M 
75.15
-6.53%
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¥424.60bn
FY2016FY2025
Net income
−CN¥27.18bn
FY2016FY2025
Free cash flow
−CN¥31.52bn
FY2016FY2025
Shareholders' equity
CN¥175.86bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥424.60bn | CN¥337.59bn | CN¥322.07bn | CN¥255.98bn | CN¥208.46bn | CN¥114.79bn | CN¥97.53bn | CN¥65.23bn | CN¥33.93bn | CN¥12.99bn |
| Research and development | CN¥30.26bn | CN¥21.05bn | CN¥24.67bn | CN¥24.14bn | CN¥19.41bn | CN¥10.89bn | CN¥8.45bn | CN¥7.07bn | CN¥3.65bn | CN¥2.37bn |
| Operating income | −CN¥29.14bn | CN¥33.16bn | CN¥16.32bn | −CN¥7.69bn | −CN¥26.90bn | CN¥4.33bn | CN¥2.68bn | −CN¥11.09bn | −CN¥3.83bn | −CN¥6.26bn |
| Net income | −CN¥27.18bn | CN¥35.81bn | CN¥16.12bn | −CN¥7.78bn | −CN¥27.39bn | CN¥4.71bn | CN¥2.24bn | −CN¥115.48bn | −CN¥18.92bn | −CN¥5.79bn |
| Diluted earnings per share | -4.45 | 5.92 | 2.60 | -1.26 | -4.65 | 0.80 | 0.39 | -20.16 | -3.44 | -0.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥403.89bn | CN¥377.47bn | CN¥341.02bn | CN¥284.52bn | CN¥280.06bn | CN¥166.57bn | CN¥132.01bn | CN¥120.66bn | CN¥83.63bn | CN¥51.72bn |
| Cash and short-term investments | CN¥219.42bn | CN¥195.80bn | CN¥168.93bn | CN¥130.38bn | CN¥135.92bn | CN¥61.09bn | CN¥62.83bn | CN¥58.87bn | CN¥45.27bn | CN¥21.98bn |
| Total liabilities | CN¥228.11bn | CN¥176.60bn | CN¥164.18bn | CN¥134.74bn | CN¥133.95bn | CN¥68.94bn | CN¥39.96bn | CN¥34.15bn | CN¥124.14bn | CN¥77.29bn |
| Debt | CN¥96.62bn | CN¥61.51bn | CN¥60.62bn | CN¥58.09bn | CN¥58.92bn | CN¥24.06bn | CN¥5.55bn | CN¥2.27bn | CN¥101.58bn | CN¥63.69bn |
| Shareholders' equity | CN¥175.86bn | CN¥200.94bn | CN¥176.91bn | CN¥149.85bn | CN¥146.18bn | CN¥97.69bn | CN¥92.11bn | CN¥86.50bn | −CN¥40.56bn | −CN¥25.62bn |
| Shares outstanding | 6,109m | 6,046m | 6,213m | 6,157m | 5,886m | 5,886m | 5,808m | 5,727m | 5,491m | 27,456m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥16.08bn | CN¥57.15bn | CN¥47.16bn | CN¥13.28bn | −CN¥4.67bn | CN¥8.48bn | CN¥5.57bn | −CN¥9.18bn | −CN¥310.2m | −CN¥1.92bn |
| Capital spending | −CN¥15.44bn | −CN¥11.00bn | −CN¥8.01bn | −CN¥6.67bn | −CN¥10.49bn | −CN¥15.82bn | −CN¥3.00bn | −CN¥2.28bn | −CN¥745.9m | −CN¥355.6m |
| Free cash flow | −CN¥31.52bn | CN¥46.15bn | CN¥39.15bn | CN¥6.61bn | −CN¥15.15bn | −CN¥7.35bn | CN¥2.57bn | −CN¥11.46bn | −CN¥1.06bn | −CN¥2.27bn |
| Dividends paid | — | — | — | — | — | — | — | −CN¥4.0m | −CN¥26.10bn | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥121.26bn | CN¥104.99bn | CN¥105.87bn | CN¥111.09bn | CN¥106.88bn | CN¥86.56bn | CN¥88.49bn | CN¥93.58bn |
