J 
11.18
-1.41%
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¥277.1m
FY2018FY2025
Net income
−CN¥419.3m
FY2018FY2025
Free cash flow
−CN¥430.9m
FY2018FY2025
Shareholders' equity
CN¥1.58bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥277.1m | CN¥201.6m | CN¥13.8m | CN¥26,095 | CN¥4,574 | — | — | — |
| Gross profit | CN¥277.1m | CN¥151.2m | CN¥10.8m | −CN¥1.8m | −CN¥1.2m | −CN¥204,632 | — | −CN¥388,100 |
| Research and development | CN¥282.6m | CN¥311.9m | CN¥364.6m | CN¥243.9m | CN¥190.7m | CN¥172.0m | CN¥141.9m | CN¥49.8m |
| Operating income | −CN¥435.4m | −CN¥383.8m | −CN¥404.0m | −CN¥247.6m | −CN¥238.4m | −CN¥247.0m | −CN¥172.1m | −CN¥59.9m |
| Net income | −CN¥419.3m | −CN¥384.1m | −CN¥400.4m | −CN¥246.5m | −CN¥234.9m | −CN¥247.3m | −CN¥172.4m | −CN¥59.9m |
| Diluted earnings per share | -0.78 | -0.68 | -0.69 | -0.40 | -0.52 | -0.54 | -0.32 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.06bn | CN¥2.22bn | CN¥2.63bn | CN¥2.87bn | CN¥3.10bn | CN¥849.4m | CN¥72.7m | CN¥66.1m |
| Cash and short-term investments | — | CN¥1.29bn | CN¥2.33bn | CN¥2.74bn | CN¥2.98bn | CN¥798.7m | CN¥56.2m | CN¥28.8m |
| Total liabilities | CN¥494.4m | CN¥252.6m | CN¥242.5m | CN¥103.0m | CN¥86.0m | CN¥42.9m | CN¥44.0m | CN¥18.9m |
| Debt | CN¥48.4m | CN¥116.2m | CN¥124.2m | CN¥18.7m | CN¥17.4m | CN¥5.8m | CN¥87,831 | CN¥77,849 |
| Shareholders' equity | CN¥1.58bn | CN¥1.97bn | CN¥2.39bn | CN¥2.77bn | CN¥3.01bn | CN¥806.5m | CN¥28.8m | CN¥47.2m |
| Shares outstanding | 539m | 566m | 577m | 609m | 452m | 456m | 539m | 539m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥411.8m | −CN¥425.0m | −CN¥398.2m | −CN¥242.0m | −CN¥171.5m | −CN¥126.0m | −CN¥88.8m | −CN¥52.8m |
| Capital spending | −CN¥19.1m | −CN¥5.8m | −CN¥101.6m | −CN¥26.6m | −CN¥42.4m | −CN¥14.3m | −CN¥750,191 | −CN¥8.5m |
| Free cash flow | −CN¥430.9m | −CN¥430.7m | −CN¥499.8m | −CN¥268.6m | −CN¥213.9m | −CN¥140.3m | −CN¥89.6m | −CN¥61.3m |
| Dividends paid | −CN¥4.1m | −CN¥2.5m | −CN¥411,984 | — | — | −CN¥361,023 | −CN¥20,083 | −CN¥122,447 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥84.3m | CN¥71.1m | CN¥60.7m | CN¥86.2m | CN¥69.1m | CN¥61.1m | CN¥62.6m | CN¥58.5m |
| Gross profit | CN¥63.8m | CN¥51.6m | CN¥115.3m | CN¥66.5m | CN¥47.1m | CN¥48.2m | CN¥40.9m | CN¥48.1m |
| Operating income | −CN¥133.8m | −CN¥115.3m | −CN¥173.1m | −CN¥90.7m | −CN¥82.1m | −CN¥84.3m | −CN¥115.1m | −CN¥84.2m |
| Net income | −CN¥126.2m | −CN¥112.4m | −CN¥170.4m | −CN¥86.7m | −CN¥78.7m | −CN¥83.5m | −CN¥113.2m | −CN¥86.9m |
| Diluted earnings per share | -0.23 | -0.21 | -0.32 | -0.16 | -0.15 | -0.15 | -0.20 | -0.15 |
| Cash from operations | — | — | — | −CN¥107.0m | −CN¥83.0m | −CN¥110.0m | −CN¥99.0m | −CN¥82.0m |
| Capital spending | −CN¥46.0m | −CN¥3.0m | −CN¥6.0m | −CN¥3.0m | −CN¥9.0m | — | −CN¥1.0m | — |
| Free cash flow | — | — | — | −CN¥110.0m | −CN¥92.0m | — | −CN¥100.0m | — |
| Total assets | CN¥1.85bn | CN¥2.00bn | CN¥2.06bn | CN¥2.15bn | CN¥2.17bn | CN¥2.16bn | CN¥2.22bn | CN¥2.31bn |
| Cash and short-term investments | — | — | — | CN¥1.69bn | CN¥1.58bn | CN¥1.52bn | CN¥1.29bn | CN¥1.52bn |
| Debt | CN¥205.2m | CN¥104.2m | CN¥48.4m | CN¥277.1m | CN¥200.1m | CN¥107.9m | CN¥66.2m | CN¥66.2m |
| Shareholders' equity | CN¥1.35bn | CN¥1.47bn | CN¥1.58bn | CN¥1.74bn | CN¥1.82bn | CN¥1.89bn | CN¥1.97bn | CN¥2.08bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 75.0% | 78.7% | -6927.6% | -25963.7% | — |
| Operating margin | -157.5% | -188.4% | -2897.8% | -936955.9% | -5121859.5% | — |
| Net margin | -151.3% | -190.5% | -2911.5% | -944816.2% | -5136625.8% | — |
| Return on equity | -26.6% | -19.5% | -16.8% | -8.9% | -7.8% | -30.7% |
| Return on assets | -20.4% | -17.3% | -15.2% | -8.6% | -7.6% | -29.1% |
| Free cash flow yield | -5.4% | -5.5% | -3.8% | -2.6% | -2.1% | -1.8% |
| Revenue growth | 37.5% | 1365.6% | 52604.9% | 470.5% | — | — |
| Earnings growth | 9.2% | -4.1% | 62.4% | 4.9% | -5.0% | 43.4% |
| Current ratio | 4.38x | 7.77x | 12.82x | 34.22x | 40.72x | 20.88x |
| Debt to equity | 0.03x | 0.03x | 0.03x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 76.6% | 88.6% | 90.7% | 96.4% | 97.2% | 94.9% |
| Interest coverage | -52.75x | -53.98x | -125.03x | -269.61x | -421.61x | -2212.01x |
| R&D as a share of sales | 102.0% | 154.7% | 2650.9% | 934639.3% | 4170181.5% | — |
| Buybacks as a share of market value | 4.8% | 1.9% | 5.2% | -34.7% | 0.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2098.1% | — | — |
| Operating income | 20.7% | 12.0% | — |
| Net income | 19.4% | 11.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 89.5% | 88.8% | — | — |
| Operating margin | -171.1% | -298.7% | — | — |
| Net margin | -167.8% | -294.5% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -14.8 | -10.0 | -15.5 | -27.8 |
| Price to sales | 22.4 | 19.1 | 452.5 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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