Revenue analysis:
- QQ1 2025 revenue: 16,122,499 CNY
- YoY change: +122.84% (vs QQ1 2024: 7,235,000 CNY)
- QoQ change: -83.18% (vs Q4 2024: 95,879,500 CNY)
Gross profit and margin:
- Gross profit: 16,122,499 CNY
- Gross margin: 100.0% (grossProfitRatio: 1.0000)
Profitability:
- EBITDA: -30,637,000 CNY
- EBITDA margin: -19.00% (EBITDARatio: -1.9003 in decimal form)
- Operating income: -32,854,500 CNY
- Operating margin: -2.04% (operatingIncomeRatio: -2.0378%)
- Net income: -27,133,000 CNY
- Net margin: -168.3% (netIncomeRatio: -1.6829 in decimal form)
- Earnings per share (EPS): -0.0521 CNY; Diluted EPS: -0.0521 CNY
Expense structure and R&D intensity:
- Research and development expenses (R&D): 37,279,500 CNY
- General and administrative expenses (G&A): 12,556,500 CNY
- Total operating expenses: 48,976,999 CNY
- R&D as a % of revenue: ~231% (37,279,500 / 16,122,499)
Liquidity and cash flow indicators:
- Current ratio: 4.93; Quick ratio: 4.93; Cash ratio: 4.80
- Cash per share: 1.938 CNY
- Operating cash flow per share: -0.0432 CNY
- Free cash flow per share: -0.0432 CNY
- Purchase of capital expenditures (not disclosed separately in QQ1 2025 data) implied low capital discipline to date; however, FCF per share remains negative due to operating losses despite a strong liquidity position.
Efficiency and leverage:
- Asset turnover: 0.0122; Fixed asset turnover: 3.56
- Debt ratio: 0.00056; Debt to equity: 0.00068; Long-term debt to capitalization: 0%
- Dividends: Payout ratio: 0%
Note: All figures are in CNY and reflect QQ1 2025 results and the four-quarter trailing data where relevant for context. The heavy R&D burn amid a low revenue base drives the current loss profile, but the margin on what revenue is recognized remains positive due to the minimal COGS in the quarter.