S 
4.66
-11.57%
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¥579.8m
FY2021FY2025
Net income
−CN¥587.2m
FY2021FY2025
Free cash flow
−CN¥467.1m
FY2021FY2025
Shareholders' equity
CN¥1.80bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥579.8m | CN¥648.8m | CN¥895.3m | CN¥604.6m | CN¥524.1m |
| Gross profit | CN¥66.9m | CN¥111.8m | CN¥179.6m | CN¥49.8m | CN¥61.8m |
| Research and development | CN¥124.5m | CN¥219.4m | CN¥220.9m | CN¥198.3m | CN¥230.9m |
| Operating income | −CN¥357.5m | −CN¥670.0m | −CN¥475.7m | −CN¥458.2m | −CN¥445.6m |
| Net income | −CN¥587.2m | −CN¥737.3m | −CN¥529.5m | −CN¥506.0m | −CN¥572.8m |
| Diluted earnings per share | -6.62 | -8.56 | -6.15 | -5.87 | -6.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥4.27bn | CN¥4.69bn | CN¥4.04bn | CN¥4.14bn | CN¥2.49bn |
| Cash and short-term investments | CN¥536.7m | CN¥974.4m | CN¥664.5m | CN¥1.47bn | CN¥276.2m |
| Total liabilities | CN¥2.57bn | CN¥2.75bn | CN¥2.29bn | CN¥1.90bn | CN¥1.96bn |
| Debt | CN¥1.47bn | CN¥1.60bn | CN¥1.36bn | CN¥1.07bn | CN¥1.15bn |
| Shareholders' equity | CN¥1.80bn | CN¥2.04bn | CN¥1.82bn | CN¥2.27bn | CN¥566.0m |
| Shares outstanding | 89m | 86m | 86m | 86m | 93m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥201.6m | −CN¥393.2m | −CN¥718.4m | −CN¥728.1m | −CN¥768.2m |
| Capital spending | −CN¥265.5m | −CN¥61.7m | −CN¥144.1m | −CN¥126.5m | −CN¥166.6m |
| Free cash flow | −CN¥467.1m | −CN¥454.9m | −CN¥862.5m | −CN¥854.6m | −CN¥934.8m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥488.2m | CN¥106.9m | CN¥530.0m | CN¥118.7m | CN¥661.6m | CN¥472.2m |
| Gross profit | CN¥82.2m | −CN¥13.5m | CN¥129.1m | −CN¥17.4m | CN¥123.1m | CN¥53.5m |
| Operating income | −CN¥237.2m | −CN¥310.7m | −CN¥251.9m | −CN¥454.9m | −CN¥117.4m | −CN¥92.6m |
| Net income | −CN¥270.1m | −CN¥332.7m | −CN¥270.9m | −CN¥466.4m | −CN¥103.1m | −CN¥90.3m |
| Diluted earnings per share | -3.05 | -3.75 | -3.15 | -5.41 | -1.20 | -1.05 |
| Cash from operations | — | CN¥95.0m | −CN¥393.0m | −CN¥159.0m | — | — |
| Capital spending | — | −CN¥65.0m | −CN¥61.0m | −CN¥25.0m | — | — |
| Free cash flow | — | CN¥30.0m | −CN¥454.0m | −CN¥184.0m | — | — |
| Total assets | CN¥4.27bn | CN¥4.61bn | CN¥4.69bn | CN¥4.69bn | CN¥4.04bn | CN¥4.08bn |
| Cash and short-term investments | CN¥528.2m | CN¥1.07bn | CN¥974.4m | CN¥974.4m | CN¥663.3m | CN¥1.51bn |
| Debt | CN¥1.47bn | CN¥1.71bn | CN¥1.58bn | CN¥527.3m | CN¥505.6m | CN¥342.7m |
| Shareholders' equity | CN¥1.80bn | CN¥1.73bn | CN¥2.04bn | CN¥2.04bn | CN¥1.82bn | CN¥2.24bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 11.5% | 17.2% | 20.1% | 8.2% | 11.8% |
| Operating margin | -95.4% | -111.4% | -59.4% | -82.1% | -114.5% |
| Net margin | -101.3% | -113.6% | -59.1% | -83.7% | -109.3% |
| Return on equity | -32.6% | -36.2% | -29.0% | -22.3% | -101.2% |
| Return on assets | -13.7% | -15.7% | -13.1% | -12.2% | -23.0% |
| Free cash flow yield | -47.8% | -96.0% | -175.4% | -177.8% | — |
| Revenue growth | -10.6% | -27.5% | 48.1% | 15.4% | — |
| Earnings growth | -20.4% | 39.3% | 4.6% | -11.7% | — |
| Current ratio | 1.34x | 1.67x | 2.11x | 3.09x | 1.14x |
| Debt to equity | 0.81x | 0.78x | 0.72x | 0.45x | 1.90x |
| Equity ratio | 42.1% | 43.4% | 45.2% | 54.9% | 22.7% |
| Interest coverage | -9.48x | -12.64x | -11.10x | -10.13x | -11.99x |
| R&D as a share of sales | 21.5% | 33.8% | 24.7% | 32.8% | 44.1% |
| Buybacks as a share of market value | -2.9% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.3% | — | — |
| Operating income | -7.9% | — | — |
| Net income | 5.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.5% | 15.0% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -8.5 | -16.4 |
| Price to sales | 11.0 | 23.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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