Regal Partners Holdings (1575.HK) Q2 2025 Earnings Report

Regal Partners reported QQ2 2025 revenue of 41.915 million CNY, up meaningfully on a YoY basis but with a steep drag from operating expenses that produced an EBITDA loss of 18.245 million CNY and a net loss of 28.886 million CNY. While gross profit rose to 11.196 million CNY (gross margin 26.7%), the company’s operating expenses (SG&A plus other operating costs) totaled 30.666 million CNY, yielding an operating loss of 19.470 million CNY for the quarter. The resulting negative net income and a per-share loss of 0.0096 CNY underscore a significant profitability gap despite the top-line expansion. Liquidity metrics are notably weak, with a current ratio of 0.454 and a cash ratio of 0.0137, signaling tight short-term liquidity and potential funding pressures as the company scales. The YoY revenue uplift contrasts starkly with deteriorating profitability, suggesting that near-term value creation hinges on cost discipline, margin recovery, and more efficient capital deployment. Absent explicit forward-looking guidance from management in QQ2 2025, the investment narrative remains contingent on tangible improvements in gross margins, SG&A containment, and balance-sheet deleveraging.