A 
6.30
-0.94%
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¥695.3m
FY2019FY2025
Net income
CN¥62.8m
FY2019FY2025
Free cash flow
CN¥86.0m
FY2019FY2025
Shareholders' equity
CN¥2.24bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥695.3m | CN¥504.0m | CN¥19.1m | — | CN¥26.4m | — | CN¥4.5m |
| Gross profit | CN¥695.3m | CN¥504.0m | CN¥19.1m | — | CN¥26.4m | — | CN¥4.5m |
| Research and development | CN¥577.5m | CN¥451.4m | CN¥433.7m | CN¥441.7m | CN¥263.7m | CN¥154.7m | CN¥95.0m |
| Operating income | CN¥31.7m | −CN¥21.6m | −CN¥511.1m | −CN¥579.8m | −CN¥382.7m | −CN¥179.4m | −CN¥156.4m |
| Net income | CN¥62.8m | CN¥28.3m | −CN¥431.6m | −CN¥581.1m | −CN¥2.10bn | −CN¥824.2m | −CN¥155.9m |
| Diluted earnings per share | 0.10 | 0.05 | -0.67 | -1.08 | -4.49 | -1.17 | -0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.75bn | CN¥2.46bn | CN¥2.12bn | CN¥2.90bn | CN¥3.10bn | CN¥776.6m | CN¥373.4m |
| Cash and short-term investments | CN¥2.45bn | CN¥2.34bn | CN¥1.96bn | CN¥2.74bn | CN¥3.00bn | CN¥742.4m | CN¥333.1m |
| Total liabilities | CN¥501.9m | CN¥173.4m | CN¥134.3m | CN¥166.9m | CN¥138.2m | CN¥2.07bn | CN¥908.7m |
| Debt | CN¥350.2m | CN¥12.8m | CN¥35.7m | CN¥45.6m | CN¥53.8m | CN¥1.72bn | CN¥766.9m |
| Shareholders' equity | CN¥2.24bn | CN¥2.28bn | CN¥1.98bn | CN¥2.74bn | CN¥2.96bn | −CN¥1.29bn | −CN¥535.3m |
| Shares outstanding | 625m | 629m | 647m | 539m | 469m | 702m | 702m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥92.5m | −CN¥12.9m | −CN¥518.6m | −CN¥401.0m | −CN¥197.9m | −CN¥137.1m | −CN¥96.6m |
| Capital spending | −CN¥6.5m | −CN¥7.4m | −CN¥14.3m | −CN¥26.5m | −CN¥14.4m | −CN¥4.7m | −CN¥4.0m |
| Free cash flow | CN¥86.0m | −CN¥20.3m | −CN¥532.9m | −CN¥427.5m | −CN¥212.3m | −CN¥141.8m | −CN¥100.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥56.7m | CN¥56.7m | — | — | CN¥306.1m | CN¥356.9m | CN¥3.4m | CN¥3.9m |
| Gross profit | CN¥55.7m | CN¥55.7m | — | — | CN¥306.1m | CN¥356.9m | CN¥3.4m | CN¥3.9m |
| Operating income | −CN¥115.0m | −CN¥115.0m | −CN¥187.0m | −CN¥187.0m | CN¥174.3m | CN¥203.3m | −CN¥131.8m | −CN¥153.6m |
| Net income | −CN¥112.8m | −CN¥112.8m | −CN¥159.3m | −CN¥159.3m | CN¥164.2m | CN¥191.5m | −CN¥89.2m | −CN¥104.1m |
| Diluted earnings per share | -0.18 | -0.18 | -0.25 | -0.25 | 0.26 | 0.31 | -0.14 | -0.17 |
| Cash from operations | — | — | −CN¥130.0m | −CN¥130.0m | CN¥176.0m | CN¥176.0m | −CN¥87.0m | −CN¥101.0m |
| Capital spending | — | — | — | — | −CN¥1.0m | −CN¥1.0m | — | — |
| Free cash flow | — | — | — | — | CN¥175.0m | CN¥175.0m | — | — |
| Total assets | CN¥3.14bn | CN¥3.14bn | CN¥2.74bn | CN¥2.74bn | CN¥2.85bn | CN¥2.85bn | CN¥2.46bn | CN¥2.46bn |
| Cash and short-term investments | CN¥2.87bn | CN¥2.87bn | CN¥2.45bn | CN¥2.45bn | CN¥2.78bn | CN¥2.78bn | CN¥2.34bn | CN¥2.34bn |
| Debt | CN¥530.0m | CN¥530.0m | CN¥350.2m | CN¥350.2m | CN¥7.6m | CN¥7.6m | CN¥28.3m | CN¥12.8m |
| Shareholders' equity | CN¥2.54bn | CN¥2.54bn | CN¥2.24bn | CN¥2.24bn | CN¥2.59bn | CN¥2.59bn | CN¥2.28bn | CN¥2.28bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 100.0% | 100.0% | — | 100.0% | — | 100.0% |
| Operating margin | 4.6% | -4.3% | -2253.0% | — | -7975.6% | — | -2593.5% |
| Net margin | 9.0% | 5.6% | -2264.3% | — | -7958.1% | — | -3484.3% |
| Return on equity | 2.8% | 1.4% | -21.8% | -21.2% | -71.2% | 64.0% | — |
| Return on assets | 2.3% | 1.3% | -20.4% | -20.0% | -68.0% | -106.1% | — |
| Free cash flow yield | 1.7% | -0.1% | -8.5% | -7.5% | -4.3% | -2.0% | — |
| Revenue growth | 18.3% | 2544.2% | — | — | — | — | — |
| Earnings growth | 90.2% | -106.6% | -13.4% | -72.4% | 155.4% | 428.7% | — |
| Current ratio | 4.98x | 14.92x | 18.70x | 22.39x | 35.10x | 20.47x | — |
| Debt to equity | 0.16x | 0.01x | 0.01x | 0.00x | 0.00x | -1.56x | — |
| Equity ratio | 81.7% | 92.9% | 93.7% | 94.2% | 95.5% | -165.9% | — |
| Interest coverage | 8.37x | -13.43x | -197.89x | -185.17x | -1886.38x | -455.12x | — |
| R&D as a share of sales | 83.1% | 89.6% | 2275.6% | — | 996.9% | — | 2122.9% |
| Buybacks as a share of market value | 0.6% | 2.8% | -20.0% | -15.1% | 33.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | — | — | — |
| Operating margin | 0.8% | — | — | — |
| Net margin | 7.6% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 112.8 | 88.7 | -4.7 | -2.6 | -1.8 |
| Price to sales | 10.2 | 5.0 | 107.3 | — | 139.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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