Zhaoke Ophthalmology Limited reported Q4 2025 results characterized by a substantial gross loss and a continued, material R&D-driven burn against a relatively modest revenue base. Revenue for Q4 2025 was 15.90 million CNY, while cost of revenue stood at 34.83 million CNY, producing a gross loss of 18.92 million CNY and a negative gross margin of -119.0%. Operating expenses were 94.09 million CNY, with selling, general and administrative expenses totaling 53.96 million CNY, culminating in an EBITDA of -88.54 million CNY and an operating income of -113.01 million CNY. Net income for the quarter was -90.82 million CNY (EPS -0.16). The balance sheet remains cash-rich, with cash and cash equivalents of 1,296.30 million CNY and total debt of 292.48 million CNY, yielding a net debt of -1,003.81 million CNY (net cash). The company’s liquidity position is strong, with current assets of ~1,374.43 million CNY and current liabilities of ~328.55 million CNY (current ratio ~4.19x). R&D expenditure was substantial at 40.12 million CNY, underscoring a heavy emphasis on pipeline development ahead of near-term revenue realization. The quarter sits in the context of an R&D-intensive development phase typical for ophthalmology biotechs, where profitability is often suppressed until regulatory milestones or licensing transactions materialize. Given the lack of disclosed formal forward guidance, the investment thesis centers on pipeline progression, potential collaborations or license deals, and sustained liquidity to fund clinical readouts over the next several quarters. Overall, the QQ4 2025 results reflect a development-stage profile with strong balance-sheet flexibility but a need for near-term catalysts to unlock profitability.
Key Performance Indicators
Revenue
Increasing
15.90M
QoQ: 0.62% | YoY: 62.63%
Gross Profit
Decreasing
-18.92M
-1.19% margin
QoQ: -323.50% | YoY: -522.55%
Operating Income
Increasing
-113.01M
QoQ: 28.73% | YoY: 0.86%
Net Income
Decreasing
-90.82M
QoQ: 22.13% | YoY: -12.34%
EPS
Decreasing
-0.16
QoQ: 27.27% | YoY: -6.67%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: 15.90 million CNY (Q4 2025); YoY and QoQ metrics in the provided dataset show conflicting signals; the explicit quarterly data show a revenue base of 15.90m with a broader annual context implying a much larger R&D and operating expense base. Gross Profit: -18.92 million CNY; Gross Margin: -119.01% (gross profit / revenue). Operating Expenses: 94.09 million CNY; Cost and Expenses: 128.91 million CNY; EBITDA: -88.54 million CNY; EBIT: -113.01 million CNY; Net Income: -90.82 million CNY; Net Income Margin: -5.71%; EPS: -0.16 (diluted: -0.16); Weighted Average Shares: 548.028 million. Liquidity: Cash and cash equivalents 1,296.30 million CNY; Total debt 292.48 million CNY; Net debt: -1,003.81 million CNY (net cash); Current assets 1,374.43 million CNY; Current liabilities 328.55 million CNY; Current ratio ~4.19x. R&D Intensity: R&D expenses 40.12 million CNY vs. quarterly revenue of 15.90 million CNY indicates a heavy R&D burn relative to near-term revenue run-rate; SG&A expenses: 53.96 million CNY. Notes: The dataset includes conflicting YoY revenue growth (62.63%) versus the quarter-level revenue decline implied by the Q4 2025 figure and the 2024 comparisons; the apparent discrepancy suggests misalignment between quarterly and annual comparables in the provided inputs. Management commentary not present in the transcript data (see transcript section).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
15.90M
62.63%
0.62%
Gross Profit
-18.92M
-522.55%
-323.50%
Operating Income
-113.01M
0.86%
28.73%
Net Income
-90.82M
-12.34%
22.13%
EPS
-0.16
-6.67%
27.27%
Key Financial Ratios
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