Revenue: 430,290,413 CNY (Q4 2025) | YoY: 23.82% | QoQ: 240.62%
Gross Profit: 330,302,868 CNY | Gross Margin: 76.76% | YoY: -4.95% | QoQ: 161.47%
Operating Income: 249,403,458 CNY | Operating Margin: 57.96% | YoY: -12.79% | QoQ: 232.22%
Net Income: 125,549,840 CNY | Net Margin: 29.18% | YoY: 63.14% | QoQ: -14.67%
EPS: 0.0777 CNY | EPS YoY: 34.66% | EPS QoQ: -14.62%
EBITDA: 294,937,890 CNY | EBITDARatio: 0.6854
Cash Flow: Operating cash flow -14,767,502 CNY; Free cash flow -110,731,676 CNY; Net cash used by investing activities -117,673,717 CNY; Net cash used by financing activities -315,025,809 CNY; Net change in cash: -448,747,537 CNY
Balance Sheet (selected):
- Total assets: 13,117,647,647 CNY
- Total liabilities: 9,850,858,633 CNY
- Total stockholders’ equity: 3,266,752,997 CNY
- Cash and cash equivalents: 806,457,874 CNY
- Short-term debt: 5,445,225,603 CNY
- Long-term debt: 2,928,899,517 CNY
- Net debt: 7,567,667,247 CNY
- Current ratio: about 2.24x (Total current assets 12,181,900,482 CNY vs Total current liabilities 5,445,225,603 CNY)
Trailing liquidity and leverage present a mixed picture: the company sustains a strong margin and positive net income, but cash generation remains negative (OCF -14.8m and free cash flow -110.7m). This aligns with a high-debt funding footprint (Total debt 8.37b CNY; Net debt 7.57b CNY) and modest equity (3.27b CNY). Investors should monitor liquidity management, working capital dynamics, and debt maturity profiles as pivotal factors for sustainability.