J 
67.07
+2.96%
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¥2.66bn
FY2018FY2025
Net income
−CN¥716.6m
FY2018FY2025
Free cash flow
−CN¥539.5m
FY2018FY2025
Shareholders' equity
CN¥2.19bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.66bn | CN¥1.68bn | CN¥1.30bn | CN¥1.45bn | CN¥1.04bn | CN¥406.6m | CN¥256.8m | CN¥197.8m |
| Research and development | CN¥957.3m | CN¥619.3m | CN¥499.4m | CN¥304.7m | CN¥198.6m | CN¥99.3m | CN¥61.2m | CN¥43.0m |
| Operating income | −CN¥760.5m | −CN¥589.5m | −CN¥529.9m | CN¥150.8m | CN¥141.2m | −CN¥271.2m | −CN¥80.0m | −CN¥49.6m |
| Net income | −CN¥716.6m | −CN¥603.4m | −CN¥531.4m | CN¥137.2m | CN¥142.0m | −CN¥270.0m | −CN¥80.0m | −CN¥49.6m |
| Diluted earnings per share | -1.59 | -1.37 | -1.21 | 0.34 | 0.39 | -0.60 | -0.18 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.34bn | CN¥4.20bn | CN¥4.23bn | CN¥4.36bn | CN¥1.17bn | CN¥688.0m | CN¥264.3m | CN¥136.4m |
| Cash and short-term investments | CN¥975.5m | CN¥1.19bn | CN¥1.82bn | CN¥2.19bn | CN¥230.7m | CN¥373.9m | CN¥84.6m | CN¥15.5m |
| Total liabilities | −CN¥2.19bn | CN¥2.08bn | CN¥1.56bn | CN¥1.22bn | CN¥234.7m | CN¥226.1m | CN¥240.7m | CN¥187.0m |
| Debt | CN¥1.16bn | CN¥1.51bn | CN¥1.10bn | CN¥894.4m | CN¥42.8m | CN¥48.4m | CN¥89.7m | CN¥96.5m |
| Shareholders' equity | CN¥2.19bn | CN¥2.07bn | CN¥2.67bn | CN¥3.14bn | CN¥937.2m | CN¥461.5m | CN¥23.6m | −CN¥50.6m |
| Shares outstanding | 452m | 442m | 438m | 399m | 360m | 452m | 452m | 452m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥323.5m | −CN¥360.4m | −CN¥291.4m | −CN¥823.5m | −CN¥321.4m | −CN¥90.7m | −CN¥92.3m | −CN¥52.7m |
| Capital spending | −CN¥216.0m | −CN¥199.5m | −CN¥124.6m | −CN¥89.1m | −CN¥129.1m | −CN¥71.4m | −CN¥4.4m | −CN¥711,970 |
| Free cash flow | −CN¥539.5m | −CN¥559.9m | −CN¥416.1m | −CN¥912.6m | −CN¥450.5m | −CN¥162.2m | −CN¥96.7m | −CN¥53.5m |
| Dividends paid | −CN¥52.4m | −CN¥39.5m | −CN¥24.7m | −CN¥21.7m | −CN¥1.2m | −CN¥8.1m | −CN¥6.4m | −CN¥5.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥953.6m | CN¥764.8m | CN¥716.3m | CN¥755.1m | CN¥659.2m | CN¥528.1m | CN¥487.1m | CN¥441.1m |
| Operating income | −CN¥230.3m | −CN¥213.1m | −CN¥288.5m | −CN¥168.0m | −CN¥189.2m | −CN¥114.7m | −CN¥102.4m | −CN¥161.7m |
| Net income | −CN¥243.8m | −CN¥276.2m | −CN¥256.7m | −CN¥164.8m | −CN¥181.7m | −CN¥113.4m | −CN¥96.3m | −CN¥170.0m |
| Diluted earnings per share | -0.54 | -0.61 | -0.57 | -0.36 | -0.40 | -0.25 | -0.22 | -0.38 |
| Cash from operations | — | — | — | −CN¥56.0m | −CN¥122.0m | CN¥24.0m | −CN¥122.0m | −CN¥113.0m |
| Capital spending | −CN¥104.0m | −CN¥63.0m | −CN¥76.0m | −CN¥36.0m | −CN¥27.0m | −CN¥75.0m | −CN¥58.0m | −CN¥72.0m |
| Free cash flow | — | — | — | −CN¥92.0m | −CN¥149.0m | −CN¥51.0m | −CN¥180.0m | −CN¥185.0m |
| Total assets | CN¥5.97bn | CN¥5.61bn | CN¥5.34bn | CN¥5.20bn | CN¥5.13bn | CN¥4.07bn | CN¥4.20bn | CN¥4.17bn |
| Cash and short-term investments | — | — | CN¥975.5m | CN¥975.5m | CN¥952.9m | CN¥1.01bn | CN¥1.19bn | CN¥1.39bn |
| Debt | CN¥1.51bn | CN¥1.22bn | CN¥1.16bn | CN¥1.01bn | CN¥1.68bn | CN¥1.52bn | CN¥1.08bn | CN¥1.07bn |
| Shareholders' equity | CN¥1.09bn | CN¥1.25bn | CN¥2.19bn | CN¥1.73bn | CN¥1.83bn | CN¥1.97bn | CN¥2.07bn | CN¥2.24bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -28.6% | -35.1% | -40.9% | 10.4% | 13.6% | -66.7% |
| Net margin | -27.0% | -35.9% | -41.0% | 9.5% | 13.6% | -66.4% |
| Return on equity | -32.7% | -29.2% | -19.9% | 4.4% | 15.1% | -58.5% |
| Return on assets | -13.4% | -14.4% | -12.6% | 3.1% | 12.1% | -39.2% |
| Free cash flow yield | -0.2% | -0.3% | -0.3% | -1.6% | -0.5% | — |
| Revenue growth | 58.4% | 29.5% | -10.4% | 39.0% | 156.2% | 58.3% |
| Earnings growth | 18.8% | 13.5% | -487.4% | -3.4% | -152.6% | 237.7% |
| Current ratio | 1.27x | 2.05x | 4.02x | 5.26x | 3.78x | 3.15x |
| Debt to equity | 0.53x | 0.72x | 0.41x | 0.31x | 0.04x | 0.10x |
| Equity ratio | 41.0% | 49.2% | 63.1% | 72.1% | 80.0% | 67.1% |
| Interest coverage | -12.49x | -14.22x | -20.44x | 7.28x | 71.39x | -32.54x |
| R&D as a share of sales | 36.0% | 36.9% | 38.5% | 21.0% | 19.1% | 24.4% |
| Buybacks as a share of market value | -2.3% | -0.8% | -10.0% | -10.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.5% | 45.6% | — |
| Operating income | — | 22.9% | — |
| Net income | — | 21.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -31.1% | -24.4% | -21.8% | — |
| Net margin | -30.4% | -24.2% | -21.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -27.4 | -22.4 | -22.8 | 138.0 |
| Price to sales | 7.4 | 8.1 | 9.3 | 13.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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