Financial Statements — VSA
Balance Sheet
(in billions CNY)| Metric | Q2
2025 | Q2
2024 |
|---|
| Cash & Equivalents | 0.00 | 0.02 |
| Inventory | -- | 0.01 |
| Total Current Assets | 0.01 | 0.03 |
| Property, Plant & Equipment | 0.00 | 0.01 |
| Goodwill | -- | 0.01 |
| Intangible Assets | -- | 0.00 |
| Total Non-current Assets* | 0.04 | 0.64 |
| Total Assets | 0.05 | 0.67 |
| Accounts Payable | 0.01 | 0.00 |
| Short-term Debt | 0.00 | -- |
| Total Current Liabilities | 0.26 | 1.88 |
| Total Non-current Liabilities* | 0.09 | (1.60) |
| Total Liabilities | 1.83 | 0.28 |
| Retained Earnings | (0.42) | (2.54) |
| Total Stockholder Equity | (0.25) | (1.33) |
* Derived from reported values
Income Statement
(in millions CNY) (except per-share rows)| Metric | Q2
2025 | Q2
2024 |
|---|
| Total Revenue | 13.07 | 604.05 |
| Cost of Revenue | 18.85 | 51.29 |
| Gross Profit | 74.76 | 231.33 |
| Research & Development | -- | 6.92 |
| Selling, General & Admin | 7.58 | 19.83 |
| Total Operating Expenses | 58.28 | 273.45 |
| Operating Income | 16.48 | (5.80) |
| Pretax Income | 1.55 | (41.62) |
| Tax Provision | 0.27 | 2.97 |
| Net Income | 10.80 | (114.83) |
| Basic EPS | -- | (11.42) |
| Diluted EPS | -- | (1.57) |
Cash Flow Statement
(in millions CNY)| Metric | Q2
2025 | Q2
2024 |
|---|
| Operating Cash Flow | (110.08) | (14.28) |
| Capital Expenditures | 0.19 | -- |
| Free Cash Flow* | (110.27) | -- |
| Investing Cash Flow | (0.19) | (4.38) |
| Financing Cash Flow | 66.24 | (0.60) |
* Derived from reported values
