J 
3.18
-8.62%
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¥393.4m
FY2021FY2025
Net income
−CN¥435.0m
FY2021FY2025
Free cash flow
−CN¥374.7m
FY2021FY2025
Shareholders' equity
CN¥1.42bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥393.4m | CN¥534.8m | CN¥609.2m | CN¥419.2m | CN¥384.0m |
| Gross profit | CN¥4.5m | CN¥53.6m | CN¥108.9m | CN¥45.5m | CN¥37.0m |
| Research and development | CN¥40.8m | CN¥51.0m | CN¥45.5m | CN¥49.8m | CN¥48.7m |
| Operating income | −CN¥318.0m | −CN¥259.0m | −CN¥78.5m | −CN¥121.4m | −CN¥98.4m |
| Net income | −CN¥435.0m | −CN¥245.2m | −CN¥85.5m | −CN¥109.4m | −CN¥83.0m |
| Diluted earnings per share | -4.03 | -2.34 | -0.82 | -1.05 | -0.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥3.53bn | CN¥2.99bn | CN¥2.45bn | CN¥1.94bn | CN¥1.29bn |
| Cash and short-term investments | CN¥717.7m | CN¥446.8m | CN¥388.6m | CN¥89.7m | CN¥196.1m |
| Total liabilities | CN¥2.09bn | CN¥1.83bn | CN¥1.79bn | CN¥1.23bn | CN¥485.6m |
| Debt | CN¥1.22bn | CN¥927.6m | CN¥838.3m | CN¥534.6m | CN¥196.4m |
| Shareholders' equity | CN¥1.42bn | CN¥1.16bn | CN¥659.3m | CN¥713.5m | CN¥809.9m |
| Shares outstanding | 108m | 105m | 105m | 105m | 105m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥181.8m | −CN¥73.9m | CN¥9.7m | −CN¥202.7m | −CN¥296.6m |
| Capital spending | −CN¥192.9m | −CN¥267.0m | −CN¥259.6m | −CN¥284.1m | −CN¥141.7m |
| Free cash flow | −CN¥374.7m | −CN¥340.9m | −CN¥249.8m | −CN¥486.8m | −CN¥438.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | |
|---|---|---|---|---|---|
| Revenue | CN¥119.6m | CN¥272.2m | CN¥124.5m | CN¥377.5m | CN¥157.3m |
| Gross profit | CN¥2.8m | CN¥3.4m | CN¥8.0m | CN¥37.7m | CN¥15.9m |
| Operating income | −CN¥96.5m | −CN¥202.9m | −CN¥117.0m | −CN¥120.8m | −CN¥132.4m |
| Net income | −CN¥138.2m | −CN¥336.8m | −CN¥102.0m | −CN¥114.5m | −CN¥130.7m |
| Diluted earnings per share | -1.11 | -3.12 | -0.94 | -1.09 | -1.25 |
| Cash from operations | — | −CN¥166.0m | −CN¥76.0m | — | — |
| Capital spending | — | −CN¥65.0m | −CN¥126.0m | — | — |
| Free cash flow | — | −CN¥231.0m | −CN¥202.0m | — | — |
| Total assets | CN¥3.59bn | CN¥3.53bn | CN¥2.98bn | CN¥2.99bn | — |
| Cash and short-term investments | CN¥555.4m | CN¥717.7m | CN¥335.3m | CN¥446.8m | — |
| Debt | CN¥801.2m | CN¥1.22bn | CN¥1.21bn | CN¥1.08bn | — |
| Shareholders' equity | CN¥1.49bn | CN¥1.42bn | CN¥1.07bn | CN¥1.16bn | — |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 1.1% | 10.0% | 17.9% | 10.9% | 9.6% |
| Operating margin | -80.8% | -47.9% | -12.6% | -29.0% | -25.6% |
| Net margin | -110.6% | -45.9% | -14.0% | -26.1% | -21.6% |
| Return on equity | -30.6% | -21.2% | -13.0% | -15.3% | -10.2% |
| Return on assets | -12.3% | -8.2% | -3.5% | -5.6% | -6.4% |
| Free cash flow yield | -46.6% | -19.5% | — | — | — |
| Revenue growth | -26.4% | -12.2% | 45.3% | 9.2% | — |
| Earnings growth | 77.4% | 186.9% | -21.9% | 31.8% | — |
| Current ratio | 1.25x | 1.12x | 1.05x | 1.23x | 2.52x |
| Debt to equity | 0.86x | 0.94x | 1.48x | 0.87x | 0.24x |
| Equity ratio | 40.2% | 38.6% | 27.0% | 36.7% | 62.6% |
| Interest coverage | -8.00x | -6.70x | -2.89x | -8.70x | -16.30x |
| R&D as a share of sales | 10.4% | 9.5% | 7.5% | 11.9% | 12.7% |
| Buybacks as a share of market value | -3.2% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.9% | — | — |
| Operating income | 37.9% | — | — |
| Net income | 58.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.3% | 10.9% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -5.8 | -38.0 |
| Price to sales | 8.2 | 20.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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