L 
2.97
+3.13%
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¥1.06bn
FY2019FY2025
Net income
CN¥296.4m
FY2019FY2025
Free cash flow
−CN¥96.4m
FY2019FY2025
Shareholders' equity
CN¥1.61bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.06bn | CN¥367.8m | CN¥225.4m | CN¥18.1m | — | — | — |
| Gross profit | CN¥852.2m | CN¥293.0m | CN¥197.1m | CN¥15.8m | −CN¥133.6m | — | — |
| Research and development | CN¥390.6m | CN¥437.7m | CN¥458.1m | CN¥610.3m | CN¥921.0m | CN¥412.6m | CN¥266.8m |
| Operating income | CN¥101.8m | −CN¥405.9m | CN¥4.8m | −CN¥820.0m | −CN¥1.18bn | −CN¥605.7m | −CN¥529.2m |
| Net income | CN¥296.4m | −CN¥411.4m | −CN¥22.1m | −CN¥802.1m | −CN¥1.18bn | −CN¥677.3m | −CN¥520.4m |
| Diluted earnings per share | 0.16 | -0.24 | -0.01 | -0.48 | -0.71 | -0.41 | -0.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.61bn | CN¥2.28bn | CN¥2.78bn | CN¥2.94bn | CN¥2.42bn | CN¥2.82bn | CN¥1.78bn |
| Cash and short-term investments | CN¥1.12bn | CN¥464.9m | CN¥570.0m | CN¥789.4m | CN¥238.8m | CN¥886.3m | CN¥219.5m |
| Total liabilities | CN¥2.00bn | CN¥1.60bn | CN¥1.74bn | CN¥1.90bn | CN¥1.44bn | CN¥1.07bn | CN¥1.99bn |
| Debt | CN¥1.24bn | CN¥840.2m | CN¥741.8m | CN¥683.6m | CN¥331.1m | CN¥199.3m | CN¥574.7m |
| Shareholders' equity | CN¥1.61bn | CN¥702.8m | CN¥1.04bn | CN¥1.05bn | CN¥973.9m | CN¥1.72bn | −CN¥410.3m |
| Shares outstanding | 1,805m | 1,711m | 1,659m | 1,659m | 1,659m | 1,659m | 1,659m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥44.9m | −CN¥196.4m | −CN¥250.8m | −CN¥559.8m | −CN¥723.7m | −CN¥492.0m | −CN¥272.4m |
| Capital spending | −CN¥51.5m | −CN¥61.7m | −CN¥41.2m | −CN¥128.6m | −CN¥248.4m | −CN¥351.3m | −CN¥370.7m |
| Free cash flow | −CN¥96.4m | −CN¥258.1m | −CN¥292.0m | −CN¥688.4m | −CN¥972.1m | −CN¥843.3m | −CN¥643.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥599.7m | CN¥536.7m | CN¥542.4m | CN¥234.5m | CN¥136.5m | CN¥133.4m | CN¥77.6m | CN¥71.6m |
| Gross profit | CN¥486.5m | CN¥412.3m | CN¥510.5m | CN¥180.7m | CN¥105.2m | CN¥112.4m | CN¥65.4m | CN¥49.1m |
| Operating income | CN¥71.1m | CN¥7.7m | CN¥50.0m | −CN¥206.7m | −CN¥120.3m | −CN¥184.2m | −CN¥107.2m | CN¥122.5m |
| Net income | CN¥31.4m | CN¥251.4m | CN¥48.6m | −CN¥218.9m | −CN¥127.4m | −CN¥192.6m | −CN¥112.1m | CN¥119.5m |
| Diluted earnings per share | 0.02 | 0.14 | 0.03 | -0.13 | -0.07 | -0.11 | -0.07 | 0.07 |
| Cash from operations | — | −CN¥82.0m | CN¥41.0m | −CN¥81.0m | — | −CN¥115.0m | −CN¥67.0m | −CN¥203.0m |
| Capital spending | — | −CN¥15.0m | −CN¥40.0m | −CN¥20.0m | — | −CN¥12.0m | −CN¥7.0m | −CN¥11.0m |
| Free cash flow | — | −CN¥97.0m | CN¥1.0m | −CN¥101.0m | — | −CN¥127.0m | −CN¥74.0m | −CN¥214.0m |
| Total assets | CN¥3.68bn | CN¥3.61bn | CN¥2.75bn | CN¥2.28bn | CN¥2.65bn | CN¥2.44bn | CN¥2.84bn | CN¥2.38bn |
| Cash and short-term investments | CN¥918.2m | CN¥1.12bn | CN¥624.3m | CN¥464.9m | CN¥541.2m | CN¥577.3m | CN¥682.4m | CN¥489.6m |
| Debt | CN¥832.0m | CN¥1.24bn | CN¥1.07bn | CN¥850.2m | CN¥666.7m | CN¥774.9m | CN¥612.4m | CN¥746.8m |
| Shareholders' equity | CN¥1.64bn | CN¥1.61bn | CN¥867.5m | CN¥702.8m | CN¥818.1m | CN¥914.8m | CN¥1.06bn | CN¥896.9m |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 80.4% | 79.7% | 87.5% | 87.1% | — | — |
| Operating margin | 9.6% | -107.6% | -6.9% | -4443.7% | — | — |
| Net margin | 28.0% | -111.8% | -9.8% | -4424.9% | — | — |
| Return on equity | 18.4% | -58.5% | -2.5% | -76.5% | -120.8% | -39.5% |
| Return on assets | 8.2% | -18.0% | -0.9% | -27.2% | -48.6% | -24.0% |
| Free cash flow yield | 0.1% | -2.1% | -3.3% | -5.8% | -6.4% | — |
| Revenue growth | 147.6% | 63.2% | 1347.2% | — | — | — |
| Earnings growth | -161.9% | 1761.8% | -96.8% | -31.8% | 73.8% | 30.2% |
| Current ratio | 0.98x | 0.62x | 0.75x | 0.96x | 0.57x | 2.21x |
| Debt to equity | 0.77x | 1.19x | 0.81x | 0.76x | 0.38x | 0.12x |
| Equity ratio | 44.7% | 30.8% | 37.6% | 35.6% | 40.2% | 60.8% |
| Interest coverage | 3.06x | -18.28x | -1.06x | -92.67x | -349.56x | -5.25x |
| R&D as a share of sales | 36.8% | 119.0% | 203.3% | 3366.8% | — | — |
| Buybacks as a share of market value | -5.5% | -3.1% | -0.0% | -0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 288.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 80.2% | 81.3% | — | — |
| Operating margin | -21.3% | -67.0% | — | — |
| Net margin | -8.1% | -56.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 26.4 | -9.4 | -273.9 | -13.2 |
| Price to sales | 7.4 | 10.5 | 26.9 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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