Revenue generation has effectively ceased, with the company reporting zero revenue for multiple consecutive periods while still incurring significant SG&A expenses that reached $8.0 million in 2023Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 20.31M | 18.73M | 42.5M | 147.18M | 0 | 0 | 0 | 18.34M | 8.3M | 178.5M | 156.67M | 148.15M | 100.81M | 107.75M | 865.3M | 126.1M | 145.34M | 4.03M | 77.94M | 3.05M | 9.16M | 10.09M | 6.95M | 476.25M | 527.37M | 1.15B | 1.83B |
| Revenue Growth % | - | - | -100% | 8.39% | -55.92% | -71.13% | - | - | - | -100% | 120.91% | -95.35% | 13.94% | 5.75% | 46.96% | -6.44% | -87.55% | 586.2% | -13.24% | 3505.14% | -94.83% | 2458.73% | -66.76% | -9.19% | 45.3% | -98.54% | -9.69% | -54.11% | -37.11% | - |
| Cost of Goods Sold | 4.86K | 354.95K | 1.61M | 14.48M | 18.49M | 39.22M | 132.14M | 69.61K | 0 | 2.78M | 31.94M | 15.79M | 108.24M | 104.92M | 95.53M | 9.03M | 95.64M | -15.18M | 38.59M | 36.77M | 3.71M | 31.52M | 2.77M | 8.5M | 9.83M | 6.39M | 467.83M | 510.81M | 1.09B | 1.68B |
| COGS % of Revenue | - | - | - | 71.33% | 98.71% | 92.27% | 89.78% | - | - | - | 174.11% | 190.17% | 60.64% | 66.97% | 64.48% | 8.96% | 88.76% | -1.75% | 30.6% | 25.3% | 92.01% | 40.44% | 91.04% | 92.78% | 97.45% | 92.02% | 98.23% | 96.86% | 95.1% | 91.78% |
| Gross Profit | -4.86K | -354.95K | -1.61M | 5.82M | 241K | 3.28M | 15.04M | -69.61K | 0 | -2.78M | -13.59M | -7.49M | 70.26M | 51.74M | 50.88M | 41.98M | 12.11M | 37.78M | 87.52M | 108.56M | 322.3K | 596.03K | 273.18K | 662.25K | 256.62K | 553.92K | 8.43M | 16.56M | 56.3M | 150.2M |
| Gross Margin % | - | - | - | 28.67% | 1.29% | 7.73% | 10.22% | - | - | - | -74.11% | -90.17% | 39.36% | 33.03% | 34.34% | 41.64% | 11.24% | 4.37% | 69.4% | 74.7% | 7.99% | 0.76% | 8.97% | 7.23% | 2.54% | 7.98% | 1.77% | 3.14% | 4.9% | 8.22% |
| Gross Profit Growth % | 98.63% | 77.95% | -127.65% | 2315.35% | -92.66% | -78.17% | 21703.22% | - | 100% | 79.57% | -81.57% | -110.66% | 35.79% | 1.69% | 21.2% | 246.55% | -67.93% | -56.84% | -19.39% | 33584.14% | -45.92% | 118.18% | -58.75% | 158.06% | -53.67% | -93.43% | -49.11% | -70.59% | -62.52% | - |
| Operating Expenses | 3.2M | 7.2K | 12.88M | 10.76M | -7.42M | 24.33M | 20.64M | 6.21M | 6.2M | 1.95M | 18.93M | 19.89M | 132K | -2.4M | 4.3M | 101.12M | -42.36M | 78.71M | 52.55M | 14.17M | 7.1M | 38.74M | -6.04M | 11.99M | 30M | 23.25M | 24.95M | 37.26M | 34.77M | 52.28M |
| OpEx % of Revenue | - | - | - | 53% | -39.59% | 57.24% | 14.02% | - | - | - | 103.21% | 239.54% | 0.07% | -1.53% | 2.9% | 100.31% | -39.31% | 9.1% | 41.68% | 9.75% | 176.09% | 49.71% | -198.39% | 130.89% | 297.29% | 334.74% | 5.24% | 7.06% | 3.03% | 2.86% |
| Selling, General & Admin | 3.3M | 7.2K | 12.88M | 25.25M | 11.08M | 19.61M | 20.73M | 6.21M | 6.2M | 15.04M | 18.93M | 12.31M | 18.03M | 19.62M | 76.95M | 92.09M | 57.27M | 48.41M | 52.55M | 14.17M | 6.73M | 4.59M | 6.4M | 11.16M | 15.22M | 19.4M | 23.86M | 35.6M | 33.12M | 50.62M |
| SG&A % of Revenue | - | - | - | 124.34% | 59.12% | 46.15% | 14.09% | - | - | - | 103.18% | 148.21% | 10.1% | 12.52% | 51.94% | 91.35% | 53.15% | 5.59% | 41.68% | 9.75% | 167.01% | 5.89% | 210.08% | 121.77% | 150.86% | 279.4% | 5.01% | 6.75% | 2.88% | 2.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -94.75K | 0 | 0 | -14.48M | -18.49M | 4.72M | -95K | 0 | 0 | -13.09M | 6K | 7.58M | -17.9M | -22.02M | -72.65M | 9.03M | -99.63M | 30.3M | 0 | 0 | 366.01K | 34.15M | -12.44M | 836K | 14.78M | 3.84M | 1.09M | 1.66M | 1.66M | 1.66M |
