S 
465.00
+2.24%
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¥2.06bn
FY2021FY2025
Net income
−CN¥382.0m
FY2021FY2025
Free cash flow
−CN¥306.6m
FY2021FY2025
Shareholders' equity
CN¥4.87bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.06bn | CN¥1.66bn | CN¥1.32bn | CN¥689.0m | CN¥27.2m |
| Research and development | CN¥1.32bn | CN¥1.03bn | CN¥883.6m | CN¥725.1m | CN¥613.5m |
| Operating income | −CN¥466.2m | −CN¥181.2m | −CN¥367.3m | −CN¥358.7m | −CN¥684.6m |
| Net income | −CN¥382.0m | −CN¥228.6m | −CN¥492.1m | −CN¥528.0m | −CN¥750.2m |
| Diluted earnings per share | -1.64 | -1.02 | -2.29 | -5.53 | -3.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥5.99bn | CN¥4.27bn | CN¥3.01bn | CN¥851.2m | CN¥854.5m |
| Cash and short-term investments | CN¥4.56bn | CN¥3.08bn | CN¥2.17bn | CN¥90.2m | CN¥86.0m |
| Total liabilities | CN¥1.12bn | CN¥959.3m | CN¥1.01bn | CN¥3.62bn | CN¥3.63bn |
| Debt | CN¥88.4m | CN¥126.7m | CN¥51.4m | CN¥2.58bn | CN¥2.51bn |
| Shareholders' equity | CN¥4.87bn | CN¥3.31bn | CN¥2.00bn | −CN¥2.75bn | −CN¥2.78bn |
| Shares outstanding | 233m | 223m | 215m | 96m | 216m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥180.3m | −CN¥429.8m | CN¥59.6m | −CN¥270.8m | −CN¥443.3m |
| Capital spending | −CN¥126.3m | −CN¥81.1m | −CN¥82.3m | −CN¥39.0m | −CN¥79.3m |
| Free cash flow | −CN¥306.6m | −CN¥510.9m | −CN¥22.7m | −CN¥309.8m | −CN¥522.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥489.2m | CN¥489.2m | CN¥616.1m | CN¥605.3m | CN¥520.7m | CN¥509.3m | CN¥250.8m | CN¥304.8m |
| Operating income | CN¥125.0m | CN¥125.0m | −CN¥98.5m | −CN¥96.8m | −CN¥86.4m | −CN¥86.5m | −CN¥250.9m | −CN¥304.9m |
| Net income | CN¥194.0m | CN¥194.0m | −CN¥131.7m | −CN¥129.4m | −CN¥79.5m | −CN¥77.8m | −CN¥263.0m | −CN¥319.6m |
| Diluted earnings per share | 0.83 | 0.83 | -0.56 | -0.55 | -0.34 | -0.33 | -1.18 | -1.43 |
| Cash from operations | CN¥169.0m | CN¥169.0m | CN¥107.0m | CN¥105.0m | −CN¥204.0m | −CN¥199.0m | −CN¥191.0m | −CN¥199.0m |
| Capital spending | −CN¥13.0m | −CN¥13.0m | −CN¥46.0m | −CN¥46.0m | −CN¥22.0m | −CN¥22.0m | −CN¥22.0m | −CN¥23.0m |
| Free cash flow | CN¥156.0m | CN¥156.0m | CN¥61.0m | CN¥59.0m | −CN¥226.0m | −CN¥221.0m | −CN¥213.0m | −CN¥222.0m |
| Total assets | CN¥6.32bn | CN¥6.32bn | CN¥5.99bn | CN¥6.55bn | CN¥909.6m | CN¥6.38bn | CN¥3.66bn | CN¥4.73bn |
| Cash and short-term investments | CN¥4.77bn | CN¥4.78bn | CN¥4.56bn | CN¥4.47bn | CN¥4.53bn | CN¥4.53bn | CN¥2.64bn | CN¥3.07bn |
| Debt | CN¥34.1m | CN¥34.1m | CN¥186.3m | CN¥48.5m | CN¥131.1m | CN¥47.1m | CN¥175.2m | CN¥46.3m |
| Shareholders' equity | CN¥5.34bn | CN¥5.34bn | CN¥4.87bn | CN¥5.32bn | CN¥766.2m | CN¥5.37bn | CN¥2.84bn | CN¥3.67bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating margin | -22.7% | -10.9% | -27.8% | -52.1% | -2512.4% |
| Net margin | -18.6% | -13.8% | -37.3% | -76.6% | -2752.9% |
| Return on equity | -7.8% | -8.1% | -24.6% | 19.2% | 27.0% |
| Return on assets | -6.4% | -6.3% | -16.4% | -62.0% | -87.8% |
| Free cash flow yield | -0.0% | -0.3% | 0.1% | -0.5% | -0.4% |
| Revenue growth | 6.5% | 25.5% | 91.6% | 2428.6% | — |
| Earnings growth | 43.2% | -53.5% | -6.8% | -29.6% | — |
| Current ratio | 5.13x | 4.31x | 2.53x | 0.08x | 0.09x |
| Debt to equity | 0.03x | 0.04x | 0.05x | -0.93x | -0.90x |
| Equity ratio | 81.3% | 77.5% | 66.4% | -322.7% | -325.2% |
| Interest coverage | -75.71x | -55.69x | -5.08x | -2.81x | -7.21x |
| R&D as a share of sales | 64.1% | 62.4% | 66.9% | 105.2% | 2251.3% |
| Buybacks as a share of market value | -4.5% | -3.8% | -125.1% | 55.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 44.0% | — | — |
| Operating income | 9.1% | — | — |
| Net income | -10.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -208.1 | -142.1 | -39.0 |
| Price to sales | 38.6 | 19.6 | 14.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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