X 
68.20
+4.92%
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¥915.0m
FY2021FY2025
Net income
−CN¥64.8m
FY2021FY2025
Free cash flow
−CN¥156.4m
FY2021FY2025
Shareholders' equity
CN¥896.6m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥915.0m | CN¥623.7m | CN¥472.5m | CN¥400.9m | CN¥372.5m |
| Gross profit | CN¥461.6m | CN¥343.4m | CN¥267.4m | CN¥196.0m | CN¥187.7m |
| Research and development | CN¥245.3m | CN¥231.0m | CN¥224.3m | CN¥205.3m | CN¥159.8m |
| Operating income | −CN¥81.7m | −CN¥140.9m | −CN¥157.8m | −CN¥206.9m | −CN¥102.7m |
| Net income | −CN¥64.8m | −CN¥112.7m | −CN¥123.1m | −CN¥160.9m | −CN¥89.4m |
| Diluted earnings per share | -0.54 | -0.93 | -1.02 | -1.33 | -0.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥2.31bn | CN¥2.09bn | CN¥1.24bn | CN¥874.8m | CN¥1.01bn |
| Cash and short-term investments | CN¥364.8m | CN¥676.8m | CN¥167.5m | CN¥210.7m | — |
| Total liabilities | CN¥1.42bn | CN¥1.15bn | CN¥738.8m | CN¥584.9m | CN¥516.8m |
| Debt | CN¥138.3m | CN¥69.4m | CN¥504,000 | — | — |
| Shareholders' equity | CN¥896.6m | CN¥939.9m | CN¥498.8m | CN¥289.9m | CN¥426.6m |
| Shares outstanding | 121m | 121m | 121m | 121m | 121m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥43.0m | −CN¥134.1m | −CN¥314.3m | −CN¥96.8m | −CN¥52.7m |
| Capital spending | −CN¥113.4m | −CN¥33.0m | −CN¥36.5m | −CN¥12.8m | −CN¥28.6m |
| Free cash flow | −CN¥156.4m | −CN¥167.2m | −CN¥350.8m | −CN¥109.6m | −CN¥81.3m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | |
|---|---|---|---|---|---|
| Revenue | CN¥616.4m | CN¥298.6m | CN¥428.9m | CN¥194.8m | CN¥307.2m |
| Gross profit | CN¥307.8m | CN¥153.9m | CN¥240.4m | CN¥103.0m | CN¥181.2m |
| Operating income | CN¥13.6m | −CN¥95.3m | −CN¥4.0m | −CN¥137.0m | −CN¥50.3m |
| Net income | CN¥9.3m | −CN¥74.1m | −CN¥2.5m | −CN¥110.2m | −CN¥40.2m |
| Diluted earnings per share | 0.08 | -0.61 | -0.02 | -0.91 | -0.33 |
| Cash from operations | — | — | −CN¥113.0m | −CN¥113.0m | −CN¥267.0m |
| Capital spending | — | — | −CN¥28.0m | −CN¥16.0m | −CN¥31.0m |
| Free cash flow | — | — | −CN¥141.0m | −CN¥129.0m | −CN¥298.0m |
| Total assets | CN¥2.31bn | CN¥2.32bn | CN¥1.78bn | CN¥1.08bn | — |
| Cash and short-term investments | CN¥364.8m | CN¥743.9m | CN¥575.0m | CN¥86.6m | — |
| Debt | CN¥138.3m | CN¥214.3m | CN¥59.0m | CN¥17.0m | — |
| Shareholders' equity | CN¥896.6m | CN¥881.7m | CN¥798.6m | CN¥337.6m | — |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 50.5% | 55.1% | 56.6% | 48.9% | 50.4% |
| Operating margin | -9.2% | -22.6% | -33.4% | -51.6% | -27.6% |
| Net margin | -7.1% | -18.1% | -26.0% | -40.1% | -24.0% |
| Return on equity | -7.2% | -14.1% | -29.0% | -55.5% | -21.0% |
| Return on assets | -2.8% | -6.3% | -11.7% | -18.4% | -8.8% |
| Free cash flow yield | 0.9% | -1.3% | — | — | — |
| Revenue growth | 24.7% | 32.0% | 17.9% | 26.7% | — |
| Earnings growth | -51.1% | -8.5% | -23.5% | 111.9% | — |
| Current ratio | 1.41x | 1.68x | 1.27x | 1.08x | 1.49x |
| Debt to equity | 0.15x | 0.07x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 38.8% | 45.0% | 40.3% | 33.1% | 42.1% |
| Interest coverage | -7.39x | -24.63x | -20.95x | -41.53x | -35.48x |
| R&D as a share of sales | 26.8% | 37.0% | 47.5% | 51.2% | 42.9% |
| Buybacks as a share of market value | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 30.9% | — | — |
| Operating income | -26.6% | — | — |
| Net income | -26.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 52.3% | 52.6% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -127.8 | -81.8 |
| Price to sales | 9.2 | 14.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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