BingEx Limited

Second-quarter revenue was RMB 940.3 million, down from RMB 1,024.6 million in the same period of 2025. Gross profit was RMB 95.5 million versus RMB 122.7 million a year ago, and gross margin was 10.2% compared with 12% in the prior-year quarter. Income from operations was RMB 7.3 million, non-GAAP income from operations was RMB 10.8 million, net loss was RMB 34 million, and non-GAAP net income was RMB 11.4 million. Cost of revenues was RMB 844.7 million, and operating expenses were RMB 88.3 million, down 14.6% year over year. Cash and cash equivalents, restricted cash and short-term investments totaled RMB 853.4 million at quarter-end. The company did not provide formal next-quarter or full-year revenue/EPS guidance in the prepared remarks.

The CEO said the industry is shifting toward service quality, fulfillment certainty, and user experience rather than price wars, which he believes favors FlashEx’s dedicated courier model. He emphasized that the company is extending beyond simple delivery into task completion through new service formats, AI-enabled ordering, and low-altitude logistics. His tone was constructive and confident, particularly around AI and drones as long-term efficiency and growth drivers.

The CFO highlighted that revenue declined year over year to RMB 940.3 million, mainly due to intensifying marketing competition, while gross profit fell to RMB 95.5 million and gross margin compressed to 10.2% from 12%. He noted operating expenses fell 14.6% to RMB 88.3 million, helped by lower advertising, staff costs, and share-based payment expenses, and that non-GAAP net income was RMB 11.4 million. He also pointed to a healthy cash position of RMB 853.4 million and said the company repurchased about 3.9 million ADS for approximately USD 11.8 million as of August 19 under its buyback program.

Analysts focused on industry self-discipline and whether the move away from price competition is creating a pricing inflection point; management said the convention is shifting competition back toward service, which they see as healthy and favorable for FlashEx. The other major question was about drone delivery economics and expansion beyond Hangzhou; management said Q2 drone order volume rose 169.3%, there are now 22 routes, and the near-term priority is to refine the Hangzhou model before scaling elsewhere. Management also said AI-driven efficiency gains of about 30% in customer service, marketing, and regional operations should continue to improve operating expense ratio over time.