C 
1.99
-2.45%
Close of 9 Nov 2026, in HKD
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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¥95.3m
FY2020FY2025
Net income
−CN¥38.2m
FY2020FY2025
Free cash flow
−CN¥6.6m
FY2020FY2025
Shareholders' equity
CN¥49.7m
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥95.3m | CN¥45.5m | CN¥34.8m | CN¥23.1m | CN¥19.1m | CN¥7.7m |
| Gross profit | CN¥64.0m | CN¥32.7m | CN¥26.4m | CN¥16.5m | CN¥13.2m | CN¥3.9m |
| Research and development | CN¥30.4m | CN¥62.4m | CN¥64.7m | CN¥50.9m | CN¥76.4m | CN¥36.0m |
| Operating income | −CN¥42.5m | −CN¥93.6m | −CN¥89.3m | −CN¥100.1m | −CN¥107.2m | −CN¥135.4m |
| Net income | −CN¥38.2m | −CN¥88.7m | −CN¥82.9m | −CN¥95.4m | −CN¥86.6m | −CN¥116.5m |
| Diluted earnings per share | -0.16 | -0.37 | -0.35 | -0.39 | -0.35 | -0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥137.5m | CN¥126.9m | CN¥180.9m | CN¥266.8m | CN¥197.0m | CN¥63.2m |
| Cash and short-term investments | CN¥35.0m | CN¥38.6m | CN¥87.9m | CN¥192.5m | CN¥134.2m | CN¥28.1m |
| Total liabilities | CN¥87.7m | CN¥64.1m | CN¥43.7m | CN¥63.5m | CN¥51.9m | CN¥20.5m |
| Debt | CN¥16.8m | CN¥32.1m | CN¥6.6m | CN¥6.7m | CN¥5.4m | CN¥107,961 |
| Shareholders' equity | CN¥49.7m | CN¥62.8m | CN¥137.3m | CN¥203.3m | CN¥145.1m | CN¥42.7m |
| Shares outstanding | 239m | 239m | 239m | 245m | 245m | 245m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −CN¥5.8m | −CN¥70.5m | −CN¥81.5m | −CN¥96.9m | −CN¥53.1m | −CN¥29.1m |
| Capital spending | −CN¥770,000 | −CN¥1.6m | −CN¥12.8m | −CN¥7.0m | −CN¥10.6m | −CN¥1.3m |
| Free cash flow | −CN¥6.6m | −CN¥72.1m | −CN¥94.4m | −CN¥103.9m | −CN¥63.7m | −CN¥30.4m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥44.2m | CN¥51.1m | CN¥29.0m | CN¥16.6m | CN¥18.7m | CN¥16.1m | CN¥14.3m | CN¥8.8m |
| Gross profit | CN¥29.7m | CN¥34.3m | CN¥19.7m | CN¥13.0m | CN¥14.0m | CN¥12.4m | CN¥10.4m | CN¥6.0m |
| Operating income | −CN¥16.3m | −CN¥26.2m | −CN¥46.4m | −CN¥47.2m | −CN¥49.3m | −CN¥40.0m | −CN¥62.2m | −CN¥37.9m |
| Net income | −CN¥14.4m | −CN¥23.8m | −CN¥44.4m | −CN¥44.3m | −CN¥46.0m | −CN¥36.9m | −CN¥59.1m | −CN¥36.3m |
| Diluted earnings per share | -0.06 | -0.10 | -0.19 | -0.19 | -0.19 | -0.15 | -0.24 | -0.15 |
| Cash from operations | — | −CN¥6.0m | −CN¥70.0m | −CN¥42.0m | −CN¥81.0m | −CN¥49.0m | −CN¥82.0m | −CN¥33.0m |
| Capital spending | — | — | −CN¥1.0m | −CN¥1.0m | −CN¥12.0m | −CN¥1.0m | −CN¥5.0m | −CN¥1.0m |
| Free cash flow | — | — | −CN¥71.0m | −CN¥43.0m | −CN¥93.0m | −CN¥50.0m | −CN¥87.0m | −CN¥34.0m |
| Total assets | CN¥137.5m | CN¥159.8m | CN¥126.9m | CN¥157.0m | CN¥180.9m | CN¥218.2m | — | — |
| Cash and short-term investments | CN¥35.0m | CN¥63.7m | CN¥38.6m | CN¥59.1m | CN¥87.9m | CN¥135.2m | — | — |
| Debt | CN¥16.8m | CN¥30.8m | CN¥32.1m | CN¥27.7m | CN¥6.6m | CN¥6.2m | — | — |
| Shareholders' equity | CN¥49.7m | CN¥57.5m | CN¥62.8m | CN¥100.2m | CN¥137.3m | CN¥174.6m | — | — |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 67.2% | 71.8% | 75.8% | 71.3% | 69.3% | 51.2% |
| Operating margin | -44.6% | -205.6% | -256.6% | -433.6% | -562.4% | -1759.3% |
| Net margin | -40.1% | -195.0% | -238.1% | -413.4% | -454.3% | -1514.1% |
| Return on equity | -76.7% | -141.3% | -60.4% | -46.9% | -59.7% | -272.6% |
| Return on assets | -27.8% | -69.9% | -45.8% | -35.8% | -44.0% | -184.4% |
| Free cash flow yield | -1.2% | -17.1% | -19.8% | — | — | — |
| Revenue growth | 78.0% | 30.7% | 50.8% | 21.1% | 147.7% | — |
| Earnings growth | -63.4% | 7.1% | -13.1% | 10.2% | -25.7% | — |
| Current ratio | 1.51x | 1.64x | 4.87x | 5.78x | 6.69x | 2.17x |
| Debt to equity | 0.26x | 0.41x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 36.2% | 49.5% | 75.9% | 76.2% | 73.7% | 67.6% |
| Interest coverage | -21.77x | -94.87x | -61.82x | -38.16x | -46.64x | -102.31x |
| R&D as a share of sales | 31.9% | 137.2% | 185.9% | 220.8% | 400.5% | 467.3% |
| Buybacks as a share of market value | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 59.1% | 64.2% | — |
| Operating income | -24.8% | -20.7% | — |
| Net income | -26.3% | -20.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.6% | 70.2% | 69.5% | — |
| Operating margin | -96.7% | -163.8% | -252.0% | — |
| Net margin | -90.1% | -153.6% | -225.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -37.3 | -19.1 | -30.2 | -25.2 |
| Price to sales | 15.6 | 38.5 | 72.1 | 105.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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