P 
20.70
-0.67%
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¥8.31bn
FY2020FY2025
Net income
−CN¥30.6m
FY2020FY2025
Free cash flow
−CN¥1.02bn
FY2020FY2025
Shareholders' equity
CN¥8.77bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥8.31bn | CN¥5.26bn | CN¥4.20bn | CN¥3.08bn | CN¥2.35bn | CN¥1.10bn |
| Gross profit | CN¥2.89bn | CN¥2.24bn | CN¥1.98bn | CN¥1.49bn | CN¥1.11bn | CN¥500.6m |
| Research and development | CN¥2.72bn | CN¥2.17bn | CN¥1.77bn | CN¥1.65bn | CN¥1.46bn | CN¥658.9m |
| Operating income | −CN¥155.5m | −CN¥355.1m | −CN¥553.6m | −CN¥1.04bn | −CN¥1.37bn | −CN¥652.4m |
| Net income | −CN¥30.6m | −CN¥268.8m | −CN¥908.7m | −CN¥1.64bn | −CN¥2.10bn | −CN¥873.9m |
| Diluted earnings per share | -0.06 | -0.58 | -2.43 | -6.15 | -4.52 | -1.88 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥10.83bn | CN¥7.59bn | CN¥7.15bn | CN¥6.72bn | CN¥7.51bn | CN¥2.35bn |
| Cash and short-term investments | CN¥3.74bn | CN¥1.89bn | CN¥3.03bn | CN¥2.66bn | CN¥4.48bn | CN¥1.54bn |
| Total liabilities | CN¥2.08bn | CN¥2.52bn | CN¥1.69bn | CN¥8.18bn | CN¥7.80bn | CN¥3.73bn |
| Debt | CN¥248.6m | CN¥28.4m | CN¥154.6m | CN¥144.6m | CN¥54.1m | CN¥38.8m |
| Shareholders' equity | CN¥8.77bn | CN¥5.06bn | CN¥5.35bn | −CN¥1.57bn | −CN¥408.9m | −CN¥1.37bn |
| Shares outstanding | 513m | 465m | 374m | 268m | 464m | 464m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −CN¥718.0m | −CN¥622.0m | −CN¥998.6m | −CN¥779.6m | −CN¥896.9m | −CN¥527.6m |
| Capital spending | −CN¥302.9m | −CN¥28.3m | −CN¥38.8m | −CN¥15.5m | −CN¥24.6m | −CN¥59.7m |
| Free cash flow | −CN¥1.02bn | −CN¥650.3m | −CN¥1.04bn | −CN¥795.1m | −CN¥921.5m | −CN¥587.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.19bn | CN¥2.19bn | CN¥2.63bn | CN¥2.63bn | CN¥1.53bn | CN¥1.53bn | CN¥1.70bn | CN¥1.98bn |
| Gross profit | CN¥718.3m | CN¥718.3m | CN¥869.5m | CN¥869.5m | CN¥576.8m | CN¥576.8m | CN¥727.4m | CN¥847.3m |
| Operating income | CN¥79.5m | CN¥79.5m | −CN¥28.3m | −CN¥28.3m | −CN¥49.4m | −CN¥49.4m | −CN¥83.0m | −CN¥96.7m |
| Net income | CN¥69.2m | CN¥69.2m | CN¥23.7m | CN¥23.7m | −CN¥39.0m | −CN¥39.0m | −CN¥58.6m | −CN¥68.3m |
| Diluted earnings per share | 0.13 | 0.13 | 0.05 | 0.05 | -0.08 | -0.08 | -0.13 | -0.15 |
| Cash from operations | — | — | −CN¥141.0m | −CN¥141.0m | −CN¥255.0m | −CN¥255.0m | −CN¥128.0m | −CN¥128.0m |
| Capital spending | — | — | −CN¥153.0m | −CN¥153.0m | −CN¥1.0m | −CN¥1.0m | −CN¥9.0m | −CN¥9.0m |
| Free cash flow | — | — | −CN¥294.0m | −CN¥294.0m | −CN¥256.0m | −CN¥256.0m | −CN¥137.0m | −CN¥137.0m |
| Total assets | CN¥14.13bn | CN¥14.13bn | CN¥10.82bn | CN¥10.82bn | CN¥9.04bn | CN¥9.04bn | CN¥7.59bn | CN¥8.84bn |
| Cash and short-term investments | CN¥2.34bn | CN¥2.34bn | CN¥3.74bn | CN¥3.74bn | CN¥3.18bn | CN¥3.18bn | CN¥1.89bn | CN¥2.21bn |
| Debt | CN¥1.67bn | CN¥1.67bn | CN¥247.4m | CN¥39.5m | CN¥21.6m | CN¥13.3m | CN¥28.4m | CN¥19.7m |
| Shareholders' equity | CN¥10.53bn | CN¥10.53bn | CN¥8.77bn | CN¥8.77bn | CN¥7.31bn | CN¥7.31bn | CN¥5.06bn | CN¥5.90bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 34.8% | 42.7% | 47.1% | 48.2% | 47.2% | 45.6% |
| Operating margin | -1.9% | -6.7% | -13.2% | -35.4% | -58.2% | -62.5% |
| Net margin | -0.4% | -5.1% | -21.6% | -53.4% | -88.5% | -79.6% |
| Return on equity | -0.3% | -5.3% | -17.0% | 104.5% | 508.7% | 63.7% |
| Return on assets | -0.3% | -3.5% | -12.7% | -24.5% | -27.7% | -37.2% |
| Free cash flow yield | -2.5% | -4.6% | -9.3% | -10.4% | — | — |
| Revenue growth | 35.6% | 25.1% | 36.4% | 52.7% | 114.2% | 105.0% |
| Earnings growth | -90.2% | -70.4% | -44.8% | -7.9% | 138.0% | 4.7% |
| Current ratio | 4.40x | 2.28x | 3.44x | 3.17x | 6.73x | 6.90x |
| Debt to equity | 0.03x | 0.00x | 0.03x | -0.06x | -0.12x | -0.02x |
| Equity ratio | 81.0% | 66.7% | 74.8% | -23.4% | -5.4% | -58.4% |
| Interest coverage | -174.93x | -492.49x | -1.29x | -1.62x | -1.83x | -3.12x |
| R&D as a share of sales | 32.8% | 41.2% | 42.1% | 53.5% | 61.9% | 60.0% |
| Buybacks as a share of market value | -10.3% | -24.4% | -39.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 39.2% | 49.9% | — |
| Operating income | -46.9% | -24.9% | — |
| Net income | -73.5% | -48.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.9% | 41.2% | 42.0% | — |
| Operating margin | -3.8% | -10.1% | -17.0% | — |
| Net margin | -2.2% | -13.7% | -24.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -640.8 | -75.0 | -17.9 |
| Price to sales | 2.4 | 3.8 | 3.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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