BingEx Limited, a leading on-demand dedicated courier service provider in China, announced its unaudited financial results for the first quarter ended March 31, 2025. The company reported revenues of RMB960.8 million (US$132.4 million), a decrease from RMB1,107.7 million in the same period of 2024. This decline was primarily attributed to reduced order volume amid intensified market competition. Gross profit for the first quarter of 2025 was RMB126.7 million (US$17.5 million), compared to RMB130.3 million in the same period of 2024. Despite the decline in revenues, the company improved its gross profit margin to 13.2%, up from 11.8% in the previous year. The company's income from operations stood at RMB10.0 million (US$1.4 million), a significant decrease from RMB38.4 million in the first quarter of 2024. Total operating expenses increased by 27.0% to RMB116.7 million (US$16.1 million), driven by higher share-based compensation expenses and staff costs. Cash and cash equivalents, along with restricted cash and short-term investments, were reported at RMB787.2 million (US$108.5 million) as of March 31, 2025. Chief Financial Officer Luke Tang highlighted the company's focus on enhancing operational efficiency and sustaining long-term growth despite market challenges.