H 
3.68
-2.65%
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¥4.27bn
FY2021FY2025
Net income
−CN¥11.89bn
FY2021FY2025
Free cash flow
−CN¥3.27bn
FY2021FY2025
Shareholders' equity
CN¥14.74bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.27bn | CN¥2.38bn | CN¥1.55bn | CN¥905.7m | CN¥544.2m |
| Gross profit | CN¥2.76bn | CN¥1.84bn | CN¥1.09bn | CN¥627.7m | CN¥386.0m |
| Research and development | CN¥5.85bn | CN¥3.16bn | CN¥2.37bn | CN¥1.88bn | CN¥1.33bn |
| Operating income | −CN¥4.65bn | −CN¥2.14bn | −CN¥2.03bn | −CN¥2.13bn | −CN¥1.56bn |
| Net income | −CN¥11.89bn | CN¥2.35bn | −CN¥6.74bn | −CN¥8.72bn | −CN¥2.40bn |
| Diluted earnings per share | -0.81 | 0.18 | -0.52 | -0.67 | -0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥35.71bn | CN¥20.38bn | CN¥15.87bn | CN¥9.90bn | CN¥12.36bn |
| Cash and short-term investments | CN¥24.30bn | CN¥15.40bn | CN¥11.36bn | CN¥7.81bn | CN¥10.88bn |
| Total liabilities | CN¥20.97bn | CN¥8.46bn | CN¥40.54bn | CN¥27.33bn | CN¥22.15bn |
| Debt | CN¥15.55bn | CN¥7.15bn | CN¥39.52bn | CN¥26.67bn | CN¥18.46bn |
| Shareholders' equity | CN¥14.74bn | CN¥11.91bn | −CN¥24.67bn | −CN¥17.44bn | −CN¥9.79bn |
| Shares outstanding | 14,653m | 13,200m | 13,030m | 13,030m | 13,030m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥2.46bn | CN¥17.6m | −CN¥1.74bn | −CN¥1.56bn | −CN¥1.30bn |
| Capital spending | −CN¥817.7m | −CN¥911.9m | −CN¥454.0m | −CN¥549.2m | −CN¥261.2m |
| Free cash flow | −CN¥3.27bn | −CN¥894.3m | −CN¥2.20bn | −CN¥2.11bn | −CN¥1.56bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.36bn | CN¥2.51bn | CN¥1.79bn | CN¥1.48bn | CN¥942.1m | CN¥1.18bn | CN¥452.6m |
| Gross profit | CN¥1.56bn | CN¥1.61bn | CN¥1.17bn | CN¥1.07bn | CN¥530.1m | CN¥867.7m | CN¥78.2m |
| Operating income | −CN¥2.48bn | −CN¥2.59bn | −CN¥2.09bn | −CN¥1.26bn | −CN¥1.12bn | −CN¥793.2m | −CN¥1.43bn |
| Net income | CN¥4.35bn | −CN¥6.00bn | −CN¥5.98bn | CN¥7.59bn | −CN¥5.14bn | −CN¥4.85bn | −CN¥2.30bn |
| Diluted earnings per share | 0.31 | -0.41 | -0.41 | 0.57 | -0.39 | -0.37 | -0.18 |
| Cash from operations | — | −CN¥3.0m | −CN¥2.45bn | CN¥16.0m | −CN¥714.0m | −CN¥1.74bn | −CN¥1.42bn |
| Capital spending | — | −CN¥348.0m | −CN¥194.0m | −CN¥298.0m | −CN¥243.0m | −CN¥453.0m | −CN¥70.0m |
| Free cash flow | — | −CN¥351.0m | −CN¥2.64bn | −CN¥282.0m | −CN¥957.0m | −CN¥2.20bn | −CN¥1.49bn |
| Total assets | CN¥31.73bn | CN¥35.71bn | CN¥27.31bn | CN¥20.38bn | CN¥14.95bn | CN¥18.51bn | — |
| Cash and short-term investments | CN¥17.55bn | CN¥24.30bn | CN¥20.71bn | CN¥15.40bn | CN¥10.45bn | CN¥13.25bn | — |
| Debt | CN¥1.02bn | CN¥15.33bn | CN¥12.08bn | CN¥6.94bn | CN¥6.37bn | CN¥6.74bn | — |
| Shareholders' equity | CN¥19.10bn | CN¥14.74bn | CN¥13.32bn | CN¥11.91bn | −CN¥29.82bn | −CN¥28.76bn | — |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 64.5% | 77.3% | 70.5% | 69.3% | 70.9% |
| Operating margin | -109.0% | -90.0% | -130.9% | -235.4% | -286.1% |
| Net margin | -278.6% | 98.4% | -434.3% | -962.8% | -441.7% |
| Return on equity | -80.7% | 19.7% | 27.3% | 50.0% | 24.6% |
| Return on assets | -33.3% | 11.5% | -42.5% | -88.1% | -19.5% |
| Free cash flow yield | -2.3% | 1.7% | -2.3% | — | — |
| Revenue growth | 53.6% | 53.6% | 71.3% | 94.1% | — |
| Earnings growth | -534.6% | -134.8% | -22.7% | 323.0% | — |
| Current ratio | 1.43x | 13.46x | 0.34x | 0.32x | 0.52x |
| Debt to equity | 1.04x | 0.58x | -0.24x | -1.71x | -2.68x |
| Equity ratio | 41.3% | 58.5% | -155.4% | -176.2% | -79.2% |
| Interest coverage | -290.69x | -289.25x | -234.72x | -282.46x | -283.45x |
| R&D as a share of sales | 137.1% | 132.4% | 152.5% | 207.6% | 245.0% |
| Buybacks as a share of market value | -11.0% | -1.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 67.7% | — | — |
| Operating income | 29.7% | — | — |
| Net income | 10.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.1% | 69.4% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -9.2 | 17.5 |
| Price to sales | 25.6 | 17.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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