X 
8.28
-1.08%
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¥56.1m
FY2019FY2025
Net income
−CN¥266.3m
FY2019FY2025
Free cash flow
−CN¥223.6m
FY2019FY2025
Shareholders' equity
CN¥1.53bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥56.1m | CN¥32.6m | CN¥32,044 | — | — | — | — |
| Gross profit | CN¥21.8m | −CN¥12.6m | −CN¥35.5m | −CN¥30.2m | — | — | — |
| Research and development | CN¥120.3m | CN¥180.9m | CN¥238.7m | CN¥444.9m | CN¥429.6m | CN¥234.8m | CN¥345.4m |
| Operating income | −CN¥253.1m | −CN¥611.3m | −CN¥374.7m | −CN¥580.2m | −CN¥565.5m | −CN¥193.1m | −CN¥404.9m |
| Net income | −CN¥266.3m | −CN¥603.3m | −CN¥332.1m | −CN¥595.7m | −CN¥566.3m | −CN¥192.9m | −CN¥404.8m |
| Diluted earnings per share | -0.56 | -1.34 | -0.64 | -1.33 | -1.09 | -0.37 | -0.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.83bn | CN¥1.27bn | CN¥1.45bn | CN¥1.63bn | CN¥2.30bn | CN¥1.69bn | CN¥708.5m |
| Cash and short-term investments | CN¥765.4m | CN¥294.1m | CN¥495.1m | CN¥793.0m | CN¥1.51bn | CN¥1.14bn | CN¥137.4m |
| Total liabilities | CN¥300.8m | CN¥255.3m | CN¥232.1m | CN¥130.7m | CN¥111.9m | CN¥79.9m | CN¥66.9m |
| Debt | CN¥720,637 | CN¥1.6m | CN¥18.8m | CN¥32.8m | CN¥36.0m | CN¥48,573 | CN¥10.8m |
| Shareholders' equity | CN¥1.53bn | CN¥1.02bn | CN¥1.22bn | CN¥1.50bn | CN¥2.18bn | CN¥1.61bn | CN¥641.6m |
| Shares outstanding | 479m | 451m | 518m | 449m | 518m | 518m | 518m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥223.0m | −CN¥104.7m | −CN¥128.1m | −CN¥449.1m | −CN¥504.8m | −CN¥246.6m | −CN¥397.0m |
| Capital spending | −CN¥622,518 | −CN¥548,614 | −CN¥1.9m | −CN¥52.0m | −CN¥93.2m | −CN¥68.0m | −CN¥145.9m |
| Free cash flow | −CN¥223.6m | −CN¥105.2m | −CN¥130.0m | −CN¥501.1m | −CN¥598.0m | −CN¥314.6m | −CN¥543.0m |
| Dividends paid | — | — | — | — | −CN¥549,746 | −CN¥223,508 | −CN¥119,187 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥40.1m | CN¥39.5m | CN¥18.9m | CN¥18.5m | CN¥9.8m | CN¥2.7m | CN¥7.5m | CN¥7.8m |
| Gross profit | CN¥8.9m | CN¥8.7m | CN¥11.4m | CN¥11.2m | CN¥5.6m | −CN¥5.1m | CN¥4.2m | CN¥4.4m |
| Operating income | −CN¥45.1m | −CN¥44.4m | −CN¥62.4m | −CN¥61.2m | −CN¥60.2m | −CN¥71.6m | −CN¥241.9m | −CN¥251.8m |
| Net income | −CN¥43.5m | −CN¥42.8m | −CN¥74.9m | −CN¥73.6m | −CN¥60.8m | −CN¥70.0m | −CN¥237.0m | −CN¥246.7m |
| Diluted earnings per share | -0.08 | -0.08 | -0.16 | -0.15 | -0.13 | -0.15 | -0.53 | -0.55 |
| Cash from operations | −CN¥59.0m | −CN¥58.0m | −CN¥48.0m | −CN¥47.0m | −CN¥67.0m | −CN¥70.0m | −CN¥39.0m | −CN¥41.0m |
| Total assets | CN¥1.79bn | CN¥1.76bn | CN¥1.82bn | CN¥1.79bn | CN¥1.17bn | CN¥1.21bn | CN¥1.27bn | CN¥1.33bn |
| Cash and short-term investments | CN¥587.3m | CN¥578.0m | CN¥725.6m | CN¥713.0m | CN¥120.3m | CN¥216.6m | CN¥294.1m | CN¥272.5m |
| Debt | CN¥251,798 | CN¥247,801 | CN¥719,787 | CN¥707,213 | CN¥1.1m | CN¥902,303 | CN¥885,306 | CN¥921,631 |
| Shareholders' equity | CN¥1.50bn | CN¥1.47bn | CN¥1.52bn | CN¥1.50bn | CN¥926.8m | CN¥956.2m | CN¥1.02bn | CN¥1.06bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Gross margin | 38.8% | -38.6% | -110848.1% | — |
| Operating margin | -450.8% | -1847.9% | -1032406.2% | — |
| Net margin | -474.2% | -1849.0% | -1036451.2% | — |
| Return on equity | -17.4% | -59.3% | -27.2% | -39.6% |
| Return on assets | -14.6% | -47.4% | -22.8% | -36.5% |
| Free cash flow yield | -4.9% | -2.7% | — | — |
| Revenue growth | 72.1% | 101724.5% | — | — |
| Earnings growth | -55.9% | 81.6% | -44.2% | — |
| Current ratio | 3.75x | 2.06x | 3.79x | 8.55x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 83.5% | 80.0% | 84.0% | 92.0% |
| Interest coverage | -1882.37x | -1829.34x | -256.55x | -336.68x |
| R&D as a share of sales | 214.2% | 554.5% | 745046.0% | — |
| Buybacks as a share of market value | -14.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -24.2% | 5.6% | — |
| Net income | -23.5% | 6.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.4% | — | — | — |
| Operating margin | -973.7% | — | — | — |
| Net margin | -979.5% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -109.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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