A 
88.70
+4.05%
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¥3.47bn
FY2018FY2025
Net income
−CN¥1.26bn
FY2018FY2025
Free cash flow
−CN¥2.13bn
FY2018FY2025
Shareholders' equity
CN¥10.56bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.47bn | CN¥2.12bn | CN¥4.53bn | CN¥976.8m | CN¥263.1m | — | CN¥70.9m | CN¥2.8m |
| Gross profit | CN¥2.73bn | CN¥1.83bn | CN¥4.39bn | CN¥856.5m | CN¥226.7m | −CN¥1.9m | CN¥70.9m | CN¥2.8m |
| Research and development | CN¥1.79bn | CN¥1.19bn | CN¥1.25bn | CN¥1.54bn | CN¥1.31bn | CN¥768.6m | CN¥308.4m | CN¥161.1m |
| Operating income | −CN¥1.07bn | −CN¥570.4m | CN¥2.04bn | −CN¥1.63bn | −CN¥1.46bn | −CN¥1.02bn | −CN¥340.7m | −CN¥154.0m |
| Net income | −CN¥1.26bn | −CN¥514.5m | CN¥2.03bn | −CN¥1.36bn | −CN¥1.25bn | −CN¥1.04bn | −CN¥335.4m | −CN¥140.1m |
| Diluted earnings per share | -1.39 | -0.60 | 2.42 | -1.63 | -1.53 | -1.32 | -1.63 | -0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥18.67bn | CN¥14.87bn | CN¥10.71bn | CN¥6.41bn | CN¥5.60bn | CN¥3.86bn | CN¥1.67bn | CN¥651.7m |
| Cash and short-term investments | CN¥10.70bn | CN¥8.53bn | CN¥5.69bn | CN¥2.67bn | CN¥3.08bn | CN¥2.79bn | CN¥1.19bn | CN¥413.8m |
| Total liabilities | CN¥8.23bn | CN¥7.00bn | CN¥5.44bn | CN¥3.44bn | CN¥1.78bn | CN¥405.7m | CN¥1.46bn | CN¥163.6m |
| Debt | CN¥5.31bn | CN¥3.95bn | CN¥2.99bn | CN¥1.88bn | CN¥859.4m | CN¥199.0m | CN¥1.32bn | CN¥65.0m |
| Shareholders' equity | CN¥10.56bn | CN¥7.95bn | CN¥5.47bn | CN¥3.07bn | CN¥3.69bn | CN¥3.19bn | −CN¥6.4m | CN¥441.2m |
| Shares outstanding | 911m | 857m | 838m | 836m | 817m | 787m | 206m | 763m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.30bn | −CN¥527.6m | CN¥2.88bn | −CN¥1.45bn | −CN¥1.17bn | −CN¥617.8m | −CN¥219.6m | −CN¥123.4m |
| Capital spending | −CN¥830.4m | −CN¥585.8m | −CN¥1.03bn | −CN¥904.5m | −CN¥830.4m | −CN¥444.3m | −CN¥136.3m | −CN¥74.2m |
| Free cash flow | −CN¥2.13bn | −CN¥1.11bn | CN¥1.85bn | −CN¥2.35bn | −CN¥2.00bn | −CN¥1.06bn | −CN¥355.9m | −CN¥197.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.08bn | CN¥1.89bn | CN¥1.65bn | CN¥1.10bn | CN¥1.02bn | CN¥849.4m | CN¥4.29bn | CN¥786.6m |
| Gross profit | CN¥1.54bn | CN¥1.47bn | CN¥1.31bn | CN¥897.3m | CN¥937.6m | CN¥790.5m | CN¥4.20bn | CN¥699.5m |
| Operating income | −CN¥324.8m | −CN¥561.0m | −CN¥483.3m | −CN¥285.8m | −CN¥272.4m | −CN¥436.7m | CN¥2.71bn | −CN¥921.8m |
| Net income | −CN¥487.9m | −CN¥622.6m | −CN¥664.8m | −CN¥275.9m | −CN¥238.6m | −CN¥496.7m | CN¥2.94bn | −CN¥627.3m |
