Revenue and profitability overview (CNY, Q2 2025):
- Revenue: 20,862,000; QoQ: 0.00%; YoY: N/A. The topline shows a sequential increase vs Q1 2025 (10,431,000) indicating early operating activity in the quarter, though compounding R&D spend remains the key driver of profitability dynamics.
- Gross Profit: 9,695,000; Gross Margin: 46.47%; YoY: N/A; QoQ: 0.00%.
- Operating Expenses: 42,094,000, comprising Research and Development: 20,090,000; General and Administrative: 9,691,000; Selling and Marketing: 1,146,000; Selling, General and Administrative (SG&A): 10,837,000 (note: multiple line items shown in the data).
- Operating Income: -21,232,000; Operating Margin: -1.02%; YoY: -32.02%; QoQ: 0.00%. The swing is primarily due to the scale and timing of R&D investments versus revenue recognition.
- EBITDA: -17,837,500; EBITDA Margin: -85.50% (EBITDA roughly -narrowly aligns with revenue base, reflecting early-stage development costs).
- Net Income: -27,213,000; Net Margin: -1.30%; YoY: +12.38% (note: the YoY figure is positive, indicating the rate of change in net income; absolute losses remain sizable).
- Earnings per Share (EPS): -0.1118 CNY; YoY: +14.00%; QoQ: 0.00%.
- Liquidity and leverage: Current Ratio 12.65; Quick Ratio 11.95; Cash Ratio 5.61; Debt Ratio 0.0087 (~0.87%); Debt/Equity 0.0161. The balance sheet features minimal leverage and robust liquidity despite the operating losses.
- Efficiency and asset turnover: Receivables Turnover 1.715x; Inventory Turnover 0.483x; Asset Turnover 0.0237x. The company operates with a very small revenue base relative to asset and working capital scales, implying substantial R&D capitalization and/or cash burn at the operating level.
- Valuation and market data: Price-to-Book 1.65; Price-to-Sales 37.79; Price-to-Earnings negative (P/E -7.24) reflecting negative trailing earnings; Enterprise Value Multiple -34.12; Price to Cash Flow 0 (per dataset); Cash per Share 1.285 CNY. These metrics illustrate high implied growth expectations from investors but limited current profitability.