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- **Resilient Financials**: Q3 revenue of RMB 1 billion with 11% gross margin and 9% net profit growth, despite market headwinds.
- **Merchant Growth Engine**: VIP support teams and in-store pilots drove high-frequency merchant retention and nearby merchant acquisition (e.g., 4x order growth in Chongqing).
- **Service Expansion Success**: 15% QoQ growth in new life-cycle services and successful drone delivery pilot, positioning for long-term efficiency gains.
- **Cost Efficiency**: Non-GAAP net margin expanded to 6.2% and operating expenses down 12.8% YoY, with potential for further expense ratio reduction through operational scale.

**【CEO Summary Section】**
- **Revenue and Profit Performance**: Q3 2025 revenue reached RMB 1 billion with a gross margin of 11%, and adjusted net profit increased 9% YoY to RMB 62.6 million. Cash position remained strong at RMB 877.9 million.
- **Merchant Initiatives**: Introduced dedicated VIP support teams for high-frequency merchants, a membership program with priority dispatching, and in-store service pilots (e.g., Chongqing cake shop saw 4x order growth). Expanded collaborations in fresh flowers and cakes with customized fulfillment training.
- **Individual User Expansion**: Launched 5 new life-cycle services (shopping assistance, parcel pickup, etc.), with daily delivery volume up 15% QoQ. Introduced a community section in the app to enhance user engagement and insights.
- **Technology and Efficiency**: Piloted urban drone delivery in Hangzhou, combining drones with riders for time-critical orders. Enhanced rider incentives and career development programs to boost retention and service quality.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 2025 revenue was RMB 1,005.4 million (down 13% YoY due to market competition), with gross profit of RMB 111.8 million (11.1% margin). Non-GAAP net income rose 8.6% YoY to RMB 62.6 million, driven by cost control (operating expenses down 12.8% YoY).
- **Balance Sheet Strength**: Shareholders' equity grew to RMB 839.3 million, and the company repurchased 1.6 million ADS as of November 18, 2025.
- **Expense Ratio Outlook**: CFO noted a stable, gradually declining expense ratio trajectory, citing operational efficiency improvements, refined merchant acquisition strategies (e.g., rider-generated leads), and enterprise client partnerships.

**【Q&A Key Highlights】**
- **Order Volume Trends**: Despite subsidy rollbacks and colder weather, Q3 order volume showed resilience, with ASP increasing YoY. Management expects 2026 growth through service quality focus, scenario expansion, and merchant collaboration.
- **Expense Ratio Reduction**: CFO highlighted potential for further expense ratio decline via operational efficiency, revenue growth, and strategic investments in high-value user segments (e.g., enterprise clients).

BingEx Limited (FLX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLX

FLX fundamentals

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