BingEx Limited

What they do

BingEx operates an on-demand delivery business in China through its VIE, Beijing Tongcheng Biying Technology Co., Ltd., and its WFOE, Beijing Shansong Technology Co., Ltd. The company offers delivery services ordered through its apps and Mini Programs embedded in third-party social platforms such as Weixin, as well as through an open API integrated with third-party enterprise applications. Revenue is generated from delivery orders, with average price per order defined as total revenues divided by total orders in a period.

Revenue drivers

• On-demand delivery orders — Revenue comes from delivery orders placed via the company's apps, Weixin Mini Programs, and API integrations with third-party enterprise platforms. This is the primary source of the company's total revenue.

Recent performance

Total revenue was $570.9 million in 2025, down from $612.1 million in 2024. Net income was $15.6 million in 2025 compared with a net loss of $20.1 million in 2024. Diluted EPS was $0.07 in 2025. Operating cash flow was $14.2 million in 2025 versus $300,000 in 2024. At December 31, 2025, total assets were $184.2 million, total liabilities were $64.8 million, shareholders' equity was $119.5 million, and cash and equivalents were $80.2 million.

Strategy

The filing describes the business as operating through a VIE structure and reaching users via Mini Programs and API integrations. No specific forward-looking strategic initiatives, investment amounts, or new product plans are detailed in the excerpt.

Risks

• VIE structure risk — The company operates through a variable interest entity, Beijing Tongcheng Biying Technology Co., Ltd., which may create legal and regulatory exposure in China.
• Revenue decline — Total revenue decreased from $612.1 million in 2024 to $570.9 million in 2025, which could pressure profitability.
• Platform dependence — The company reaches users through Mini Programs embedded in third-party social platforms such as Weixin, creating reliance on those platforms' policies and availability.
• Concentration in China — All operations are based in the People's Republic of China, exposing the company to regulatory, economic, and geopolitical risks specific to that jurisdiction.

Outlook

No forward-looking guidance or specific outlook statements from management are included in the excerpt. The filing is an annual report on Form 20-F for the fiscal year ended December 31, 2025. Management's discussion and analysis and prospects are referenced in the table of contents under Item 5, but the provided text does not contain those details.