BingEx Limited Announces Third Quarter 2024 Financial Results

Core Viewpoint - BingEx Limited reported strong financial results for the third quarter of 2024, demonstrating resilience in a competitive market with significant year-over-year growth in gross profit and operational efficiency [3][4]. Financial Performance - Revenues for Q3 2024 were RMB1,154.8 million (US $164.6 million), a decrease from RMB1,194.3 million in Q3 2023 [4]. - For the nine months ended September 30, 2024, revenues totaled RMB3,439.3 million (US$ 490.1 million), reflecting a year-over-year increase of 3.7% [2]. - Gross profit for Q3 2024 was RMB130.3 million (US $18.6 million), up 20.9% from RMB107.8 million in Q3 2023, with a gross profit margin of 11.3%, improving from 9.0% [5][2]. - Income from operations was RMB46.2 million (US$ 6.6 million) in Q3 2024, with an operating margin of 4.0%, compared to RMB16.6 million and 1.4% in Q3 2023 [7][2]. - Net income for Q3 2024 was RMB23.8 million (US $3.4 million), with a net income margin of 2.1%, down from 2.9% in the same period last year [8][2]. - Non-GAAP net income for Q3 2024 was RMB57.6 million (US$ 8.2 million), with a Non-GAAP net income margin of 5.0%, compared to 2.9% in Q3 2023 [9][2]. Operational Highlights - The number of orders fulfilled in the nine months ended September 30, 2024, was 211.4 million, representing a 7.1% increase year-over-year, with 73.3 million orders fulfilled in Q3 [2]. - Total operating expenses decreased by 7.8% to RMB84.2 million (US$12.0 million) in Q3 2024 from RMB91.2 million in Q3 2023 [5][6]. Strategic Initiatives - The company has adopted a 2024 Share Incentive Plan to incentivize personnel, allowing for the issuance of up to 10,669,486 Class A ordinary shares, with annual increases based on the total number of shares outstanding [11].