Executive Summary
CStone delivered QQ3 2024 revenue of CNY 76.52 million, down 24.38% year over year and 39.79% quarter over quarter, while continuing to invest heavily in R&D and commercialization activities. The company posted a gross margin of 44.5% but reported a substantial operating loss (EBITDA and net income negative by large margins), driven by elevated operating expenses (R&D and SG&A vs. revenue). The quarterly cash burn from operations amounted to CNY 78.02 million, financed by a solid liquidity position from cash and short-term investments totaling roughly CNY 719.88 million, yielding a net cash position of about CNY −31.96 million (net debt negative). The balance sheet shows a prudent liquidity cushion with a current ratio of 1.60 and a cash ratio of 0.57, while inventory remained elevated (CNY 286.10 million) with high days‑of‑inventory (606.46 days) and days‑sales outstanding (98.71 days), signaling ongoing pipeline development and manufacturing scale-up. Net income decline remained negative, but the loss narrowed YoY as the business progresses its pipeline toward potential future revenue catalysts. Looking ahead, near-term performance hinges on pipeline milestones, potential regulatory approvals, and any strategic collaborations that could monetize assets or de-risk development costs.
Key Performance Indicators
QoQ: -39.79% | YoY:-24.38%
QoQ: -60.40% | YoY:-54.84%
QoQ: -2 698.44% | YoY:70.87%
QoQ: -780.97% | YoY:32.34%
QoQ: -938.00% | YoY:32.42%
Key Insights
Revenue: CNY 76.52m, YoY -24.38%, QoQ -39.79%; Gross Profit: CNY 34.06m, Gross Margin 44.5%, YoY -54.84%, QoQ -60.40%; EBITDA: -CNY 42.41m, EBITDA Margin -55.42%; Operating Income: -CNY 51.21m, Margin -66.93% (YoY improvement from larger losses in prior year); Net Income: -CNY 53.45m, Net Margin -69.85% (YoY improved, QoQ deteriorated sharply); EPS: -0.0419 (basic and diluted)....
Financial Highlights
Revenue: CNY 76.52m, YoY -24.38%, QoQ -39.79%; Gross Profit: CNY 34.06m, Gross Margin 44.5%, YoY -54.84%, QoQ -60.40%; EBITDA: -CNY 42.41m, EBITDA Margin -55.42%; Operating Income: -CNY 51.21m, Margin -66.93% (YoY improvement from larger losses in prior year); Net Income: -CNY 53.45m, Net Margin -69.85% (YoY improved, QoQ deteriorated sharply); EPS: -0.0419 (basic and diluted).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
76.52M |
-24.38% |
-39.79% |
| Gross Profit |
34.06M |
-54.84% |
-60.40% |
| Operating Income |
-51.21M |
70.87% |
-2 698.44% |
| Net Income |
-53.45M |
32.34% |
-780.97% |
| EPS |
-0.04 |
32.42% |
-938.00% |
Key Financial Ratios
operatingProfitMargin
-66.9%
priceEarningsRatio
-10.51
Management Commentary
No QQ3 2024 earnings call transcript was provided in the data set. Consequently, there are no management quotes or thematic highlights to extract. If a transcript becomes available, Quotes and Themes should be captured under strategy, operations, market conditions, and guidance.
Forward Guidance
No explicit forward guidance was disclosed in the supplied data. Given the revenue trajectory and ongoing heavy investment in R&D and commercialization, the near-term outlook remains anchored to pipeline progress, clinical readouts, and potential licensing or collaboration deals that could unlock value. Investors should monitor: (1) milestones for Sugemalimab and other core assets, (2) regulatory and clinical readouts that could enable collaborations or partial monetization, and (3) any updated guidance on cost structure or expected timing for potential revenue inflection. In the absence of formal guidance, a cautious stance is warranted until pipeline milestones translate into measurable revenue or partnering milestones.