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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¥813.7m
FY2019FY2025
Net income
−CN¥593.7m
FY2019FY2025
Free cash flow
−CN¥1.22bn
FY2019FY2025
Shareholders' equity
CN¥3.24bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥813.7m | CN¥499.3m | CN¥412.9m | CN¥116.7m | CN¥128.6m | — | — |
| Research and development | CN¥821.9m | CN¥857.4m | CN¥695.4m | CN¥591.7m | CN¥417.7m | CN¥148.6m | CN¥75.6m |
| Operating income | −CN¥682.0m | −CN¥720.8m | −CN¥507.1m | −CN¥634.2m | −CN¥4.53bn | −CN¥173.7m | −CN¥189.2m |
| Net income | −CN¥593.7m | −CN¥600.9m | −CN¥419.1m | −CN¥359.3m | −CN¥4.55bn | −CN¥971.1m | −CN¥201.5m |
| Diluted earnings per share | -1.99 | -2.29 | -1.60 | -1.38 | -17.86 | -4.50 | -0.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.92bn | CN¥4.39bn | CN¥4.53bn | CN¥4.59bn | CN¥4.59bn | CN¥618.0m | CN¥768.0m |
| Cash and short-term investments | CN¥2.29bn | CN¥2.51bn | CN¥3.17bn | CN¥3.70bn | CN¥4.11bn | CN¥412.9m | CN¥581.9m |
| Total liabilities | CN¥1.68bn | CN¥1.51bn | CN¥1.05bn | CN¥691.7m | CN¥337.1m | CN¥1.89bn | CN¥1.09bn |
| Debt | CN¥906.0m | CN¥753.2m | CN¥418.7m | CN¥122.0m | CN¥38.7m | CN¥1.42bn | CN¥143.3m |
| Shareholders' equity | CN¥3.24bn | CN¥2.89bn | CN¥3.48bn | CN¥3.90bn | CN¥4.26bn | −CN¥1.28bn | −CN¥321.8m |
| Shares outstanding | 299m | 262m | 261m | 261m | 255m | 216m | 271m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥830.8m | −CN¥920.9m | −CN¥354.1m | −CN¥468.7m | −CN¥250.3m | −CN¥139.2m | −CN¥79.7m |
| Capital spending | −CN¥392.4m | −CN¥250.1m | −CN¥446.2m | −CN¥326.0m | −CN¥201.6m | −CN¥23.2m | −CN¥72.7m |
| Free cash flow | −CN¥1.22bn | −CN¥1.17bn | −CN¥800.3m | −CN¥794.7m | −CN¥451.9m | −CN¥162.4m | −CN¥152.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥709.7m | CN¥249.5m | CN¥581.6m | CN¥435.5m | CN¥63.8m | CN¥31.5m | CN¥381.5m | CN¥73,469 |
| Operating income | −CN¥166.5m | −CN¥549.4m | −CN¥142.5m | −CN¥262.2m | −CN¥458.6m | −CN¥508.5m | −CN¥23.8m | −CN¥497.8m |
| Net income | CN¥1.40bn | −CN¥508.9m | −CN¥91.9m | −CN¥208.2m | −CN¥392.7m | −CN¥473.8m | CN¥54.8m | −CN¥365.7m |
| Diluted earnings per share | 4.89 | -1.70 | -0.31 | -0.79 | -1.50 | -1.81 | 0.21 | -1.40 |
| Cash from operations | — | −CN¥430.0m | −CN¥211.0m | −CN¥494.0m | −CN¥426.0m | −CN¥400.0m | CN¥46.0m | −CN¥275.0m |
| Capital spending | — | −CN¥214.0m | −CN¥174.0m | −CN¥117.0m | −CN¥125.0m | −CN¥90.0m | −CN¥291.0m | −CN¥107.0m |
| Free cash flow | — | −CN¥644.0m | −CN¥385.0m | −CN¥611.0m | −CN¥551.0m | −CN¥490.0m | −CN¥245.0m | −CN¥382.0m |
| Total assets | CN¥6.61bn | CN¥4.92bn | CN¥5.40bn | CN¥4.39bn | CN¥4.44bn | CN¥4.53bn | CN¥4.74bn | CN¥4.59bn |
| Cash and short-term investments | CN¥3.78bn | CN¥2.29bn | CN¥3.26bn | CN¥2.51bn | CN¥3.00bn | CN¥3.17bn | CN¥3.47bn | CN¥3.70bn |
| Debt | CN¥505.7m | CN¥919.6m | CN¥1.02bn | CN¥878.4m | CN¥876.2m | CN¥488.3m | CN¥350.9m | CN¥117.8m |
| Shareholders' equity | CN¥4.67bn | CN¥3.24bn | CN¥3.73bn | CN¥2.89bn | CN¥3.07bn | CN¥3.48bn | CN¥3.93bn | CN¥3.90bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -83.8% | -144.4% | -122.8% | -543.5% | -3520.0% | — |
| Net margin | -73.0% | -120.3% | -101.5% | -307.9% | -3535.4% | — |
| Return on equity | -18.3% | -20.8% | -12.0% | -9.2% | -106.8% | 76.1% |
| Return on assets | -12.1% | -13.7% | -9.3% | -7.8% | -99.1% | -157.1% |
| Free cash flow yield | -1.6% | -2.8% | 0.4% | -0.6% | -0.2% | -0.6% |
| Revenue growth | 63.0% | 20.9% | 253.9% | -9.3% | — | — |
| Earnings growth | -1.2% | 43.4% | 16.6% | -92.1% | 368.2% | 381.8% |
| Current ratio | 2.90x | 3.30x | 9.36x | 8.72x | 31.96x | 4.75x |
| Debt to equity | 0.28x | 0.30x | 0.13x | 0.03x | 0.04x | -0.16x |
| Equity ratio | 65.8% | 65.7% | 76.9% | 84.9% | 92.8% | -206.5% |
| Interest coverage | -35.51x | -33.48x | -25.19x | -66.16x | -348.65x | -10.41x |
| R&D as a share of sales | 101.0% | 171.7% | 168.4% | 507.1% | 324.8% | — |
| Buybacks as a share of market value | -13.9% | -0.3% | -0.3% | -2.3% | -17.9% | 20.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 91.1% | — | — |
| Operating income | 2.5% | 31.5% | — |
| Net income | 18.2% | -9.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -106.8% | -138.1% | — | — |
| Net margin | -91.0% | -107.1% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -23.1 | -11.8 | -26.5 | -32.0 | -1.7 |
| Price to sales | 16.9 | 14.2 | 26.9 | 98.6 | 58.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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