FLX

Image source: The Motley Fool. Thursday, Aug. 20, 2026 at 8:00 a.m. ET Founder and Chairman of the Board and Chief Executive Officer - Adam Xue Co-Founder, Director and Executive President - Hongjian Yu Chief Financial Officer - Luke Tang Operator: Good day, and welcome to BingEx 2026 Second Quarter 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 Piacente Financial Communications. Please go ahead. Helen Wu: 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 filings with the SEC. The non-GAAP financial measures we provide are for comparison purpose only. The definition of these 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. Joining us today from FlashEx senior management are Mr. Adam Xue, Founder and Chairman of the Board and Chief Executive Officer; Mr. Hongjian Yu, Co-Founder, Director and Executive President; and Mr. Luke Tang, Chief Financial Officer. I will now turn the call over to Mr. Adam Xue. Peng Xue: Thank you, Helen. Hello, everyone, and welcome to FlashEx Second Quarter 2026 Earnings Call. The on-demand delivery industry continued to evolve in the second quarter. Users today expect more than speed alone, placing growing weight on the [ entire service ] experience from the moment they place an order to the moment it arrives, at the same time, AI is advancing quickly, and low audited airspace is opening up, creating new ways to fulfill orders in our industry. This plays to the on-demand dedicated courier model. FlashEx has been building all along as well as the technology work we have been advancing over the past several quarters. The operating approach we have followed over the past several quarters translated into real results in the second quarter with scale and delivery efficiency improving together. Total order volume grew 8.9% quarter-over-quarter and average delivery time shortened from 25.7 minutes in the first quarter to 25.3 minutes in the second quarter even as volume rose, behind this is the rider base and service network that keep expanding as of the end of the second quarter, registered Flash-Riders reached 3.23 million and our service coverage expanded to 299 cities. Our user base also grew steadily with registered users up to up 4 million from the end of the first quarter to 124 million. Turning to our financial performance, total revenue from the second quarter RMB 940.3 million with a gross margin of 10.2%. Non-GAAP income from operations was RMB 10.8 million and non-GAAP net income was RMB 11.4 million. Our cash position stood at RMB 853.4 million as of the end of the second quarter, reflecting a healthy overall financial position. Looking at the order mix by category, volume recovery in the second quarter came from across board. [ Flash Mall ] a core category, we have cultivated for years grew 29.2% quarter-over-quarter in order volume. Food, cakes and electronics all posted order volume growth both year-over-year and quarter-over-quarter, leaving our overall order mix more balanced. Several major categories moving up [ trends tell ] us how well our on-demand dedicated courier model with high-value scenarios, and it also [indiscernible] our order composition more widely, reducing our reliance on any one category. On the merchant side, we set out to simultaneously grow our merchant base and improve its quality in the second quarter. Newly signed merchants grew 18% quarter-over-quarter and the share of high value, high stickiness merchants rose meaningfully as our merchant base expanded. Enterprise clients stood out in particular, with new signing up 53.1% quarter-over-quarter, moving our merchant structure in a healthy direction. This came partly from optimizing our sales team assessment framework and partly from a dedicated effort to develop key accounts pursuing enterprise clients through a separate track given their longer sales cycles and more complex decision-making. What we have observed is that delivery demand from these clients comes out of the day-to-day business processes such as transferring inventory between stores, sending client documents back and forth or dispatching after-sale parts urgently. This demand ran more continuously and the relationships last longer making our revenue more stable. On the individual user side, the role FlashEx plays for our users continues to extend from delivering an item to completing a task. Compared with the first quarter, luggage delivery order volume grew 37.5%, food pickup grew 25% and parcel pickup grew 7.2% and assisted purchasing grew 6.7%. Growth across these scenarios came from delivery developing new service formats around what users actually need and from reaching out to them at the specific moment when those needs arrive. Round trip orders, which we launched recently, as one example, they combine delivery, waiting and the return trip to a single order handled by the same Flash-Riders, designed for tasks that require a round trip such as document and contract signing. These are exactly the tasks a dedicated courier model handles well, and they bring FlashEx further into our users' everyday routine. Our AI work in the second quarter centered on 2 priorities: making our services easier for user to reach and putting AI to work across the company's daily operations. Starting with users, we saw notably more users placing orders through our quick app entry point in Huawei HarmonyOS ecosystem during the second quarter. Order volumes through this entry grew 27.6% quarter-over-quarter and the number of users ordering through it grew [ 20.9% ]. This lightweight entry point make our services easier to access, driving both new user acquisition and high order frequency. In June, we launched AI-powered ordering in FlashEx apps. Users simply describe what they need by voice and the system identifies and matches the pickup and drop-off addresses and other order details completing the order in a single exchange. More recently... Operator: Ladies and gentlemen, please stand by, your conference will resume momentarily. [Technical Difficulty] Peng Xue: Had to finish without switching to another interface, whether the order -- whether the order is an urgent document, flowers or medicine, AI can quickly match the right delivery option. Along with the CLI tool, we open source in the second quarter, developers and individual users can now reach FlashEx AI-powered service directly. Across all of our AI work, we keep coming back to one question. What does the user actually end up with? Whether an order is placed through our APP or a voice assistant or an AI agent is fundamentally irrelevant to the user. What shifts experience is whether FlashEx arrived on time and complete the job to a high standard and whether we can respond to the user concern properly. That stays at the core of how we develop and deploy AI. Now to our internal operations, we established an organizational innovation committee in the second quarter, letting each business unit propose and implement its own AI projects. In customer service, our AI system now independently handles 85% of the scenarios it covers addressing routine inquiries and complaints the moment they are submitted. In marketing, compliance review of [ ICN ] content. Previously conducted manually now goes to a first pass by self-developed AI reviewing system in regional operations, the time required to model capacity applies for new city launches and holiday peak has come down from several days to a few hours. Across these areas, operating efficiency improved by roughly 30%. We see AI as a compounding effort rather than a single link. It builds gradually with the green adding up over quarters as AI becomes more routine part of how organization works, but believe that our operating expense ratio can improve further over the medium to long term. creating room for better profit margins ahead. Next, let's take a look at low-altitude logistics. The business moved from single route trails to multi-route operations during the second quarter. Drone delivery order volume grew 169.3% quarter-over-quarter. And we now have 22 routes in operation. In July, Hangzhou's first cross river route for low-altitude on-demand delivery entered commercial operation taking only 13 minutes to cross the river with Flash-Riders handing off at each end and the drone crossing in between, orders can -- orders that once took more than 40 minutes now arrived in a little over 20 minutes. Since the route became operating deliveries have mainly been medicine, urgent business documents, fresh food and digital accessories, all categories while timing matters. With use continuing to increase and the delivery model proving all across different scenarios, low-altitude logistics has moved past. The trail stage and into a broader expansion. On the rider side, we registered Flash-Riders base continued to expand in the second quarter. We also further strengthened our training program and create protection through dedicated training around safety standards handle procedure for high-value items and new services such as round trip orders, the stability and professionalism of rider team remain the foundation of our high-quality service. Looking to the second half of the year, our focus stays on the service itself, AI and low-altitude logistics are 2 new paths to making the service better. AI helps users find us at the very moment they need us and low-altitude logistics frees Flash-Riders from obstacles like a river or busy road we have seen this market change many times since we started, and we still believe the hardest thing to replicate here is trust earned through every safe on-time delivery. Behind that trust is our brand, our Flash-Riders team and our technology. This is the foundation of the long-term value we create for our users the riders and our shareholders. That concludes my remarks. Now I will turn the call over to our CFO, Luke Tang. Thank you. Le Tang: Thank you, Adam. Hello, everyone. This is Luke. I'd like to walk you through our second quarter 2026 financial results. During the second quarter, our unique on-demand dedicated courier model remained resilient as we further refined our operations and the extended use of AI across the organization. We also maintained a healthy cash position and continue to return capital to shareholders through our repurchase program. 