D 
52.05
+0.10%
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¥921.4m
FY2017FY2025
Net income
−CN¥195.2m
FY2017FY2025
Free cash flow
−CN¥197.3m
FY2017FY2025
Shareholders' equity
CN¥3.26bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥921.4m | CN¥641.0m | CN¥530.6m | CN¥1.15bn | CN¥1.13bn | CN¥784.3m | CN¥513.6m | CN¥510.0m | CN¥358.0m |
| Research and development | CN¥215.9m | CN¥213.2m | CN¥182.2m | CN¥110.3m | CN¥74.8m | CN¥47.5m | CN¥48.5m | CN¥50.2m | CN¥63.7m |
| Operating income | −CN¥212.3m | −CN¥169.0m | −CN¥351.6m | CN¥238.4m | CN¥302.2m | CN¥21.1m | −CN¥56.3m | −CN¥9.8m | −CN¥83.3m |
| Net income | −CN¥195.2m | −CN¥167.1m | −CN¥306.2m | CN¥185.5m | CN¥261.8m | CN¥19.5m | −CN¥63.8m | −CN¥21.8m | −CN¥73.1m |
| Diluted earnings per share | -0.44 | -0.37 | -0.69 | 0.43 | 0.71 | 0.06 | -0.14 | -0.05 | -0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.84bn | CN¥3.53bn | CN¥3.85bn | CN¥4.32bn | CN¥4.18bn | CN¥758.8m | CN¥705.6m | CN¥652.8m | CN¥372.2m |
| Cash and short-term investments | CN¥1.32bn | CN¥979.7m | CN¥1.93bn | CN¥2.53bn | CN¥3.43bn | CN¥300.8m | CN¥48.7m | CN¥173.4m | CN¥34.1m |
| Total liabilities | −CN¥3.26bn | CN¥161.2m | CN¥147.1m | CN¥206.9m | CN¥213.1m | CN¥121.4m | CN¥192.4m | CN¥269.6m | CN¥220.5m |
| Debt | — | CN¥41.0m | CN¥47.0m | CN¥69.5m | CN¥43.6m | CN¥38.2m | CN¥87.1m | CN¥156.3m | — |
| Shareholders' equity | CN¥3.26bn | CN¥3.21bn | CN¥3.50bn | CN¥3.93bn | CN¥3.82bn | CN¥501.4m | CN¥403.9m | CN¥292.3m | CN¥82.3m |
| Shares outstanding | 445m | 456m | 445m | 433m | 371m | 325m | 445m | 445m | 445m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥158.2m | −CN¥277.6m | −CN¥295.4m | −CN¥261.0m | CN¥117.5m | CN¥228.4m | −CN¥229.6m | −CN¥175.2m | −CN¥30.3m |
| Capital spending | −CN¥39.1m | −CN¥41.1m | −CN¥27.3m | −CN¥80.9m | −CN¥52.4m | −CN¥31.8m | −CN¥21.6m | −CN¥11.5m | −CN¥6.5m |
| Free cash flow | −CN¥197.3m | −CN¥318.7m | −CN¥322.7m | −CN¥341.9m | CN¥65.1m | CN¥196.6m | −CN¥251.1m | −CN¥186.7m | −CN¥36.8m |
| Dividends paid | −CN¥480,212 | −CN¥2.8m | −CN¥55.7m | −CN¥79.6m | −CN¥1.5m | −CN¥4.6m | −CN¥13.9m | −CN¥3.0m | −CN¥2.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.02bn | CN¥479.3m | CN¥348.9m | CN¥229.5m | CN¥200.7m | CN¥142.3m | CN¥194.0m | CN¥180.7m |
| Operating income | CN¥605.4m | CN¥171.3m | −CN¥45.8m | −CN¥37.4m | −CN¥63.3m | −CN¥65.4m | −CN¥32.7m | −CN¥42.4m |
| Net income | CN¥521.0m | CN¥138.3m | −CN¥49.0m | −CN¥35.2m | −CN¥51.7m | −CN¥59.2m | −CN¥36.8m | −CN¥39.2m |
| Diluted earnings per share | 1.17 | 0.31 | -0.11 | -0.08 | -0.12 | -0.13 | -0.08 | -0.09 |
| Cash from operations | — | — | — | −CN¥106.0m | −CN¥2.0m | −CN¥14.0m | −CN¥26.0m | −CN¥67.0m |
| Capital spending | −CN¥17.0m | −CN¥6.0m | −CN¥17.0m | −CN¥3.0m | −CN¥12.0m | −CN¥5.0m | −CN¥17.0m | −CN¥9.0m |
| Free cash flow | — | — | — | −CN¥109.0m | −CN¥14.0m | −CN¥19.0m | −CN¥43.0m | −CN¥76.0m |
| Total assets | CN¥4.80bn | CN¥3.99bn | CN¥3.84bn | CN¥3.44bn | CN¥3.48bn | CN¥3.44bn | CN¥3.53bn | CN¥3.62bn |
| Cash and short-term investments | — | — | CN¥1.32bn | CN¥1.32bn | CN¥1.32bn | CN¥1.34bn | CN¥979.7m | CN¥1.21bn |
| Debt | — | CN¥4.1m | CN¥4.4m | CN¥12.7m | CN¥10.0m | CN¥9.4m | CN¥19.3m | CN¥45.3m |
| Shareholders' equity | CN¥4.16bn | CN¥3.59bn | CN¥3.26bn | CN¥3.11bn | CN¥3.14bn | CN¥3.15bn | CN¥3.21bn | CN¥3.26bn |
Financial ratios
Data as of 15 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -23.0% | -26.4% | -66.3% | 20.8% | 26.6% | 2.7% |
| Net margin | -21.2% | -26.1% | -57.7% | 16.2% | 23.1% | 2.5% |
| Return on equity | -6.0% | -5.2% | -8.7% | 4.7% | 6.9% | 3.9% |
| Return on assets | -5.1% | -4.7% | -8.0% | 4.3% | 6.3% | 2.6% |
| Free cash flow yield | -0.2% | -0.5% | -0.5% | -0.4% | 0.4% | 0.7% |
| Revenue growth | 43.8% | 20.8% | -53.7% | 1.0% | 44.6% | 52.7% |
| Earnings growth | 16.8% | -45.4% | -265.1% | -29.2% | 1240.3% | -130.6% |
| Current ratio | 14.25x | 20.34x | 21.79x | 19.08x | 21.39x | 7.04x |
| Debt to equity | 0.00x | 0.01x | 0.01x | 0.01x | 0.01x | 0.05x |
| Equity ratio | 84.8% | 90.9% | 91.1% | 90.9% | 91.4% | 66.1% |
| Interest coverage | -180.14x | -64.58x | -110.96x | 96.04x | 108.52x | 4.19x |
| R&D as a share of sales | 23.4% | 33.3% | 34.3% | 9.6% | 6.6% | 6.1% |
| Buybacks as a share of market value | 2.4% | -2.4% | -2.9% | -16.7% | -14.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.0% | 3.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -201.1 | -45.6 | -33.6 | 41.0 | 43.0 |
| Price to sales | 42.6 | 11.9 | 19.4 | 6.6 | 9.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 31 May 2023.
| FY2023 | FY2022 | |
|---|---|---|
| Paid in the year | 0.085 | 0.121 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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