A 
29.86
+1.98%
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¥652.2m
FY2016FY2025
Net income
−CN¥1.41bn
FY2016FY2025
Free cash flow
−CN¥1.40bn
FY2016FY2025
Shareholders' equity
CN¥1.55bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥652.2m | CN¥980.6m | CN¥222.0m | CN¥209.7m | CN¥32.5m | CN¥12.4m | CN¥14.5m | CN¥6.8m | CN¥6.3m | CN¥7.7m |
| Research and development | CN¥1.27bn | CN¥947.2m | CN¥707.0m | CN¥743.1m | CN¥893.9m | CN¥564.6m | CN¥463.9m | CN¥249.6m | CN¥118.8m | CN¥102.7m |
| Operating income | −CN¥1.38bn | −CN¥378.8m | −CN¥869.2m | −CN¥883.4m | −CN¥1.09bn | −CN¥684.4m | −CN¥613.1m | −CN¥317.1m | −CN¥98.3m | −CN¥117.6m |
| Net income | −CN¥1.41bn | −CN¥405.4m | −CN¥925.6m | −CN¥882.9m | −CN¥912.4m | −CN¥677.6m | −CN¥1.48bn | −CN¥345.3m | −CN¥118.5m | −CN¥107.8m |
| Diluted earnings per share | -3.81 | -1.30 | -3.19 | -3.35 | -3.48 | -3.00 | -10.88 | -2.96 | -0.57 | -0.52 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.62bn | CN¥3.05bn | CN¥2.92bn | CN¥3.30bn | CN¥3.43bn | CN¥1.73bn | CN¥1.21bn | CN¥1.23bn | CN¥581.7m | CN¥593.3m |
| Cash and short-term investments | CN¥2.88bn | CN¥1.47bn | CN¥1.28bn | CN¥1.75bn | CN¥2.04bn | CN¥1.02bn | CN¥885.1m | CN¥971.5m | CN¥399.0m | CN¥451.9m |
| Total liabilities | CN¥3.07bn | CN¥2.73bn | CN¥2.83bn | CN¥2.82bn | CN¥1.99bn | CN¥884.4m | CN¥314.6m | CN¥2.24bn | CN¥713.5m | CN¥607.9m |
| Debt | CN¥2.32bn | CN¥1.67bn | CN¥1.80bn | CN¥1.79bn | CN¥1.08bn | CN¥529.7m | CN¥101.4m | CN¥2.12bn | CN¥4.9m | CN¥830,000 |
| Shareholders' equity | CN¥1.55bn | CN¥308.1m | CN¥70.5m | CN¥476.6m | CN¥1.44bn | CN¥846.6m | CN¥890.5m | −CN¥1.01bn | −CN¥131.8m | −CN¥14.6m |
| Shares outstanding | 370m | 312m | 290m | 264m | 262m | 226m | 136m | 117m | 207m | 207m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.37bn | −CN¥111.4m | −CN¥846.7m | −CN¥762.6m | −CN¥705.2m | −CN¥610.0m | −CN¥460.3m | −CN¥237.7m | −CN¥108.0m | −CN¥45.9m |
| Capital spending | −CN¥32.2m | −CN¥24.3m | −CN¥66.3m | −CN¥237.1m | −CN¥507.8m | −CN¥249.9m | −CN¥77.5m | −CN¥49.5m | −CN¥20.5m | −CN¥3.4m |
| Free cash flow | −CN¥1.40bn | −CN¥135.6m | −CN¥913.0m | −CN¥999.7m | −CN¥1.21bn | −CN¥859.9m | −CN¥537.8m | −CN¥287.1m | −CN¥128.5m | −CN¥49.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥347.6m | CN¥390.4m | CN¥272.5m | CN¥156.9m | CN¥823.7m | CN¥79.3m | CN¥142.7m | CN¥71.3m |
| Operating income | −CN¥865.2m | −CN¥748.7m | −CN¥646.0m | −CN¥566.8m | CN¥188.0m | −CN¥532.1m | −CN¥359.9m | −CN¥206.3m |
| Net income | −CN¥939.3m | −CN¥747.7m | −CN¥688.9m | −CN¥568.4m | CN¥163.0m | −CN¥523.3m | −CN¥402.4m | −CN¥201.2m |
| Diluted earnings per share | -2.52 | -2.02 | -1.86 | -1.82 | 0.52 | -1.80 | -1.39 | -0.73 |
| Cash from operations | −CN¥698.0m | −CN¥911.0m | −CN¥503.0m | CN¥243.0m | −CN¥354.0m | −CN¥417.0m | −CN¥429.0m | −CN¥214.0m |
| Capital spending | −CN¥13.0m | −CN¥9.0m | −CN¥23.0m | −CN¥7.0m | −CN¥16.0m | −CN¥14.0m | −CN¥39.0m | −CN¥19.0m |
| Free cash flow | −CN¥711.0m | −CN¥920.0m | −CN¥526.0m | CN¥236.0m | −CN¥370.0m | −CN¥431.0m | −CN¥468.0m | −CN¥233.0m |
| Total assets | CN¥3.78bn | CN¥4.62bn | CN¥3.55bn | CN¥2.62bn | CN¥3.11bn | CN¥2.50bn | CN¥3.40bn | — |
| Cash and short-term investments | CN¥2.21bn | CN¥2.88bn | CN¥1.94bn | CN¥1.26bn | CN¥1.10bn | CN¥1.10bn | CN¥1.84bn | — |
| Debt | CN¥1.72bn | CN¥2.32bn | CN¥2.00bn | CN¥1.67bn | CN¥1.70bn | CN¥1.80bn | CN¥1.95bn | — |
| Shareholders' equity | CN¥648.7m | CN¥1.55bn | CN¥776.7m | CN¥264.2m | CN¥766.4m | CN¥60.4m | CN¥687.9m | — |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -211.1% | -38.6% | -391.6% | -421.2% | -3343.5% | -5497.4% |
| Net margin | -216.5% | -41.3% | -417.0% | -421.0% | -2803.4% | -5442.6% |
| Return on equity | -91.4% | -153.5% | -1532.1% | -216.1% | -63.4% | -80.0% |
| Return on assets | -30.5% | -15.5% | -37.0% | -31.2% | -26.6% | -39.1% |
| Free cash flow yield | -10.0% | -0.9% | -7.5% | -5.5% | -2.1% | -5.2% |
| Revenue growth | -43.0% | 341.8% | 5.9% | 651.4% | 124.2% | -14.2% |
| Earnings growth | 198.6% | -56.2% | 4.8% | 12.8% | 15.5% | -54.2% |
| Current ratio | 1.79x | 1.26x | 1.44x | 1.86x | 5.22x | 3.91x |
| Debt to equity | 1.49x | 6.24x | 29.51x | 4.36x | 0.87x | 0.61x |
| Equity ratio | 33.4% | 10.1% | 2.4% | 14.4% | 42.0% | 48.9% |
| Interest coverage | -22.42x | -5.88x | -9.05x | -16.74x | -55.77x | -109.42x |
| R&D as a share of sales | 194.0% | 96.6% | 318.5% | 354.3% | 2746.3% | 4534.7% |
| Buybacks as a share of market value | -18.6% | -7.7% | -10.0% | -0.6% | -16.0% | -66.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 46.0% | 120.7% | — |
| Operating income | 15.9% | 15.0% | — |
| Net income | 16.9% | 15.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -11.9 | -30.4 | -7.4 | -6.7 | -7.0 | -11.3 | -2.4 |
| Price to sales | 25.9 | 12.6 | 30.9 | 28.0 | 196.8 | — | 243.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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