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. Our revenues for the second quarter were RMB 940.3 million compared with RMB 1,024.6 million in the same period of 2025. The decrease was primarily driven by intensifying marketing competition. Our cost of revenues for the second quarter was RMB 844.7 million compared with RMB 901.9 million in the same period of 2025. The decrease was in line with the decline in revenues. Our gross profit was RMB 95.5 million in the second quarter compared with RMB 122.7 million in the same period of 2025, representing a gross profit margin of 10.2% compared with 12% in the prior year quarter. Turning to operating expenses. Our total operating expenses for the second quarter were RMB 88.3 million representing a decrease of 14.6% from RMB 103.4 million in the same period of 2025. We consisted of RMB 36.6 million in selling and marketing expenses, RMB 37.9 million in general and administrative expenses and RMB 13.7 million in research and development expenses. The decrease in operating expenses was primarily attributable to the reduction in advertising expenses, staff costs and the share-based payment expenses. Our income from operations was RMB 7.3 million compared with RMB 19.3 million in the same period of 2025. Excluding share-based compensation expenses, our non-GAAP income from operations was RMB 10.8 million for the second quarter compared with RMB 31.9 million in the same period of 2025. Our net loss was RMB 34 million compared with net income of RMB 53.5 million in the same period of 2025. The decrease was mainly due to RMB 41.7 million of losses from changes in fair value of long-term investments in the second quarter. Excluding changes in fair value of long-term investments and share-based compensation expenses, our non-GAAP net income was RMB 11.4 million compared with RMB 45.6 million in the same period of 2025. Our cash position remained healthy with cash and cash equivalents, restricted cash and short-term investments totaling RMB 853.4 million as of the second quarter end. We also carried out share repurchases under the extended buyback program approved in March. As of August 19, and we had repurchased a total of approximately 3.9 million ADS in the open market for an aggregated consideration of approximately USD 11.8 million. This underscores our confidence in the company's long-term value. As we move through the rest of 2026, we remain committed to disciplined execution and to the high-quality service that differentiates, we are confident that as AI becomes increasingly embedded across our operations. It will support a structural improvement in our operating expenses ratio over the long term, creating room for better profit margins ahead. That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead. Operator: [Operator Instructions] Our first question comes from [ Ghansham Lu ] with CICC. Unknown Analyst: This is [ Ghansham ] from CICC. I actually have 2 questions I'll ask... Le Tang: Hello? Unknown Analyst: Yes? Can you hear me? Le Tang: Can you repeat your questions? Unknown Analyst: Okay. Yes. My first question is about the anti-evolution trends about this industry because we know in May, 7 leading instant retailer players, including [indiscernible] signed the Hangzhou anti-evolution, self-discipline commission, right? How do you interpret the broader industry trend from here? And what impact, if any, have you seen on RSP and order volume? Or will you view this as a pricing inflection point for the industry? First question. Le Tang: Yes. Thank you for your questions. This is Luke. I will take your first question. On May [ 28 ], FlashEx joined 6 other leading platforms in Hangzhou in selling and industry self-discipline convention, covering marketing practices, merchant rights, rider protections and governance. What the convention points toward is shifting the center of competition from price back to service itself. And directing more resources into creating incremental demand and improving conditions for merchants and riders. We see this as a healthy signal that the industry is maturing. For FlashEx, this direction aligns closely with how we have operated for 12 years. Each Flash-Riders stays with one order from pickup to hand-off. Under this model, riders can give every delivery, their full attention. And the rider experience and the user experience have never come at each other's expense. They reinforce one another. The convention moves the industry away from price wars and heavy subsidy-driven traffic refocusing competition on service, quality, efficiency and the experience. For a platform, whose competitiveness, rise service quality and fulfillment certainty, and that is a favorable environment for us. In the second quarter, our total order volume grew 8.9% quarter-over-quarter, supported by better capacity allocation. The continued expansion of our service scenarios and new service formats, we welcome the industry's return to rational competition. and we'll keep investing along these lines on pricing. Our focus is on the longer-term competitive dynamics rather than short-term movements. We have always believed that the core competitive advantage in on-demand delivery is to low price, but where every order reaches the user reliably and safely, that is where our differentiation lies and where our long-term value comes from. Thank you. Waiting for your second question. Thank you. Unknown Analyst: Okay. Good to hear that. So my second question is about the low-altitude. Could you give us an update on the growth of drone delivery order volumes, as you mentioned, the total volumes earlier. I just want to see the growth trend here. And also your expansion road map beyond the existing capacity, for example, beyond Hangzhou. Besides combined these drones and AI deployment. Do these efforts translated into visible per cost, the segment level. And what's your path to a scalable or breakeven? Peng Xue: Thank you for your question. This is Adam speaking. Let me take order volumes and user cases first and then expansion and the economics. In the second quarter, drone delivery order volume grew 169.3% quarter-over-quarter and we now have 22 routes in operation, taking the business from single-site trails into multi-route operations. In July, Hangzhou's first crossover route or low-altitude on-demand delivery entered commercial operation with a [ 13-minute ] flight across the river, with a rider handoff at each end and a drone crossing in between, orders that once took more than 40 minutes now arrived in little over 20 at the same price as a standard FlashEx order. On user cases, what we carry today is mostly medicine, urgent business documents, fresh food and digital accessories, all time sensitive and relatively high in unit value. Low-altitude shows its value where ground capacity runs into geography or traffic crossing a river, a hill or district line or roads that backs up at peak hours. This happened to be categories where we are already strong, and they sit close to what we already do -- already done. Our priorities at this stage are operationally safety whether routes can be replicated and whether the time advantage of our ground delivery holds up consistently in the scenarios where it matters. We are confident the unit economics here will keep improving as route density rises as daily order volume for route grows and as we get more out of equipment and ground sites. The 169.3% growth in drone order volume in this quarter also tells us demand is validating well. In terms of the next step on the low-altitude business, our near-term focus is on refining the model in Hangzhou itself. This business draws heavily on local airspace management landing side resources and the supporting industry base. So what we want first is a set of operating standards and the cost model built in Hangzhou that we can carry into other markets. As our route network will continues to grow denser and operation experience builds, we are confident this model will travel well. On AI, our work in customer service, marketing, and regional operations lifted efficiency in those areas by around 30% in the second quarter, showing up in lower head count requirements and shorter process cycles. The AI is that it accumulates efficiency step-by-step as it becomes a more routine part of how organization works those gains keeping compounding, and we believe there is further room for our operating expense ratio to improve over the medium to long term, creating conditions for better margins ahead. Thank you. Operator: Thank you. And that concludes the question-and-answer session. I will now turn the call over to Helen Wu for closing remarks. Helen Wu: Thank you once again for joining BingEx Second Quarter 2026 Financial Results and Business Update Conference Call today. If you have any other further questions, please contact the IR team at BingEx or Piacente Financial Communications. Thank you, and have a great day. Operator: This concludes today's conference. Thank you for your participation. You may now disconnect. Before you buy stock in BingEx, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BingEx wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. 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Interested in BingEx Limited? Here are five stocks we like better. Financial performance weakened: Second-quarter revenue fell to CNY 940.3 million, while the company posted a CNY 34 million net loss, including CNY 41.7 million in fair-value investment losses. Non-GAAP net income declined to CNY 11.4 million, and gross margin narrowed to 10.2% from 12%. Demand and customer expansion improved: Order volume rose 8.9% sequentially, average delivery time improved to 25.3 minutes, and registered users increased to 124 million. Newly signed merchants grew 18% sequentially, while enterprise-client signings jumped 53.1%. AI and drone initiatives are scaling: FlashEx said AI deployment improved operating efficiency by roughly 30% in covered areas, while drone-delivery orders surged 169.3% sequentially across 22 routes. Management is refining the drone model in Hangzhou before expanding to other markets. Hooker Furnishings Discount To Book, A Value Play? BingEx (NASDAQ:FLX), which operates under the FlashEx brand, reported second-quarter revenue of CNY 940.3 million, down from CNY 1.02 billion a year earlier, as management cited intensifying marketing competition. The company posted a net loss of CNY 34 million, compared with net income of CNY 53.5 million in the prior-year period, primarily due to CNY 41.7 million in fair-value losses on long-term investments. On a non-GAAP basis, excluding investment fair-value changes and share-based compensation, FlashEx reported net income of CNY 11.4 million, down from CNY 45.6 million a year earlier. Non-GAAP income from operations was CNY 10.8 million, compared with CNY 31.9 million in the 2025 second quarter. → Datavault AI Locks Down CyberCatch in $94M Security Rollup Founder, Chairman and Chief Executive Officer Adam Xue said total order volume increased 8.9% sequentially in the second quarter, while average delivery time improved to 25.3 minutes from 25.7 minutes in the first quarter. FlashEx ended the quarter with 3.23 million registered Flash-Riders, service coverage in 299 cities and 124 million registered users. Registered users rose by 4 million from the end of the first quarter, according to Xue. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Order growth was spread across multiple categories. Fresh-flower order volume increased 29.2% from the prior quarter, while food, cakes and electronics posted growth both year over year and sequentially. Xue said the broader category mix reduced the company’s dependence on any single delivery category. The company also highlighted growth in user services beyond traditional item delivery. Sequential order-volume gains included 37.5% for luggage delivery, 25% for food pickup, 7.2% for parcel pickup and 6.7% for assisted purchasing. → Home Depot Analysts See a Path to $375 and Beyond FlashEx recently introduced round-trip orders, which combine delivery, waiting time and a return trip in a single request handled by the same rider. Xue cited document and contract signing as examples of uses for the service. Newly signed merchants increased 18% from the first quarter, while new enterprise-client signings rose 53.1% sequentially. Management said it has adjusted its sales-team assessment framework and created a separate effort focused on key enterprise accounts, which typically have longer sales cycles and more complex purchasing decisions. Executive President Hongjian Yu was listed among the call participants, though he did not deliver prepared remarks. Xue said enterprise delivery demand can include inventory transfers between stores, delivery of client documents and urgent dispatch of after-sales parts. Such activity may create more continuous demand and longer customer relationships, he said. Cost of revenue declined to CNY 844.7 million from CNY 901.9 million a year earlier, broadly in line with the revenue decline. Gross profit fell to CNY 95.5 million from CNY 122.7 million, and gross margin narrowed to 10.2% from 12%. Total operating expenses