chief Executive Officer. Mr. Hongjian Yu, Co-founder, Director, and Executive President. Mr. Le Tang, Chief Financial Officer. I will now turn the call over to Mr. Peng Xue.

Yidan Fu: Joining us today from BingEx senior management are Mr. Adam Xue, Founder, Chairman of the Board, and Chief Executive Officer. Mr. Hongjian Yu, Co-founder, Director, and Executive President. Mr. Le Tang, Chief Financial Officer. I will now turn the call over to Mr. Peng Xue.

Speaker #2: Mr. Hong Jianyu, Co-Founder, Director, and Executive President, and Mr. Luke Towns, Chief Financial Officer. I will now turn the call over to Mr. Adam Xue.

Peng Xue: Thank you. Hello, everyone, this is Adam. Thank you for joining FlashEx Q4 and full year 2025 earnings conference call. 2025 was another year of growth for on-demand retail and local lifestyle services. In the past, the industry mainly focused on fulfillment speed. Today, users place greater emphasis on delivery, safety, and the overall service experience. This shift plays directly to FlashEx's strength as our on-demand dedicated courier model is uniquely positioned for high quality personalized fulfillment. Through continued operational refinement, we have further improved our service quality, enabling our platform to maintain robust resilience in a highly competitive market environment. As of the end of 2025, FlashEx service network has expanded to 298 cities across China, with 31 million registered riders and 120 million registered users on the platform.

Adam Xue: Thank you. Hello, everyone, this is Adam. Thank you for joining FlashEx Q4 and full year 2025 earnings conference call. 2025 was another year of growth for on-demand retail and local lifestyle services. In the past, the industry mainly focused on fulfillment speed. Today, users place greater emphasis on delivery, safety, and the overall service experience. This shift plays directly to FlashEx's strength as our on-demand dedicated courier model is uniquely positioned for high quality personalized fulfillment. Through continued operational refinement, we have further improved our service quality, enabling our platform to maintain robust resilience in a highly competitive market environment. As of the end of 2025, FlashEx service network has expanded to 298 cities across China, with 31 million registered riders and 120 million registered users on the platform.

Speaker #3: Thank you. Hello everyone. This is Adam. Thank you for joining FlashEX 4th Quarter and Full Year 2025 Earnings Conference Call. 2025 was another year of growth for on-demand retail and local lifestyle services.

Speaker #3: In the past, the industry mainly focused on fulfillment speed; today, users place greater emphasis on delivery safety and the overall service experience. This shift plays directly to FlashEX's strengths as our on-demand dedicated query model is uniquely positioned for high-quality, personalized fulfillment.

Speaker #3: Through continued operational refinement, we have further improved our service quality, enabling our platform to maintain robust resilience in highly competitive market environments. As of the end of 2025, FlashEX's service network has expanded to 298 cities across China, with 31 million registered riders and 120 million registered users on the platform.

Peng Xue: The continued expansion of our service network and user base has provided a solid foundation for further enhancing our service capabilities and user experience. We firmly believe that in on-demand delivery industry, a differentiable service experience is our core competitive advantage, and it will continue to serve as a key driver of our long-term growth. From a financial perspective, in Q4, the company reported total revenue of RMB 1 billion, with a gross margin of 10.8%. Adjusted net profit increased by 107.1% year-over-year to RMB 41.6 million.

Adam Xue: The continued expansion of our service network and user base has provided a solid foundation for further enhancing our service capabilities and user experience. We firmly believe that in on-demand delivery industry, a differentiable service experience is our core competitive advantage, and it will continue to serve as a key driver of our long-term growth. From a financial perspective, in Q4, the company reported total revenue of RMB 1 billion, with a gross margin of 10.8%. Adjusted net profit increased by 107.1% year-over-year to RMB 41.6 million.

Speaker #3: The continued expansion of our service network and user base has provided a solid foundation for further enhancing our service capabilities and the user experience.

Speaker #3: We firmly believe that, in the on-demand delivery industry, a differentiated service experience is our core competitive advantage, and it will continue to serve as a key driver of our long-term growth.

Speaker #3: From a financial perspective, in the fourth quarter, the company reported total revenue of $1 billion RMB with a gross margin of 10.8%. Adjusted net profit increased by 107.1% year over year to $41.6 million RMB, but full year of 2025, total revenue reached $4 billion RMB.

