I 
2.77
-1.42%
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¥150.3m
FY2021FY2025
Net income
−CN¥212.9m
FY2021FY2025
Free cash flow
−CN¥197.1m
FY2021FY2025
Shareholders' equity
CN¥791.8m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥150.3m | CN¥63.4m | CN¥329,990 | CN¥4.9m | CN¥13.8m |
| Research and development | CN¥313.9m | CN¥275.9m | CN¥249.6m | CN¥237.1m | CN¥176.0m |
| Operating income | −CN¥217.3m | −CN¥263.3m | −CN¥311.8m | −CN¥311.6m | −CN¥210.5m |
| Net income | −CN¥212.9m | −CN¥270.0m | −CN¥324.4m | −CN¥344.4m | −CN¥732.9m |
| Diluted earnings per share | -0.50 | -0.71 | -0.87 | -0.97 | -1.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥1.10bn | CN¥788.2m | CN¥747.7m | CN¥718.1m | CN¥892.8m |
| Cash and short-term investments | CN¥1.02bn | CN¥643.0m | CN¥520.3m | CN¥543.0m | CN¥668.3m |
| Total liabilities | CN¥308.4m | CN¥208.3m | CN¥108.0m | CN¥51.9m | CN¥2.49bn |
| Debt | CN¥228.1m | CN¥116.6m | CN¥63.9m | CN¥12.5m | CN¥18.5m |
| Shareholders' equity | CN¥791.8m | CN¥580.4m | CN¥639.7m | CN¥666.2m | −CN¥1.60bn |
| Shares outstanding | 425m | 380m | 374m | 356m | 431m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥195.8m | −CN¥109.5m | −CN¥314.2m | −CN¥204.1m | −CN¥190.5m |
| Capital spending | −CN¥1.3m | −CN¥8.9m | −CN¥2.3m | −CN¥19.9m | −CN¥125.3m |
| Free cash flow | −CN¥197.1m | −CN¥118.4m | −CN¥316.5m | −CN¥223.9m | −CN¥315.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥37.2m | CN¥114.3m | CN¥44.0m | CN¥67.4m | CN¥39.4m | CN¥615,274 | CN¥359,854 | CN¥501,816 |
| Operating income | −CN¥140.7m | −CN¥63.6m | −CN¥151.3m | −CN¥136.4m | −CN¥79.8m | −CN¥127.1m | −CN¥74.3m | −CN¥167.9m |
| Net income | −CN¥164.2m | −CN¥64.9m | −CN¥152.6m | −CN¥128.3m | −CN¥75.0m | −CN¥141.8m | −CN¥83.0m | −CN¥178.4m |
| Diluted earnings per share | -0.38 | -0.15 | -0.36 | -0.34 | -0.20 | -0.37 | -0.22 | -0.48 |
| Cash from operations | — | −CN¥72.0m | −CN¥131.0m | −CN¥4.0m | — | −CN¥105.0m | −CN¥61.0m | −CN¥200.0m |
| Capital spending | — | — | — | −CN¥3.0m | — | −CN¥5.0m | −CN¥3.0m | −CN¥1.0m |
| Free cash flow | — | — | — | −CN¥7.0m | — | −CN¥110.0m | −CN¥64.0m | −CN¥201.0m |
| Total assets | CN¥1.03bn | CN¥1.10bn | CN¥771.2m | CN¥788.2m | CN¥922.0m | CN¥635.4m | CN¥743.3m | CN¥874.6m |
| Cash and short-term investments | CN¥946.4m | CN¥1.02bn | CN¥703.7m | CN¥643.0m | CN¥752.1m | CN¥438.6m | CN¥513.0m | CN¥608.6m |
| Debt | CN¥328.6m | CN¥228.0m | CN¥153.7m | CN¥116.6m | CN¥107.3m | CN¥83.5m | CN¥74.5m | CN¥64.4m |
| Shareholders' equity | CN¥625.8m | CN¥791.8m | CN¥534.6m | CN¥580.4m | CN¥678.9m | CN¥513.1m | CN¥600.2m | CN¥748.3m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating margin | -144.6% | -415.4% | -97910.6% | -7066.9% | -5301.7% |
| Net margin | -141.7% | -426.0% | -98305.4% | -7080.7% | -5308.1% |
| Return on equity | -26.9% | -46.5% | -50.7% | -51.7% | 45.9% |
| Return on assets | -19.4% | -34.3% | -43.4% | -48.0% | -82.1% |
| Free cash flow yield | -15.4% | -11.2% | -32.8% | -22.4% | — |
| Revenue growth | 102.7% | 19109.6% | -93.2% | -58.8% | — |
| Earnings growth | -32.6% | -16.8% | -5.8% | -45.0% | — |
| Current ratio | 3.83x | 4.04x | 5.92x | 12.60x | 0.28x |
| Debt to equity | 0.28x | 0.18x | 0.09x | 0.02x | -1.87x |
| Equity ratio | 72.1% | 73.6% | 85.6% | 92.8% | -179.0% |
| Interest coverage | -42.05x | -89.31x | -247.99x | -510.94x | -821.61x |
| R&D as a share of sales | 208.9% | 435.3% | 75633.2% | 4874.3% | 1274.3% |
| Buybacks as a share of market value | -11.7% | -1.6% | -5.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 213.8% | — | — |
| Operating income | -11.3% | — | — |
| Net income | -14.8% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -10.1 | -6.3 | -18.2 |
| Price to sales | 14.3 | 26.7 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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