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Close of 5 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¥14.4m
FY2019FY2025
Net income
−CN¥692.3m
FY2019FY2025
Free cash flow
−CN¥700.3m
FY2019FY2025
Shareholders' equity
CN¥822.2m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥14.4m | CN¥27.0m | CN¥30.4m | CN¥6.2m | CN¥7.2m | CN¥1.7m | — |
| Research and development | CN¥560.5m | CN¥476.1m | CN¥487.8m | CN¥834.2m | CN¥550.7m | CN¥152.0m | CN¥73.7m |
| Operating income | −CN¥685.6m | −CN¥571.8m | −CN¥617.7m | −CN¥1.02bn | −CN¥713.1m | −CN¥171.9m | −CN¥84.7m |
| Net income | −CN¥692.3m | −CN¥562.4m | −CN¥572.0m | −CN¥837.4m | −CN¥765.6m | −CN¥208.9m | −CN¥161.0m |
| Diluted earnings per share | -1.12 | -1.18 | -1.19 | -1.73 | -1.71 | -0.44 | -0.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.05bn | CN¥1.94bn | CN¥2.19bn | CN¥2.69bn | CN¥2.23bn | CN¥1.22bn | CN¥496.6m |
| Cash and short-term investments | CN¥409.8m | CN¥448.3m | CN¥837.8m | CN¥1.54bn | CN¥1.38bn | CN¥793.7m | CN¥336.6m |
| Total liabilities | CN¥1.23bn | CN¥1.41bn | CN¥1.12bn | CN¥764.4m | CN¥286.3m | CN¥2.39bn | CN¥868.7m |
| Debt | CN¥736.3m | CN¥889.1m | CN¥650.8m | CN¥282.6m | CN¥76.7m | CN¥1.98bn | CN¥725.9m |
| Shareholders' equity | CN¥822.2m | CN¥529.3m | CN¥1.07bn | CN¥1.93bn | CN¥1.95bn | −CN¥1.17bn | −CN¥372.1m |
| Shares outstanding | 620m | 478m | 480m | 483m | 448m | 479m | 479m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥585.2m | −CN¥464.8m | −CN¥742.9m | −CN¥674.8m | −CN¥550.6m | −CN¥81.9m | −CN¥161.4m |
| Capital spending | −CN¥115.1m | −CN¥171.8m | −CN¥260.9m | −CN¥359.2m | −CN¥277.0m | −CN¥198.8m | −CN¥91.9m |
| Free cash flow | −CN¥700.3m | −CN¥636.7m | −CN¥1.00bn | −CN¥1.03bn | −CN¥827.6m | −CN¥280.7m | −CN¥253.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥53,968 | CN¥2.1m | CN¥23.0m | CN¥9.4m | CN¥5.5m | CN¥17.6m | CN¥10.3m | CN¥25.8m |
| Operating income | −CN¥241.5m | −CN¥304.9m | −CN¥383.4m | −CN¥319.0m | −CN¥185.7m | −CN¥252.9m | −CN¥147.2m | −CN¥291.0m |
| Net income | −CN¥243.2m | −CN¥308.8m | −CN¥396.6m | −CN¥313.3m | −CN¥182.4m | −CN¥249.1m | −CN¥145.0m | −CN¥299.4m |
| Diluted earnings per share | -0.39 | -0.50 | -0.64 | -0.66 | -0.38 | -0.52 | -0.30 | -0.62 |
| Cash from operations | — | −CN¥336.0m | −CN¥298.0m | −CN¥184.0m | — | −CN¥279.0m | −CN¥162.0m | −CN¥311.0m |
| Capital spending | — | −CN¥50.0m | −CN¥69.0m | −CN¥93.0m | — | −CN¥78.0m | −CN¥45.0m | −CN¥128.0m |
| Free cash flow | — | −CN¥386.0m | −CN¥367.0m | −CN¥277.0m | — | −CN¥357.0m | −CN¥207.0m | −CN¥439.0m |
| Total assets | CN¥1.86bn | CN¥2.05bn | CN¥1.80bn | CN¥1.94bn | CN¥2.26bn | CN¥2.06bn | CN¥2.40bn | CN¥2.19bn |
| Cash and short-term investments | CN¥218.3m | CN¥409.8m | CN¥121.3m | CN¥448.3m | CN¥522.0m | CN¥531.3m | CN¥618.6m | CN¥835.0m |
| Debt | CN¥477.4m | CN¥743.4m | CN¥978.0m | CN¥889.1m | CN¥594.1m | CN¥697.1m | CN¥265.1m | CN¥650.8m |
| Shareholders' equity | CN¥579.8m | CN¥822.2m | CN¥206.8m | CN¥529.3m | CN¥616.3m | CN¥836.8m | CN¥974.3m | CN¥1.07bn |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -4750.1% | -2117.6% | -2033.6% | -16433.3% | -9879.9% | -10128.2% |
| Net margin | -4796.4% | -2082.5% | -1882.9% | -13506.1% | -10607.5% | -12304.5% |
| Return on equity | -84.2% | -106.2% | -53.4% | -43.3% | -39.3% | 17.8% |
| Return on assets | -33.7% | -29.0% | -26.2% | -31.1% | -34.3% | -17.1% |
| Free cash flow yield | -20.3% | -24.3% | -33.2% | -30.0% | -26.4% | -3.7% |
| Revenue growth | -54.1% | -11.1% | 470.5% | -14.1% | 325.2% | — |
| Earnings growth | 5.7% | -1.7% | -20.5% | 9.4% | 266.5% | 29.7% |
| Current ratio | 1.00x | 0.78x | 2.54x | 4.32x | 9.29x | 12.34x |
| Debt to equity | 0.90x | 1.68x | 0.60x | 0.15x | 0.04x | -1.94x |
| Equity ratio | 40.1% | 27.3% | 49.0% | 72.0% | 87.2% | -96.3% |
| Interest coverage | -25.23x | -18.84x | -9.72x | -247.62x | -10.88x | -3.98x |
| R&D as a share of sales | 3883.4% | 1763.1% | 1606.0% | 13454.3% | 7629.5% | 8951.9% |
| Buybacks as a share of market value | -29.6% | 0.3% | 0.7% | -7.8% | 6.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.5% | 53.4% | — |
| Operating income | -12.4% | 31.9% | — |
| Net income | -6.1% | 27.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -3034.5% | -3709.6% | -4347.3% | — |
| Net margin | -3027.8% | -3414.7% | -4185.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -3.1 | -7.0 | -7.9 | -12.3 |
| Price to sales | 148.7 | 144.9 | 148.6 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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