# EDGAR Filing Document

**Accession Number:** 0001858724
**File Stem:** 0001493152-26-010429
**Filing Date:** 2026-3
**Character Count:** 27166
**Document Hash:** 5664d38b96e70c31ac88a11aaa1d3fd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-010429.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001493152-26-010429

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260317

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BingEx Ltd
- **CENTRAL INDEX KEY:** 0001858724
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING & COURIER SERVICES (NO AIR) [4210]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42291
- **FILM NUMBER:** 26759265

**BUSINESS ADDRESS:**
- **STREET 1:** BLDG 6, ZHONGGUANCUN DONGSHEN INT SCI PK
- **STREET 2:** NO.1 YONGTAIZHUANG NORTH HAIDAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192
- **BUSINESS PHONE:** 861062923966

**MAIL ADDRESS:**
- **STREET 1:** BLDG 6, ZHONGGUANCUN DONGSHEN INT SCI PK
- **STREET 2:** NO.1 YONGTAIZHUANG NORTH HAIDAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of March 2026**

**Commission File Number: 001-42291**

**BingEx Limited**

(Registrant's Name)

**Building 6, Zhongguancun Dongsheng International Science Park**

**No. 1 Yongtaizhuang North Road**

**Haidian District, Beijing 100192**

**People's Republic of China**

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release—BingEx Limited Announces Fourth Quarter and Fiscal Year 2025 Financial Results](ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **BingEx Limited** | **BingEx Limited** |
| By | */s/ Le Tang* |
| Name: | Le Tang |
| Title: | Chief Financial Officer |

---

Date: March 17, 2026

## Exhibit 99.1

**Exhibit 99.1**

**BingEx Limited Announces Fourth Quarter and Fiscal Year 2025 Financial Results**

**Beijing, China, March 17, 2026** – 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 fourth quarter and fiscal year ended December 31, 2025.

**Fourth Quarter and Fiscal Year 2025 Highlights:**

● **Revenues** were RMB1,001.3 million (US$143.2 million) in the fourth quarter of 2025, compared with RMB1,028.9 million in the same period of 2024. For the year ended December 31, 2025, revenues were RMB3,992.1 million (US$570.9 million), compared to RMB4,468.2 million in 2024.

● **Gross profit** was RMB107.9 million (US$15.4 million) in the fourth quarter of 2025, compared with RMB102.9 million in the same period of 2024. Gross profit margin was 10.8%, improving from 10.0% in the same period of 2024. For the year ended December 31, 2025, gross profit was RMB469.1 million (US$67.1 million), compared with RMB490.6 million in 2024. Gross profit margin was 11.8%, improving from 11.0% in 2024.

● **Income from operations** was RMB2.9 million (US$0.4 million) in the fourth quarter of 2025, compared with a loss from operations of RMB152.7 million in the same period of 2024. For the year ended December 31, 2025, income from operations was RMB46.3 million (US$6.6 million), compared with a loss from operations of RMB25.8 million in 2024.

● **Non-GAAP income from operations<sup>1</sup>** was RMB10.5 million (US$1.5 million) in the fourth quarter of 2025, compared with RMB7.3 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP income from operations was RMB92.7 million (US$13.3 million), compared with RMB134.3 million in 2024.

● **Net income** was RMB22.5 million (US$3.2 million) in the fourth quarter of 2025, compared with a net loss of RMB294.0 million in the same period of 2024. For the year ended December 31, 2025, net income was RMB109.4 million (US$15.6 million), compared with a net loss of RMB146.5 million in 2024.

● **Non-GAAP net income<sup>1</sup>** was RMB41.6 million (US$5.9 million) in the fourth quarter of 2025, compared with RMB20.1 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP net income was RMB199.4 million (US$28.5 million), compared with RMB201.3 million in 2024.

● **Net income attributable to ordinary shareholders** was RMB22.5 million (US$3.2 million) in the fourth quarter of 2025, compared with a net loss attributable to ordinary shareholders of RMB296.8 million in the same period of 2024. For the year ended December 31, 2025, net income attributable to ordinary shareholders was RMB109.4 million (US$15.6 million), compared with a net loss attributable to ordinary shareholders of RMB260.1 million in 2024.

● **Non-GAAP net income attributable to ordinary shareholders<sup>1</sup>** was RMB41.6 million (US$5.9 million) in the fourth quarter of 2025, compared with RMB17.2 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP net income attributable to ordinary shareholders was RMB199.4 million (US$28.5 million), compared with RMB87.6 million in 2024.

● **The number of orders fulfilled** was 63.2 million in the fourth quarter of 2025. For the year ended December 31, 2025, total fulfilled orders amounted to 249.2 million.

Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, "In 2025, we remained focused on strengthening FlashEx by improving service quality and expanding the scenarios in which our services can create value. At the same time, we actively embraced AI technologies to enhance efficiency across customer service, operations, and product development. As we enter 2026, we will continue to strengthen our signature on-demand dedicated courier business while accelerating the application of AI across our platform, from intelligent dispatching to AI-enabled service management and user interaction. We are also exploring new opportunities in emerging logistics infrastructure, including low-altitude delivery. As the low-altitude economy develops, drone-enabled logistics has the potential to complement our rider network in complex urban and longer-distance scenarios. Through continued technological innovation and disciplined execution, we believe FlashEx is well positioned to capture new market opportunities and drive sustainable growth."

<sup>1</sup> 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."

Mr. Luke Tang, Chief Financial Officer of FlashEx, said, "Throughout 2025, our differentiated, on-demand dedicated courier model and sharp focus on operational efficiency enabled us to maintain stable performance despite intense industry competition. For the full year, we reported net income of RMB109.4 million and non-GAAP net income of RMB199.4 million, marking our third consecutive year of non-GAAP profitability. We closed the year with a robust cash balance of RMB951.6 million. As of March 16, 2026, we have repurchased US$9.2 million of our shares. Our Board has also approved a one-year extension of the existing US$30.0 million share repurchase program. Looking ahead, we will continue to enhance the user experience, support our rider community, and strengthen operational excellence."

**Fourth Quarter 2025 Financial Results** 

**Revenues** were RMB1,001.3 million (US$143.2 million) in the fourth quarter of 2025, compared with RMB1,028.9 million in the same period of 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition.

**Cost of revenues** was RMB893.4 million (US$127.8 million), compared with RMB926.0 million in the same period of 2024. The decrease was in line with the decline in revenues.

**Gross profit** was RMB107.9 million (US$15.4 million), compared with RMB102.9 million in the same period of 2024. Gross profit margin was 10.8%, compared with 10.0% in the same period of 2024.

**Total operating expenses** were RMB105.0 million (US$15.0 million), representing a decrease of 58.9% from RMB255.6 million in the same period of 2024. The decrease was primarily attributable to the immediate recognition of accumulated share-based compensation expenses in the fourth quarter of 2024.

**Selling and marketing expenses** were RMB52.0 million (US$7.4 million), representing a decrease of 42.4% from RMB90.3 million in the same period of 2024.

**General and administrative expenses** were RMB35.0 million (US$5.0 million), representing a decrease of 58.8% from RMB85.0 million in the same period of 2024.

**Research and development expenses** were RMB18.0 million (US$2.6 million), representing a decrease of 77.6% from RMB80.4 million in the same period of 2024.

**Income from operations** was RMB2.9 million (US$0.4 million), compared with a loss from operations of RMB152.7 million in the same period of 2024.

**Non-GAAP income from operations<sup>1</sup>** was RMB10.5 million (US$1.5 million), compared with RMB7.3 million in the same period of 2024.

**Changes in fair value of long-term investments** were RMB11.5 million (US$1.6 million), representing a decrease of 92.5% compared with RMB154.0 million in the same period of 2024. The decrease was primarily attributable to the reduction in losses from the fair value measurement of long-term investments.

**Investment income** was RMB27.8 million (US$4.0 million), compared with RMB0.8 million in the same period of 2024, reflecting an increase in the fair value of short-term investments and realized gain from long-term investments.

**Net income** was RMB22.5 million (US$3.2 million), compared with a net loss of RMB294.0 million in the same period of 2024.

**Non-GAAP net income<sup>1</sup>** was RMB41.6 million (US$5.9 million), compared with RMB20.1 million in the same period of 2024.

**Net income attributable to ordinary shareholders** was RMB22.5 million (US$3.2 million), compared with a net loss attributable to ordinary shareholders of RMB296.8 million in the same period of 2024.

**Non-GAAP net income attributable to ordinary shareholders<sup>1</sup>** was RMB41.6 million (US$5.9 million), compared with RMB17.2 million in the same period of 2024.

**Basic net earnings per ordinary share** was RMB0.11 (US$0.02).

**Diluted net earnings per ordinary share** was RMB0.11 (US$0.02).

**Fiscal Year 2025 Financial Results**

**Revenues** were RMB3,992.1 million (US$570.9 million) in 2025, compared with RMB4,468.2 million in 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition.

**Cost of revenues** was RMB3,523.0 million (US$503.8 million), compared with RMB3,977.6 million in 2024. The decrease was in line with the decline in revenues.

**Gross profit** was RMB469.1 million (US$67.1 million), compared with RMB490.6 million in 2024. Gross profit margin was 11.8%, compared with 11.0% in 2024.

**Total operating expenses** were RMB422.8 million (US$60.5 million), representing a decrease of 18.1% from RMB516.3 million in 2024.

