W 
3.80
—
Close of 27 Oct 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¥75.9m
FY2021FY2025
Net income
−CN¥96.1m
FY2021FY2025
Free cash flow
−CN¥26.2m
FY2021FY2025
Shareholders' equity
−CN¥61.8m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥75.9m | CN¥107.8m | CN¥11.9m | CN¥2.3m | CN¥14.2m |
| Research and development | CN¥85.3m | CN¥165.0m | CN¥154.5m | CN¥157.3m | CN¥131.5m |
| Operating income | −CN¥102.4m | −CN¥98.0m | −CN¥164.8m | −CN¥175.6m | −CN¥154.0m |
| Net income | −CN¥96.1m | −CN¥97.6m | −CN¥191.0m | −CN¥188.9m | −CN¥173.0m |
| Diluted earnings per share | -0.50 | -0.50 | -0.99 | -0.98 | -0.90 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥203.9m | CN¥267.8m | CN¥301.6m | CN¥265.9m | CN¥190.3m |
| Cash and short-term investments | CN¥116.6m | CN¥126.3m | CN¥196.7m | CN¥200.5m | CN¥97.5m |
| Total liabilities | CN¥265.7m | CN¥237.3m | CN¥174.0m | CN¥129.0m | CN¥54.2m |
| Debt | CN¥149.2m | CN¥127.4m | CN¥90.1m | CN¥76.7m | CN¥28.5m |
| Shareholders' equity | −CN¥61.8m | CN¥30.5m | CN¥127.7m | CN¥155.9m | CN¥166.8m |
| Shares outstanding | 194m | 194m | 194m | 193m | 193m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥25.1m | −CN¥100.7m | −CN¥186.0m | −CN¥155.2m | −CN¥93.8m |
| Capital spending | −CN¥1.0m | −CN¥1.5m | −CN¥1.9m | −CN¥1.2m | −CN¥1.8m |
| Free cash flow | −CN¥26.2m | −CN¥102.2m | −CN¥187.9m | −CN¥156.4m | −CN¥95.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥38.1m | CN¥34.0m | CN¥13.1m | CN¥25.8m | CN¥25.8m | CN¥52.5m | CN¥61.1m | CN¥1.4m |
| Operating income | −CN¥6.6m | −CN¥29.4m | −CN¥19.1m | −CN¥33.4m | −CN¥33.4m | −CN¥13.0m | −CN¥15.1m | −CN¥40.2m |
| Net income | −CN¥7.2m | −CN¥29.7m | −CN¥15.1m | −CN¥34.3m | −CN¥34.3m | −CN¥9.6m | −CN¥11.2m | −CN¥39.2m |
| Diluted earnings per share | -0.04 | -0.15 | -0.08 | -0.18 | -0.18 | -0.05 | -0.06 | -0.20 |
| Cash from operations | — | −CN¥41.0m | −CN¥19.0m | CN¥7.0m | CN¥7.0m | −CN¥21.0m | −CN¥24.0m | −CN¥29.0m |
| Total assets | CN¥206.2m | CN¥203.9m | CN¥203.9m | CN¥279.1m | CN¥279.1m | CN¥267.8m | CN¥312.0m | CN¥260.0m |
| Cash and short-term investments | CN¥88.5m | CN¥116.6m | CN¥116.6m | CN¥193.6m | CN¥193.6m | CN¥126.3m | CN¥147.1m | CN¥161.9m |
| Debt | CN¥161.5m | CN¥149.2m | CN¥116.8m | CN¥182.5m | CN¥118.9m | CN¥127.4m | CN¥88.7m | CN¥120.1m |
| Shareholders' equity | −CN¥68.2m | −CN¥61.8m | −CN¥61.8m | −CN¥32.0m | −CN¥32.0m | CN¥30.5m | CN¥35.6m | CN¥49.6m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -135.0% | -86.7% | -1382.1% | -7710.9% | -1085.8% | — |
| Net margin | -126.7% | -90.5% | -1601.9% | -8294.5% | -1219.6% | — |
| Return on equity | 155.6% | -319.6% | -149.6% | -121.2% | -103.7% | 359.7% |
| Return on assets | -47.1% | -36.4% | -63.3% | -62.4% | -74.2% | -53.0% |
| Free cash flow yield | -2.8% | -13.0% | -24.0% | — | -12.8% | — |
| Revenue growth | -39.6% | 804.3% | 423.6% | -81.3% | — | — |
| Earnings growth | -15.4% | -48.9% | 1.1% | 27.2% | 34.6% | — |
| Current ratio | 0.66x | 1.19x | 1.44x | 1.63x | 2.21x | 1.00x |
| Debt to equity | -2.41x | 4.17x | 0.70x | 0.49x | 0.20x | -3.55x |
| Equity ratio | -30.3% | 11.4% | 42.3% | 51.5% | 71.5% | -14.7% |
| Interest coverage | -18.23x | -22.93x | -69.00x | -71.14x | -8.83x | -23.88x |
| R&D as a share of sales | 112.5% | 153.0% | 1295.7% | 6909.5% | 927.1% | — |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.4% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 222.5% | — | — |
| Operating income | -16.4% | — | — |
| Net income | -20.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -14.0 | -14.3 | -7.8 |
| Price to sales | 17.8 | 12.9 | 125.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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