Peng Xue: For the full year of 2025, total revenue reached CNY 4 billion with a gross margin of 11.8%, and adjusted net profit was nearly CNY 200 million. As of the end of 2025, the company held CNY 951.6 million in cash and cash equivalents. Overall, supported by continued optimization of our order mix and more refined subsidy strategies, our profitability continued to improve steadily. In Q4, we continued to execute our strategy centered on refined operations with a focus on optimizing our order mix and service quality. Through more targeted customer acquisition and smarter capacity allocation, we enhanced the service experience for high-value orders while further improving overall fulfillment efficiency. As these initiatives continues to take effect, our order mix has been steadily improving, supporting healthier growth and stronger user engagement.

Adam Xue: For the full year of 2025, total revenue reached CNY 4 billion with a gross margin of 11.8%, and adjusted net profit was nearly CNY 200 million. As of the end of 2025, the company held CNY 951.6 million in cash and cash equivalents. Overall, supported by continued optimization of our order mix and more refined subsidy strategies, our profitability continued to improve steadily. In Q4, we continued to execute our strategy centered on refined operations with a focus on optimizing our order mix and service quality. Through more targeted customer acquisition and smarter capacity allocation, we enhanced the service experience for high-value orders while further improving overall fulfillment efficiency. As these initiatives continues to take effect, our order mix has been steadily improving, supporting healthier growth and stronger user engagement.

Speaker #3: With a gross margin of 11.8%, adjusted net profit was nearly $200 million. As of the end of 2025, the company held RMB 951.6 million in cash and cash equivalents.

Speaker #3: Overall, supported by continued optimization of our order mix and more refined subsidy strategies, our profitability continued to improve steadily. In the fourth quarter, we continued to execute our strategy centered on refined operations, with a focus on optimizing our order mix and service quality.

Speaker #3: Through more targeted customer acquisition and smarter capacity allocation, we enhanced the service experience for high-value orders while further improving overall fulfillment efficiency. As this initiative continues to take effect, our order mix has been steadily improving, supporting healthier growth and stronger user engagement.

Peng Xue: From an order mix perspective, the share of mid- to high-value delivery orders has been steadily increasing. As more high-quality merchants adopt FlashEx as reliable fulfillment channel, orders with higher requirements for delivery speed and service quality have continued to grow, leveraging FlashEx's established service capabilities. In Q4 2025, demand for electronics delivery was particularly strong, with order volume increasing by 17% year-over-year. This category typically carries a higher average order value, reinforcing our differentiated positioning in high-quality delivery services and supporting the platform's gross margin. At the same time, we continued to deepen our focus on delivery scenarios where service experience matters most. As one of our core categories, cake delivery returns to growth in Q4, with order volume increasing by more than 5% year-over-year.

Adam Xue: From an order mix perspective, the share of mid- to high-value delivery orders has been steadily increasing. As more high-quality merchants adopt FlashEx as reliable fulfillment channel, orders with higher requirements for delivery speed and service quality have continued to grow, leveraging FlashEx's established service capabilities. In Q4 2025, demand for electronics delivery was particularly strong, with order volume increasing by 17% year-over-year. This category typically carries a higher average order value, reinforcing our differentiated positioning in high-quality delivery services and supporting the platform's gross margin. At the same time, we continued to deepen our focus on delivery scenarios where service experience matters most. As one of our core categories, cake delivery returns to growth in Q4, with order volume increasing by more than 5% year-over-year.

Speaker #3: From an order mix perspective, the share of mid- to high-value delivery orders has been steadily increasing. As more high-quality merchants adopt FlashEX as a reliable fulfillment channel, orders with higher requirements for delivery speed and service quality have continued to grow.

Speaker #3: Leveraging FlashEX's established service capabilities, in the fourth quarter of 2025, demand for electronics delivery was particularly strong, with order volume increasing by 17% year over year.

Speaker #3: This category typically carries a higher average order value, reinforcing our differentiated positioning in high-quality delivery services and supporting the platform's gross margin. At the same time, we continued to depend on our focus on delivery scenarios where service experience matters most.

Speaker #3: As one of our core categories, cake delivery returned to growth in the fourth quarter. With order volume increasing by more than 5% year over year for this category, we continued to refine various aspects of the delivery process.

Peng Xue: For this category, we continued to refine various aspects of delivery process. For example, we redesigned our dedicated cake delivery boxes to improve stability and shock resilience and resistance, further reducing the risk of product damage during delivery. We believe that by continuously enhancing the user experience through this operational improvement, FlashEx will further strengthen its reputation for high-quality service. In addition, we continued to explore on-demand local service scenarios. By increasing our service penetration in high-frequency services such as assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery, we are making FlashEx a vital on-demand service entry point in the users' daily lives. On the merchant partnership front, we have continued to expand into new service scenarios. Recently, FlashEx partnered with several industry players, including a consumer electronic rental platform, to launch a same-city instant rental offering through FlashEx courier network.

