A 
3.28
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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¥1.76bn
FY2016FY2025
Net income
−CN¥291.2m
FY2016FY2025
Free cash flow
−CN¥75.1m
FY2016FY2025
Shareholders' equity
CN¥1.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.76bn | CN¥1.22bn | CN¥2.04bn | CN¥1.81bn | CN¥1.00bn | CN¥538.4m | CN¥266.8m | CN¥2.60bn | CN¥2.62bn |
| Research and development | CN¥461.5m | CN¥355.1m | CN¥523.8m | CN¥484.8m | CN¥381.6m | CN¥211.4m | CN¥131.9m | CN¥457,670 | CN¥457,670 |
| Operating income | −CN¥297.3m | −CN¥630.6m | −CN¥698.7m | −CN¥456.8m | −CN¥731.0m | −CN¥334.0m | −CN¥259.8m | CN¥269.4m | CN¥329.8m |
| Net income | −CN¥291.2m | −CN¥593.8m | −CN¥678.2m | −CN¥422.8m | −CN¥739.6m | −CN¥420.0m | −CN¥289.2m | CN¥149.8m | CN¥142.9m |
| Diluted earnings per share | -0.57 | -1.09 | -1.20 | -0.77 | -1.32 | -0.75 | -0.52 | 0.33 | 0.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.64bn | CN¥3.05bn | CN¥3.83bn | CN¥3.81bn | CN¥2.64bn | CN¥1.63bn | CN¥995.1m | CN¥4.86bn | CN¥4.71bn |
| Cash and short-term investments | CN¥1.01bn | CN¥1.42bn | CN¥1.69bn | CN¥2.10bn | CN¥1.85bn | CN¥1.22bn | CN¥712.8m | — | — |
| Total liabilities | CN¥1.03bn | CN¥1.06bn | CN¥1.24bn | CN¥1.06bn | CN¥546.9m | CN¥2.22bn | CN¥1.19bn | CN¥2.11bn | CN¥2.11bn |
| Debt | CN¥187.3m | CN¥207.3m | CN¥156.4m | CN¥177.6m | CN¥87.6m | CN¥1.67bn | CN¥838.0m | CN¥1.16bn | CN¥1.33bn |
| Shareholders' equity | CN¥1.40bn | CN¥1.80bn | CN¥2.37bn | CN¥2.64bn | CN¥2.08bn | −CN¥603.1m | −CN¥200.2m | CN¥2.75bn | CN¥2.60bn |
| Shares outstanding | 515m | 543m | 565m | 549m | 559m | 559m | 559m | 459m | 459m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥51.0m | −CN¥35.8m | −CN¥210.0m | −CN¥354.4m | −CN¥275.7m | −CN¥202.9m | −CN¥220.1m | CN¥385.9m | CN¥491.4m |
| Capital spending | −CN¥24.1m | −CN¥4.0m | −CN¥7.3m | −CN¥25.2m | −CN¥60.6m | −CN¥21.6m | −CN¥37.7m | −CN¥305.9m | −CN¥188.4m |
| Free cash flow | −CN¥75.1m | −CN¥39.8m | −CN¥217.3m | −CN¥379.5m | −CN¥336.3m | −CN¥224.4m | −CN¥257.8m | CN¥80.0m | CN¥303.0m |
| Dividends paid | — | — | — | — | — | — | — | — | −CN¥15.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥952.1m | CN¥947.5m | CN¥814.0m | CN¥650.1m | CN¥378.5m | CN¥571.7m | CN¥332.9m | CN¥827.2m |
| Operating income | −CN¥79.7m | −CN¥224.9m | −CN¥72.4m | −CN¥439.8m | −CN¥256.1m | −CN¥190.8m | −CN¥111.1m | −CN¥300.8m |
| Net income | −CN¥74.8m | −CN¥225.8m | −CN¥65.4m | −CN¥398.3m | −CN¥231.9m | −CN¥195.5m | −CN¥113.8m | −CN¥386.6m |
| Diluted earnings per share | -0.15 | -0.44 | -0.13 | -0.73 | -0.43 | -0.36 | -0.21 | -0.68 |
| Cash from operations | — | −CN¥39.0m | −CN¥9.0m | −CN¥9.0m | — | −CN¥25.0m | −CN¥15.0m | −CN¥79.0m |
| Capital spending | — | −CN¥20.0m | −CN¥3.0m | −CN¥2.0m | — | −CN¥1.0m | — | −CN¥3.0m |
| Free cash flow | — | −CN¥59.0m | −CN¥12.0m | −CN¥11.0m | — | −CN¥26.0m | — | −CN¥82.0m |
| Total assets | CN¥2.34bn | CN¥2.64bn | CN¥3.04bn | CN¥2.62bn | CN¥3.05bn | CN¥3.07bn | CN¥3.57bn | CN¥3.83bn |
| Cash and short-term investments | CN¥867.9m | CN¥1.01bn | CN¥1.23bn | CN¥1.22bn | CN¥1.43bn | CN¥1.39bn | CN¥1.63bn | CN¥1.69bn |
| Debt | CN¥104.2m | CN¥187.3m | CN¥225.3m | CN¥207.3m | CN¥171.9m | CN¥314.7m | CN¥182.1m | CN¥182.1m |
| Shareholders' equity | CN¥1.29bn | CN¥1.40bn | CN¥1.70bn | CN¥1.54bn | CN¥1.80bn | CN¥1.88bn | CN¥2.19bn | CN¥2.37bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -14.0% | -34.1% | -32.6% | -22.7% | -72.2% | -62.0% |
| Net margin | -16.5% | -48.6% | -33.3% | -23.3% | -73.8% | -78.0% |
| Return on equity | -20.7% | -38.5% | -28.6% | -16.0% | -35.6% | 69.6% |
| Return on assets | -11.0% | -22.6% | -17.7% | -11.1% | -28.0% | -25.8% |
| Free cash flow yield | -1.2% | -1.5% | -8.0% | -13.4% | -8.6% | -7.2% |
| Revenue growth | 23.8% | -30.2% | 12.4% | 80.9% | 86.3% | 101.8% |
| Earnings growth | -57.9% | 2.0% | 60.4% | -42.8% | 76.1% | 45.2% |
| Current ratio | 2.24x | 2.60x | 2.88x | 3.71x | 5.71x | 6.86x |
| Debt to equity | 0.11x | 0.11x | 0.05x | 0.05x | 0.02x | -3.21x |
| Equity ratio | 53.3% | 58.9% | 61.8% | 69.4% | 78.8% | -37.1% |
| Interest coverage | -36.07x | -56.20x | -66.60x | -43.71x | -509.81x | -406.81x |
| R&D as a share of sales | 26.2% | 29.1% | 25.7% | 26.7% | 38.1% | 39.3% |
| Buybacks as a share of market value | 5.2% | 3.9% | -2.9% | 1.8% | 0.0% | -21.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.0% | 26.8% | -3.4% |
| Operating income | -13.3% | -2.3% | — |
| Net income | -11.7% | -7.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -31.1% | -30.5% | -37.6% | -16.0% |
| Net margin | -29.7% | -29.1% | -37.5% | -18.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -8.7 | -4.6 | -6.7 | -25.9 |
| Price to sales | 1.4 | 2.3 | 2.2 | 6.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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