E 
26.18
-3.11%
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¥1.99bn
FY2018FY2025
Net income
−CN¥347.2m
FY2018FY2025
Free cash flow
−CN¥201.0m
FY2018FY2025
Shareholders' equity
CN¥6.19bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.99bn | CN¥706.7m | CN¥125.9m | CN¥12.8m | CN¥62,974 | — | — | — |
| Gross profit | CN¥1.38bn | CN¥528.9m | CN¥91.5m | CN¥8.1m | CN¥36,152 | — | — | — |
| Research and development | CN¥596.0m | CN¥528.0m | CN¥540.1m | CN¥809.7m | CN¥715.4m | CN¥377.4m | CN¥150.9m | CN¥55.9m |
| Operating income | −CN¥450.4m | −CN¥1.12bn | −CN¥932.7m | −CN¥256.8m | −CN¥1.20bn | −CN¥688.5m | −CN¥176.1m | −CN¥127.2m |
| Net income | −CN¥347.2m | −CN¥1.04bn | −CN¥844.5m | −CN¥247.3m | −CN¥1.18bn | −CN¥5.68bn | −CN¥193.5m | −CN¥991.7m |
| Diluted earnings per share | -1.00 | -3.21 | -2.61 | -0.83 | -4.01 | -38.97 | -2.47 | -3.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.97bn | CN¥5.78bn | CN¥6.73bn | CN¥7.71bn | CN¥7.75bn | CN¥7.48bn | CN¥2.14bn | CN¥723.2m |
| Cash and short-term investments | CN¥3.19bn | CN¥1.87bn | CN¥2.74bn | CN¥1.93bn | CN¥3.08bn | CN¥4.48bn | CN¥106.1m | CN¥183.5m |
| Total liabilities | CN¥1.78bn | CN¥1.03bn | CN¥937.7m | CN¥1.12bn | CN¥879.1m | CN¥636.1m | CN¥3.00bn | CN¥1.67bn |
| Debt | CN¥1.03bn | CN¥635.4m | CN¥539.2m | CN¥534.6m | CN¥511.8m | CN¥468.2m | CN¥2.90bn | CN¥1.64bn |
| Shareholders' equity | CN¥6.19bn | CN¥4.75bn | CN¥5.79bn | CN¥6.59bn | CN¥6.87bn | CN¥6.84bn | −CN¥861.1m | −CN¥947.6m |
| Shares outstanding | 348m | 324m | 324m | 300m | 293m | 146m | 78m | 284m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥128.2m | −CN¥679.5m | −CN¥897.0m | −CN¥1.35bn | −CN¥851.2m | −CN¥471.9m | −CN¥88.7m | −CN¥107.0m |
| Capital spending | −CN¥72.7m | −CN¥65.4m | −CN¥310.1m | −CN¥504.7m | −CN¥1.14bn | −CN¥519.9m | −CN¥93.3m | −CN¥211.9m |
| Free cash flow | −CN¥201.0m | −CN¥744.9m | −CN¥1.21bn | −CN¥1.85bn | −CN¥1.99bn | −CN¥991.8m | −CN¥181.9m | −CN¥318.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥669.3m | CN¥669.3m | CN¥735.0m | CN¥735.0m | CN¥260.1m | CN¥260.1m | CN¥202.6m | CN¥236.2m |
| Gross profit | CN¥466.1m | CN¥466.1m | CN¥514.6m | CN¥514.6m | CN¥174.6m | CN¥174.6m | CN¥148.9m | CN¥173.7m |
| Operating income | −CN¥36.7m | −CN¥36.7m | −CN¥37.8m | −CN¥37.8m | −CN¥187.4m | −CN¥187.4m | −CN¥222.6m | −CN¥259.6m |
| Net income | −CN¥3.5m | −CN¥3.5m | −CN¥28.0m | −CN¥28.0m | −CN¥145.7m | −CN¥145.7m | −CN¥204.5m | −CN¥238.5m |
| Diluted earnings per share | -0.01 | -0.01 | -0.08 | -0.08 | -0.42 | -0.42 | -0.63 | -0.74 |
| Cash from operations | −CN¥158.0m | −CN¥158.0m | CN¥51.0m | CN¥51.0m | −CN¥105.0m | −CN¥105.0m | −CN¥679.0m | — |
| Capital spending | −CN¥34.0m | −CN¥34.0m | −CN¥23.0m | −CN¥23.0m | −CN¥14.0m | −CN¥14.0m | −CN¥204.0m | — |
| Free cash flow | −CN¥192.0m | −CN¥192.0m | CN¥28.0m | CN¥28.0m | −CN¥119.0m | −CN¥119.0m | −CN¥883.0m | — |
| Total assets | CN¥9.85bn | CN¥9.85bn | CN¥7.97bn | CN¥7.97bn | CN¥5.75bn | CN¥5.75bn | CN¥5.78bn | CN¥5.78bn |
| Cash and short-term investments | CN¥2.37bn | CN¥2.37bn | CN¥3.19bn | CN¥3.19bn | CN¥1.85bn | CN¥1.85bn | CN¥1.87bn | CN¥1.87bn |
| Debt | CN¥356.9m | CN¥356.9m | CN¥1.03bn | CN¥109.5m | CN¥788.2m | CN¥111.0m | CN¥671.3m | CN¥570.2m |
| Shareholders' equity | CN¥6.10bn | CN¥6.10bn | CN¥6.19bn | CN¥6.19bn | CN¥4.58bn | CN¥4.58bn | CN¥4.75bn | CN¥4.75bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 69.2% | 74.8% | 72.7% | 63.7% | 57.4% | — |
| Operating margin | -22.6% | -158.1% | -740.7% | -2007.5% | -1900614.8% | — |
| Net margin | -17.4% | -147.4% | -670.6% | -1933.1% | -1867998.1% | — |
| Return on equity | -5.6% | -25.6% | -17.0% | -4.4% | -17.1% | -83.1% |
| Return on assets | -4.4% | -21.0% | -14.6% | -3.7% | -15.2% | -76.0% |
| Free cash flow yield | -0.5% | -6.6% | -5.4% | -8.4% | 2.9% | 1.2% |
| Revenue growth | 141.5% | 461.2% | 884.5% | 23588.9% | — | — |
| Earnings growth | -71.4% | 23.3% | 241.5% | -75.5% | -82.2% | 2836.9% |
| Current ratio | 4.89x | 2.54x | 8.36x | 3.92x | 9.95x | 24.06x |
| Debt to equity | 0.17x | 0.13x | 0.10x | 0.08x | 0.08x | 0.06x |
| Equity ratio | 77.6% | 82.1% | 86.1% | 85.5% | 88.7% | 91.5% |
| Interest coverage | -17.04x | -50.34x | -40.45x | -45.93x | -213.11x | -28.90x |
| R&D as a share of sales | 29.9% | 74.7% | 428.8% | 6330.0% | 1135987.0% | — |
| Buybacks as a share of market value | -7.1% | -0.1% | -8.2% | -2.2% | -101.0% | -86.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 437.8% | — | — |
| Operating income | 20.6% | -8.1% | — |
| Net income | 12.0% | -42.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 70.7% | 70.8% | — | — |
| Operating margin | -58.1% | -97.2% | — | — |
| Net margin | -51.5% | -87.5% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -32.1 | -13.0 | -7.0 | -18.2 | -7.2 | -1.5 |
| Price to sales | 5.6 | 19.1 | 46.6 | 352.5 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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