| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 113.10B | +6.3% |
| Gross Profit | CNY 20.21B | −11.9% |
| EBITDA | CNY 3.18B | −33.4% |
| Net Income | CNY 2.99B | −26.3% |
| Diluted EPS | CNY 0.86 | −25.2% |
| Free Cash Flow | -CNY 983.9M | −111.7% |
| DPS (FY2025) | CNY 0.83derived |
| Trailing yield | — |
| Payout ratio | 96.2% |
| Growth streak | 2 yrs |
| 5y DPS growth | — |
| Fiscal year | DPS | YoY | Basis |
|---|---|---|---|
| FY20252025-12-31 | CNY 0.83 | +3.7% | derived (paid ÷ diluted shares) |
| FY20242024-12-31 | CNY 0.80 | +102.7% | derived (paid ÷ diluted shares) |
| FY20232023-12-31 | CNY 0.39 | — | derived (paid ÷ diluted shares) |
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 8y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||
| Gross Margin | 23.98% | 24.49% | 23.92% | 20.22% | 24.51% | 32.71% | 33.75% | 34.24% | 94% | 46% | |
| Operating Margin | −4.25% | −3.88% | 4.03% | −1.66% | −1.34% | 5.76% | 3.54% | 1.87% | 56% | 31% | |
| EBITDA Margin | −1.49% | −1.62% | 5.70% | 0.02% | 1.08% | 7.44% | 4.49% | 2.81% | 56% | 25% | |
| NOPAT Margin | −3.36% | −3.07% | 2.55% | 0.00% | 0.00% | 4.30% | 2.10% | 1.19% | 56% | 27% | |
| Net Margin | −1.63% | −4.75% | 3.94% | −0.64% | −2.23% | 7.06% | 3.82% | 2.65% | 56% | 22% | |
| FCF Margin | 9.33% | −1.28% | 12.02% | 2.66% | 12.44% | 12.65% | 7.90% | −0.87% | 19% | 31% | |
| FCFF Margin | — | — | 12.19% | 2.66% | 12.44% | 12.67% | 7.91% | −0.87% | 8% | 11% | |
| OCF Margin | 11.23% | 0.24% | 13.28% | 4.42% | 13.71% | 13.70% | 8.88% | −0.33% | 6% | 22% | |
| Gross Profitability | — | 16.75% | 16.17% | 15.77% | 12.60% | 18.05% | 17.23% | 17.32% | 79% | 76% | |
| Capex Intensity | 1.90% | 1.53% | 1.26% | 1.76% | 1.28% | 1.05% | 0.97% | 0.54% | 6% | 23% | |
| ▸Returns on Capital · 6 ratios | |||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||
| ▸Liquidity & coverage · 9 ratios | |||||||||||
| ▸Leverage · 9 ratios | |||||||||||
| ▸Working capital · 8 ratios | |||||||||||
| ▸Capital allocation · 5 ratios | |||||||||||
| ▸Per share · 3 ratios | |||||||||||
| ▸Other · 1 ratios | |||||||||||
The five drivers multiply to 4.2% vs reported ROE 4.3%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|
| Revenue | CNY 28.65B | CNY 46.01B | CNY 70.48B | CNY 81.39B | CNY 62.12B | CNY 83.31B | CNY 106.43B | CNY 113.10B |
| YoY % | +60.6% | +53.2% | +15.5% | -23.7% | +34.1% | +27.8% | +6.3% | |
| Cost of Revenue | CNY 21.78B | CNY 34.75B | CNY 53.62B | CNY 64.93B | CNY 46.89B | CNY 56.06B | CNY 70.51B | CNY 74.37B |
| YoY % | +59.6% | +54.3% | +21.1% | -27.8% | +19.6% | +25.8% | +5.5% | |
| Gross Profit | CNY 6.87B | CNY 11.27B | CNY 16.86B | CNY 15.82B | CNY 13.78B | CNY 21.72B | CNY 22.94B | CNY 20.21B |
| YoY % | +64.0% | +49.6% | -6.2% | -12.9% | +57.6% | +5.6% | -11.9% | |
| R&D Expense | CNY 670.9M | CNY 1.57B | CNY 2.48B | CNY 3.19B | CNY 2.55B | CNY 1.94B | CNY 2.28B | CNY 2.58B |
| YoY % | +134.2% | +57.7% | +28.9% | -20.3% | -23.9% | +17.9% | +13.0% | |
| Selling & Marketing Expense | CNY 2.49B | CNY 3.11B | CNY 3.72B | CNY 4.31B | CNY 4.57B | CNY 6.65B | CNY 7.78B | CNY 7.33B |
| YoY % | +24.8% | +19.6% | +16.0% | +6.1% | +45.5% | +17.0% | -5.8% | |
