株探米国株
英語
エドガーで原本を確認する
6-K 1 form6-k.htm 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2025

 

Commission File Number: 001-42291

 

BingEx Limited

(Registrant’s Name)

 

 

 

Building 6, Zhongguancun Dongsheng International Science Park

No. 1 Yongtaizhuang North Road

Haidian District, Beijing 100192

People’s Republic of China

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.

 

Description

99.1   Press Release—BingEx Limited Announces Second Quarter 2025 Financial Results

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  BingEx Limited
     
  By /s/ Le Tang
  Name: Le Tang
  Title: Chief Financial Officer

 

Date: August 19, 2025

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

BingEx Limited Announces Second Quarter 2025 Financial Results

 

Beijing, China, August 19, 2025 – BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the second quarter ended June 30, 2025.

 

Second Quarter 2025 Highlights:

 

Revenues were RMB1,024.6 million (US$143.0 million) in the second quarter of 2025, compared with RMB1,176.7 million in the same period of 2024.

 

Gross profit was RMB122.7 million (US$17.1 million) in the second quarter of 2025, compared with RMB127.0 million in the same period of 2024. Gross profit margin reached 12.0%, improving from 10.8% in the same period of 2024.

 

Income from operations was RMB19.3 million (US$2.7 million) in the second quarter of 2025, compared with RMB42.3 million in the same period of 2024.

 

Non-GAAP income from operations1 was RMB31.9 million (US$4.5 million) in the second quarter of 2025, compared with RMB42.3 million in the same period of 2024.

 

Net income was RMB53.5 million (US$7.5 million) in the second quarter of 2025, compared with a net income of RMB59.1 million in the same period of 2024.

 

Non-GAAP net income1 was RMB45.6 million (US$6.4 million) in the second quarter of 2025, compared with RMB59.1 million in the same period of 2024.

 

Net income attributable to ordinary shareholders was RMB53.5 million (US$7.5 million) in the second quarter of 2025, compared with a net income of RMB22.3 million in the same period of 2024.

 

Non-GAAP net income attributable to ordinary shareholders1 was RMB45.6 million (US$6.4 million) in the second quarter of 2025, compared with RMB22.3 million in the same period of 2024.

 

The number of orders fulfilled was 64.8 million in the second quarter of 2025.

 

Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “In the second quarter of 2025, FlashEx adeptly navigated an increasingly competitive market by staying true to our differentiated positioning and sharpening our focus on service quality and operational excellence. Leveraging our distinctive on-demand, dedicated courier model, we delivered customized, high-value services while exploring new user scenarios, further expanding our ability to meet diverse needs. Meanwhile, deepening partnerships with enterprise clients and enhanced rider capabilities underpinned our results and reinforced our standing as the trusted leader in instant delivery. The on-demand retail market holds significant long-term potential, and FlashEx will continue to broaden its presence in this sector, unlocking new growth pathways to create enduring value for our customers, partners and shareholders.”

 

Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “Given the diversity of our customers and business, the intense competition in food delivery and on-demand retail have had only a limited impact on our revenue and profit. We have continued to enhance operational efficiency. In the second quarter, our net income attributable to ordinary shareholders reached RMB53.5 million, showing a substantial increase compared with RMB22.3 million in the same period last year. As the on-demand, dedicated courier market expands, we expect to see more emerging opportunities that are ideally suited to our services.”

 

 

1 Non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.”

 

1

 

Second Quarter 2025 Financial Results

 

Revenues were RMB1,024.6 million (US$143.0 million) in the second quarter of 2025, compared with RMB1,176.7 million in the same period of 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition.

 

Cost of revenues was RMB901.9 million (US$125.9 million), compared with RMB1,049.8 million in the same period of 2024. The decrease was in line with the decline in revenues.

 

Gross profit was RMB122.7 million (US$17.1 million), compared with RMB127.0 million in the same period of 2024. Gross profit margin was 12.0%, compared with 10.8% in the same period of 2024.

 

Total operating expenses were RMB103.4 million (US$14.4 million), representing an increase of 22.1% from RMB84.7 million in the same period of 2024.

 

Selling and marketing expenses were RMB48.2 million (US$6.7 million), representing a 7.4% increase from RMB44.9 million in the same period of 2024. The increase was primarily attributable to increases in share-based compensation expenses.

 

General and administrative expenses were RMB36.0 million (US$5.0 million), representing an 82.5% increase from RMB19.7 million in the same period of 2024. The increase was primarily attributable to increases in professional fees and share-based compensation expenses.

