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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥361.6m
FY2018FY2024
Net income
−CN¥49.4m
FY2018FY2024
Free cash flow
−CN¥270.1m
FY2018FY2024
Shareholders' equity
CN¥2.19bn
FY2018FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥361.6m | CN¥336.2m | CN¥251.0m | CN¥200.8m | CN¥103.9m | CN¥21.5m | — |
| Research and development | CN¥153.4m | CN¥237.3m | CN¥223.8m | CN¥151.1m | CN¥96.8m | CN¥96.7m | CN¥44.7m |
| Operating income | −CN¥159.5m | −CN¥351.7m | −CN¥330.2m | −CN¥197.3m | −CN¥138.9m | −CN¥124.5m | −CN¥59.9m |
| Net income | −CN¥49.4m | −CN¥471.5m | −CN¥454.4m | −CN¥183.3m | −CN¥398.1m | −CN¥144.5m | −CN¥60.3m |
| Diluted earnings per share | -0.10 | -0.99 | -0.96 | -0.39 | -1.16 | -0.41 | -0.18 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.68bn | CN¥2.58bn | CN¥3.00bn | CN¥3.36bn | CN¥1.11bn | CN¥545.9m | CN¥402.1m |
| Cash and short-term investments | CN¥1.36bn | CN¥1.77bn | CN¥2.08bn | CN¥2.40bn | CN¥612.8m | CN¥109.6m | CN¥50.7m |
| Total liabilities | CN¥488.6m | CN¥242.2m | CN¥247.5m | CN¥265.5m | CN¥1.46bn | CN¥414.1m | CN¥128.8m |
| Debt | CN¥76.9m | CN¥70.5m | CN¥95.5m | CN¥125.6m | CN¥15.8m | CN¥38.6m | CN¥16.3m |
| Shareholders' equity | CN¥2.19bn | CN¥2.33bn | CN¥2.75bn | CN¥3.10bn | −CN¥345.2m | CN¥131.8m | CN¥273.4m |
| Shares outstanding | 468m | 473m | 473m | 466m | 343m | 350m | 334m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥111.7m | −CN¥207.0m | −CN¥182.5m | −CN¥161.5m | −CN¥109.8m | −CN¥142.7m | −CN¥70.2m |
| Capital spending | −CN¥158.4m | −CN¥30.5m | −CN¥49.1m | −CN¥108.4m | −CN¥58.2m | −CN¥48.7m | −CN¥65.5m |
| Free cash flow | −CN¥270.1m | −CN¥237.5m | −CN¥231.6m | −CN¥269.9m | −CN¥168.0m | −CN¥191.4m | −CN¥135.7m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | Dec 2021 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥229.1m | CN¥138.4m | CN¥223.1m | CN¥159.8m | CN¥176.4m | CN¥126.2m | CN¥124.8m | CN¥114.6m |
| Operating income | −CN¥31.2m | −CN¥90.5m | −CN¥69.1m | −CN¥205.7m | −CN¥145.9m | −CN¥215.4m | −CN¥114.8m | −CN¥142.6m |
| Net income | −CN¥2.2m | CN¥7.0m | −CN¥56.5m | −CN¥292.1m | −CN¥179.4m | −CN¥332.0m | −CN¥122.4m | −CN¥113.2m |
| Diluted earnings per share | -0.00 | 0.00 | -0.12 | -0.61 | -0.37 | -0.70 | -0.25 | -0.23 |
| Cash from operations | −CN¥15.0m | −CN¥26.0m | −CN¥84.0m | −CN¥81.0m | −CN¥125.0m | −CN¥100.0m | −CN¥82.0m | −CN¥117.0m |
| Capital spending | −CN¥230.0m | −CN¥152.0m | −CN¥5.0m | −CN¥9.0m | −CN¥20.0m | −CN¥16.0m | −CN¥32.0m | −CN¥77.0m |
| Free cash flow | −CN¥245.0m | −CN¥178.0m | −CN¥89.0m | −CN¥90.0m | −CN¥145.0m | −CN¥116.0m | −CN¥114.0m | −CN¥194.0m |
| Total assets | CN¥2.67bn | CN¥2.68bn | CN¥2.50bn | CN¥2.58bn | CN¥2.90bn | CN¥3.00bn | CN¥3.22bn | CN¥3.36bn |
| Cash and short-term investments | CN¥1.32bn | CN¥1.36bn | CN¥1.56bn | CN¥1.77bn | CN¥2.00bn | CN¥1.87bn | CN¥2.14bn | CN¥2.40bn |
| Debt | CN¥199.8m | CN¥13.8m | CN¥44.1m | CN¥41.9m | CN¥54.2m | CN¥64.4m | CN¥76.7m | CN¥90.9m |
| Shareholders' equity | CN¥2.18bn | CN¥2.19bn | CN¥2.16bn | CN¥2.33bn | CN¥2.66bn | CN¥2.75bn | CN¥2.99bn | CN¥3.10bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -34.5% | -38.1% | -136.7% | -145.7% | -89.5% | -242.4% |
| Net margin | -33.0% | -13.7% | -140.2% | -181.0% | -91.3% | -383.0% |
| Return on equity | -7.3% | -2.3% | -20.2% | -16.5% | -5.9% | 115.3% |
| Return on assets | -2.8% | -1.8% | -18.3% | -15.1% | -5.5% | -35.8% |
| Free cash flow yield | 39.1% | 1.1% | -4.1% | -3.2% | -1.4% | -1.8% |
| Revenue growth | 796.2% | 4.3% | 29.5% | 16.3% | 98.1% | 410.4% |
| Earnings growth | 2061.9% | -89.8% | 0.3% | 130.6% | -52.8% | 190.9% |
| Current ratio | 2.52x | 3.80x | 10.55x | 12.82x | 15.81x | 0.50x |
| Debt to equity | 0.19x | 0.04x | 0.02x | 0.01x | 0.01x | -0.02x |
| Equity ratio | 38.3% | 81.7% | 90.6% | 91.8% | 92.1% | -31.0% |
| Interest coverage | -89.57x | -36.52x | -117.41x | -70.52x | -9.16x | -1.72x |
| R&D as a share of sales | 25.4% | 42.4% | 70.6% | 89.1% | 75.3% | 93.2% |
| Buybacks as a share of market value | -5.6% | 1.5% | -0.3% | 1.8% | -41.5% | -133860.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.7% | 75.8% | — |
| Operating income | -6.8% | 5.1% | — |
| Net income | -35.4% | -19.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -73.3% | -90.4% | -102.1% | — |
| Net margin | -74.7% | -100.8% | -133.4% | — |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|
| Price to earnings | -5.7 | -1.4 | -2.4 | -8.7 |
| Price to sales | 0.8 | 2.0 | 4.3 | 7.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-to-1 reverse split · 24 Feb 2026
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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