BingEx (FLX) investor relations material

Executive summary

• Fulfilled 57.9 million orders in Q1 2026, demonstrating resilience amid dynamic market conditions and intensifying competition.

• Revenue declined 2.7% year-over-year to RMB 935.3 million (US$135.6 million) due to increased competition.

• Gross profit fell to RMB 105.8 million (US$15.3 million), with gross margin dropping to 11.3% from 13.2% year-over-year.

• Net loss widened to RMB 42.6 million (US$6.2 million) from RMB 10.3 million a year ago; non-GAAP net loss was RMB 11.1 million versus non-GAAP net income of RMB 49.6 million last year.

• Operating expenses decreased 18.7% year-over-year, driven by reductions in selling, marketing, and R&D costs.

Financial highlights

• Q1 2026 revenues were RMB 935.3 million, down from RMB 960.8 million year-over-year.

• Gross profit was RMB 105.8 million (gross margin 11.3%), compared to RMB 126.7 million (13.2%) in Q1 2025.

• Operating income reached RMB 11 million (operating margin 1.2%), up from RMB 10 million (1%) year-over-year.

• Non-GAAP income from operations was RMB 21.6 million, down from RMB 26.6 million year-over-year.

• Cash and equivalents totaled RMB 859.1 million (US$124.5 million) as of March 31, 2026.

Outlook and guidance

• Focus on deepening AI integration to drive organizational efficiency and cost control.

• Accelerate commercialization of low-altitude logistics and expand air-ground coordination scenarios.

• Management expects continued margin improvement and long-term growth through broader AI adoption and disciplined execution.