| Operating Income | -3.21M | -7.2K | -12.88M | -25.25M | -11.08M | -15.44M | -5.69M | -6.21M | -6.2M | -4.52M | -29.9M | -27.38M | -2.88M | 54.14M | -26.34M | -58.06M | -54.47M | -23.49M | 34.96M | 94.4M | 6.43M | 7.68M | 6.32M | 11.33M | 29.74M | 22.69M | -16.52M | 20.7M | 21.53M | 97.92M |
| Operating Margin % | - | - | - | -124.34% | -59.12% | -36.32% | -3.87% | - | - | - | -163.02% | -329.71% | -1.61% | 34.56% | -17.78% | -57.59% | -50.56% | -2.71% | 27.73% | 64.95% | 159.42% | 9.86% | 207.35% | 123.67% | 294.75% | 326.77% | -3.47% | 3.92% | 1.87% | 5.36% |
| Operating Income Growth % | -44477.21% | 99.94% | 48.97% | -127.95% | 28.25% | -171.1% | 8.26% | -0.05% | -37.29% | 84.89% | -9.22% | -852.21% | -105.31% | 305.56% | 54.64% | -6.59% | -131.94% | -167.18% | -62.96% | 1368.76% | -16.34% | 21.63% | -44.27% | -61.9% | 31.06% | 237.35% | -179.83% | -3.86% | -78.02% | - |
| EBITDA | -3.2M | -7.2K | -12.32M | -22.72M | -9.73M | -13.05M | -2.16M | -6.14M | -4.4M | -1.55M | -27M | -17.81M | 24.63M | 73.2M | -9.44M | -45.17M | -35.52M | -8.44M | 38.53M | 97.55M | 6.69M | 7.93M | 6.51M | 12.18M | 37.25M | 26.54M | -15.43M | 22.35M | 23.18M | 99.58M |
| EBITDA Margin % | - | - | - | -111.88% | -51.94% | -30.71% | -1.47% | - | - | - | -147.18% | -214.55% | 13.8% | 46.72% | -6.37% | -44.8% | -32.97% | -0.98% | 30.55% | 67.12% | 166.03% | 10.18% | 213.6% | 132.88% | 369.15% | 382.12% | -3.24% | 4.24% | 2.02% | 5.45% |
| EBITDA Growth % | -44434.4% | 99.94% | 45.76% | -133.46% | 25.45% | -504.57% | 64.84% | -39.67% | -183.06% | 94.25% | -51.54% | -172.34% | -66.36% | 875.69% | 79.11% | -27.15% | -320.98% | -121.9% | -60.5% | 1357.37% | -15.6% | 21.89% | -46.57% | -67.31% | 40.37% | 271.99% | -169.03% | -3.58% | -76.72% | - |
| D&A (Non-Cash Add-back) | 4.86K | 4 | 560K | 2.53M | 1.34M | 2.38M | 3.54M | 67K | 1.81M | 2.97M | 2.9M | 9.56M | 27.5M | 19.06M | 16.9M | 12.89M | 18.95M | 15.05M | 3.56M | 3.15M | 266.34K | 248.34K | 190.4K | 844.36K | 7.51M | 3.84M | 1.09M | 1.66M | 1.66M | 1.66M |
| EBIT | -3.21M | -7.2K | -12.88M | -25.25M | -11.08M | -15.44M | -48.92M | -6.21M | -6.2M | -4.52M | -3.58M | -19.69M | -3.22M | -16.31M | -3.25M | 585.94M | -63.27M | -7.89M | 34.96M | 94.4M | -6.78M | 41.82M | -6.32M | -11.33M | -29.74M | -22.69M | -16.52M | -19.87M | 21.53M | 97.92M |
| Net Interest Income | -41.83K | 41 | -43K | 204K | -153K | 11.97M | -45.88K | 26K | 25K | 20K | 6K | 1.6M | 1.81M | 1.55M | -28.64M | -4.39M | 2.64M | 2.49M | 4.52M | 904.51K | -210K | 16.56K | 314.57K | 670.52K | 1.32M | 0 | 0 | 0 | 0 | -19.92M |
| Interest Income | 973 | 41 | 5K | 204K | 13K | 15.47M | 15.96K | 26K | 39K | 194K | 1.06M | 1.6M | 1.82M | 1.56M | 1.69M | 1.09M | 2.65M | 4.36M | 4.52M | 904.51K | 0 | 16.56K | 314.57K | 670.52K | 1.32M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.8K | 0 | 43K | 0 | 166K | 3.46M | 61.83K | 0 | 14K | 174K | 1.05M | 0 | 14.07K | 8.91K | 30.32M | 5.48M | 11K | 1.88M | 0 | 0 | 209.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.92M |
| Other Income/Expense | 2.01M | 4.04M | 4.55M | 1.91M | -37.9M | 38.3M | -43.61M | 31K | 25K | 74K | -11.33M | 992K | 3.73M | -151.76M | -24.9M | 626.96M | -8.8M | 107.92M | 1.86M | 5.83M | 45.97M | 34.31M | -23.09M | -71.49M | -327.45M | -42.98M | 0 | -43.88M | 6.62M | -48.13M |
| Pretax Income | -1.2M | -3.16M | -8.34M | -23.34M | -48.98M | 22.86M | -49.3M | -6.18M | -6.18M | -4.45M | -41.23M | -26.38M | 857K | -97.62M | -51.23M | 568.9M | -63.28M | 84.43M | 36.83M | 100.23M | 52.4M | 41.99M | -16.77M | -60.16M | -297.7M | -20.29M | -6.18M | -23.18M | 28.15M | 49.79M |
