S 
1.33
+1.53%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥233.3m
FY2018FY2025
Net income
−CN¥223.5m
FY2018FY2025
Free cash flow
−CN¥243.4m
FY2018FY2025
Shareholders' equity
CN¥935.1m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥233.3m | CN¥255.7m | CN¥177.8m | CN¥120.5m | CN¥107.3m | CN¥81.1m | CN¥55.7m | CN¥27.9m |
| Gross profit | CN¥123.6m | CN¥116.5m | CN¥78.1m | CN¥50.9m | CN¥51.1m | CN¥27.7m | CN¥26.3m | CN¥7.0m |
| Research and development | CN¥106.4m | CN¥115.6m | CN¥110.8m | CN¥102.4m | CN¥73.7m | CN¥34.5m | CN¥19.9m | CN¥16.1m |
| Operating income | −CN¥225.9m | −CN¥197.5m | −CN¥165.6m | −CN¥107.8m | −CN¥124.5m | −CN¥880.0m | −CN¥8.7m | −CN¥44.3m |
| Net income | −CN¥223.5m | −CN¥202.6m | −CN¥163.9m | −CN¥105.3m | −CN¥143.7m | −CN¥877.1m | −CN¥531.3m | −CN¥132.4m |
| Diluted earnings per share | -0.82 | -0.74 | -0.60 | -0.38 | -0.53 | -3.25 | -1.99 | -0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.45bn | CN¥1.43bn | CN¥1.90bn | CN¥1.78bn | CN¥1.80bn | CN¥350.3m | CN¥151.1m | CN¥126.7m |
| Cash and short-term investments | CN¥447.3m | CN¥585.3m | CN¥945.7m | CN¥1.33bn | CN¥1.52bn | CN¥192.3m | CN¥56.2m | CN¥59.1m |
| Total liabilities | CN¥512.0m | CN¥450.9m | CN¥500.0m | CN¥188.3m | CN¥85.8m | CN¥69.0m | CN¥1.10bn | CN¥478.9m |
| Debt | CN¥343.5m | CN¥280.8m | CN¥281.9m | CN¥75.5m | CN¥48.6m | CN¥31.5m | CN¥32.6m | CN¥21.2m |
| Shareholders' equity | CN¥935.1m | CN¥977.2m | CN¥1.40bn | CN¥1.59bn | CN¥1.72bn | CN¥281.3m | −CN¥938.9m | −CN¥348.4m |
| Shares outstanding | 274m | 274m | 274m | 274m | 274m | 270m | 267m | 274m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥160.0m | −CN¥195.9m | −CN¥228.5m | −CN¥188.8m | −CN¥197.9m | −CN¥64.3m | −CN¥38.1m | −CN¥22.8m |
| Capital spending | −CN¥83.4m | −CN¥79.8m | −CN¥89.1m | −CN¥128.8m | −CN¥36.9m | −CN¥8.1m | −CN¥2.4m | −CN¥3.9m |
| Free cash flow | −CN¥243.4m | −CN¥275.6m | −CN¥317.5m | −CN¥317.5m | −CN¥234.7m | −CN¥72.4m | −CN¥40.5m | −CN¥26.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥64.4m | CN¥64.4m | CN¥66.0m | CN¥66.0m | CN¥50.7m | CN¥50.7m | CN¥74.5m | CN¥87.2m |
| Gross profit | CN¥34.7m | CN¥34.7m | CN¥35.2m | CN¥35.2m | CN¥26.6m | CN¥26.6m | CN¥33.5m | CN¥39.2m |
| Operating income | −CN¥34.4m | −CN¥34.4m | −CN¥49.1m | −CN¥49.1m | −CN¥57.9m | −CN¥57.9m | −CN¥48.4m | −CN¥56.7m |
| Net income | −CN¥36.0m | −CN¥36.0m | −CN¥51.0m | −CN¥51.0m | −CN¥60.7m | −CN¥60.7m | −CN¥50.1m | −CN¥58.6m |
| Diluted earnings per share | -0.13 | -0.13 | -0.19 | -0.19 | -0.22 | -0.22 | -0.18 | -0.21 |
| Cash from operations | — | — | −CN¥33.0m | −CN¥33.0m | −CN¥50.0m | −CN¥50.0m | −CN¥45.0m | −CN¥53.0m |
| Capital spending | — | — | −CN¥16.0m | −CN¥16.0m | −CN¥25.0m | −CN¥25.0m | −CN¥16.0m | −CN¥18.0m |
| Free cash flow | — | — | −CN¥49.0m | −CN¥49.0m | −CN¥75.0m | −CN¥75.0m | −CN¥61.0m | −CN¥71.0m |
| Total assets | CN¥1.33bn | CN¥1.33bn | CN¥1.45bn | CN¥1.45bn | CN¥1.57bn | CN¥1.57bn | CN¥1.67bn | CN¥1.67bn |
| Cash and short-term investments | CN¥378.4m | CN¥378.4m | CN¥443.0m | CN¥445.5m | CN¥545.5m | CN¥545.5m | CN¥684.6m | CN¥687.2m |
| Debt | CN¥79.9m | CN¥79.9m | CN¥343.4m | CN¥54.0m | CN¥342.2m | CN¥37.1m | CN¥328.4m | CN¥28.8m |
| Shareholders' equity | CN¥864.8m | CN¥864.8m | CN¥934.7m | CN¥934.7m | CN¥1.03bn | CN¥1.03bn | CN¥1.14bn | CN¥1.14bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 24.6% | 23.5% | — |
| Operating income | 28.0% | -23.8% | — |
| Net income | 28.5% | -23.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.1% | 46.9% | 45.9% | — |
| Operating margin | -86.6% | -88.5% | -174.4% | — |
| Net margin | -87.1% | -88.3% | -175.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -2.0 | -3.2 | -3.4 | -8.4 | -11.0 |
| Price to sales | 1.9 | 2.5 | 3.1 | 7.3 | 14.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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