International Business Digital Technology Limited (1782.HK) reported QQ2 2025 results with a meaningful top-line expansion but a material deterioration in profitability. Revenue rose 36.7% year over year to 42.34 million CNY, supported by a gross margin near 50% (gross profit of 21.15 million CNY). However, operating loss widened to 33.92 million CNY and net loss to 33.38 million CNY, reflecting aggressive investment in R&D and selling/general/administrative activities. EBITDA was negative at 32.03 million CNY, with an operating loss margin of about -80%. The company also exhibits a lengthy cash conversion cycle and elevated working capital dynamics (DSO ~180 days, CCC ~240 days), implying ongoing cash burn despite strong liquidity metrics on a relative basis (current ratio ~4.16, cash ratio ~1.73). Management commentary from an earnings call is not available in the provided data, so valuation and strategic interpretation rely on reported metrics and industry context. Near-term profitability hinges on either scale-driven operating leverage or a shift toward more recurring SaaS revenue with tighter cost control. Investors should monitor traction in the Firm’s APM Vista / NetVista / Trade QoS platforms, paid adoption rates, and any moves to convert R&D spend into higher-margin recurring revenue.