BingEx (FLX) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was RMB 1.02 billion (US$143.0 million), down from RMB 1.18 billion year-over-year due to lower order volumes amid intensified competition.

• Net income was RMB 53.5 million, compared to RMB 59.1 million in Q2 2024, with net income attributable to ordinary shareholders rising to RMB 53.5 million from RMB 22.3 million year-over-year.

• Fulfilled 64.8 million orders in Q2 2025, maintaining strong brand recognition and customer loyalty.

• Management focused on operational excellence, service quality, and expanding enterprise and merchant partnerships, especially in high-demand categories.

• Expanded service offerings and tailored operations to support long-term growth.

Financial highlights

• Gross profit was RMB 122.7 million, slightly down from RMB 127 million year-over-year, but gross margin improved to 12% from 10.8%.

• Adjusted net profit reached RMB 45.6 million, compared to RMB 59.1 million in Q2 2024.

• Non-GAAP income from operations was RMB 31.9 million, down from RMB 42.3 million year-over-year.

• Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 827.8 million at quarter end.

• Basic and diluted net earnings per ordinary share were RMB 0.26 (US$0.04).

Outlook and guidance

• Management expects continued growth opportunities as the on-demand, dedicated courier market expands, with a focus on operational efficiency, service differentiation, and innovative brand promotion.

• Optimistic about order volume recovery in the second half of 2025 as competition stabilizes.