Maiyue Technology Ltd reported QQ1 2025 revenue of 12,041,500 CNY, up 9.27% year over year from Q1 2024, but a steep 90.47% decline versus the prior quarter (Q4 2024), underscoring seasonality and a project-based revenue mix. The quarter produced a net loss of 5,272,500 CNY and an adjusted EBITDA of -434,250 CNY, with operating income of -563,500 CNY. The negative bottom line was amplified by total other income/expenses net of -4,289,000 CNY, suggesting substantial one-off or non-operational charges in the period. Gross profit of 3,342,000 CNY yielded a gross margin of 27.75%, while selling, general & administrative expenses remained the dominant cost driver, totaling 6,793,000 CNY, with R&D at 427,500 CNY and depreciation/amortization at 259,250 CNY. The Q4 2024 quarter, by contrast, showed materially stronger profitability (net income of 7,662,500 CNY and EBITDA of 11,850,000 CNY), indicating pronounced quarterly volatility and potential one-off effects or revenue mix shifts. Management commentary (where available) will be critical to interpret backlog dynamics, project phasing, and any non-recurring items. Investors should monitor how Maiyue converts pipeline activity into sustainable profitability and whether cost structure normalization accompanies any top-line improvement.