BEIJING, April 25, 2025 (GLOBE NEWSWIRE) -- BingEx Limited (the "Company") (NASDAQ:FLX), a leading on-demand dedicated courier service provider in China (branded as "FlashEx"), today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission ("SEC") on April 25, 2025, U.S. Eastern Time. The annual report in electronic format can be accessed on the Company's investor relations website at http://ir.ishansong.com as well as on ...

BingEx (FLX) Q4 2024 Earnings Call March 22, 2025 10:19 PM ET Company Participants Helen Wu - EVPPeng Xue - Founder, Chairman & CEOLe Tang - CFOJessie Xu - Head of Consumer Discretionary & e-Com, Asia Conference Call Participants Susan Zhang - Analyst Operator Good day, and welcome to BinX twenty twenty four Fourth Quarter and Full Year Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Helen Wu from The Pacanta Group. Please go ...

Core Insights - BingEx Limited, operating under the brand "FlashEx," reported its financial results for Q4 and the fiscal year 2024, highlighting a solidified leadership position in the on-demand delivery market in China [1][3]. Financial Performance - In Q4 2024, revenues were RMB1,028.9 million (US$141.0 million), a decrease from RMB1,212.3 million in Q4 2023, primarily due to a reduction in fulfilled orders [4][7]. - For the full year 2024, revenues totaled RMB4,468.2 million (US$612.1 million), slightly down from RMB4,528.8 million in 2023 [7][12]. - Gross profit for Q4 2024 was RMB102.9 million (US$14.1 million), compared to RMB103.9 million in Q4 2023, with a gross profit margin of 10.0%, up from 8.6% year-over-year [6][7]. - The full year gross profit increased by 24.3% to RMB490.6 million (US$67.2 million), with a gross profit margin of 11.0%, compared to 8.7% in 2023 [13]. Operational Metrics - The total number of fulfilled orders for 2024 reached 277.2 million, representing a 2.4% increase year-over-year [7]. - The company had 2.8 million registered riders and 100.1 million users by year-end 2024, with services extended across 295 cities in China [3]. Expenses and Losses - Total operating expenses in Q4 2024 were RMB255.6 million (US$35.0 million), a significant increase of 179.5% from RMB91.5 million in Q4 2023, largely due to share-based compensation expenses [6][10]. - The net loss for Q4 2024 was RMB294.0 million (US$40.3 million), compared to a net income of RMB33.5 million in the same period of 2023 [12][18]. - For the full year, the net loss was RMB146.5 million (US$20.1 million), down from a net income of RMB110.5 million in 2023 [18]. Share Repurchase Program - The board of directors approved a share repurchase program allowing the company to buy back up to US$30.0 million worth of its shares from March 12, 2025, to March 31, 2026 [20].

Core Viewpoint - BingEx Limited, a leading on-demand dedicated courier services provider in China, is set to report its fourth quarter and fiscal year 2024 unaudited financial results on March 12, 2025, before U.S. market opening [1] Group 1 - The earnings conference call will take place on March 12, 2025, at 8:00 PM Beijing Time (8:00 AM U.S. Eastern Time) to discuss the financial results [1] - Participants must pre-register for the conference call to receive dial-in numbers and a personal PIN [2] - A live webcast of the conference call will be available on the company's investor relations website, with a replay accessible after the session [2] Group 2 - BingEx Limited is recognized as a pioneer in providing on-demand dedicated courier services in China, branded as "FlashEx" [3] - The company emphasizes superior time certainty, delivery safety, and service quality in its offerings [3] - BingEx aims to enhance people's lives through its services and is committed to delivering a superior customer experience [3]

Core Viewpoint - BingEx Limited reported strong financial results for the third quarter of 2024, demonstrating resilience in a competitive market with significant year-over-year growth in gross profit and operational efficiency [3][4]. Financial Performance - Revenues for Q3 2024 were RMB1,154.8 million (US$164.6 million), a decrease from RMB1,194.3 million in Q3 2023 [4]. - For the nine months ended September 30, 2024, revenues totaled RMB3,439.3 million (US$490.1 million), reflecting a year-over-year increase of 3.7% [2]. - Gross profit for Q3 2024 was RMB130.3 million (US$18.6 million), up 20.9% from RMB107.8 million in Q3 2023, with a gross profit margin of 11.3%, improving from 9.0% [5][2]. - Income from operations was RMB46.2 million (US$6.6 million) in Q3 2024, with an operating margin of 4.0%, compared to RMB16.6 million and 1.4% in Q3 2023 [7][2]. - Net income for Q3 2024 was RMB23.8 million (US$3.4 million), with a net income margin of 2.1%, down from 2.9% in the same period last year [8][2]. - Non-GAAP net income for Q3 2024 was RMB57.6 million (US$8.2 million), with a Non-GAAP net income margin of 5.0%, compared to 2.9% in Q3 2023 [9][2]. Operational Highlights - The number of orders fulfilled in the nine months ended September 30, 2024, was 211.4 million, representing a 7.1% increase year-over-year, with 73.3 million orders fulfilled in Q3 [2]. - Total operating expenses decreased by 7.8% to RMB84.2 million (US$12.0 million) in Q3 2024 from RMB91.2 million in Q3 2023 [5][6]. Strategic Initiatives - The company has adopted a 2024 Share Incentive Plan to incentivize personnel, allowing for the issuance of up to 10,669,486 Class A ordinary shares, with annual increases based on the total number of shares outstanding [11].

