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BingEx Limited (NASDAQ: FLX), China’s leading on-demand courier service provider, has released its Q2 2025 financial scorecard. While the company reported revenues of RMB1,024.6 million (US$143.0 million), a slight dip from RMB1,176.7 million in Q2 2024, sharp-eyed investors noted a silver lining: the gross profit margin rose to a healthy 12.0%, up from 10.8% year-over-year.
Net income landed at RMB53.5 million (US$7.5 million), a tick below the RMB59.1 million of Q2 2024. However, BingEx managed to fulfill a staggering 64.8 million orders during the quarter. Adding fuel to the fire, the company has been actively buying back its own stock, scooping up approximately 0.8 million ADSs for US$2.6 million under its US$30 million share repurchase program, initiated in March 2025 – a clear signal of confidence in its long-term valuation.
BingEx Limited (NASDAQ: FLX), principale fornitore cinese di servizi di corriere on‑demand, ha comunicato i risultati finanziari del 2° trimestre 2025. I ricavi si sono attestati a RMB1.024,6 milioni (US$143,0 milioni), in calo rispetto ai RMB1.176,7 milioni del 2° trimestre 2024. Nonostante la flessione dei ricavi, il margine lordo è migliorato, salendo al 12,0% rispetto al 10,8% anno su anno.
L’utile netto è stato di RMB53,5 milioni (US$7,5 milioni), rispetto a RMB59,1 milioni nel 2° trimestre 2024. Nel trimestre l’azienda ha evaso 64,8 milioni di ordini. Inoltre, BingEx ha riacquistato circa 0,8 milioni di ADS per US$2,6 milioni nell’ambito del programma di buyback da US$30 milioni avviato a marzo 2025.
BingEx Limited (NASDAQ: FLX), el principal proveedor chino de servicios de mensajería bajo demanda, presentó sus resultados financieros del 2T 2025. Los ingresos fueron de RMB1.024,6 millones (US$143,0 millones), inferiores a los RMB1.176,7 millones del 2T 2024. A pesar de la caída de ingresos, el margen bruto mejoró hasta el 12,0% desde el 10,8% interanual.
El resultado neto alcanzó RMB53,5 millones (US$7,5 millones), frente a RMB59,1 millones en el 2T 2024. La compañía atendió 64,8 millones de pedidos durante el trimestre. Adicionalmente, BingEx recompró aproximadamente 0,8 millones de ADS por US$2,6 millones dentro de su programa de recompra de acciones de US$30 millones iniciado en marzo de 2025.
BingEx Limited (NASDAQ: FLX), 중국의 선도적인 온디맨드 택배 서비스 제공업체가 2025년 2분기 실적을 발표했습니다. 매출은 RMB1,024.6백만(미화 1억4,300만 달러)로 2024년 2분기의 RMB1,176.7백만에서 감소했습니다. 매출이 줄었음에도 불구하고 총이익률은 전년 동기 10.8%에서 12.0%로 개선되었습니다.
순이익은 RMB53.5백만(미화 750만 달러)으로 2024년 2분기의 RMB59.1백만과 비교됩니다. 분기 동안 회사는 6,480만 건의 주문을 처리했습니다. 또한 BingEx는 2025년 3월 시작된 미화 3,000만 달러 규모의 자사주 매입 프로그램 하에서 약 80만 ADS를 미화 260만 달러에 재매입했습니다.
BingEx Limited (NASDAQ: FLX), principal prestataire chinois de services de livraison à la demande, a publié ses résultats du 2e trimestre 2025. Les revenus se sont établis à RMB1 024,6 millions (143,0 M$), en baisse par rapport à RMB1 176,7 millions au 2T 2024. Malgré la baisse du chiffre d’affaires, la marge brute s’est améliorée, passant de 10,8% à 12,0%.