Adam Xue: For this category, we continued to refine various aspects of delivery process. For example, we redesigned our dedicated cake delivery boxes to improve stability and shock resilience and resistance, further reducing the risk of product damage during delivery. We believe that by continuously enhancing the user experience through this operational improvement, FlashEx will further strengthen its reputation for high-quality service. In addition, we continued to explore on-demand local service scenarios. By increasing our service penetration in high-frequency services such as assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery, we are making FlashEx a vital on-demand service entry point in the users' daily lives. On the merchant partnership front, we have continued to expand into new service scenarios. Recently, FlashEx partnered with several industry players, including a consumer electronic rental platform, to launch a same-city instant rental offering through FlashEx courier network.

Speaker #3: For example, we redesigned our dedicated cake delivery boxes to improve stability and shock resilience—further reducing the risk of product damage during delivery. We believe that by continuously enhancing the user experience through this operational improvement, FlashEX will further strengthen its reputation for high-quality service.

Speaker #3: In addition, we continued to explore on-demand local service scenarios by increasing our service penetration in high-frequency services such as assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery.

Speaker #3: We are making FlashEX a vital on-demand service entry point in users' daily lives. On the merchant partnership front, we have continued to expand into new service scenarios.

Speaker #3: Recently, FlashEX partnered with several industry players, including a consumer electronics rental platform, to launch a SimCity instant rental offering. Through FlashEX's carrier network, certain electronics rental orders can now be delivered within the same day.

Peng Xue: Certain electronics rental orders can now be delivered within the same day. These partnerships not only enhance the user experience, but also further integrate FlashEx service capabilities into a broader range of customer scenarios. On merchant acquisition, we continue to leverage our rider on-the-ground insights to identify high-potential merchants. In addition, the company is placing greater emphasis on developing high-quality merchants with long-term partnership value, expanding the merchant base while optimizing its overall structure. While continuing to expand our service offerings, we remain focused on improving overall order quality and deepening our partnerships with high-quality merchants. Through a tiered merchant management framework, we provide tailored services and resource support to high-frequency and high-value merchants, including customized fulfillment solutions, priority dispatch mechanisms, and dedicated customer support. These initiatives help our merchants partners achieve a more stable service experience and a higher order fulfillment rate.

Adam Xue: Certain electronics rental orders can now be delivered within the same day. These partnerships not only enhance the user experience, but also further integrate FlashEx service capabilities into a broader range of customer scenarios. On merchant acquisition, we continue to leverage our rider on-the-ground insights to identify high-potential merchants. In addition, the company is placing greater emphasis on developing high-quality merchants with long-term partnership value, expanding the merchant base while optimizing its overall structure. While continuing to expand our service offerings, we remain focused on improving overall order quality and deepening our partnerships with high-quality merchants. Through a tiered merchant management framework, we provide tailored services and resource support to high-frequency and high-value merchants, including customized fulfillment solutions, priority dispatch mechanisms, and dedicated customer support. These initiatives help our merchants partners achieve a more stable service experience and a higher order fulfillment rate.

Speaker #3: This partnership not only enhances user experience but also further integrates FlashEX's service capabilities into a broader range of customer scenarios. On merchant acquisition, we continue to leverage our rider-on-the-ground insights to identify high-potential merchants.

Speaker #3: In addition, the company is placing greater emphasis on developing high-quality merchants with long-term partnership value, expanding the merchant base while optimizing its overall structure.

Speaker #3: While continuing to expand our service offerings, we remain focused on improving overall order quality and deepening our partnerships with high-quality merchants. Through a tiered merchant management framework, we provide tailored services and resource support to high-frequency and high-value merchants, including customized fulfillment solutions, priority dispatch mechanisms, and dedicated customer support.

Speaker #3: In this initiative, we help our merchant partners achieve a more stable service experience and a higher order fulfillment rate. On the rider side, we strengthened our service standards in the fourth quarter.

Peng Xue: On the rider side, we strengthened our service standards in Q4. Through a more systematic training framework and standardized service procedures, we continued to enhance riders' professionalism in fulfillment practices, service attitude, and delivery safety. We also upgraded their equipment and strengthened our service image, ensuring that every delivery brings users a more reliable and attentive service experience. In terms of innovation and infrastructure development, we are actively exploring new initiatives. In June 2025, FlashEx launched a pilot program for low altitude delivery in Hangzhou. In Q4, we formally established the low altitude logistics division to advance the development of a city-level drone delivery network, which has now entered real-world operations. Through the coordination between drone delivery and our rider network, delivery times can be significantly reduced in complex environments such as cross-river roads, routes.

