Z 
32.48
-7.04%
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¥64.73bn
FY2019FY2025
Net income
CN¥524.5m
FY2019FY2025
Free cash flow
CN¥7.69bn
FY2019FY2025
Shareholders' equity
CN¥14.12bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥64.73bn | CN¥27.57bn | CN¥14.35bn | CN¥10.61bn | CN¥2.68bn | CN¥541.1m | CN¥100.1m |
| Gross profit | CN¥9.41bn | CN¥2.31bn | CN¥69.0m | −CN¥1.64bn | −CN¥1.51bn | −CN¥354.3m | −CN¥117.0m |
| Research and development | CN¥4.18bn | CN¥2.48bn | CN¥1.65bn | CN¥1.21bn | CN¥634.2m | CN¥247.9m | CN¥299.7m |
| Operating income | CN¥177.4m | −CN¥2.72bn | −CN¥3.75bn | −CN¥4.48bn | −CN¥2.46bn | −CN¥745.2m | −CN¥652.6m |
| Net income | CN¥524.5m | −CN¥2.42bn | −CN¥3.61bn | −CN¥4.38bn | −CN¥2.44bn | −CN¥942.9m | −CN¥771.4m |
| Diluted earnings per share | 0.37 | -1.81 | -3.05 | -3.83 | -2.13 | -0.66 | -0.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | CN¥62.85bn | CN¥37.65bn | CN¥28.45bn | CN¥19.27bn | CN¥12.53bn | CN¥2.80bn | CN¥2.34bn |
| Cash and short-term investments | CN¥28.19bn | CN¥20.72bn | CN¥15.47bn | CN¥7.96bn | CN¥5.60bn | CN¥151.6m | CN¥410.4m |
| Total liabilities | CN¥48.72bn | CN¥27.58bn | CN¥15.96bn | CN¥11.01bn | CN¥5.30bn | CN¥3.29bn | CN¥3.39bn |
| Debt | CN¥4.45bn | CN¥2.71bn | CN¥2.75bn | CN¥2.21bn | CN¥915.1m | CN¥2.08bn | CN¥2.82bn |
| Shareholders' equity | CN¥14.12bn | CN¥10.07bn | CN¥12.50bn | CN¥8.26bn | CN¥7.23bn | −CN¥572.3m | −CN¥1.18bn |
| Shares outstanding | 1,429m | 1,337m | 1,186m | 1,143m | 1,143m | 1,430m | 1,430m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥12.31bn | CN¥7.26bn | CN¥1.08bn | −CN¥2.40bn | −CN¥1.02bn | −CN¥627.3m | −CN¥700.3m |
| Capital spending | −CN¥4.62bn | −CN¥1.80bn | −CN¥1.39bn | −CN¥1.65bn | −CN¥1.84bn | −CN¥310.5m | −CN¥407.1m |
| Free cash flow | CN¥7.69bn | CN¥5.46bn | −CN¥312.9m | −CN¥4.05bn | −CN¥2.86bn | −CN¥937.8m | −CN¥1.11bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥19.05bn | CN¥19.05bn | CN¥20.24bn | CN¥20.24bn | CN¥12.12bn | CN¥12.12bn | CN¥9.99bn | CN¥11.66bn |
| Gross profit | CN¥2.22bn | CN¥2.22bn | CN¥2.99bn | CN¥2.99bn | CN¥1.71bn | CN¥1.71bn | CN¥1.11bn | CN¥1.30bn |
| Operating income | CN¥64.2m | CN¥64.2m | CN¥133.0m | CN¥133.0m | −CN¥44.3m | −CN¥44.3m | −CN¥332.6m | −CN¥388.0m |
| Net income | CN¥104.2m | CN¥104.2m | CN¥252.7m | CN¥252.7m | CN¥16.5m | CN¥16.5m | −CN¥261.0m | −CN¥304.5m |
| Diluted earnings per share | 0.07 | 0.07 | 0.18 | 0.18 | 0.01 | 0.01 | -0.20 | -0.23 |
| Cash from operations | CN¥1.08bn | CN¥1.08bn | CN¥4.88bn | CN¥4.88bn | CN¥1.43bn | CN¥1.43bn | CN¥4.10bn | CN¥4.10bn |
| Capital spending | −CN¥985.0m | −CN¥985.0m | −CN¥1.39bn | −CN¥1.39bn | −CN¥983.0m | −CN¥983.0m | −CN¥682.0m | −CN¥682.0m |
| Free cash flow | CN¥100.0m | CN¥100.0m | CN¥3.49bn | CN¥3.49bn | CN¥446.0m | CN¥446.0m | CN¥3.42bn | CN¥3.42bn |
| Total assets | CN¥78.17bn | CN¥78.17bn | CN¥62.82bn | CN¥62.82bn | CN¥46.29bn | CN¥46.29bn | CN¥32.27bn | CN¥37.65bn |
| Cash and short-term investments | CN¥25.84bn | CN¥25.84bn | CN¥25.03bn | CN¥24.66bn | CN¥18.64bn | CN¥18.64bn | CN¥17.76bn | CN¥19.65bn |
| Debt | CN¥1.23bn | CN¥1.23bn | CN¥4.45bn | CN¥890.7m | CN¥3.04bn | CN¥1.61bn | CN¥2.32bn | CN¥1.41bn |
| Shareholders' equity | CN¥14.36bn | CN¥14.36bn | CN¥14.12bn | CN¥14.12bn | CN¥13.01bn | CN¥13.01bn | CN¥8.63bn | CN¥10.07bn |
Financial ratios
Data as of 14 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.5% | 8.4% | 0.5% | -19.1% | -56.2% | -65.5% |
| Operating margin | 0.1% | -9.9% | -26.1% | -42.2% | -91.6% | -137.7% |
| Net margin | 0.8% | -8.8% | -25.2% | -41.3% | -90.9% | -174.3% |
| Return on equity | 3.7% | -28.0% | -33.7% | -61.9% | -39.4% | 164.7% |
| Return on assets | 0.8% | -7.5% | -14.8% | -26.5% | -22.7% | -33.6% |
| Free cash flow yield | 32.2% | 21.4% | 5.7% | -1.8% | 1.9% | — |
| Revenue growth | 101.3% | 92.1% | 35.2% | 295.4% | 396.1% | 440.4% |
| Earnings growth | -118.6% | -33.1% | -17.5% | 79.5% | 158.7% | 22.2% |
| Current ratio | 0.93x | 1.06x | 1.61x | 1.47x | 2.07x | 0.60x |
| Debt to equity | 0.23x | 0.25x | 0.21x | 0.24x | 0.12x | -3.62x |
| Equity ratio | 22.5% | 26.8% | 43.9% | 42.9% | 57.7% | -20.4% |
| Interest coverage | 0.86x | -80.23x | -60.61x | -141.22x | -46.52x | -3.78x |
| R&D as a share of sales | 6.5% | 9.0% | 11.5% | 11.4% | 23.6% | 45.8% |
| Buybacks as a share of market value | -6.9% | -12.7% | -3.8% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 82.7% | 160.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.7% | 8.7% | 6.9% | — |
| Operating margin | -2.8% | -9.2% | -11.6% | — |
| Net margin | -2.1% | -8.4% | -11.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 116.5 | -15.8 | -10.3 | -6.9 |
| Price to sales | 0.9 | 1.4 | 2.6 | 2.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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