L 
48.12
+1.43%
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¥127.40bn
FY2018FY2025
Net income
CN¥1.28bn
FY2018FY2025
Free cash flow
−CN¥14.95bn
FY2018FY2025
Shareholders' equity
CN¥84.68bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥127.40bn | CN¥168.53bn | CN¥144.40bn | CN¥53.74bn | CN¥31.09bn | CN¥10.43bn | CN¥330.7m | — |
| Gross profit | CN¥23.80bn | CN¥34.60bn | CN¥32.06bn | CN¥10.27bn | CN¥6.47bn | CN¥1.62bn | −CN¥113.3m | −CN¥104.6m |
| Research and development | CN¥13.19bn | CN¥12.92bn | CN¥12.34bn | CN¥7.98bn | CN¥3.72bn | CN¥1.16bn | CN¥1.31bn | CN¥938.1m |
| Operating income | −CN¥1.13bn | CN¥7.41bn | CN¥8.33bn | −CN¥4.34bn | −CN¥1.17bn | −CN¥704.4m | −CN¥2.53bn | −CN¥1.34bn |
| Net income | CN¥1.28bn | CN¥9.37bn | CN¥13.65bn | −CN¥2.39bn | −CN¥370.0m | −CN¥186.3m | −CN¥2.84bn | −CN¥1.86bn |
| Diluted earnings per share | 0.61 | 4.39 | 6.41 | -1.14 | -0.18 | -0.10 | -1.57 | -14.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥179.92bn | CN¥189.32bn | CN¥167.30bn | CN¥100.91bn | CN¥72.12bn | CN¥42.41bn | CN¥11.09bn | CN¥6.74bn |
| Cash and short-term investments | CN¥117.80bn | CN¥131.54bn | CN¥120.41bn | CN¥65.90bn | CN¥55.42bn | CN¥33.40bn | CN¥4.16bn | CN¥1.08bn |
| Total liabilities | CN¥94.64bn | CN¥106.15bn | CN¥96.66bn | CN¥48.22bn | CN¥24.24bn | CN¥7.66bn | CN¥5.75bn | CN¥9.53bn |
| Debt | CN¥13.07bn | CN¥22.73bn | CN¥25.75bn | CN¥14.24bn | CN¥8.28bn | CN¥1.05bn | CN¥1.71bn | CN¥900.9m |
| Shareholders' equity | CN¥84.68bn | CN¥82.65bn | CN¥70.13bn | CN¥52.31bn | CN¥47.89bn | CN¥34.75bn | CN¥5.34bn | −CN¥2.79bn |
| Shares outstanding | 2,084m | 2,134m | 2,129m | 2,091m | 2,055m | 1,809m | 1,810m | 128m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥10.04bn | CN¥18.58bn | CN¥59.11bn | CN¥8.61bn | CN¥9.73bn | CN¥3.66bn | −CN¥2.09bn | −CN¥1.57bn |
| Capital spending | −CN¥4.90bn | −CN¥9.01bn | −CN¥7.59bn | −CN¥5.98bn | −CN¥4.02bn | −CN¥787.3m | −CN¥1.11bn | −CN¥1.13bn |
| Free cash flow | −CN¥14.95bn | CN¥9.57bn | CN¥51.53bn | CN¥2.63bn | CN¥5.71bn | CN¥2.87bn | −CN¥3.20bn | −CN¥2.70bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥29.85bn | CN¥26.64bn | CN¥33.09bn | CN¥31.96bn | CN¥35.39bn | CN¥30.30bn | CN¥51.63bn | CN¥50.35bn |
| Gross profit | CN¥3.30bn | CN¥2.10bn | CN¥5.90bn | CN¥5.22bn | CN¥7.10bn | CN¥6.22bn | CN¥10.46bn | CN¥10.83bn |
| Operating income | −CN¥2.58bn | −CN¥3.43bn | −CN¥613.0m | −CN¥1.49bn | CN¥630.8m | CN¥319.8m | CN¥4.32bn | CN¥3.94bn |
| Net income | −CN¥1.98bn | −CN¥2.65bn | CN¥7.5m | −CN¥729.9m | CN¥1.28bn | CN¥760.1m | CN¥4.11bn | CN¥3.31bn |
