Z 
2.09
-0.48%
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¥36.3m
FY2018FY2025
Net income
−CN¥237.4m
FY2018FY2025
Free cash flow
−CN¥309.1m
FY2018FY2025
Shareholders' equity
CN¥1.84bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥36.3m | CN¥69.3m | CN¥18.8m | — | — | — | — | — |
| Gross profit | −CN¥38.0m | CN¥51.8m | CN¥14.2m | — | — | −CN¥26.0m | — | — |
| Research and development | CN¥154.5m | CN¥203.7m | CN¥333.1m | CN¥345.7m | CN¥256.6m | CN¥81.8m | CN¥108.9m | CN¥40.6m |
| Operating income | −CN¥310.7m | −CN¥228.0m | −CN¥376.6m | −CN¥471.3m | −CN¥424.8m | −CN¥172.4m | −CN¥140.5m | −CN¥41.9m |
| Net income | −CN¥237.4m | −CN¥237.5m | −CN¥385.0m | −CN¥475.0m | −CN¥2.49bn | −CN¥952.6m | −CN¥142.3m | −CN¥43.0m |
| Diluted earnings per share | -0.43 | -0.43 | -0.71 | -0.88 | -4.60 | -6.31 | -0.89 | -0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.26bn | CN¥2.62bn | CN¥2.82bn | CN¥3.00bn | CN¥3.04bn | CN¥1.43bn | CN¥646.2m | CN¥205.5m |
| Cash and short-term investments | CN¥1.51bn | CN¥1.39bn | CN¥1.70bn | CN¥2.01bn | CN¥2.49bn | CN¥1.02bn | CN¥278.1m | CN¥8.4m |
| Total liabilities | CN¥419.3m | CN¥400.5m | CN¥433.8m | CN¥259.2m | CN¥128.2m | CN¥2.30bn | CN¥676.0m | CN¥252.4m |
| Debt | CN¥340.9m | CN¥238.6m | CN¥238.0m | CN¥131.9m | CN¥37.0m | CN¥1.93bn | CN¥400.5m | CN¥4.0m |
| Shareholders' equity | CN¥1.84bn | CN¥2.22bn | CN¥2.39bn | CN¥2.74bn | CN¥2.91bn | −CN¥869.8m | −CN¥29.8m | −CN¥46.9m |
| Shares outstanding | 548m | 546m | 544m | 542m | 542m | 151m | 160m | 160m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥303.4m | −CN¥253.7m | −CN¥323.7m | −CN¥386.0m | −CN¥285.9m | −CN¥132.4m | −CN¥64.4m | CN¥25.7m |
| Capital spending | −CN¥5.6m | −CN¥44.1m | −CN¥95.3m | −CN¥278.2m | −CN¥110.2m | −CN¥87.0m | −CN¥29.5m | −CN¥22.1m |
| Free cash flow | −CN¥309.1m | −CN¥297.8m | −CN¥418.9m | −CN¥664.2m | −CN¥396.0m | −CN¥219.3m | −CN¥93.9m | CN¥3.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥22.0m | CN¥18.5m | CN¥18.4m | CN¥19.6m | CN¥11.4m | CN¥49.8m | CN¥29.0m | CN¥7.4m |
| Gross profit | −CN¥19.2m | −CN¥22.1m | CN¥9.9m | CN¥9.0m | CN¥5.2m | CN¥42.8m | CN¥25.0m | CN¥4.1m |
| Operating income | −CN¥179.8m | −CN¥131.8m | −CN¥184.9m | −CN¥228.0m | −CN¥132.9m | −CN¥106.7m | −CN¥62.2m | −CN¥192.9m |
| Net income | −CN¥143.1m | −CN¥105.9m | −CN¥136.0m | −CN¥161.7m | −CN¥94.3m | −CN¥75.8m | −CN¥44.2m | −CN¥151.3m |
| Diluted earnings per share | -0.26 | -0.19 | -0.25 | -0.30 | -0.17 | -0.14 | -0.08 | -0.28 |
| Cash from operations | — | −CN¥115.0m | −CN¥155.0m | −CN¥97.0m | — | −CN¥156.0m | −CN¥91.0m | −CN¥177.0m |
| Capital spending | — | −CN¥1.0m | −CN¥4.0m | −CN¥3.0m | — | −CN¥6.0m | −CN¥4.0m | −CN¥5.0m |
| Free cash flow | — | −CN¥116.0m | −CN¥159.0m | −CN¥100.0m | — | −CN¥162.0m | −CN¥95.0m | −CN¥182.0m |
| Total assets | CN¥2.03bn | CN¥2.26bn | CN¥2.41bn | CN¥2.24bn | CN¥2.62bn | CN¥2.38bn | CN¥2.78bn | CN¥2.82bn |
| Cash and short-term investments | CN¥1.18bn | CN¥1.51bn | CN¥1.23bn | CN¥1.19bn | CN¥1.39bn | CN¥1.41bn | CN¥1.64bn | CN¥1.70bn |
| Debt | CN¥303.3m | CN¥329.9m | CN¥316.5m | CN¥238.6m | CN¥259.5m | CN¥254.9m | CN¥273.7m | CN¥252.1m |
| Shareholders' equity | CN¥1.62bn | CN¥1.84bn | CN¥1.99bn | CN¥1.90bn | CN¥2.22bn | CN¥2.03bn | CN¥2.37bn | CN¥2.39bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -104.6% | 74.7% | 76.0% | — | — | — |
| Operating margin | -855.4% | -411.0% | -2008.4% | — | — | — |
| Net margin | -653.6% | -342.6% | -2053.5% | — | — | — |
| Return on equity | -12.9% | -12.5% | -18.8% | -17.3% | -85.5% | 109.5% |
| Return on assets | -10.5% | -10.6% | -15.9% | -15.8% | -81.9% | -66.6% |
| Free cash flow yield | -23.6% | -23.1% | -29.5% | -30.3% | -22.5% | -37.3% |
| Revenue growth | -55.1% | 269.7% | — | — | — | — |
| Earnings growth | -14.3% | -38.3% | -5.5% | -80.9% | 161.3% | 569.2% |
| Current ratio | 4.18x | 5.16x | 5.33x | 10.14x | 24.82x | 17.02x |
| Debt to equity | 0.18x | 0.12x | 0.11x | 0.04x | 0.01x | -2.56x |
| Equity ratio | 81.4% | 84.7% | 84.6% | 91.4% | 95.8% | -60.8% |
| Interest coverage | -30.11x | -29.98x | -47.54x | -131.23x | -204.65x | -0.08x |
| R&D as a share of sales | 425.3% | 293.8% | 1776.3% | — | — | — |
| Buybacks as a share of market value | -0.3% | -0.4% | -0.3% | -0.2% | -258.6% | 5.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -13.0% | 12.5% | — |
| Net income | -20.6% | -24.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.1% | — | — | — |
| Operating margin | -509.9% | — | — | — |
| Net margin | -449.5% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -5.9 | -2.4 | -4.8 | -3.0 | -1.1 |
| Price to sales | 38.7 | 8.3 | 99.3 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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