D 
104.20
-0.67%
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¥2.10bn
FY2022FY2025
Net income
−CN¥2.94bn
FY2022FY2025
Free cash flow
CN¥210.7m
FY2022FY2025
Shareholders' equity
CN¥2.83bn
FY2022FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Revenue | CN¥2.10bn | CN¥2.26bn | CN¥2.08bn | CN¥1.9m |
| Research and development | CN¥943.0m | CN¥974.6m | CN¥651.1m | CN¥395.9m |
| Operating income | −CN¥484.9m | −CN¥220.1m | CN¥910.1m | −CN¥429.3m |
| Net income | −CN¥2.94bn | −CN¥1.22bn | −CN¥416.4m | −CN¥450.9m |
| Diluted earnings per share | -33.23 | -14.71 | -5.01 | -5.42 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Total assets | CN¥4.54bn | CN¥2.43bn | CN¥1.75bn | CN¥540.2m |
| Cash and short-term investments | CN¥3.99bn | CN¥1.62bn | CN¥1.32bn | CN¥437.9m |
| Total liabilities | CN¥1.71bn | CN¥4.79bn | CN¥3.06bn | CN¥1.44bn |
| Debt | CN¥174.5m | CN¥3.05bn | CN¥2.14bn | CN¥3.0m |
| Shareholders' equity | CN¥2.83bn | −CN¥2.36bn | −CN¥1.31bn | −CN¥895.9m |
| Shares outstanding | 89m | 83m | 83m | 83m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Cash from operations | CN¥226.7m | CN¥332.9m | CN¥950.9m | −CN¥348.8m |
| Capital spending | −CN¥16.0m | −CN¥36.3m | −CN¥41.8m | −CN¥25.9m |
| Free cash flow | CN¥210.7m | CN¥296.6m | CN¥909.1m | −CN¥374.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥127.7m | CN¥127.7m | CN¥362.7m | CN¥362.7m | CN¥715.7m | CN¥715.7m | CN¥558.2m | CN¥538.4m |
| Operating income | −CN¥563.1m | −CN¥563.1m | −CN¥345.9m | −CN¥345.9m | CN¥62.3m | CN¥62.3m | −CN¥134.9m | −CN¥192.3m |
| Net income | −CN¥534.4m | −CN¥534.4m | −CN¥303.4m | −CN¥303.4m | −CN¥1.21bn | −CN¥1.21bn | −CN¥563.7m | −CN¥318.0m |
| Diluted earnings per share | -5.94 | -5.94 | -3.42 | -3.42 | -13.63 | -13.63 | -6.78 | -3.82 |
| Cash from operations | — | — | −CN¥230.0m | −CN¥230.0m | CN¥343.0m | CN¥343.0m | CN¥309.0m | −CN¥184.0m |
| Capital spending | — | — | −CN¥5.0m | −CN¥5.0m | −CN¥3.0m | — | −CN¥11.0m | −CN¥8.0m |
| Free cash flow | — | — | −CN¥235.0m | −CN¥235.0m | CN¥340.0m | — | CN¥298.0m | −CN¥192.0m |
| Total assets | CN¥4.08bn | CN¥4.08bn | CN¥4.53bn | CN¥4.53bn | CN¥4.87bn | CN¥4.87bn | CN¥2.43bn | CN¥2.10bn |
| Cash and short-term investments | CN¥3.54bn | CN¥3.54bn | CN¥3.93bn | CN¥3.94bn | CN¥4.31bn | CN¥4.31bn | CN¥1.62bn | CN¥1.30bn |
| Debt | CN¥283.1m | CN¥283.1m | CN¥174.5m | CN¥169.9m | CN¥79.1m | CN¥75.6m | CN¥3.5m | CN¥3.7m |
| Shareholders' equity | CN¥1.69bn | CN¥1.69bn | CN¥2.83bn | CN¥2.83bn | CN¥3.39bn | CN¥3.39bn | −CN¥2.36bn | −CN¥1.74bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Operating margin | -23.1% | -9.7% | 43.7% | -23036.4% |
| Net margin | -140.1% | -54.1% | -20.0% | -24193.1% |
| Return on equity | -104.1% | 52.0% | 31.8% | 50.3% |
| Return on assets | -64.9% | -50.3% | -23.8% | -83.5% |
| Free cash flow yield | 1.1% | 1.8% | 4.8% | — |
| Revenue growth | -7.1% | 8.7% | 111558.8% | — |
| Earnings growth | 140.6% | 193.8% | -7.6% | — |
| Current ratio | 3.61x | 0.49x | 0.52x | 0.33x |
| Debt to equity | 0.06x | -0.00x | -0.00x | -0.00x |
| Equity ratio | 62.3% | -96.7% | -74.9% | -165.9% |
| Interest coverage | -353.16x | -755.97x | 4156.14x | -4914.44x |
| R&D as a share of sales | 44.9% | 43.1% | 31.3% | 21243.1% |
| Buybacks as a share of market value | -6.5% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 940.8% | — | — |
| Operating income | 4.1% | — | — |
| Net income | 86.9% | — | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -8.1 |
| Price to sales | 11.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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