Linklogis Inc (9959.HK) Q4 2024 Earnings Report

Linklogis reported Q4 2024 revenue of 309.031 million CNY, up 29.65% year over year, signaling continued top‑line momentum in its software infrastructure offering. Gross profit reached 212.192 million CNY, yielding a gross margin of about 68.66%. Despite the revenue expansion, the company remains margin-negative with an operating loss of 241.576 million CNY and a net loss of 297.290 million CNY for the quarter, reflecting ongoing investments in growth and a heavy operating expense base (R&D, SG&A, and other costs).

Liquidity and balance sheet health, however, remain unusually strong. The company reported cash and cash equivalents of 4.899 billion CNY and total cash plus short‑term investments of 5.272 billion CNY, supporting a net cash position of approximately −4.782 billion CNY. The current and quick ratios stand at 11.19x and 11.20x respectively, indicating ample liquidity to fund growth initiatives and potential volatility in profitability during the investment phase. In valuation terms, Linklogis trades at a price-to-sales around 10.3x with a negative trailing earnings multiple, reflecting the market’s view of a growth story that has yet to translate into consistent profitability. Management commentary (where available) centers on expanding anchor cloud and FI cloud offerings, cross-border finance digitalization, and data-driven risk analytics, which could unlock longer‑term margin expansion if monetization accelerates.