C 
17.97
-1.37%
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¥779.5m
FY2016FY2025
Net income
−CN¥318.6m
FY2016FY2025
Free cash flow
−CN¥544.1m
FY2016FY2025
Shareholders' equity
CN¥788.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥779.5m | CN¥635.5m | CN¥463.7m | CN¥360.1m | CN¥200.6m | CN¥17.44bn | CN¥20.16bn | CN¥21.89bn | CN¥16.64bn | CN¥14.27bn |
| Gross profit | CN¥86.2m | CN¥36.8m | CN¥9.3m | CN¥8.2m | CN¥7.3m | CN¥5.08bn | CN¥6.07bn | CN¥7.15bn | CN¥5.43bn | CN¥5.38bn |
| Research and development | CN¥69.7m | CN¥81.7m | CN¥68.6m | CN¥44.9m | CN¥32.7m | — | — | — | CN¥507.9m | CN¥454.9m |
| Operating income | −CN¥263.3m | −CN¥272.3m | −CN¥239.4m | −CN¥163.7m | −CN¥88.2m | CN¥3.24bn | CN¥3.82bn | CN¥5.31bn | CN¥4.73bn | CN¥3.92bn |
| Net income | −CN¥318.6m | −CN¥274.5m | −CN¥229.4m | −CN¥178.1m | −CN¥97.5m | CN¥1.58bn | CN¥2.71bn | CN¥3.82bn | CN¥3.31bn | CN¥2.49bn |
| Diluted earnings per share | -0.84 | -0.72 | -0.60 | -0.46 | -0.25 | 0.29 | 0.50 | 0.54 | 0.47 | 0.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.25bn | CN¥1.44bn | CN¥1.42bn | CN¥927.8m | CN¥486.7m | CN¥109.40bn | CN¥105.43bn | CN¥101.99bn | CN¥86.57bn | CN¥67.57bn |
| Cash and short-term investments | CN¥462.3m | CN¥199.3m | CN¥422.1m | CN¥270.3m | CN¥61.3m | CN¥341.3m | CN¥869.3m | CN¥12.87bn | CN¥8.30bn | CN¥9.93bn |
| Total liabilities | CN¥1.44bn | CN¥756.1m | CN¥499.5m | CN¥373.9m | CN¥869.9m | CN¥77.82bn | CN¥74.75bn | CN¥70.73bn | CN¥55.21bn | CN¥38.49bn |
| Debt | CN¥805.8m | CN¥368.1m | CN¥186.7m | CN¥162.1m | CN¥161.1m | CN¥57.22bn | CN¥55.49bn | CN¥52.56bn | CN¥40.58bn | CN¥31.90bn |
| Shareholders' equity | CN¥788.1m | CN¥682.3m | CN¥922.3m | CN¥553.9m | −CN¥383.2m | CN¥31.43bn | CN¥30.52bn | CN¥31.08bn | CN¥31.19bn | CN¥29.07bn |
| Shares outstanding | 381m | 380m | 380m | 389m | 389m | 5,449m | 5,449m | 7,069m | 7,071m | 7,069m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥174.6m | −CN¥270.0m | −CN¥193.7m | −CN¥290.4m | −CN¥271.4m | −CN¥449.5m | −CN¥518.2m | −CN¥2.33bn | CN¥3.75bn | CN¥3.94bn |
| Capital spending | −CN¥369.4m | −CN¥118.3m | −CN¥170.3m | −CN¥15.1m | −CN¥6.2m | −CN¥1.84bn | −CN¥7.02bn | −CN¥9.10bn | −CN¥9.96bn | −CN¥5.45bn |
| Free cash flow | −CN¥544.1m | −CN¥388.2m | −CN¥364.0m | −CN¥305.5m | −CN¥277.6m | −CN¥2.29bn | −CN¥7.54bn | −CN¥11.43bn | −CN¥6.21bn | −CN¥1.51bn |
| Dividends paid | — | — | — | — | — | — | −CN¥1.45bn | −CN¥1.30bn | −CN¥1.04bn | −CN¥891.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2020 | Jun 2020 | Dec 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥326.1m | CN¥452.7m | CN¥326.8m | CN¥368.0m | CN¥267.5m | CN¥10.04bn | CN¥7.40bn | CN¥10.08bn |
| Gross profit | CN¥39.7m | CN¥65.2m | CN¥21.0m | CN¥28.5m | CN¥8.3m | CN¥3.28bn | CN¥1.80bn | CN¥3.04bn |
| Operating income | −CN¥80.3m | −CN¥95.8m | −CN¥168.5m | −CN¥115.6m | −CN¥156.8m | CN¥2.22bn | CN¥1.06bn | CN¥1.76bn |