Le résultat net s’est élevé à RMB53,5 millions (7,5 M$), contre RMB59,1 millions au 2T 2024. La société a traité 64,8 millions de commandes au cours du trimestre. Par ailleurs, BingEx a racheté environ 0,8 million d’ADS pour 2,6 M$ dans le cadre de son programme de rachat d’actions de 30 M$ lancé en mars 2025.
BingEx Limited (NASDAQ: FLX), Chinas führender Anbieter von On‑Demand-Kurierdiensten, legte seine Finanzergebnisse für das 2. Quartal 2025 vor. Die Umsätze beliefen sich auf RMB1.024,6 Mio. (US$143,0 Mio.) und lagen damit unter den RMB1.176,7 Mio. aus dem 2. Quartal 2024. Trotz rückläufiger Umsätze verbesserte sich die Bruttomarge von 10,8% auf 12,0%.
Der Nettogewinn betrug RMB53,5 Mio. (US$7,5 Mio.) gegenüber RMB59,1 Mio. im 2. Quartal 2024. Im Quartal wurden 64,8 Millionen Bestellungen erfüllt. Zudem hat BingEx im Rahmen seines im März 2025 gestarteten Rückkaufprogramms über US$30 Mio. rund 0,8 Mio. ADS für US$2,6 Mio. zurückgekauft.
Positive
- Gross profit margin improved to 12.0% from 10.8% year-over-year
- Net income attributable to shareholders increased significantly to RMB53.5 million from RMB22.3 million YoY
- Strong cash position with RMB827.8 million (US$115.6 million) in cash and equivalents
- Active share repurchase program with US$30 million authorization through April 2026
Negative
- Revenue declined to RMB1,024.6 million from RMB1,176.7 million YoY due to market competition
- Operating income decreased to RMB19.3 million from RMB42.3 million YoY
- Total operating expenses increased 22.1% YoY to RMB103.4 million
- Other income decreased to RMB1.3 million from RMB9.5 million YoY due to lower government grants
Insights
BingEx posted mixed Q2 results with revenue decline but improved margins and doubled net income for shareholders despite competitive pressures.
BingEx’s Q2 2025 results reveal a company navigating competitive headwinds with strategic focus on profitability over volume. Revenue declined 12.9% year-over-year to RMB1,024.6 million, reflecting lower order volumes in China’s increasingly contested on-demand delivery market. However, the company demonstrated notable efficiency improvements, with gross margin expanding from 10.8% to 12.0%.
The most impressive metric is the 139.9% increase in net income attributable to ordinary shareholders, jumping from RMB22.3 million to RMB53.5 million. This substantial bottom-line improvement occurred despite a 54.4% decrease in operating income, which fell from RMB42.3 million to RMB19.3 million.
The divergence between operating and net income stems primarily from a RMB20.5 million gain from changes in fair value of long-term investments. Administrative expenses surged 82.5%, largely due to increased professional fees and share-based compensation, signaling potential strategic initiatives or corporate restructuring.
BingEx’s focus on specialized, high-value delivery services appears to be a deliberate strategy to differentiate from mass-market competitors. The company maintains a solid balance sheet with RMB827.8 million in cash and investments, providing flexibility to weather competitive pressures. Their ongoing share repurchase program (US$2.6 million of a US$30 million authorization) suggests management views the stock as undervalued at current levels.
For investors, the key question is whether BingEx can sustain margin improvements as volumes decline, or if the company can reverse the order volume trend while maintaining enhanced profitability. The management’s emphasis on enterprise partnerships and service quality over raw volume indicates a potential path to sustainable differentiation in China’s maturing on-demand delivery market.
08/19/2025 – 05:00 AM
BEIJING, Aug. 19, 2025 (GLOBE NEWSWIRE) — 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 second quarter ended June 30, 2025.
Key takeaways from BingEx’s Q2 2025 report:
- Revenues: RMB1,024.6 million (US$143.0 million), a decrease from RMB1,176.7 million in Q2 2024.
