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Highlights

  • Q2 revenue declined to RMB1,024.6 million versus RMB1,176.7 million year-on-year.
  • Gross margin improved to 12.0% from 10.8% in Q2 2024.
  • Net income attributable to ordinary shareholders rose to RMB53.5 million.

BingEx Limited (Nasdaq: FLX), which operates the dedicated on-demand courier service FlashEx in China, released unaudited results for the quarter ended June 30, 2025. The quarter showed mixed operational signals: top-line receipts fell year-on-year while profitability metrics and shareholder net income improved on several measures.

Total revenues were RMB1,024.6 million (US$143.0 million) in Q2 2025, down from RMB1,176.7 million in Q2 2024. The company reported gross profit of RMB122.7 million (US$17.1 million), with a gross margin of 12.0% compared with 10.8% in the prior-year quarter. Management highlighted improvements in margin efficiency even as the competitive on-demand delivery market continued to pressure volumes and pricing.

Operating income on a reported basis was RMB19.3 million (US$2.7 million) for the quarter, below the RMB42.3 million reported in Q2 2024. On a non-GAAP basis, which excludes certain adjustments, income from operations was RMB31.9 million (US$4.5 million), compared with RMB42.3 million a year earlier. Reported net income for the quarter was RMB53.5 million (US$7.5 million), slightly below RMB59.1 million in Q2 2024; however, net income attributable to ordinary shareholders increased to RMB53.5 million versus RMB22.3 million in the year-ago period. Non-GAAP net income attributable to ordinary shareholders was RMB45.6 million (US$6.4 million) in Q2 2025.

Operationally, the business fulfilled 64.8 million orders during the quarter. Company commentary noted continued focus on the dedicated courier model, service quality, and partnerships with enterprise clients as the basis for sustaining margins and revenue mix. Management also referenced efforts to enhance rider capabilities and to explore new user scenarios in on-demand retail and related segments.

The company’s next updates and quarterly commentary will likely clarify the drivers behind revenue trends, the composition of non-GAAP adjustments, and any changes to cost structure or customer mix that could influence future results.