XXF Group Holdings Ltd (2473.HK) Q2 2025 Earnings Report

XXF Group Holdings Ltd reported strong top-line growth for QQ2 2025, underpinned by a substantial year-on-year revenue increase and expanding gross profits. Revenue rose to 613.07 million CNY, up 85.4% YoY, with gross profit of 230.87 million CNY and a gross margin of 37.66%, signaling improved product mix or pricing discipline within credit-related services. EBITDA stood at 186.14 million CNY, producing an EBITDA margin of 30.36% and an operating income of 114.82 million CNY (operating margin 18.73%). Net income reached 22.49 million CNY, with a net margin of 3.67% and basic EPS of 0.0146 CNY. Despite expanding profitability at the line level, the company carries elevated leverage (debt ratio 0.72 and debt-to-capitalization 0.744) and reports negative per-share operating cash flow (-0.0188) and negative free cash flow per share (-0.102), highlighting cash-generation headwinds even as earnings scale. Valuation remains rich, with a price-to-earnings around 104x and price-to-book around 11x, suggesting high investor expectations for growth but also elevated risk if cash flow does not align with market pricing. No earnings call transcript data were provided in the source, limiting qualitative insight from management commentary. Investors should monitor credit quality, portfolio growth, and liquidity management while weighing the high leverage and cash flow constraints against the upside from a growing China auto-finance market.