decreased 14.6% to CNY 88.3 million. The company reported CNY 36.6 million in selling and marketing expense, CNY 37.9 million in general and administrative expense, and CNY 13.7 million in research and development expense. Chief Financial Officer Luke Tang attributed the decrease primarily to lower advertising expenses, staff costs and share-based payment expenses. Income from operations was CNY 7.3 million, down from CNY 19.3 million in the prior-year quarter. FlashEx held CNY 853.4 million in cash and cash equivalents, restricted cash and short-term investments at quarter-end. The company also continued its share repurchase program. As of Aug. 19, FlashEx had repurchased approximately 3.9 million American depositary shares in the open market for an aggregate consideration of about $11.8 million. Management said it is expanding the use of artificial intelligence in customer service, marketing and regional operations. In customer service, FlashEx said its AI system independently handles 85% of covered scenarios, including routine inquiries and complaints. The company said AI tools reduced the time required to model capacity plans for new-city launches and holiday demand peaks from several days to several hours. Xue said operating efficiency improved by roughly 30% across the areas where the company deployed AI during the quarter. Tang said the company expects broader AI adoption to support a structural improvement in its operating-expense ratio over the medium to long term. FlashEx also continued to develop low-altitude logistics operations. Drone-delivery order volume rose 169.3% sequentially, and the company had 22 routes in operation at the end of the second quarter. In July, a cross-river on-demand delivery route in Hangzhou entered commercial operation. Management said the route uses riders at each endpoint and a drone for the river crossing, reducing end-to-end delivery times for certain orders from more than 40 minutes to a little over 20 minutes. The company said drone deliveries have primarily included medicine, urgent business documents, fresh food and digital accessories. Xue said FlashEx’s near-term priority is to refine its operating standards and cost model in Hangzhou before expanding the approach to other markets. During the question-and-answer session, Tang said FlashEx viewed an industry self-discipline convention signed in Hangzhou by seven leading platforms as a positive development. The agreement covered marketing practices, merchant rights, rider protections and governance. Tang said the convention could shift competition away from price wars and subsidies toward service quality, efficiency and fulfillment reliability. BingEx Limited, through its subsidiaries, provides on-demand courier services under the FlashEx brand name in the People's Republic of China. The company offers Flash-Riders as service providers. It serves individual and business customers, including local retailers, restaurants, and logistics players through its mobile platform and website. The company was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BingEx Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

BEIJING, Aug. 20, 2026 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights: Revenues were RMB940.3 million (US$138.6 million) in the second quarter of 2026, compared with RMB1,024.6 million in the same period of 2025. Gross profit was RMB95.5 million (US$14.1 million) in the second quarter of 2026, compared with RMB122.7 million in the same period of 2025. Income from operations was RMB7.3 million (US$1.1 million) in the second quarter of 2026, compared with RMB19.3 million in the same period of 2025. Non-GAAP income from operations1 was RMB10.8 million (US$1.6 million) in the second quarter of 2026, compared with RMB31.9 million in the same period of 2025. Net loss was RMB34.0 million (US$5.0 million) in the second quarter of 2026, compared with net income of RMB53.5 million in the same period of 2025. Non-GAAP net income1 was RMB11.4 million (US$1.7 million) in the second quarter of 2026, compared with RMB45.6 million in the same period of 2025. The number of orders fulfilled was 63.1 million in the second quarter of 2026. Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, “In the second quarter of 2026, amid a persistently challenging market environment, we continued to optimize capacity allocation while expanding both our usage scenarios and service offerings. This drove a sequential recovery in our core operating metrics, with service scale and delivery efficiency improving in parallel. The quarter also marked a step forward in how AI is reshaping our business. Externally, we are embedding our fulfillment capability directly into emerging AI ecosystems, extending our reach to the point where user demand originates. Internally, AI has evolved from a set of isolated applications into a systemic capability that underpins the way our organization operates. Together with our low-altitude logistics business moving from pilot routes to multi-route commercial operation, these efforts position FlashEx to deliver sustainable long-term value for all stakeholders.” Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “Our differentiated on-demand dedicated courier model continued to demonstrate resilience as we further refined operations in the second quarter. We closed the quarter with RMB853.4 million in cash and short-term investments and had repurchased approximately 3.9 million ADSs for approximately US$11.8 million in aggregate as of August 19, 2026. As AI becomes increasingly embedded across the organization, we are confident it will support a structural improvement in our operating expense ratio over the long term.” Second Quarter 2026 Financial Results Revenues were RMB940.3 million (US$138.6 million) in the second quarter of 2026, compared with RMB1,024.6 million in the same period of 2025. The decrease was primarily driven by intensifying market competition. Cost of revenues was RMB844.7 million (US$124.5 million), compared with RMB901.9 million in the same period of 2025. The decrease was in line with the decline in revenues. Gross profit was RMB95.5 million (US$14.1 million), compared with RMB122.7 million in the same period of 2025. Gross profit margin was 10.2%, compared with 12.0% in the same period of 2025. Total operating expenses were RMB88.3 million (US$13.0 million), representing a decrease of 14.6% from RMB103.4 million in the same period of 2025. Selling and marketing expenses were RMB36.6 million (US$5.4 million), representing a decrease of 24.0% from RMB48.2 million in the same period of 2025. The decrease was primarily attributable to the reduction in advertising expenses, staff costs and share-based payment expenses. General and administrative expenses were relatively stable at RMB37.9 million (US$5.6 million), compared with RMB36.0 million in the same period of 2025. Research and development expenses were RMB13.7 million (US$2.0 million), representing a decrease of 28.6% from RMB19.2 million in the same period of 2025. The decrease was primarily attributable to the reduction in share-based payment expenses and staff costs. Income from operations was RMB7.3 million (US$1.1 million), compared with RMB19.3 million in the same period of 2025. Non-GAAP income from operations1 was RMB10.8 million (US$1.6 million), compared with RMB31.9 million in the same period of 2025. Changes in fair value of long-term investments recorded losses of RMB41.7 million (US$6.2 million), compared with earnings of RMB20.5 million in the same period of 2025, reflecting the decrease in the fair value measurement of long-term investments. Investment loss was RMB2.4 million (US$0.4 million), compared with an investment income of RMB9.2 million in the same period of 2025, reflecting the decrease in the fair value of short-term investments. Net loss was RMB34.0 million (US$5.0 million), compared with net income of RMB53.5 million in the same period of 2025. Non-GAAP net income1 was RMB11.4 million (US$1.7 million), compared with RMB45.6 million in the same period of 2025. Net loss attributable to ordinary shareholders was RMB34.0 million (US$5.0 million), compared with net income attributable to ordinary shareholders of RMB53.5 million in the same period of 2025. Non-GAAP net income attributable to ordinary shareholders1 was RMB11.3 million (US$1.7 million), compared with RMB45.6 million in the same period of 2025. Basic net loss per ordinary share was RMB0.17 (US$0.03). Diluted net loss per ordinary share was RMB0.17 (US$0.03). As of June 30, 2026, cash and cash equivalents, restricted cash and short-term investments were RMB853.4 million (US$125.8 million). _______________________________1 Non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.” Update on Share Repurchase On March 17, 2026, the Board of Directors approved a one-year extension of the Company’s existing share repurchase program. The Company is authorized to repurchase up to an aggregate of US$30.0 million worth of its shares until April 1, 2027. As of August 19, 2026, the Company had repurchased a total of approximately 3.9 million ADSs in the open market with cash for an aggregate consideration of approximately US$11.8 million. Conference Call The Company will host an earnings conference call on Thursday, August 20, 2026, at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-register for the conference call at: https://register-conf.media-server.com/register/BI25d01e95418142d6be0cc75c8dbe6755 Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call. A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session. About BingEx Limited BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business. For more information, please visit: http://ir.ishansong.com. Use of Non-GAAP Financial Measures To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income (loss) excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. Non-GAAP net income attributable to ordinary shareholders represents net income (loss) attributable to ordinary shareholders excluding changes in fair value of long-term investments and share-based compensation expenses. By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7851 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2026. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:BingEx LimitedInvestor RelationsE-mail: [email protected] Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: [email protected] In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: [email protected]