| Pretax Margin % | - | - | - | -114.93% | -261.43% | 53.79% | -33.5% | - | - | - | -224.81% | -317.76% | 0.48% | -62.31% | -34.58% | 564.31% | -58.73% | 9.76% | 29.2% | 68.96% | 1299.72% | 53.88% | -550.62% | -656.45% | -2950.2% | -292.12% | -1.3% | -4.4% | 2.45% | 2.72% |
| Income Tax | 0 | 0 | 0 | 0 | -5.09M | 1.26M | -1.37M | -42K | 0 | 4.42M | 1.5M | 6.84M | 2.14M | -955.21K | 4.29M | 11.94M | 2.44M | 8.59M | 12.06M | 15.15M | 8.34M | 8.28K | 25.41M | 49.67K | 1.58M | 2.88M | -9.53M | 32.29M | 9.94M | 14.11M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 10.4% | 5.5% | 2.79% | 0.68% | 0% | -99.48% | -3.65% | -25.92% | 249.94% | 0.98% | -8.36% | 2.1% | -3.85% | 10.18% | 32.75% | 15.12% | 15.92% | 0.02% | -151.53% | -0.08% | -0.53% | -14.22% | 154.08% | -139.29% | 35.3% | 28.33% |
| Net Income | -1.2M | -3.16M | -13.84M | -24.62M | -48.15M | 24.34M | -43.04M | -6.13M | -30M | -23.04M | -35.51M | -43.15M | -335.4M | -81.45M | -65.97M | 574.39M | 54.14M | 78.72M | 24.76M | 72.53M | 44.06M | 42M | -31.73M | -60.21M | -30.15M | -23.17M | -7M | -52.98M | 18.21M | 35.68M |
| Net Margin % | - | - | - | -121.26% | -257.02% | 57.26% | -29.24% | - | - | - | -193.58% | -519.67% | -187.9% | -51.99% | -44.53% | 569.76% | 50.25% | 9.1% | 19.64% | 49.9% | 1092.84% | 53.89% | -1041.69% | -656.98% | -298.77% | -333.68% | -1.47% | -10.05% | 1.58% | 1.95% |
| Net Income Growth % | 62.11% | 77.17% | 43.79% | 48.86% | -297.86% | 156.54% | -601.7% | 79.55% | -30.21% | 35.12% | 17.71% | 87.14% | -311.81% | -23.45% | -111.49% | 960.94% | -31.23% | 217.89% | -65.85% | 64.62% | 4.89% | 232.38% | 47.3% | -99.69% | -30.1% | -231.29% | 86.8% | -390.89% | -48.95% | - |
| Net Income (Continuing) | -1.2M | -3.16M | -8.34M | -23.34M | -43.88M | 22.92M | -47.93M | -6.18M | -6.18M | -4.45M | -5.27M | -33.22M | -1.28M | -14.39M | -1.22M | 556.96M | -65.72M | -24.71M | 24.76M | 85.08M | 44.06M | 41.99M | -29.09M | -60.21M | -30.12M | -23.17M | -7M | -52.98M | 18.21M | 35.68M |
| Discontinued Operations | 0 | 0 | -5.5M | -1.28M | -11.09M | 0 | 0 | 0 | -23.82M | -18.59M | -36.18M | -9.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 109.68M | 107.35M | 119.07M | 0 | 0 | 0 | 0 | 0 | 0 | 93.52M | 93.94M | 85.69M | 85.85M | 25.86M | 13.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115.33M | 111.37M | 107.63M | 133.3M | 108.71M |
| EPS (Diluted) | -0.98 | -0.33 | -8.11 | -3.00 | -5.91 | 3.89 | -1.02 | -1.23 | -1.20 | -0.92 | -8.47 | -53.35 | -67.32 | -22.88 | -2.79 | 125.75 | 2.48 | 17.65 | 6.15 | 26.53 | -6.86 | 168.31 | -138.70 | -359.31 | -179.93 | -138.33 | -58.99 | -439.49 | 149.75 | 95.48 |
| EPS Growth % | -196.97% | 95.93% | -170.33% | 49.24% | -251.93% | 481.37% | 17.07% | -2.5% | -30.43% | 89.14% | 84.12% | 20.75% | -194.23% | -720.07% | -102.22% | 4970.56% | -85.95% | 186.99% | -76.82% | 486.73% | -104.08% | 221.35% | 61.4% | -99.69% | -30.07% | -134.5% | 86.58% | -393.48% | 56.84% | - |
| EPS (Basic) | -0.98 | -0.33 | -13.46 | -3.00 | -5.91 | 3.89 | -1.02 | -1.29 | -1.20 | -0.92 | -8.47 | -53.35 | -67.34 | -22.85 | -2.79 | 127.50 | 2.58 | 20.40 | 7.59 | 31.42 | -6.95 | 168.31 | -138.70 | -359.31 | -179.94 | -138.33 | -58.99 | -439.49 | 149.75 | 95.48 |