- Gross Profit: RMB122.7 million (US$17.1 million). Notably, the gross profit margin expanded to 12.0%, improving from 10.8% in the same period last year.
- Income from Operations: RMB19.3 million (US$2.7 million), down from RMB42.3 million in Q2 2024.
- Non-GAAP Income from Operations: RMB31.9 million (US$4.5 million), compared to RMB42.3 million in Q2 2024.
- Net Income: RMB53.5 million (US$7.5 million), slightly below RMB59.1 million in Q2 2024.
- Non-GAAP Net Income: RMB45.6 million (US$6.4 million), versus RMB59.1 million in Q2 2024.
- Net Income Attributable to Ordinary Shareholders: A significant jump to RMB53.5 million (US$7.5 million), compared to RMB22.3 million in Q2 2024.
- Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB45.6 million (US$6.4 million), compared to RMB22.3 million in Q2 2024.
- Orders Fulfilled: 64.8 million in Q2 2025.
Adam Xue, Founder, Chairman, and CEO of BingEx, stated that the company navigated a competitive market by focusing on service quality and operational excellence, leveraging its on-demand, dedicated courier model. “The on-demand retail market holds significant long-term potential, and FlashEx will continue to broaden its presence in this sector, unlocking new growth pathways to create enduring value for our customers, partners and shareholders,” he stated.
Luke Tang, CFO, noted the limited impact of competition from food delivery services on BingEx’s revenue and profit, highlighting the increased operational efficiency. “As the on-demand, dedicated courier market expands, we expect to see more emerging opportunities that are ideally suited to our services,” Tang commented.
Second Quarter 2025 Financial Breakdown:
Revenues: RMB1,024.6 million (US$143.0 million). The decrease was attributed to lower order volumes fueled by cutthroat market competition.
Cost of Revenues: RMB901.9 million (US$125.9 million), mirroring the revenue decline.
Gross Profit: RMB122.7 million (US$17.1 million). However, the gross profit margin saw a boost, climbing to 12.0% from 10.8% a year prior.
Total Operating Expenses: RMB103.4 million (US$14.4 million), marking a 22.1% increase from RMB84.7 million in the same period of 2024.
Selling and Marketing Expenses: RMB48.2 million (US$6.7 million), up 7.4% due to increased share-based compensation expenses.
General and Administrative Expenses: A hefty 82.5% increase to RMB36.0 million (US$5.0 million), driven by increased professional fees and share-based compensation.
Research and Development Expenses: Remained relatively constant at RMB19.2 million (US$2.7 million).
Income from Operations: RMB19.3 million (US$2.7 million), compared to RMB42.3 million previously.
Non-GAAP Income from Operations: RMB31.9 million (US$4.5 million), versus RMB42.3 million in 2024.
Changes in Fair Value of Long-Term Investments: A positive RMB20.5 million (US$2.9 million), reflecting gains in long-term investments.
Other Income: Decreased to RMB1.3 million (US$0.2 million), primarily due to reduced government grants.
Net Income: RMB53.5 million (US$7.5 million), compared to RMB59.1 million earlier.
Non-GAAP Net Income: RMB45.6 million (US$6.4 million), compared to RMB59.1 million in 2024.
Net Income Attributable to Ordinary Shareholders: RMB53.5 million (US$7.5 million), compared to RMB22.3 million last year.
Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB45.6 million (US$6.4 million), compared to RMB22.3 million in 2024.
Earnings per Share: Basic and Diluted net earnings per ordinary share both stand at RMB0.26 (US$0.04).
As of June 30, 2025, BingEx’s cash and cash equivalents, restricted cash and short-term investments totaled RMB827.8 million (US$115.6 million).
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1 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.”
Update on Share Repurchase:
Under its share repurchase program (up to US$30 million through April 2026), BingEx has repurchased approximately 0.8 million ADSs for US$2.6 million as of August 18, 2025, at an average price of US$3.1 per ADS.
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