Company Announcement - BingEx Limited will report its third quarter 2024 unaudited financial results on November 27, 2024, before the U.S. market opens [1] - An earnings conference call is scheduled for November 27, 2024, at 8:00 PM Beijing Time (7:00 AM U.S. Eastern Time) to discuss the results [1] Conference Call Details - Participants must pre-register for the conference call via a provided link to receive dial-in numbers and a personal PIN [2] - A live webcast of the conference call will be available on the Company's investor relations website, with a replay accessible after the session [2] Company Overview - BingEx Limited, trading on Nasdaq under the symbol FLX, is a leading provider of on-demand dedicated courier services in China, branded as "FlashEx" [3] - The company focuses on delivering superior time certainty, delivery safety, and service quality, aiming to enhance customer experience and provide unique value [3]

Group 1 - Flash Delivery has successfully launched its initial public offering (IPO) on the U.S. stock market, raising $66 million and achieving a valuation of $1.17 billion [1] - The stock price of Flash Delivery increased by 0.85% to $16.64 following the IPO [1] - The company updated its prospectus to announce plans to sell 4 million American depositary shares, with a pricing range between $15 and $17 [2] Group 2 - The expected fundraising from the share sale is between $60 million and $68 million, which corresponds to a valuation range of $1.065 billion to $1.207 billion [2]

Core Points - BingEx Limited, a leading on-demand dedicated courier services provider in China, has priced its initial public offering (IPO) at US$16.50 per American Depositary Share (ADS), aiming to raise gross proceeds of US$66.0 million [1][2] - The IPO involves 4,000,000 ADSs, with an additional 600,000 ADSs available for underwriters to purchase within 30 days [1][2] - The ADSs have been approved for listing on the Nasdaq Stock Market under the symbol "FLX," with trading expected to commence shortly [2] Company Overview - BingEx Limited operates under the brand "FlashEx," providing on-demand dedicated courier services characterized by superior time certainty, delivery safety, and service quality [5] - The company aims to enhance customer experience and deliver unique value propositions to its clients [5]

Group 1 - The article discusses the services provided by IPO Edge, which includes actionable information on growth stocks, first-look S-1 filings, previews on upcoming IPOs, an IPO calendar, a database of U.S. IPOs, and a comprehensive guide to IPO investing [1]

