BingEx Limited Shares Insight on Financial Performance for 2024

Author: Thomas Cooper Updated: 03-12-2025 05:27 AM

BingEx Limited Reports Financial Results for 2024

BingEx Limited (NASDAQ: FLX), known for its exceptional on-demand courier services, recently released its unaudited financial results for the year ended December 31, 2024. This report reveals both challenges and achievements that highlight the company’s steadfast growth trajectory in the competitive logistics market.

2024 Financial Highlights

In the fourth quarter of 2024, BingEx achieved total revenues of RMB1,028.9 million (approximately US$141.0 million), which represents a decrease from RMB1,212.3 million during the same period in 2023. However, the annual revenue figures show that for the complete year, BingEx generated revenues of RMB4,468.2 million (around US$612.1 million), albeit down slightly from RMB4,528.8 million in 2023.

Profit Margins and Operational Efficiency

The gross profit for the fourth quarter reached RMB102.9 million (about US$14.1 million), with a gross profit margin of 10.0%, improving from 8.6% in Q4 2023. This margin increase is promising given the operational adjustments in response to heightened competition.

Operational Challenges and Losses

Despite these improvements, BingEx reported a net loss of RMB294.0 million (approximately US$40.3 million) in the fourth quarter, reflecting the pressures of market dynamics. For the entire fiscal year, the net loss amounted to RMB146.5 million (around US$20.1 million).

Innovations Driving Growth

CEO Adam Xue emphasized the significant operational advancements in 2024, achieving 277.2 million fulfilled orders, up 2.4% year-over-year. The company’s unique dedicated courier model continues to solidify its market presence across 295 cities in China. The array of innovative solutions introduced in 2024 aligns with BingEx’s goal to enhance delivery processes, ensuring exceptional service quality.

Financial Management and Share Buyback Initiative

CFO Luke Tang remarked on the company's enhanced operational efficiency, which resulted in a gross profit increase of 24.3% from 2023. The board has also authorized a share repurchase program of up to US$30.0 million, aimed at reinforcing shareholder value throughout 2025.

Future Vision and Strategy

BingEx Limited is resolute in its mission. The company is strategically positioned to leverage its strengths within the dedicated courier industry while incorporating advanced technologies. These initiatives will foster resilience and adaptability amid the evolving logistics landscape.

Frequently Asked Questions

What financial results did BingEx report for 2024?

BingEx Limited reported RMB4,468.2 million in annual revenue and a net loss of RMB146.5 million for 2024.

How did BingEx's gross profit margins change in 2024?

The gross profit margin improved to 10.0% in Q4 2024, a notable increase from 8.6% during the same quarter in 2023.

What were the operational efficiencies achieved by BingEx?

The company's operational efficiencies led to a 24.3% increase in gross profit compared to the previous year, with a significant rise in average gross profit per order.

What strategic plans does BingEx have for future growth?

BingEx plans to enhance its market presence by leveraging its unique courier model and integrating advanced technologies to improve service delivery.

Is BingEx initiating any shareholder value programs?

Yes, BingEx's board approved a share repurchase program, allowing the company to buy back shares worth up to US$30.0 million during 2025.

About The Author

Hello, I'm Thomas Cooper, a financial expert and writer passionate about helping people understand and navigate the financial world. Having a solid financial background and a lot of experience, my area of expertise is simplifying difficult financial ideas into useful, understandable guidance. My goal with my writings and blog entries is to provide you the information and resources you need to make wise financial choices.

I am thrilled to contribute my ideas and engage with a lively investor community at Investors Hangout, where I recently joined the team. My mission is to make finance interesting and approachable so you may take charge of your financial future. I appreciate you coming along on this path to success and financial knowledge.

Contact Thomas Cooper privately here. Or send an email with ATTN: Thomas Cooper as the subject to contact@investorshangout.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.