Revenue and profitability
- Revenue: 15,772,983,000 CNY; YoY change: 77.07%; QoQ change: 0.00% (per earnings metrics).
- Gross Profit: 15,772,983,000 CNY; YoY: 77.07%; QoQ: 0.00%; Gross margin: 1000.0 per the data (grossProfitRatio = 1.0000).
- Operating income: 13,467,545,000 CNY; YoY: 73.14%; QoQ: 0.00%; Operating margin: 85.38% (operatingIncomeRatio = 0.8538).
- Net income: 667,568,000 CNY; YoY: 143.64%; QoQ: 0.00%; Net profit margin: 4.23% (netIncomeRatio = 0.0423).
- Earnings per share (EPS): 0.46 CNY; YoY: 142.11%; QoQ: 0.00%.
Cost structure and non-operating items
- Total other income/expenses net: -12,727,301,000 CNY; this large negative amount heavily reduces pretax income to 740,244,000 CNY and compresses net income.
- Pretax income: 740,244,000 CNY; Tax expense: 72,676,000 CNY; Net income: 667,568,000 CNY.
Efficiency and turnover
- Receivables turnover: 12.85x; Asset turnover: 0.363x; Fixed asset turnover: 21.09x; indicates efficient asset use in the reported period.
- Days outstanding (DSO): 7.00 days; Operating cycle: 7.00 days; Cash conversion cycle: 7.00 days (indicative data quality caveat).
Liquidity and leverage
- Current ratio/Quick ratio/Cash ratio: reported as 0, suggesting a data gap in working capital inputs; leverage metrics show modest gearing: debt ratio 0.0637x; debt/equity 0.128x; long-term debt to capitalization 0.110x; total debt to capitalization 0.114x.
- Cash flow indicators: Operating cash flow per share (OCF/Share) 0.722 CNY; Free cash flow per share (FCF/Share) 0.405 CNY; cash per share 7.34 CNY.
- Payout and dividend signals: Dividend payout ratio 0%, dividend yield 0%.
Valuation
- Price-to-earnings (P/E): 9.25x; price-to-book (P/B): 1.146x; price-to-sales (P/S): 1.567x; price-to-free cash flow (P/FCF): 41.11x; price-to-operating cash flows (P/OCF): 23.06x; price-to-cash flow and growth indicators suggest a modestly discount valuation given the outsized non-operating item in QQ2 2025.
Summary view
- The quarter shows a robust top-line expansion with a very high operating margin, yet the bottom-line profitability is distorted by a substantial non-operating expense line. If the non-operating items normalize in the coming quarters, investors could see stronger pretax and net income progression, potentially lifting the stock multiple. The company’s deleveraged balance sheet and solid cash generation support downside protection, while the lack of visible liquidity metrics warrants caution until more complete balance sheet data is provided.