| Diluted Shares Outstanding | 1.26M | 9.66M | 8.22M | 8.19M | 8.14M | 6.26M | 5.58M | 4.98M | 4.98M | 4.98M | 4.98M | 4.98M | 4.98M | 4.97M | 23.61M | 22.75M | 21.82M | 22.28M | 4.03M | 2.73M | 2.02M | 249.56K | 228.76K | 167.56K | 167.56K | 167.53K | 118.58K | 120.56K | 121.64K | 150K |
| Basic Shares Outstanding | 1.26M | 9.66M | 12.27M | 8.19M | 8.14M | 6.26M | 5.58M | 4.76M | 4.98M | 4.98M | 4.98M | 4.94M | 4.98M | 4.98M | 23.61M | 22.44M | 21M | 19.28M | 3.26M | 2.31M | 2M | 249.56K | 228.76K | 167.56K | 167.55K | 167.53K | 118.58K | 120.56K | 121.64K | 150K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 24.81% | - | - | - | - | - | - | - | - | - | - |
Operational viability and liquidity
As indicated by the most recent quarterly financial disclosures, CHNR has reported zero revenue for multiple consecutive periods, marking a complete cessation of top-line activity that suggests the company's transition from mining to wastewater services has yet to yield any meaningful commercial traction or operational output.
The absence of revenue across recent quarters implies that the company is currently in a state of operational dormancy or significant restructuring. Investors should monitor whether this lack of activity is a temporary pause during a pivot or a more permanent impairment of the firm's ability to generate value from its assets.
Based on reported income statements, the company continues to incur SG&A expenses despite the lack of revenue, with figures reaching as high as $8.0 million in 2023Q4, highlighting a structural cost burden that appears disconnected from the firm's current ability to generate any offsetting income.
The persistence of administrative and general expenses in the absence of top-line growth suggests a high fixed-cost structure that may be eroding the company's remaining capital. This misalignment between operational spending and revenue generation warrants further investigation into the necessity of these ongoing expenditures.
According to historical data, net income has fluctuated wildly between significant losses and occasional positive prints, such as the $42.2K reported in 2025Q4, which appears to be driven by non-operating items rather than core industrial profitability or sustainable operational improvements within the mining or wastewater segments.
The erratic nature of the bottom line suggests that reported net income is likely influenced by accounting adjustments or non-recurring items rather than fundamental business performance. Analysts should be cautious in interpreting these figures as indicators of future earnings potential given the lack of consistent operational revenue.
As noted in financial filings, the company's reliance on a single mining license and the lack of revenue from its wastewater segment create a binary risk profile where the firm's survival may depend entirely on external capital injections or parent company support rather than organic growth.
Short-term observers may focus on the potential for asset impairment if the Moruogu Tong mine fails to meet production expectations or if regulatory hurdles persist. The current financial trajectory suggests that the company may struggle to maintain its listing status without a significant and immediate change in its operational model.
Quick answers to the most common questions about buying CHNR stock.
For fiscal year 2025, China Natural Resources, Inc. (CHNR) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.83B in 1996.
China Natural Resources, Inc. (CHNR) reported a net loss of $1.2M for the fiscal year ending 2025.