W 
0.67
-2.19%
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¥1.85bn
FY2016FY2025
Net income
−CN¥257.8m
FY2016FY2025
Free cash flow
−CN¥173.7m
FY2016FY2025
Shareholders' equity
CN¥2.86bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.85bn | CN¥1.34bn | CN¥2.23bn | CN¥2.14bn | CN¥2.29bn | CN¥1.97bn | CN¥1.44bn | CN¥865.0m | CN¥534.0m | CN¥189.2m |
| Research and development | CN¥316.8m | CN¥406.3m | CN¥406.3m | CN¥673.0m | CN¥517.5m | CN¥169.7m | CN¥73.8m | CN¥18.4m | CN¥5.4m | — |
| Operating income | −CN¥209.2m | −CN¥1.54bn | −CN¥624.1m | −CN¥2.15bn | −CN¥841.3m | CN¥9.0m | −CN¥75.6m | −CN¥41.9m | CN¥2.9m | −CN¥85.2m |
| Net income | −CN¥257.8m | −CN¥1.73bn | −CN¥758.3m | −CN¥2.13bn | −CN¥911.4m | −CN¥1.16bn | CN¥312.0m | −CN¥1.09bn | CN¥2.8m | −CN¥77.3m |
| Diluted earnings per share | -0.07 | -0.55 | -0.28 | -0.86 | -0.38 | -0.51 | 0.14 | -0.52 | 0.00 | -0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.12bn | CN¥8.10bn | CN¥9.16bn | CN¥9.28bn | CN¥10.98bn | CN¥5.85bn | CN¥3.30bn | CN¥1.08bn | CN¥466.7m | CN¥300.7m |
| Cash and short-term investments | CN¥2.89bn | CN¥2.00bn | CN¥2.61bn | CN¥3.09bn | CN¥5.19bn | CN¥2.05bn | CN¥1.32bn | CN¥127.6m | CN¥21.5m | CN¥40.5m |
| Total liabilities | CN¥5.17bn | CN¥5.99bn | CN¥5.90bn | CN¥6.67bn | CN¥6.08bn | CN¥4.60bn | CN¥1.31bn | CN¥3.51bn | CN¥536.4m | CN¥587.2m |
| Debt | CN¥2.42bn | CN¥2.26bn | CN¥1.80bn | CN¥3.78bn | CN¥1.02bn | CN¥567.4m | CN¥368.3m | CN¥2.85bn | — | CN¥26.3m |
| Shareholders' equity | CN¥2.86bn | CN¥2.01bn | CN¥3.14bn | CN¥2.50bn | CN¥4.73bn | CN¥1.05bn | CN¥1.99bn | −CN¥2.43bn | −CN¥217.0m | −CN¥288.5m |
| Shares outstanding | 3,719m | 3,155m | 2,754m | 2,483m | 2,402m | 2,255m | 2,258m | 2,104m | 2,054m | 2,011m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥15.5m | −CN¥332.2m | −CN¥693.4m | −CN¥849.6m | −CN¥785.9m | −CN¥47.9m | −CN¥451.3m | −CN¥263.6m | CN¥49.4m | CN¥7.0m |
| Capital spending | −CN¥189.3m | −CN¥124.7m | −CN¥349.1m | −CN¥44.0m | −CN¥54.0m | −CN¥14.1m | −CN¥11.5m | −CN¥73.5m | −CN¥4.5m | −CN¥24.1m |
| Free cash flow | −CN¥173.7m | −CN¥456.9m | −CN¥1.04bn | −CN¥893.6m | −CN¥839.9m | −CN¥62.0m | −CN¥462.8m | −CN¥337.1m | CN¥44.9m | −CN¥17.0m |
| Dividends paid | — | — | — | — | — | — | — | −CN¥95.2m | −CN¥39.3m | −CN¥47.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥998.0m | CN¥950.4m | CN¥902.7m | CN¥471.8m | CN¥867.4m | CN¥1.02bn | CN¥1.41bn | CN¥1.09bn |
| Operating income | −CN¥110.4m | −CN¥171.3m | CN¥314,283 | −CN¥1.14bn | −CN¥287.3m | −CN¥219.0m | −CN¥471.2m | −CN¥812.0m |
