P 
3.74
-5.32%
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¥830.1m
FY2018FY2025
Net income
−CN¥236.7m
FY2018FY2025
Free cash flow
−CN¥378.8m
FY2018FY2025
Shareholders' equity
CN¥2.15bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥830.1m | CN¥615.5m | CN¥441.1m | CN¥250.8m | CN¥159.0m | CN¥38.7m | CN¥18.7m | — |
| Gross profit | CN¥566.0m | CN¥433.6m | CN¥325.4m | CN¥176.2m | CN¥111.4m | CN¥25.2m | CN¥12.0m | — |
| Research and development | CN¥310.6m | CN¥233.1m | CN¥293.4m | CN¥373.1m | CN¥529.2m | CN¥109.4m | CN¥55.1m | CN¥27.9m |
| Operating income | −CN¥231.3m | −CN¥239.3m | −CN¥430.8m | −CN¥442.5m | −CN¥697.3m | −CN¥403.7m | −CN¥222.4m | −CN¥70.2m |
| Net income | −CN¥236.7m | −CN¥226.6m | −CN¥392.5m | −CN¥407.8m | −CN¥668.7m | −CN¥2.07bn | −CN¥532.0m | −CN¥82.6m |
| Diluted earnings per share | -0.36 | -0.34 | -0.58 | -0.60 | -1.01 | -2.84 | -2.27 | -0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.10bn | CN¥3.13bn | CN¥3.11bn | CN¥3.86bn | CN¥3.68bn | CN¥2.88bn | CN¥879.5m | CN¥174.4m |
| Cash and short-term investments | CN¥710.9m | CN¥829.7m | CN¥1.10bn | CN¥2.03bn | CN¥2.68bn | CN¥2.46bn | CN¥519.6m | CN¥94.8m |
| Total liabilities | CN¥930.5m | CN¥750.0m | CN¥463.3m | CN¥790.5m | CN¥168.2m | CN¥68.0m | CN¥1.44bn | CN¥268.7m |
| Debt | CN¥502.3m | CN¥291.3m | CN¥221.1m | CN¥131.9m | CN¥7.6m | CN¥9.1m | CN¥1.37bn | CN¥223.1m |
| Shareholders' equity | CN¥2.15bn | CN¥2.36bn | CN¥2.65bn | CN¥3.07bn | CN¥3.52bn | CN¥2.81bn | −CN¥558.2m | −CN¥94.3m |
| Shares outstanding | 664m | 660m | 681m | 674m | 663m | 728m | 235m | 610m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥24.3m | −CN¥5.2m | −CN¥679.4m | −CN¥438.1m | −CN¥508.1m | −CN¥181.1m | −CN¥102.6m | −CN¥38.7m |
| Capital spending | −CN¥354.5m | −CN¥280.1m | −CN¥368.2m | −CN¥151.9m | −CN¥81.2m | −CN¥25.3m | −CN¥13.5m | −CN¥8.4m |
| Free cash flow | −CN¥378.8m | −CN¥285.3m | −CN¥1.05bn | −CN¥589.9m | −CN¥589.3m | −CN¥206.4m | −CN¥116.1m | −CN¥47.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥487.5m | CN¥418.6m | CN¥411.5m | CN¥314.3m | CN¥301.2m | CN¥216.3m | CN¥261.9m | CN¥153.7m |
| Gross profit | CN¥327.6m | CN¥277.6m | CN¥288.3m | CN¥214.8m | CN¥218.9m | CN¥152.4m | CN¥201.4m | CN¥108.3m |
| Operating income | CN¥36.0m | −CN¥151.8m | −CN¥79.6m | −CN¥154.6m | −CN¥84.8m | −CN¥197.5m | −CN¥166.8m | −CN¥215.6m |
| Net income | −CN¥8.7m | −CN¥155.3m | −CN¥81.4m | −CN¥155.3m | −CN¥71.3m | −CN¥180.5m | −CN¥246.9m | −CN¥367.8m |
| Diluted earnings per share | -0.01 | -0.23 | -0.12 | -0.24 | -0.11 | -0.26 | -0.36 | -0.55 |
| Cash from operations | — | −CN¥14.0m | CN¥2.0m | CN¥36.0m | −CN¥41.0m | −CN¥187.0m | −CN¥547.0m | −CN¥191.0m |
| Capital spending | — | −CN¥66.0m | −CN¥221.0m | −CN¥189.0m | −CN¥59.0m | −CN¥104.0m | −CN¥99.0m | −CN¥92.0m |
| Free cash flow | — | −CN¥80.0m | −CN¥219.0m | −CN¥153.0m | −CN¥100.0m | −CN¥291.0m | −CN¥646.0m | −CN¥283.0m |
| Total assets | CN¥3.39bn | CN¥3.10bn | CN¥3.03bn | CN¥3.13bn | CN¥2.61bn | CN¥2.67bn | CN¥3.29bn | CN¥3.32bn |
| Cash and short-term investments | CN¥944.3m | CN¥710.9m | CN¥708.6m | CN¥829.7m | CN¥929.7m | CN¥942.9m | CN¥1.24bn | CN¥1.74bn |
| Debt | CN¥454.5m | CN¥502.3m | CN¥370.9m | CN¥291.3m | CN¥252.7m | CN¥221.1m | CN¥221.3m | CN¥131.9m |
| Shareholders' equity | CN¥2.14bn | CN¥2.15bn | CN¥2.29bn | CN¥2.36bn | CN¥2.18bn | CN¥2.27bn | CN¥2.85bn | CN¥2.64bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 68.2% | 70.5% | 73.8% | 70.2% | 70.1% | 65.3% |
| Operating margin | -27.5% | -37.3% | -88.7% | -157.8% | -420.4% | -540.0% |
| Net margin | -28.5% | -36.8% | -89.0% | -162.6% | -420.6% | -5351.6% |
| Return on equity | -11.0% | -11.2% | -17.3% | -15.5% | -19.0% | -73.5% |
| Return on assets | -7.6% | -8.4% | -14.7% | -12.3% | -18.2% | -71.8% |
| Free cash flow yield | -0.7% | -0.2% | -19.9% | -12.9% | -15.3% | -5.8% |
| Revenue growth | 15.8% | 39.5% | 75.9% | 83.7% | 253.2% | 106.7% |
| Earnings growth | -10.3% | -42.3% | -3.7% | -29.0% | -72.2% | 288.9% |
| Current ratio | 1.21x | 2.23x | 8.02x | 3.47x | 20.44x | 57.31x |
| Debt to equity | 0.23x | 0.12x | 0.10x | 0.05x | 0.00x | 0.00x |
| Equity ratio | 69.4% | 75.4% | 85.1% | 79.5% | 95.4% | 97.6% |
| Interest coverage | -16.72x | -48.50x | -2198.44x | -170.95x | -3086.18x | -2293.67x |
| R&D as a share of sales | 37.4% | 37.9% | 66.5% | 148.8% | 332.8% | 283.1% |
| Buybacks as a share of market value | -0.7% | 3.2% | -1.0% | -1.6% | 8.9% | -210.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 49.0% | 84.7% | — |
| Operating income | -19.4% | -10.5% | — |
| Net income | -16.6% | -35.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.1% | 70.2% | 70.1% | — |
| Operating margin | -32.6% | -62.9% | -104.7% | — |
| Net margin | -32.0% | -59.1% | -171.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -14.7 | -10.0 | -11.1 | -13.7 | -11.4 | -8.5 |
| Price to sales | 4.2 | 3.7 | 9.9 | 22.3 | 48.1 | 456.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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