BingEx Limited Announces Second Quarter 2025 Financial Results

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.

Second Quarter 2025 Highlights:

Revenues were RMB1,024.6 million (US$143.0 million) in the second quarter of 2025, compared with RMB1,176.7 million in the same period of 2024.

Gross profit was RMB122.7 million (US$17.1 million) in the second quarter of 2025, compared with RMB127.0 million in the same period of 2024. Gross profit margin reached 12.0%, improving from 10.8% in the same period of 2024.

Income from operations was RMB19.3 million (US$2.7 million) in the second quarter of 2025, compared with RMB42.3 million in the same period of 2024.

Non-GAAP income from operations1 was RMB31.9 million (US$4.5 million) in the second quarter of 2025, compared with RMB42.3 million in the same period of 2024.

Net income was RMB53.5 million (US$7.5 million) in the second quarter of 2025, compared with a net income of RMB59.1 million in the same period of 2024.

Non-GAAP net income1 was RMB45.6 million (US$6.4 million) in the second quarter of 2025, compared with RMB59.1 million in the same period of 2024.

Net income attributable to ordinary shareholders was RMB53.5 million (US$7.5 million) in the second quarter of 2025, compared with a net income of RMB22.3 million in the same period of 2024.

Non-GAAP net income attributable to ordinary shareholders1 was RMB45.6 million (US$6.4 million) in the second quarter of 2025, compared with RMB22.3 million in the same period of 2024.

The number of orders fulfilled was 64.8 million in the second quarter of 2025.

Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, "In the second quarter of 2025, FlashEx adeptly navigated an increasingly competitive market by staying true to our differentiated positioning and sharpening our focus on service quality and operational excellence. Leveraging our distinctive on-demand, dedicated courier model, we delivered customized, high-value services while exploring new user scenarios, further expanding our ability to meet diverse needs. Meanwhile, deepening partnerships with enterprise clients and enhanced rider capabilities underpinned our results and reinforced our standing as the trusted leader in instant delivery. 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."

Mr. Luke Tang, Chief Financial Officer of FlashEx, said, "Given the diversity of our customers and business, the intense competition in food delivery and on-demand retail have had only a limited impact on our revenue and profit. We have continued to enhance operational efficiency. In the second quarter, our net income attributable to ordinary shareholders reached RMB53.5 million, showing a substantial increase compared with RMB22.3 million in the same period last year. As the on-demand, dedicated courier market expands, we expect to see more emerging opportunities that are ideally suited to our services."

Second Quarter 2025 Financial Results

Revenues were RMB1,024.6 million (US$143.0 million) in the second quarter of 2025, compared with RMB1,176.7 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 RMB901.9 million (US$125.9 million), compared with RMB1,049.8 million in the same period of 2024. The decrease was in line with the decline in revenues.

Gross profit was RMB122.7 million (US$17.1 million), compared with RMB127.0 million in the same period of 2024. Gross profit margin was 12.0%, compared with 10.8% in the same period of 2024.

Total operating expenses were RMB103.4 million (US$14.4 million), representing an increase of 22.1% from RMB84.7 million in the same period of 2024.

Selling and marketing expenses were RMB48.2 million (US$6.7 million), representing a 7.4% increase from RMB44.9 million in the same period of 2024. The increase was primarily attributable to increases in share-based compensation expenses.

General and administrative expenses were RMB36.0 million (US$5.0 million), representing an 82.5% increase from RMB19.7 million in the same period of 2024. The increase was primarily attributable to increases in professional fees and share-based compensation expenses.

Research and development expenses were RMB19.2 million (US$2.7 million), remaining relatively stable compared with RMB20.1 million in the same period of 2024.

Income from operations was RMB19.3 million (US$2.7 million), compared with RMB42.3 million in the same period of 2024.

Non-GAAP income from operations1 was RMB31.9 million (US$4.5 million), compared with RMB42.3 million in the same period of 2024.

