P 
52.10
+5.25%
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¥3.99bn
FY2021FY2025
Net income
−CN¥1.24bn
FY2021FY2025
Free cash flow
−CN¥1.25bn
FY2021FY2025
Shareholders' equity
CN¥2.51bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.99bn | CN¥2.98bn | CN¥1.74bn | CN¥1.42bn | CN¥990.9m |
| Gross profit | CN¥493.4m | CN¥351.1m | CN¥269.6m | CN¥199.6m | CN¥211.0m |
| Research and development | CN¥431.0m | CN¥266.7m | CN¥291.3m | CN¥335.5m | CN¥319.7m |
| Operating income | −CN¥1.15bn | −CN¥579.4m | −CN¥412.9m | −CN¥495.8m | −CN¥429.3m |
| Net income | −CN¥1.24bn | −CN¥631.3m | −CN¥331.2m | −CN¥527.4m | −CN¥426.9m |
| Diluted earnings per share | -8.69 | -4.52 | -2.21 | -3.52 | -4.64 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥6.81bn | CN¥5.02bn | CN¥3.01bn | CN¥2.67bn | CN¥1.24bn |
| Cash and short-term investments | CN¥1.96bn | CN¥1.71bn | CN¥833.1m | CN¥878.5m | CN¥174.2m |
| Total liabilities | CN¥4.30bn | CN¥3.22bn | CN¥2.31bn | CN¥1.71bn | CN¥1.36bn |
| Debt | CN¥2.63bn | CN¥1.71bn | CN¥1.10bn | CN¥668.0m | CN¥571.4m |
| Shareholders' equity | CN¥2.51bn | CN¥1.80bn | CN¥697.6m | CN¥952.5m | −CN¥123.2m |
| Shares outstanding | 143m | 140m | 150m | 150m | 92m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥654.5m | −CN¥823.3m | −CN¥315.6m | −CN¥540.9m | −CN¥805.1m |
| Capital spending | −CN¥593.5m | −CN¥204.8m | −CN¥213.4m | −CN¥207.0m | −CN¥32.4m |
| Free cash flow | −CN¥1.25bn | −CN¥1.03bn | −CN¥529.0m | −CN¥747.9m | −CN¥837.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.56bn | CN¥2.78bn | CN¥1.25bn | CN¥2.02bn | CN¥1.02bn |
| Gross profit | CN¥295.8m | CN¥319.0m | CN¥186.9m | CN¥223.6m | CN¥142.9m |
| Operating income | −CN¥328.6m | −CN¥965.9m | −CN¥187.0m | −CN¥420.7m | −CN¥250.3m |
| Net income | −CN¥351.6m | −CN¥993.5m | −CN¥259.7m | −CN¥377.7m | −CN¥262.7m |
| Diluted earnings per share | -2.31 | -6.95 | -1.82 | -2.71 | -1.88 |
| Cash from operations | — | −CN¥723.0m | CN¥64.0m | −CN¥219.0m | −CN¥655.0m |
| Capital spending | — | −CN¥460.0m | −CN¥140.0m | −CN¥113.0m | −CN¥94.0m |
| Free cash flow | — | −CN¥1.18bn | −CN¥76.0m | −CN¥332.0m | −CN¥749.0m |
| Total assets | CN¥8.61bn | CN¥6.81bn | CN¥5.07bn | CN¥5.02bn | — |
| Cash and short-term investments | CN¥2.03bn | CN¥1.96bn | CN¥1.79bn | CN¥1.71bn | — |
| Debt | CN¥2.86bn | CN¥2.63bn | CN¥414.4m | CN¥1.54bn | — |
| Shareholders' equity | CN¥2.90bn | CN¥2.51bn | CN¥1.60bn | CN¥1.80bn | — |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 12.4% | 11.8% | 15.4% | 14.1% | 21.3% |
| Operating margin | -28.9% | -19.4% | -23.7% | -34.9% | -40.4% |
| Net margin | -31.2% | -21.2% | -19.0% | -37.1% | -43.1% |
| Return on equity | -49.5% | -35.0% | -47.5% | -55.4% | 346.5% |
| Return on assets | -18.2% | -12.6% | -11.0% | -19.8% | -34.5% |
| Free cash flow yield | -0.4% | -4.1% | — | — | — |
| Revenue growth | 33.7% | 70.9% | 22.8% | 43.4% | — |
| Earnings growth | 96.8% | 90.6% | -37.2% | 23.5% | — |
| Current ratio | 1.48x | 1.54x | 1.23x | 1.52x | 0.86x |
| Debt to equity | 1.03x | 1.07x | 1.74x | 0.76x | -4.64x |
| Equity ratio | 36.9% | 35.9% | 23.2% | 35.7% | -10.0% |
| Interest coverage | -18.05x | -11.27x | -12.74x | -15.68x | -15.24x |
| R&D as a share of sales | 10.8% | 8.9% | 16.7% | 23.6% | 32.3% |
| Buybacks as a share of market value | -2.4% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 41.1% | — | — |
| Operating income | 32.4% | — | — |
| Net income | 33.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.1% | 13.0% | — | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -21.6 |
| Price to sales | 6.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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