T 
0.69
-9.87%
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¥7.2m
FY2019FY2025
Net income
−CN¥198.5m
FY2019FY2025
Free cash flow
−CN¥143.0m
FY2019FY2025
Shareholders' equity
CN¥618.4m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.2m | CN¥9.6m | CN¥46.1m | CN¥101.9m | CN¥50.2m | CN¥81.0m | CN¥44.1m |
| Research and development | CN¥99.2m | CN¥164.3m | CN¥326.8m | CN¥349.8m | CN¥344.4m | CN¥200.3m | CN¥214.6m |
| Operating income | −CN¥195.5m | −CN¥240.0m | −CN¥416.2m | −CN¥442.3m | −CN¥481.9m | −CN¥340.1m | −CN¥416.1m |
| Net income | −CN¥198.5m | −CN¥248.3m | −CN¥395.7m | −CN¥406.7m | −CN¥1.72bn | −CN¥316.6m | −CN¥426.5m |
| Diluted earnings per share | -0.47 | -0.61 | -0.97 | -0.94 | -6.36 | -4.22 | -1.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥925.2m | CN¥1.20bn | CN¥1.69bn | CN¥2.13bn | CN¥2.54bn | CN¥2.09bn | CN¥1.57bn |
| Cash and short-term investments | CN¥14.2m | CN¥169.4m | CN¥546.0m | CN¥895.5m | CN¥1.22bn | CN¥813.6m | CN¥458.1m |
| Total liabilities | CN¥306.9m | CN¥448.6m | CN¥665.7m | CN¥660.6m | CN¥579.4m | CN¥2.91bn | CN¥2.20bn |
| Debt | CN¥126.3m | CN¥250.6m | CN¥409.6m | CN¥411.5m | CN¥364.7m | CN¥254.3m | CN¥259.2m |
| Shareholders' equity | CN¥618.4m | CN¥751.6m | CN¥1.03bn | CN¥1.47bn | CN¥1.97bn | −CN¥816.2m | −CN¥837.0m |
| Shares outstanding | 421m | 404m | 406m | 430m | 270m | 75m | 426m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥135.7m | −CN¥182.9m | −CN¥358.0m | −CN¥295.8m | −CN¥384.5m | −CN¥174.4m | −CN¥235.0m |
| Capital spending | −CN¥7.3m | −CN¥2.0m | −CN¥15.8m | −CN¥22.2m | −CN¥73.3m | −CN¥63.3m | −CN¥230.2m |
| Free cash flow | −CN¥143.0m | −CN¥184.9m | −CN¥373.8m | −CN¥318.0m | −CN¥457.8m | −CN¥237.7m | −CN¥465.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥11.8m | CN¥11.8m | CN¥2.4m | CN¥2.4m | CN¥1.4m | CN¥1.4m | CN¥2.9m | CN¥3.3m |
| Operating income | −CN¥31.0m | −CN¥31.0m | −CN¥43.3m | −CN¥43.3m | −CN¥57.1m | −CN¥57.1m | −CN¥61.3m | −CN¥71.7m |
| Net income | −CN¥33.7m | −CN¥33.7m | −CN¥47.0m | −CN¥47.0m | −CN¥54.9m | −CN¥54.9m | −CN¥67.0m | −CN¥78.3m |
| Diluted earnings per share | -0.08 | -0.08 | -0.11 | -0.11 | -0.13 | -0.13 | -0.17 | -0.19 |
| Cash from operations | — | — | −CN¥29.0m | −CN¥29.0m | −CN¥37.0m | −CN¥37.0m | −CN¥40.0m | −CN¥47.0m |
| Capital spending | — | — | −CN¥1.0m | −CN¥1.0m | −CN¥2.0m | −CN¥2.0m | — | — |
| Free cash flow | — | — | −CN¥30.0m | −CN¥30.0m | −CN¥39.0m | −CN¥39.0m | — | — |
| Total assets | CN¥891.6m | CN¥891.6m | CN¥924.8m | CN¥924.8m | CN¥1.04bn | CN¥1.04bn | CN¥1.03bn | CN¥1.20bn |
| Cash and short-term investments | CN¥3.5m | CN¥3.5m | CN¥14.1m | CN¥14.1m | CN¥45.8m | CN¥45.8m | CN¥144.9m | CN¥169.4m |
| Debt | CN¥121.0m | CN¥121.0m | CN¥126.3m | CN¥108.8m | CN¥210.1m | CN¥186.6m | CN¥214.4m | CN¥219.6m |
| Shareholders' equity | CN¥553.1m | CN¥553.1m | CN¥618.1m | CN¥618.1m | CN¥652.1m | CN¥652.1m | CN¥642.9m | CN¥751.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -58.6% | -38.3% | — |
| Operating income | -23.8% | -10.5% | — |
| Net income | -21.3% | -8.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -2580.8% | -785.1% | -714.7% | — |
| Net margin | -2647.5% | -757.9% | -1108.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -3.9 | -0.9 | -3.2 | -2.8 | -1.3 |
| Price to sales | 106.7 | 22.9 | 27.4 | 11.3 | 43.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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