M 
1.81
-4.74%
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¥759.0m
FY2021FY2025
Net income
−CN¥400.1m
FY2021FY2025
Free cash flow
−CN¥573.0m
FY2021FY2025
Shareholders' equity
CN¥1.12bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥759.0m | CN¥556.1m | CN¥404.6m | CN¥237.4m | CN¥175.2m |
| Gross profit | CN¥175.3m | CN¥89.0m | CN¥57.8m | CN¥28.5m | CN¥17.0m |
| Research and development | CN¥332.6m | CN¥132.6m | CN¥127.3m | CN¥118.4m | CN¥82.2m |
| Operating income | −CN¥414.1m | −CN¥189.1m | −CN¥174.8m | −CN¥187.3m | −CN¥138.5m |
| Net income | −CN¥400.1m | −CN¥184.0m | −CN¥167.6m | −CN¥182.6m | −CN¥132.2m |
| Diluted earnings per share | -0.95 | -0.46 | -0.40 | -0.44 | -0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥2.01bn | CN¥1.68bn | CN¥924.3m | CN¥694.2m | CN¥745.7m |
| Cash and short-term investments | CN¥836.5m | CN¥823.8m | CN¥378.1m | CN¥265.0m | — |
| Total liabilities | CN¥890.1m | CN¥543.5m | CN¥301.1m | CN¥244.2m | CN¥328.6m |
| Debt | CN¥86.4m | CN¥37.7m | CN¥32.2m | CN¥5.2m | — |
| Shareholders' equity | CN¥1.12bn | CN¥1.13bn | CN¥623.3m | CN¥450.0m | CN¥426.6m |
| Shares outstanding | 421m | 399m | 415m | 415m | 415m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥424.5m | −CN¥215.8m | −CN¥234.8m | −CN¥216.8m | −CN¥252.1m |
| Capital spending | −CN¥148.5m | −CN¥71.0m | −CN¥23.1m | −CN¥19.8m | −CN¥14.3m |
| Free cash flow | −CN¥573.0m | −CN¥286.8m | −CN¥257.9m | −CN¥236.6m | −CN¥266.4m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | |
|---|---|---|---|---|---|
| Revenue | CN¥413.3m | CN¥345.7m | CN¥355.0m | CN¥201.1m | CN¥265.4m |
| Gross profit | CN¥89.6m | CN¥51.8m | CN¥60.6m | CN¥28.4m | CN¥46.2m |
| Operating income | −CN¥251.7m | −CN¥162.4m | −CN¥95.6m | −CN¥93.4m | −CN¥62.4m |
| Net income | −CN¥248.6m | −CN¥151.6m | −CN¥92.1m | −CN¥91.9m | −CN¥60.7m |
| Diluted earnings per share | -0.59 | -0.36 | -0.23 | -0.23 | -0.15 |
| Cash from operations | — | — | −CN¥183.0m | −CN¥71.0m | −CN¥234.0m |
| Capital spending | — | — | −CN¥60.0m | −CN¥50.0m | −CN¥23.0m |
| Free cash flow | — | — | −CN¥243.0m | −CN¥121.0m | −CN¥257.0m |
| Total assets | CN¥2.01bn | CN¥1.58bn | CN¥1.43bn | CN¥924.3m | — |
| Cash and short-term investments | CN¥836.5m | CN¥717.5m | CN¥700.0m | CN¥295.7m | — |
| Debt | CN¥86.4m | CN¥64.9m | CN¥32.0m | CN¥48.7m | — |
| Shareholders' equity | CN¥1.12bn | CN¥1.01bn | CN¥964.3m | CN¥544.4m | — |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 23.1% | 16.0% | 14.3% | 12.0% | 9.7% |
| Operating margin | -53.4% | -33.6% | -42.8% | -78.4% | -79.0% |
| Net margin | -52.7% | -33.1% | -41.4% | -76.9% | -75.5% |
| Return on equity | -35.7% | -19.1% | -26.9% | -40.6% | -31.0% |
| Return on assets | -19.9% | -12.9% | -18.1% | -26.3% | -17.7% |
| Free cash flow yield | -61.0% | -32.7% | — | — | — |
| Revenue growth | 16.0% | 37.4% | 70.5% | 59.5% | — |
| Earnings growth | 84.8% | 9.8% | -8.2% | 62.5% | — |
| Current ratio | 2.41x | 3.14x | 3.49x | 3.01x | 2.22x |
| Debt to equity | 0.06x | 0.03x | 0.03x | 0.00x | 0.00x |
| Equity ratio | 55.7% | 67.6% | 67.4% | 64.8% | 57.2% |
| Interest coverage | -2634.29x | -65.50x | -56.78x | -27.54x | -151.16x |
| R&D as a share of sales | 43.8% | 23.9% | 31.5% | 49.9% | 46.9% |
| Buybacks as a share of market value | -5.4% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 47.2% | — | — |
| Operating income | 30.3% | — | — |
| Net income | 29.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.1% | 17.9% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -12.8 | -36.8 |
| Price to sales | 6.8 | 12.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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