U 
70.30
+8.99%
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¥2.31bn
FY2021FY2026
Net income
−CN¥813.5m
FY2021FY2026
Free cash flow
−CN¥1.33bn
FY2021FY2026
Shareholders' equity
CN¥8.35bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥2.31bn | CN¥1.31bn | CN¥1.06bn | CN¥1.01bn | CN¥945.4m | CN¥856.3m |
| Gross profit | CN¥840.5m | CN¥374.0m | CN¥332.8m | CN¥397.2m | CN¥264.3m | CN¥366.0m |
| Research and development | CN¥587.1m | CN¥478.1m | CN¥490.5m | CN¥428.3m | CN¥598.2m | CN¥496.0m |
| Operating income | −CN¥901.4m | −CN¥1.13bn | −CN¥1.23bn | −CN¥946.4m | −CN¥1.01bn | −CN¥689.0m |
| Net income | −CN¥813.5m | −CN¥1.12bn | −CN¥1.23bn | −CN¥974.8m | −CN¥1.06bn | −CN¥817.9m |
| Diluted earnings per share | -1.79 | -2.38 | -2.91 | -2.40 | -2.55 | -1.96 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥11.85bn | CN¥5.13bn | CN¥4.77bn | CN¥2.79bn | CN¥3.09bn | CN¥2.82bn |
| Cash and short-term investments | CN¥5.75bn | CN¥1.21bn | CN¥541.4m | CN¥145.4m | CN¥623.7m | CN¥857.2m |
| Total liabilities | CN¥3.37bn | CN¥2.89bn | CN¥2.68bn | CN¥1.73bn | CN¥2.21bn | CN¥1.64bn |
| Debt | CN¥1.34bn | CN¥1.61bn | CN¥1.53bn | CN¥688.8m | CN¥925.8m | CN¥708.8m |
| Shareholders' equity | CN¥8.35bn | CN¥2.11bn | CN¥1.96bn | CN¥961.3m | CN¥870.5m | CN¥1.18bn |
| Shares outstanding | 455m | 471m | 425m | 407m | 418m | 418m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | −CN¥867.7m | −CN¥883.6m | −CN¥1.00bn | −CN¥538.7m | −CN¥787.5m | −CN¥697.2m |
| Capital spending | −CN¥460.9m | −CN¥227.0m | −CN¥531.7m | −CN¥371.2m | −CN¥332.5m | −CN¥206.5m |
| Free cash flow | −CN¥1.33bn | −CN¥1.11bn | −CN¥1.53bn | −CN¥909.9m | −CN¥1.12bn | −CN¥903.6m |
| Dividends paid | −CN¥73.1m | −CN¥91.9m | −CN¥56.5m | −CN¥39.0m | — | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.60bn | CN¥718.9m | CN¥818.1m | CN¥473.2m | CN¥487.2m | CN¥281.8m | CN¥794.6m | CN¥459.6m |
| Gross profit | CN¥595.5m | CN¥245.0m | CN¥193.9m | CN¥112.2m | CN¥180.1m | CN¥104.2m | CN¥270.5m | CN¥156.5m |
| Operating income | −CN¥393.5m | −CN¥507.9m | −CN¥612.7m | −CN¥354.4m | −CN¥530.4m | −CN¥306.8m | −CN¥685.5m | −CN¥396.5m |
| Net income | −CN¥335.0m | −CN¥478.5m | −CN¥607.2m | −CN¥351.2m | −CN¥516.4m | −CN¥298.7m | −CN¥701.3m | −CN¥405.6m |
| Diluted earnings per share | -0.71 | -1.02 | -1.43 | -0.83 | -1.22 | -0.70 | -1.72 | -1.00 |
| Cash from operations | −CN¥464.0m | −CN¥428.0m | −CN¥456.0m | — | −CN¥427.0m | −CN¥247.0m | −CN¥473.0m | −CN¥274.0m |
| Capital spending | −CN¥265.0m | −CN¥207.0m | −CN¥69.0m | — | −CN¥157.0m | −CN¥91.0m | −CN¥293.0m | −CN¥170.0m |
| Free cash flow | −CN¥729.0m | −CN¥635.0m | −CN¥525.0m | — | −CN¥584.0m | −CN¥338.0m | −CN¥766.0m | −CN¥444.0m |
| Total assets | CN¥11.85bn | CN¥6.08bn | CN¥5.13bn | CN¥5.94bn | CN¥4.38bn | CN¥5.07bn | CN¥5.51bn | CN¥5.51bn |
| Cash and short-term investments | CN¥5.75bn | CN¥1.37bn | CN¥1.21bn | CN¥1.43bn | CN¥904.6m | CN¥1.05bn | CN¥626.3m | CN¥626.3m |
| Debt | CN¥1.37bn | CN¥1.73bn | CN¥1.61bn | CN¥999.9m | CN¥1.72bn | CN¥1.12bn | CN¥971.7m | CN¥971.7m |
| Shareholders' equity | CN¥8.35bn | CN¥2.90bn | CN¥2.11bn | CN¥2.44bn | CN¥1.64bn | CN¥1.90bn | CN¥2.27bn | CN¥2.27bn |
Financial ratios
Data as of 15 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.3% | 28.7% | 31.5% | 39.4% | 28.0% | 42.7% |
| Operating margin | -38.9% | -86.3% | -116.3% | -93.9% | -107.1% | -76.6% |
| Net margin | -35.1% | -86.1% | -116.9% | -96.7% | -112.6% | -95.5% |
| Return on equity | -9.7% | -53.2% | -62.9% | -101.4% | -122.3% | -69.4% |
| Return on assets | -6.9% | -21.9% | -25.9% | -35.0% | -34.5% | -29.0% |
| Free cash flow yield | -0.9% | -1.8% | -1.4% | -0.5% | -1.2% | -1.3% |
| Revenue growth | 53.3% | 23.6% | 4.7% | 23.4% | 10.4% | — |
| Earnings growth | -37.4% | -9.0% | 26.6% | 5.9% | 30.2% | — |
| Current ratio | 3.04x | 1.39x | 1.49x | 1.02x | 1.16x | 1.22x |
| Debt to equity | 0.16x | 0.74x | 0.76x | 0.68x | 1.06x | 0.60x |
| Equity ratio | 70.5% | 41.1% | 41.1% | 34.5% | 28.2% | 41.8% |
| Interest coverage | -110.18x | -32.25x | -82.12x | -38.73x | -27.17x | -10.27x |
| R&D as a share of sales | 25.4% | 36.6% | 46.5% | 42.5% | 63.3% | 57.9% |
| Buybacks as a share of market value | -6.7% | -11.0% | -4.4% | 2.7% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.9% | 22.0% | — |
| Operating income | -1.6% | 5.5% | — |
| Net income | -5.9% | -0.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.5% | 34.2% | 34.4% | — |
| Operating margin | -56.0% | -73.9% | -78.9% | — |
| Net margin | -53.5% | -72.9% | -80.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | -30.2 | -45.9 | -16.4 | -32.8 |
| Price to sales | 10.6 | 39.5 | 19.1 | 31.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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