S 
78.65
+1.88%
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¥1.46bn
FY2018FY2025
Net income
−CN¥208.4m
FY2018FY2025
Free cash flow
−CN¥172.7m
FY2018FY2025
Shareholders' equity
CN¥7.40bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.46bn | CN¥1.77bn | CN¥1.25bn | CN¥417.0m | CN¥493.9m | CN¥424.8m | CN¥268.6m | CN¥136.1m |
| Research and development | CN¥165.8m | CN¥141.8m | CN¥137.2m | CN¥127.6m | CN¥73.7m | CN¥45.5m | CN¥18.7m | CN¥12.3m |
| Operating income | −CN¥160.8m | CN¥158.7m | −CN¥56.7m | −CN¥179.0m | CN¥81.8m | −CN¥622.4m | −CN¥147.0m | −CN¥47.9m |
| Net income | −CN¥208.4m | CN¥179.0m | −CN¥45.7m | −CN¥175.7m | CN¥90.0m | −CN¥641.6m | −CN¥200.7m | −CN¥42.1m |
| Diluted earnings per share | -0.47 | 0.44 | -0.12 | -0.39 | 0.22 | -1.45 | -0.45 | -0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.58bn | CN¥7.36bn | CN¥6.91bn | CN¥5.87bn | CN¥2.62bn | CN¥2.47bn | CN¥1.55bn | CN¥1.43bn |
| Cash and short-term investments | CN¥3.49bn | CN¥1.24bn | CN¥1.30bn | CN¥2.47bn | CN¥343.6m | CN¥572.9m | CN¥321.2m | CN¥56.8m |
| Total liabilities | −CN¥7.40bn | CN¥2.04bn | CN¥1.32bn | CN¥614.6m | CN¥396.0m | CN¥334.9m | CN¥1.05bn | CN¥1.45bn |
| Debt | CN¥345.2m | CN¥686.2m | CN¥18.5m | CN¥3.9m | CN¥976,989 | — | CN¥573.0m | CN¥721.3m |
| Shareholders' equity | CN¥7.40bn | CN¥5.31bn | CN¥5.23bn | CN¥5.25bn | CN¥2.22bn | CN¥2.13bn | CN¥499.2m | −CN¥19.1m |
| Shares outstanding | 444m | 405m | 383m | 452m | 417m | 444m | 444m | 444m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥230.6m | CN¥65.9m | CN¥13.0m | −CN¥58.8m | CN¥110.7m | −CN¥122.0m | CN¥211.1m | CN¥154.7m |
| Capital spending | −CN¥403.3m | −CN¥567.9m | −CN¥1.40bn | −CN¥1.03bn | −CN¥336.4m | −CN¥374.1m | −CN¥90.8m | −CN¥72.9m |
| Free cash flow | −CN¥172.7m | −CN¥502.0m | −CN¥1.38bn | −CN¥1.09bn | −CN¥225.7m | −CN¥496.1m | CN¥120.3m | CN¥81.8m |
| Dividends paid | −CN¥27.9m | −CN¥7.4m | — | — | — | −CN¥24.5m | −CN¥39.0m | −CN¥51.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥548.1m | CN¥365.5m | CN¥352.9m | CN¥318.2m | CN¥385.8m | CN¥408.0m | CN¥486.9m | CN¥369.0m |
| Operating income | CN¥65.8m | −CN¥8.5m | −CN¥164.9m | −CN¥3.1m | CN¥8.3m | CN¥5.2m | CN¥19.2m | CN¥43.8m |
| Net income | CN¥1.9m | −CN¥60.5m | −CN¥209.5m | −CN¥9.8m | CN¥2.4m | CN¥8.5m | CN¥36.0m | CN¥41.1m |
| Diluted earnings per share | 0.00 | -0.14 | -0.47 | -0.02 | 0.01 | 0.02 | 0.09 | 0.10 |
| Cash from operations | — | — | — | −CN¥219.0m | CN¥145.0m | CN¥143.0m | CN¥118.0m | CN¥29.0m |
| Capital spending | −CN¥467.0m | −CN¥127.0m | −CN¥79.0m | −CN¥105.0m | −CN¥96.0m | −CN¥121.0m | −CN¥64.0m | −CN¥119.0m |
| Free cash flow | — | — | — | −CN¥324.0m | CN¥49.0m | CN¥22.0m | CN¥54.0m | −CN¥90.0m |
| Total assets | CN¥10.02bn | CN¥9.60bn | CN¥9.58bn | CN¥9.72bn | CN¥7.71bn | CN¥7.55bn | CN¥7.36bn | CN¥7.14bn |
| Cash and short-term investments | — | — | CN¥3.49bn | CN¥3.49bn | CN¥1.63bn | CN¥1.47bn | CN¥1.24bn | CN¥1.03bn |
| Debt | CN¥237.9m | CN¥380.1m | CN¥345.2m | CN¥1.09bn | CN¥815.5m | CN¥1.16bn | CN¥686.2m | CN¥500.0m |
| Shareholders' equity | CN¥7.11bn | CN¥7.11bn | CN¥7.40bn | CN¥7.40bn | CN¥5.33bn | CN¥5.33bn | CN¥5.31bn | CN¥5.28bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -11.0% | 9.0% | -4.5% | -42.9% | 16.6% | -146.5% | — | — |
| Net margin | -14.2% | 10.1% | -3.7% | -42.1% | 18.2% | -151.0% | — | — |
| Return on equity | -2.8% | 3.4% | -0.9% | -3.3% | 4.0% | -30.1% | — | — |
| Return on assets | -2.2% | 2.4% | -0.7% | -3.0% | 3.4% | -26.0% | — | — |
| Free cash flow yield | 1.3% | 1.5% | 3.5% | 2.0% | 1.0% | — | — | — |
| Revenue growth | -17.2% | 41.4% | 199.9% | -15.6% | 16.3% | 58.2% | — | — |
| Earnings growth | -216.4% | -491.6% | -74.0% | -295.3% | -114.0% | 219.7% | — | — |
| Current ratio | 3.44x | 2.03x | 2.15x | 10.59x | 8.01x | 6.09x | — | — |
| Debt to equity | 0.05x | 0.13x | 0.00x | — | — | — | 1.15x | -21.32x |
| Equity ratio | 77.2% | 72.2% | 75.6% | 89.5% | 84.9% | 86.4% | — | — |
| Interest coverage | -5.70x | 16.79x | -38.47x | -529.07x | 351.60x | -21.32x | — | — |
| R&D as a share of sales | 11.3% | 8.0% | 11.0% | 30.6% | 14.9% | 10.7% | — | — |
| Buybacks as a share of market value | -9.6% | -5.7% | 15.3% | -8.3% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 52.0% | 28.1% | — |
| Operating income | -3.5% | -23.7% | — |
| Net income | 5.9% | -20.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.1% | -4.9% | -13.4% | — |
| Net margin | -0.9% | -5.1% | -13.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -189.2 | 115.7 | -553.2 | -200.7 |
| Price to sales | 26.9 | 11.7 | 20.2 | 84.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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