Adam Xue: On the rider side, we strengthened our service standards in Q4. Through a more systematic training framework and standardized service procedures, we continued to enhance riders' professionalism in fulfillment practices, service attitude, and delivery safety. We also upgraded their equipment and strengthened our service image, ensuring that every delivery brings users a more reliable and attentive service experience. In terms of innovation and infrastructure development, we are actively exploring new initiatives. In June 2025, FlashEx launched a pilot program for low altitude delivery in Hangzhou. In Q4, we formally established the low altitude logistics division to advance the development of a city-level drone delivery network, which has now entered real-world operations. Through the coordination between drone delivery and our rider network, delivery times can be significantly reduced in complex environments such as cross-river roads, routes.

Speaker #3: Through a more systematic training framework and standardized service procedures, we continued to enhance riders' professionalism in fulfillment practices, service attitude, and delivery safety. We also upgraded their equipment and strengthened our service image, ensuring that every delivery brings users a more reliable and attentive service experience.

Speaker #3: In terms of innovation and infrastructure development, we are actively exploring new initiatives in June 2025. FlashEX launched a pilot program for low-audit delivery in Hangzhou. In the fourth quarter, we formally established a low-audit logistics division to advance the development of a city-level drone delivery network.

Speaker #3: Which has now entered the real-world operations. Through the coordination between drone delivery and our rider network, delivery times can be significantly reduced in complex environments such as cross-river roads.

Peng Xue: The low altitude initiative has now entered commercial validation stage with over 2,000 drone delivery orders completed since the pilot inception, laying a solid foundation for broader large-scale deployment. As a low altitude economy gradually emerged as a key direction in China's industry planning, FlashEx will continue to explore the applications of drone delivery with urban on-demand logistics systems in 2026, gradually expanding into additional scenarios suited for low altitude delivery. On the technology front, FlashEx continued to explore new service models. Recently, we launched a quick access service entry on a major mobile operating system, allowing users to access our service directly from their devices without downloading the apps.

Adam Xue: The low altitude initiative has now entered commercial validation stage with over 2,000 drone delivery orders completed since the pilot inception, laying a solid foundation for broader large-scale deployment. As a low altitude economy gradually emerged as a key direction in China's industry planning, FlashEx will continue to explore the applications of drone delivery with urban on-demand logistics systems in 2026, gradually expanding into additional scenarios suited for low altitude delivery. On the technology front, FlashEx continued to explore new service models. Recently, we launched a quick access service entry on a major mobile operating system, allowing users to access our service directly from their devices without downloading the apps.

Speaker #3: The low-audit initiative has now entered the commercial validation stage. With over 2,000 drone delivery orders completed since the pilot inception, this lays a solid foundation for broader, large-scale deployment.

Speaker #3: As a low-audit economy gradually emerged as a key direction in China's industry planning, FlashEX will continue to explore the applications of drone delivery with urban on-demand logistics systems in 2026, gradually expanding into additional scenarios suited for low-audit delivery.

Speaker #3: On the technology front, FlashEX continued to explore new service models. Recently, we launched a quick access service entry on a major mobile operating system, allowing users to access our service directly from their devices without downloading the apps.

Peng Xue: As more devices join the ecosystem, this lightweight service model is expected to help FlashEx reach a broader user base and integrate on-demand delivery more seamlessly across more devices and platforms, creating new opportunities for user growth. In 2025, AI became an important tool for improving our operational efficiency. We deployed AI across customer services, operations, and R&D, significantly improving response efficiency and reducing overall operating costs. In R&D, the introduction of AI-assisted coding tools increased development efficiency by roughly 30% compared to 2024. In delivery operations, we utilized AI to analyze the communication between riders and users, enabling early warnings for potential service risks and further enhancing service quality. Looking ahead, we will work with technology partners to explore more intelligent order placement methods for users.

Adam Xue: As more devices join the ecosystem, this lightweight service model is expected to help FlashEx reach a broader user base and integrate on-demand delivery more seamlessly across more devices and platforms, creating new opportunities for user growth. In 2025, AI became an important tool for improving our operational efficiency. We deployed AI across customer services, operations, and R&D, significantly improving response efficiency and reducing overall operating costs. In R&D, the introduction of AI-assisted coding tools increased development efficiency by roughly 30% compared to 2024. In delivery operations, we utilized AI to analyze the communication between riders and users, enabling early warnings for potential service risks and further enhancing service quality. Looking ahead, we will work with technology partners to explore more intelligent order placement methods for users.