| Net income | −CN¥80.5m | −CN¥144.4m | −CN¥174.2m | −CN¥120.3m | −CN¥154.3m | CN¥1.12bn | CN¥460.1m | CN¥1.36bn |
| Diluted earnings per share | -0.21 | -0.38 | -0.46 | -0.32 | -0.41 | 0.21 | 0.08 | 0.25 |
| Cash from operations | — | CN¥14.0m | −CN¥165.0m | −CN¥134.0m | −CN¥134.0m | CN¥1.47bn | −CN¥1.69bn | −CN¥259.0m |
| Capital spending | — | −CN¥306.0m | −CN¥63.0m | −CN¥59.0m | −CN¥59.0m | −CN¥918.0m | −CN¥918.0m | −CN¥3.51bn |
| Free cash flow | — | −CN¥292.0m | −CN¥228.0m | −CN¥193.0m | −CN¥193.0m | CN¥551.0m | −CN¥2.61bn | −CN¥3.77bn |
| Total assets | CN¥2.50bn | CN¥2.25bn | CN¥1.60bn | CN¥1.44bn | CN¥1.35bn | CN¥109.40bn | CN¥109.31bn | CN¥105.43bn |
| Cash and short-term investments | CN¥318.5m | CN¥462.3m | CN¥373.9m | CN¥199.3m | CN¥256.6m | CN¥341.3m | CN¥218.6m | CN¥869.3m |
| Debt | CN¥637.0m | CN¥805.4m | CN¥520.6m | CN¥359.6m | CN¥246.6m | CN¥57.22bn | CN¥58.14bn | CN¥55.49bn |
| Shareholders' equity | CN¥685.3m | CN¥788.1m | CN¥706.2m | CN¥682.3m | CN¥785.6m | CN¥31.43bn | CN¥30.27bn | CN¥30.52bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 11.1% | 5.8% | 2.0% | 2.3% | 3.7% | 29.1% | — | — | — |
| Operating margin | -33.8% | -41.7% | -48.0% | -45.5% | -44.0% | 19.0% | — | — | — |
| Net margin | -40.9% | -43.2% | -49.5% | -49.5% | -48.6% | 9.1% | — | — | — |
| Return on equity | -40.4% | -40.2% | -24.9% | -32.2% | 25.4% | 5.0% | — | — | — |
| Return on assets | -14.2% | -19.1% | -16.1% | -19.2% | -20.0% | 1.4% | — | — | — |
| Free cash flow yield | 2.9% | -2.3% | -0.3% | — | — | 1.7% | 7.9% | 6.4% | — |
| Revenue growth | 22.7% | 37.0% | 28.8% | 79.5% | -99.0% | -13.5% | — | — | — |
| Earnings growth | 16.1% | 19.7% | 28.8% | 82.7% | -105.3% | -41.6% | — | — | — |
| Current ratio | 1.10x | 1.53x | 2.65x | 2.70x | 1.43x | 0.85x | — | — | — |
| Debt to equity | 1.01x | 0.53x | 0.19x | 0.27x | -0.40x | 1.82x | — | — | — |
| Equity ratio | 35.1% | 47.4% | 64.9% | 59.7% | -78.7% | 28.7% | — | — | — |
| Interest coverage | -14.01x | -28.87x | -32.16x | -11.92x | -9.46x | 2.07x | — | — | — |
| R&D as a share of sales | 8.9% | 12.9% | 14.8% | 12.5% | 16.3% | — | — | — | 3.1% |
| Buybacks as a share of market value | -0.2% | 0.0% | 93.0% | — | — | 0.0% | 22.9% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 29.4% | -46.3% | -25.0% |
| Operating income | 17.2% | — | — |
| Net income | 21.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.7% | 6.3% | 26.3% | 31.7% |
| Operating margin | -37.9% | -41.9% | 11.1% | 22.0% |
| Net margin | -41.9% | -44.7% | 2.4% | 14.3% |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -28.2 |
| Price to sales | 11.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 Oct 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.27 | 0.25 | 0.20 | 0.17 | 0.19 | 0.21 | 0.23 | 0.19 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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