M 
43.70
+1.35%
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¥3.19bn
FY2021FY2025
Net income
CN¥100.6m
FY2021FY2025
Free cash flow
−CN¥823.5m
FY2021FY2025
Shareholders' equity
CN¥2.17bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.19bn | CN¥1.56bn | CN¥1.23bn | CN¥1.14bn | CN¥1.02bn |
| Research and development | CN¥498.8m | CN¥245.4m | CN¥210.0m | CN¥224.6m | CN¥186.5m |
| Operating income | CN¥77.3m | −CN¥71.6m | −CN¥65.7m | −CN¥189.6m | −CN¥112.8m |
| Net income | CN¥100.6m | −CN¥876.7m | −CN¥169.5m | −CN¥216.5m | −CN¥316.6m |
| Diluted earnings per share | 0.39 | -3.72 | -0.95 | -1.36 | -2.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥6.08bn | CN¥3.05bn | CN¥2.30bn | CN¥2.08bn | CN¥2.10bn |
| Cash and short-term investments | CN¥2.55bn | CN¥981.4m | CN¥189.6m | CN¥211.6m | CN¥250.5m |
| Total liabilities | CN¥3.86bn | CN¥2.39bn | CN¥3.26bn | CN¥2.86bn | CN¥2.66bn |
| Debt | CN¥2.21bn | CN¥1.11bn | CN¥763.8m | CN¥1.72bn | CN¥1.62bn |
| Shareholders' equity | CN¥2.17bn | CN¥658.1m | −CN¥960.7m | −CN¥779.9m | −CN¥560.6m |
| Shares outstanding | 256m | 235m | 179m | 159m | 150m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥810.4m | CN¥138.1m | −CN¥121.5m | CN¥64.8m | −CN¥545.6m |
| Capital spending | −CN¥13.1m | −CN¥10.1m | −CN¥16.6m | −CN¥39.7m | −CN¥81.3m |
| Free cash flow | −CN¥823.5m | CN¥127.9m | −CN¥138.1m | CN¥25.1m | −CN¥627.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.25bn | CN¥2.16bn | CN¥1.08bn | CN¥819.1m | CN¥745.3m | CN¥722.9m | CN¥609.7m | CN¥629.7m |
| Operating income | CN¥242.9m | CN¥27.5m | CN¥51.4m | −CN¥33.3m | −CN¥38.3m | −CN¥23.2m | −CN¥29.8m | −CN¥148.2m |
| Net income | CN¥235.8m | CN¥58.9m | CN¥43.4m | −CN¥56.5m | −CN¥820.2m | −CN¥118.2m | −CN¥31.3m | −CN¥160.8m |
| Diluted earnings per share | 0.91 | 0.23 | 0.17 | -0.24 | -3.48 | -0.66 | -0.17 | -1.01 |
| Cash from operations | — | CN¥89.0m | −CN¥919.0m | CN¥195.0m | −CN¥87.0m | −CN¥70.0m | −CN¥81.0m | CN¥180.0m |
| Capital spending | — | −CN¥11.0m | −CN¥1.0m | −CN¥8.0m | — | −CN¥2.0m | −CN¥18.0m | −CN¥27.0m |
| Free cash flow | — | CN¥78.0m | −CN¥920.0m | CN¥187.0m | — | −CN¥72.0m | −CN¥99.0m | CN¥153.0m |
| Total assets | CN¥7.49bn | CN¥6.08bn | CN¥5.51bn | CN¥3.05bn | CN¥2.60bn | CN¥2.67bn | — | CN¥2.38bn |
| Cash and short-term investments | CN¥3.85bn | CN¥2.55bn | CN¥2.14bn | CN¥981.4m | CN¥609.8m | CN¥220.2m | — | CN¥245.8m |
| Debt | CN¥2.58bn | CN¥2.21bn | CN¥1.88bn | CN¥1.11bn | CN¥997.5m | CN¥2.20bn | — | CN¥554.5m |
| Shareholders' equity | CN¥2.83bn | CN¥2.17bn | CN¥2.10bn | CN¥658.1m | CN¥523.3m | −CN¥1.12bn | — | −CN¥893.0m |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.4% | -4.6% | -10.9% | -15.3% | -17.6% | -4.9% |
| Net margin | 3.2% | -56.2% | -13.8% | -18.9% | -31.1% | -6.0% |
| Return on equity | 4.6% | -133.2% | 17.6% | 27.8% | 56.5% | -121.1% |
| Return on assets | 1.7% | -28.7% | -7.4% | -10.4% | -15.1% | -3.4% |
| Free cash flow yield | -4.9% | 1.1% | -1.1% | 1.2% | -4.9% | — |
| Revenue growth | 76.1% | 26.5% | 7.8% | 30.3% | 62.5% | 102.6% |
| Earnings growth | -109.9% | 417.3% | -21.7% | -20.6% | 744.6% | -8.8% |
| Current ratio | 1.64x | 1.28x | 0.67x | 1.13x | 1.31x | 0.95x |
| Debt to equity | 1.01x | 1.61x | -1.98x | -2.03x | -1.14x | 13.97x |
| Equity ratio | 35.6% | 21.6% | -41.7% | -37.6% | -26.7% | 2.8% |
| Interest coverage | 1.41x | -1.82x | -3.81x | -6.25x | -5.82x | -1.14x |
| R&D as a share of sales | 15.6% | 15.7% | 17.0% | 19.7% | 18.3% | 10.9% |
| Buybacks as a share of market value | -8.8% | -31.7% | -12.4% | -6.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 41.7% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 77.0 | -23.9 |
| Price to sales | 2.5 | 14.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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