This article first appeared on GuruFocus. Revenue: RMB940.3 million in Q2 2026, compared with RMB1,024.6 million in the same period of 2025. Gross Profit: RMB95.5 million in Q2 2026, compared with RMB122.7 million in the prior year quarter. Gross Margin: 10.2% in Q2 2026, compared with 12% in Q2 2025. Income from Operations: RMB7.3 million in Q2 2026, compared with RMB19.3 million in the same period of 2025. Non-GAAP Income from Operations: RMB10.8 million in Q2 2026, compared with RMB31.9 million in Q2 2025. Net Loss: RMB34 million in Q2 2026, compared with net income of RMB53.5 million in the same period of 2025. Non-GAAP Net Income: RMB11.4 million in Q2 2026, compared with RMB45.6 million in Q2 2025. Cash Position: Cash and cash equivalents, restricted cash, and short-term investments totaled RMB853.4 million as of the end of Q2 2026. Operating Expenses: Total operating expenses were RMB88.3 million in Q2 2026, a decrease of 14.6% from RMB103.4 million in Q2 2025. Registered Flash-Riders: Reached 3.23 million as of the end of Q2 2026. Registered Users: Reached 124 million, up 4 million from the end of Q1 2026. Service Coverage: Extended to 299 cities as of the end of Q2 2026. Total Order Volume: Grew 8.9% quarter-over-quarter in Q2 2026. Average Delivery Time: Shortened from 25.7 minutes in Q1 2026 to 25.3 minutes in Q2 2026. Drone Delivery Order Volume: Grew 169.3% quarter-over-quarter in Q2 2026. Warning! GuruFocus has detected 4 Warning Signs with FLX. Is FLX fairly valued? Test your thesis with our free DCF calculator. Release Date: August 20, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total order volume grew 8.9% quarter-over-quarter, with average delivery time improving to 25.3 minutes. Registered Flash-Riders reached 3.23 million and service coverage expanded to 299 cities, with registered users up to 124 million. Newly signed merchants grew 18% quarter-over-quarter, with enterprise client signings up 53.1%. Drone delivery order volume surged 169.3% quarter-over-quarter, with 22 routes in operation, including a commercial cross-river route in Hangzhou. AI integration improved operating efficiency by roughly 30% in customer service, marketing, and regional operations. Total revenue decreased to RMB940.3 million from RMB1,024.6 million year-over-year, due to intensifying marketing competition. Gross profit margin declined to 10.2% from 12% in the prior year quarter. Non-GAAP net income fell to RMB11.4 million from RMB45.6 million year-over-year. Net loss was RMB34 million, impacted by RMB41.7 million in losses from changes in fair value of long-term investments. Operating expenses decreased but income from operations dropped to RMB7.3 million from RMB19.3 million year-over-year. Q: How do you interpret the broader industry trend following the Hangzhou anti-evolution self-discipline convention signed in May, and what impact has it had on FlashEx's order volume? Do you view this as a pricing inflection point for the industry? A: Luke Tang (CFO): The convention, signed by FlashEx and six other leading platforms, shifts the industry's competitive focus from price back to service quality, merchant and rider protections, and governance. This aligns with FlashEx's 12-year operational model, where each rider handles one order from pickup to delivery, ensuring service quality and rider experience reinforce each other. In Q2, total order volume grew 8.9% quarter-over-quarter, supported by better capacity allocation and new service formats. We welcome this return to rational competition and believe our long-term competitive advantage lies in reliable, safe delivery rather than low prices. Q: Can you provide an update on the growth of drone delivery order volumes and the expansion roadmap beyond existing capacity, such as beyond Hangzhou? Have these efforts translated into visible cost reductions, and what is the path to scale or breakeven? A: Adam Xue (CEO): Drone delivery order volume grew 169.3% quarter-over-quarter, with 22 routes now in operation, moving from single-route trials to multi-route operations. In July, Hangzhou's first cross-river route entered commercial operation, cutting delivery times from over 40 minutes to just over 20 minutes at the same price as standard orders. Current use cases include medicine, urgent documents, fresh food, and digital accessoriesall time-sensitive, high-value items. Our mid-term focus is refining the model in Hangzhou to establish operating standards and a cost model that can be replicated in other markets. On AI, efficiency in customer service, marketing, and regional operations improved by roughly 30% in Q2, and we believe the compounding effect of AI will further improve our operating expense ratio over the medium to long term. Q: What were the key drivers behind the revenue decline in Q2 2026, and how is the company addressing the intensifying marketing competition? A: Luke Tang (CFO): Revenue for Q2 was RMB940.3 million, down from RMB1,024.6 million in the same period of 2025, primarily due to intensifying marketing competition. However, our cost of revenues decreased in line with the revenue decline, and total operating expenses decreased by 14.6% year-over-year, driven by reductions in advertising expenses, staff costs, and share-based payment expenses. We remain committed to disciplined execution and high-quality service, and we are confident that AI integration will support structural improvements in our operating expense ratio over the long term. Q: How is FlashEx's merchant base evolving, and what strategies are being implemented to improve merchant quality and stickiness? A: Adam Xue (CEO): In Q2, newly signed merchants grew 18% quarter-over-quarter, with a significant increase in the share of high-value, high-stickiness merchants. Enterprise clients were a standout, with new signings up 53.1% quarter-over-quarter. This growth came from optimizing our sales team assessment framework and dedicating a separate track to develop key accounts, given their longer sales cycles and more complex decision-making. Delivery demand from enterprise clients is continuous and relationships last longer, making our revenue more stable. Q: What new service formats and user scenarios are driving growth on the individual user side? A: Adam Xue (CEO): The FlashEx use case is extending from delivering items to completing tasks. Compared to Q1, luggage delivery order volume grew 37.5%, food pickup grew 25%, parcel pickup grew 7.2%, and assisted purchasing grew 6.7%. We recently launched round-trip orders, which combine delivery, waiting, and return trip in a single order handled by the same rider, designed for tasks like document and contract signing. These new formats leverage our dedicated carrier model and bring FlashEx further into users' everyday routines. Q: How is FlashEx leveraging AI to improve user access and internal operations? A: Adam Xue (CEO): We saw order volumes through our quick app entry point in the Huawei HarmonyOS ecosystem grow 27.6% quarter-over-quarter. In June, we launched AI-powered voice ordering in the FlashEx app, allowing users to describe their needs and complete orders in a single exchange. Internally, we established an organizational innovation committee, and our AI system now independently handles 85% of customer service scenarios. In marketing, compliance review of MCN content now goes through a self-developed AI reviewing system, and regional operations capacity modeling time has dropped from several days to a few hours. Overall, operating efficiency improved by roughly 30%. Q: What is the company's cash position and share repurchase status? A: Luke Tang (CFO): As of the end of Q2, cash and cash equivalents, restricted cash, and short-term investments totaled RMB853.4 million, reflecting a healthy financial position. Under the extended buyback program approved in March, we had repurchased approximately 3.9 million ADS in the open market for an aggregate consideration of approximately USD11.8 million as of August 19, underscoring our confidence in the company's long-term value. Q: What were the main factors affecting net income in Q2 2026, and how does the company view its profitability outlook? A: Luke Tang (CFO): Net loss was RMB34 million, compared with net income of RMB53.5 million in the same period of 2025. The decrease was mainly due to RMB41.7 million of losses from changes in fair value of long-term investments. Excluding these changes and share-based compensation expenses, non-GAAP net income was RMB11.4 million. We remain confident that as AI becomes increasingly embedded across our operations, it will support structural improvements in our operating expense ratio, creating room for better profit margins ahead. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. March 17, 2026 8 a.m. ET Chief Executive Officer — Peng Xue Chief Financial Officer — Le Tang Head of Investor Relations — Helen Wu Need a quote from a Motley Fool analyst? Email [email protected] Peng Xue: Thank you. Hello, everyone. This is Adam. Thank you for joining FlashEx fourth quarter 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. 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 an 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. From a financial perspective, in the fourth quarter, 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. For the full year of 2025, total revenue reached RMB 4 billion with a gross margin of 11.8% and adjusted net profit was nearly RMB 200 million. As of the end of 2025, the company held RMB 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 the fourth quarter, 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 this initiative continues to take effect, our order mix has been steadily improving, supporting healthier growth and stronger user engagement. 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 high requirements for delivery, speed and service quality have continued to grow, leveraging FlashEx established service capabilities. In the fourth quarter of 2025demand 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 position, positioning in high-quality delivery services and supporting the platforms 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 the fourth quarter, with order volume increasing by more than 5% year-over-year. For this category, we continued to refine various aspects of delivery approved size. For example, we redesigned our dedicated cake delivery boxes to improve stability and shock 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, give the 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 areas. Recently, FlashEx partnered with several industry players, including a consumer electronic rental platform to launch a same-city instant rental offering through FlashEx's courier Network 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 or rather 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 focusing -- 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 mechanism and dedicated customer support. And these initiatives help our merchant partners achieve a more stable service experience and a higher order fulfillment rates. On the rider side, we strengthened our service standards in the fourth quarter. Through a more systematic training framework and standardized service procedures, we continued to enhance 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 the fourth quarter, we formally established a low altitude logistics division to advance the development of a city-level drone delivery network, which has now entered the real-world operations through the coordination between drone delivery and our rider network delivery times can significantly reduced in complex environments such as cross river roads -- routes. 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 at 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 the quick access service entry on a major mobile operating system allowing users to access our service directly from their devices without downloading the app. 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 measures for users. For instance, users could simply describe their delivery needs using voice and the system will automatically interpret their request to complete 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 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 diversified 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. That concludes my remarks. Now I will turn the call over to our CFO, Luke 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 maintained a healthy upward trend rising to 5% from 4.5% in 2024. Now let me walk you through our fourth quarter and full year 2025 financial results. Before I begin, please note that all numbers are in renminbi and all percentage changes are on year-over-year basis, unless otherwise noted. Our revenues for the fourth quarter amounted to RMB 1 billion remained flat compared with the same period of 2024. For the full year 2025, total revenues reached RMB 4 billion compared with RMB 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 RMB 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 RMB 3.5 billion, primarily aligned with the decline in revenues. Our gross profit was RMB 107.9 million for the fourth quarter compared with RMB 102.9 million in the same period of 2024. Gross profit for the full year 2025 was RMB 469.1 million compared with RMB 490.6 million in 2024. 