C 
1.69
+2.42%
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¥50.0m
FY2014FY2025
Net income
CN¥14.8m
FY2014FY2025
Free cash flow
−CN¥38.2m
FY2014FY2025
Shareholders' equity
−CN¥341.9m
FY2014FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥50.0m | CN¥72.8m | CN¥102.9m | CN¥67.5m | CN¥31.2m | CN¥12.0m | CN¥360.1m |
| Gross profit | CN¥36.6m | CN¥46.4m | CN¥64.2m | CN¥41.8m | CN¥18.8m | CN¥6.9m | — |
| Research and development | CN¥45.1m | CN¥215.3m | CN¥257.2m | CN¥266.1m | CN¥427.7m | CN¥109.6m | — |
| Operating income | −CN¥92.7m | −CN¥291.2m | −CN¥366.5m | −CN¥410.9m | −CN¥655.1m | −CN¥842.2m | — |
| Net income | CN¥14.8m | −CN¥378.5m | −CN¥378.8m | −CN¥413.4m | −CN¥1.08bn | −CN¥846.0m | — |
| Diluted earnings per share | 0.03 | -0.89 | -0.89 | -0.97 | -9.37 | -12.32 | — |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥165.5m | CN¥116.8m | CN¥395.4m | CN¥702.0m | CN¥892.5m | CN¥586.4m | CN¥4.80bn |
| Cash and short-term investments | CN¥66.7m | CN¥10.5m | CN¥137.5m | CN¥451.2m | CN¥745.8m | CN¥360.8m | — |
| Total liabilities | CN¥507.4m | CN¥591.3m | CN¥435.1m | CN¥393.5m | CN¥199.1m | CN¥2.33bn | CN¥931.4m |
| Debt | CN¥16.1m | CN¥135.8m | CN¥141.9m | CN¥155.3m | CN¥52.1m | CN¥46.9m | CN¥62.4m |
| Shareholders' equity | −CN¥341.9m | −CN¥474.5m | −CN¥39.8m | CN¥308.6m | CN¥693.4m | −CN¥1.75bn | CN¥3.50bn |
| Shares outstanding | 482m | 425m | 424m | 424m | 115m | 69m | 564m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥38.2m | −CN¥104.7m | −CN¥278.2m | −CN¥281.0m | −CN¥587.1m | −CN¥151.6m | — |
| Capital spending | −CN¥6,000 | −CN¥89,786 | −CN¥40.9m | −CN¥34.8m | −CN¥5.3m | −CN¥153.5m | −CN¥10.1m |
| Free cash flow | −CN¥38.2m | −CN¥104.8m | −CN¥319.1m | −CN¥315.8m | −CN¥592.4m | −CN¥305.1m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥14.0m | CN¥14.0m | CN¥13.9m | CN¥13.9m | CN¥11.1m | CN¥11.1m | CN¥17.2m | CN¥20.2m |
| Gross profit | CN¥9.3m | CN¥9.3m | CN¥10.6m | CN¥10.6m | CN¥7.7m | CN¥7.7m | CN¥10.6m | CN¥12.4m |
| Operating income | −CN¥24.0m | −CN¥24.0m | −CN¥25.4m | −CN¥25.4m | −CN¥20.9m | −CN¥20.9m | −CN¥51.8m | −CN¥60.6m |
| Net income | −CN¥18.5m | −CN¥18.5m | −CN¥22.2m | −CN¥22.2m | CN¥29.6m | CN¥29.6m | −CN¥83.5m | −CN¥97.7m |
| Diluted earnings per share | -0.03 | -0.03 | -0.05 | -0.05 | 0.06 | 0.06 | -0.20 | -0.23 |
| Cash from operations | — | — | −CN¥14.0m | −CN¥14.0m | −CN¥4.0m | −CN¥4.0m | −CN¥6.0m | −CN¥7.0m |
| Total assets | CN¥192.4m | CN¥192.4m | CN¥165.4m | CN¥165.4m | CN¥105.5m | CN¥105.5m | CN¥99.9m | CN¥116.8m |
| Cash and short-term investments | CN¥88.1m | CN¥88.1m | CN¥66.6m | CN¥66.6m | CN¥2.0m | CN¥2.0m | CN¥9.0m | CN¥10.5m |
| Debt | CN¥19.7m | CN¥19.7m | CN¥15.9m | CN¥7.9m | CN¥35.0m | CN¥26.5m | CN¥116.1m | CN¥27.1m |
| Shareholders' equity | −CN¥195.9m | −CN¥195.9m | −CN¥341.8m | −CN¥341.8m | −CN¥409.1m | −CN¥409.1m | −CN¥405.7m | −CN¥474.5m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 73.1% | 63.8% | 62.4% | 61.9% | 60.3% | 57.2% |
| Operating margin | -185.5% | -400.1% | -359.6% | -603.5% | -3446.4% | -7000.1% |
| Net margin | 29.6% | -520.1% | -368.3% | -612.2% | -3456.3% | -7031.6% |
| Return on equity | -4.3% | 93.3% | 952.1% | -156.7% | -155.3% | 48.5% |
| Return on assets | 9.0% | -378.9% | -95.8% | -68.9% | -120.7% | -144.3% |
| Free cash flow yield | -4.7% | -17.2% | -33.5% | -34.8% | -303.1% | 1.6% |
| Revenue growth | -41.3% | -17.3% | 30.3% | 153.4% | 159.0% | 719.1% |
| Earnings growth | -103.3% | 16.8% | -21.6% | -55.1% | 27.3% | 288.7% |
| Current ratio | 0.24x | 0.09x | 0.64x | 1.82x | 4.37x | 3.62x |
| Debt to equity | -0.05x | -0.09x | -1.04x | 0.16x | 0.06x | -1.26x |
| Equity ratio | -206.6% | -406.2% | -10.1% | 44.0% | 77.7% | -297.7% |
| Interest coverage | -42.67x | -39.67x | -41.34x | -69.45x | -348.79x | -221.99x |
| R&D as a share of sales | 90.1% | 295.8% | 250.0% | 394.0% | 1372.4% | 911.3% |
| Buybacks as a share of market value | -13.5% | -0.1% | -0.1% | -269.2% | -67.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.5% | 33.0% | 1.7% |
| Operating income | -39.1% | -35.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 67.6% | 64.5% | 63.8% | — |
| Operating margin | -312.7% | -396.1% | -790.5% | — |
| Net margin | -296.3% | -394.3% | -915.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 71.3 | -0.1 | -1.0 | -2.2 | -0.8 |
| Price to sales | 21.1 | 0.7 | 3.5 | 13.3 | 29.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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