I 
0.38
0.00%
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.
Net income
−CN¥268.8m
FY2018FY2025
Free cash flow
−CN¥130.3m
FY2018FY2025
Shareholders' equity
−CN¥16.2m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −CN¥62.7m | — | — | — | — | — | — | — |
| Research and development | CN¥99.4m | CN¥154.2m | CN¥177.3m | CN¥69.8m | CN¥109.0m | CN¥324.5m | CN¥72.2m | CN¥36.3m |
| Operating income | −CN¥261.6m | −CN¥198.8m | −CN¥230.5m | −CN¥273.9m | −CN¥401.6m | −CN¥404.4m | −CN¥128.3m | −CN¥49.4m |
| Net income | −CN¥268.8m | −CN¥186.9m | −CN¥334.8m | −CN¥318.1m | −CN¥412.5m | −CN¥511.3m | −CN¥127.0m | −CN¥40.5m |
| Diluted earnings per share | -0.45 | -0.36 | -0.65 | -0.62 | -0.80 | -1.01 | -0.33 | -0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥702.5m | CN¥564.0m | CN¥846.3m | CN¥879.4m | CN¥1.28bn | CN¥1.41bn | CN¥485.6m | CN¥325.2m |
| Cash and short-term investments | CN¥180.1m | CN¥57.5m | CN¥177.0m | CN¥79.5m | CN¥411.5m | CN¥984.5m | CN¥328.7m | CN¥202.7m |
| Total liabilities | CN¥662.7m | CN¥580.5m | CN¥675.4m | CN¥373.1m | CN¥319.7m | CN¥94.8m | CN¥287.2m | CN¥73.3m |
| Debt | CN¥422.1m | CN¥384.6m | CN¥457.2m | CN¥149.8m | CN¥111.1m | CN¥51.1m | CN¥211.1m | CN¥33.9m |
| Shareholders' equity | −CN¥16.2m | −CN¥13.3m | CN¥173.6m | CN¥508.4m | CN¥957.6m | CN¥1.31bn | CN¥196.8m | CN¥250.0m |
| Shares outstanding | 600m | 515m | 515m | 515m | 515m | 507m | 381m | 500m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥113.3m | −CN¥125.7m | −CN¥163.6m | −CN¥210.7m | −CN¥296.6m | −CN¥307.1m | −CN¥111.2m | −CN¥51.3m |
| Capital spending | −CN¥17.0m | −CN¥28.1m | −CN¥22.5m | −CN¥112.5m | −CN¥211.1m | −CN¥88.1m | −CN¥24.5m | −CN¥40.8m |
| Free cash flow | −CN¥130.3m | −CN¥153.8m | −CN¥186.2m | −CN¥323.2m | −CN¥507.6m | −CN¥395.2m | −CN¥135.7m | −CN¥92.2m |
| Dividends paid | — | — | — | — | — | — | −CN¥1.1m | −CN¥39.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −CN¥27.7m | −CN¥30.4m | — | — | — | — | −CN¥65.6m | −CN¥58.1m |
| Operating income | −CN¥81.2m | −CN¥99.4m | −CN¥101.4m | −CN¥84.6m | −CN¥114.0m | −CN¥131.0m | −CN¥115.9m | −CN¥147.9m |
| Net income | −CN¥80.2m | −CN¥116.4m | −CN¥150.4m | −CN¥94.4m | −CN¥92.5m | −CN¥217.0m | −CN¥137.4m | −CN¥207.3m |
| Diluted earnings per share | -0.13 | -0.19 | -0.25 | -0.18 | -0.18 | -0.42 | -0.27 | -0.40 |
| Cash from operations | — | −CN¥64.0m | −CN¥60.0m | −CN¥46.0m | −CN¥79.0m | — | — | −CN¥107.0m |
| Capital spending | — | −CN¥6.0m | −CN¥11.0m | −CN¥7.0m | −CN¥19.0m | — | — | −CN¥4.0m |
| Free cash flow | — | −CN¥70.0m | −CN¥71.0m | −CN¥53.0m | −CN¥98.0m | — | — | −CN¥111.0m |
| Total assets | CN¥558.7m | CN¥702.5m | CN¥569.4m | CN¥564.0m | CN¥719.7m | CN¥846.3m | CN¥1.21bn | CN¥879.4m |
| Cash and short-term investments | CN¥76.8m | CN¥180.1m | CN¥24.5m | CN¥57.5m | CN¥145.3m | CN¥177.0m | CN¥310.8m | CN¥79.5m |
| Debt | CN¥34.1m | CN¥422.1m | CN¥130.1m | CN¥384.6m | CN¥409.3m | CN¥457.2m | CN¥164.2m | CN¥149.8m |
| Shareholders' equity | −CN¥97.6m | −CN¥16.2m | −CN¥165.8m | −CN¥13.3m | CN¥81.1m | CN¥173.6m | CN¥454.6m | CN¥508.4m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Return on equity | 1656.4% | 1405.8% | -192.9% | -62.6% | -43.1% | -38.9% |
| Return on assets | -38.3% | -33.1% | -39.6% | -36.2% | -32.3% | -36.3% |
| Free cash flow yield | -39.4% | -54.2% | -78.3% | -46.8% | -40.8% | -106.0% |
| Earnings growth | 23.5% | -44.2% | 5.3% | -10.2% | -19.3% | 302.6% |
| Current ratio | 0.35x | 0.20x | 1.05x | 0.57x | 2.29x | 27.95x |
| Debt to equity | -26.02x | -22.23x | 3.91x | 0.05x | 0.02x | -0.01x |
| Equity ratio | -2.3% | -2.4% | 20.5% | 57.8% | 74.9% | 93.2% |
| Interest coverage | -33.80x | -31.28x | -2.65x | -44.70x | -93.89x | -145.57x |
| Buybacks as a share of market value | -16.6% | 0.0% | 0.0% | 0.0% | -1.6% | -33.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -1.5% | -8.3% | — |
| Net income | -5.5% | -12.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -2.6 | -2.5 | -3.1 | -3.0 | -8.4 | -4.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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