- Revenue: 641,500 CNY in QQ4 2024, YoY change -87.28%, QoQ 0.00%. Revenue remained immaterial relative to R&D spend, reflecting a pre-commercial phase.
- Gross Profit: 367,500 CNY, YoY change +105.82%, QoQ 0.00%. Gross margin in QQ4 2024 stood at ~57.3%, indicating relatively favorable product cost structure where revenue is sufficiently low but costs are more heavily weighted toward development and admin spend rather than manufacturing-scale operations.
- Operating Income: -114,832,500 CNY, YoY change -1.41%, QoQ 0.00%. Substantial operating loss driven by heavy R&D and SG&A verses limited revenue.
- EBITDA: -111,835,000 CNY, EBITDA margin -174.33%. Reflects aggressive investment in the pipeline with limited near-term profitability.
- Net Income/EPS: -85,309,000 CNY; EPS -0.0865; YoY EPS decline -43.21%. Persistent losses align with a late-stage R&D phase common in biotech pre-commercial cycles.
- R&D and SG&A intensities: R&D 85,006,000 CNY; General and Administrative 30,194,000 CNY; combined operating expenses 115,474,000 CNY, underscoring a heavy spend baseline ahead of revenue realization.
- Balance sheet liquidity: Cash and cash equivalents 865,730,000 CNY; Short-term investments 1,081,801,000 CNY; Total cash and short-term investments 1,952,521,000 CNY; Net debt: -858,097,000 CNY (net cash).
- Capital structure and leverage: Total liabilities 158,410,000 CNY; Total stockholders’ equity 1,966,162,000 CNY; Current ratio 12.88x; Quick ratio 12.85x; Cash ratio 5.66x; extremely solid liquidity with minimal near-term debt (long-term debt 1,387,000 CNY).
- Cash flow: Net cash provided by operating activities -69,082,000 CNY; Investing activities -358,636,500 CNY (including large positive “other investing activities” 359,684,000 CNY); Financing activities -29,026,500 CNY. Free cash flow -70,129,500 CNY. The business generated negative cash from operations but retains ample liquidity to fund its R&D initiatives.