L 
3.07
-1.92%
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¥2.25bn
FY2020FY2025
Net income
CN¥1.89bn
FY2020FY2025
Free cash flow
CN¥98.7m
FY2020FY2025
Shareholders' equity
CN¥3.59bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥2.25bn | CN¥1.31bn | CN¥1.03bn | CN¥742.7m | CN¥750.6m | CN¥686.3m |
| Gross profit | CN¥1.19bn | CN¥682.5m | CN¥577.4m | CN¥466.0m | CN¥518.0m | CN¥445.3m |
| Research and development | CN¥420.5m | CN¥319.1m | CN¥268.2m | CN¥210.4m | CN¥203.2m | CN¥144.7m |
| Operating income | −CN¥235.6m | −CN¥267.8m | CN¥23.5m | −CN¥99.9m | −CN¥76.5m | −CN¥22.9m |
| Net income | CN¥1.89bn | −CN¥168.2m | −CN¥656.1m | −CN¥916.5m | −CN¥870.6m | −CN¥429.3m |
| Diluted earnings per share | 1.70 | -0.16 | -0.65 | -0.90 | -0.86 | -0.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥26.76bn | CN¥14.54bn | CN¥10.47bn | CN¥10.15bn | CN¥9.88bn | CN¥10.76bn |
| Cash and short-term investments | CN¥25.02bn | CN¥13.41bn | CN¥10.53bn | CN¥9.09bn | CN¥1.24bn | CN¥1.93bn |
| Total liabilities | CN¥23.18bn | CN¥13.30bn | CN¥9.87bn | CN¥9.09bn | CN¥7.65bn | CN¥7.75bn |
| Debt | CN¥201.4m | CN¥506.8m | CN¥455.0m | CN¥278.2m | CN¥21.9m | CN¥7.3m |
| Shareholders' equity | CN¥3.59bn | CN¥1.23bn | CN¥589.3m | CN¥1.06bn | CN¥2.24bn | CN¥3.01bn |
| Shares outstanding | 1,113m | 1,079m | 1,015m | 1,015m | 1,015m | 929m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | CN¥114.0m | −CN¥111.1m | CN¥94.6m | −CN¥33.3m | CN¥123.4m | −CN¥69.0m |
| Capital spending | −CN¥15.3m | −CN¥14.2m | −CN¥4.8m | −CN¥24.9m | −CN¥31.2m | −CN¥10.7m |
| Free cash flow | CN¥98.7m | −CN¥125.3m | CN¥89.8m | −CN¥58.3m | CN¥92.2m | −CN¥79.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥510.5m | CN¥510.5m | CN¥554.5m | CN¥554.5m | CN¥456.4m | CN¥456.4m | CN¥348.8m | CN¥406.7m |
| Gross profit | CN¥264.9m | CN¥264.9m | CN¥272.4m | CN¥272.4m | CN¥236.8m | CN¥236.8m | CN¥178.8m | CN¥208.5m |
| Operating income | CN¥51.8m | CN¥51.8m | CN¥138.1m | CN¥138.1m | CN¥1.15bn | CN¥1.15bn | −CN¥64.9m | −CN¥75.7m |
| Net income | CN¥6.8m | CN¥6.8m | CN¥89.2m | CN¥89.2m | CN¥880.9m | CN¥880.9m | CN¥91.5m | CN¥106.7m |
| Diluted earnings per share | 0.01 | 0.01 | 0.08 | 0.08 | 0.79 | 0.79 | 0.08 | 0.10 |
| Cash from operations | CN¥56.0m | CN¥56.0m | CN¥77.0m | CN¥77.0m | −CN¥12.0m | −CN¥12.0m | −CN¥4.0m | −CN¥4.0m |
| Capital spending | — | — | −CN¥5.0m | −CN¥5.0m | −CN¥2.0m | −CN¥2.0m | −CN¥3.0m | −CN¥3.0m |
| Free cash flow | — | — | CN¥72.0m | CN¥72.0m | −CN¥14.0m | −CN¥14.0m | −CN¥7.0m | −CN¥7.0m |
| Total assets | CN¥25.83bn | CN¥25.83bn | CN¥26.75bn | CN¥26.75bn | CN¥22.33bn | CN¥22.33bn | CN¥14.54bn | CN¥16.95bn |
| Cash and short-term investments | CN¥2.22bn | CN¥2.22bn | CN¥25.01bn | CN¥2.29bn | CN¥2.14bn | CN¥2.14bn | CN¥13.41bn | CN¥939.7m |
| Debt | CN¥38.6m | CN¥38.6m | CN¥201.4m | CN¥40.2m | CN¥406.0m | CN¥238.8m | CN¥506.8m | CN¥414.4m |
| Shareholders' equity | CN¥3.53bn | CN¥3.53bn | CN¥3.59bn | CN¥3.59bn | CN¥3.04bn | CN¥3.04bn | CN¥1.23bn | CN¥1.43bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 52.9% | 51.9% | 56.1% | 62.7% | 69.0% | 64.9% |
| Operating margin | 105.8% | -34.6% | -62.1% | -18.4% | -12.4% | -13.9% |
| Net margin | 84.0% | -12.8% | -63.8% | -123.4% | -116.0% | -62.6% |
| Return on equity | 52.7% | -13.7% | -111.3% | -86.6% | -38.9% | -14.3% |
| Return on assets | 7.1% | -1.2% | -6.3% | -9.0% | -8.8% | -4.0% |
| Free cash flow yield | 3.1% | -2.8% | 3.0% | -0.3% | — | — |
| Revenue growth | 46.7% | 27.9% | 38.4% | 15.4% | 9.4% | — |
| Earnings growth | -1063.4% | -74.4% | -28.4% | 22.8% | 102.8% | — |
| Current ratio | 630.11x | 1.04x | 1.00x | 1.06x | 1.16x | 1.30x |
| Debt to equity | 0.05x | 0.40x | 0.76x | 0.26x | 0.01x | 0.00x |
| Equity ratio | 13.4% | 8.4% | 5.6% | 10.4% | 22.6% | 28.0% |
| Interest coverage | 161.88x | -23.06x | -49.91x | -32.70x | -81.75x | -11.95x |
| R&D as a share of sales | 18.7% | 24.3% | 26.1% | 28.3% | 27.1% | 21.1% |
| Buybacks as a share of market value | -3.1% | -6.4% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 44.7% | 26.8% | — |
| Operating income | 33.1% | 59.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 52.6% | 54.7% | 57.3% | — |
| Operating margin | -14.1% | -10.9% | -10.0% | — |
| Net margin | 48.3% | 2.8% | -17.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 3.4 | -31.9 |
| Price to sales | 2.8 | 4.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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