BingEx Limited Announces Fourth Quarter and Fiscal Year 2024 Financial Results

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$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$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].