E 
4.12
+3.78%
Close of 9 Nov 2026, in USD
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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¥418.0m
FY2017FY2025
Net income
−CN¥276.0m
FY2017FY2025
Free cash flow
−CN¥318.5m
FY2017FY2025
Shareholders' equity
CN¥1.12bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥418.0m | CN¥456.2m | CN¥117.4m | CN¥44.3m | CN¥56.8m | CN¥180.1m | CN¥121.8m | CN¥66.5m | CN¥31.7m |
| Gross profit | CN¥257.2m | CN¥279.9m | CN¥75.3m | CN¥29.2m | CN¥36.0m | CN¥106.2m | CN¥71.2m | CN¥33.7m | CN¥4.2m |
| Research and development | CN¥194.6m | CN¥199.5m | CN¥167.3m | CN¥135.1m | CN¥137.1m | CN¥105.3m | CN¥57.2m | CN¥60.3m | CN¥68.7m |
| Operating income | −CN¥316.7m | −CN¥254.1m | −CN¥295.7m | −CN¥303.9m | −CN¥320.5m | −CN¥91.3m | −CN¥46.3m | −CN¥74.3m | −CN¥125.9m |
| Net income | −CN¥276.0m | −CN¥229.8m | −CN¥301.7m | −CN¥328.2m | −CN¥314.0m | −CN¥87.6m | −CN¥48.5m | −CN¥79.1m | −CN¥87.4m |
| Diluted earnings per share | -7.28 | -3.25 | -4.81 | -5.70 | -5.53 | -1.60 | -0.89 | -1.48 | -2.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.05bn | CN¥1.58bn | CN¥598.6m | CN¥530.9m | CN¥535.4m | CN¥484.5m | CN¥449.4m | CN¥124.7m | CN¥153.3m |
| Cash and short-term investments | CN¥1.13bn | CN¥1.12bn | CN¥300.1m | CN¥249.3m | CN¥312.0m | CN¥187.1m | CN¥329.3m | CN¥61.5m | CN¥100.5m |
| Total liabilities | CN¥936.7m | CN¥628.7m | CN¥384.4m | CN¥406.2m | CN¥201.4m | CN¥206.8m | CN¥134.1m | CN¥667.0m | CN¥643.2m |
| Debt | CN¥452.9m | CN¥233.5m | CN¥163.5m | CN¥200.1m | CN¥30.0m | CN¥45.0m | CN¥37.5m | CN¥12.3m | CN¥14.8m |
| Shareholders' equity | CN¥1.12bn | CN¥955.6m | CN¥213.8m | CN¥124.3m | CN¥332.6m | CN¥276.3m | CN¥311.6m | −CN¥545.5m | −CN¥489.9m |
| Shares outstanding | 38m | 71m | 63m | 58m | 57m | 55m | 55m | 54m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥174.6m | CN¥158.0m | −CN¥88.4m | −CN¥173.5m | −CN¥121.6m | −CN¥151.7m | −CN¥55.1m | −CN¥43.4m | −CN¥38.4m |
| Capital spending | −CN¥143.9m | −CN¥39.0m | −CN¥9.1m | −CN¥13.8m | −CN¥15.7m | −CN¥9.1m | −CN¥3.7m | −CN¥4.9m | −CN¥11.8m |
| Free cash flow | −CN¥318.5m | CN¥119.0m | −CN¥97.5m | −CN¥187.3m | −CN¥137.3m | −CN¥160.8m | −CN¥58.8m | −CN¥48.4m | −CN¥50.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥77.7m | CN¥25.7m | CN¥240.4m | CN¥92.5m | CN¥147.2m | CN¥26.1m | CN¥164.3m | CN¥128.1m |
| Gross profit | CN¥47.6m | CN¥16.0m | CN¥149.3m | CN¥56.2m | CN¥92.1m | CN¥16.3m | CN¥99.7m | CN¥78.4m |
| Operating income | −CN¥134.3m | −CN¥127.9m | −CN¥8.6m | −CN¥91.7m | −CN¥78.1m | −CN¥89.9m | −CN¥55.4m | −CN¥54.7m |
| Net income | −CN¥128.4m | −CN¥126.0m | CN¥10.4m | −CN¥82.2m | −CN¥80.8m | −CN¥78.1m | −CN¥46.9m | −CN¥48.1m |
| Diluted earnings per share | -3.38 | -3.32 | 0.28 | -2.17 | -2.13 | -2.06 | -0.66 | -0.68 |
| Cash from operations | — | −CN¥174.0m | — | — | — | — | — | — |
| Capital spending | — | −CN¥143.0m | — | — | — | — | — | — |
| Free cash flow | — | −CN¥317.0m | — | — | — | — | — | — |
| Total assets | CN¥1.85bn | CN¥1.93bn | CN¥2.05bn | CN¥1.93bn | CN¥1.78bn | CN¥1.60bn | CN¥1.58bn | CN¥1.39bn |
| Cash and short-term investments | CN¥902.3m | CN¥970.1m | CN¥1.13bn | CN¥1.10bn | CN¥1.12bn | CN¥1.08bn | CN¥1.12bn | CN¥1.04bn |
| Debt | CN¥458.4m | CN¥436.7m | CN¥338.6m | CN¥352.6m | CN¥248.5m | CN¥185.4m | CN¥107.8m | CN¥192.0m |
| Shareholders' equity | CN¥906.7m | CN¥980.5m | CN¥1.12bn | CN¥1.05bn | CN¥1.01bn | CN¥922.6m | CN¥955.6m | CN¥746.6m |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 61.5% | 61.4% | 64.1% | 65.9% | 63.4% | 59.0% |
| Operating margin | -64.5% | -48.7% | -243.2% | -734.8% | -548.7% | -49.8% |
| Net margin | -66.0% | -50.4% | -256.9% | -740.6% | -552.7% | -48.7% |
| Return on equity | -24.7% | -24.0% | -141.1% | -264.1% | -94.4% | -31.7% |
| Return on assets | -13.5% | -14.5% | -50.4% | -61.8% | -58.6% | -18.1% |
| Free cash flow yield | -21.2% | 73.0% | -33.1% | -72.5% | -48.9% | -68.1% |
| Revenue growth | -8.4% | 288.5% | 165.0% | -22.0% | -68.5% | 47.8% |
| Earnings growth | 20.1% | -23.8% | -8.1% | 4.5% | 258.3% | 80.5% |
| Current ratio | 2.12x | 2.89x | 1.81x | 1.37x | 3.50x | 2.69x |
| Debt to equity | 0.30x | 0.11x | 0.41x | 1.05x | 0.09x | 0.16x |
| Equity ratio | 54.4% | 60.3% | 35.7% | 23.4% | 62.1% | 57.0% |
| Interest coverage | -45.11x | -65.75x | -19.10x | -85.27x | -172.87x | -38.40x |
| R&D as a share of sales | 46.6% | 43.7% | 142.5% | 304.8% | 241.4% | 58.4% |
| Buybacks as a share of market value | 46.4% | -12.7% | -8.8% | -1.6% | -3.5% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 116.7% | 18.3% | — |
| Operating income | 1.4% | 28.2% | — |
| Net income | -5.6% | 25.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.4% | 61.9% | 61.6% | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -12.7 |
| Price to sales | 8.5 |
Market value over time
31 Dec 2019 to 13 Oct 2026, in CNY
CN¥387.0mCN¥145.1m
Share price return
Finished calendar years
| 2025 | |
|---|---|
| Return | -20% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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