Dongwu Cement International Limited reported QQ2 2025 results that reflect a challenging quarter characterized by top-line softness and ongoing profitability headwinds, despite some near-term liquidity resilience. Revenue stood at HKD125.811m with a negative gross profit of HKD5.756m and an EBITDA of HKD611k, indicating a narrowly positive cash-generating result on an operating basis but a material operating loss of HKD25.795m. Net income came in at a loss of HKD9.155m, translating to an EPS of -0.0166. The company’s YoY metrics show revenue down by 24.5% while certain earnings metrics improved versus the prior year (gross profit, operating income, and net income registered positive YoY moves in the reported figures, per the provided ratios). The quarter also featured substantial selling, general and administrative expenses (SG&A) of HKD20.039m, contributing to an operating expense load of HKD151.606m and pressuring margins. Despite the near-term profitability challenge, the balance sheet remains cash-rich with HKD268.6m of cash and a total asset base of HKD959.5m, supporting liquidity through a period of demand uncertainty. The cash flow statement shows negative operating cash flow of HKD3.20m, heavy investing cash outflows (HKD218.6m), and financing outflows (HKD89.08m), yielding a net increase in cash of HKD124.8m and a year-end cash balance of HKD276.3m. Investors should watch for improvements in price realization, volume recoveries, and disciplined capex to translate liquidity into sustainable profitability. The current period underscores the need for management to execute on cost control, working capital optimization, and capital discipline to restore margins as industry conditions evolve.