B 
3.40
-2.30%
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¥870.9m
FY2017FY2025
Net income
−CN¥116.9m
FY2017FY2025
Free cash flow
−CN¥31.4m
FY2017FY2025
Shareholders' equity
CN¥729.3m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥870.9m | CN¥1.10bn | CN¥780.6m | CN¥442.2m | CN¥88.9m | CN¥22.5m | CN¥45.3m | CN¥39.2m | CN¥51.6m |
| Research and development | CN¥99.8m | CN¥79.3m | CN¥103.9m | CN¥151.2m | CN¥250.1m | CN¥235.2m | CN¥191.1m | CN¥188.7m | CN¥105.9m |
| Operating income | −CN¥105.6m | CN¥41.3m | −CN¥35.6m | −CN¥45.7m | −CN¥302.5m | −CN¥288.7m | −CN¥298.7m | −CN¥237.1m | −CN¥106.0m |
| Net income | −CN¥116.9m | CN¥34.8m | −CN¥37.8m | −CN¥49.9m | −CN¥304.3m | −CN¥288.5m | −CN¥299.3m | −CN¥268.3m | −CN¥148.7m |
| Diluted earnings per share | -0.16 | 0.05 | -0.05 | -0.07 | -0.53 | -0.51 | -0.53 | -0.47 | -0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.47bn | CN¥1.76bn | CN¥1.66bn | CN¥1.47bn | CN¥827.4m | CN¥641.2m | CN¥1.02bn | CN¥677.2m | CN¥364.1m |
| Cash and short-term investments | CN¥382.6m | CN¥444.1m | CN¥409.6m | CN¥603.0m | CN¥181.0m | CN¥225.5m | CN¥571.3m | CN¥274.1m | CN¥72.4m |
| Total liabilities | CN¥738.2m | CN¥907.6m | CN¥861.3m | CN¥636.7m | CN¥437.0m | CN¥58.8m | CN¥159.1m | CN¥861.7m | CN¥286.7m |
| Debt | CN¥447.5m | CN¥395.5m | CN¥345.7m | CN¥289.5m | CN¥208.6m | CN¥7.4m | CN¥75.1m | CN¥789.4m | CN¥268.8m |
| Shareholders' equity | CN¥729.3m | CN¥849.9m | CN¥799.9m | CN¥831.6m | CN¥390.3m | CN¥582.4m | CN¥858.3m | −CN¥184.5m | CN¥77.3m |
| Shares outstanding | 725m | 725m | 725m | 703m | 575m | 571m | 570m | 570m | 570m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥18.8m | CN¥116.4m | CN¥65.7m | CN¥69.8m | −CN¥204.0m | −CN¥263.1m | −CN¥251.3m | −CN¥176.8m | −CN¥117.4m |
| Capital spending | −CN¥50.2m | −CN¥123.6m | −CN¥236.7m | −CN¥279.7m | −CN¥134.3m | −CN¥22.2m | −CN¥37.3m | −CN¥78.2m | −CN¥134.7m |
| Free cash flow | −CN¥31.4m | −CN¥7.2m | −CN¥171.0m | −CN¥209.9m | −CN¥338.3m | −CN¥285.3m | −CN¥288.7m | −CN¥255.0m | −CN¥252.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥282.6m | CN¥301.1m | CN¥569.8m | CN¥577.7m | CN¥520.6m | CN¥452.6m | CN¥382.1m | CN¥303.0m |
| Operating income | −CN¥62.7m | −CN¥116.3m | CN¥10.7m | CN¥8.0m | CN¥33.3m | −CN¥18.5m | −CN¥17.0m | −CN¥37.3m |
| Net income | −CN¥67.2m | −CN¥121.6m | CN¥4.7m | CN¥3.2m | CN¥31.6m | −CN¥22.6m | −CN¥17.7m | −CN¥39.8m |
| Diluted earnings per share | -0.09 | -0.17 | 0.01 | 0.00 | 0.04 | -0.03 | -0.02 | -0.06 |
| Cash from operations | — | −CN¥21.0m | CN¥40.0m | CN¥88.0m | CN¥27.0m | −CN¥6.0m | CN¥72.0m | CN¥36.0m |
| Capital spending | — | −CN¥25.0m | −CN¥24.0m | −CN¥53.0m | −CN¥68.0m | −CN¥83.0m | −CN¥146.0m | −CN¥210.0m |
| Free cash flow | — | −CN¥46.0m | CN¥16.0m | CN¥35.0m | −CN¥41.0m | −CN¥89.0m | −CN¥74.0m | −CN¥174.0m |
| Total assets | CN¥1.37bn | CN¥1.47bn | CN¥1.72bn | CN¥1.51bn | CN¥1.46bn | CN¥1.43bn | CN¥1.71bn | CN¥1.65bn |
| Cash and short-term investments | CN¥307.2m | CN¥382.6m | CN¥447.3m | CN¥381.3m | CN¥348.4m | CN¥351.6m | CN¥544.1m | CN¥603.0m |
| Debt | CN¥60.0m | CN¥447.7m | CN¥462.7m | CN¥395.5m | CN¥383.9m | CN¥345.7m | CN¥384.7m | CN¥337.3m |
| Shareholders' equity | CN¥715.9m | CN¥729.3m | CN¥852.3m | CN¥729.7m | CN¥723.9m | CN¥686.7m | CN¥889.8m | CN¥933.6m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -10.8% | 4.2% | -4.2% | -9.8% | -339.0% | -1275.1% |
| Net margin | -13.4% | 3.2% | -4.8% | -11.3% | -342.2% | -1282.7% |
| Return on equity | -16.0% | 4.8% | -5.5% | -7.0% | -78.0% | -49.5% |
| Return on assets | -8.0% | 2.3% | -2.6% | -4.0% | -36.8% | -45.0% |
| Free cash flow yield | 2.4% | 9.9% | 10.7% | 12.7% | -3.1% | -12.6% |
| Revenue growth | -31.9% | 40.7% | 76.5% | 479.3% | 239.4% | -50.4% |
| Earnings growth | -388.8% | -192.1% | -24.4% | -80.9% | -9.5% | -3.6% |
| Current ratio | 2.05x | 1.79x | 1.81x | 2.46x | 1.17x | 4.73x |
| Debt to equity | 0.61x | 0.54x | 0.50x | 0.41x | 0.62x | 0.00x |
| Equity ratio | 49.7% | 48.4% | 48.2% | 56.6% | 47.2% | 90.8% |
| Interest coverage | -6.75x | 4.67x | -6.30x | -6.58x | -104.84x | -168.11x |
| R&D as a share of sales | 11.5% | 7.2% | 13.3% | 34.2% | 281.3% | 1045.7% |
| Buybacks as a share of market value | 0.0% | 0.0% | -3.1% | -22.3% | -0.8% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.7% | 110.0% | — |
| Operating income | 32.2% | -18.2% | — |
| Net income | 32.8% | -16.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -13.4 | 32.4 | -32.8 | -29.3 | -7.0 | -7.6 | -7.3 |
| Price to sales | 1.9 | 1.0 | 1.6 | 3.4 | 24.7 | 104.9 | 144.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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