BingEx (FLX) Q1 2025 earnings summary

Executive summary

• Focused on core users and value, delivering high-quality, efficient on-demand courier services with improved user experience and faster delivery speeds.

• Completed 58 million orders in Q1 2025, expanding service footprint, especially in lower-tier cities, and deepening market penetration.

• Enhanced brand awareness through cross-industry collaborations and strategic product placements in popular TV shows.

• Maintained high fulfillment rates and customer satisfaction, with average delivery time improved to 26 minutes, outperforming industry averages.

• Invested in technology, including private deployment of DeepSeek, to optimize digital transformation and operational efficiency.

Financial highlights

• Q1 2025 revenue was RMB 960.8 million, down 13% year-over-year from RMB 1,107.7 million, mainly due to fewer fulfilled orders amid intensified competition.

• Gross profit was RMB 126.7 million, with gross margin rising to 13.2% from 11.8% year-over-year.

• Non-GAAP net income was RMB 49.6 million, compared to RMB 64.6 million in Q1 2024.

• Net loss of RMB 10.3 million compared to net income of RMB 64.6 million in the prior year period.

• Cash and short-term investments totaled RMB 787.2 million at quarter end.

Outlook and guidance

• Operational efficiency and user experience expected to remain stable in the short term.

• Confident in achieving sustainable, long-term growth as brand value and user base expand.

• Plans to broaden the dedicated courier model across more scenarios and enhance service offerings.