C 
11.22
+3.03%
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¥146.3m
FY2019FY2025
Net income
−CN¥113.9m
FY2019FY2025
Free cash flow
−CN¥282.9m
FY2019FY2025
Shareholders' equity
CN¥912.2m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥146.3m | CN¥39.4m | — | — | CN¥30.0m | — | — |
| Research and development | CN¥285.6m | CN¥466.2m | CN¥661.7m | CN¥791.9m | CN¥584.0m | CN¥328.0m | CN¥244.7m |
| Operating income | −CN¥121.3m | −CN¥808.2m | −CN¥767.6m | −CN¥1.03bn | −CN¥668.0m | −CN¥380.7m | −CN¥264.7m |
| Net income | −CN¥113.9m | −CN¥798.1m | −CN¥747.8m | −CN¥1.04bn | −CN¥5.52bn | −CN¥1.24bn | −CN¥308.6m |
| Diluted earnings per share | -0.21 | -1.44 | -1.34 | -1.88 | -10.03 | -6.25 | -5.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.50bn | CN¥1.95bn | CN¥2.26bn | CN¥3.22bn | CN¥4.08bn | CN¥1.46bn | CN¥379.2m |
| Cash and short-term investments | CN¥1.31bn | CN¥1.72bn | CN¥1.85bn | CN¥2.64bn | CN¥3.50bn | CN¥1.21bn | CN¥112.3m |
| Total liabilities | CN¥597.2m | CN¥717.4m | CN¥455.5m | CN¥337.2m | CN¥592.5m | CN¥3.41bn | CN¥1.23bn |
| Debt | CN¥86.2m | CN¥166.4m | CN¥85.2m | CN¥119.4m | CN¥338.0m | CN¥100.3m | CN¥51.3m |
| Shareholders' equity | CN¥912.2m | CN¥1.23bn | CN¥1.80bn | CN¥2.88bn | CN¥3.49bn | −CN¥1.95bn | −CN¥852.8m |
| Shares outstanding | 553m | 553m | 557m | 554m | 550m | 198m | 57m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥275.8m | −CN¥409.7m | −CN¥529.6m | −CN¥748.5m | −CN¥596.3m | −CN¥343.6m | −CN¥208.4m |
| Capital spending | −CN¥7.1m | −CN¥19.6m | −CN¥11.1m | −CN¥161.3m | −CN¥207.7m | −CN¥21.8m | −CN¥120.4m |
| Free cash flow | −CN¥282.9m | −CN¥429.3m | −CN¥540.7m | −CN¥909.9m | −CN¥804.1m | −CN¥365.4m | −CN¥328.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥71.1m | CN¥87.0m | CN¥59.3m | CN¥19.7m | CN¥19.7m | — | — | — |
| Operating income | −CN¥157.5m | −CN¥32.0m | −CN¥89.3m | −CN¥404.1m | −CN¥404.1m | −CN¥767.5m | −CN¥238,820 | −CN¥218,081 |
| Net income | −CN¥76.5m | −CN¥26.0m | −CN¥87.9m | −CN¥399.1m | −CN¥399.1m | −CN¥171,661 | −CN¥199,816 | −CN¥235,405 |
| Diluted earnings per share | -0.14 | -0.05 | -0.16 | -0.72 | -0.72 | -0.00 | -0.00 | -0.00 |
| Cash from operations | — | −CN¥55.0m | −CN¥240.0m | −CN¥153.0m | −CN¥308.0m | — | — | — |
| Capital spending | — | −CN¥55.0m | −CN¥2.0m | −CN¥4.0m | −CN¥5.0m | — | — | — |
| Free cash flow | — | −CN¥110.0m | −CN¥242.0m | −CN¥157.0m | −CN¥313.0m | — | — | — |
| Total assets | CN¥1.84bn | CN¥1.50bn | CN¥1.76bn | CN¥1.67bn | CN¥2.10bn | CN¥2.26bn | CN¥2.63bn | CN¥3.08bn |
| Cash and short-term investments | CN¥1.63bn | CN¥1.31bn | CN¥1.47bn | CN¥1.48bn | CN¥1.65bn | CN¥1.85bn | CN¥2.15bn | CN¥2.53bn |
| Debt | CN¥34.8m | CN¥86.2m | CN¥119.5m | CN¥166.4m | CN¥213.1m | CN¥85.2m | CN¥17.2m | CN¥129.3m |
| Shareholders' equity | CN¥1.27bn | CN¥912.2m | CN¥1.12bn | CN¥1.06bn | CN¥1.50bn | CN¥1.80bn | CN¥2.10bn | CN¥2.57bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -181.4% | -1426.0% | — | — | -2275.6% | — |
| Net margin | -77.9% | -2024.4% | — | — | -18380.0% | — |
| Return on equity | -12.5% | -75.5% | -41.5% | -36.1% | -158.3% | 63.5% |
| Return on assets | -7.6% | -47.7% | -33.1% | -32.3% | -135.3% | -84.9% |
| Free cash flow yield | -3.6% | -6.1% | -6.9% | -7.8% | -5.2% | -12.0% |
| Revenue growth | 218.7% | — | — | — | — | — |
| Earnings growth | -87.7% | 6.7% | -16.2% | -81.2% | 345.9% | 301.3% |
| Current ratio | 5.73x | 6.02x | 9.55x | 13.45x | 7.89x | 7.27x |
| Debt to equity | 0.03x | 0.10x | 0.01x | 0.01x | 0.08x | -0.05x |
| Equity ratio | 60.6% | 63.2% | 79.8% | 89.5% | 85.5% | -133.7% |
| Interest coverage | -33.04x | -98.41x | -168.32x | -51.91x | -54.04x | -27.42x |
| R&D as a share of sales | 195.3% | 1182.5% | — | — | 1943.7% | — |
| Buybacks as a share of market value | 0.0% | 0.7% | -0.5% | -0.6% | -177.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -50.9% | -20.4% | — |
| Net income | -52.1% | -38.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -500.5% | — | — | — |
| Net margin | -491.1% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -61.7 | -5.5 | -4.2 | -6.9 | -2.4 |
| Price to sales | 48.1 | 112.2 | — | — | 436.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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