B 
1.30
-5.80%
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¥256.6m
FY2021FY2025
Net income
−CN¥367.2m
FY2021FY2025
Free cash flow
−CN¥239.9m
FY2021FY2025
Shareholders' equity
CN¥113.6m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥256.6m | CN¥122.3m | CN¥67.2m | CN¥11.3m | CN¥2.7m |
| Research and development | CN¥193.5m | CN¥119.4m | CN¥90.7m | CN¥67.6m | CN¥38.2m |
| Operating income | −CN¥339.3m | −CN¥184.8m | −CN¥338.9m | −CN¥483.2m | −CN¥806.3m |
| Net income | −CN¥367.2m | −CN¥198.3m | −CN¥359.1m | −CN¥502.5m | −CN¥813.7m |
| Diluted earnings per share | -0.31 | -0.22 | -0.42 | -0.40 | -0.64 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥855.0m | CN¥599.5m | CN¥394.9m | CN¥418.1m | CN¥433.0m |
| Cash and short-term investments | CN¥620.1m | CN¥343.9m | CN¥57.6m | CN¥287.2m | CN¥377.5m |
| Total liabilities | CN¥743.6m | CN¥1.06bn | CN¥727.0m | CN¥1.51bn | CN¥1.23bn |
| Debt | CN¥659.5m | CN¥388.3m | CN¥364.1m | CN¥328.1m | CN¥347.4m |
| Shareholders' equity | CN¥113.6m | −CN¥463.7m | −CN¥332.1m | −CN¥1.09bn | −CN¥794.4m |
| Shares outstanding | 1,181m | 904m | 858m | 1,266m | 1,266m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥207.6m | −CN¥149.5m | −CN¥136.9m | −CN¥100.7m | −CN¥57.4m |
| Capital spending | −CN¥32.3m | −CN¥17.8m | −CN¥18.1m | −CN¥19.1m | −CN¥13.0m |
| Free cash flow | −CN¥239.9m | −CN¥167.2m | −CN¥155.0m | −CN¥119.7m | −CN¥70.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥69.9m | CN¥69.9m | CN¥69.9m | CN¥70.0m | CN¥58.3m | CN¥58.3m | CN¥35.2m | CN¥41.1m |
| Operating income | −CN¥57.3m | −CN¥57.3m | −CN¥103.5m | −CN¥103.5m | −CN¥66.1m | −CN¥66.1m | −CN¥43.7m | −CN¥51.0m |
| Net income | −CN¥78.1m | −CN¥78.1m | −CN¥109.9m | −CN¥109.9m | −CN¥73.7m | −CN¥73.7m | −CN¥42.0m | −CN¥48.9m |
| Diluted earnings per share | -0.06 | -0.06 | -0.09 | -0.09 | -0.06 | -0.06 | -0.05 | -0.05 |
| Cash from operations | — | — | −CN¥39.0m | −CN¥39.0m | −CN¥64.0m | −CN¥64.0m | −CN¥35.0m | −CN¥41.0m |
| Capital spending | — | — | −CN¥3.0m | −CN¥3.0m | −CN¥4.0m | −CN¥4.0m | −CN¥3.0m | −CN¥4.0m |
| Free cash flow | — | — | −CN¥42.0m | −CN¥42.0m | −CN¥68.0m | −CN¥68.0m | −CN¥38.0m | −CN¥45.0m |
| Total assets | CN¥1.22bn | CN¥1.22bn | CN¥854.6m | CN¥854.6m | CN¥842.5m | CN¥842.5m | CN¥599.5m | CN¥699.1m |
| Cash and short-term investments | CN¥767.8m | CN¥767.8m | CN¥501.8m | CN¥501.8m | CN¥462.9m | CN¥462.9m | CN¥343.9m | CN¥401.0m |
| Debt | CN¥398.7m | CN¥398.7m | CN¥659.5m | CN¥412.5m | CN¥494.6m | CN¥262.0m | CN¥388.3m | CN¥832.8m |
| Shareholders' equity | CN¥489.0m | CN¥489.0m | CN¥113.5m | CN¥113.5m | CN¥288.6m | CN¥288.6m | −CN¥463.7m | −CN¥540.7m |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating margin | -132.2% | -144.3% | -504.3% | -4279.9% | -30076.0% |
| Net margin | -143.1% | -162.1% | -534.3% | -4450.0% | -30353.9% |
| Return on equity | -323.3% | 42.8% | 108.1% | 45.9% | 102.4% |
| Return on assets | -42.9% | -33.1% | -90.9% | -120.2% | -187.9% |
| Free cash flow yield | -20.1% | -22.0% | -21.3% | — | — |
| Revenue growth | 79.9% | 82.0% | 495.2% | 391.1% | — |
| Earnings growth | 58.8% | -44.8% | -28.5% | -28.0% | — |
| Current ratio | 1.56x | 0.70x | 0.77x | 8.62x | 1.93x |
| Debt to equity | 5.71x | -0.82x | -1.08x | -0.30x | -0.44x |
| Equity ratio | 13.3% | -77.3% | -84.1% | -261.7% | -183.5% |
| Interest coverage | -12.13x | -8.02x | -16.76x | -25.14x | -108.19x |
| R&D as a share of sales | 75.4% | 97.6% | 135.0% | 598.9% | 1425.0% |
| Buybacks as a share of market value | -30.6% | -5.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 183.3% | — | — |
| Operating income | -11.1% | — | — |
| Net income | -9.9% | — | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -11.5 |
| Price to sales | 16.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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