**Selling and marketing expenses** were RMB192.4 million (US$27.5 million), representing a decrease of 14.1% from RMB223.9 million in 2024. The decrease was primarily attributable to a reduction in share-based compensation expenses.

**General and administrative expenses** were RMB145.9 million (US$20.9 million), remaining stable compared with RMB148.5 million in 2024.

**Research and development expenses** were RMB84.5 million (US$12.1 million), representing a decrease of 41.3% from RMB143.9 million in 2024. The decrease was primarily attributable to the reduction in share-based compensation expenses and staff costs.

**Income from operations** was RMB46.3 million (US$6.6 million), compared with a loss from operations of RMB25.8 million in 2024.

**Non-GAAP income from operations<sup>1</sup>** was RMB92.7 million (US$13.3 million), compared with RMB134.3 million in 2024.

**Changes in fair value of long-term investments** were RMB43.5 million (US$6.2 million), representing a decrease of 76.8% compared with RMB187.7 million in 2024. The decrease was primarily attributable to the reduction in losses from the fair value measurement of long-term investments.

**Investment income** was RMB79.0 million (US$11.3 million), compared with RMB4.2 million in 2024, reflecting an increase in the fair value of short-term investments and realized gain from long-term investments.

**Net income** was RMB109.4 million (US$15.6 million), compared with a net loss of RMB146.5 million in 2024.

**Non-GAAP net income<sup>1</sup>** was RMB199.4 million (US$28.5 million), compared with RMB201.3 million in 2024.

**Net income attributable to ordinary shareholders** was RMB109.4 million (US$15.6 million), compared with a net loss attributable to ordinary shareholders of RMB260.1 million in 2024.

**Non-GAAP net income attributable to ordinary shareholders<sup>1</sup>** was RMB199.4 million (US$28.5 million), compared with RMB87.6 million in 2024.

**Basic net earnings per ordinary share** was RMB0.53 (US$0.08).

**Diluted net earnings per ordinary share** was RMB0.52 (US$0.07).

As of December 31, 2025, **cash and cash equivalents**, **restricted cash** and **short-term investments** were RMB951.6 million (US$136.1 million).

**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 March 16, 2026, the Company had repurchased a total of approximately 2.8 million ADSs in the open market with cash for an aggregate consideration of approximately US$9.2 million.

**Conference Call**

The Company will host an earnings conference call on Tuesday, March 17, 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:

<u>https://register-conf.media-server.com/register/BI3cb69ece9b4c43c3bcabef4fd367742d</u>

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 <u>http://ir.ishansong.com</u>, 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: <u>http://ir.ishansong.com</u>.

**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 (loss) 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 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 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 RMB6.9931 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 December 31, 2025.

**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 Limited

Investor Relations

E-mail: <u>ir@ishansong.com</u>

Piacente Financial Communications

Helen Wu

Tel: +86-10-6508-0677

E-mail: <u>FlashEx@thepiacentegroup.com</u>

**In the United States:**

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: <u>FlashEx@thepiacentegroup.com</u>

**BINGEX LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

(Amounts in thousands, except for number of shares and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | | **December 31,** | **December 31,** |
|  | **December 31,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 592358 | 561127 | 80240 |
| Restricted cash | 46735 | 91 | 13 |
| Short-term investments | 153910 | 390353 | 55820 |
| Accounts receivable | 16893 | 36726 | 5252 |
| Prepayments and other current assets | 48553 | 45665 | 6529 |
| **Total current assets** | **858449** | **1033962** | **147854** |
| **Non-current assets** |  |  |  |
| Long-term investments | 324110 | 224404 | 32089 |
| Property and equipment, net | 3687 | 1941 | 278 |
| Operating lease right-of-use assets | 44577 | 25087 | 3587 |
| Other non-current assets | 4600 | 3062 | 438 |
| **Total non-current assets** | **376974** | **254494** | **36392** |
| **Total assets** | **1235423** | **1288456** | **184246** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 223391 | 224090 | 32044 |
| Deferred revenue | 56768 | 60541 | 8657 |
| Operating lease liabilities, current | 13091 | 9728 | 1391 |
| Accrued expenses and other current liabilities | 165714 | 145791 | 20848 |
| **Total current liabilities** | **458964** | **440150** | **62940** |
| **Non-current liabilities** |  |  |  |
| Operating lease liabilities, non-current | 29395 | 12879 | 1842 |
| **Total non-current liabilities** | **29395** | **12879** | **1842** |
| **Total liabilities** | **488359** | **453029** | **64782** |
| **Shareholders' equity** | **747064** | **835427** | **119464** |
| **Total liabilities and shareholders' equity** | **1235423** | **1288456** | **184246** |

