Executive Summary
International Business Digital Technology Limited (1782.HK) reported QQ2 2025 results with a meaningful top-line expansion but a material deterioration in profitability. Revenue rose 36.7% year over year to 42.34 million CNY, supported by a gross margin near 50% (gross profit of 21.15 million CNY). However, operating loss widened to 33.92 million CNY and net loss to 33.38 million CNY, reflecting aggressive investment in R&D and selling/general/administrative activities. EBITDA was negative at 32.03 million CNY, with an operating loss margin of about -80%. The company also exhibits a lengthy cash conversion cycle and elevated working capital dynamics (DSO ~180 days, CCC ~240 days), implying ongoing cash burn despite strong liquidity metrics on a relative basis (current ratio ~4.16, cash ratio ~1.73). Management commentary from an earnings call is not available in the provided data, so valuation and strategic interpretation rely on reported metrics and industry context. Near-term profitability hinges on either scale-driven operating leverage or a shift toward more recurring SaaS revenue with tighter cost control. Investors should monitor traction in the Firm’s APM Vista / NetVista / Trade QoS platforms, paid adoption rates, and any moves to convert R&D spend into higher-margin recurring revenue.
Key Performance Indicators
QoQ: 0.00% | YoY:-154.41%
Key Insights
Revenue: 42.337m CNY, YoY +36.74%, QoQ 0.00% | Gross Profit: 21.150m CNY, Gross Margin: 49.96% YoY +52.56% | Operating Income: -33.919m CNY, Operating Margin: -80.12% YoY change -154.41% | EBITDA: -32.034m CNY, EBITDA Margin: -75.64% | Net Income: -33.381999m CNY, Net Margin: -78.85% | EPS: -0.0436 CNY, Diluted EPS: -0.0436 CNY | R&D: 19.89m CNY | SG&A: 35.179m CNY | Opex (operating expenses): 55.069m CNY | Current Ratio: 4.16 | Quick Ratio: 3.86 | Cash Ratio: 1.725 | DSO: 179.97 days | ...
Financial Highlights
Revenue: 42.337m CNY, YoY +36.74%, QoQ 0.00% | Gross Profit: 21.150m CNY, Gross Margin: 49.96% YoY +52.56% | Operating Income: -33.919m CNY, Operating Margin: -80.12% YoY change -154.41% | EBITDA: -32.034m CNY, EBITDA Margin: -75.64% | Net Income: -33.381999m CNY, Net Margin: -78.85% | EPS: -0.0436 CNY, Diluted EPS: -0.0436 CNY | R&D: 19.89m CNY | SG&A: 35.179m CNY | Opex (operating expenses): 55.069m CNY | Current Ratio: 4.16 | Quick Ratio: 3.86 | Cash Ratio: 1.725 | DSO: 179.97 days | DIO: 59.67 days | DPO: 47.86 days | CCC: 239.64 days | Free Cash Flow per Share: -0.0382 CNY | Operating Cash Flow per Share: -0.0381 CNY | Cash per Share: 0.106 CNY | Price to Sales: 59.46x | Price to Book: 15.06x | Debt to Capitalization: 0.109x | Debt Ratio: 9.44% | Equity Multiplier: 1.297x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
42.34M |
36.74% |
0.00% |
| Gross Profit |
21.15M |
52.56% |
0.00% |
| Operating Income |
-33.92M |
-154.41% |
0.00% |
| Net Income |
-33.38M |
-82.80% |
0.00% |
| EPS |
-0.04 |
-82.43% |
0.00% |
Key Financial Ratios
operatingProfitMargin
-80.1%
operatingCashFlowPerShare
$-0.04
freeCashFlowPerShare
$-0.04
priceEarningsRatio
-18.85
Management Commentary
No earnings call transcript was provided in the data. As a result, there are no management quotes or thematic highlights to reference. If a transcript becomes available, a structured synthesis by themes (strategy, operations, market conditions, guidance) with direct quotes should be added here.
Forward Guidance
No explicit forward guidance was disclosed in the QQ2 2025 filing. Based on trailing results, the near-term trajectory hinges on: (1) translating R&D investment into higher-margin, recurring SaaS ARR across APM Vista, NetVista, and Trade QoS; (2) achieving operating leverage through scaling and tighter cost discipline, particularly SG&A conversion to percent of revenue; (3) sustaining liquidity while reducing cash burn through improved receivables collection or extended payables strategies. Investors should monitor potential guidance around target ARR growth, new customer acquisition, churn reduction, and any roadmap for productization that could shift the business mix toward more recurring revenue and higher gross margin foundations.