J 
4.71
+1.07%
Close of 9 Nov 2026, in HKD
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥60.7m
FY2018FY2025
Net income
−CN¥165.6m
FY2018FY2025
Free cash flow
−CN¥218.1m
FY2018FY2025
Shareholders' equity
CN¥897.8m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥60.7m | CN¥155.7m | CN¥63.5m | CN¥95.7m | CN¥177.9m | CN¥566.3m | — | — |
| Gross profit | CN¥34.2m | CN¥155.7m | CN¥3.2m | CN¥12.6m | CN¥14.9m | CN¥514.9m | — | — |
| Research and development | CN¥192.7m | CN¥330.2m | CN¥372.3m | CN¥445.6m | CN¥327.0m | CN¥216.5m | CN¥161.8m | CN¥98.8m |
| Operating income | −CN¥192.9m | −CN¥188.2m | −CN¥397.9m | −CN¥394.2m | −CN¥371.9m | CN¥208.6m | −CN¥226.1m | −CN¥118.1m |
| Net income | −CN¥165.6m | −CN¥155.7m | −CN¥359.1m | −CN¥371.9m | −CN¥350.7m | −CN¥1.76bn | −CN¥770.6m | −CN¥173.8m |
| Diluted earnings per share | -0.21 | -0.20 | -0.46 | -0.49 | -0.47 | -2.34 | -1.02 | -0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.52bn | CN¥1.58bn | CN¥1.70bn | CN¥1.57bn | CN¥2.01bn | CN¥2.17bn | CN¥423.1m | CN¥551.5m |
| Cash and short-term investments | CN¥1.29bn | CN¥1.37bn | CN¥1.34bn | CN¥1.28bn | CN¥1.79bn | CN¥1.90bn | CN¥366.0m | CN¥490.0m |
| Total liabilities | CN¥621.7m | CN¥507.7m | CN¥450.8m | CN¥292.1m | CN¥98.7m | CN¥94.5m | CN¥970.5m | CN¥664.7m |
| Debt | CN¥192.3m | CN¥152.1m | CN¥209.9m | CN¥147.8m | CN¥6.8m | CN¥10.2m | CN¥790.1m | CN¥544.4m |
| Shareholders' equity | CN¥897.8m | CN¥1.08bn | CN¥1.25bn | CN¥1.28bn | CN¥1.91bn | CN¥2.08bn | −CN¥547.1m | −CN¥111.0m |
| Shares outstanding | 775m | 773m | 776m | 752m | 748m | 753m | 753m | 760m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥216.8m | −CN¥74.1m | −CN¥364.2m | −CN¥340.5m | −CN¥171.7m | CN¥91.8m | −CN¥131.6m | −CN¥93.0m |
| Capital spending | −CN¥1.2m | −CN¥12.1m | −CN¥38.7m | −CN¥19.2m | −CN¥13.0m | −CN¥12.8m | −CN¥3.9m | −CN¥18.7m |
| Free cash flow | −CN¥218.1m | −CN¥86.2m | −CN¥402.9m | −CN¥359.7m | −CN¥184.7m | CN¥79.0m | −CN¥135.5m | −CN¥111.8m |
| Dividends paid | — | — | — | — | — | — | — | −CN¥19.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥839.3m | CN¥9.0m | CN¥53.2m | CN¥155.7m | — | CN¥23.2m | CN¥47.0m | CN¥47.8m |
| Gross profit | CN¥805.5m | −CN¥4.7m | CN¥53.2m | CN¥155.7m | −CN¥14.9m | CN¥801,000 | CN¥2.8m | CN¥4.4m |
| Operating income | CN¥691.2m | −CN¥119.1m | −CN¥78.0m | −CN¥2.3m | −CN¥185.9m | −CN¥213.3m | −CN¥258.6m | −CN¥340.9m |
| Net income | CN¥689.7m | −CN¥99.6m | −CN¥68.7m | CN¥13.3m | −CN¥169.1m | −CN¥192.8m | −CN¥193.6m | −CN¥284.2m |
| Diluted earnings per share | 0.89 | -0.13 | -0.09 | 0.02 | -0.22 | -0.25 | -0.25 | -0.38 |
| Cash from operations | — | −CN¥64.0m | −CN¥171.0m | CN¥106.0m | −CN¥180.0m | −CN¥168.0m | −CN¥255.0m | −CN¥210.0m |
| Capital spending | — | −CN¥1.0m | — | −CN¥6.0m | −CN¥5.0m | −CN¥4.0m | −CN¥40.0m | −CN¥15.0m |
| Free cash flow | — | −CN¥65.0m | — | CN¥100.0m | −CN¥185.0m | −CN¥172.0m | −CN¥295.0m | −CN¥225.0m |
| Total assets | CN¥2.17bn | CN¥1.52bn | CN¥1.50bn | CN¥1.36bn | CN¥1.31bn | CN¥1.46bn | CN¥1.86bn | CN¥1.57bn |
| Cash and short-term investments | CN¥1.96bn | CN¥1.29bn | CN¥1.25bn | CN¥1.17bn | CN¥1.06bn | CN¥1.14bn | CN¥1.51bn | CN¥1.28bn |
| Debt | CN¥19.0m | CN¥192.3m | CN¥166.5m | CN¥152.1m | CN¥198.2m | CN¥209.9m | CN¥236.0m | CN¥147.8m |
| Shareholders' equity | CN¥1.57bn | CN¥897.8m | CN¥1.01bn | CN¥923.2m | CN¥906.5m | CN¥1.07bn | CN¥1.47bn | CN¥1.28bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 56.3% | 100.0% | 5.0% | 13.2% | 8.4% | 90.9% |
| Operating margin | -317.8% | -130.5% | -552.3% | -386.0% | -196.7% | -311.1% |
| Net margin | -272.7% | -100.0% | -565.4% | -388.4% | -197.1% | -311.3% |
| Return on equity | -18.4% | -16.9% | -33.5% | -29.0% | -18.4% | -84.7% |
| Return on assets | -10.9% | -11.5% | -24.6% | -23.6% | -17.5% | -81.1% |
| Free cash flow yield | -4.6% | -1.5% | -8.0% | -7.0% | -3.5% | 2.3% |
| Revenue growth | -66.5% | 145.1% | -33.7% | -37.3% | -68.6% | — |
| Earnings growth | -8.7% | -56.6% | -3.4% | 23.5% | -80.1% | 128.7% |
| Current ratio | 5.10x | 4.89x | 5.70x | 8.59x | 20.29x | 24.57x |
| Debt to equity | 0.14x | 0.09x | 0.08x | 0.01x | 0.00x | 0.00x |
| Equity ratio | 59.1% | 67.9% | 73.5% | 81.4% | 95.1% | 95.7% |
| Interest coverage | -13.15x | -24.19x | -42.20x | -162.82x | -529.26x | -1236.87x |
| R&D as a share of sales | 317.4% | 212.0% | 586.1% | 465.4% | 183.8% | 38.2% |
| Buybacks as a share of market value | -0.2% | 0.4% | -3.1% | -0.5% | 0.6% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.1% | -36.0% | — |
| Operating income | -21.2% | — | — |
| Net income | -23.6% | -37.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 87.7% | 54.8% | 65.7% | — |
| Operating margin | -176.1% | -312.3% | -119.3% | — |
| Net margin | -148.5% | -280.1% | -282.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -25.8 | -5.5 | -6.8 | -9.2 | -26.8 | -5.2 |
| Price to sales | 70.4 | 5.5 | 38.3 | 35.6 | 52.8 | 16.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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