N 
37.68
+3.06%
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¥230.2m
FY2022FY2025
Net income
−CN¥274.6m
FY2022FY2025
Free cash flow
−CN¥192.4m
FY2022FY2025
Shareholders' equity
CN¥1.48bn
FY2022FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Revenue | CN¥230.2m | — | CN¥11.4m | — |
| Gross profit | CN¥230.2m | — | CN¥7.3m | −CN¥20.8m |
| Research and development | CN¥375.5m | CN¥31.6m | CN¥296.6m | CN¥201.6m |
| Operating income | −CN¥252.7m | −CN¥46.5m | −CN¥338.1m | −CN¥249.3m |
| Net income | −CN¥274.6m | −CN¥51.2m | −CN¥465.3m | −CN¥334.8m |
| Diluted earnings per share | -1.43 | -0.34 | -3.21 | -1.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Total assets | CN¥2.08bn | CN¥781.5m | CN¥522.4m | CN¥718.4m |
| Cash and short-term investments | CN¥1.81bn | CN¥628.9m | CN¥405.9m | CN¥568.0m |
| Total liabilities | CN¥601.9m | CN¥471.5m | CN¥1.63bn | CN¥1.42bn |
| Debt | CN¥311.9m | CN¥266.5m | CN¥67.1m | CN¥1.38bn |
| Shareholders' equity | CN¥1.48bn | CN¥310.0m | −CN¥1.11bn | −CN¥698.1m |
| Shares outstanding | 192m | 153m | 145m | 189m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Cash from operations | −CN¥180.3m | −CN¥138.7m | −CN¥224.9m | −CN¥52.1m |
| Capital spending | −CN¥12.2m | −CN¥3.5m | −CN¥13.7m | −CN¥34.7m |
| Free cash flow | −CN¥192.4m | −CN¥142.2m | −CN¥238.6m | −CN¥86.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥21.0m | CN¥21.0m | CN¥115.1m | CN¥113.1m | — | — | — | — |
| Gross profit | CN¥21.0m | CN¥21.0m | CN¥115.1m | CN¥113.1m | — | — | — | — |
| Operating income | −CN¥114.7m | −CN¥114.7m | −CN¥17.5m | −CN¥17.2m | −CN¥16.2m | −CN¥13.2m | −CN¥81.1m | −CN¥84.5m |
| Net income | −CN¥129.5m | −CN¥129.5m | −CN¥29.2m | −CN¥28.7m | −CN¥16.2m | −CN¥13.0m | −CN¥75.0m | −CN¥78.1m |
| Diluted earnings per share | -0.66 | -0.66 | -0.15 | -0.15 | -0.08 | -0.07 | -0.49 | -0.51 |
| Cash from operations | — | — | — | — | −CN¥116.0m | −CN¥30.0m | −CN¥138.0m | — |
| Capital spending | — | — | — | — | −CN¥2.0m | — | −CN¥3.0m | — |
| Free cash flow | — | — | — | — | −CN¥118.0m | — | −CN¥141.0m | — |
| Total assets | CN¥1.80bn | CN¥1.80bn | CN¥2.31bn | CN¥2.27bn | CN¥736.2m | CN¥780.8m | CN¥831.6m | CN¥865.7m |
| Cash and short-term investments | CN¥1.45bn | CN¥1.45bn | CN¥2.01bn | CN¥1.98bn | CN¥527.3m | CN¥591.2m | CN¥4.59bn | CN¥696.7m |
| Debt | CN¥423.9m | CN¥423.9m | CN¥347.0m | CN¥340.9m | CN¥349.7m | CN¥322.1m | CN¥2.22bn | CN¥337.4m |
| Shareholders' equity | CN¥1.09bn | CN¥1.09bn | CN¥1.64bn | CN¥1.62bn | CN¥122.4m | CN¥224.9m | CN¥329.8m | CN¥343.4m |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Gross margin | 100.0% | — | 64.1% | — |
| Operating margin | -109.7% | — | -2969.3% | — |
| Net margin | -119.3% | — | -4086.3% | — |
| Return on equity | -18.6% | -16.5% | 42.0% | 48.0% |
| Return on assets | -13.2% | -6.6% | -89.1% | -46.6% |
| Free cash flow yield | -1.5% | -1.5% | — | — |
| Earnings growth | 435.8% | -89.0% | 39.0% | — |
| Current ratio | 3.37x | 1.50x | 0.26x | 0.44x |
| Debt to equity | 0.21x | 0.98x | -0.07x | -1.98x |
| Equity ratio | 71.1% | 39.7% | -212.0% | -97.2% |
| Interest coverage | -30.91x | -6.91x | -206.45x | -704.00x |
| R&D as a share of sales | 163.1% | — | 2604.2% | — |
| Buybacks as a share of market value | -25.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 0.4% | — | — |
| Net income | -6.4% | — | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -30.0 |
| Price to sales | 35.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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