L 
92.03
-0.51%
Close of 9 Nov 2026, in CNY
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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¥635.3m
FY2020FY2025
Net income
−CN¥455.1m
FY2020FY2025
Free cash flow
−CN¥395.7m
FY2020FY2025
Shareholders' equity
CN¥2.51bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥635.3m | CN¥504.3m | CN¥505.7m | CN¥738.7m | CN¥1.20bn | CN¥1.08bn |
| Gross profit | CN¥299.0m | CN¥156.5m | CN¥182.4m | CN¥347.8m | CN¥645.6m | CN¥527.4m |
| Research and development | CN¥434.1m | CN¥430.2m | CN¥424.6m | CN¥312.9m | CN¥280.8m | CN¥163.9m |
| Operating income | −CN¥293.1m | −CN¥443.1m | −CN¥399.6m | CN¥15.9m | CN¥208.3m | CN¥75.0m |
| Net income | −CN¥455.1m | −CN¥625.3m | −CN¥329.4m | CN¥51.8m | CN¥236.8m | CN¥71.8m |
| Diluted earnings per share | -1.14 | -1.56 | -0.82 | 0.13 | 0.59 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥3.16bn | CN¥3.50bn | CN¥4.11bn | CN¥4.37bn | CN¥1.99bn | CN¥1.68bn |
| Total liabilities | CN¥655.3m | CN¥561.1m | CN¥563.2m | CN¥477.8m | CN¥597.2m | CN¥553.0m |
| Debt | — | CN¥104.1m | CN¥148.1m | CN¥57.0m | CN¥48.2m | CN¥24.7m |
| Shareholders' equity | CN¥2.51bn | CN¥2.94bn | CN¥3.55bn | CN¥3.89bn | CN¥1.39bn | CN¥1.13bn |
| Shares outstanding | 401m | 401m | 401m | 401m | 401m | 401m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −CN¥347.9m | −CN¥335.0m | −CN¥410.3m | −CN¥769.0m | CN¥3.8m | CN¥117.0m |
| Capital spending | −CN¥47.8m | −CN¥71.6m | −CN¥111.1m | −CN¥87.3m | −CN¥226.9m | −CN¥249.0m |
| Free cash flow | −CN¥395.7m | −CN¥406.6m | −CN¥521.4m | −CN¥856.3m | −CN¥223.1m | −CN¥132.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥137.0m | CN¥134.9m | CN¥284.6m | CN¥107.2m | CN¥118.6m | CN¥125.0m | CN¥196.5m | CN¥88.2m |
| Gross profit | CN¥94.6m | CN¥47.0m | CN¥150.4m | CN¥44.7m | CN¥55.9m | CN¥47.5m | CN¥64.3m | CN¥27.1m |
| Operating income | −CN¥94.2m | −CN¥105.6m | −CN¥5.5m | −CN¥105.6m | −CN¥89.9m | −CN¥115.6m | −CN¥97.9m | −CN¥118.7m |
| Net income | −CN¥109.9m | −CN¥114.0m | −CN¥61.3m | −CN¥99.3m | −CN¥143.2m | −CN¥151.3m | −CN¥282.6m | −CN¥104.6m |
| Diluted earnings per share | -0.27 | -0.28 | -0.15 | -0.24 | -0.36 | -0.38 | -0.70 | -0.26 |
| Capital spending | −CN¥7.0m | −CN¥14.0m | −CN¥13.0m | — | −CN¥7.0m | −CN¥10.0m | −CN¥39.0m | −CN¥9.0m |
| Total assets | CN¥2.96bn | CN¥3.01bn | CN¥3.16bn | CN¥3.13bn | CN¥3.17bn | CN¥3.31bn | CN¥3.50bn | CN¥3.73bn |
| Cash and short-term investments | — | — | — | CN¥516.4m | — | — | — | — |
| Debt | — | — | — | CN¥45.4m | — | — | — | — |
| Shareholders' equity | CN¥2.30bn | CN¥2.40bn | CN¥2.51bn | CN¥2.56bn | CN¥2.65bn | CN¥2.79bn | CN¥2.94bn | CN¥3.21bn |
Financial ratios
Data as of 15 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 47.1% | 31.0% | 36.1% | 47.1% | 53.7% | 48.7% |
| Operating margin | -46.1% | -87.9% | -79.0% | 2.1% | 17.3% | 6.9% |
| Net margin | -71.6% | -124.0% | -65.1% | 7.0% | 19.7% | 6.6% |
| Return on equity | -18.2% | -21.3% | -9.3% | 1.3% | 17.0% | 6.4% |
| Return on assets | -14.4% | -17.9% | -8.0% | 1.2% | 11.9% | 4.3% |
| Free cash flow yield | -0.8% | -0.7% | -0.8% | — | — | — |
| Revenue growth | 26.0% | -0.3% | -31.5% | -38.5% | 11.0% | — |
| Earnings growth | -27.2% | 89.8% | -736.6% | -78.1% | 229.8% | — |
| Current ratio | 5.63x | 6.75x | 7.38x | 10.42x | 3.73x | 3.55x |
| Equity ratio | 79.3% | 84.0% | 86.3% | 89.1% | 70.0% | 67.1% |
| Interest coverage | -840.74x | — | -458.30x | 37.68x | — | — |
| R&D as a share of sales | 68.3% | 85.3% | 84.0% | 42.4% | 23.4% | 15.1% |
| Buybacks as a share of market value | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.9% | -10.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.0% | 41.3% | 46.2% | — |
| Operating margin | -64.6% | -47.0% | -17.9% | — |
| Net margin | -94.8% | -57.0% | -22.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -116.4 | -84.8 | -134.6 | — |
| Price to sales | 83.4 | 105.2 | 87.7 | 46.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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