BingEx Limited Announces Third Quarter 2025 Financial Results

Core Viewpoint - BingEx Limited, operating under the brand "FlashEx," reported a decline in revenues and order volume for Q3 2025, primarily due to intensified market competition, while also highlighting efforts to enhance brand reputation and customer loyalty [1][3][4]. Financial Performance - Revenues for Q3 2025 were RMB1,005.4 million (US$141.2 million), down from RMB1,154.8 million in Q3 2024, reflecting a decrease of approximately 12.9% [4][6]. - Cost of revenues decreased to RMB893.6 million (US$125.5 million) from RMB1,024.5 million in the same period of 2024, aligning with the revenue decline [4][6]. - Gross profit was RMB111.8 million (US$15.7 million), compared to RMB130.3 million in Q3 2024, with a gross profit margin of 11.1%, slightly down from 11.3% [5][6]. - Operating income fell to RMB14.1 million (US$2.0 million) from RMB46.2 million in Q3 2024, while non-GAAP operating income was RMB23.7 million (US$3.3 million) [6][8]. - Net income increased to RMB43.7 million (US$6.1 million) from RMB23.8 million in the same period of 2024, with non-GAAP net income rising to RMB62.6 million (US$8.8 million) from RMB57.6 million [10][11]. Shareholder Value - Shareholders' equity grew from RMB747.1 million at the end of 2024 to RMB839.3 million as of September 30, 2025 [3][10]. - The company repurchased approximately 1.6 million American Depositary Shares (ADSs) for about US$5.4 million as part of its share repurchase program [3][12]. Operational Insights - The number of orders fulfilled in Q3 2025 was 63.2 million [6]. - General and administrative expenses increased by 105.2% to RMB37.0 million (US$5.2 million) due to higher professional fees and share-based compensation [7]. - Research and development expenses decreased by 20.1% to RMB17.7 million (US$2.5 million) [8]. Market Positioning - The company emphasized its commitment to enhancing competitiveness and expanding service categories to meet evolving user needs, aiming for sustainable growth while fulfilling social responsibilities [3][15].