Speaker #3: As more devices join the ecosystem, this lightweight service model is expected to help FlashEX reach a broader user base and integrate on-demand delivery more seamlessly across more devices and platforms.

Speaker #3: Creating new opportunities for user growth. In 2025, AI became an important tool for improving our operational efficiency. We deployed AI across customer services operations and R&Ds, significantly improving response efficiency and reducing overall operating cost.

Speaker #3: In R&D, the introduction of AI-assisted coding tools increased development efficiency by roughly 30% compared to 2024. In delivery operations, we utilized AI to analyze the communication between riders and users enabling early warnings for potential service risks and further enhancing service quality looking ahead we will work with technology partners to explore more intelligent order placement methods for users.

Peng Xue: For instance, users could simply describe their delivery needs using voice, and the system will automatically interpret the request to complete the order creation and dispatch process. We believe this type of AI agent-based interaction is poised to become an important trend for future on-demand local services, offering users a more convenient and efficient experience. Looking ahead to 2026, competition in the on-demand delivery industry will remain intense. FlashEx will continue to prioritize refined operations as its key core strategy, enhancing fulfillment standards, service quality, and user experience. At the same time, we will deepen our presence in on-demand delivery and diversify lifestyle service offerings while advancing innovation across technology, rider operations, and logistics network. We believe that with our solid operational foundation and steadily improving service capabilities, FlashEx is well-positioned to earn the trust of our long-term users and create sustainable value as the industry evolves.

Adam Xue: For instance, users could simply describe their delivery needs using voice, and the system will automatically interpret the request to complete the order creation and dispatch process. We believe this type of AI agent-based interaction is poised to become an important trend for future on-demand local services, offering users a more convenient and efficient experience. Looking ahead to 2026, competition in the on-demand delivery industry will remain intense. FlashEx will continue to prioritize refined operations as its key core strategy, enhancing fulfillment standards, service quality, and user experience. At the same time, we will deepen our presence in on-demand delivery and diversify lifestyle service offerings while advancing innovation across technology, rider operations, and logistics network. We believe that with our solid operational foundation and steadily improving service capabilities, FlashEx is well-positioned to earn the trust of our long-term users and create sustainable value as the industry evolves.

Speaker #3: For instance, users could simply describe their delivery needs using voice, and the system will automatically interpret the request to complete the order creation and dispatch process.

Speaker #3: We believe this type of AI agent-based interaction is poised to become an important trend for future on-demand local services, offering users a more convenient and efficient experience.

Speaker #3: Looking ahead to 2026, competition in the on-demand delivery industry will remain intense. FlashEX will continue to prioritize refined operations as its key core strategy, enhancing fulfillment standards, service quality, and user experience.

Speaker #3: At the same time, we will deepen our presence in on-demand delivery and diversify lifestyle service offerings, while advancing innovation across technology, rider operations, and our logistics network.

Speaker #3: We believe that with our solid operational foundation and steadily improving service capabilities, FlashEX is well positioned to earn the trust of our long-term users and create sustainable value as the industry evolves.

Peng Xue: That concludes my remarks. Now I will turn the call over to our CFO, Le Tang. Thank you.

Adam Xue: That concludes my remarks. Now I will turn the call over to our CFO, Le Tang. Thank you.

Speaker #3: That concludes my remarks. Now, I will turn the call over to our CFO, Le Tang. Thank you.

Le Tang: Thank you, Adam. Hello, everyone. This is Luke. In 2025, our differentiated on-demand dedicated courier model and unique business positioning remained robust and resilient, demonstrated by our stable operations and profitability. We are delighted to see that our efforts in enhancing operational efficiency and leveraging technology innovation have yielded positive outcomes. Notably, we have achieved non-GAAP net income profitability for the third consecutive year. For the full year 2025, our non-GAAP net margin remained a healthy upward trend, rising to 5% from 4.5% in 2024. Now, let me walk you through our Q4 and full year 2025 financial results. Before I begin, please note that all numbers are in renminbi and all percentage changes are on a year-over-year basis, unless otherwise noted.

Speaker #2: Thank you, Adam. Hello, everyone. This is Luke. In 2025, our differentiated on-demand dedicated courier model and a unique business positioning remained robust and resilient.

Speaker #2: Demonstrated by our stable operations and profitability. We are delighted to see that our efforts in enhancing operational efficiency and leveraging technology innovation have yielded positive outcomes.

Speaker #2: Notably, we have achieved non-GAAP net income profitability for the third consecutive year. For the full year 2025, our non-GAAP net margin maintained a healthy upward trend, rising to 5% from 4.5% in 2024.