| SG&A Expense | CNY 4.93B | CNY 8.38B | CNY 7.59B | CNY 8.92B | CNY 7.35B | CNY 8.24B | CNY 8.96B | CNY 8.08B |
| YoY % | +70.0% | -9.4% | +17.6% | -17.7% | +12.1% | +8.8% | -9.9% | |
| Total Operating Expenses | CNY 8.09B | CNY 13.05B | CNY 14.02B | CNY 17.17B | CNY 14.61B | CNY 16.92B | CNY 19.18B | CNY 18.10B |
| YoY % | +61.4% | +7.4% | +22.5% | -14.9% | +15.8% | +13.3% | -5.6% | |
| Operating Income | -CNY 1.22B | -CNY 1.79B | CNY 2.84B | -CNY 1.35B | -CNY 832.9M | CNY 4.80B | CNY 3.76B | CNY 2.11B |
| YoY % | -21.5% | -43.9% | ||||||
| Interest Expense | CNY 43.5M | CNY 181.1M | CNY 188.4M | CNY 6.1M | CNY 14.1M | CNY 17.2M | CNY 12.7M | CNY 6.8M |
| YoY % | +316.2% | +4.0% | -96.8% | +130.2% | +22.7% | -26.6% | -46.7% | |
| Interest & Investment Income | — | — | — | CNY 425.9M | CNY 767.3M | CNY 1.41B | CNY 253.0M | — |
| YoY % | +80.2% | +84.1% | -82.1% | |||||
| Other Non-Operating Income | CNY 634.8M | CNY 431.3M | CNY 1.06B | CNY 1.70B | CNY 1.57B | CNY 1.87B | CNY 1.57B | CNY 1.45B |
| YoY % | -32.1% | +144.8% | +61.3% | -7.9% | +19.2% | -16.2% | -7.7% | |
| Equity Method Income | CNY 1.8M | CNY 11.4M | -CNY 10.9M | CNY 39.5M | CNY 44.6M | CNY 9.1M | CNY 10.2M | CNY 16.4M |
| YoY % | +546.0% | +12.8% | -79.6% | +12.0% | +61.1% | |||
| Gains on Sale of Real Estate | — | — | CNY 3.5M | -CNY 467,000 | CNY 653,000 | -CNY 629,000 | — | — |
| Impairment of Real Estate | — | — | — | — | CNY 6.3M | CNY 0 | CNY 53.4M | CNY 0 |
| YoY % | -100.0% | -100.0% | ||||||
| Pretax Income | -CNY 499.1M | -CNY 1.28B | CNY 4.39B | CNY 1.14B | CNY 292.3M | CNY 7.88B | CNY 6.87B | CNY 4.68B |
| YoY % | -74.0% | -74.4% | +2597.3% | -12.9% | -31.9% | |||
| Income Tax | -CNY 71.4M | CNY 904.4M | CNY 1.61B | CNY 1.67B | CNY 1.69B | CNY 1.99B | CNY 2.79B | CNY 1.69B |
| YoY % | +77.9% | +3.5% | +1.4% | +18.0% | +40.0% | -39.6% | ||
| Net Income (incl. NCI) | -CNY 427.7M | -CNY 2.18B | CNY 2.78B | -CNY 524.8M | -CNY 1.40B | CNY 5.89B | CNY 4.08B | CNY 2.99B |
| YoY % | -30.8% | -26.7% | ||||||
| Minority Interest (P&L) | CNY 40.1M | CNY 3.4M | CNY 731,000 | -CNY 637,000 | -CNY 11.2M | CNY 6.4M | CNY 13.3M | -CNY 3.0M |
| YoY % | -91.5% | -78.6% | +108.2% | |||||
| Net Income | -CNY 467.8M | -CNY 2.18B | CNY 2.78B | -CNY 524.1M | -CNY 1.39B | CNY 5.88B | CNY 4.06B | CNY 2.99B |
| YoY % | -30.9% | -26.3% | ||||||
| Net Income to Common | -CNY 2.39B | -CNY 4.05B | CNY 720.5M | -CNY 524.1M | -CNY 1.39B | CNY 5.88B | CNY 4.06B | CNY 2.99B |
| YoY % | -30.9% | -26.3% | ||||||
| EPS (Basic) | -CNY 1.75 | -CNY 2.94 | CNY 0.32 | -CNY 0.15 | -CNY 0.39 | CNY 1.67 | CNY 1.19 | CNY 0.90 |
| YoY % | -28.7% | -24.4% | ||||||
| EPS (Diluted) | -CNY 1.75 | -CNY 2.94 | CNY 0.32 | -CNY 0.15 | -CNY 0.39 | CNY 1.63 | CNY 1.15 | CNY 0.86 |
| YoY % | -29.4% | -25.2% | ||||||
| Weighted Avg Shares (Basic) | 1.36B | 1.38B | 2.23B | 3.55B | 3.57B | 3.52B | 3.41B | 3.33B |
| YoY % | +1.2% | +61.5% | +59.4% | +0.6% | -1.3% | -3.2% | -2.5% | |
| Weighted Avg Shares (Diluted) | 1.36B | 1.38B | 2.27B | 3.55B | 3.57B | 3.61B | 3.54B | 3.47B |
| YoY % | +1.2% | +64.5% | +56.5% | +0.6% | +1.2% | -2.1% | -1.8% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
