Hengxin Technology reported Q4 2024 revenue of 702,333,500 CNY, up 18.31% year over year from 593,656,000 CNY in Q4 2023, with gross profit of 128,546,000 CNY and a gross margin of 18.30%. Operating income was 36,338,500 CNY (operating margin 5.17%), and net income came in at 7,800,000 CNY (net margin 1.11%), or EPS of 0.0168 CNY. Despite the revenue advance, year‑over‑year net income declined about 20% driven by higher operating expenses and other charges, resulting in a dilution of profitability even as top‑line growth remained solid. QoQ, revenue was flat at 702,333,500 CNY, with little movement in key margin lines. The balance sheet shows robust liquidity and a moderate leverage profile: total assets 4,666,187,000 CNY; cash and equivalents 861,904,000 CNY and total cash plus short‑term investments of 891,553,000 CNY; net debt about 639,806,000 CNY; current ratio 2.38 and quick ratio 2.20. Returns remain modest, with ROE ~0.50% and ROA ~0.17%, reflecting a leverage‑tolerant capital structure in a cyclical telecom equipment market. Management commentary from the QQ4 period is not included in the provided data, limiting explicit quotes; the company did not publish formal forward guidance within the supplied materials. Going forward, Hengxin’s earnings trajectory will hinge on telecom capex cycles, product mix, working capital efficiency, and margin discipline as it scales RF coaxial cables, antennas, and related telecommunications equipment.