Executive Summary
CStone’s QQ1 2025 results reflect a high-R&D, high-burn business model characteristic of late-stage biotech companies still pivoting from pre-commercial status toward potential commercialization. Revenue for QQ1 2025 was 24.73 million CNY, while cost of revenue was 71.12 million CNY, resulting in a gross loss of 46.40 million CNY and a gross margin of -1.88%. The company also incurred substantial operating expenses driven by R&D and SG&A, totaling 92.18 million CNY, producing an operating loss of 138.58 million CNY and an EBITDA of -133.10 million CNY. Net income came in at -135.09 million CNY with basic EPS of -0.10. YoY, all core profitability metrics deteriorated meaningfully, reflecting the ongoing burn as the company advances its pipeline rather than monetize its early assets. A 2025Y1 narrative remains that any near-term upside hinges on pivotal pipeline milestones, strategic partnerships, or regulatory developments that could unlock future value for Sugemalimab and other assets.
Key takeaway for investors is the balance between an expanding, potentially transformative pipeline and a substantial near-term cash burn with no visible near-term revenue inflection. The results underscore the importance of liquidity management and the path to profitability contingent on successful clinical readouts and potential collaborations.
Key Performance Indicators
QoQ: -67.69% | YoY:-80.54%
QoQ: -236.21% | YoY:-153.94%
QoQ: -170.60% | YoY:-7 472.57%
QoQ: -152.73% | YoY:-1 821.02%
QoQ: -138.66% | YoY:-2 100.00%
Key Insights
Revenue: 24,725,500 CNY in QQ1 2025; YoY change: -80.54%, QoQ change: -67.69%
Gross Profit: -46,395,000 CNY; Gross Margin: -1.88%
Operating Income: -138,578,000 CNY; Margin: -5.60%
EBITDA: -133,102,499 CNY; EBITDA Margin: approximately -538%
Net Income: -135,091,500 CNY; Net Margin: approximately -546%
EPS: -0.10; EPS Diluted: -0.10; YoY EPS change: -2100%, QoQ EPS change: -138.66%
R&D Expenses: 52,583,000 CNY; R&D intensity vs revenue: ~212%
Selling, General & Administrative (SG&...
Financial Highlights
Revenue: 24,725,500 CNY in QQ1 2025; YoY change: -80.54%, QoQ change: -67.69%
Gross Profit: -46,395,000 CNY; Gross Margin: -1.88%
Operating Income: -138,578,000 CNY; Margin: -5.60%
EBITDA: -133,102,499 CNY; EBITDA Margin: approximately -538%
Net Income: -135,091,500 CNY; Net Margin: approximately -546%
EPS: -0.10; EPS Diluted: -0.10; YoY EPS change: -2100%, QoQ EPS change: -138.66%
R&D Expenses: 52,583,000 CNY; R&D intensity vs revenue: ~212%
Selling, General & Administrative (SG&A): 39,600,000 CNY (G&A 21,531,000; S&M 17,827,000)
Depreciation & Amortization: 3,324,000 CNY
Weighted average shares outstanding: 1,286,585,714 shares (diluted 1,314,139,000)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
24.73M |
-80.54% |
-67.69% |
| Gross Profit |
-46.40M |
-153.94% |
-236.21% |
| Operating Income |
-138.58M |
-7 472.57% |
-170.60% |
| Net Income |
-135.09M |
-1 821.02% |
-152.73% |
| EPS |
-0.10 |
-2 100.00% |
-138.66% |
Management Commentary
No earnings transcript data provided in the supplied materials. As a result, no verbatim management quotes or thematic highlights from an IR call are available within this dataset.
Forward Guidance
No explicit numeric forward guidance was disclosed for QQ1 2025 within the provided materials. The narrative implication is that CStone will continue to fund pipeline development, particularly Sugemalimab and other oncology assets. Investors should monitor: 1) upcoming clinical readouts and data readouts for Sugemalimab and adjacent assets; 2) any updates on regulatory pathways or new partnerships/licensing deals; 3) quarterly cash burn and liquidity runway to assess the need for potential capital raises. Assessment: Given the current burn rate (R&D plus SG&A) and lack of near-term revenue catalysts, upside hinges on tangible pipeline milestones and potential collaborations that could de-risk financing needs and unlock value.