Changes in fair value of long-term investments were RMB20.5 million (US$2.9 million), primarily reflecting earnings in the fair value measurement of long-term investments.

Other income was RMB1.3 million (US$0.2 million), compared with RMB9.5 million in the same period of 2024. The decrease was mainly due to a decrease in the amount of government grants.

Net income was RMB53.5 million (US$7.5 million), compared with RMB59.1 million in the same period of 2024.

Non-GAAP net income1 was RMB45.6 million (US$6.4 million), compared with RMB59.1 million in the same period of 2024.

Net income attributable to ordinary shareholders was RMB53.5 million (US$7.5 million), compared with RMB22.3 million in the same period of 2024.

Non-GAAP net income attributable to ordinary shareholders1 was RMB45.6 million (US$6.4 million), compared with RMB22.3 million in the same period of 2024.

Basic net earnings per ordinary share was RMB0.26 (US$0.04).

Diluted net earnings per ordinary share was RMB0.26 (US$0.04)

As of June 30, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB827.8 million (US$115.6 million).

______________________________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

Pursuant to the Company's share repurchase program, which was adopted in March 2025 with a maximum amount of up to US$30 million and effective through April 2026, as of August 18, 2025, the Company had repurchased a total of approximately 0.8 million ADSs in the open market with cash for an aggregate consideration of approximately US$2.6 million at an average price of US$3.1 per ADS.

Conference Call

The Company will host an earnings conference call on Tuesday, August 19, 2025 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:

https://register-conf.media-server.com/register/BI3857db826af14ea4b2f6d197e63fdee8

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 http://ir.ishansong.com, 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: http://ir.ishansong.com.

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 RMB7.1636 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 June 30, 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 LimitedInvestor RelationsE-mail:

Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail:

In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail:

BINGEX LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

 

 

December 31,

 

June 30,

 

 

2024

 

2025

 

 

RMB

 

RMB

 

USD

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

592,358

 

499,434

 

69,718

Restricted cash

 

46,735

 

327

 

46

Short-term investments

 

153,910

 

328,041

 

45,793

Accounts receivable

 

16,893

 

20,546

 

2,868

Prepayments and other current assets

 

48,553

 

36,671

 

5,119

Total current assets

 

858,449

 

885,019

 

123,544

Non-current assets

 

 

 

 

 

 

Long-term investments

 

324,110

 

300,621

 

41,965

Property and equipment, net

 

3,687

 

2,723

 

380

Operating lease right-of-use assets

 

44,577

 

39,516

 

5,516

Other non-current assets

 

4,600

 

4,652

 

649

Total non-current assets

 

376,974

 

347,512

 

48,510

Total assets

 

1,235,423

 

1,232,531

 

172,054

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

223,391

 

198,602

 

27,724

Deferred revenue

 

56,768

 

54,099

 

7,552

Operating lease liabilities, current

 

13,091

 

13,553

 

1,892

Accrued expenses and other current liabilities

 

165,714

 

133,704

 

18,663

Total current liabilities

 

458,964

 

399,958

 

55,831

Non-current liabilities

 

 

 

 

 

 

Operating lease liabilities, non-current

 

29,395

 

24,225

 

3,382

Total non-current liabilities

 

29,395

 

24,225

 

3,382

Total liabilities

 

488,359

 

424,183

 

59,213

Shareholders' equity

 

747,064

 

808,348

 

112,841

Total liabilities and shareholders' equity

 

1,235,423

 

1,232,531

 

172,054

BINGEX LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

2025

 

2025

 

2024

 

2025

 

2025

 

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

1,176,748

 

 

1,024,558

 

 

143,023

 

 

2,284,496

 

 

1,985,320

 

 

277,140

 

Cost of revenues

 

(1,049,758

)

 

(901,866

)

 

(125,896

)

 

(2,027,179

)

 

(1,735,954

)

 

(242,330

)

Gross Profit

 

126,990

 

 

122,692

 

 

17,127

 

 

257,317