R 
2.27
+0.44%
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¥374.9m
FY2016FY2025
Net income
−CN¥74.1m
FY2016FY2025
Free cash flow
−CN¥11.4m
FY2016FY2025
Shareholders' equity
−CN¥9.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥374.9m | CN¥377.8m | CN¥367.9m | CN¥377.1m | CN¥397.4m | CN¥330.3m | CN¥300.9m | CN¥216.4m | CN¥162.6m | CN¥198.8m |
| Research and development | CN¥11.7m | CN¥31.1m | CN¥33.2m | CN¥39.6m | CN¥61.5m | CN¥42.2m | CN¥20.4m | CN¥12.5m | CN¥8.9m | CN¥8.3m |
| Operating income | −CN¥72.3m | −CN¥65.5m | −CN¥103.5m | −CN¥121.4m | −CN¥71.2m | −CN¥7.6m | CN¥22.1m | CN¥35.1m | CN¥29.4m | CN¥19.5m |
| Net income | −CN¥74.1m | −CN¥75.0m | −CN¥109.2m | −CN¥128.2m | −CN¥76.2m | −CN¥13.1m | CN¥4.8m | CN¥27.0m | CN¥24.2m | CN¥15.8m |
| Diluted earnings per share | -0.09 | -0.11 | -0.17 | -0.30 | -0.19 | -0.03 | 0.02 | 0.09 | 0.06 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥426.2m | CN¥298.9m | CN¥444.1m | CN¥479.3m | CN¥552.6m | CN¥482.8m | CN¥435.9m | CN¥212.8m | CN¥147.7m | CN¥114.1m |
| Cash and short-term investments | CN¥42.6m | CN¥16.4m | CN¥113.3m | CN¥17.6m | CN¥25.6m | CN¥80.9m | CN¥208.2m | CN¥51.6m | CN¥71.1m | CN¥38.6m |
| Total liabilities | CN¥413.0m | CN¥256.0m | CN¥326.8m | CN¥358.5m | CN¥372.7m | CN¥275.8m | CN¥191.4m | CN¥124.3m | CN¥56.7m | CN¥41.1m |
| Debt | CN¥146.1m | CN¥123.0m | CN¥187.5m | CN¥89.4m | CN¥86.2m | CN¥132.6m | CN¥72.2m | CN¥66.8m | CN¥23.3m | CN¥19.4m |
| Shareholders' equity | −CN¥9.3m | CN¥20.5m | CN¥95.8m | CN¥96.5m | CN¥160.6m | CN¥206.9m | CN¥244.5m | CN¥88.5m | CN¥90.8m | CN¥72.9m |
| Shares outstanding | 789m | 658m | 659m | 426m | 402m | 402m | 310m | 305m | 400m | 400m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥8.2m | −CN¥16.6m | −CN¥38.4m | −CN¥21.3m | −CN¥14.0m | −CN¥104.5m | CN¥32.0m | CN¥18.2m | CN¥44.1m | CN¥34.5m |
| Capital spending | −CN¥3.2m | −CN¥5.9m | −CN¥16.8m | −CN¥43.1m | −CN¥58.5m | −CN¥57.7m | −CN¥25.9m | −CN¥41.4m | −CN¥4.7m | −CN¥4.7m |
| Free cash flow | −CN¥11.4m | −CN¥22.5m | −CN¥55.1m | −CN¥64.4m | −CN¥72.6m | −CN¥162.2m | CN¥6.2m | −CN¥23.3m | CN¥39.4m | CN¥29.7m |
| Dividends paid | — | — | — | — | — | — | — | −CN¥40.9m | −CN¥5.8m | −CN¥5.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥112.6m | CN¥234.5m | CN¥140.4m | CN¥196.8m | CN¥181.0m | CN¥246.8m | CN¥121.1m | CN¥204.9m |
| Operating income | −CN¥22.1m | −CN¥51.1m | −CN¥21.2m | −CN¥32.7m | −CN¥32.3m | −CN¥42.9m | −CN¥40.4m | −CN¥57.8m |
| Net income | CN¥68.0m | −CN¥124.5m | CN¥50.4m | −CN¥39.0m | −CN¥36.0m | −CN¥47.1m | −CN¥62.1m | −CN¥91.4m |
| Diluted earnings per share | 0.08 | -0.16 | 0.06 | -0.06 | -0.05 | -0.07 | -0.09 | -0.21 |
| Cash from operations | — | CN¥22.0m | −CN¥42.0m | CN¥15.0m | −CN¥32.0m | CN¥13.0m | −CN¥51.0m | CN¥57.0m |
| Capital spending | — | — | — | — | −CN¥1.0m | — | −CN¥1.0m | — |
| Free cash flow | — | — | — | — | −CN¥33.0m | — | −CN¥52.0m | — |
| Total assets | CN¥577.8m | CN¥426.2m | CN¥401.1m | CN¥298.9m | CN¥382.9m | CN¥444.1m | CN¥387.1m | CN¥410.9m |
| Cash and short-term investments | CN¥43.5m | CN¥42.6m | CN¥30.0m | CN¥16.4m | CN¥70.2m | CN¥113.3m | CN¥68.7m | CN¥15.1m |
| Debt | CN¥176.2m | CN¥146.1m | CN¥156.2m | CN¥124.5m | CN¥181.0m | CN¥187.5m | CN¥141.7m | CN¥156.4m |
| Shareholders' equity | CN¥146.8m | −CN¥9.3m | CN¥113.5m | CN¥20.5m | CN¥61.6m | CN¥95.8m | CN¥143.9m | CN¥82.8m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -11.6% | -17.3% | -28.1% | -32.2% | -17.9% | -4.4% |
| Net margin | -19.8% | -19.8% | -29.7% | -34.0% | -19.2% | -4.0% |
| Return on equity | 798.8% | -366.6% | -114.0% | -154.9% | -55.4% | -6.3% |
| Return on assets | -17.4% | -25.1% | -24.6% | -31.2% | -16.1% | -2.7% |
| Free cash flow yield | -0.2% | -0.7% | -1.4% | 2.2% | 4.1% | -4.3% |
| Revenue growth | -14.9% | 2.7% | -2.4% | -5.1% | 20.3% | 28.1% |
| Earnings growth | -15.3% | -31.3% | -14.8% | 68.1% | 481.6% | -417.8% |
| Current ratio | 0.65x | 0.79x | 0.98x | 0.79x | 0.93x | 1.33x |
| Debt to equity | -15.75x | 6.01x | 1.89x | 1.03x | 0.47x | 0.42x |
| Equity ratio | -2.2% | 6.8% | 21.6% | 20.1% | 29.1% | 42.9% |
| Interest coverage | -4.47x | -7.23x | -13.42x | -15.02x | -8.42x | -3.04x |
| R&D as a share of sales | 3.1% | 8.2% | 9.0% | 10.5% | 15.5% | 12.8% |
| Buybacks as a share of market value | -19.9% | 0.2% | -54.6% | -6.0% | -0.0% | -29.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.0% | 2.4% | — |
| Operating income | -15.9% | 57.1% | — |
| Net income | -16.7% | 41.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -14.8 | -8.8 | -7.4 | -2.2 | -3.8 | -18.0 | 11.2 |
| Price to sales | 3.0 | 1.8 | 2.3 | 0.8 | 0.8 | 0.7 | 0.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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