C 
5.96
+8.36%
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¥6.16bn
FY2021FY2025
Net income
−CN¥341.2m
FY2021FY2025
Free cash flow
−CN¥280.1m
FY2021FY2025
Shareholders' equity
CN¥939.4m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.16bn | CN¥2.46bn | CN¥2.16bn | CN¥1.37bn | CN¥1.18bn |
| Gross profit | CN¥731.3m | −CN¥35.4m | −CN¥150.4m | −CN¥145.9m | −CN¥285.4m |
| Research and development | CN¥138.5m | CN¥141.4m | CN¥118.9m | CN¥105.4m | CN¥135.8m |
| Operating income | −CN¥339.8m | −CN¥483.5m | −CN¥593.9m | −CN¥561.6m | −CN¥795.9m |
| Net income | −CN¥341.2m | −CN¥564.2m | −CN¥692.8m | −CN¥626.8m | −CN¥797.2m |
| Diluted earnings per share | -1.73 | -2.94 | -7.70 | -6.96 | -8.86 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | CN¥1.33bn | CN¥1.38bn | CN¥923.0m | CN¥767.5m | CN¥219.5m |
| Cash and short-term investments | CN¥896.9m | CN¥1.02bn | CN¥619.8m | CN¥557.8m | CN¥105.2m |
| Total liabilities | CN¥390.1m | CN¥272.3m | CN¥2.35bn | CN¥1.52bn | CN¥396.2m |
| Debt | CN¥17.6m | CN¥38.9m | CN¥1.23bn | CN¥305.8m | CN¥35.7m |
| Shareholders' equity | CN¥939.4m | CN¥1.11bn | −CN¥1.43bn | −CN¥749.6m | −CN¥176.7m |
| Shares outstanding | 197m | 192m | 90m | 90m | 90m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −CN¥251.3m | −CN¥529.9m | −CN¥583.1m | −CN¥665.8m | −CN¥515.8m |
| Capital spending | −CN¥28.8m | −CN¥7.3m | −CN¥41.7m | −CN¥49.9m | −CN¥24.5m |
| Free cash flow | −CN¥280.1m | −CN¥537.2m | −CN¥624.8m | −CN¥715.7m | −CN¥540.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.63bn | CN¥4.20bn | CN¥1.95bn | CN¥1.43bn | CN¥830.5m | CN¥1.04bn | CN¥603.8m | CN¥1.25bn |
| Gross profit | CN¥575.2m | CN¥687.7m | CN¥43.6m | −CN¥3.0m | −CN¥1.7m | −CN¥32.4m | −CN¥18.9m | −CN¥79.8m |
| Operating income | −CN¥92.8m | −CN¥194.9m | −CN¥144.9m | −CN¥227.6m | −CN¥132.5m | −CN¥255.9m | −CN¥149.0m | −CN¥284.2m |
| Net income | −CN¥78.7m | −CN¥195.8m | −CN¥145.5m | −CN¥232.5m | −CN¥135.4m | −CN¥331.6m | −CN¥193.1m | −CN¥347.4m |
| Diluted earnings per share | -0.40 | -1.00 | -0.74 | -1.21 | -0.71 | -1.73 | -1.01 | -3.86 |
| Cash from operations | — | −CN¥110.0m | −CN¥129.0m | −CN¥329.0m | — | −CN¥200.0m | −CN¥116.0m | −CN¥209.0m |
| Capital spending | — | −CN¥15.0m | −CN¥12.0m | — | — | −CN¥5.0m | −CN¥3.0m | −CN¥3.0m |
| Free cash flow | — | −CN¥125.0m | −CN¥141.0m | — | — | −CN¥205.0m | −CN¥119.0m | −CN¥212.0m |
| Total assets | CN¥1.32bn | CN¥1.33bn | CN¥1.44bn | CN¥1.38bn | CN¥1.61bn | CN¥678.8m | CN¥790.5m | CN¥1.07bn |
| Cash and short-term investments | CN¥719.9m | CN¥896.9m | CN¥436.2m | CN¥1.02bn | CN¥1.19bn | CN¥378.4m | CN¥440.6m | CN¥721.7m |
| Debt | CN¥5.6m | CN¥22.7m | CN¥25.9m | CN¥38.9m | CN¥33.8m | CN¥2.16bn | CN¥2.50bn | CN¥2.44bn |
| Shareholders' equity | CN¥834.9m | CN¥939.4m | CN¥1.13bn | CN¥1.11bn | CN¥1.29bn | −CN¥1.75bn | −CN¥2.04bn | −CN¥1.67bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 11.9% | -1.4% | -7.0% | -10.7% | -24.2% |
| Operating margin | -5.9% | -19.6% | -31.9% | -45.6% | -67.4% |
| Net margin | -5.5% | -22.9% | -32.1% | -45.8% | -67.5% |
| Return on equity | -36.3% | -51.0% | 48.4% | 83.6% | 451.2% |
| Return on assets | -25.7% | -40.9% | -75.1% | -81.7% | -363.2% |
| Free cash flow yield | -17.4% | -43.9% | -103.0% | — | — |
| Revenue growth | 114.6% | 14.0% | 57.9% | 35.0% | — |
| Earnings growth | -48.1% | -18.6% | 10.5% | -8.4% | — |
| Current ratio | 3.07x | 4.56x | 0.33x | 0.46x | 0.43x |
| Debt to equity | 0.02x | 0.03x | -0.04x | -0.07x | -0.13x |
| Equity ratio | 70.7% | 80.2% | -154.9% | -97.7% | -80.5% |
| Interest coverage | -346.33x | -273.14x | -263.93x | -236.42x | -593.29x |
| R&D as a share of sales | 2.2% | 5.7% | 5.5% | 7.7% | 11.5% |
| Buybacks as a share of market value | -2.5% | -113.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 65.0% | — | — |
| Operating income | -15.4% | — | — |
| Net income | -18.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.1% | 3.3% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -4.6 | -4.2 |
| Price to sales | 0.3 | 0.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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