Fusen Pharmaceutical’s QQ2 2025 results show a meaningful top-line rebound with revenue of 55.64 million CNY, up 71.6% year over year, and gross profit of 21.50 million CNY yielding a gross margin of 38.63%. However, the quarter remains unprofitable on both a EBITDA and net income basis, with operating income of -10.10 million CNY and net income of -11.57 million CNY, resulting in negative operating and net margins of -18.15% and -20.79%, respectively. The year-over-year revenue lift is driven by improved product mix and volume, but the cost structure—comprising R&D of 7.44 million CNY, SG&A of 22.67 million CNY, and total operating expenses of 31.59 million CNY—still crowds out profitability. Liquidity metrics remain tight (current ratio 0.57, quick ratio 0.41, cash ratio 0.096), underscoring balance-sheet stress despite modest leverage (debt ratio 0.296; debt to equity 1.052). The stock trades with a negative earnings multiple and a depressed enterprise value, reflecting investor skepticism about near-term profitability. Management commentary is not captured in the data provided, limiting ability to quote on strategy or forward guidance. Going forward, the key questions are whether Fusen can scale revenue while materially reducing operating costs, improve working capital efficiency, and advance higher-margin proprietary offerings to move toward breakeven and positive cash flow.