Z 
0.40
-23.81%
Close of 5 Nov 2026, in HKD
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥734.6m
FY2019FY2025
Net income
−CN¥80.5m
FY2019FY2025
Free cash flow
−CN¥351.9m
FY2019FY2025
Shareholders' equity
CN¥325.0m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥734.6m | CN¥598.1m | CN¥380.1m | CN¥304.7m | CN¥292.0m | CN¥241.5m | CN¥297.4m |
| Gross profit | CN¥1.7m | CN¥9.4m | CN¥125.7m | CN¥101.8m | CN¥92.6m | CN¥76.5m | CN¥96.3m |
| Research and development | — | — | CN¥15.6m | CN¥11.4m | CN¥8.9m | CN¥8.7m | CN¥9.5m |
| Operating income | −CN¥44.8m | −CN¥31.0m | CN¥50.8m | CN¥43.0m | CN¥40.7m | CN¥35.6m | CN¥45.8m |
| Net income | −CN¥80.5m | −CN¥53.6m | CN¥57.6m | CN¥39.9m | CN¥41.2m | CN¥35.0m | CN¥40.9m |
| Diluted earnings per share | -1.44 | -1.20 | 1.44 | 1.33 | 1.37 | 0.87 | 1.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥621.3m | CN¥487.5m | CN¥446.4m | CN¥321.7m | CN¥312.0m | CN¥304.3m | CN¥264.9m |
| Cash and short-term investments | CN¥8.5m | CN¥150.5m | CN¥170.3m | CN¥133.9m | CN¥108.7m | CN¥121.5m | CN¥41.1m |
| Total liabilities | CN¥296.3m | CN¥71.4m | CN¥73.1m | CN¥101.0m | CN¥131.3m | CN¥165.0m | CN¥155.8m |
| Debt | CN¥200.1m | CN¥84,000 | CN¥15.6m | CN¥39.4m | CN¥77.5m | CN¥103.0m | CN¥106.8m |
| Shareholders' equity | CN¥325.0m | CN¥416.2m | CN¥373.2m | CN¥220.7m | CN¥180.7m | CN¥139.3m | CN¥109.1m |
| Shares outstanding | 56m | 45m | 40m | 30m | 30m | 40m | 40m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥351.9m | −CN¥59.8m | CN¥31.2m | CN¥70.4m | CN¥23.1m | CN¥73.9m | CN¥10.6m |
| Capital spending | −CN¥384 | −CN¥40,000 | −CN¥68.8m | −CN¥2.4m | −CN¥8.1m | −CN¥2.9m | −CN¥2.8m |
| Free cash flow | −CN¥351.9m | −CN¥59.8m | −CN¥37.6m | CN¥67.9m | CN¥15.0m | CN¥71.0m | CN¥7.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥332.9m | CN¥406.5m | CN¥333.2m | CN¥256.1m | CN¥254.5m | CN¥216.4m | CN¥163.7m | CN¥162.1m |
| Gross profit | CN¥20.6m | CN¥22.6m | −CN¥21.2m | CN¥7.1m | CN¥928,105 | CN¥70.6m | CN¥55.1m | CN¥55.7m |
| Operating income | −CN¥36.0m | −CN¥7.5m | −CN¥37.9m | −CN¥5.6m | −CN¥20.9m | CN¥20.7m | CN¥30.1m | CN¥11.3m |
| Net income | −CN¥40.9m | −CN¥27.3m | −CN¥54.1m | −CN¥11.1m | −CN¥34.6m | CN¥32.3m | CN¥25.3m | CN¥22.1m |
| Diluted earnings per share | -0.46 | -0.49 | -0.97 | -0.25 | -0.78 | 0.81 | 0.63 | 0.74 |
| Cash from operations | — | −CN¥258.0m | −CN¥94.0m | −CN¥20.0m | −CN¥5.0m | — | CN¥32.0m | CN¥24.0m |
| Capital spending | — | — | — | — | −CN¥10.0m | −CN¥60.0m | −CN¥32.0m | — |
| Free cash flow | — | — | — | — | −CN¥15.0m | — | CN¥0 | — |
| Total assets | CN¥598.2m | CN¥621.3m | CN¥407.9m | CN¥416.3m | CN¥405.0m | CN¥446.4m | CN¥415.3m | CN¥321.7m |
| Cash and short-term investments | CN¥13.1m | CN¥8.5m | CN¥54.6m | CN¥128.5m | CN¥161.6m | CN¥170.1m | CN¥253.4m | CN¥133.9m |
| Debt | CN¥200.0m | CN¥200.1m | — | CN¥143,405 | CN¥533,639 | CN¥15.6m | CN¥32.7m | CN¥39.4m |
| Shareholders' equity | CN¥292.6m | CN¥325.0m | CN¥352.4m | CN¥351.5m | CN¥355.3m | CN¥373.2m | CN¥336.1m | CN¥220.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 34.1% | 24.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.8% | 11.8% | 16.0% | — |
| Operating margin | -5.7% | 0.9% | 3.7% | — |
| Net margin | -10.1% | -1.8% | 1.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -0.4 | -0.4 | 1.5 |
| Price to sales | 0.0 | 0.0 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 20-to-1 reverse split · 29 Dec 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.