Speaker #2: Now, let me walk you through our fourth quarter and the full year 2025 financial results. Before I begin, please note that all numbers are in renminbi, and all percentage changes are on a year-over-year basis unless otherwise noted.

Le Tang: Our revenues for Q4 amounted to CNY 1 billion, remained flat compared with the same period of 2024. For the full year 2025, total revenues reached four billion compared with CNY 4.5 billion in 2024. The year-over-year decline primarily reflects lower order volumes amid intensified market competition. Our cost of revenues for the quarter was CNY 893.4 million, representing a decrease of 3.5% from the same period of 2024. For the full year 2025, cost of revenues decreased by 11.4% year-over-year to CNY 3.5 billion, primarily aligns with the decline in revenues. Our gross profits was CNY 107.9 million for Q4, compared with CNY 102.9 million in the same period of 2024.

Speaker #2: Our revenues for the fourth quarter amounted to 1 billion. Remains flat compared with the same period of 2024. For the full year 2025, total revenues reached 4 billion.

Speaker #2: Compared with $4.5 billion in 2024. The year-over-year decline primarily reflects lower order volumes amid intensified market competition. Our cost of revenues for the quarter was $893.4 million, representing a decrease of 3.5% from the same period of 2024.

Speaker #2: For the full year 2025, cost of revenues decreased by 11.4% year-over-year to $3.5 billion, primarily aligning with the decline in revenues. Our gross profit was $107.9 million.

Speaker #2: For the fourth quarter, compared with $102.9 million in the same period of 2024. Gross profit for the full year 2025 was $569.1 million, compared with $490.6 million in 2024.

Le Tang: Gross profit for the full year 2025 was CNY 469.1 million, compared with CNY 490.6 million in 2024. Our gross profit margin increased by 0.8 percentage points year-on-year for both Q4 and full year 2025, rising to 10.8% and 11.8% respectively. Turning to operating expenses. Our total operating expenses for Q4 were CNY 105 million, comprised of CNY 52 million in selling and marketing expenses, CNY 35 million in general and administrative expenses, and CNY 18 million in research and development expenses. The decrease in operating expenses was mainly due to the immediate recognition of accumulated share-based compensation expenses recorded in Q4 of 2024, subject to our IPO conditions.

Speaker #2: Gross profit margin increased by 0.8 percentage points year on year, for both the fourth quarter and full year 2025, rising to 10.8% and 11.8%, respectively.

Speaker #2: Turning to operating expenses, our total operating expenses for the fourth quarter were $105 million, comprised of $52 million in selling and marketing expenses, $35 million in general and administrative expenses, and $18 million in research and development expenses.

Speaker #2: The decrease in operating expenses was mainly due to the immediate recognition of accumulated share-based compensation expenses recorded in the fourth quarter of 2024, subject to our IPO conditions.

Le Tang: Excluding share-based compensation expenses, our non-GAAP income from operations was RMB 10.5 million, representing a year-over-year increase of 44% compared with the same period of 2024. Non-GAAP income from operations for the full year 2025 totaled RMB 92.7 million. Our non-GAAP net income surged 107% year-over-year to RMB 41.6 million for Q4. For the full year 2025, non-GAAP net income totaled RMB 199.4 million. Our cash position remained healthy, with cash and cash equivalents, restricted cash, and short-term investments totaling RMB 951.6 million as of the last year-end. As we move through 2026, we remain committed to reinforcing FlashEx's unique competitive advantage in high-quality service. Our resilient financial performance in 2025 reflects our continued focus on operational refinement.

Speaker #2: Excluding share-based compensation expenses, our non-GAAP income from operations was $10.5 million, representing a year-over-year increase of 44%, compared with the same period of 2024.

Speaker #2: Non-gap income from operations for the full year 2025 totaled 92.7 million. Our non-gap net income surged 107% year-over-year to 41.6 million for the fourth quarter.

Speaker #2: For the full year 2025, non-GAAP net income totaled $199.4 million. Our cash position remained healthy, with cash and cash equivalents, restricted cash, and short-term investments totaling $951.6 million as of last year end.

Speaker #2: As we move through 2026, we remain committed to reinforcing FlashX's unique competitive advantage in high-quality service. Our resilient financial performance in 2025 reflects our continued focus on operational refinement.

Le Tang: As we enter a new phase of technological environment, innovation, and logistics market upgrading, we are confident in our ability to capture emerging opportunities and create long-term value. That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead.

Speaker #2: As we enter the new phase of technological environment innovation and logistics market upgrading, we are confident in our ability to capture emerging opportunities and create long-term value.

Speaker #2: That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead.

