R 
1.86
-2.11%
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¥334.9m
FY2019FY2025
Net income
−CN¥118.1m
FY2019FY2025
Free cash flow
−CN¥82.9m
FY2019FY2025
Shareholders' equity
CN¥197.6m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥334.9m | CN¥391.4m | CN¥304.8m | CN¥513.3m | CN¥689.8m | CN¥622.6m | CN¥568.2m |
| Gross profit | CN¥70.6m | CN¥94.7m | CN¥78.4m | CN¥113.8m | CN¥143.5m | CN¥171.1m | CN¥147.9m |
| Research and development | CN¥46.5m | CN¥45.9m | CN¥36.5m | CN¥32.2m | CN¥37.2m | CN¥25.6m | — |
| Operating income | −CN¥97.2m | −CN¥40.8m | −CN¥34.8m | −CN¥7.8m | CN¥38.6m | CN¥87.5m | CN¥65.4m |
| Net income | −CN¥118.1m | −CN¥49.7m | −CN¥60.6m | CN¥4.4m | CN¥69.7m | CN¥78.0m | CN¥58.9m |
| Diluted earnings per share | -0.35 | -0.14 | -0.18 | 0.01 | 0.20 | 0.22 | 0.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥414.9m | CN¥519.6m | CN¥614.0m | CN¥962.4m | CN¥812.9m | CN¥543.0m | CN¥431.8m |
| Cash and short-term investments | CN¥155.7m | CN¥226.7m | CN¥311.0m | CN¥529.2m | CN¥353.3m | CN¥214.9m | CN¥113.1m |
| Total liabilities | CN¥217.3m | CN¥204.9m | CN¥194.0m | CN¥264.6m | CN¥554.0m | CN¥392.2m | CN¥238.1m |
| Debt | CN¥77.8m | CN¥34.4m | CN¥48.8m | CN¥492,000 | CN¥122.3m | CN¥471,609 | CN¥9.5m |
| Shareholders' equity | CN¥197.6m | CN¥314.7m | CN¥420.0m | CN¥697.8m | CN¥258.9m | CN¥150.8m | CN¥193.8m |
| Shares outstanding | 342m | 344m | 335m | 352m | 352m | 352m | 352m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥64.9m | CN¥7.5m | −CN¥52.9m | −CN¥26.2m | −CN¥40.5m | CN¥100.0m | CN¥76.4m |
| Capital spending | −CN¥18.0m | −CN¥23.1m | −CN¥3.6m | −CN¥6.0m | −CN¥14.6m | −CN¥4.8m | −CN¥8.6m |
| Free cash flow | −CN¥82.9m | −CN¥15.6m | −CN¥56.4m | −CN¥32.1m | −CN¥55.1m | CN¥95.3m | CN¥67.8m |
| Dividends paid | — | — | — | — | −CN¥2.7m | — | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥152.9m | CN¥182.0m | CN¥251.4m | CN¥140.0m | CN¥198.0m | CN¥106.8m | CN¥293.0m | CN¥220.3m |
| Gross profit | CN¥30.3m | CN¥40.3m | CN¥65.0m | CN¥29.8m | CN¥37.1m | CN¥41.2m | CN¥57.4m | CN¥56.4m |
| Operating income | −CN¥54.1m | −CN¥43.2m | −CN¥12.1m | −CN¥28.7m | −CN¥30.4m | −CN¥4.3m | −CN¥9.0m | CN¥1.2m |
| Net income | −CN¥73.6m | −CN¥44.5m | −CN¥11.5m | −CN¥38.2m | −CN¥28.6m | −CN¥32.0m | CN¥40.3m | −CN¥35.9m |
| Diluted earnings per share | -0.22 | -0.13 | -0.03 | -0.11 | -0.09 | -0.10 | 0.11 | -0.10 |
| Cash from operations | −CN¥64.0m | −CN¥11.0m | CN¥7.0m | −CN¥19.0m | −CN¥62.0m | −CN¥119.0m | −CN¥22.0m | −CN¥2.0m |
| Capital spending | −CN¥17.0m | −CN¥6.0m | −CN¥23.0m | −CN¥14.0m | −CN¥4.0m | −CN¥2.0m | −CN¥5.0m | −CN¥4.0m |
| Free cash flow | −CN¥81.0m | −CN¥17.0m | −CN¥16.0m | −CN¥33.0m | −CN¥66.0m | −CN¥121.0m | −CN¥27.0m | −CN¥6.0m |
| Total assets | CN¥414.9m | CN¥555.9m | CN¥519.6m | CN¥541.8m | CN¥614.0m | CN¥640.3m | CN¥816.3m | CN¥632.6m |
| Cash and short-term investments | CN¥155.7m | CN¥222.1m | CN¥226.7m | CN¥237.0m | CN¥311.0m | CN¥293.5m | CN¥448.8m | CN¥269.5m |
| Debt | CN¥77.8m | CN¥54.9m | CN¥34.4m | CN¥34.9m | CN¥48.8m | CN¥47.2m | CN¥417,323 | CN¥143.7m |
| Shareholders' equity | CN¥197.6m | CN¥290.8m | CN¥314.7m | CN¥368.4m | CN¥420.0m | CN¥467.4m | CN¥591.9m | CN¥183.8m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.1% | 24.2% | 25.7% | 22.2% | 20.8% | 27.5% |
| Operating margin | -29.6% | -13.1% | -16.7% | 1.8% | 5.6% | 14.1% |
| Net margin | -35.3% | -12.7% | -19.9% | 0.9% | 10.1% | 12.5% |
| Return on equity | -59.8% | -15.8% | -14.4% | 0.7% | 31.7% | 51.8% |
| Return on assets | -28.5% | -9.6% | -9.9% | 0.5% | 10.1% | 14.4% |
| Free cash flow yield | -3.3% | 2.5% | -4.1% | -1.4% | — | — |
| Revenue growth | -27.4% | 28.4% | -40.6% | -25.6% | 10.8% | 9.6% |
| Earnings growth | 101.6% | -18.0% | -1471.6% | -93.7% | -10.7% | 32.5% |
| Current ratio | 1.54x | 2.32x | 2.93x | 3.66x | 1.80x | 1.24x |
| Debt to equity | 0.38x | 0.09x | 0.11x | 0.00x | 0.46x | 0.00x |
| Equity ratio | 47.6% | 60.6% | 68.4% | 72.5% | 31.9% | 27.8% |
| Interest coverage | -41.47x | -3.91x | -3.03x | 0.41x | 7.98x | 23.45x |
| R&D as a share of sales | 13.9% | 11.7% | 12.0% | 6.3% | 5.4% | 4.1% |
| Buybacks as a share of market value | 0.5% | -2.8% | 4.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.3% | -11.7% | — |
| Operating income | 131.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.8% | 23.2% | 23.5% | — |
| Operating margin | -19.0% | -11.7% | -1.9% | — |
| Net margin | -23.1% | -14.5% | -2.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -16.2 | -42.0 | -38.6 | — |
| Price to sales | 5.7 | 5.3 | 7.7 | 5.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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