A 
2.70
-4.26%
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¥122.6m
FY2018FY2025
Net income
−CN¥278.4m
FY2018FY2025
Free cash flow
−CN¥208.3m
FY2018FY2025
Shareholders' equity
CN¥748.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥122.6m | CN¥92.0m | CN¥67.3m | CN¥186.4m | CN¥33.5m | — | CN¥11.0m | CN¥6.8m |
| Gross profit | CN¥101.1m | CN¥74.2m | CN¥55.0m | CN¥153.7m | CN¥28.2m | — | CN¥11.0m | CN¥6.8m |
| Research and development | CN¥196.9m | CN¥258.9m | CN¥405.7m | CN¥568.8m | CN¥471.6m | CN¥347.7m | CN¥115.8m | CN¥115.8m |
| Operating income | −CN¥278.2m | −CN¥364.7m | −CN¥691.5m | −CN¥1.02bn | −CN¥719.8m | −CN¥502.3m | −CN¥144.1m | −CN¥133.6m |
| Net income | −CN¥278.4m | −CN¥319.3m | −CN¥581.2m | −CN¥700.3m | −CN¥763.3m | −CN¥2.93bn | −CN¥323.8m | −CN¥146.0m |
| Diluted earnings per share | -0.44 | -0.51 | -0.94 | -1.14 | -1.22 | -9.96 | -0.74 | -0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.46bn | CN¥1.57bn | CN¥1.88bn | CN¥2.49bn | CN¥2.98bn | CN¥3.19bn | CN¥759.8m | CN¥80.4m |
| Cash and short-term investments | CN¥855.0m | CN¥1.05bn | CN¥1.39bn | CN¥2.09bn | CN¥2.76bn | CN¥3.11bn | CN¥746.8m | CN¥65.3m |
| Total liabilities | CN¥715.9m | CN¥575.1m | CN¥548.6m | CN¥499.3m | CN¥190.1m | CN¥156.6m | CN¥1.32bn | CN¥239.0m |
| Debt | CN¥299.8m | CN¥249.4m | CN¥201.0m | CN¥58.0m | CN¥14.8m | CN¥10.9m | CN¥1.27bn | CN¥154.8m |
| Shareholders' equity | CN¥748.3m | CN¥990.6m | CN¥1.34bn | CN¥1.99bn | CN¥2.79bn | CN¥3.04bn | −CN¥557.6m | −CN¥158.6m |
| Shares outstanding | 632m | 622m | 616m | 617m | 624m | 294m | 438m | 668m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥148.5m | −CN¥322.0m | −CN¥775.2m | −CN¥666.2m | −CN¥649.3m | −CN¥307.1m | −CN¥121.5m | −CN¥113.1m |
| Capital spending | −CN¥59.8m | −CN¥60.6m | −CN¥131.7m | −CN¥108.7m | −CN¥27.2m | −CN¥51.7m | −CN¥11,000 | −CN¥450,000 |
| Free cash flow | −CN¥208.3m | −CN¥382.6m | −CN¥906.9m | −CN¥774.9m | −CN¥676.5m | −CN¥358.9m | −CN¥121.5m | −CN¥113.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥589.1m | CN¥60.7m | CN¥61.9m | CN¥31.2m | CN¥60.8m | −CN¥4.7m | CN¥83.9m | CN¥123.6m |
| Gross profit | CN¥543.3m | CN¥51.1m | CN¥50.0m | CN¥22.2m | CN¥51.9m | −CN¥5.1m | CN¥69.1m | CN¥101.0m |
| Operating income | CN¥327.8m | −CN¥146.2m | −CN¥131.9m | −CN¥171.3m | −CN¥193.4m | −CN¥353.4m | −CN¥394.4m | −CN¥661.9m |
| Net income | CN¥248.4m | −CN¥189.5m | −CN¥88.9m | −CN¥152.2m | −CN¥167.0m | −CN¥362.5m | −CN¥254.6m | −CN¥532.1m |
| Diluted earnings per share | 0.39 | -0.30 | -0.14 | -0.24 | -0.27 | -0.59 | -0.41 | -0.86 |
| Cash from operations | — | −CN¥148.0m | −CN¥103.0m | −CN¥149.0m | −CN¥171.0m | −CN¥185.0m | −CN¥589.0m | −CN¥365.0m |
| Capital spending | — | −CN¥59.0m | −CN¥11.0m | −CN¥44.0m | −CN¥16.0m | −CN¥61.0m | −CN¥70.0m | −CN¥90.0m |
| Free cash flow | — | −CN¥207.0m | −CN¥114.0m | −CN¥193.0m | −CN¥187.0m | −CN¥246.0m | −CN¥659.0m | −CN¥455.0m |
| Total assets | CN¥1.77bn | CN¥1.46bn | CN¥1.47bn | CN¥1.57bn | CN¥1.70bn | CN¥1.88bn | CN¥2.19bn | CN¥2.80bn |
| Cash and short-term investments | CN¥890.6m | CN¥855.0m | CN¥924.7m | CN¥1.05bn | CN¥1.20bn | CN¥1.39bn | CN¥1.66bn | CN¥2.34bn |
| Debt | CN¥12.7m | CN¥299.8m | CN¥273.4m | CN¥290.4m | CN¥230.8m | CN¥218.0m | CN¥148.9m | CN¥67.5m |
| Shareholders' equity | CN¥1.06bn | CN¥748.3m | CN¥892.3m | CN¥990.6m | CN¥1.16bn | CN¥1.34bn | CN¥1.84bn | CN¥2.24bn |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 82.4% | 80.7% | 81.7% | 82.4% | 84.1% | — | 100.0% |
| Operating margin | -226.8% | -396.7% | -862.2% | -548.9% | -2149.0% | — | -1307.4% |
| Net margin | -227.0% | -347.2% | -863.5% | -375.6% | -2278.6% | — | -2936.8% |
| Return on equity | -37.2% | -37.5% | -50.7% | -35.1% | -27.4% | -96.4% | — |
| Return on assets | -19.0% | -23.7% | -35.9% | -28.1% | -25.6% | -91.7% | — |
| Free cash flow yield | -4.3% | -15.1% | -32.2% | -27.8% | -30.7% | -31.1% | — |
| Revenue growth | 14.6% | 36.6% | -58.0% | 456.6% | — | — | 62.2% |
| Earnings growth | -25.1% | -45.1% | -3.4% | -8.2% | -77.6% | 804.6% | — |
| Current ratio | 2.97x | 6.53x | 6.51x | 4.97x | 15.14x | 20.77x | — |
| Debt to equity | 0.40x | 0.29x | 0.16x | 0.02x | 0.00x | 0.00x | — |
| Equity ratio | 51.1% | 63.3% | 70.9% | 80.0% | 93.6% | 95.1% | — |
| Interest coverage | -103.66x | -568.13x | -646.20x | -902.40x | -885.74x | -486.75x | — |
| R&D as a share of sales | 160.5% | 281.6% | 602.7% | 305.0% | 1407.9% | — | 1050.3% |
| Buybacks as a share of market value | -1.7% | -1.0% | 0.1% | 1.3% | -112.4% | 32.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.0% | — | — |
| Operating income | -35.2% | -11.1% | — |
| Net income | -26.5% | -37.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.7% | 82.0% | — | — |
| Operating margin | -299.6% | -503.4% | — | — |
| Net margin | -278.5% | -401.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -7.5 | -1.1 | -1.8 | -3.9 | -7.0 | -1.5 |
| Price to sales | 17.0 | 3.8 | 15.9 | 14.8 | 159.1 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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