L 
6.43
+6.28%
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¥106.7m
FY2021FY2025
Net income
−CN¥229.3m
FY2021FY2025
Free cash flow
−CN¥93.9m
FY2021FY2025
Shareholders' equity
CN¥1.18bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥106.7m | — | — | — | — |
| Gross profit | CN¥86.4m | — | — | — | — |
| Research and development | CN¥249.9m | CN¥182.8m | CN¥195.8m | CN¥266.3m | CN¥173.3m |
| Operating income | −CN¥225.4m | −CN¥213.5m | −CN¥251.4m | −CN¥334.1m | −CN¥225.0m |
| Net income | −CN¥229.3m | −CN¥216.1m | −CN¥313.4m | −CN¥664.1m | −CN¥749.0m |
| Diluted earnings per share | -0.51 | -0.53 | -0.80 | -1.48 | -1.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥1.41bn | CN¥815.8m | CN¥792.2m | CN¥407.7m | CN¥458.8m |
| Cash and short-term investments | — | CN¥679.8m | CN¥661.9m | CN¥274.5m | — |
| Total liabilities | CN¥234.5m | CN¥131.9m | CN¥109.0m | CN¥2.03bn | CN¥1.57bn |
| Debt | — | CN¥86.9m | CN¥46.3m | CN¥1.96bn | — |
| Shareholders' equity | CN¥1.18bn | CN¥683.8m | CN¥683.1m | −CN¥1.62bn | −CN¥1.11bn |
| Shares outstanding | 446m | 408m | 390m | 449m | 449m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥92.8m | −CN¥278.3m | −CN¥251.2m | −CN¥260.3m | −CN¥198.0m |
| Capital spending | −CN¥1.1m | −CN¥1.9m | −CN¥1.1m | −CN¥4.3m | −CN¥9.1m |
| Free cash flow | −CN¥93.9m | −CN¥280.2m | −CN¥252.3m | −CN¥264.6m | −CN¥207.1m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥106.7m | — | — | — | — | — |
| Gross profit | CN¥86.4m | — | — | — | — | — |
| Operating income | −CN¥97.8m | −CN¥127.6m | −CN¥92.5m | −CN¥121.0m | −CN¥128.2m | −CN¥148.0m |
| Net income | −CN¥99.7m | −CN¥129.6m | −CN¥94.0m | −CN¥122.1m | −CN¥129.0m | −CN¥217.0m |
| Diluted earnings per share | -0.22 | -0.29 | -0.23 | -0.30 | -0.33 | -2.63 |
| Cash from operations | −CN¥92.0m | −CN¥74.0m | −CN¥236.0m | −CN¥121.0m | −CN¥251.0m | −CN¥155.0m |
| Capital spending | −CN¥1.0m | — | −CN¥1.0m | — | −CN¥1.0m | — |
| Free cash flow | −CN¥93.0m | — | −CN¥237.0m | — | −CN¥252.0m | — |
| Total assets | CN¥1.41bn | CN¥913.4m | CN¥815.8m | CN¥815.5m | CN¥792.2m | CN¥903.4m |
| Cash and short-term investments | — | — | CN¥679.8m | CN¥656.3m | CN¥661.9m | CN¥772.8m |
| Debt | — | — | CN¥86.9m | CN¥61.3m | CN¥46.3m | CN¥38.9m |
| Shareholders' equity | CN¥1.18bn | CN¥712.9m | CN¥683.8m | CN¥676.2m | CN¥683.1m | CN¥817.4m |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 81.0% | — | — | — | — |
| Operating margin | -211.3% | — | — | — | — |
| Net margin | -214.9% | — | — | — | — |
| Return on equity | -19.4% | -31.6% | -45.9% | 41.0% | 67.4% |
| Return on assets | -16.2% | -26.5% | -39.6% | -162.9% | -163.2% |
| Free cash flow yield | -3.5% | -10.6% | -11.8% | — | — |
| Earnings growth | -9.8% | -31.1% | -52.8% | 4.4% | — |
| Current ratio | 5.54x | 5.48x | 6.58x | 3.43x | 7.36x |
| Debt to equity | — | 0.12x | 0.06x | -1.21x | — |
| Equity ratio | 83.4% | 83.8% | 86.2% | -397.0% | -242.2% |
| Interest coverage | -58.19x | -6.67x | -22.56x | -901.97x | -244.07x |
| R&D as a share of sales | 234.2% | — | — | — | — |
| Buybacks as a share of market value | 0.0% | -4.5% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -12.3% | — | — |
| Net income | -29.8% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -22.9 | -15.3 | -13.7 |
| Price to sales | 49.3 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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