BingEx Limited (NASDAQ: FLX), operating as FlashEx, reported third‑quarter 2025 revenue of 1,005.4 million RMB (US$141.2 million), a 12.9% decline from 1,154.8 million RMB in Q3 2024. The drop reflects a 15% fall in order volume as competition in China’s on‑demand courier market intensifies, eroding the company’s market share and compressing pricing power.
Net income attributable to ordinary shareholders rose to 43.7 million RMB (US$6.1 million), a 54% increase from the net loss of 13.4 million RMB recorded in Q3 2024. The turnaround is driven by tighter cost control and a higher gross‑profit margin, which helped offset the revenue decline and convert a loss into a profit.
Gross profit margin for the quarter was 11.1%, slightly below the 11.3% margin reported in Q3 2024. The modest contraction is largely due to higher cost of revenue, but the margin stability indicates that the company has maintained pricing discipline despite the competitive pressure.
Operating expenses grew 16.1% to 97.7 million RMB, driven by increased professional fees and share‑based compensation. General‑administrative expenses surged 105.2% YoY, contributing to the rise in total operating costs. The expense increase narrowed the operating margin to 1.4% (14.1 million RMB).
The company reiterated its full‑year guidance, projecting revenue growth of 4–6% and a gross‑profit margin of 12–13%. The guidance remains unchanged from the prior forecast, signaling management’s confidence that cost discipline and operational efficiency will sustain profitability amid a challenging market environment.
BingEx continued its share‑repurchase program, buying back 1.6 million ADSs for approximately US$5.4 million. The buyback demonstrates management’s commitment to returning value to shareholders while the company maintains a solid cash position.
Founder, Chairman and CEO Adam Xue emphasized that FlashEx remains focused on strengthening competitiveness amid volatile market conditions. He highlighted the expansion into new categories and extended service touchpoints, underscoring the company’s strategy to diversify its high‑value delivery portfolio and meet evolving customer needs.
Sequentially, Q2 2025 revenue also declined, but net income improved, indicating a trend toward profitability. The company’s ability to turn a loss into a profit while revenue falls suggests that cost‑control initiatives and margin management are effective.
Adjusted earnings per share for the quarter were $0.03. No consensus estimates were available, so the results cannot be classified as a beat or miss relative to analyst expectations.
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