BingEx (FLX) Q4 2024 earnings summary

Executive summary

• Achieved RMB 1,028.9 million in Q4 revenue and RMB 4,468.2 million for the full year, maintaining stability despite fierce competition.

• Gross margin improved by 1.4 percentage points in Q4 and 2.3 points for the year, driven by operational efficiency.

• Non-GAAP net profit for the year surged 82% year-over-year to RMB 201.3 million, while GAAP net loss for the year was RMB 146.5 million due to one-time IPO-related expenses.

• Fulfilled 277.2 million orders in 2024, expanded to 295 cities, and completed a successful Nasdaq IPO.

• Maintained leadership as China's top on-demand dedicated courier brand for ten consecutive years, with a network of 2.8 million riders.

Financial highlights

• Q4 gross profit was RMB 102.9 million, flat year-over-year; full-year gross profit rose 24.3% to RMB 490.6 million.

• Cost of revenues in Q4 decreased 16.5% year-over-year to RMB 926 million due to improved rider efficiency.

• Non-GAAP income from operations for the year jumped to RMB 134.3 million from RMB 10.6 million in 2023.

• Cash and equivalents, restricted cash, and short-term investments totaled RMB 793 million at year-end.

• Total operating expenses in Q4 surged 179.5% year-over-year, mainly due to immediate recognition of share-based compensation expenses related to IPO.

Outlook and guidance

• Expects robust demand growth in 2025, supported by policy stimulus and e-commerce expansion.

• Plans to optimize operations with big data analytics, enhance user experience, and expand category coverage.

• Focus on mid-to-high-end delivery market, further digital transformation, and leveraging dedicated courier model and technology integration for sustainable growth.