 

Research and development expenses were RMB19.2 million (US$2.7 million), remaining relatively stable compared with RMB20.1 million in the same period of 2024.

 

Income from operations was RMB19.3 million (US$2.7 million), compared with RMB42.3 million in the same period of 2024.

 

Non-GAAP income from operations1 was RMB31.9 million (US$4.5 million), compared with RMB42.3 million in the same period of 2024.

 

Changes in fair value of long-term investments were RMB20.5 million (US$2.9 million), primarily reflecting earnings in the fair value measurement of long-term investments.

 

Other income was RMB1.3 million (US$0.2 million), compared with RMB9.5 million in the same period of 2024. The decrease was mainly due to a decrease in the amount of government grants.

 

Net income was RMB53.5 million (US$7.5 million), compared with RMB59.1 million in the same period of 2024.

 

Non-GAAP net income1 was RMB45.6 million (US$6.4 million), compared with RMB59.1 million in the same period of 2024.

 

Net income attributable to ordinary shareholders was RMB53.5 million (US$7.5 million), compared with RMB22.3 million in the same period of 2024.

 

Non-GAAP net income attributable to ordinary shareholders1 was RMB45.6 million (US$6.4 million), compared with RMB22.3 million in the same period of 2024.

 

Basic net earnings per ordinary share was RMB0.26 (US$0.04).

 

Diluted net earnings per ordinary share was RMB0.26 (US$0.04)

 

As of June 30, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB827.8 million (US$115.6 million).

 

Update on Share Repurchase

 

Pursuant to the Company’s share repurchase program, which was adopted in March 2025 with a maximum amount of up to US$30 million and effective through April 2026, as of August 18, 2025, the Company had repurchased a total of approximately 0.8 million ADSs in the open market with cash for an aggregate consideration of approximately US$2.6 million at an average price of US$3.1 per ADS.

 

2

 

Conference Call

 

The Company will host an earnings conference call on Tuesday, August 19, 2025 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results.

 

Participants are required to pre-register for the conference call at:

 

https://register-conf.media-server.com/register/BI3857db826af14ea4b2f6d197e63fdee8

 

Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.

 

A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.

 

About BingEx Limited

 

BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.

 

For more information, please visit: http://ir.ishansong.com.

 

Use of Non-GAAP Financial Measures

 

To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. Non-GAAP net income attributable to ordinary shareholders represents net income attributable to ordinary shareholders excluding changes in fair value of long-term investments and share-based compensation expenses.

 

By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.

 

Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

 

Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.

 

Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2025.

 

3

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

 

Investor Relations Contact

 

In China:

 

BingEx Limited

Investor Relations

E-mail: ir@ishansong.com

 

Piacente Financial Communications

Helen Wu

Tel: +86-10-6508-0677

E-mail: FlashEx@thepiacentegroup.com

 

In the United States:

 

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FlashEx@thepiacentegroup.com

 

4

 

BINGEX LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for number of shares and per share data)

 

    December 31,     June 30,  
    2024     2025  
    RMB     RMB     USD  
ASSETS                        
Current assets                        
Cash and cash equivalents     592,358       499,434       69,718  
Restricted cash     46,735       327       46  
Short-term investments     153,910       328,041       45,793  
Accounts receivable     16,893       20,546       2,868  
Prepayments and other current assets     48,553       36,671       5,119  
Total current assets     858,449       885,019       123,544  
Non-current assets                        
Long-term investments     324,110       300,621       41,965  
Property and equipment, net     3,687       2,723       380  
Operating lease right-of-use assets     44,577       39,516       5,516  
Other non-current assets     4,600       4,652       649  
Total non-current assets     376,974       347,512       48,510  
Total assets     1,235,423       1,232,531       172,054  
                         
LIABILITIES                        
Current liabilities                        
Accounts payable     223,391       198,602       27,724  
Deferred revenue     56,768       54,099       7,552  
Operating lease liabilities, current     13,091       13,553       1,892  
Accrued expenses and other current liabilities     165,714       133,704       18,663  
Total current liabilities     458,964       399,958       55,831  
Non-current liabilities                        
Operating lease liabilities, non-current     29,395       24,225       3,382  
Total non-current liabilities     29,395       24,225       3,382  
Total liabilities     488,359       424,183       59,213  
Shareholders’ equity     747,064       808,348       112,841  
Total liabilities and shareholders’ equity     1,235,423       1,232,531       172,054  