| Operating income | −CN¥993.8m | −CN¥8.60bn | −CN¥19.28bn | −CN¥22.42bn | CN¥263.4m | CN¥10.57bn | CN¥6.69bn | CN¥13.69bn |
| Net income | CN¥2.50bn | −CN¥7.87bn | −CN¥17.62bn | −CN¥21.68bn | CN¥425.1m | CN¥10.06bn | CN¥6.22bn | CN¥12.86bn |
| Diluted earnings per share | 0.40 | -1.27 | -2.89 | -3.55 | 0.07 | 1.65 | 1.03 | 2.13 |
| Cash from operations | — | −CN¥8.16bn | −CN¥7.65bn | −CN¥25.77bn | CN¥5.55bn | CN¥11.79bn | CN¥19.62bn | CN¥17.74bn |
| Capital spending | — | — | −CN¥15.44bn | — | −CN¥6.46bn | — | −CN¥6.71bn | — |
| Free cash flow | — | — | −CN¥23.09bn | — | −CN¥908.0m | — | CN¥12.91bn | — |
| Total assets | CN¥447.60bn | CN¥425.54bn | CN¥403.89bn | CN¥370.11bn | CN¥384.27bn | CN¥333.93bn | CN¥324.35bn | CN¥285.93bn |
| Cash and short-term investments | CN¥221.38bn | CN¥232.25bn | CN¥219.42bn | CN¥189.43bn | CN¥199.02bn | CN¥180.38bn | CN¥168.24bn | CN¥134.16bn |
| Debt | CN¥11.86bn | CN¥22.67bn | CN¥104.00bn | CN¥59.66bn | CN¥59.33bn | CN¥62.06bn | CN¥61.51bn | CN¥41.34bn |
| Shareholders' equity | CN¥196.88bn | CN¥173.91bn | CN¥175.86bn | CN¥194.85bn | CN¥214.55bn | CN¥184.19bn | CN¥172.66bn | CN¥160.32bn |
Financial ratios
Data as of 1 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -6.9% | 9.8% | 5.1% | -3.0% | -12.9% | 3.8% |
| Net margin | -6.4% | 10.6% | 5.0% | -3.0% | -13.1% | 4.1% |
| Return on equity | -15.5% | 20.7% | 9.1% | -5.2% | -18.7% | 4.8% |
| Return on assets | -6.7% | 11.0% | 4.7% | -2.7% | -9.8% | 2.8% |
| Free cash flow yield | -0.1% | 14.7% | 10.0% | 3.6% | 1.1% | 5.4% |
| Revenue growth | 8.1% | 22.0% | 25.8% | 22.8% | 56.0% | 17.7% |
| Earnings growth | -165.2% | 158.4% | -307.3% | -71.6% | -599.9% | 110.3% |
| Current ratio | 1.82x | 1.94x | 1.82x | 1.87x | 2.16x | 1.73x |
| Debt to equity | 0.55x | 0.34x | 0.38x | 0.43x | 0.45x | 0.23x |
| Equity ratio | 43.5% | 53.2% | 51.9% | 52.7% | 52.2% | 58.6% |
| Interest coverage | -13.28x | 24.80x | 9.85x | -4.17x | -21.39x | 12.53x |
| R&D as a share of sales | 7.1% | 6.2% | 7.7% | 9.4% | 9.3% | 9.5% |
| Buybacks as a share of market value | -1.0% | 2.7% | -0.9% | -4.6% | 0.0% | -1.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.4% | 29.9% | 57.0% |
| Operating income | 55.9% | — | 11.4% |
| Net income | 51.7% | — | 8.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 0.5% | 0.9% | -0.6% | -2.0% |
| Net margin | 1.1% | 1.3% | -0.3% | -8.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -20.0 | 22.3 | 27.3 | -119.8 | -42.0 | 318.3 | 228.8 | -1.9 |
| Price to sales | 1.3 | 2.4 | 1.4 | 3.6 | 5.5 | 13.1 | 5.3 | 3.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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