Overview of QQ4 2024 performance shows operating profitability on a standalone basis (positive operating income of HKD 16.98 million) that was overwhelmed by a large batch of non-operating charges, resulting in a net loss of HKD 57.83 million for the quarter. YoY metrics reveal meaningful deterioration in profitability: revenue down 35.51% YoY, gross profit down 35.36% YoY, and net income down 352.32% YoY, while QoQ momentum was modestly positive at the operating level (QoQ revenue and gross profit up 100.00%). The quarter underscored Cocoon’s reliance on non-recurring items to drive net results while its core operations remained cash-generating. Balance sheet liquidity remained robust with a very high current ratio (8.48x) and substantial cash/near-cash resources, albeit with a small net debt burden. The combination of a heavily negative net income due to one-off costs and a conservative cash-flow profile implies a difficile—but recoverable—short-run earnings trajectory if non-operating headwinds are resolved or offset by underlying investment realizations.