Operator: A Q&A session. If you'd like to ask a question, please press star one one on your telephone and wait for your name to be announced. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. One moment for the first question. Our question comes from the line of Saifan Jiang from CICC. Please go ahead.

Speaker #1: And answer session. If you'd like to ask a question, please press *11 on your telephone and wait for your name to be announced.

Speaker #1: For the benefit of all participants on today's call, if you wish to ask your questions to management in Chinese, please immediately repeat your question in English.

Speaker #1: One moment for the first question. Our questions come from the line of Sifan Jiang from CICC. Please go ahead.

Saifan Jiang: Thank you to management team for taking my questions, and congratulations on the strong quarter. I've got two questions here today. The first one is, could you please share our Q4 order volume and ASP trends broken down by B2B and B2C segments? What is our outlook for order volume trends this year, and what are the key drivers? My second question is: Given the rapid development of AI technology at present, how will the management strategize to embrace AI? How will this boost our efficiency? Thank you.

Speaker #3: Thank you to management team for taking their questions and congratulations on the strong quarter. I've got two questions here today. The first one is, could you please share our fourth quarter order volume and ASP trends broken down by 2B and 2C segments?

Speaker #3: And what is our outlook for order volume trends this year? And what are the key drivers? And my second question is, given the rapid development of AI technology at present, how will the management strategize to embrace AI?

Speaker #3: How will this boost our efficiency? Thank you.

Peng Xue: Thank you, Sifan, for your question. I will answer the first question. This is Adam. My colleague, Luke, will answer the second question. For the first question, in Q1 2025, we fulfilled 63.2 million orders. For the first year ended December 31, 2025, total fulfillment orders

Adam Xue: Thank you, Sifan, for your question. I will answer the first question. This is Adam. My colleague, Luke, will answer the second question. For the first question, in Q1 2025, we fulfilled 63.2 million orders. For the first year ended December 31, 2025, total fulfillment orders

Speaker #1: Thank you, Sifan, for your question. I will answer the first question since this is Adam, and my colleague Luke will answer the second question.

Speaker #1: So for the first question, in the fourth quarter of 2025, we fulfilled 63.2 million orders. For the full year ended December 31, 2025, total fulfillment orders amounted to 249.2 million.

Peng Xue: CNY 249.2 million. As for ASP trends, we expect a relatively steady year-over-year outlook for 2026, both in the merchant and individual user segments, reflecting consistent demand for high quality on-demand delivery services across both business and customer segments. On the merchant side, we continue to expand our merchant base, broadening our service reach and coverage. On B2C side, we continued to deepen our focus on experience-oriented delivery scenarios, improving service quality and user experience, while expanding into on-demand life service scenarios, making FlashEx a more seamless part of customers' daily routines. Looking ahead to 2026, we expect overall order volume to remain relatively stable compared with 2025. Even in highly competitive industry, our overall strategy remains consistent and will become even more focused and refined.

Adam Xue: CNY 249.2 million. As for ASP trends, we expect a relatively steady year-over-year outlook for 2026, both in the merchant and individual user segments, reflecting consistent demand for high quality on-demand delivery services across both business and customer segments. On the merchant side, we continue to expand our merchant base, broadening our service reach and coverage. On B2C side, we continued to deepen our focus on experience-oriented delivery scenarios, improving service quality and user experience, while expanding into on-demand life service scenarios, making FlashEx a more seamless part of customers' daily routines. Looking ahead to 2026, we expect overall order volume to remain relatively stable compared with 2025. Even in highly competitive industry, our overall strategy remains consistent and will become even more focused and refined.

Speaker #1: As for ASP trends, we expect a relatively steady year-over-year outlook for 2026, both in the merchant and individual user segments. Reflecting consistent demand for high-quality on-demand delivery services across both business and customer segments, on the merchant side, we continue to expand our merchant base.

Speaker #1: Broadening our service reach and coverage. On the B2C side, we continued to deepen our focus on experience-oriented delivery scenarios, improving service quality and user experience while expanding into on-demand live service scenarios, making FlashX a more seamless part of customers' daily routines.

Speaker #1: Looking ahead to 2026, we expect overall order volume to remain relatively stable compared with 2025. Even in a highly competitive industry, our overall strategy remains consistent and will become even more focused and refined.

Peng Xue: With the integration of new AI technology, we are confident that FlashEx will maintain resilience in the market, achieving steady performance both in order volume and ASP. Thank you.

Adam Xue: With the integration of new AI technology, we are confident that FlashEx will maintain resilience in the market, achieving steady performance both in order volume and ASP. Thank you.

Speaker #1: With the integration of new AI technology, we are confident that FlashX will maintain resilience in the market, achieving steady performance in both order volume and ASP.

