China's largest flexible staffing platform is heading for an IPO.

In its prospectus, the company divides its operations into two business lines—corresponding precisely to the two platforms, 'Linggong Daka' (Flexible Worker Check-in) and 'Qingtuan She' (Youth Group Society). The first line—comprehensive flexible staffing solutions—is delivered via 'Linggong Daka'. Under this model, the company signs agreements directly with enterprise clients and acts as the principal party, providing end-to-end flexible staffing services. Revenue is recognized on a gross basis; compensation and benefits paid to flexible workers are recorded as cost of sales. Pricing depends on the estimated task duration, baseline labor costs (including expected incentives payable to flexible workers), and the enterprise client’s usage intensity of 'Linggong Daka'. The second line—online recruitment matching services—is powered by 'Qingtuan She'. Here, enterprise clients post task vacancies on the platform; flexible workers apply, generating 'task application lists'. Clients typically make advance payments, and the company recognizes revenue based on the actual number of such lists received—essentially selling candidate leads. Fig./Breakdown of Lingka Technology’s revenue by business line Source/Lingka Technology Prospectus As shown in the chart above, 'Linggong Daka' has been the company’s primary revenue driver, with its share rising sharply year-on-year over the past three years. Specifically, revenue from comprehensive flexible staffing solutions reached RMB 351 million in 2023, accounting for 75.7% of total revenue; it surged to RMB 1.082 billion in 2024 (90.1% share); and further climbed to RMB 2.30 billion in 2025 (94.5% share). In contrast, online recruitment matching services—delivered via 'Qingtuan She'—grew more modestly, from RMB 99 million in 2023 to RMB 130 million in 2025, while their share of total revenue declined from 21.3% to just 5.3%. This divergent trend—one line surging, the other shrinking—reflects a rapid strategic pivot toward B2B comprehensive flexible staffing solutions. Over the reporting period, the company’s total revenue rose from RMB 463 million in 2023 to RMB 2.435 billion in 2025, representing a compound annual growth rate (CAGR) exceeding 120%. Revenue from 'Linggong Daka' alone grew at a CAGR of 156.1%, making it the core engine driving overall growth. Notably, 'Linggong Daka'—now contributing nearly 95% of total revenue—was launched by the company in 2019 as a flexible staffing management platform, initially named 'Linggong Guanjia' (Flexible Worker Manager), later upgraded to 'Linggong Daka'. It was designed to solve a common pain point for chain enterprises: how to centrally manage large numbers of temporary and hourly workers across recruitment, attendance tracking, payroll settlement, and risk control. Previously, enterprises relied on fragmented tools like Excel spreadsheets and WeChat group check-ins—inefficient and difficult to audit. In 2020, 'Linggong Daka' introduced its 'Instant Pay' feature, enabling flexible workers to receive real-time payment upon task completion and clocking out. In 2025, the company embedded its AI Agent 'Xiao Ling' across the entire staffing workflow—including assessments, interviews, check-ins, and quality checks. The shifting revenue structure validates this strategic transformation. In other words, 'Qingtuan She' serves as the traffic and talent-pool entry point—but it is 'Linggong Daka', with its full-service, gross-revenue B2B staffing model, that has truly scaled the company’s revenue.

Flexible staffing accounts for over 95% of revenue! Industry trends revealed in Korn Ferry International’s 2026 semi-annual report.

The digital economy is giving rise to increasingly diverse forms of flexible employment, and market penetration of flexible staffing continues to rise—placing the industry firmly within a structural expansion phase. As China’s first A-share-listed leader in human resources services, Korn Ferry International’s 2026 semi-annual report delivers a balanced performance—demonstrating both stability and growth. Its progress in business structure upgrading, digital and intelligent technology implementation, and global network expansion offers highly instructive insights for the broader flexible staffing sector. Simultaneous growth in revenue and profit In the first half of 2026, Korn Ferry International achieved RMB 8.119 billion in revenue, up 14.75% year-on-year—driven primarily by growth in flexible staffing and mid-to-senior-level talent search businesses. Net profit attributable to shareholders of the listed company amounted to RMB 151 million, up 19.72% year-on-year—outpacing revenue growth by nearly five percentage points. Non-GAAP net profit attributable to shareholders stood at RMB 121 million, soaring 25.81% year-on-year. The company attributes improved profitability to ongoing optimization of its business mix, AI-driven cost reduction and efficiency gains, and the gradual realization of economies of scale—marking a strategic shift from 'scale-driven' to 'efficiency-driven' growth. Flexible staffing remains the absolute core—accounting for over 95% of revenue Korn Ferry International’s revenue comprises flexible staffing, mid-to-senior-level talent search, recruitment process outsourcing (RPO) and contracting services, technical service revenue, and other income. As the company’s largest revenue pillar, flexible staffing generated RMB 7.731 billion in revenue during the reporting period—a 14.77% increase year-on-year—and accounted for 95.22% of total revenue, continuing to provide stable foundational support. Notably, this business has moved beyond traditional, low-value-add position outsourcing. Instead, it is steadily migrating upstream along the value chain. In terms of product composition, the proportion of on-site personnel in technology and R&D roles has risen to 72.21%. Meanwhile, independent consultant and part-time expert service models have achieved strategic breakthroughs—focusing precisely on high-demand, industry-upgrading fields such as SAP implementation, data science, and industrial design. Leveraging its core strengths—efficient global resource linkage and on-demand flexible deployment—this model has become a key lever of the company’s flexible staffing strategy. It should be noted, however, that this business carries a relatively low gross margin of only 4.11%, typifying a low-margin, scale-driven model with inherent working-capital requirements. Operating cash flow for the period stood at -RMB 107 million, which the company attributes primarily to working-capital advances arising from flexible staffing growth—though this represents a 44.41% improvement year-on-year. High-margin businesses emerge as profit engines Capitalizing on opportunities presented by new-quality productive forces, the company has sharpened its focus on high-growth innovation sectors—including artificial intelligence, new energy, biotechnology, semiconductors, autonomous driving, and intelligent manufacturing. It has built a full-stack AI service system, propelling mid-to-senior-level talent search revenue up 23.27% year-on-year to RMB 242 million, with gross margin improving 8.58 percentage points to 37.70%. RPO and contracting service revenue rose 14.82% to RMB 63.1644 million, with gross margin climbing 1.67 percentage points to 42.78%. Both recruitment-related businesses thus demonstrated marked improvements in profitability.

Flexible Solutions Q3FY26 Results: Revenue up 36% YoY to $14.35 million

Oct 19, 2026

Flexible Solutions International reported a 36% YoY revenue increase to $14.35 million for Q3FY26, driven by Panama factory operations and strong ENP division performance. Full financial results are scheduled for release on November 13, 2026.

scanx.trade

2026-10-19

Flexible Solutions Q3FY26 Results: Revenue up 36% YoY to $14.35 million

Flexible Solutions Q3FY26 Results: Revenue up 36% YoY to $14.35 million

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