BingEx (FLX) investor relations material

Executive summary

• Order volume grew 8.9% quarter-over-quarter to 63.1 million, with average delivery time improving to 25.3 minutes despite higher volume.

• Registered users increased by 4 million to 124 million, and service coverage expanded to 299 cities.

• AI and low-altitude logistics (drone delivery) drove operational efficiency and service innovation.

• Merchant base quality improved, with newly signed merchants up 18% and enterprise clients up 53.1% quarter-over-quarter.

• Net loss of RMB34.0 million contrasts with net income of RMB53.5 million in the prior year, mainly due to fair value losses on long-term investments.

Financial highlights

• Second quarter revenue was RMB940.3 million (US$138.6 million), down from RMB1,024.6 million year-over-year due to intensified marketing competition.

• Gross profit was RMB95.5 million (US$14.1 million), with gross margin at 10.2%, down from 12% in the prior year quarter.

• Operating expenses decreased 14.6% year-over-year to RMB88.3 million, mainly from lower advertising, staff, and share-based payment costs.

• Non-GAAP net income was RMB11.4 million, down from RMB45.6 million year-over-year.

• Cash and equivalents stood at RMB853.4 million (US$125.8 million) at quarter end.

Outlook and guidance

• Focus remains on service quality, AI integration, and expanding low-altitude logistics.

• Management expects further improvement in operating expense ratio and profit margins as AI adoption deepens.

• Expansion into low-altitude logistics and embedding fulfillment into AI ecosystems are expected to support sustainable growth.

• Industry shift from price competition to service quality seen as favorable for long-term positioning.