D 
7.80
+1.30%
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¥2.52bn
FY2019FY2025
Net income
CN¥155.7m
FY2019FY2025
Free cash flow
CN¥84.1m
FY2019FY2025
Shareholders' equity
CN¥1.05bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.52bn | CN¥1.86bn | CN¥1.59bn | CN¥1.33bn | CN¥987.3m | CN¥535.7m | CN¥307.6m |
| Research and development | CN¥409.6m | CN¥412.8m | CN¥520.9m | CN¥586.3m | CN¥685.2m | CN¥473.8m | CN¥258.5m |
| Operating income | CN¥155.7m | −CN¥2.44bn | −CN¥738.7m | −CN¥895.1m | −CN¥2.10bn | −CN¥1.10bn | −CN¥941.5m |
| Net income | CN¥155.7m | −CN¥2.20bn | −CN¥592.4m | −CN¥807.4m | −CN¥2.04bn | −CN¥1.18bn | −CN¥963.5m |
| Diluted earnings per share | 0.17 | -3.79 | -1.13 | -0.91 | -2.30 | -1.33 | -1.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.02bn | CN¥1.66bn | CN¥1.38bn | CN¥1.31bn | CN¥1.49bn | CN¥1.83bn | CN¥1.26bn |
| Cash and short-term investments | CN¥1.10bn | CN¥888.1m | CN¥568.1m | CN¥598.2m | CN¥511.5m | CN¥1.32bn | CN¥187.8m |
| Total liabilities | CN¥906.8m | CN¥1.02bn | CN¥8.14bn | CN¥7.38bn | CN¥7.01bn | CN¥5.57bn | CN¥3.98bn |
| Debt | CN¥428.7m | CN¥557.1m | CN¥7.53bn | CN¥6.72bn | CN¥5.32bn | CN¥108.8m | CN¥659.8m |
| Shareholders' equity | CN¥1.05bn | CN¥565.7m | −CN¥6.86bn | −CN¥6.16bn | −CN¥5.61bn | −CN¥3.84bn | −CN¥2.72bn |
| Shares outstanding | 922m | 580m | 525m | 887m | 887m | 887m | 887m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥136.0m | −CN¥74.2m | −CN¥179.2m | −CN¥205.5m | −CN¥1.48bn | −CN¥531.1m | −CN¥823.1m |
| Capital spending | −CN¥52.0m | −CN¥8.9m | −CN¥6.5m | −CN¥17.0m | −CN¥19.3m | −CN¥249.4m | −CN¥47.2m |
| Free cash flow | CN¥84.1m | −CN¥83.1m | −CN¥185.8m | −CN¥222.5m | −CN¥1.50bn | −CN¥780.5m | −CN¥870.2m |
| Dividends paid | — | — | — | −CN¥4.3m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥671.9m | CN¥671.9m | CN¥668.3m | CN¥668.3m | CN¥627.7m | CN¥627.7m | CN¥459.9m | CN¥535.4m |
| Operating income | CN¥45.5m | CN¥45.5m | CN¥14.7m | CN¥14.7m | CN¥35.0m | CN¥35.0m | −CN¥46.4m | −CN¥54.0m |
| Net income | CN¥63.2m | CN¥63.2m | CN¥38.5m | CN¥38.5m | CN¥39.3m | CN¥39.3m | −CN¥980.2m | −CN¥1.14bn |
| Diluted earnings per share | 0.07 | 0.07 | 0.04 | 0.04 | 0.04 | 0.04 | -1.69 | -1.97 |
| Cash from operations | — | — | CN¥80.0m | CN¥80.0m | CN¥31.0m | CN¥31.0m | −CN¥8.0m | −CN¥10.0m |
| Capital spending | — | — | −CN¥2.0m | −CN¥2.0m | — | — | −CN¥1.0m | −CN¥2.0m |
| Free cash flow | — | — | CN¥78.0m | CN¥78.0m | — | — | −CN¥9.0m | −CN¥12.0m |
| Total assets | CN¥1.82bn | CN¥1.82bn | CN¥2.02bn | CN¥2.02bn | CN¥1.63bn | CN¥1.63bn | CN¥1.66bn | CN¥1.93bn |
| Cash and short-term investments | CN¥884.1m | CN¥884.1m | CN¥1.10bn | CN¥1.10bn | CN¥725.3m | CN¥727.3m | CN¥888.1m | CN¥1.04bn |
| Debt | CN¥471.0m | CN¥471.0m | CN¥428.7m | CN¥391.2m | CN¥464.0m | CN¥403.9m | CN¥557.1m | CN¥545.8m |
| Shareholders' equity | CN¥774.7m | CN¥774.7m | CN¥1.05bn | CN¥1.05bn | CN¥671.7m | CN¥671.7m | CN¥565.7m | CN¥658.5m |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.6% | -131.2% | -46.8% | -67.6% | -212.5% | -217.9% |
| Net margin | 6.0% | -118.1% | -37.4% | -60.8% | -206.4% | -220.9% |
| Return on equity | 14.9% | -388.1% | 8.6% | 13.1% | 36.3% | 30.8% |
| Return on assets | 7.7% | -132.3% | -43.0% | -61.8% | -136.7% | -64.8% |
| Free cash flow yield | 2.0% | -1.3% | -3.8% | -2.5% | -16.5% | — |
| Revenue growth | 19.8% | 17.3% | 19.4% | 56.6% | 84.3% | 74.2% |
| Earnings growth | -106.1% | 270.6% | -26.6% | -53.9% | 72.2% | 22.8% |
| Current ratio | 1.89x | 1.40x | 0.11x | 0.11x | 0.11x | 1.38x |
| Debt to equity | 0.40x | 0.98x | -1.09x | -1.09x | -1.10x | -0.03x |
| Equity ratio | 51.9% | 34.1% | -498.3% | -471.3% | -376.4% | -210.4% |
| Interest coverage | 7.37x | -156.42x | -30.25x | -202.17x | -342.72x | -41.12x |
| R&D as a share of sales | 15.8% | 22.2% | 32.9% | 44.1% | 69.4% | 88.4% |
| Buybacks as a share of market value | -59.0% | -10.4% | 40.8% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.9% | 36.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -52.1% | -53.7% | -80.6% | — |
| Net margin | -46.5% | -47.1% | -75.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 36.4 | -1.5 |
| Price to sales | 2.3 | 1.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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