Organic Tea Cosmetics: 2025 Net Loss Worsens, Deficit Emerges, Capital Erosion Risk

2025 consolidated revenue 926.7M CNY (+6.43% YoY), operating loss 310.8M CNY (continued loss), net loss 388.6M CNY (widened from 251.0M loss in prior year)
Retained earnings deficit of 328.3M CNY, down from +60.5M CNY last year
Cash and cash equivalents 554.7M CNY (+45.2% YoY), no bank borrowings
Paid-in capital increased to 1,632.8M CNY via equity issuance (145M shares) and CB conversion (55M shares)
Post-report: 50:1 stock consolidation resolved, 7th CB issued (KRW 11,051M), third-party allotment (138M shares) to change largest shareholder to SUN YANE
No dividends (no history in past 5 years)
R&D expenses 79.6M CNY (8.59% of revenue), increased YoY