In 2025, operating cash flow turned negative, with an outflow of RMB 64 million ($9.3 million). That means the company was no longer generating enough operational cash to fully cover its ongoing needs. A company with negative operating cash flow, rising inventories (inventories reached RMB 634 million ($93.3 million) at the end of 2025) and a net loss exceeding RMB 180 million. Additionally, the agreement with Series A investors required the company to complete an IPO by December 31, 2025. Failure to meet that deadline would have allowed investors to demand a buyback from the controlling shareholders. A third agreement, signed in July 2025, extended the deadline by six months - to June 30, 2026. So yeah, for Creality, this is the last call… submitted by /u/wanli_gz [link] [comments]