Revenue and Profitability
- Revenue: 19,391,447,144 CNY in Q4 2025; Gross profit equals revenue (gross margin shown as 1.0000) for the period, with gross profit reported at 19,391,447,144 CNY.
- Operating income: 753,215,458 CNY in Q4 2025; Operating margin 3.88% (0.0384).
- Net income: 426,795,707 CNY in Q4 2025; Net margin 2.20% (0.0220).
- EBITDA: 1,020,867,585 CNY; EBITDA margin 5.26% (EBITDARatio).
- EPS: 0.25 CNY; Diluted EPS: 0.25 CNY; Weighted average shares ~1.684 billion.
- Growth metrics ( YoY / QoQ, where available): Revenue YoY 117.70% and QoQ 22.94%; Operating income YoY -90.32% and QoQ -94.41%; Net income YoY 55.77% and QoQ -36.07%; EPS YoY 31.58% and QoQ -45.65%.
Cash Flow and Balance Sheet
- Net cash provided by operating activities: 1,711,725,092 CNY; Operating cash flow: 1,711,725,092 CNY.
- Free cash flow: 1,591,266,164 CNY.
- Net cash from investing: -1,052,675,552 CNY; Net cash from financing: +1,122,809,498 CNY; FX impact: +198,873,257 CNY.
- Cash at end of period: 3,384,026,000 CNY; Cash at beginning: 1,403,293,853 CNY.
- Total assets: 47,288,084,000 CNY; Total liabilities: 21,827,933,000 CNY; Shareholders’ equity: 25,460,152,000 CNY.
- Cash and cash equivalents: 3,384,026,000 CNY; Short-term debt: 5,932,720,000 CNY; Long-term debt: 2,618,792,000 CNY; Total debt: 8,551,512,000 CNY; Net debt: 5,167,486,000 CNY.
- Key working capital items: Receivables 1,199,544,000 CNY; Total current assets 4,583,570,000 CNY; Total non-current assets 42,704,514,000 CNY.
Quality of Earnings and Cost Structure
- Other expenses for the quarter are substantial (18,638,231,685 CNY), effectively offsetting operating profitability and driving the anomaly between gross profit and operating income. This raises questions about non-operating charges, one-off items, or investment-related writedowns impacting the bottom line.
- The remaining operating cost base (excluding other expenses) implies a more modest operating expense footprint relative to gross revenue, but the large negative delta from other expenses dominates quarterly profitability.