 

5

 

BINGEX LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for number of shares and per share data)

 

    Three months ended June 30,     Six months ended June 30,  
    2024     2025     2025     2024     2025     2025  
    RMB     RMB     USD     RMB     RMB     USD  
                                     
Revenues     1,176,748       1,024,558       143,023       2,284,496       1,985,320       277,140  
Cost of revenues     (1,049,758 )     (901,866 )     (125,896 )     (2,027,179 )     (1,735,954 )     (242,330 )
Gross Profit     126,990       122,692       17,127       257,317       249,366       34,810  
Operating expenses:                                                
Selling and marketing expenses     (44,874 )     (48,194 )     (6,728 )     (89,738 )     (97,528 )     (13,614 )
General and administrative expenses     (19,704 )     (35,952 )     (5,019 )     (45,505 )     (73,849 )     (10,309 )
Research and development expenses     (20,072 )     (19,234 )     (2,685 )     (41,306 )     (48,716 )     (6,800 )
Total operating expenses     (84,650 )     (103,380 )     (14,432 )     (176,549 )     (220,093 )     (30,723 )
Income from operations     42,340       19,312       2,695       80,768       29,273       4,087  
Interest income     5,889       3,179       444       11,899       7,470       1,043  
Changes in fair value of long-term investments     -       20,539       2,867       -       (22,719 )     (3,171 )
Investment income     1,456       9,184       1,282       2,556       18,096       2,526  
Other income     9,498       1,281       179       28,528       11,141       1,555  
Income before income taxes     59,183       53,495       7,467       123,751       43,261       6,040  
Income tax expense     (68 )     -       -       (68 )     (35 )     (5 )
Net income     59,115       53,495       7,467       123,683       43,226       6,035  
Accretion of redeemable convertible preferred shares to redemption value     (36,799 )     -       -       (73,574 )     -       -  
Net income attributable to ordinary shareholders     22,316       53,495       7,467       50,109       43,226       6,035  
Net earnings per ordinary share                                                
– Basic     0.12       0.26       0.04       0.26       0.21       0.03  
– Diluted     0.12       0.26       0.04       0.26       0.21       0.03  
Weighted average number of shares outstanding used in computing net earnings per ordinary share                                                
– Basic     72,000,000       208,488,138       208,488,138       72,000,000       208,454,128       208,454,128  
– Diluted     72,000,000       209,438,670       209,438,670       72,000,000       209,979,209       209,979,209  

 

6

 

BINGEX LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except for number of shares and per share data)

 

    Three months ended June 30,     Six months ended June 30,  
    2024     2025     2025     2024     2025     2025  
    RMB     RMB     USD     RMB     RMB     USD  
                                     
Income from operations     42,340       19,312       2,695       80,768       29,273       4,087  
Add: Share-based compensation expenses     -       12,630       1,763       -       29,278       4,087  
Non-GAAP income from operations     42,340       31,942       4,458       80,768       58,551       8,174  
Operating margin     3.6 %     1.9 %             3.5 %     1.5 %        
Add: Share-based compensation expenses as a percentage of revenues     -       1.2 %             -       1.5 %        
Non-GAAP operating margin     3.6 %     3.1 %             3.5 %     3.0 %        
                                                 
Net income     59,115       53,495       7,467       123,683       43,226       6,035  
Add: Changes in fair value of long-term investments     -       (20,539 )     (2,867 )     -       22,719       3,171  
Add: Share-based compensation expenses     -       12,630       1,763       -       29,278       4,087  
Non-GAAP net income     59,115       45,586       6,363       123,683       95,223       13,293  
Net income margin     5.0 %     5.2 %             5.4 %     2.2 %        
Add: Changes in fair value of long-term investments as a percentage of revenues     -       -2.0 %             -       1.1 %        
Add: Share-based compensation expenses as a percentage of revenues     -       1.2 %             -       1.5 %        
Non-GAAP net income margin     5.0 %     4.4 %             5.4 %     4.8 %        
                                                 
Net income attributable to ordinary shareholders     22,316       53,495       7,467       50,109       43,226       6,035  
Add: Changes in fair value of long-term investments     -       (20,539 )     (2,867 )     -       22,719       3,171  
Add: Share-based compensation expenses     -       12,630       1,763       -       29,278       4,087  
Non-GAAP net income attributable to ordinary shareholders     22,316       45,586       6,363       50,109       95,223       13,293  

 

7