M 
0.48
—
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¥629.4m
FY2017FY2025
Net income
CN¥55.7m
FY2017FY2025
Free cash flow
−CN¥23.2m
FY2017FY2025
Shareholders' equity
CN¥157.4m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥629.4m | CN¥220.8m | CN¥74.5m | CN¥47.8m | CN¥70.9m | — | CN¥14.1m | CN¥23.9m | CN¥4.7m |
| Research and development | CN¥49.3m | CN¥64.3m | CN¥105.4m | CN¥126.5m | CN¥225.4m | CN¥120.4m | CN¥134.2m | CN¥89.0m | CN¥21.6m |
| Operating income | CN¥4.7m | −CN¥100.8m | −CN¥170.8m | −CN¥193.5m | −CN¥254.4m | −CN¥186.2m | −CN¥198.8m | −CN¥119.7m | −CN¥44.4m |
| Net income | CN¥55.7m | −CN¥109.4m | −CN¥179.0m | −CN¥180.1m | −CN¥249.5m | −CN¥188.6m | −CN¥210.2m | −CN¥124.9m | −CN¥31.1m |
| Diluted earnings per share | 0.01 | -0.03 | -0.04 | -0.04 | -0.06 | -0.05 | -0.05 | -0.04 | -0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.15bn | CN¥869.0m | CN¥885.0m | CN¥784.6m | CN¥769.5m | CN¥1.16bn | CN¥1.40bn | CN¥473.2m | CN¥289.1m |
| Cash and short-term investments | CN¥109.3m | CN¥76.4m | CN¥148.2m | CN¥41.6m | CN¥69.7m | CN¥484.8m | CN¥767.9m | CN¥198.2m | CN¥76.4m |
| Total liabilities | CN¥996.6m | CN¥792.9m | CN¥709.7m | CN¥441.7m | CN¥254.8m | CN¥281.6m | CN¥342.8m | CN¥223.7m | CN¥135.9m |
| Debt | CN¥326.9m | CN¥250.6m | CN¥222.4m | CN¥108.0m | CN¥39.7m | CN¥40.3m | CN¥214.3m | CN¥105.0m | CN¥75.0m |
| Shareholders' equity | CN¥157.4m | CN¥76.0m | CN¥175.3m | CN¥342.9m | CN¥514.8m | CN¥881.5m | CN¥1.05bn | CN¥249.6m | CN¥99.8m |
| Shares outstanding | 4,123m | 4,124m | 4,124m | 4,124m | 4,124m | 4,124m | 4,124m | 2,974m | 4,124m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥80.8m | −CN¥3.5m | CN¥49.1m | −CN¥48.6m | −CN¥170.6m | −CN¥147.2m | −CN¥136.6m | −CN¥61.9m | −CN¥65.1m |
| Capital spending | −CN¥104.0m | −CN¥50.9m | −CN¥16.3m | −CN¥107.0m | −CN¥127.1m | −CN¥197.2m | −CN¥113.6m | −CN¥90.9m | −CN¥13.1m |
| Free cash flow | −CN¥23.2m | −CN¥54.4m | CN¥32.8m | −CN¥155.6m | −CN¥297.7m | −CN¥344.5m | −CN¥250.2m | −CN¥152.8m | −CN¥78.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥398.4m | CN¥365.7m | CN¥274.2m | CN¥128.0m | CN¥92.8m | CN¥36.9m | CN¥37.6m | CN¥23.1m |
| Operating income | CN¥34.7m | CN¥1.9m | CN¥2.9m | −CN¥22.9m | −CN¥79.5m | −CN¥90.2m | −CN¥82.6m | −CN¥88.0m |
| Net income | CN¥31.4m | CN¥53.3m | CN¥2.9m | −CN¥26.0m | −CN¥83.4m | −CN¥93.5m | −CN¥85.5m | −CN¥80.4m |
| Diluted earnings per share | 0.01 | 0.01 | 0.00 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 |
| Cash from operations | CN¥61.0m | CN¥37.0m | CN¥43.0m | CN¥51.0m | −CN¥54.0m | CN¥77.0m | −CN¥28.0m | −CN¥39.0m |
| Capital spending | −CN¥13.0m | −CN¥67.0m | −CN¥36.0m | −CN¥11.0m | −CN¥10.0m | −CN¥10.0m | −CN¥6.0m | −CN¥23.0m |
| Free cash flow | CN¥48.0m | −CN¥30.0m | CN¥7.0m | CN¥40.0m | −CN¥64.0m | CN¥67.0m | −CN¥34.0m | −CN¥62.0m |
| Total assets | CN¥1.17bn | CN¥1.15bn | CN¥1.07bn | CN¥869.0m | CN¥809.3m | CN¥885.0m | CN¥772.1m | CN¥784.6m |
| Cash and short-term investments | CN¥93.3m | CN¥109.3m | CN¥94.2m | CN¥76.4m | CN¥63.3m | CN¥148.2m | CN¥19.8m | CN¥41.6m |
| Debt | CN¥184.9m | CN¥326.7m | CN¥305.0m | CN¥250.6m | CN¥208.3m | CN¥222.4m | CN¥126.1m | CN¥120.8m |
| Shareholders' equity | CN¥193.8m | CN¥157.4m | CN¥98.9m | CN¥76.0m | CN¥98.5m | CN¥175.3m | CN¥262.2m | CN¥342.9m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 0.7% | -46.3% | -229.2% | -364.2% | -349.1% | — | -1330.1% | — |
| Net margin | 8.8% | -49.5% | -240.2% | -376.7% | -352.0% | — | -1493.7% | — |
| Return on equity | 35.4% | -143.9% | -102.1% | -52.5% | -48.5% | -21.4% | — | — |
| Return on assets | 4.8% | -12.6% | -20.2% | -23.0% | -32.4% | -16.2% | — | — |
| Free cash flow yield | 10.3% | 3.1% | 4.3% | 3.8% | -2.8% | 2.8% | — | — |
| Revenue growth | 143.7% | 196.3% | 55.9% | -32.5% | — | — | -41.2% | 410.2% |
| Earnings growth | -143.5% | -38.9% | -0.6% | -27.8% | 54.7% | -10.3% | — | — |
| Current ratio | 0.81x | 1.17x | 1.08x | 1.07x | 1.05x | 2.81x | — | — |
| Debt to equity | 1.91x | 2.95x | 1.11x | 0.28x | 0.02x | 0.01x | — | — |
| Equity ratio | 13.6% | 8.8% | 19.8% | 43.7% | 66.9% | 75.8% | — | — |
| Interest coverage | 0.44x | -11.34x | -20.86x | -28.33x | -120.41x | -47.24x | — | — |
| R&D as a share of sales | 7.8% | 29.1% | 141.4% | 264.5% | 318.0% | — | 953.5% | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 136.1% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 32.1 | -9.1 | -9.2 | -8.6 | -14.3 | -19.9 | -19.5 |
| Price to sales | 2.8 | 4.5 | 22.1 | 32.5 | 50.4 | — | 291.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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