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. Turning to operating expenses. Our total operating expenses for the fourth quarter were RMB 105 million comprised of RMB 52 million in the selling and marketing expenses, RMB 35 million in general and administrative expenses and RMB 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 the fourth quarter of 2024, subject to our IPO conditions. 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 the fourth quarter. 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 moved 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. As we entered 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 open the floor to your questions. Operator, please go ahead. Operator: [Operator Instructions] Our questions come from the line of Stephen Zhang from CICC. Yu Zhang: Thank you, management team and congratulations on the strong quarter. I've got 2 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? 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? How will this boost our efficiency. Thank you. Peng Xue: I will answer the first question, Adam. And my colleague, Luke will answer the second question. So for the first question, in the fourth quarter of 2025, we fulfilled 63.2 million orders for the first year ended December 31, 2025, total fulfillment orders amounted to 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 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 large-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 a highly competitive industry, our overall strategy remains consistent and will become even more focused and refined. 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, volume and ASP. Le Tang: This is Luke. I will take your second question. For the second question, I think FlashEx places 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 a few business innovation. In 2025, we deployed AI across multiple areas, including customer service, operational management and the 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. 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, dispersing and fulfillment. This will greatly simplify the user experience and 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 base 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 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 operations with our rider network, we can significantly reduce transport times in complex environments such as cross-river routes. As the government increasingly prioritize 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 constraint deliveries. This integrated dual engine of AI innovation and the business innovation positions FlashEx to remain resilient in a highly competitive market and create sustainable long-term growth opportunities and differentiated competitive advantage for the company. Operator: There are no further questions on the line, and that concludes the Q&A session. I'll now turn the call over to Helen Wu for closing remarks. Helen Wu: 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 Piacente Financial Communications. Thank you, and have a good day. Before you buy stock in BingEx, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BingEx wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Image source: The Motley Fool. Thursday, May 21, 2026 at 8 a.m. ET Chief Executive Officer — Peng Xue Chief Financial Officer — Luke Tang Investor Relations — Helen Wu Peng Xue: Thank you, Helen. Hello, everyone, and welcome to FlashEx First Quarter 2026 Earnings Call. In the first quarter of 2026, the on-demand delivery industry continued to grow steadily, driven by rising user demand for high-quality time-sensitive delivery services. At the same time, the competitive landscape continued to evolve. Against this backdrop, we made meaningful progress in both operational efficiency and business innovation. Most notably, we made new breakthroughs this quarter in opening up our technology ecosystem and real-world deployment of low altitude logistics created new avenues for the platform's medium- and long-term growth. In the first quarter, FlashEx fulfilled 57.9 million orders, delivering a stable performance amid a dynamic market environment that demonstrated the resilience of our business model. Today, the platform has 3.1 million registered Flash riders. Our average delivery time further improved to 25.7 minutes, reflecting our continued efforts to enhance user experience and service efficiency. Turning to our financial performance. Total revenues for the first quarter reached RMB 935.3 million with a gross margin of 11.3%. Non-GAAP income from operations was RMB 21.6 million. As of the end of the first quarter, we held cash and cash equivalents, restricted cash and short-term investments totaling RMB 859.1 million, maintaining a healthy financial position. On the merchant side, we continued to execute our tiered merchant management strategy in the first quarter, further improving service response efficiency and resource allocation. Among our core high-frequency categories, cake and flower merchants, typically have stable recurring business needs and lasting business relationships, making them the most predictable component of our revenue mix. In the first quarter, order volume from the cake category exceeded 15.4 million, achieving year-over-year growth despite a high comparison base. To support this category, we continue to improve our fulfillment capabilities, including upgrading delivery box design, improving shock resistance standards and strengthening rider handling protocols. All these efforts contributed to higher fulfillment quality and merchant satisfaction. Electronics delivery in the first quarter posted robust growth as well, with order volume up 15.9% year-over-year, maintaining strong momentum and becoming an important driver of order mix improvement. We continued to refine our service response standards for merchants in this key vertical during the quarter, deploying delivery resources ahead of key period to ensure stable order fulfillment rates and delivery quality during peak season. A growing number of well-known companies in automotive services, premium retail and consumer electronics have incorporated with FlashEx into their standard fulfillment channels, further strengthening our reputation as a trusted provider in the premium on-demand dedicated courier segment. In terms of new scenario expansion, we continue to explore new service opportunities in the first quarter. Campus delivery is one example. Most campus services -- delivery services currently stop at the campus entrance falling short of users' last-mile on-demand delivery needs. At the same time, there are large numbers of students on campus who are looking for flexible part-time income. Building on this, FlashEx is exploring a model that combines our user network with on-campus students resources to complete the food delivery chain from campus entrance to dormitories. On the individual user side, we continue to reinforce our positioning as an instant lifestyle assistant. In the first quarter, daily order volume remained steady across lifestyle services such as assisted purchasing, parcel pickup, food pickup and gift delivery and luggage delivery, as these service categories continue to gain traction, FlashEx's connection with users' daily lives has deepened, gradually transforming the platform from a single-purpose delivery tool into an on-demand service entry point, covering a broader range of everyday needs. This helps strengthen user engagement and supports improvements in overall platform activity and user retention. On the technology and ecosystem front, in April, we officially open sourced our core command line interface tool, becoming the first company in the intercity on-demand delivery industry to do so. Through this tool, FlashEx has further standardized and API-enabled its delivery capabilities. Merchants can integrate our system with their own point of sale or order management system to automatically trigger delivery requests upon customer payment. Developers and enterprise clients can connect directly with FlashEx back end via command line to place orders, request pricing and track shipments. Leading AI agents, including Cloud Code, Codex and Cursor can also invoke FlashEx services directly through this interface. This marks the first time that on-demand delivery capability has formally entered the AI workflow ecosystem at a standardized compatible and API accessible model. And this advancement manifests what we have always envisioned, enabling ecosystem partners to access FlashEx service at lower cost while empowering our Flash riders to evolve beyond the traditional courier role to become a bridge between AI systems and physical reality. The initial open-source release supports 4 core functions: price inquiry, order placement, order tracking and order cancellation. We will continue to iterate and expand their capabilities, deepening the integration between on-demand delivery and the broader AI ecosystem. We have also completed our Quick app integration with the Huawei HarmonyOS ecosystem, allowing users to initiate delivery request directly through conversational interactions on the devices without opening the Flash app. Additionally, we have fully opened our API interface to support major AI platforms in invoking FlashEx order placement capabilities through standardized integrations, further broadening access to our services. In terms of internal operational efficiency, AI tools are evolving from isolated productivity tools into systematic efficiency drivers at the organizational level. In customer service, AI can now independently handle the majority of the routine complaint types, significantly reducing the headcount required. The time needed to test and launch new service scenarios has been shortened from approximately 2 months to 1 to 2 weeks. The onboarding process for new partners has also been fully automated through AI agents, bringing integration time lines down from over a week to under a day. In R&D, AI-assisted coding tools have improved overall development efficiency compared to last year. Taken together, these efficiency gains are delivering ongoing value across multiple operational functions, lowering the marginal cost of business expansion while ensuring service quality. In low-altitude logistics, we made significant progress this quarter. As many of you may have noticed earlier this week, we announced an important development, FlashEx's wholly owned subsidiaries have entered into a strategic investment partnership with Hangzhou Low-altitude Industry Development, making FlashEx one of the first on-demand courier service providers in Hangzhou's low-altitude economy sector to receive strategic institutional backing. This partnership represents not only strong recognition from the capital markets, but also a meaningful endorsement of our real-time fulfillment capabilities and technological innovation. More importantly, it marks a major milestone in FlashEx expansion into autonomous delivery and low-altitude logistics as we accelerate the transition from the technology exploration to real-world deployment and scaled operation. After more than a decade of operating in China's on-demand delivery market, FlashEx has built a nationwide fulfillment network spanning nearly 300 cities and established