| Net income | −CN¥180.4m | −CN¥219.4m | −CN¥38.5m | −CN¥1.18bn | −CN¥550.8m | −CN¥306.0m | −CN¥526.4m | −CN¥1.42bn |
| Diluted earnings per share | -0.04 | -0.06 | -0.01 | -0.37 | -0.17 | -0.11 | -0.19 | -0.57 |
| Cash from operations | −CN¥453.0m | CN¥47.0m | −CN¥32.0m | −CN¥361.0m | CN¥29.0m | CN¥71.0m | −CN¥764.0m | −CN¥284.0m |
| Capital spending | −CN¥9.0m | −CN¥36.0m | −CN¥160.0m | −CN¥66.0m | −CN¥57.0m | −CN¥76.0m | −CN¥61.0m | −CN¥36.0m |
| Free cash flow | −CN¥462.0m | CN¥11.0m | −CN¥192.0m | −CN¥427.0m | −CN¥28.0m | −CN¥5.0m | −CN¥825.0m | −CN¥320.0m |
| Total assets | CN¥8.66bn | CN¥8.12bn | CN¥7.76bn | CN¥6.96bn | CN¥7.47bn | CN¥7.87bn | CN¥9.42bn | CN¥9.28bn |
| Cash and short-term investments | CN¥2.82bn | CN¥2.89bn | CN¥1.70bn | CN¥1.72bn | CN¥1.47bn | CN¥2.24bn | CN¥3.12bn | CN¥3.09bn |
| Debt | CN¥2.29bn | CN¥2.42bn | CN¥2.60bn | CN¥2.26bn | CN¥1.85bn | CN¥3.10bn | CN¥3.56bn | CN¥4.56bn |
| Shareholders' equity | CN¥3.20bn | CN¥2.86bn | CN¥2.25bn | CN¥1.73bn | CN¥2.43bn | CN¥2.70bn | CN¥3.47bn | CN¥2.50bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -11.3% | -82.6% | -25.8% | -98.9% | -35.8% | -3.8% |
| Net margin | -13.9% | -129.1% | -34.0% | -99.4% | -39.8% | -58.7% |
| Return on equity | -9.0% | -100.1% | -28.1% | -85.0% | -19.3% | -110.4% |
| Return on assets | -3.2% | -24.8% | -9.6% | -22.9% | -8.3% | -19.8% |
| Free cash flow yield | 6.3% | -8.8% | -14.3% | -37.2% | -34.9% | -2.0% |
| Revenue growth | 18.9% | -39.9% | 21.1% | -6.5% | -0.1% | 37.0% |
| Earnings growth | -87.2% | 128.0% | -58.5% | 133.4% | -32.3% | -470.7% |
| Current ratio | 1.08x | 0.98x | 1.09x | 1.32x | 2.33x | 1.78x |
| Debt to equity | 0.85x | 1.44x | 1.14x | 1.78x | 0.21x | 0.44x |
| Equity ratio | 35.3% | 24.8% | 34.3% | 27.0% | 43.1% | 17.9% |
| Interest coverage | -2.43x | -9.89x | -3.80x | -10.63x | -7.73x | -1.27x |
| R&D as a share of sales | 17.1% | 30.3% | 18.2% | 31.4% | 22.6% | 8.6% |
| Buybacks as a share of market value | -17.9% | -14.5% | -10.9% | -3.4% | -6.5% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.7% | -1.2% | 30.2% |
| Operating income | -54.0% | — | 7.3% |
| Net income | -50.5% | -25.9% | 9.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -54.7% | -59.8% | -45.3% | -37.8% |
| Net margin | -62.2% | -64.4% | -58.7% | -52.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -23.0 | -3.1 | -5.4 | -4.0 | -10.7 | -13.9 | 12.6 |
| Price to sales | 3.2 | 4.0 | 1.8 | 4.0 | 4.2 | 8.2 | 2.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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