Revenue and profitability overview
- Revenue: 1,338,807,000 CNY for Q2 2025; YoY change: +368.96%; QoQ change: 0.00%
- Gross profit: 659,785,000 CNY; gross margin: 49.28%; YoY gross profit change: +318.47%; QoQ: 0.00%
- Operating income: 155,496,000 CNY; operating margin: 11.61%; YoY change: +924.67%; QoQ: 0.00%
- Net income: 173,562,000 CNY; net margin: 12.96%; YoY change: +1,351.31%; QoQ: 0.00%
- EBITDA: 178,859,500 CNY; EBITDA margin: 13.36%
- Earnings per share (EPS): 0.1302 CNY; diluted: 0.1302 CNY; YoY EPS change: +1,346.67%
Liquidity, leverage and efficiency
- Current ratio: 5.03; quick ratio: 4.75; cash ratio: 1.572
- Debt ratio: 0.0138; debt to equity: 0.0165; total debt to capitalization: 0.0163
- Dividend payout ratio: 0.518; dividend yield: 0.0264 (2.64%)
- Price metrics: P/E 4.91x; P/S 2.54x; P/BV 1.114x; EV/EBITDA 14.09x
- Asset efficiency: receivables turnover 9.97x; inventory turnover 4.06x; fixed asset turnover 6.79x; asset turnover 0.364x
- Cash flow indicators: operating cash flow per share = not disclosed; free cash flow per share = not disclosed; cash per share = 1.978
Valuation context and profitability drivers
- The company demonstrates a high gross margin around 49.28% with a solid net margin of 12.96%, indicating effective cost management and pricing power in its product portfolio.
- Leverage remains minimal with an extremely conservative balance sheet profile, supporting capital allocation flexibility and potential for future investments or acquisitions within the consumer defense landscape.
- The revenue uplift is accompanied by meaningful operating leverage, as evidenced by a substantial YoY increase in operating income and net income, suggesting scalable margin expansion if input costs and mix remain favorable.