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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥551.1m
FY2019FY2025
Net income
−CN¥249.7m
FY2019FY2025
Free cash flow
−CN¥38.8m
FY2019FY2025
Shareholders' equity
CN¥410.8m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥551.1m | CN¥218.2m | CN¥88.7m | CN¥21.6m | CN¥2.1m | — | — |
| Research and development | CN¥216.0m | CN¥261.9m | CN¥482.8m | CN¥755.8m | CN¥392.6m | CN¥135.4m | CN¥61.9m |
| Operating income | −CN¥235.3m | −CN¥414.6m | −CN¥827.1m | −CN¥1.10bn | −CN¥551.7m | −CN¥158.4m | −CN¥69.3m |
| Net income | −CN¥249.7m | −CN¥544.9m | −CN¥858.5m | −CN¥1.14bn | −CN¥582.9m | −CN¥208.9m | −CN¥70.3m |
| Diluted earnings per share | -0.24 | -0.56 | -0.90 | -1.19 | -0.63 | -0.26 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.34bn | CN¥1.28bn | CN¥1.43bn | CN¥1.93bn | CN¥2.79bn | CN¥1.70bn | CN¥78.4m |
| Cash and short-term investments | CN¥640.4m | CN¥612.2m | CN¥507.7m | CN¥748.0m | CN¥1.94bn | CN¥1.50bn | CN¥54.7m |
| Total liabilities | CN¥935.1m | CN¥1.02bn | CN¥926.2m | CN¥522.2m | CN¥401.7m | CN¥262.9m | CN¥52.0m |
| Debt | CN¥426.4m | CN¥691.3m | CN¥560.4m | CN¥219.9m | CN¥204.7m | CN¥19.2m | CN¥11.9m |
| Shareholders' equity | CN¥410.8m | CN¥278.2m | CN¥519.5m | CN¥1.42bn | CN¥2.39bn | CN¥1.44bn | CN¥26.4m |
| Shares outstanding | 1,031m | 975m | 959m | 959m | 930m | 806m | 1,031m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥36.3m | −CN¥252.9m | −CN¥567.8m | −CN¥898.5m | −CN¥540.5m | −CN¥103.0m | −CN¥48.7m |
| Capital spending | −CN¥2.5m | −CN¥35.7m | −CN¥66.5m | −CN¥194.8m | −CN¥134.0m | −CN¥15.0m | −CN¥3.7m |
| Free cash flow | −CN¥38.8m | −CN¥288.6m | −CN¥634.3m | −CN¥1.09bn | −CN¥674.5m | −CN¥118.1m | −CN¥52.4m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥375.4m | CN¥175.7m | CN¥134.0m | CN¥79.0m | CN¥84.2m | CN¥49.6m | CN¥48.3m | CN¥28.5m |
| Operating income | −CN¥124.5m | −CN¥110.8m | −CN¥207.1m | −CN¥122.1m | −CN¥207.5m | −CN¥122.3m | −CN¥370.0m | −CN¥208.3m |
| Net income | −CN¥136.3m | −CN¥113.4m | −CN¥309.8m | −CN¥182.6m | −CN¥235.1m | −CN¥138.6m | −CN¥401.3m | −CN¥236.6m |
| Diluted earnings per share | -0.13 | -0.11 | -0.32 | -0.19 | -0.24 | -0.14 | -0.42 | -0.25 |
| Cash from operations | CN¥82.0m | −CN¥113.0m | −CN¥91.0m | — | −CN¥206.0m | −CN¥103.0m | −CN¥170.0m | −CN¥85.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | −CN¥26.0m | — | −CN¥15.0m | −CN¥7.0m | −CN¥23.0m | −CN¥11.0m |
| Free cash flow | CN¥81.0m | −CN¥114.0m | −CN¥117.0m | — | −CN¥221.0m | −CN¥110.0m | −CN¥193.0m | −CN¥96.0m |
| Total assets | CN¥1.34bn | CN¥1.50bn | CN¥1.08bn | CN¥1.28bn | CN¥952.5m | CN¥1.12bn | CN¥1.21bn | CN¥1.43bn |
| Cash and short-term investments | CN¥640.4m | CN¥815.8m | CN¥519.3m | CN¥612.2m | CN¥187.5m | CN¥221.1m | CN¥430.6m | CN¥507.7m |
| Debt | CN¥410.6m | CN¥668.2m | CN¥586.4m | CN¥279.7m | CN¥458.9m | CN¥242.7m | CN¥505.4m | CN¥423.6m |
| Shareholders' equity | CN¥410.8m | CN¥535.1m | CN¥236.0m | CN¥278.2m | CN¥233.2m | CN¥274.9m | CN¥440.6m | CN¥519.5m |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -43.8% | -184.4% | -932.3% | -5086.3% | -25660.2% | — |
| Net margin | -45.3% | -249.7% | -967.7% | -5276.1% | -27112.6% | — |
| Return on equity | -60.8% | -230.9% | -194.8% | -80.4% | -24.4% | -14.5% |
| Return on assets | -18.7% | -50.2% | -70.9% | -59.1% | -20.9% | -12.3% |
| Free cash flow yield | -0.2% | -1.2% | -2.5% | -3.5% | -2.1% | -0.5% |
| Revenue growth | 114.2% | 146.0% | 384.2% | 904.8% | — | — |
| Earnings growth | -61.1% | -36.5% | -11.2% | 95.5% | 179.1% | 197.0% |
| Current ratio | 2.30x | 1.70x | 1.16x | 3.38x | 8.93x | 6.62x |
| Debt to equity | 0.99x | 2.40x | 1.01x | 0.06x | 0.02x | 0.01x |
| Equity ratio | 30.8% | 21.8% | 36.4% | 73.4% | 85.7% | 84.7% |
| Interest coverage | -12.26x | -22.06x | -52.97x | -98.76x | -104.23x | -4.10x |
| R&D as a share of sales | 39.2% | 120.0% | 544.2% | 3498.6% | 18262.7% | — |
| Buybacks as a share of market value | -5.8% | -1.7% | 0.0% | -3.0% | -15.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 194.4% | — | — |
| Operating income | -40.2% | 8.2% | — |
| Net income | -39.7% | 3.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -84.5% | -292.8% | — | — |
| Net margin | -103.3% | -317.5% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -86.7 | -14.8 | -20.2 | -23.2 | -80.9 |
| Price to sales | 39.3 | 36.9 | 195.1 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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