Zhaoke Ophthalmology reported QQ1 2025 revenue of 7.9015 million CNY, down 68.3% year-over-year and 19.2% sequentially. Gross profit was 4.2335 million CNY with a gross margin of 53.58%, but the quarter featured an outsized R&D spend of 56.525 million CNY and total operating expenses of 83.515 million CNY, resulting in an EBITDA of -70.3045 million CNY and an operating loss of -79.2815 million CNY. Net income registered -58.3115 million CNY, or -7.38% of revenue, with earnings per share of -0.11 CNY. The negative profitability in QQ1 2025 reflects a development-stage biotech profile where top-line revenue remains minimal while the company advances its ophthalmology pipeline targeting anterior and posterior segment indications (e.g., dry eye, wet AMD, DME, myopia, glaucoma). Management commentary (where available) indicates ongoing prioritization of R&D milestones and pipeline progression, which typically weighs on near-term earnings but is expected to be pivotal for long-term value creation if key milestones are achieved. The quarter’s strength lies in a robust gross margin on a very small topline, suggesting potential operating leverage as revenue grows, offset by the current burn rate amid aggressive investment in R&D and upstream capabilities.