C 
0.69
+2.24%
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¥392.0m
FY2021FY2025
Net income
−CN¥396.7m
FY2021FY2025
Free cash flow
−CN¥353.3m
FY2021FY2025
Shareholders' equity
CN¥1.03bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥392.0m | CN¥279.6m | CN¥137.6m | CN¥11.4m | CN¥2.0m |
| Research and development | CN¥173.4m | CN¥199.0m | CN¥215.7m | CN¥180.8m | CN¥110.6m |
| Operating income | −CN¥393.0m | −CN¥455.1m | −CN¥539.7m | −CN¥309.2m | −CN¥180.0m |
| Net income | −CN¥396.7m | −CN¥433.8m | −CN¥1.96bn | −CN¥555.8m | −CN¥319.6m |
| Diluted earnings per share | -1.16 | -1.40 | -6.42 | -6.94 | -3.99 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥1.52bn | CN¥1.39bn | CN¥1.71bn | CN¥1.45bn | CN¥1.49bn |
| Cash and short-term investments | CN¥920.3m | CN¥876.2m | CN¥1.27bn | CN¥1.08bn | CN¥1.38bn |
| Total liabilities | CN¥472.4m | CN¥418.5m | CN¥357.8m | CN¥2.69bn | CN¥2.29bn |
| Debt | CN¥370.1m | CN¥320.9m | CN¥243.8m | CN¥2.62bn | CN¥2.27bn |
| Shareholders' equity | CN¥1.03bn | CN¥974.7m | CN¥1.35bn | −CN¥1.25bn | −CN¥790.5m |
| Shares outstanding | 343m | 310m | 306m | 80m | 80m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥338.3m | −CN¥443.0m | −CN¥381.3m | −CN¥236.2m | −CN¥159.9m |
| Capital spending | −CN¥15.0m | −CN¥25.7m | −CN¥55.9m | −CN¥135.3m | −CN¥25.9m |
| Free cash flow | −CN¥353.3m | −CN¥468.7m | −CN¥437.2m | −CN¥371.5m | −CN¥185.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥73.2m | CN¥314.7m | CN¥77.3m | CN¥184.0m | CN¥107.3m | CN¥95.6m | CN¥55.7m | CN¥103.3m |
| Operating income | −CN¥167.7m | −CN¥115.1m | −CN¥244.8m | −CN¥241.8m | −CN¥141.0m | −CN¥219.8m | −CN¥128.1m | −CN¥324.8m |
| Net income | −CN¥210.6m | −CN¥117.6m | −CN¥279.2m | −CN¥232.9m | −CN¥135.8m | −CN¥200.9m | −CN¥117.2m | −CN¥323.4m |
| Diluted earnings per share | -0.58 | -0.34 | -0.81 | -0.75 | -0.44 | -0.65 | -0.38 | -1.06 |
| Cash from operations | — | −CN¥139.0m | −CN¥217.0m | −CN¥196.0m | — | −CN¥246.0m | −CN¥143.0m | −CN¥215.0m |
| Capital spending | — | −CN¥3.0m | −CN¥10.0m | −CN¥12.0m | — | −CN¥9.0m | −CN¥5.0m | −CN¥22.0m |
| Free cash flow | — | −CN¥142.0m | −CN¥227.0m | −CN¥208.0m | — | −CN¥255.0m | −CN¥148.0m | −CN¥237.0m |
| Total assets | CN¥1.25bn | CN¥1.52bn | CN¥1.30bn | CN¥1.39bn | CN¥1.62bn | CN¥1.51bn | CN¥1.76bn | CN¥1.71bn |
| Cash and short-term investments | CN¥730.5m | CN¥920.3m | CN¥794.8m | CN¥876.2m | CN¥1.02bn | CN¥1.04bn | CN¥1.21bn | CN¥1.27bn |
| Debt | CN¥163.1m | CN¥370.1m | CN¥338.7m | CN¥320.9m | CN¥263.2m | CN¥264.1m | CN¥212.7m | CN¥243.8m |
| Shareholders' equity | CN¥829.7m | CN¥1.03bn | CN¥882.4m | CN¥974.7m | CN¥1.14bn | CN¥1.19bn | CN¥1.39bn | CN¥1.35bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating margin | -91.8% | -165.1% | -1423.7% | -4875.1% | -15653.7% |
| Net margin | -101.2% | -155.1% | -1426.9% | -4890.3% | -15681.1% |
| Return on equity | -38.4% | -44.5% | -145.6% | 44.6% | 40.4% |
| Return on assets | -26.0% | -31.1% | -115.1% | -38.4% | -21.4% |
| Free cash flow yield | -122.6% | -207.3% | -180.8% | -427.6% | — |
| Revenue growth | 20.2% | 103.2% | 1110.8% | 457.7% | — |
| Earnings growth | -21.6% | -77.9% | 253.3% | 73.9% | — |
| Current ratio | 3.87x | 3.36x | 5.56x | 14.80x | 72.82x |
| Debt to equity | 0.30x | 0.28x | 0.15x | -2.08x | -2.85x |
| Equity ratio | 67.8% | 70.0% | 79.0% | -86.1% | -52.9% |
| Interest coverage | -32.62x | -42.50x | -437.63x | -320.66x | -570.70x |
| R&D as a share of sales | 44.2% | 71.2% | 156.7% | 1590.3% | 5424.8% |
| Buybacks as a share of market value | -10.7% | -1.3% | -281.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 225.5% | — | — |
| Operating income | 8.3% | — | — |
| Net income | -10.6% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -3.4 | -4.2 | -1.5 |
| Price to sales | 3.5 | 6.5 | 21.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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