| Diluted earnings per share | -0.98 | -1.32 | 0.00 | -0.35 | 0.61 | 0.36 | 1.93 | 1.55 |
| Cash from operations | CN¥17.0m | −CN¥7.10bn | −CN¥923.0m | −CN¥8.62bn | −CN¥3.54bn | −CN¥1.98bn | CN¥10.12bn | CN¥12.86bn |
| Capital spending | −CN¥1.53bn | −CN¥1.51bn | — | −CN¥1.22bn | −CN¥1.91bn | −CN¥272.0m | −CN¥3.06bn | −CN¥2.30bn |
| Free cash flow | −CN¥1.52bn | −CN¥8.61bn | — | −CN¥9.84bn | −CN¥5.45bn | −CN¥2.25bn | CN¥7.07bn | CN¥10.55bn |
| Total assets | CN¥164.10bn | CN¥167.95bn | CN¥180.04bn | CN¥178.55bn | CN¥188.08bn | CN¥188.74bn | CN¥189.32bn | CN¥180.54bn |
| Cash and short-term investments | CN¥99.86bn | CN¥108.23bn | CN¥118.13bn | CN¥115.07bn | CN¥124.68bn | CN¥129.06bn | CN¥131.54bn | CN¥124.23bn |
| Debt | CN¥20.02bn | CN¥13.41bn | CN¥13.07bn | CN¥12.93bn | CN¥11.61bn | CN¥11.59bn | CN¥11.62bn | CN¥11.89bn |
| Shareholders' equity | CN¥76.94bn | CN¥81.41bn | CN¥84.74bn | CN¥84.76bn | CN¥85.27bn | CN¥83.75bn | CN¥82.65bn | CN¥77.66bn |
Financial ratios
Data as of 7 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.7% | 20.5% | 22.2% | 19.4% | 21.3% | 16.4% |
| Operating margin | -0.9% | 4.9% | 6.0% | -8.1% | -3.8% | -7.1% |
| Net margin | 1.0% | 5.6% | 9.5% | -4.4% | -1.2% | -1.6% |
| Return on equity | 1.5% | 11.3% | 19.5% | -4.5% | -0.8% | -0.5% |
| Return on assets | 0.7% | 4.9% | 8.2% | -2.3% | -0.5% | -0.4% |
| Free cash flow yield | -4.2% | 22.0% | 53.3% | 11.9% | 11.4% | 4.2% |
| Revenue growth | -24.3% | 16.6% | 173.5% | 67.7% | 185.6% | 3225.5% |
| Earnings growth | -86.4% | -31.4% | -681.7% | 526.0% | 112.0% | -93.7% |
| Current ratio | 1.81x | 1.82x | 1.57x | 2.45x | 4.33x | 7.28x |
| Debt to equity | 0.15x | 0.14x | 0.16x | 0.23x | 0.16x | 0.02x |
| Equity ratio | 47.1% | 43.7% | 41.9% | 51.8% | 66.4% | 81.9% |
| Interest coverage | -5.92x | 37.38x | 85.88x | -34.37x | -16.09x | -10.00x |
| R&D as a share of sales | 10.1% | 7.7% | 8.5% | 15.0% | 12.2% | 11.6% |
| Buybacks as a share of market value | 2.3% | -0.2% | -1.8% | -1.8% | -13.6% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 33.3% | 65.0% | — |
| Operating income | -36.2% | 9.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 20.4% | 20.3% | — |
| Operating margin | 2.1% | 2.1% | 1.6% | — |
| Net margin | 3.6% | 4.4% | 4.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 91.5 | 18.6 | 19.9 | -58.3 | -589.7 |
| Price to sales | 0.9 | 1.0 | 1.9 | 2.6 | 7.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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