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Financial Statements — VSA
Balance Sheet
(in billions CNY)| Metric | Q4 2025 | Q2 2025 | Q4 2024 | Q2 2024 | Q4 2023 | Q4 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0.01 | 0.00 | 0.01 | 0.12 | 0.04 | 0.05 | 0.07 |
| Accounts Receivable | -- | -- | -- | -- | -- | 0.01 | 0.01 |
| Inventory | -- | -- | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Current Assets | 0.01 | 0.00 | 0.01 | 0.23 | 0.56 | 0.10 | 0.62 |
| Property, Plant & Equipment | -- | 0.00 | 0.02 | 0.01 | 0.07 | 0.12 | 0.05 |
| Goodwill | -- | -- | -- | 0.05 | 0.01 | 0.05 | 0.05 |
| Intangible Assets | 0.05 | -- | -- | 0.00 | 0.00 | 0.01 | 0.00 |
| Total Non-current Assets* | 0.01 | 0.04 | 0.04 | 0.44 | 0.46 | 0.10 | 1.02 |
| Total Assets | 0.02 | 0.01 | 0.10 | 0.67 | 1.02 | 0.19 | 1.64 |
| Accounts Payable | -- | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 |
| Short-term Debt | -- | 0.00 | -- | -- | -- | -- | 0.03 |
| Total Current Liabilities | 0.00 | 1.83 | 1.81 | 1.88 | 2.41 | 2.66 | 2.94 |
| Total Non-current Liabilities* | 0.00 | 0.09 | 0.01 | (1.60) | (2.06) | 0.19 | 0.29 |
| Total Liabilities | 0.00 | 0.26 | 0.26 | 0.28 | 0.35 | 2.84 | 3.23 |
| Retained Earnings | (1.30) | (0.42) | (0.41) | (2.54) | (0.34) | (2.44) | (2.52) |
| Total Stockholder Equity | 0.01 | (0.25) | (1.80) | (1.33) | (0.21) | (0.22) | (1.58) |
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* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2025 | Q2 2024 |
|---|---|---|
| Total Revenue | 93.61 | 83.12 |
| Cost of Revenue | 2.63 | 372.72 |
| Gross Profit | 74.76 | 31.83 |
| Research & Development | -- | 6.92 |
| Selling, General & Admin | 7.58 | 19.83 |
| Total Operating Expenses | 58.28 | 37.63 |
| Operating Income | 2.30 | (42.11) |
| Pretax Income | 11.07 | (5.73) |
| Tax Provision | 0.04 | 2.97 |
| Net Income | 1.51 | (114.83) |
| Basic EPS | -- | (11.42) |
| Diluted EPS | -- | (1.57) |
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Cash Flow Statement
(in millions USD)| Metric | Q2 2025 | Q2 2024 |
|---|---|---|
| Operating Cash Flow | (15.37) | (14.28) |
| Capital Expenditures | 0.19 | -- |
| Free Cash Flow* | (15.56) | -- |
| Investing Cash Flow | (0.19) | (31.84) |
| Financing Cash Flow | 9.25 | (0.60) |
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* Derived from reported values