M 
21.73
-1.59%
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¥662.5m
FY2017FY2025
Net income
−CN¥970.2m
FY2017FY2025
Free cash flow
−CN¥446.7m
FY2017FY2025
Shareholders' equity
CN¥349.5m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥662.5m | CN¥199.8m | CN¥127.8m | CN¥27.7m | CN¥16.2m | CN¥5.3m | CN¥29.4m | CN¥37.4m | CN¥4.6m |
| Research and development | CN¥977.0m | CN¥782.9m | CN¥835.8m | CN¥758.6m | CN¥622.5m | CN¥581.3m | CN¥363.0m | CN¥169.1m | CN¥107.3m |
| Operating income | −CN¥873.7m | −CN¥1.01bn | −CN¥1.05bn | −CN¥958.1m | −CN¥769.5m | −CN¥643.6m | −CN¥928.0m | −CN¥236.8m | −CN¥106.3m |
| Net income | −CN¥970.2m | −CN¥1.04bn | −CN¥1.05bn | −CN¥955.2m | −CN¥769.6m | −CN¥642.5m | −CN¥927.9m | −CN¥225.2m | −CN¥102.7m |
| Diluted earnings per share | -2.42 | -2.59 | -2.67 | -2.62 | -2.56 | -2.12 | -2.31 | -0.56 | -0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.56bn | CN¥4.28bn | CN¥4.46bn | CN¥4.62bn | CN¥1.60bn | CN¥1.64bn | CN¥1.07bn | CN¥891.9m | CN¥636.3m |
| Cash and short-term investments | CN¥1.53bn | CN¥1.20bn | CN¥1.67bn | CN¥2.55bn | CN¥96.5m | CN¥547.9m | CN¥40.8m | CN¥27.3m | CN¥69.4m |
| Total liabilities | CN¥3.99bn | CN¥2.72bn | CN¥1.88bn | CN¥1.11bn | CN¥586.7m | CN¥168.4m | CN¥314.9m | CN¥1.02bn | CN¥552.9m |
| Debt | CN¥2.97bn | CN¥2.07bn | CN¥1.26bn | CN¥774.5m | CN¥334.6m | CN¥50.0m | — | — | — |
| Shareholders' equity | CN¥349.5m | CN¥1.57bn | CN¥2.58bn | CN¥3.52bn | CN¥1.01bn | CN¥1.47bn | CN¥756.6m | −CN¥141.0m | CN¥83.4m |
| Shares outstanding | 402m | 403m | 394m | 365m | 300m | 303m | 402m | 402m | 402m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥289.0m | −CN¥956.4m | −CN¥780.2m | −CN¥719.2m | −CN¥422.4m | −CN¥515.0m | −CN¥354.4m | −CN¥155.5m | −CN¥94.4m |
| Capital spending | −CN¥157.7m | −CN¥330.1m | −CN¥499.9m | −CN¥545.0m | −CN¥217.5m | −CN¥130.6m | −CN¥185.2m | −CN¥224.6m | −CN¥169.2m |
| Free cash flow | −CN¥446.7m | −CN¥1.29bn | −CN¥1.28bn | −CN¥1.26bn | −CN¥639.9m | −CN¥645.6m | −CN¥539.5m | −CN¥380.1m | −CN¥263.6m |
| Dividends paid | −CN¥78.4m | −CN¥66.1m | −CN¥34.1m | −CN¥13.1m | −CN¥788,929 | −CN¥1.0m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥185.0m | CN¥127.6m | CN¥96.7m | CN¥464.7m | CN¥56.4m | CN¥44.8m | CN¥58.7m | CN¥25.6m |
| Operating income | −CN¥241.1m | −CN¥197.8m | −CN¥436.2m | −CN¥30.5m | −CN¥261.4m | −CN¥275.1m | −CN¥339.1m | −CN¥239.5m |
| Net income | −CN¥279.8m | −CN¥241.9m | −CN¥372.5m | −CN¥46.3m | −CN¥259.6m | −CN¥291.7m | −CN¥349.8m | −CN¥249.1m |
| Diluted earnings per share | -0.70 | -0.60 | -0.93 | -0.12 | -0.65 | -0.73 | -0.87 | -0.62 |
| Cash from operations | — | — | −CN¥186.0m | −CN¥68.0m | CN¥182.0m | −CN¥216.0m | −CN¥287.0m | −CN¥206.0m |
| Capital spending | −CN¥16.0m | −CN¥44.0m | −CN¥26.0m | −CN¥44.0m | −CN¥51.0m | −CN¥35.0m | −CN¥103.0m | −CN¥58.0m |
| Free cash flow | — | — | −CN¥212.0m | −CN¥112.0m | CN¥131.0m | −CN¥251.0m | −CN¥390.0m | −CN¥264.0m |
| Total assets | CN¥5.29bn | CN¥4.57bn | CN¥4.56bn | CN¥4.53bn | CN¥4.47bn | CN¥4.19bn | CN¥4.28bn | CN¥4.50bn |
| Cash and short-term investments | — | — | CN¥1.53bn | CN¥1.48bn | CN¥1.39bn | CN¥1.13bn | CN¥1.20bn | CN¥1.59bn |
| Debt | CN¥1.55bn | CN¥1.45bn | CN¥2.81bn | CN¥1.48bn | CN¥1.97bn | CN¥2.04bn | CN¥1.93bn | CN¥1.89bn |
| Shareholders' equity | CN¥873.5m | CN¥106.8m | CN¥349.5m | CN¥761.1m | CN¥818.1m | CN¥1.28bn | CN¥1.57bn | CN¥1.92bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -131.9% | -505.8% | -823.4% | -3455.5% | -4742.1% | -12139.3% |
| Net margin | -146.4% | -522.5% | -824.1% | -3445.0% | -4742.9% | -12118.5% |
| Return on equity | -277.6% | -66.5% | -40.8% | -27.2% | -76.1% | -43.7% |
| Return on assets | -21.3% | -24.4% | -23.6% | -20.7% | -48.2% | -39.2% |
| Free cash flow yield | -1.2% | -5.7% | -2.6% | -1.8% | -2.5% | -4.7% |
| Revenue growth | 231.6% | 56.3% | 361.0% | 70.9% | 206.0% | -82.0% |
| Earnings growth | -7.1% | -0.9% | 10.3% | 24.1% | 19.8% | -30.8% |
| Current ratio | 0.90x | 1.11x | 2.51x | 6.24x | 0.91x | 4.00x |
| Debt to equity | 8.03x | 1.23x | 0.42x | 0.17x | 0.14x | 0.03x |
| Equity ratio | 7.7% | 36.7% | 58.0% | 76.1% | 63.4% | 89.7% |
| Interest coverage | -9.59x | -17.44x | -78.86x | -93.06x | -117.74x | -561.73x |
| R&D as a share of sales | 147.5% | 391.9% | 653.8% | 2735.9% | 3836.5% | 10964.0% |
| Buybacks as a share of market value | 0.4% | -2.4% | -7.8% | -21.7% | 1.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 188.0% | 162.6% | — |
| Operating income | -3.0% | 6.3% | — |
| Net income | 0.5% | 8.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -15.9 | -7.8 | -12.2 | -5.5 |
| Price to sales | 23.3 | 40.8 | 100.7 | 190.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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