---

**BINGEX LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(Amounts in thousands, except for number of shares and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| Revenues | 1028877 | 1001305 | 143185 | 4468161 | 3992067 | 570858 |
| Cost of revenues | (925962) | (893378) | (127751) | (3977598) | (3522968) | (503778) |
| **Gross Profit** | **102915** | **107927** | **15434** | **490563** | **469099** | **67080** |
| **Operating expenses:** |  |  |  |  |  |  |
| Selling and marketing expenses | (90266) | (51954) | (7429) | (223935) | (192400) | (27513) |
| General and administrative expenses | (84986) | (35027) | (5009) | (148549) | (145925) | (20867) |
| Research and development expenses | (80379) | (18044) | (2580) | (143856) | (84473) | (12079) |
| **Total operating expenses** | **(255631)** | **(105025)** | **(15018)** | **(516340)** | **(422798)** | **(60459)** |
| **Income (loss) from operations** | **(152716)** | **2902** | **416** | **(25777)** | **46301** | **6621** |
| Interest income | 4681 | 3498 | 500 | 21216 | 14278 | 2042 |
| Changes in fair value of long-term investments | (154039) | (11517) | (1647) | (187725) | (43526) | (6224) |
| Investment income | 762 | 27758 | 3969 | 4203 | 79008 | 11298 |
| Other income | 7321 | 20 | 3 | 41672 | 13645 | 1951 |
| **Income (loss) before income taxes** | **(293991)** | **22661** | **3241** | **(146411)** | **109706** | **15688** |
| Income tax expense | (1) | (202) | (29) | (69) | (277) | (40) |
| **Net income (loss)** | **(293992)** | **22459** | **3212** | **(146480)** | **109429** | **15648** |
| Accretion of redeemable convertible preferred shares to redemption value | (2831) | - | - | (113658) | - | - |
| **Net income (loss) attributable to ordinary shareholders** | **(296823)** | **22459** | **3212** | **(260138)** | **109429** | **15648** |
| Net earnings (loss) per ordinary share |  |  |  |  |  |  |
| – Basic | (1.49) | 0.11 | 0.02 | (2.51) | 0.53 | 0.08 |
| – Diluted | (1.49) | 0.11 | 0.02 | (2.51) | 0.52 | 0.07 |
| **Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share** |  |  |  |  |  |  |
| – Basic | 199130925 | 204828855 | 204828855 | 103695655 | 207133005 | 207133005 |
| – Diluted | 199130925 | 206213466 | 206213466 | 103695655 | 208554152 | 208554152 |

---

**BINGEX LIMITED**

**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS**

(Amounts in thousands, except for number of shares and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Income (loss) from operations** | (152716) | 2902 | 416 | (25777) | 46301 | 6621 |
| Add: Share-based compensation expenses | 160027 | 7595 | 1086 | 160027 | 46430 | 6639 |
| **Non-GAAP income from operations** | **7311** | **10497** | **1502** | **134250** | **92731** | **13260** |
| **Operating margin** | **-14.8%** | **0.3%** |  | **-0.6%** | **1.2%** |  |
| Add: Share-based compensation expenses as a percentage of revenues | 15.6% | 0.8% |  | 3.6% | 1.2% |  |
| **Non-GAAP operating margin** | **0.8%** | **1.1%** |  | **3.0%** | **2.4%** |  |
| **Net income (loss)** | **(293992)** | **22459** | **3212** | **(146480)** | **109429** | **15648** |
| Add: Changes in fair value of long-term investments | 154039 | 11517 | 1647 | 187725 | 43526 | 6224 |
| Add: Share-based compensation expenses | 160027 | 7595 | 1086 | 160027 | 46430 | 6639 |
| **Non-GAAP net income** | **20074** | **41571** | **5945** | **201272** | **199385** | **28511** |
| **Net income (loss) margin** | **-28.6%** | **2.2%** |  | **-3.3%** | **2.7%** |  |
| Add: Changes in fair value of long-term investments as a percentage of revenues | 15.0% | 1.2% |  | 4.2% | 1.1% |  |
| Add: Share-based compensation expenses as a percentage of revenues | 15.6% | 0.8% |  | 3.6% | 1.2% |  |
| **Non-GAAP net income margin** | **2.0%** | **4.2%** |  | **4.5%** | **5.0%** |  |
| **Net income (loss) attributable to ordinary shareholders** | **(296823)** | **22459** | **3212** | **(260138)** | **109429** | **15648** |
| Add: Changes in fair value of long-term investments | 154039 | 11517 | 1647 | 187725 | 43526 | 6224 |
| Add: Share-based compensation expenses | 160027 | 7595 | 1086 | 160027 | 46430 | 6639 |
| **Non-GAAP net income attributable to ordinary shareholders** | **17243** | **41571** | **5945** | **87614** | **199385** | **28511** |

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