Financial Statements — QH
Balance Sheet
(in billions CNY)| Metric | Q2
2025 | Q2
2024 | Q2
2023 | Q3
2021 |
|---|
| Cash & Equivalents | 0.00 | 0.04 | 0.12 | 0.01 |
| Short-term Investments | -- | 0.06 | 0.06 | 0.20 |
| Accounts Receivable | 0.35 | 0.44 | 0.07 | 0.47 |
| Total Current Assets | 0.49 | 0.66 | 0.74 | 0.12 |
| Property, Plant & Equipment | 0.00 | 0.01 | 0.01 | 0.02 |
| Goodwill | 0.07 | 0.07 | 0.07 | 0.12 |
| Intangible Assets | 0.05 | 0.07 | 0.10 | 0.13 |
| Total Non-current Assets | 0.36 | 0.32 | 0.35 | 0.44 |
| Total Assets | 0.85 | 0.98 | 1.09 | 1.23 |
| Accounts Payable | 0.19 | 0.25 | 0.31 | 0.30 |
| Short-term Debt | 0.12 | 0.10 | 0.10 | 0.14 |
| Total Current Liabilities | 0.38 | 0.42 | 0.52 | 0.62 |
| Long-term Debt | 0.00 | 0.01 | 0.00 | 0.00 |
| Total Non-current Liabilities | 0.06 | 0.08 | 0.07 | 0.01 |
| Total Liabilities | 0.44 | 0.51 | 0.08 | 0.67 |
| Retained Earnings | (1.43) | (1.44) | (0.19) | (1.30) |
| Total Stockholder Equity | 0.41 | 0.47 | 0.50 | 0.08 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | Q2
2025 | Q2
2024 | Q2
2023 | Q3
2021 |
|---|
| Total Revenue | 1.13 | 0.22 | 1.74 | 2.94 |
| Cost of Revenue | 1.13 | 1.60 | 1.67 | 0.44 |
| Gross Profit | 0.00 | 0.00 | 0.01 | 0.10 |
| Research & Development | 0.00 | 0.00 | 0.01 | 0.02 |
| Selling, General & Admin | 0.01 | 0.07 | 0.08 | 0.19 |
| Total Operating Expenses | 0.07 | 0.01 | 0.01 | 0.20 |
| Operating Income | (0.01) | (0.04) | -0.00 | (0.10) |
| Interest Expense | -- | -- | 0.00 | 0.00 |
| Pretax Income | (0.01) | (0.05) | -0.00 | (0.10) |
| Tax Provision | (0.02) | -0.00 | -0.00 | 0.00 |
| Net Income | (0.05) | (0.05) | (0.01) | (0.09) |
| Basic EPS | (0.01) | (0.09) | (0.17) | (0.31) |
| Diluted EPS | (0.06) | (0.09) | (0.17) | (1.98) |
Cash Flow Statement
(in millions CNY)| Metric | Q2
2025 | Q2
2024 | Q2
2023 | Q3
2021 |
|---|
| Operating Cash Flow | (41.33) | (41.49) | (3.08) | (56.77) |
| Capital Expenditures | 0.06 | 0.05 | 1.26 | 9.56 |
| Free Cash Flow* | (41.39) | (41.54) | (4.35) | (66.33) |
| Investing Cash Flow | 0.96 | 1.53 | 5.48 | (49.26) |
| Financing Cash Flow | 0.37 | 24.64 | 4.18 | 61.70 |
* Derived from reported values