VIE Structure and Risks - BingEx Limited operates primarily through PRC subsidiaries and a VIE in China, with contractual arrangements that pose unique risks, including potential conflicts of interest and enforceability issues under PRC laws[4] - The company's VIE structure involves unique risks, as investors do not hold direct equity interests in the Chinese operating companies, and contractual arrangements may not be as effective as direct ownership[17] - The company's corporate structure involves a VIE (Variable Interest Entity), which may face legal and regulatory uncertainties in China[14] - The VIE structure may be deemed non-compliant with PRC regulations, potentially leading to loss of control over assets and inability to consolidate financial statements, which could significantly impact the company's financial performance[166][167][171] - The company faces uncertainties under the Trial Measures for Overseas Securities Offering and Listing, which could affect its ability to raise or utilize funds and may require restructuring of contractual arrangements[168] - The Foreign Investment Law may classify the company's contractual arrangements as foreign investment, potentially requiring market entry clearance or restructuring, especially for value-added telecommunication services[173][176] - The VIE holds critical licenses and assets necessary for operations, and any breach of contractual arrangements by VIE shareholders could hinder the company's ability to conduct business[178] - The company may face challenges enforcing contractual arrangements due to PRC legal limitations on arbitration and interim remedies, potentially affecting business operations[179][180] - Related party transactions under the VIE structure may be scrutinized by PRC tax authorities, leading to potential additional tax liabilities or penalties[181] - Conflicts of interest may arise between the company and VIE stakeholders, including directors and shareholders, which could impact the enforcement of contractual arrangements[182][183] - Acquiring equity ownership of the VIE is subject to limitations under the Negative List for Foreign Investment Access, restricting foreign ownership in value-added telecommunications services[184] - The company faces risks related to foreign investment in China's value-added telecommunications sector due to recent regulatory changes under the FITE Regulation (2022 Version), which may still impose qualification requirements on foreign investors[185] - The company has the exclusive right to purchase equity interests in the VIE at a nominal price, but may face substantial enterprise income tax liabilities if the purchase price is adjusted based on government evaluation[186] Financial Performance and Metrics - BingEx Limited's revenues from the VIE (Variable Interest Entity) were 100.0% in 2021, 96.9% in 2022, 23.2% in 2023, and 19.1% for the six months ended June 30, 2024[4] - BingEx Limited's cash transfers to subsidiaries: RMB719 million in 2021, nil in 2022, RMB34 million in 2023, and nil for the six months ended June 30, 2024[5] - Parent received RMB7 million from subsidiaries in 2023 and for the six months ended June 30, 2024[5] - Parent's subsidiaries paid RMB193 million, RMB189 million, RMB150 million, and RMB6 million to the WFOE in 2021, 2022, 2023, and for the six months ended June 30, 2024, respectively[5] - WFOE and its subsidiaries paid RMB166 million and RMB40 million to the consolidated VIE in 2023 and for the six months ended June 30, 2024, respectively[5] - VIE paid RMB122 million, RMB25 million, RMB176 million, and RMB265 million to the WFOE and its subsidiaries in 2021, 2022, 2023, and for the six months ended June 30, 2024, respectively[5] - VIE transferred RMB129 million, RMB3,479 million, and RMB1,925 million to the WFOE's subsidiaries in 2022, 2023, and for the six months ended June 30, 2024, respectively[5] - BingEx Limited has not declared or made any dividend or other distributions to its shareholders in 2021, 2022, 2023, and for the six months ended June 30, 2024[5] - BingEx Limited's 2023 market share: 33.9%[7] - BingEx Limited's registered customers: 88.9 million as of June 30, 2024[7] - BingEx Limited's revenue: RMB4.7 billion in the last twelve months (LTM) as of June 30, 2024[7] - FlashEx is the largest independent on-demand dedicated courier service provider in China with a 33.9% market share in 2023[10] - FlashEx had approximately 2.7 million registered riders and expanded coverage to 295 cities in China as of June 30, 2024[10] - FlashEx achieved a loss rate of 0.01% in 2023 and maintained a high customer satisfaction rate[11] - FlashEx's average price per order was RMB16.5 in the six months ended June 30, 2024, representing a significant premium compared to other major players[11] - FlashEx fulfilled 270.7 million orders in 2023, up from 213.4 million in 2022 and 158.6 million in 2021[11] - FlashEx's revenues increased from RMB3,039.8 million in 2021 to RMB4,528.8 million (US$623.2 million) in 2023[11] - FlashEx recorded a net income of RMB110.5 million (US$15.2 million) in 2023, compared to net losses of RMB291.0 million and RMB180.4 million in 2021 and 2022, respectively[11] - FlashEx's net income increased from RMB42.1 million in the six months ended June 30, 2023 to RMB123.7 million in the six months ended June 30, 2024[11] - Revenue for the six months ended June 30, 2024, reached millions, with expectations of continued growth and improved profitability through economies of scale[12] - Revenues for the year ended December 31, 2023, were RMB 4,528,826 thousand (US$ 623,187 thousand), a 13.1% increase from 2022[30] - Gross profit for 2023 was RMB 394,555 