S 
0.98
0.00%
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¥51.0m
FY2019FY2025
Net income
−CN¥79.5m
FY2019FY2025
Free cash flow
−CN¥84.9m
FY2019FY2025
Shareholders' equity
CN¥506.6m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥51.0m | — | — | — | — | — | — |
| Gross profit | −CN¥183,762 | — | −CN¥23.6m | −CN¥24.3m | −CN¥15.9m | −CN¥9.7m | −CN¥7.7m |
| Research and development | CN¥67.7m | CN¥41.3m | CN¥111.7m | CN¥168.7m | CN¥214.2m | CN¥267.1m | CN¥14.3m |
| Operating income | −CN¥101.1m | −CN¥61.0m | −CN¥164.6m | −CN¥293.3m | −CN¥409.7m | −CN¥368.0m | −CN¥25.2m |
| Net income | −CN¥79.5m | −CN¥87.9m | −CN¥194.4m | −CN¥237.5m | −CN¥361.4m | −CN¥365.8m | −CN¥26.9m |
| Diluted earnings per share | -0.34 | -0.36 | -0.80 | -0.98 | -1.48 | -1.54 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥969.8m | CN¥733.8m | CN¥817.9m | CN¥981.5m | CN¥1.11bn | CN¥785.0m | CN¥60.5m |
| Cash and short-term investments | CN¥289.5m | CN¥202.4m | CN¥369.4m | CN¥451.3m | CN¥708.5m | CN¥453.7m | CN¥23.1m |
| Total liabilities | CN¥256.7m | CN¥53.2m | CN¥44.0m | CN¥66.5m | CN¥80.0m | CN¥40.9m | CN¥10.0m |
| Debt | CN¥2.6m | CN¥8.3m | CN¥1.8m | CN¥18.1m | CN¥22.4m | CN¥1.3m | CN¥1.3m |
| Shareholders' equity | CN¥506.6m | CN¥660.5m | CN¥748.4m | CN¥883.2m | CN¥995.7m | CN¥700.1m | CN¥42.7m |
| Shares outstanding | 236m | 243m | 243m | 244m | 244m | 238m | 244m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥76.2m | −CN¥119.5m | −CN¥49.0m | −CN¥163.7m | −CN¥88.5m | −CN¥56.5m | −CN¥24.2m |
| Capital spending | −CN¥8.7m | −CN¥47.1m | −CN¥17.7m | −CN¥35.0m | −CN¥41.8m | −CN¥7.5m | −CN¥17.0m |
| Free cash flow | −CN¥84.9m | −CN¥166.7m | −CN¥66.7m | −CN¥198.7m | −CN¥130.3m | −CN¥64.0m | −CN¥41.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥16.5m | CN¥27.6m | CN¥24.3m | — | — | — | — | — |
| Gross profit | CN¥1.4m | −CN¥2.4m | CN¥11.3m | — | — | — | — | −CN¥17.4m |
| Operating income | −CN¥43.1m | −CN¥57.8m | −CN¥24.7m | −CN¥32.2m | −CN¥18.7m | −CN¥28.9m | −CN¥16.8m | −CN¥65.0m |
| Net income | −CN¥37.5m | −CN¥49.1m | −CN¥31.7m | −CN¥62.1m | −CN¥36.2m | −CN¥25.8m | −CN¥15.1m | −CN¥89.4m |
| Diluted earnings per share | -0.15 | -0.21 | -0.13 | -0.26 | -0.15 | -0.11 | -0.06 | -0.37 |
| Cash from operations | — | −CN¥67.0m | −CN¥10.0m | −CN¥59.0m | — | −CN¥59.0m | — | −CN¥24.0m |
| Capital spending | — | −CN¥8.0m | — | −CN¥23.0m | — | −CN¥23.0m | — | −CN¥8.0m |
| Free cash flow | — | −CN¥75.0m | — | −CN¥82.0m | — | −CN¥82.0m | — | −CN¥32.0m |
| Total assets | CN¥920.7m | CN¥969.8m | CN¥1.02bn | CN¥733.8m | CN¥854.5m | CN¥783.8m | CN¥912.7m | CN¥817.9m |
| Cash and short-term investments | CN¥276.9m | CN¥289.5m | CN¥364.3m | CN¥202.4m | CN¥235.7m | CN¥272.9m | CN¥317.8m | CN¥369.4m |
| Debt | CN¥3.1m | CN¥2.6m | CN¥1.5m | CN¥8.3m | CN¥1.5m | CN¥992,000 | CN¥968,847 | CN¥1.8m |
| Shareholders' equity | CN¥468.2m | CN¥506.6m | CN¥556.2m | CN¥660.5m | CN¥769.1m | CN¥722.6m | CN¥841.4m | CN¥748.4m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -0.4% | — | — | — | — | — |
| Operating margin | -159.6% | — | — | — | — | — |
| Net margin | -155.9% | — | — | — | — | — |
| Return on equity | -15.7% | -13.3% | -23.5% | -23.1% | -36.3% | -52.2% |
| Return on assets | -8.2% | -12.0% | -21.5% | -20.8% | -32.4% | -46.6% |
| Free cash flow yield | -24.9% | -30.0% | -13.0% | -45.9% | -19.3% | -17.4% |
| Earnings growth | -22.4% | -50.0% | -13.9% | -43.5% | -1.2% | 1260.0% |
| Current ratio | 15.26x | 15.22x | 20.35x | 18.77x | 20.55x | 33.95x |
| Debt to equity | 0.01x | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x |
| Equity ratio | 52.2% | 90.0% | 91.5% | 90.0% | 89.3% | 89.2% |
| Interest coverage | -8.20x | -2.02x | -284.82x | -260.99x | -598.03x | -5844.63x |
| R&D as a share of sales | 132.9% | — | — | — | — | — |
| Buybacks as a share of market value | 3.2% | 0.0% | 0.1% | 0.2% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -29.9% | -22.8% | — |
| Net income | -30.6% | -26.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -14.2 | -3.9 | -3.7 | -5.2 | -7.1 |
| Price to sales | 22.1 | — | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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