Burning Rock Biotech Limited (BNR)

Nasdaq: BNR · Services-Medical Laboratories · Guangzhou, Guangdong, CN · filing with the SEC since 2019

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Grade5.1

◀ Past 5.2● Present 4.9▶ Future 5.2

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Burning Rock Biotech Limited

Nine metrics read from its own filings, by tense

Headline grade

5.1/10

◀ Past5.230% of the headline

● Present4.940% of the headline

▶ Future5.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.2/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.8/10

Has it survived what it has been through?

No warning events in its filings since 2019.

weight 33% of this tense · 78th percentile among 27 sector filers · read for itself

From the record

Burning Rock Biotech Limited's filings since 2019 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.1/10

What has it actually done, year after year?

+14.5% a year over 8 filed years; profitable in 0 of 8.

weight 45% of this tense · 32nd percentile among 23 sector filers · read for its customers

From the record

Burning Rock Biotech Limited's 8 filed years say what it did: revenue went from CNY 209 million in fiscal 2018 to CNY 540 million in fiscal 2025, up 14.5% a year; it rose in 5 of 7 years; the deepest fall was 8% from fiscal 2022 to fiscal 2024; net income was positive in 0 of 8 of those years (its annual reports).

What it rests on

revenue growth over the filed span14.5%bottom 28% of its family
the share of years revenue rosebottom 24% of its family
the share of filed years with a profitbottom 24% of its family
the deepest fall from a revenue peak8.4%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

5.6/10

How has it treated the people who own it?

SI estimate 5.6/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 21 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 21 members with one.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: family median, 21 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Burning Rock Biotech Limited's shareholder treatment is put at 5.6 of 10 with a confidence of 20 of 100, because fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 21 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.9/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

6.4/10

Is it financially healthy right now?

ROE -10%: lost 10¢ per shareholder dollar. Leverage 35%: owes 35¢ per asset dollar.

weight 33% of this tense · 64th percentile among 25 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Burning Rock Biotech Limited lost about 10 cents for every dollar of shareholders' money, and gross profitability: its products earned about 49 cents per dollar of everything the company owns. Leverage: it owed about 35 cents per dollar of assets (the filed statements).

What it rests on

what it owes per dollar of assetstop 48% of its family
return on equitytop 50% of its family
gross profit against assetstop 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

3.4/10

How strong is its position in its industry?

bottom 34% of 24 in its family; net margin -10.3%.

weight 45% of this tense · 34th percentile among 24 sector filers · read for its customers

From the record

Burning Rock Biotech Limited's standing among 24 graded names in its industry family: revenue of CNY 540 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -10.3% ranks in the top 48%; revenue growth of -1.4% a year over the last 3 filed years ranks in the bottom 15% (its annual reports).

What it rests on

net margin-10.3%top 48% of its family
three-year revenue growth-1.4%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.9/10

What are the people in charge doing?

SI estimate 5.9/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 20 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 20 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 20 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Burning Rock Biotech Limited's leadership is put at 5.9 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 20 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.4/10

How much room does it have to grow?

top 26% of 24 in its family for room to expand.

weight 22% of this tense · 74th percentile among 24 sector filers · read for itself

From the record

Burning Rock Biotech Limited's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 481 million against debt of CNY 2 million leaves 58.4% of its assets as net cash, top 10% of its family; cash from operations less capital spending is -6.2% of revenue (top 48%); a gross margin of 74.7% (top 9%); research spending of 30.9% of revenue (top 36%) (its annual report).

What it rests on

cash less debt against assets58.4%top 10% of its family
cash from operations less capital spending against revenue-6.2%top 48% of its family
gross margin74.7%top 9% of its family
research spending against revenue30.9%top 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.8/10

What could actually drive growth from here?

bottom 18% of 23 in its family for growth drivers.

weight 45% of this tense · 18th percentile among 23 sector filers · read for its customers

From the record

Burning Rock Biotech Limited's growth drivers, from the filed years to fiscal 2025: revenue grew -1.4% a year over the last three filed years against 14.5% over all 8, slowing (bottom 28% of its family); the newest year grew 4.6% (bottom 28%); research spending grew -26.6% a year (bottom 3%); capital spending grew -56.1% a year (bottom 12%) (its annual reports). Burning Rock Biotech Limited reported 3 lines of business in fiscal 2025: Inhospital Business at CNY 224 million (42%), Central Laboratory Business at CNY 160 million (30%), Pharma Research and Development Services at CNY 156 million (29%); 1 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-15.9 points a yearbottom 28% of its family
the newest year's revenue growth4.6%bottom 28% of its family
three-year growth of research spending-26.6%bottom 3% of its family
three-year growth of capital spending-56.1%bottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

8.4/10

Did its newest year beat what its own record pointed to?

top 16% of 20 in its family for expectations against reality.

weight 33% of this tense · 84th percentile among 20 sector filers · read for its shareholders

From the record

Burning Rock Biotech Limited's newest year against its own record: revenue of CNY 540 million in fiscal 2025 came in 9.3% above the CNY 494 million its prior three years' pace pointed to (top 22% of its family); net income of CNY 55 million against a prior three-year average of CNY 657 million (top 7%); a net margin of -10.3% against losses larger than its revenue before (top 17%) (its annual reports).

What it rests on

revenue against the prior three years' pace9.3%top 22% of its family
net income against the prior three years' average+92%top 7% of its family
net margin against its prior averageup more than 100 pointstop 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BNR · research, not advice