R 
2.05
-2.84%
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¥588.0m
FY2019FY2025
Net income
−CN¥85.5m
FY2019FY2025
Free cash flow
−CN¥80.9m
FY2019FY2025
Shareholders' equity
CN¥331.3m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥588.0m | CN¥244.6m | CN¥191.1m | CN¥256.6m | CN¥256.3m | CN¥132.0m | CN¥89.4m |
| Research and development | CN¥18.2m | CN¥24.3m | CN¥21.0m | CN¥18.9m | CN¥21.7m | CN¥10.9m | CN¥7.8m |
| Operating income | −CN¥63.7m | −CN¥32.1m | CN¥19.5m | CN¥80.3m | CN¥74.9m | CN¥55.7m | CN¥29.0m |
| Net income | −CN¥85.5m | −CN¥38.0m | CN¥12.6m | CN¥68.5m | CN¥58.4m | CN¥53.4m | CN¥26.4m |
| Diluted earnings per share | -0.06 | -0.02 | 0.01 | 0.06 | 0.06 | 0.05 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥559.9m | CN¥531.9m | CN¥637.4m | CN¥466.7m | CN¥274.4m | CN¥180.2m | CN¥91.4m |
| Cash and short-term investments | CN¥89.6m | CN¥139.0m | CN¥186.5m | CN¥218.1m | CN¥71.8m | CN¥37.4m | CN¥49.4m |
| Total liabilities | CN¥231.4m | CN¥173.2m | CN¥244.7m | CN¥119.4m | CN¥150.8m | CN¥60.3m | CN¥24.0m |
| Debt | CN¥150.8m | CN¥94.0m | CN¥156.3m | CN¥38.4m | CN¥21.1m | CN¥10.4m | CN¥500,000 |
| Shareholders' equity | CN¥331.3m | CN¥359.6m | CN¥392.7m | CN¥347.3m | CN¥123.6m | CN¥119.8m | CN¥66.2m |
| Shares outstanding | 1,470m | 2,080m | 1,485m | 1,194m | 1,000m | 1,000m | 1,000m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥79.1m | CN¥14.3m | −CN¥77.7m | −CN¥7.2m | CN¥31.0m | CN¥18.6m | CN¥36.4m |
| Capital spending | −CN¥1.7m | −CN¥28.0m | −CN¥2.7m | −CN¥2.3m | −CN¥2.7m | −CN¥10.2m | −CN¥5.7m |
| Free cash flow | −CN¥80.9m | −CN¥13.7m | −CN¥80.5m | −CN¥9.5m | CN¥28.3m | CN¥8.4m | CN¥30.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥159.1m | CN¥429.4m | CN¥158.5m | CN¥128.4m | CN¥117.1m | CN¥119.4m | CN¥84.1m | CN¥170.2m |
| Operating income | CN¥7.4m | −CN¥39.3m | −CN¥24.4m | −CN¥35.8m | CN¥3.7m | CN¥6.8m | CN¥14.2m | CN¥58.2m |
| Net income | CN¥6.7m | −CN¥62.5m | −CN¥22.9m | −CN¥41.4m | CN¥3.5m | CN¥1.1m | CN¥14.0m | CN¥46.1m |
| Diluted earnings per share | 0.01 | -0.04 | -0.02 | -0.02 | 0.00 | 0.00 | 0.01 | 0.04 |
| Cash from operations | — | −CN¥30.0m | −CN¥59.0m | CN¥74.0m | −CN¥59.0m | −CN¥45.0m | −CN¥40.0m | CN¥32.0m |
| Capital spending | — | −CN¥1.0m | — | −CN¥26.0m | −CN¥1.0m | — | −CN¥2.0m | −CN¥2.0m |
| Free cash flow | — | −CN¥31.0m | — | CN¥48.0m | −CN¥60.0m | — | −CN¥42.0m | CN¥30.0m |
| Total assets | CN¥632.1m | CN¥559.9m | CN¥700.0m | CN¥531.9m | CN¥609.8m | CN¥744.2m | CN¥538.9m | CN¥466.7m |
| Cash and short-term investments | CN¥70.3m | CN¥89.6m | CN¥121.0m | CN¥139.0m | CN¥118.9m | CN¥217.7m | CN¥173.1m | CN¥218.1m |
| Debt | CN¥134.7m | CN¥150.8m | CN¥133.5m | CN¥94.0m | CN¥162.4m | CN¥182.5m | CN¥105.3m | CN¥44.6m |
| Shareholders' equity | CN¥406.4m | CN¥331.3m | CN¥395.1m | CN¥359.6m | CN¥398.8m | CN¥458.4m | CN¥356.5m | CN¥347.3m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -10.8% | -13.1% | 9.6% | 31.0% | 29.2% | 42.1% |
| Net margin | -14.5% | -15.5% | 6.6% | 26.7% | 22.8% | 40.5% |
| Return on equity | -25.8% | -10.6% | 3.2% | 23.0% | 47.2% | 44.6% |
| Return on assets | -15.3% | -7.1% | 2.0% | 17.1% | 21.3% | 29.7% |
| Free cash flow yield | -2.2% | 0.3% | -2.5% | -0.3% | 1.3% | 0.8% |
| Revenue growth | 105.8% | 28.0% | -25.5% | 16.9% | 94.2% | 26.5% |
| Earnings growth | 92.9% | -402.3% | -81.7% | 37.0% | 9.2% | 73.3% |
| Current ratio | 2.08x | 2.73x | 2.41x | 3.74x | 1.56x | 2.28x |
| Debt to equity | 0.46x | 0.25x | 0.40x | 0.13x | 0.20x | 0.10x |
| Equity ratio | 59.2% | 67.6% | 61.6% | 74.4% | 45.1% | 66.5% |
| Interest coverage | -13.47x | -6.42x | 7.01x | 48.63x | 95.14x | 134.71x |
| R&D as a share of sales | 3.1% | 9.9% | 11.0% | 7.4% | 8.5% | 8.3% |
| Buybacks as a share of market value | 29.3% | -40.1% | -24.4% | -19.4% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.8% | 34.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -11.5% | 0.3% | 8.1% | — |
| Net margin | -14.8% | -3.3% | 4.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -16.4 | -43.7 | 44.6 | 25.9 |
| Price to sales | 2.4 | 6.8 | 2.9 | 6.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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