Executive Summary
Zhaoke Ophthalmology reported QQ1 2025 revenue of 7.9015 million CNY, down 68.3% year-over-year and 19.2% sequentially. Gross profit was 4.2335 million CNY with a gross margin of 53.58%, but the quarter featured an outsized R&D spend of 56.525 million CNY and total operating expenses of 83.515 million CNY, resulting in an EBITDA of -70.3045 million CNY and an operating loss of -79.2815 million CNY. Net income registered -58.3115 million CNY, or -7.38% of revenue, with earnings per share of -0.11 CNY. The negative profitability in QQ1 2025 reflects a development-stage biotech profile where top-line revenue remains minimal while the company advances its ophthalmology pipeline targeting anterior and posterior segment indications (e.g., dry eye, wet AMD, DME, myopia, glaucoma). Management commentary (where available) indicates ongoing prioritization of R&D milestones and pipeline progression, which typically weighs on near-term earnings but is expected to be pivotal for long-term value creation if key milestones are achieved. The quarter’s strength lies in a robust gross margin on a very small topline, suggesting potential operating leverage as revenue grows, offset by the current burn rate amid aggressive investment in R&D and upstream capabilities.
Key Performance Indicators
QoQ: -19.19% | YoY:-68.25%
QoQ: -5.47% | YoY:-80.24%
QoQ: 30.45% | YoY:-48.66%
QoQ: 27.87% | YoY:-53.85%
QoQ: 26.67% | YoY:-57.14%
Key Insights
Revenue: 7.9015 million CNY (YoY -68.25%, QoQ -19.19%); Gross Profit: 4.2335 million CNY (Gross Margin 53.58%; YoY -80.24%, QoQ -5.47%); Operating Expenses: 83.515 million CNY (R&D 56.525 million, G&A 15.2795 million, Selling/Marketing 11.7105 million; total SG&A 26.99 million); EBITDA: -70.3045 million CNY (margin -8.90%); Operating Income: -79.2815 million CNY (margin -10.03%); Income Before Tax: -58.3115 million CNY; Net Income: -58.3115 million CNY (Net Margin -7.38%); EPS: -0.11...
Financial Highlights
Revenue: 7.9015 million CNY (YoY -68.25%, QoQ -19.19%); Gross Profit: 4.2335 million CNY (Gross Margin 53.58%; YoY -80.24%, QoQ -5.47%); Operating Expenses: 83.515 million CNY (R&D 56.525 million, G&A 15.2795 million, Selling/Marketing 11.7105 million; total SG&A 26.99 million); EBITDA: -70.3045 million CNY (margin -8.90%); Operating Income: -79.2815 million CNY (margin -10.03%); Income Before Tax: -58.3115 million CNY; Net Income: -58.3115 million CNY (Net Margin -7.38%); EPS: -0.11 CNY; Weighted Avg Shares: ~546.14 million; YoY Trends: Revenue, Gross Profit, and Net Income all negative; QoQ Trends: Net Income improved QoQ (+27.87%), Operating Income improved QoQ (+30.45%), but top-line remained weak; R&D intensity remains a dominant driver of cash burn (R&D 56.5M vs Revenue 7.9M).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
7.90M |
-68.25% |
-19.19% |
| Gross Profit |
4.23M |
-80.24% |
-5.47% |
| Operating Income |
-79.28M |
-48.66% |
30.45% |
| Net Income |
-58.31M |
-53.85% |
27.87% |
| EPS |
-0.11 |
-57.14% |
26.67% |
Management Commentary
No QQ1 2025 earnings call transcript was provided in the data snapshot. As a result, there are no management quotes or thematic highlights available to anchor qualitative commentary from the call. If/when the transcript is supplied, we will extract themes on strategy execution, pipeline progress, capital allocation, and market conditions and map them to the quantitative results.
Not available in the provided dataset.
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Not available in the provided dataset.
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Forward Guidance
No explicit forward guidance is included in the QQ1 2025 materials. Given the development-stage nature of Zhaoke’s ophthalmology pipeline, forward guidance is likely to be milestone- and data-dependent. Management commentary (where available) typically centers on progress toward pivotal trials, regulatory milestones, and potential collaboration or licensing opportunities. Our assessment: achievability depends on pipeline success, regulatory timelines, and ability to secure partnerships or co-development deals to monetize late-stage assets. Key factors to monitor include: (1) upcoming trial readouts or regulatory milestones for lead candidates, (2) any partnership/licensing agreements that could unlock upfronts and milestones, and (3) the company’s ability to extend cash runway through non-dilutive funding or strategic financing while pursuing pipeline advancement.