International Business Digital Technology Limited (1782.HK) delivered QQ4 2024 revenue of 30.96 million CNY with a gross margin of approximately 44.8%, underscoring stable product profitability on a per-dollar basis. However, the quarter produced a net loss of 18.26 million CNY and an EBITDA loss of 11.51 million CNY, highlighting material operating deleveraging driven by elevated operating expenses (R&D, SG&A, and related costs). Year-over-year, revenue declined about 25.6% while operating income improved by ~20.0% on a YoY basis, yet remained negative, and net income deteriorated by roughly 40.1% YoY. The company’s liquidity position remains robust, with 77.3 million CNY in cash and equivalents and a net cash position of approximately 62.99 million CNY after debt, supporting ongoing investment in product development and potential growth initiatives. Notably, days sales outstanding average around 251 days indicate elongated working capital cycles, despite a strong current and quick ratio profile (current ratio 4.67, quick ratio 4.41). Management commentary is not disclosed in the provided transcript, limiting the ability to anchor qualitative catalysts to specific quotes.