Le Tang: This is Luke. I will take your second questions. For the second question, I think, FlashEx places a great importance on cutting-edge technologies, including AI and low-altitude logistics, recognizing their strategic value in on-demand delivery and local lifestyle services. We actively leverage these technologies as powerful drivers to enhance operational efficiency. It elevates our service quality and fuels business innovation. In 2025, we deployed AI across multiple areas, including customer service, operational management and dispatching, planning, and R&D, significantly improved response times and execution efficiency. In delivery operations, AI analyzes communications and service behaviors between riders and users, providing early warnings of potential risks and further safeguarding service quality.

Speaker #1: Thank you.

Speaker #2: This is Luke. I will take your second question. For the second question, I think FlashX places great importance on cutting-edge technologies, including AI and low-altitude logistics, recognizing their strategic value.

Speaker #2: In on-demand delivery and local lifestyle services, we actively leverage these technologies as powerful drivers to enhance operational efficiency, elevate our service quality, and fuel business innovation in 2025.

Speaker #2: We deployed AI across multiple areas, including customer service, operational management, and dispatching, planning, and R&D, which significantly improved response times and execution efficiency. In delivery operations, AI analyzes communications and service behaviors between riders and users.

Speaker #2: Providing early warnings of potential risks and further safeguarding service quality. Looking ahead, we will continue to explore AI agent-based intelligent interactions, where users can simply describe their delivery needs via voice or text.

Le Tang: Looking ahead, we will continue to explore AI agent-based intelligent interactions where user can simply describe their delivery needs via voice or text, and the system automatically handles order creation, dispatching, and fulfillment. This will greatly simplify the user experience, enhance processing efficiency, and make delivery services more accurate and effective. At the same time, FlashEx is breaking new ground in the low-altitude logistics space. By integrating AI and low-altitude logistics, FlashEx can achieve smarter capacity allocation, precise order matching, and highly efficient fulfillment while further enhancing the user experience and service reliability. In June 2025, we launched a low-altitude pilot in Hangzhou, and in Q4, we established a dedicated low-altitude logistics division to build a city-level drone delivery network.

Speaker #2: And the system automatically handles order creation, dispatching, and fulfillment. This will greatly simplify the user experience and enhance its processing efficiency, making delivery services more accurate and effective.

Speaker #2: At the same time, FlashX is breaking new ground in the low-altitude logistics space by integrating AI. With low-altitude logistics, FlashX can achieve smarter capacity allocation, precise order matching, and highly efficient fulfillment, while further enhancing the user experience and service reliability.

Speaker #2: In June 2025, we launched a low-altitude pilot in Hangzhou, and in the fourth quarter, we established a dedicated low-altitude logistics division to build a city-level drone delivery network by coordinating drone operations with our rider network.

Le Tang: By coordinating drone operations with our rider network, we can significantly reduce transport times in complex environments such as cross-river routes. As the government increasingly prioritize the low-altitude economy, we will continue in 2026 to explore drone delivery applications in diverse on-demand logistics scenarios, including high value, time sensitive, and geographical constrained deliveries. This integrated dual engine of AI innovation and business innovation positions FlashEx to remain resilient in a highly competitive market and creates sustainable long-term growth opportunities and a differentiated competitive advantage for the company. Thank you. Thank you for your question.

Speaker #2: We can significantly reduce transport times in complex environments such as cross-weaver routes. As the government increasingly prioritizes the low-altitude economy, we will continue in 2026 to explore drone delivery applications in diverse on-demand logistics scenarios, including high-value, time-sensitive, and geographically constrained deliveries. This integrated dual engine of AI innovation and business innovation positions FlashX to remain resilient in a highly competitive market and creates sustainable long-term growth opportunities and differentiated competitive advantage for the company.

Operator: The questions. There are no further questions on the line, and that concludes the Q&A session. I'll now turn the call over to Yidan Fu for closing remarks.

Speaker #2: Thank you. Thank you for your question.

Speaker #1: There are no further questions on the line, and that concludes the Q&A session. I'll now turn the call over to Yidan Fu for closing remarks.

Yidan Fu: Thank you once again for joining BingEx Q4 and Full Year 2025 Financial Results and Business Update Conference Call today. If you have any further questions, please contact the IR team at BingEx or Piacente Financial Communications. Thank you, and have a good day.

Speaker #3: Thank you once again for joining BingEx fourth quarter and full year 2025 financial results and business update conference call today. If you have any further questions, please contact the IR team at BingEx or PSNT Financial Communications.

Q4 2025 BingEx Ltd Earnings Call

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