BingEx (FLX) financial statements

Industrials · Integrated Freight & Logistics · Market cap $105M

BingEx reported revenue of 4.0B CNY in fiscal 2025, down 0.1% a year over 3 years.

Net income was 109M CNY and the operating margin 1.2%, against -5.1% in 2022.

Free cash flow was 99M CNY, and the company returned 55M CNY in net buybacks.

The diluted share count rose 190% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-202462022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from BingEx's 10-K filings with the SEC.

Fiscal year2022202320242025
Revenue4.0B CNY4.5B CNY4.5B CNY4.0B CNY
Cost of revenue3.7B CNY4.1B CNY4.0B CNY3.5B CNY
Gross profit259M CNY395M CNY491M CNY469M CNY
Research and development119M CNY91M CNY144M CNY84M CNY
Selling, general and admin343M CNY293M CNY372M CNY338M CNY
Operating income-202M CNY11M CNY-26M CNY46M CNY
Pre-tax income-180M CNY110M CNY-146M CNY110M CNY
Income tax——69,000 CNY277,000 CNY
Net income-180M CNY110M CNY-146M CNY109M CNY
EPS (diluted)—-0.50 CNY-2.51 CNY0.52 CNY
Diluted shares72M72M104M209M
Gross margin6.5%8.7%11.0%11.8%
Operating margin-5.1%0.2%-0.6%1.2%
Net margin-4.5%2.4%-3.3%2.7%

Balance sheet

Fiscal years, in CNY, from BingEx's 10-K filings with the SEC.

Fiscal year2022202320242025
Cash and short-term investments622M CNY850M CNY746M CNY951M CNY
Receivables—12M CNY17M CNY37M CNY
Total current assets—920M CNY858M CNY1.0B CNY
Property, plant and equipment—6M CNY4M CNY2M CNY
Total assets—1.0B CNY1.2B CNY1.3B CNY
Total current liabilities—653M CNY459M CNY440M CNY
Total liabilities—699M CNY488M CNY453M CNY
Shareholders' equity-2.4B CNY-2.4B CNY747M CNY835M CNY
Net debt-622M CNY-699M CNY-592M CNY-561M CNY

Cash flow

Fiscal years, in CNY, from BingEx's 10-K filings with the SEC.

Fiscal year2022202320242025
Operating cash flow-87M CNY46M CNY2M CNY99M CNY
Capital spending3M CNY3M CNY1M CNY131,000 CNY
Free cash flow-90M CNY43M CNY1M CNY99M CNY
Stock-based compensation——160M CNY46M CNY
Share buybacks (net)———-55M CNY
Free cash flow margin-2.3%0.9%0.0%2.5%
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Questions

What was BingEx's revenue in 2025?

4.0B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does BingEx generate?

99M CNY in fiscal 2025 (operating cash flow minus capital spending).

From BingEx's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.