a highly mature real-time delivery infrastructure. Looking ahead, low-altitude logistics represents a key strategic priority for both our technological advancement and long-term business expansion. Leveraging our industry-leading real-time fulfillment capabilities, our core operational strength that continues to set us apart, we are well positioned to meet the standardized and high-efficiency operational requirements of drone delivery services. At the same time, by integrating Hangzhou's local industry ecosystem and strategic resources, we are building a next-generation on-demand logistics model that combines rapid aerial transportation plus ground-based last mile fulfillment, enabling seamless coordination between low altitude and ground delivery networks. At present, our drone delivery initiative has moved into substantive commercial operations. In partnership with Hangzhou Low-altitude Industry Ecosystem, we have established 5 takeoff and landing sites and launched 14 delivery routine covering key districts, including Yuhang, Shangcheng and Gonshu. In the first quarter, drone delivery order volume grew 157% quarter-over-quarter. To date, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights while maintaining a 100% safety record through real-world operations. The commercial viability of the business model has now been validated. Under normal operating conditions, our Air FlashEx service has achieved delivery time approximately 20% to 30% faster than traditional ground-based delivery services. Looking ahead, we will continue to drive innovation through technology and further invest in frontier areas such as intelligent dispatching, route optimization and autonomous delivery. By deeply integrating our major ground fulfillment infrastructure with next-generation low-altitude logistics technologies, we aim to further enhance delivery efficiency, broaden service capabilities and expand the boundaries of our fulfillment network. On the rider side, we continue to refine our training programs and service standards to ensure that every delivery brings users a high-quality experience. In the first quarter, we continued our good Flash rider recognition program, selecting outstanding riders from the platform who proactively demonstrated social responsibility during the deliveries. These riders received both material rewards and public recognition, reinforcing their sense of professional pride and belonging. We firmly believe that the sustainability and the professionalism of our rider team is a cornerstone of our service quality. Looking ahead to the coming quarters, we will remain focused on 3 strategic priorities. First, continue to deepen the application of AI across FlashEx's internal operations to further improve organizational efficiency; second, accelerating the expansion and commercialization of low-altitude logistics by exploring more order types and scenarios suited to air ground coordination; and third, continuing to strengthen high-value merchant services and user scenario coverage to drive further improvements in our order mix. As industry competition continue to intensify, the combination of operational efficiency and service quality remains the foundation of FlashEx's long-term competitive advantage. We have always believed that a platform with genuine value serves multiple stakeholders. creating real convenience for users, providing Flash riders with stable and rewarding career opportunities and contributing positively to the healthy development of the industry. This is how we define long-term value, and it remains the driving force behind FlashEx's continued progress. That concludes my remarks. Now I will turn the call over to our CFO, Luke Tang. Thank you. Le Tang: Thank you, Adam. Hello, everyone. This is Luke. I would like to walk you through our first quarter 2026 financial results. As the industry's competitive landscape continues to evolve, we have leveraged AI to enhance organizational efficiency and made progress in optimizing operational effectiveness. Our broader deployment of AI has contributed to an increase in operating margin in the fourth quarter. 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. Our revenues for the first quarter reached RMB 935.3 million compared to RMB 960.8 million in the same period of 2025. The year-over-year decline was primarily driven by intensifying market competition. Our cost of revenues for the first quarter were RMB 829.5 million compared with RMB 834.1 million in the same period of 2025. The decrease was in line with the decline in revenues. Our gross profit was RMB 105.8 million for the first quarter compared with RMB 126.7 million in the same period of 2025. Gross profit margin was 11.3% compared with 13.2% in the same period of 2025. Turning to operating expenses. Our total operating expenses for the first quarter were RMB 94.8 million, representing a decrease of 18.7% from RMB 116.7 million in the same period of 2025. They consisted of RMB 38.5 million in selling and marketing expenses, RMB 39.9 million in general and administrative expenses and RMB 16.5 million in research and development expenses. Our income from operations was RMB 11 million compared with RMB 10 million in the same period of 2025, lifting our operating margin to 1.2% from 1% year-over-year. Excluding share-based compensation expenses, our non-GAAP income from operations was RMB 21.6 million for the first quarter compared with RMB 26.6 million in the same period of 2025. Our non-GAAP net loss was RMB 11.1 million compared with non-GAAP net income of RMB 49.6 million in the same period of 2025. Our cash position remains healthy with cash and cash equivalents, restricted cash and short-term investments, totaling RMB 859.1 million as of March 31, 2026. As we move through 2026, we remain committed to disciplined execution and upholding our high-quality service advantages. Building on our achievements in AI deployments, we will further refine cost structures and control expenses to boost margins. By practicing prudent financial management and actively pursuing business innovation, we will capture emerging opportunities and leverage operational efficiency gains to deliver sustainable long-term value for all stakeholders. That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead. Operator: [Operator Instructions] We will now proceed to take questions from the line of Susan Zhang of CICC. Unknown Analyst: My first question is, could you please share our first quarter order volume and ASP trends broken down by 2B and 2C segments? Given this year's deceleration in order volume growth with the food delivery sector, coupled with an increase in AOV, how should we interpret the implications of this trend for premium service providers like us? And my second question is, we have recently noted reports that we have received investment from Hangzhou State Capital to expand into the low-altitude economy sector. Could you please outline the strategic direction, specific application scenarios and current progress of this initiative? Le Tang: Yes. Thank you, Susan, for your questions. This is Luke. I would like to answer your first question and may hand over your second question to Adam. Now let me first give you an overview of our first quarter performance and then share our perspective on what the recent shift in the food delivery sector mean for FlashEx. In the first quarter, FlashEx fulfilled 57.9 million orders, maintaining solid performance amid intensifying industry competition and a dynamic market environment, which reflects the resilience of our on-demand dedicated courier model. At the same time, our average delivery time further improved to 25.7 minutes and our registered rider base reached 3.1 million, reflecting continued improvement in our fulfillment capabilities and service experience. On the merchant side, we continue to execute our tiered merchant management strategy in the first quarter. with high-quality categories driving continued order mix improvement. The cake category order volume exceeded 15.4 million for the quarter, achieving year-over-year growth despite a high comparison base. Electronics order volume grew 15.9% year-over-year, sustaining its strong momentum and serving an important driver of order mix improvement. At the same time, leading companies in automotive services, premium retail and consumer electronics continue to adopt FlashEx as part of their standard fulfillment channels. Overall, KA merchants GMV contribution improved steadily year-over-year in the first quarter and ASP hold at a relatively stable elevated level, further reinforcing our reputation in the premium on-demand delivery segment. On the individual user side, we continue to strengthen our positioning as an instant lifestyle assistant. In the first quarter, daily order volumes remained steady across lifestyle service categories, including assisted purchasing, parcel pickup, food pickup, gift delivery and luggage delivery. As these categories gain traction, FlashEx's connection with the users' daily lives has deepened and the platform is gradually evolving from a single-purpose urgent delivery tool into an on-demand service entry point covering a broader range of everyday needs. Stepping back to the industry level, FlashEx and food delivery platforms has always differed meaningfully in terms of user profiles, use cases, delivery efficiency and service experience. In our view, the broader return to the rational competition across the industry is a positive development, both for FlashEx and for the healthy development of the industry as a whole. For FlashEx, specifically, as we deepen our refined operations for merchant clients, expand our channel reach and cover new customer scenarios, the industries and the brands we serve, we continue to diversify alongside the steady growth in KA merchant GMV contribution. At the same time, we are proactively positioning ourselves to capture these opportunities through technology. On one hand, by integrating AI capabilities more deeply to make FlashEx services more accessible for merchants and users. On the other, by developing low-altitude logistics to overcome geographic and traffic constraints and continue improving fulfillment efficiency and service experience. Overall, FlashEx will stay true to our value proposition, continuing to focus on high-value merchants, high-quality consumer scenarios and emerging areas such as AI and low-altitude logistics to reinforce our long-term competitive advantage in the premium on-demand delivery segment. Now we would like to please Adam to answer your second question. Peng Xue: Thank you for your question. For the second question, FlashEx has always placed great importance on emerging technologies and their applications in the industry and our service scenarios. This strategic investment represents another significant milestone following our deep integration of AI and reflects not only capital market recognition, but also strong endorsement of our on-demand dedicated courier model, real-time fulfillment capabilities and technological innovation. Let me walk you through the 3 dimensions you raised. strategic direction, application scenarios and current progress. Starting with the strategic direction. After more than a decade in intracity on-demand delivery, FlashEx has built a major ground-based fulfillment network spanning nearly 300 cities across China. We see low-altitude logistics as both a meaningful extension of our existing business and one of our priorities for technological advancement and medium- to long-term growth. Drawing on years of accumulated fulfillment capability and operational expertise, we are well positioned to meet the standardized high-efficiency requirements of drone delivery. At