V 
8.62
-2.49%
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¥1.18bn
FY2020FY2025
Net income
CN¥158.2m
FY2020FY2025
Free cash flow
−CN¥351.3m
FY2020FY2025
Shareholders' equity
CN¥1.97bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥1.18bn | CN¥941.4m | CN¥813.0m | CN¥515.0m | CN¥537.0m | CN¥405.3m |
| Research and development | CN¥261.9m | CN¥133.7m | CN¥98.8m | CN¥64.0m | CN¥42.4m | CN¥16.0m |
| Operating income | CN¥163.2m | CN¥168.2m | CN¥129.6m | CN¥67.2m | CN¥91.8m | CN¥88.0m |
| Net income | CN¥158.2m | −CN¥488.7m | −CN¥33.8m | −CN¥87.2m | CN¥43.1m | CN¥41.1m |
| Diluted earnings per share | 4.45 | -14.00 | -1.13 | -3.44 | 1.88 | 1.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥3.47bn | CN¥2.40bn | CN¥1.38bn | CN¥895.3m | CN¥717.1m | CN¥360.6m |
| Cash and short-term investments | CN¥332.6m | CN¥314.0m | CN¥49.1m | CN¥20.4m | CN¥12.4m | CN¥8.3m |
| Total liabilities | CN¥1.46bn | CN¥794.6m | CN¥1.37bn | CN¥860.6m | CN¥589.0m | CN¥278.5m |
| Debt | CN¥1.03bn | CN¥608.1m | CN¥370.8m | CN¥234.4m | CN¥164.9m | CN¥105.8m |
| Shareholders' equity | CN¥1.97bn | CN¥1.57bn | −CN¥11.7m | CN¥19.9m | CN¥125.0m | CN¥82.0m |
| Shares outstanding | 36m | 35m | 30m | 25m | 23m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | CN¥216.1m | −CN¥129.2m | −CN¥68.1m | −CN¥31.1m | −CN¥87.7m | −CN¥39.0m |
| Capital spending | −CN¥567.4m | −CN¥399.1m | −CN¥182.9m | −CN¥122.4m | −CN¥81.3m | −CN¥1.1m |
| Free cash flow | −CN¥351.3m | −CN¥528.3m | −CN¥251.0m | −CN¥153.5m | −CN¥169.0m | −CN¥40.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥755.7m | CN¥616.8m | CN¥558.9m | CN¥570.2m | CN¥332.9m | CN¥371.2m | CN¥216.7m | CN¥785.3m |
| Operating income | CN¥130.6m | CN¥58.0m | CN¥105.2m | CN¥117.6m | CN¥68.7m | CN¥50.5m | CN¥29.5m | CN¥109.9m |
| Net income | CN¥109.9m | CN¥70.9m | CN¥87.2m | CN¥104.2m | CN¥60.8m | −CN¥592.9m | −CN¥346.1m | −CN¥38.6m |
| Diluted earnings per share | 2.97 | 2.00 | 2.46 | 2.99 | 1.74 | -16.99 | -9.92 | -1.29 |
| Cash from operations | CN¥94.0m | CN¥162.0m | CN¥57.0m | −CN¥63.0m | — | −CN¥65.0m | −CN¥38.0m | −CN¥50.0m |
| Capital spending | −CN¥151.0m | −CN¥380.0m | −CN¥199.0m | −CN¥218.0m | — | −CN¥180.0m | −CN¥105.0m | −CN¥43.0m |
| Free cash flow | −CN¥57.0m | −CN¥218.0m | −CN¥142.0m | −CN¥281.0m | — | −CN¥245.0m | −CN¥143.0m | −CN¥93.0m |
| Total assets | CN¥4.06bn | CN¥3.47bn | CN¥3.22bn | CN¥2.40bn | CN¥2.80bn | CN¥1.63bn | CN¥1.91bn | CN¥1.61bn |
| Cash and short-term investments | CN¥361.4m | CN¥332.6m | CN¥361.1m | CN¥314.0m | CN¥371.4m | CN¥51.5m | CN¥63.8m | CN¥54.7m |
| Debt | CN¥955.8m | CN¥1.03bn | CN¥871.3m | CN¥608.1m | CN¥697.5m | CN¥636.7m | CN¥718.7m | CN¥408.8m |
| Shareholders' equity | CN¥2.28bn | CN¥1.97bn | CN¥1.90bn | CN¥1.57bn | CN¥1.84bn | −CN¥604.7m | −CN¥706.0m | −CN¥13.6m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 13.7% | 17.8% | -2.1% | -15.9% | 11.4% | 14.1% |
| Net margin | 13.5% | -51.9% | -4.2% | -16.9% | 8.0% | 10.1% |
| Return on equity | 8.0% | -31.1% | 288.9% | -437.1% | 34.5% | 50.1% |
| Return on assets | 4.6% | -20.4% | -2.4% | -9.7% | 6.0% | 11.4% |
| Free cash flow yield | 37.0% | -26.3% | -16.2% | -8.7% | — | — |
| Revenue growth | 7.0% | 15.8% | 57.9% | 12.0% | 32.5% | — |
| Earnings growth | -127.7% | 1347.8% | -61.3% | -336.2% | 4.9% | — |
| Current ratio | 1.36x | 1.96x | 0.66x | 0.71x | 0.93x | 1.35x |
| Debt to equity | 0.52x | 0.38x | -30.82x | 11.32x | 1.48x | 1.29x |
| Equity ratio | 56.9% | 65.6% | -0.8% | 2.2% | 17.4% | 22.7% |
| Interest coverage | 5.26x | 8.68x | -1.44x | -9.03x | 6.41x | 9.60x |
| R&D as a share of sales | 22.3% | 14.2% | 12.2% | 12.4% | 7.9% | 4.0% |
| Buybacks as a share of market value | -1.8% | -17.0% | -17.6% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.7% | 23.7% | — |
| Operating income | 34.4% | 13.1% | — |
| Net income | — | 31.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 15.7% | 15.3% | 16.1% | — |
| Net margin | -15.6% | -13.1% | -8.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 14.4 | -7.0 |
| Price to sales | 1.9 | 3.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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