thousand (US$ 54,292 thousand), a 52.2% increase from 2022[30] - Net income for 2023 was RMB 110,499 thousand (US$ 15,205 thousand), a significant improvement from a net loss of RMB 180,438 thousand in 2022[32] - For the six months ended June 30, 2024, revenues were RMB 2,284,496 thousand (US$ 314,357 thousand), a 7.6% increase from the same period in 2023[30] - Net income for the six months ended June 30, 2024, was RMB 123,683 thousand (US$ 17,020 thousand), a 194.1% increase from the same period in 2023[32] - Selling and marketing expenses decreased by 21.7% in 2023 compared to 2022, reflecting cost optimization efforts[30] - Research and development expenses decreased by 23.4% in 2023 compared to 2022, indicating potential efficiency improvements[30] - Consolidated revenues for 2023 reached RMB 4,528,826, with other subsidiaries contributing RMB 3,630,715, WFOE contributing RMB 229,444, and VIE and its subsidiaries contributing RMB 1,097,261[34] - Net income (loss) attributable to ordinary shareholders for 2023 was RMB (35,842), compared to RMB (320,014) in 2022, showing a significant improvement[34] - Total assets increased from RMB 922,669 in 2022 to RMB 1,000,670 in 2023, and further to RMB 1,012,951 as of June 30, 2024[37] - Total liabilities decreased from RMB 730,848 in 2022 to RMB 698,812 in 2023, and further to RMB 584,843 as of June 30, 2024[37] - Cash and cash equivalents increased from RMB 622,144 in 2022 to RMB 699,391 in 2023, and further to RMB 711,713 as of June 30, 2024[37] - Total cost and expenses for 2023 were RMB 4,518,177, with cost of revenues accounting for RMB 4,134,271 and operating expenses accounting for RMB 383,906[34] - Income (loss) from operations for 2023 was RMB 10,649, compared to a loss of RMB 202,479 in 2022[34] - Interest income for 2023 was RMB 20,881, up from RMB 9,565 in 2022[34] - Investment income for 2023 was RMB 4,648, compared to RMB 3,274 in 2022[34] - Other income for 2023 was RMB 74,321, significantly higher than RMB 9,202 in 2022[34] - Consolidated cash and cash equivalents amount to RMB 699,391 million[41] - Total current assets are RMB 920,324 million, with significant contributions from subsidiaries[41] - Total non-current assets stand at RMB 80,346 million, including property and equipment[41] - Total current liabilities are RMB 653,452 million, with accounts payable contributing RMB 339,832 million[41] - Total mezzanine equity is RMB 2,733,560 million, primarily from redeemable convertible preferred shares[41] - Total shareholders' deficit is RMB 2,431,702 million, reflecting accumulated deficit of RMB 2,305,654 million[41] - Total liabilities, mezzanine equity, and shareholders' deficit sum up to RMB 1,000,670 million[41] - Operating lease right-of-use assets are RMB 59,852 million, indicating significant lease commitments[41] - Amount due from related parties is eliminated in consolidation, totaling RMB 1,537,854 million[41] - Investment in subsidiaries is RMB 596,710 million, eliminated in consolidation[41] - Consolidated cash and cash equivalents increased to RMB 699,391 thousand (USD 96,239 thousand) at the end of 2023, up from RMB 622,144 thousand (USD 85,609 thousand) at the end of 2022[44] - Net cash provided by operating activities improved to RMB 45,707 thousand (USD 6,289 thousand) in 2023, compared to a net cash used of RMB 86,817 thousand in 2022[44] - Total current assets decreased to RMB 873,165 thousand in 2023 from RMB 1,217,384 thousand in 2022, primarily due to elimination adjustments[42] - Total liabilities decreased to RMB 730,848 thousand in 2023 from RMB 1,919,237 thousand in 2022, mainly due to elimination adjustments[42] - Net cash used in financing activities was RMB 359 thousand (USD 49 thousand) in 2023, compared to no financing activities in 2022[44] - Cash and cash equivalents at the end of June 2024 increased to RMB 711,713 thousand (USD 97,935 thousand), up from RMB 689,988 thousand at the end of June 2023[44] - Total non-current assets decreased to RMB 49,504 thousand in 2023 from RMB 596,710 thousand in 2022, primarily due to elimination adjustments[42] - Net cash provided by investing activities was RMB 26,049 thousand (USD 3,585 thousand) in 2023, down from RMB 461,380 thousand in 2022[44] - Total shareholders' equity (deficit) remained consistent at RMB (2,354,884) thousand in both 2022 and 2023[42] - Effect of foreign currency exchange rate changes on cash and cash equivalents was RMB 5,850 thousand (USD 805 thousand) in 2023, down from RMB 29,054 thousand in 2022[44] - Net cash provided by operating activities for the year ended December 31, 2023, was RMB 45,707 million, with significant contributions from other subsidiaries (RMB 61,826 million) and WFOE (RMB 65,598 million), offset by negative cash flow from VIE and its subsidiaries (RMB -79,526 million)[47] - Proceeds from maturities of investments in 2023 totaled RMB 728,724 million, with the largest contributions from VIE and its subsidiaries (RMB 322,172 million) and WFOE (RMB 191,578 million)[47] - Purchase of investments in 2023 amounted to RMB -735,000 million, with the largest outflows from VIE and its subsidiaries (RMB -385,000 million) and other subsidiaries (RMB -180,000 million)[47] - Net cash provided by investing activities in 2023 was RMB 26,049 million, driven by proceeds from maturities of investments and term deposits, partially offset by significant investment outflows[47] - Cash and cash equivalents at the end of 2023 stood at RMB 699,391 million, reflecting a net increase of RMB 77,247 million from the beginning of the year[47] - The company incurred net losses of RMB291.0 million in 2021 and RMB180.4 million in 2022, but achieved net