Latest FY 2025 Results Set the Tone for BingEx (FLX)
BingEx (FLX) has put fresh FY 2025 numbers on the table, with Q3 revenue of C¥1,005.4 million and basic EPS of C¥0.63 framing a quarter that sits between a weak start to the year and a stronger Q2 print. The company has seen quarterly revenue move from C¥960.8 million in Q1 2025 to C¥1,024.6 million in Q2 and then C¥1,005.4 million in Q3, while basic EPS has swung from a loss of C¥0.15 in Q1 to C¥0.77 in Q2 and C¥0.63 in Q3. This gives investors a mixed but clearer read on how margins are holding up after a series of loss making periods.
See our full analysis for BingEx.With the headline figures on the table, the next step is to see how they line up against the most widely followed narratives around BingEx’s growth potential, profitability path and risk profile.
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Losses Shrink On Trailing 12 Month View
- On a trailing 12 month basis to Q3 2025, BingEx booked C¥4,019.6 million in revenue and a net loss of C¥209.9 million, compared with a loss of C¥260.1 million on C¥4,468.2 million of revenue in the prior trailing period.
- Consensus narrative talks about BingEx pushing deeper into high value, time sensitive services like fresh flowers and premium gifting, and this TTM loss moving from C¥260.1 million to C¥209.9 million gives some numerical backing to that bullish angle while also showing the path is still loss making.
- The move from a small TTM profit of C¥32.8 million at Q3 2024 to a TTM loss of C¥209.9 million by Q3 2025 contrasts with the story of higher average selling prices and suggests those differentiated use cases have yet to fully offset cost pressures.
- At the same time, the five year trend of losses narrowing at about 22.7% per year supports the view that if management can keep improving efficiency in these higher value verticals, the improving loss profile could matter more than the single period swing.
Stronger revenue density and tighter cost control are central to that bullish argument, so these TTM figures are a useful gut check before leaning too hard into the long term story. 🐂 BingEx Bull Case
Q3 2025 Revenue Slip vs Last Year’s C¥1,154.8 Million
- In Q3 2025, revenue of C¥1,005.4 million and gross profit of C¥111.8 million compared with Q3 2024 revenue of C¥1,154.8 million and gross profit of C¥130.3 million, while gross margin stayed around 11% according to the narrative.
- Bears focus on this year on year revenue drop and the halving of non GAAP operating income from C¥46.2 million to C¥23.7 million as a challenge to the bullish view that new services and scenarios will scale efficiently.
- The bearish point that non GAAP net income growth is partly helped by non operating items such as lower costs and past grants is consistent with operating income fading, which makes it harder to argue that core delivery economics are already doing the heavy lifting.
- On the other hand, the stable gross margin near 11% suggests pricing has not collapsed, so the key question for this bearish angle is whether expense ratios can actually fall as planned while BingEx keeps spending on riders, technology and new use cases like EV charging and shopping assistance.
For anyone weighing the cautious view, this mix of flat margin, lower revenue and softer operating income is exactly the kind of detail to keep circling back to. 🐻 BingEx Bear Case
P/S At 0.3x With Ongoing Volatility
- BingEx trades on a P/S of 0.3x, which matches the peer average of 0.3x and sits below the US Logistics industry at 0.7x, while the share price has been more volatile than the broader US market over the past three months.
- Supporters often point to that lower P/S multiple versus the industry as a potential valuation advantage, but the combination of trailing 12 month losses of C¥209.9 million and higher share price swings means the case relies heavily on belief that revenue of around C¥4.0 billion plus improving margins will eventually translate into stable profits.
- The current price of US$2.85 does not have a tied analyst target in the data set, so investors are really comparing that P/S of 0.3x with the 0.7x industry level and deciding whether the ongoing unprofitability and volatility justify the discount.
- Because earnings based metrics like P/E or DCF could not be calculated from the provided data, this P/S comparison is one of the few clean valuation anchors available, which is why many investors focus tightly on whether BingEx can keep narrowing losses at that 22.7% annual pace.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for BingEx on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
The mix of bullish and cautious takeaways here is only a starting point, so it helps to check the underlying figures yourself and see what stands out. If you want to understand the concerns that have already been flagged, start by reviewing the 1 important warning sign.
See What Else Is Out There
BingEx is still reporting TTM losses, softer Q3 revenue against last year and more volatile trading, which leaves plenty of execution questions on the table.
If that mix of ongoing losses and choppy price action feels uncomfortable, it is worth focusing on companies with steadier profiles by checking out 77 resilient stocks with low risk scores
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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