the same time, by working with Hangzhou's local industry partners, we are exploring a new next-generation on-demand logistic model that combines rapid aerial transportation with ground-based last-mile delivery, progressively building a deeper coordination between low altitude and ground network. On application scenarios, FlashEx has already built strong fulfillment capabilities in high-value, time-sensitive categories such as cakes, fresh flowers, premium retail and consumer electronics. These are precisely the scenarios where faster, more reliable and more secure delivery matters most and where drone delivery can demonstrate the clearest innovation value. In addition, for situations involving cross-district routes, geographic barriers such as rivers or hills or heavy traffic congestion where ground delivery efficiency is limited, drone delivery can meaningfully shorten delivery times and improve fulfillment reliability, which aligns well with the needs of our existing premium on-demand delivery clients. On current progress, our drone delivery initiative has now entered substantive commercial operations. In partnership with Hangzhou Low-altitude Industry Ecosystem, we have activated 5 takeoff and landing sites and launched 14 delivery routes covering key districts, including Yuhang, Shangcheng and Gonshu. In the first quarter, drone delivery order volume grew 157% quarter-over-quarter. As of the end of April, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights, maintaining a 100% safety record. The commercial model has been preliminarily validated. Under normal operating conditions, our aerial delivery service achieved delivery times 20% to 30% faster than the traditional ground-based services. Going forward, we will continue to drive innovation through technology, investing in areas such as intelligent dispatching, route optimization and autonomous delivery by deeply integrating our mature ground delivery infrastructure with low-altitude logistics technology, we aim to further improve delivery efficiency and expand the boundaries of FlashEx service capability. Operator: I am showing no further questions, and that concludes the question-and-answer session. I will now turn the call over to Helen Wu for closing remarks. Helen Wu: Thank you once again for joining BingEx First Quarter 2026 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 great day. Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines. Before you buy stock in BingEx, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BingEx wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $475,063!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,369,991!* Now, it’s worth noting Stock Advisor’s total average return is 996% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 21, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. BingEx (FLX) Q1 2026 Earnings Transcript was originally published by The Motley Fool

BEIJING, May 21, 2026 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights: Revenues were RMB935.3 million (US$135.6 million) in the first quarter of 2026, compared with RMB960.8 million in the same period of 2025. Gross profit was RMB105.8 million (US$15.3 million) in the first quarter of 2026, compared with RMB126.7 million in the same period of 2025. Income from operations was RMB11.0 million (US$1.6 million) in the first quarter of 2026, compared with RMB10.0 million in the same period of 2025. Non-GAAP income from operations1 was RMB21.6 million (US$3.1 million) in the first quarter of 2026, compared with RMB26.6 million in the same period of 2025. Net loss was RMB42.6 million (US$6.2 million) in the first quarter of 2026, compared with RMB10.3 million in the same period of 2025. Non-GAAP net loss1 was RMB11.1 million (US$1.6 million) in the first quarter of 2026, compared with non-GAAP net income of RMB49.6 million in the same period of 2025. The number of orders fulfilled was 57.9 million in the first quarter of 2026. Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, “In the first quarter of 2026, FlashEx delivered resilient performance amid an evolving market, while making meaningful progress in operational excellence and technological innovation. We further improved service efficiency, refined our merchant and user mix, and deepened penetration in lifestyle scenarios. On the technology front, we became the first in China’s on-demand delivery industry to open-source our core CLI tool, embedding delivery capabilities into AI workflows, while internally AI has become a systemic enabler across customer service, operations, and R&D. We also advanced our low-altitude logistics initiative, securing a strategic investment to support the scaled deployment of drone delivery. Looking ahead, by combining disciplined execution with deeper AI adoption, FlashEx is well positioned to capture new growth opportunities and deliver sustainable long-term value for all stakeholders.” Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “In the first quarter of 2026, we made meaningful progress in deploying AI at the organizational level. The broader adoption of AI across our organization has also contributed to a reduction in operating expenses during the quarter. We remain committed to disciplined execution as AI becomes an increasingly powerful lever for margin improvement and long-term growth.” First Quarter 2026 Financial Results Revenues were RMB935.3 million (US$135.6 million) in the first quarter of 2026, compared with RMB960.8 million in the same period of 2025. The decrease was primarily driven by intensifying market competition. Cost of revenues was RMB829.5 million (US$120.2 million), compared with RMB834.1 million in the same period of 2025. The decrease was in line with the decline in revenues. Gross profit was RMB105.8 million (US$15.3 million), compared with RMB126.7 million in the same period of 2025. Gross profit margin was 11.3%, compared with 13.2% in the same period of 2025. Total operating expenses were RMB94.8 million (US$13.7 million), representing a decrease of 18.7% from RMB116.7 million in the same period of 2025. Selling and marketing expenses were RMB38.5 million (US$5.6 million), representing a decrease of 22.0% from RMB49.3 million in the same period of 2025. The decrease was primarily attributable to the reduction in staff costs and advertising expenses. General and administrative expenses were RMB39.9 million (US$5.8 million), remaining relatively stable compared with RMB37.9 million in the same period of 2025. Research and development expenses were RMB16.5 million (US$2.4 million), representing a decrease of 44.1% from RMB29.5 million in the same period of 2025. The decrease was primarily attributable to the reduction in staff costs and share-based payment expenses. Income from operations was RMB11.0 million (US$1.6 million), compared with RMB10.0 million in the same period of 2025. Non-GAAP income from operations1 was RMB21.6 million (US$3.1 million), compared with RMB26.6 million in the same period of 2025. Changes in fair value of long-term investments were RMB20.8 million (US$3.0 million), representing a decrease of 51.9% compared with RMB43.3 million in the same period of 2025. The decrease was primarily attributable to the reduction in losses from the fair value measurement of long-term investments. Investment loss was RMB36.2 million (US$5.2 million), compared with an investment income of RMB8.9 million in the same period of 2025, reflecting the decrease in the fair value of short-term investments. Net loss was RMB42.6 million (US$6.2 million), compared with RMB10.3 million in the same period of 2025. Non-GAAP net loss1 was RMB11.1 million (US$1.6 million), compared with non-GAAP net income of RMB49.6 million in the same period of 2025. Basic net loss per ordinary share was RMB0.21 (US$0.03). Diluted net loss per ordinary share was RMB0.21 (US$0.03). As of March 31, 2026, cash and cash equivalents, restricted cash and short-term investments were RMB859.1 million (US$124.5 million). _______________________________1 Non-GAAP income from operations, non-GAAP net income (loss), non-GAAP operating margin and non-GAAP net income (loss) margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.” Update on Share Repurchase On March 17, 2026, the Board of Directors approved a one-year extension of the Company’s existing share repurchase program. The Company is authorized to repurchase up to an aggregate of US$30.0 million worth of its shares until April 1, 2027. As of May 20, 2026, the Company had repurchased a total of approximately 3.3 million ADSs in the open market with cash for an aggregate consideration of approximately US$10.4 million. Conference Call The Company will host an earnings conference call on Thursday, May 21, 2026, at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-register for the conference call at: https://register-conf.media-server.com/register/BI679071586eb64abfa7ef0cacb5cf24bd Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call. A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session. About BingEx Limited BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business. For more information, please visit: http://ir.ishansong.com. Use of Non-GAAP Financial Measures To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income (loss), non-GAAP operating margin and non-GAAP net income (loss) margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income (loss) represents net income (loss) excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income (loss) margin is equal to non-GAAP net income (loss) divided by revenues. By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:BingEx LimitedInvestor RelationsE-mail: [email protected] Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: [email protected] In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: [email protected]

This article first appeared on GuruFocus. Total Revenue: RMB935.3 million for Q1 2026. Gross Margin: 11.3% for Q1 2026. Non-GAAP Income from Operations: RMB21.6 million for Q1 2026. Cash and Cash Equivalents: RMB859.1 million as of March 31, 2026. Order Volume: 57.9 million orders fulfilled in Q1 2026. Average Delivery Time: 25.7 minutes. Operating Expenses: RMB94.8 million, a decrease of 18.7% year-over-year. Non-GAAP Net Loss: RMB11.1 million for Q1 2026. Drone Delivery Order Volume Growth: 157% quarter-over-quarter. Warning! GuruFocus has detected 4 Warning Sign with FLX. Is FLX fairly valued? Test your thesis with our free DCF calculator. Release Date: May 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. BingEx Ltd (NASDAQ:FLX) achieved a significant milestone by entering the low-altitude logistics sector, with drone delivery order volume growing 157% quarter-over-quarter. The company fulfilled 57.9 million orders in the first quarter, demonstrating resilience in a competitive market. Average delivery time improved to 25.7 minutes, enhancing user experience and service efficiency. BingEx Ltd (NASDAQ:FLX) maintained a healthy financial position with cash and cash equivalents totaling RMB859.1 million. The company successfully integrated AI into its operations, improving organizational efficiency and reducing costs. Total revenues for the first quarter decreased to RMB935.3 million from RMB960.8 million in the same period of 2025, primarily due to intensifying market competition. Gross profit margin declined to 11.3% from 13.2% in the same period of 2025. Non-GAAP net loss was RMB11.1 million compared to non-GAAP net income of RMB49.6 million in the same period of 2025. The company faces challenges from a dynamic market environment and intensifying industry competition. Despite improvements, the year-over-year decline in revenue indicates potential difficulties in