BingEx Limited's Q2 2025: Navigating Contradictions in Rider Supply and Order Volume Trends

Rider supply and competition, order volume and ASP trends are the key contradictions discussed in BingEx Limited's latest 2025Q2 earnings call.



Revenue and Order Volume:
- BingEx Limited (FLX) recorded total revenue of RMB 1.02 billion in Q2 2025, with a gross margin increase of 1.2 percentage points year-over-year to 25%.
- The company fulfilled 123 million orders in the first half of the year, despite a challenging market environment.
- Revenue and order volume trends were impacted by intense industry competition and lower order volumes.

Operational Efficiency and Cost Management:
- Gross profit margin rose to 12% from 10.8% in the same period last year, reflecting operational efficiency and cost management improvements.
- The cost of revenues decreased by 14.1% to RMB 901.9 million, aligning with the decline in revenues.
- Operational efficiency was enhanced through refined operations on the supply side, including optimized delivery planning and rider allocation.

Rider Management and Retention:
- The company maintained a stable and professional delivery team, with registered and new rider numbers remaining strong despite market pressures.
- FlashEx's comprehensive rider support system, encompassing subsidies, training, and rewards, contributed to rider retention.
- The rider incentive budget was managed efficiently with a focus on resource allocation and long-term sustainability.

Service Expansion and User Engagement:
- BingEx expanded its service offerings to include everyday needs like luggage delivery and hotel storage, aiming to increase user engagement.
- The company emphasized analyzing user behavior and demand patterns to identify key service areas, contributing to long-term growth.
- These initiatives are part of a strategy to integrate the FlashEx brand more naturally into users' everyday routines.