BingEx (FLX) Q3 2025 earnings summary

Executive summary

• Enhanced on-demand dedicated courier model and expanded service categories, focusing on service quality, user experience, and operational efficiency amid external challenges and intensified competition.

• Broadened reach among merchant, individual, and enterprise clients, laying groundwork for sustainable growth.

• Net income rose to RMB 43.7 million, with non-GAAP net income at RMB 62.6 million, up from RMB 57.6 million year-over-year.

• Shareholders' equity increased to RMB 839.3 million as of September 30, 2025, from RMB 747.1 million at 2024 year-end.

• Approximately 1.6 million ADSs were repurchased for US$5.4 million under the ongoing share buyback program.

Financial highlights

• Total revenue for Q3 2025 was RMB 1,005.4 million, down from RMB 1,154.8 million year-over-year due to lower order volumes.

• Gross margin held steady at 11.1%; gross profit was RMB 111.8 million, compared to RMB 130.3 million in Q3 2024.

• Adjusted net profit reached RMB 62.6 million, up 8.6% year-over-year.

• Non-GAAP income from operations was RMB 23.7 million, down from RMB 46.2 million year-over-year.

• Cash and equivalents stood at RMB 877.9 million at quarter end.

Outlook and guidance

• Plans to amplify time efficiency, deepen scenario penetration, and expand user base and order frequency for long-term growth.

• Management remains focused on steady growth in core business, expanding service categories, and enhancing customer loyalty despite volatile market conditions.

• Expense ratio expected to trend downward with continued revenue growth and operational improvements.