| Diluted earnings per share | -0.53 | -0.68 | -0.73 | -0.32 | -0.28 | -0.59 | 3.51 | -0.75 |
| Cash from operations | CN¥338.0m | −CN¥992.0m | −CN¥265.0m | −CN¥181.0m | −CN¥346.0m | −CN¥470.0m | CN¥3.35bn | −CN¥769.0m |
| Capital spending | — | −CN¥335.0m | −CN¥560.0m | −CN¥244.0m | −CN¥244.0m | −CN¥432.0m | −CN¥406.0m | −CN¥558.0m |
| Free cash flow | — | −CN¥1.33bn | −CN¥825.0m | −CN¥425.0m | −CN¥590.0m | −CN¥902.0m | CN¥2.94bn | −CN¥1.33bn |
| Total assets | CN¥18.91bn | CN¥18.67bn | CN¥15.49bn | CN¥12.75bn | CN¥10.46bn | CN¥9.18bn | CN¥11.33bn | CN¥7.20bn |
| Cash and short-term investments | CN¥10.68bn | CN¥10.70bn | CN¥8.32bn | CN¥7.32bn | CN¥2.98bn | CN¥4.89bn | CN¥6.78bn | CN¥3.00bn |
| Debt | CN¥1.15bn | CN¥5.31bn | CN¥5.30bn | CN¥3.95bn | CN¥3.32bn | CN¥2.99bn | CN¥2.97bn | CN¥2.19bn |
| Shareholders' equity | CN¥9.89bn | CN¥10.56bn | CN¥7.50bn | CN¥6.81bn | CN¥5.23bn | CN¥4.69bn | CN¥6.51bn | CN¥3.45bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 78.7% | 86.4% | 97.1% | 87.7% | 86.1% | — | 100.0% |
| Operating margin | -30.8% | -26.9% | 45.2% | -167.2% | -553.0% | — | -480.7% |
| Net margin | -36.4% | -24.2% | 44.8% | -139.5% | -476.4% | — | -473.2% |
| Return on equity | -12.0% | -7.6% | 43.2% | -44.3% | -34.0% | -32.5% | — |
| Return on assets | -6.8% | -4.0% | 22.1% | -21.3% | -22.4% | -26.9% | — |
| Free cash flow yield | -0.5% | 0.1% | 4.3% | -0.6% | -0.4% | -0.2% | — |
| Revenue growth | 40.2% | -53.1% | 440.3% | 271.3% | — | — | 2408.1% |
| Earnings growth | 110.7% | -125.4% | -273.6% | 8.7% | 3.7% | 209.0% | — |
| Current ratio | 5.14x | 5.15x | 4.71x | 2.25x | 4.81x | 17.66x | — |
| Debt to equity | 0.50x | 0.58x | 0.64x | 0.71x | 0.27x | 0.06x | — |
| Equity ratio | 56.5% | 53.4% | 51.1% | 48.0% | 65.8% | 82.6% | — |
| Interest coverage | -7.20x | -8.36x | 23.50x | -32.36x | -120.53x | -128.16x | — |
| R&D as a share of sales | 51.5% | 55.9% | 27.7% | 158.0% | 497.7% | — | 435.1% |
| Buybacks as a share of market value | -6.3% | -2.3% | -0.3% | -2.3% | -3.8% | -282.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 52.6% | — | — |
| Operating income | -13.1% | 0.9% | — |
| Net income | -2.5% | 4.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.6% | 88.4% | — | — |
| Operating margin | -29.3% | -11.1% | — | — |
| Net margin | -31.8% | -10.0% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -70.6 | -87.5 | 16.6 | -22.9 | -19.2 | -25.1 |
| Price to sales | 25.7 | 21.2 | 7.4 | 31.9 | 91.5 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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