Regal Partners reported QQ4 2024 revenue of 22.21 million CNY, down 55.0% year-over-year from 49.36 million CNY in QQ4 2023, with a gross margin of 17.1% and gross profit of 3.79 million CNY. Despite a substantially negative operating profitability metric (EBITDA -48.77 million CNY; operating loss -44.08 million CNY), the quarter delivered a positive net income of 2.33 million CNY driven primarily by 45.92 million CNY of other income. This implies a highly non-operational earnings mix in the quarter rather than sustainable operating strength. The company posted negative operating cash flow (-9.19 million CNY) and negative free cash flow (-9.55 million CNY) despite negligible debt, suggesting limited near-term liquidity visibility if operating earnings do not improve. The disparate mix—operating losses alongside a large non-operating uplift—highlights a fragile core business that requires meaningful top-line growth and SG&A leverage to achieve sustainable profitability. Management commentary is not captured in the provided transcript data, limiting visibility into strategic clarity around revenue normalization and cost discipline.