C 
1.42
+5.19%
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¥4.0m
FY2019FY2025
Net income
−CN¥232.7m
FY2019FY2025
Free cash flow
−CN¥221.9m
FY2019FY2025
Shareholders' equity
−CN¥2.09bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.0m | CN¥44.7m | CN¥45.7m | — | — | CN¥668,454 | CN¥153,721 |
| Research and development | CN¥181.1m | CN¥213.6m | CN¥756.8m | CN¥1.71bn | CN¥2.13bn | CN¥265.8m | CN¥53.3m |
| Operating income | −CN¥288.5m | −CN¥1.11bn | −CN¥3.00bn | −CN¥2.74bn | −CN¥2.61bn | −CN¥354.8m | −CN¥44.5m |
| Net income | −CN¥232.7m | −CN¥1.05bn | −CN¥161.3m | −CN¥2.86bn | −CN¥7.01bn | −CN¥1.07bn | −CN¥56.6m |
| Diluted earnings per share | -0.18 | -0.84 | -0.13 | -2.55 | -6.05 | -0.92 | -0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥533.5m | CN¥946.5m | CN¥2.45bn | CN¥5.47bn | CN¥6.23bn | CN¥1.38bn | CN¥216.9m |
| Cash and short-term investments | CN¥333.2m | CN¥497.9m | CN¥892.3m | CN¥1.91bn | CN¥3.34bn | CN¥939.2m | CN¥184.8m |
| Total liabilities | CN¥2.63bn | CN¥2.85bn | CN¥3.30bn | CN¥6.25bn | CN¥4.81bn | CN¥2.53bn | CN¥295.8m |
| Debt | CN¥24.7m | CN¥89.6m | CN¥334.5m | CN¥354.4m | CN¥67.9m | CN¥1.15bn | CN¥211.2m |
| Shareholders' equity | −CN¥2.09bn | −CN¥1.91bn | −CN¥853.4m | −CN¥778.1m | CN¥1.42bn | −CN¥1.14bn | −CN¥79.0m |
| Shares outstanding | 1,261m | 1,255m | 1,247m | 1,118m | 1,158m | 1,158m | 1,158m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥221.9m | −CN¥336.0m | −CN¥847.7m | −CN¥1.97bn | −CN¥1.07bn | CN¥555.4m | −CN¥31.0m |
| Capital spending | −CN¥37,436 | −CN¥1.9m | −CN¥10.7m | −CN¥122.9m | −CN¥93.5m | −CN¥132.5m | −CN¥7.9m |
| Free cash flow | −CN¥221.9m | −CN¥337.9m | −CN¥858.3m | −CN¥2.09bn | −CN¥1.16bn | CN¥422.9m | −CN¥38.9m |
| Dividends paid | — | — | — | — | −CN¥117.1m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥205,576 | CN¥287,425 | CN¥3.8m | CN¥56.5m | −CN¥11.8m | CN¥45.4m | CN¥299,290 | — |
| Operating income | −CN¥163.3m | −CN¥156.6m | −CN¥132.9m | −CN¥924.5m | −CN¥183.2m | −CN¥957.7m | −CN¥2.05bn | −CN¥1.50bn |
| Net income | CN¥1.10bn | −CN¥114.7m | −CN¥117.9m | −CN¥941.3m | −CN¥110.8m | −CN¥919.0m | CN¥757.7m | −CN¥1.53bn |
| Diluted earnings per share | 0.85 | -0.09 | -0.09 | -0.75 | -0.09 | -0.74 | 0.61 | -1.37 |
| Cash from operations | — | −CN¥92.0m | −CN¥135.0m | −CN¥152.0m | −CN¥183.0m | −CN¥346.0m | −CN¥501.0m | −CN¥1.32bn |
| Capital spending | — | — | — | — | −CN¥1.0m | −CN¥3.0m | −CN¥4.0m | −CN¥28.0m |
| Free cash flow | — | — | — | — | −CN¥184.0m | −CN¥349.0m | −CN¥505.0m | −CN¥1.35bn |
| Total assets | CN¥281.6m | CN¥533.5m | CN¥692.0m | CN¥946.5m | CN¥2.09bn | CN¥2.45bn | CN¥3.59bn | CN¥5.47bn |
| Cash and short-term investments | CN¥122.0m | CN¥333.2m | CN¥460.9m | CN¥497.9m | CN¥578.6m | CN¥892.3m | CN¥1.51bn | CN¥1.91bn |
| Debt | CN¥2.4m | CN¥12.4m | CN¥15.2m | CN¥104.4m | CN¥269.1m | CN¥389.5m | CN¥531.0m | CN¥412.7m |
| Shareholders' equity | −CN¥932.9m | −CN¥2.09bn | −CN¥1.99bn | −CN¥1.91bn | −CN¥969.8m | −CN¥853.4m | CN¥33.3m | −CN¥778.1m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -7256.4% | -2485.3% | -305.2% | — | — | -58642.3% | -47601.5% |
| Net margin | -5851.4% | -2351.5% | -352.9% | — | — | -159559.4% | -36805.3% |
| Return on equity | 11.1% | 55.2% | 18.9% | 366.9% | -493.6% | 93.2% | — |
| Return on assets | -43.6% | -111.2% | -6.6% | -52.2% | -112.6% | -77.1% | — |
| Free cash flow yield | -12.5% | -18.9% | -47.6% | -117.2% | -59.8% | 42.2% | — |
| Revenue growth | -91.1% | -2.1% | — | — | — | 334.8% | — |
| Earnings growth | -77.9% | 552.1% | -94.3% | -59.3% | 557.1% | 1785.2% | — |
| Current ratio | 0.19x | 0.35x | 0.83x | 1.55x | 2.36x | 15.71x | — |
| Debt to equity | -0.01x | -0.05x | -0.45x | -0.48x | 0.04x | -1.15x | — |
| Equity ratio | -392.5% | -201.3% | -34.9% | -14.2% | 22.8% | -82.8% | — |
| Interest coverage | -674.64x | -165.89x | -6.40x | -404.76x | -888.38x | -113.22x | — |
| R&D as a share of sales | 4554.2% | 477.3% | 1655.5% | — | — | 39759.4% | 34696.2% |
| Buybacks as a share of market value | -0.5% | -0.7% | -11.5% | 3.5% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | 42.8% | — |
| Operating income | -52.8% | -4.1% | — |
| Net income | -56.6% | -26.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -2866.0% | — | — | — |
| Net margin | -2637.2% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -11.0 | -0.3 | -4.2 | -0.9 | -1.9 |
| Price to sales | — | 5.9 | 14.6 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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