maintaining growth momentum. Q: Could you please share our first-quarter order volume and ASP trends broken down by 2B and 2C segments? Given this year's deceleration in order volume growth with the food delivery sector, coupled with an increase in AOV, how should we interpret the implications of this trend for premium service providers like us? A: In the first-quarter, FlashEx fulfilled 57.9 million orders, maintaining solid performance amid intensifying industry competition. Our average delivery time improved to 25.7 minutes, and our registered rider base reached 3.1 million. The cake category order volume exceeded 15.4 million, achieving year-over-year growth, while electronics order volume grew 15.9% year-over-year. Overall, KA merchants GMV contribution improved steadily, and ASP held at a stable elevated level. The broader return to rational competition is positive for FlashEx, as we focus on high-value merchants and emerging areas like AI and low-altitude logistics to reinforce our competitive advantage. Luke Tang, CFO Q: We have recently noted reports that we have received investment from Hangzhou State Capital to expand into the low-altitude economy sector. Could you please outline the strategic direction, specific application scenarios, and current progress of this initiative? A: FlashEx sees low-altitude logistics as a meaningful extension of our existing business. We are exploring a new logistic model combining aerial transportation with ground-based delivery. Our drone delivery initiative has entered commercial operations with five takeoff and landing sites and 14 delivery routes. In the first-quarter, drone delivery order volume grew 157% quarter-over-quarter. The commercial model has been preliminarily validated, achieving delivery times 20% to 30% faster than traditional services. Adam Xue, CEO Q: How has the integration of AI impacted your operational efficiency and financial performance? A: The integration of AI has significantly enhanced our organizational efficiency, contributing to an increase in operating margin. AI tools have reduced the headcount required for customer service and shortened the time needed to test and launch new service scenarios. The onboarding process for new partners has been fully automated, reducing integration timelines. These efficiency gains are delivering ongoing value across multiple operational functions. Luke Tang, CFO Q: Can you elaborate on the strategic priorities for FlashEx in the coming quarters? A: Our strategic priorities include deepening the application of AI to improve organizational efficiency, accelerating the expansion and commercialization of low-altitude logistics, and strengthening high-value merchant services and user scenario coverage. We aim to drive further improvements in our order mix and maintain our competitive advantage through operational efficiency and service quality. Adam Xue, CEO Q: What are the key factors contributing to the resilience of FlashEx's business model amid a dynamic market environment? A: The resilience of our business model is demonstrated by our stable performance in fulfilling 57.9 million orders in the first-quarter. Our focus on operational efficiency, business innovation, and strategic partnerships, such as the one with Hangzhou Low-altitude Industry Development, has strengthened our position. Our commitment to high-quality service and technological advancement continues to support our growth and competitive edge. Adam Xue, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in BingEx Limited? Here are five stocks we like better. Revenue dipped slightly in Q1 2026 to RMB 935.3 million from RMB 960.8 million a year earlier as BingEx faced tougher competition in China’s on-demand delivery market. Gross profit and margin also declined, though operating income remained slightly positive. AI is becoming a major efficiency driver for FlashEx, with management saying it has sped up customer service, merchant onboarding and product launches. Operating expenses fell 18.7% year over year as the company used AI to streamline operations. Drone delivery and platform integrations are scaling up, with FlashEx launching 14 drone routes, completing roughly 3,500 paid orders by the end of April, and expanding access through open APIs, HarmonyOS integration and AI-agent compatibility. Hooker Furnishings Discount To Book, A Value Play? BingEx (NASDAQ:FLX), which operates under the FlashEx brand, reported first-quarter 2026 revenue of RMB 935.3 million, down from RMB 960.8 million a year earlier, as management cited intensifying market competition in China’s on-demand delivery industry. Founder, Chairman and Chief Executive Officer Adam Xue said the company delivered “a stable performance amid a dynamic market environment,” fulfilling 57.9 million orders during the quarter. FlashEx had 3.1 million registered riders at quarter-end, and its average delivery time improved to 25.7 minutes. → CAVA Group’s Stock Looks Delicious After Strong Earnings The company reported gross profit of RMB 105.8 million, compared with RMB 126.7 million in the same period of 2025. Gross margin fell to 11.3% from 13.2% a year earlier. Chief Financial Officer Le Tang said cost of revenues declined to RMB 829.5 million from RMB 834.1 million, broadly in line with the revenue decrease. FlashEx reported total operating expenses of RMB 94.8 million in the first quarter, down 18.7% from RMB 116.7 million in the prior-year period. The company recorded RMB 38.5 million in selling and marketing expenses, RMB 39.9 million in general and administrative expenses and RMB 16.5 million in research and development expenses. → SpaceX IPO: Opportunity? Or the Ultimate Hype Trade? Income from operations was RMB 11 million, compared with RMB 10 million a year earlier, lifting operating margin to 1.2% from 1.0%. Non-GAAP income from operations was RMB 21.6 million, down from RMB 26.6 million in the first quarter of 2025. Non-GAAP net loss was RMB 11.1 million, compared with non-GAAP net income of RMB 49.6 million in the year-ago period. As of March 31, 2026, FlashEx held cash and cash equivalents, restricted cash and short-term investments totaling RMB 859.1 million. → 2 Software Stocks Turning AI Fears Into Fundamental Gains Tang said the company has used AI to improve organizational efficiency and optimize operations. Xue said AI tools are increasingly acting as “systematic efficiency drivers” across the organization, including customer service, partner onboarding and research and development. According to Xue, AI can now independently handle a majority of routine complaint types, while the time needed to test and launch new service scenarios has been reduced from roughly two months to one to two weeks. He added that new partner onboarding timelines have fallen from more than a week to under one day through AI agents. Management said FlashEx continued to execute a tiered merchant management strategy during the quarter, focusing on service response efficiency and resource allocation. Xue said cake and flower merchants remain among the company’s more predictable revenue sources because of stable and recurring delivery demand. Order volume from the cake category exceeded 15.4 million in the quarter and grew year over year despite what Xue described as a high comparison base. He said FlashEx has upgraded delivery box designs, improved shock resistance standards and strengthened rider handling protocols to support fulfillment quality in the category. Electronics delivery order volume rose 15.9% year over year, which Xue described as an important driver of order mix improvement. He said companies in automotive services, premium retail and consumer electronics have incorporated FlashEx into their standard fulfillment channels. In response to an analyst question from Sifan Jiang of CICC, Tang said key account merchant gross merchandise value contribution improved steadily year over year, while average selling price held at a “relatively stable, elevated level.” Tang also said individual user orders remained steady across assisted purchasing, parcel pickup, food pickup, gift delivery and luggage delivery. Xue highlighted several technology initiatives during the call, including the company’s April open-sourcing of its core command line interface tool. He said FlashEx became the first company in the intra-city on-demand delivery industry to do so. The tool allows merchants to integrate FlashEx delivery services with point-of-sale or order management systems, and developers and enterprise clients can use it to place orders, request pricing and track shipments. Xue said leading AI agents, including Claude Code, Codex and Cursor, can invoke FlashEx services through the interface. The initial open-source release supports four functions: price inquiry, order placement, order tracking and order cancellation. Xue said the company plans to continue expanding the tool’s capabilities. FlashEx also completed quick app integration with Huawei’s HarmonyOS ecosystem, enabling users to initiate delivery requests through conversational interactions on devices without opening the FlashEx app. Xue said the company has fully opened its API interface to support major AI platforms in invoking order placement capabilities through standardized integrations. Management devoted significant attention to FlashEx’s low-altitude logistics strategy. Xue said wholly owned subsidiaries of FlashEx entered into a strategic investment partnership with Hangzhou Low-Altitude Industry Development, making the company one of the first on-demand courier providers in Hangzhou’s low-altitude economy sector to receive strategic institutional backing. Xue said low-altitude logistics is a strategic priority for technological advancement and long-term business expansion. FlashEx is working to combine aerial transportation with ground-based last-mile fulfillment, creating what management described as an air-ground logistics model. The company has established five takeoff and landing sites and launched 14 drone delivery routes covering districts including Yuhang, Shangcheng and Gongshu. First-quarter drone delivery order volume grew 157% quarter over quarter. As of the end of April, the project had completed approximately 3,500 paid orders and nearly 2,900 drone flights while maintaining a 100% safety record, according to management. Xue said the company’s Air FlashEx service has achieved delivery times approximately 20% to 30% faster than traditional ground-based delivery under normal operating conditions. He said drone delivery is particularly relevant for high-value and time-sensitive categories such as cakes, fresh flowers, premium retail and consumer electronics, as well as routes affected by cross-district travel, rivers, hills or heavy traffic congestion. Looking ahead, Xue said FlashEx will focus on three strategic priorities: deepening the use of AI across internal operations, accelerating low-altitude logistics commercialization and strengthening high-value merchant services and user scenario coverage. Tang said the company remains committed to disciplined execution, expense control and service quality. He said FlashEx aims to refine its cost structure, improve margins and pursue business innovation while maintaining prudent financial management. BingEx Limited, through its subsidiaries, provides on-demand courier services under the FlashEx brand name in the People's Republic of China. The company offers Flash-Riders as service providers. It serves individual and business customers, including local retailers, restaurants, and logistics players through its mobile platform and website. The company was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BingEx Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.