incomes of RMB110.5 million (US$15.2 million) in 2023 and RMB123.7 million (US$17.0 million) for the six months ended June 30, 2024[68] - Net cash used in operating activities was RMB194.9 million in 2021 and RMB86.8 million in 2022, but the company generated RMB45.7 million (US$6.3 million) in 2023 and RMB20.7 million (US$2.8 million) for the six months ended June 30, 2024[68] - The company's profitability in 2023 was largely due to an increase in other income from RMB9.2 million in 2022 to RMB74.3 million (US$10.2 million) in 2023, primarily from government grants[68] Market and Industry Trends - The on-demand delivery market in China grew from RMB164.1 billion in 2019 to RMB338.5 billion in 2023, with a CAGR of 19.8%, and is expected to reach RMB809.6 billion by 2028[10] - FlashEx's independent on-demand dedicated courier market is expected to grow from RMB15.6 billion in 2023 to RMB53.2 billion in 2028, with a CAGR of 27.8%[11] - The company is the largest independent on-demand dedicated courier service provider in China by revenue in 2023[12] - The company faces intense competition in China's on-demand delivery market, with multiple existing players and potential new entrants, which could impact its market share and profitability[61] - The company's growth is highly dependent on the development of China's on-demand delivery industry, which is influenced by factors such as logistics technology, government policies, and macroeconomic conditions[53][54] - The company's business is sensitive to changes in individual consumption power and local retail in China, which are affected by factors like disposable income, consumer preferences, and e-commerce platform reliability[55][56] - The company's brand and reputation are critical to its success, and any negative publicity or perception could harm its ability to attract and retain customers[58][59] - The company must continuously adapt to evolving industry trends, optimize marketing strategies, and comply with changing regulatory requirements to maintain its competitive position[54] - The company's expansion into lower-tier cities in China involves risks such as insufficient demand, cost inefficiency, and competition from local market leaders[104][105] - The company experiences seasonality in its business, with a surge in delivery orders during the fourth quarter and lower activity during Chinese national holidays[124][125] - The company's future performance depends on the continued services of senior management and key employees, and the loss of these individuals could disrupt business operations[126] - The company faces challenges in attracting, training, and retaining qualified personnel, particularly in technical and operational roles, which could impact business growth[127] - The company is subject to claims, lawsuits, and regulatory proceedings, which could result in substantial damages, fines, and penalties, adversely affecting its reputation and financial condition[115] - The company's technology systems are critical to its operations, and any disruptions, such as system failures or cyberattacks, could adversely affect business performance[110][111] - The company plans to expand its Flash-Riders base but faces risks related to delivery capacity management, dispatching optimization, and incentives, which could lead to insufficient delivery resources and increased costs[128] - The company has outstanding options to purchase 2,395,881 Class A ordinary shares and 5,299,000 restricted share units, with share-based compensation expenses of RMB121.9 million expected upon completion of the offering[131] - The company's business relies heavily on public telecommunications and internet infrastructure, and any deficiencies could impair service performance and customer retention[132] - The company is subject to evolving PRC laws and regulations, including potential new requirements for on-demand courier services, which could increase compliance costs and operational challenges[135] - The Anti-Monopoly Guidelines for Internet Platforms, effective February 7, 2021, may require adjustments to the company's business practices, potentially leading to increased costs and regulatory scrutiny[136] - The company may require additional capital to support growth, but there is no guarantee that such capital will be available on favorable terms or at all[140] - The company faces risks related to intellectual property protection, including potential challenges, invalidations, or misappropriations of its IP rights[141] - The COVID-19 pandemic has adversely affected the company's business, with declines in delivery demand during severe periods of the pandemic[146] - Future impacts of COVID-19 on the company's operations will depend on factors such as new variants and containment efforts[147] - The company faces significant risks from natural disasters, health epidemics, and other outbreaks, which could severely disrupt operations and materially reduce revenue and profitability[148] - Overseas regulators face challenges in conducting investigations or collecting evidence within China due to legal restrictions and lack of mutual cooperation mechanisms[149] - The company's preferred shareholders have redemption rights that raise substantial doubt about its ability to continue as a going concern, with a potential significant redemption amount if a qualified IPO is not completed by December 31, 2024[152] - The PCAOB historically could not inspect the company's auditor in China, but as of December 15, 2022, mainland China and Hong Kong were removed from the list of jurisdictions where inspections were impossible[153][156] - The company's ADSs may be prohibited from trading in