Z 
4.40
+1.85%
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¥581.4m
FY2021FY2025
Net income
−CN¥48.6m
FY2021FY2025
Free cash flow
−CN¥50.2m
FY2021FY2025
Shareholders' equity
CN¥1.31bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥581.4m | CN¥551.2m | CN¥573.1m | CN¥549.2m | CN¥542.9m |
| Gross profit | CN¥246.8m | CN¥224.9m | CN¥179.0m | CN¥185.4m | CN¥190.5m |
| Research and development | CN¥89.2m | CN¥87.1m | CN¥169.2m | CN¥233.7m | CN¥262.1m |
| Operating income | −CN¥71.6m | −CN¥252.5m | −CN¥396.6m | −CN¥442.8m | −CN¥588.8m |
| Net income | −CN¥48.6m | −CN¥214.6m | −CN¥346.8m | −CN¥412.9m | −CN¥558.5m |
| Diluted earnings per share | -0.09 | -0.38 | -0.62 | -0.74 | -1.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥1.81bn | CN¥1.58bn | CN¥1.44bn | CN¥1.83bn | CN¥2.10bn |
| Cash and short-term investments | CN¥1.39bn | CN¥1.20bn | CN¥1.07bn | CN¥1.41bn | CN¥1.63bn |
| Total liabilities | CN¥425.8m | CN¥348.6m | CN¥402.6m | CN¥442.0m | CN¥458.5m |
| Debt | CN¥71.2m | CN¥34.8m | CN¥15.1m | CN¥45.9m | CN¥77.4m |
| Shareholders' equity | CN¥1.31bn | CN¥1.16bn | CN¥978.3m | CN¥1.31bn | CN¥1.64bn |
| Shares outstanding | 564m | 564m | 560m | 560m | 560m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥45.9m | −CN¥201.6m | −CN¥351.2m | −CN¥329.2m | −CN¥253.3m |
| Capital spending | −CN¥4.4m | −CN¥6.2m | −CN¥9.5m | −CN¥28.2m | −CN¥37.7m |
| Free cash flow | −CN¥50.2m | −CN¥207.8m | −CN¥360.6m | −CN¥357.4m | −CN¥291.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥153.5m | CN¥153.5m | CN¥156.2m | CN¥156.2m | CN¥284.4m | CN¥551.2m | CN¥163.9m | CN¥132.1m |
| Gross profit | CN¥68.6m | CN¥68.6m | CN¥68.3m | CN¥68.3m | CN¥116.7m | CN¥224.9m | CN¥71.5m | CN¥49.5m |
| Operating income | −CN¥36.3m | −CN¥36.3m | −CN¥21.4m | −CN¥21.4m | −CN¥56.7m | −CN¥252.5m | −CN¥83.6m | −CN¥126.7m |
| Net income | −CN¥26.3m | −CN¥26.3m | −CN¥11.7m | −CN¥11.7m | −CN¥26.6m | −CN¥214.6m | −CN¥63.9m | −CN¥116.3m |
| Diluted earnings per share | -0.05 | -0.05 | -0.02 | -0.02 | -0.05 | -0.38 | -0.11 | -0.21 |
| Cash from operations | — | — | CN¥4.0m | CN¥4.0m | — | −CN¥201.0m | −CN¥23.0m | −CN¥112.0m |
| Capital spending | — | — | −CN¥1.0m | −CN¥1.0m | — | −CN¥5.0m | — | — |
| Free cash flow | — | — | CN¥3.0m | CN¥3.0m | — | −CN¥206.0m | — | — |
| Total assets | CN¥1.75bn | CN¥1.75bn | CN¥1.81bn | CN¥1.81bn | CN¥1.77bn | CN¥1.58bn | — | CN¥1.56bn |
| Cash and short-term investments | CN¥1.26bn | CN¥1.26bn | CN¥1.39bn | CN¥1.39bn | CN¥1.34bn | CN¥1.20bn | — | CN¥1.14bn |
| Debt | CN¥98.1m | CN¥98.1m | CN¥71.2m | CN¥67.6m | CN¥21.9m | CN¥23.3m | — | CN¥30.6m |
| Shareholders' equity | CN¥1.26bn | CN¥1.26bn | CN¥1.31bn | CN¥1.31bn | CN¥1.33bn | CN¥1.16bn | — | CN¥1.10bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 42.4% | 40.8% | 31.2% | 33.8% | 35.1% | 41.0% |
| Operating margin | -9.7% | -39.3% | -61.9% | -76.5% | -102.3% | -163.5% |
| Net margin | -8.4% | -38.9% | -60.5% | -75.2% | -102.9% | -173.1% |
| Return on equity | -3.7% | -18.5% | -35.4% | -31.5% | -34.0% | -30.8% |
| Return on assets | -2.7% | -13.6% | -24.0% | -22.6% | -26.6% | -27.3% |
| Free cash flow yield | -1.6% | -8.6% | -14.7% | -13.8% | -9.6% | — |
| Revenue growth | -9.4% | -3.8% | 4.4% | 17.8% | 53.9% | 61.7% |
| Earnings growth | -80.6% | -38.1% | -16.0% | -13.9% | -8.5% | 34.9% |
| Current ratio | 4.47x | 5.05x | 3.71x | 4.24x | 4.55x | 8.24x |
| Debt to equity | 0.05x | 0.02x | 0.03x | 0.05x | 0.03x | 0.01x |
| Equity ratio | 72.1% | 73.1% | 67.7% | 71.8% | 78.2% | 88.5% |
| Interest coverage | -59.87x | -298.04x | -248.03x | -156.62x | -176.04x | — |
| R&D as a share of sales | 15.3% | 15.8% | 29.5% | 42.5% | 48.3% | 36.0% |
| Buybacks as a share of market value | -2.5% | 1.9% | 0.0% | -5.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.9% | — | — |
| Operating income | -45.5% | — | — |
| Net income | -51.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.6% | 37.1% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -41.3 | -10.6 |
| Price to sales | 3.5 | 4.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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