| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 3.03B | +45.8% |
| Gross Profit | CNY 1.27B | +43.0% |
| EBITDA | CNY 292.5M | — |
| Net Income | CNY 435.9M | — |
| Diluted EPS | CNY 2.98 | — |
| Free Cash Flow | -CNY 192.4M | — |
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 6y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||
| Gross Margin | 57.50% | −2065.26% | — | — | 42.59% | 41.79% | 38% | 60% | |
| Operating Margin | −24.50% | −1694.57% | — | — | −9.86% | 5.57% | 88% | 45% | |
| EBITDA Margin | −19.88% | −1514.24% | — | — | −3.52% | 9.66% | 88% | 41% | |
| NOPAT Margin | −19.36% | −1338.71% | — | — | −7.79% | 5.21% | 88% | 46% | |
| Net Margin | −25.80% | −1563.89% | — | — | −4.93% | 14.40% | 88% | 82% | |
| FCF Margin | −100.60% | −2864.78% | — | — | −9.44% | −6.35% | 88% | 19% | |
| FCFF Margin | — | — | — | — | — | −5.77% | — | 50% | 2% |
| FCFE Margin | — | — | — | — | −4.62% | −2.14% | 75% | 20% | |
| OCF Margin | −84.72% | −1458.87% | — | — | 3.06% | 3.86% | 88% | 30% | |
| Gross Profitability | — | 9.66% | 12.29% | 11.68% | 14.77% | 11.23% | 30% | 18% | |
| Capex Intensity | 15.88% | 1405.92% | — | — | 12.50% | 10.22% | 13% | 90% | |
| ▸Returns on Capital · 6 ratios | |||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||
| ▸Earnings quality · 7 ratios | |||||||||
| ▸Liquidity & coverage · 8 ratios | |||||||||
| ▸Leverage · 9 ratios | |||||||||
| ▸Working capital · 8 ratios | |||||||||
| ▸Capital allocation · 1 ratios | |||||||||
| ▸Per share · 3 ratios | |||||||||
| ▸Other · 1 ratios | |||||||||
The five drivers multiply to 6.4% vs reported ROE 6.8%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|
| Revenue | CNY 415.5M | CNY 15.7M | CNY 0 | CNY 0 | CNY 2.08B | CNY 3.03B |
| YoY % | -96.2% | -100.0% | +45.8% | |||
| Cost of Revenue | CNY 176.6M | CNY 339.0M | CNY 730.7M | CNY 1.22B | CNY 1.19B | CNY 1.76B |
| YoY % | +91.9% | +115.6% | +66.4% | -1.9% | +47.8% | |
| Gross Profit | CNY 238.9M | CNY 381.8M | CNY 472.0M | CNY 661.4M | CNY 884.6M | CNY 1.27B |
| YoY % | +59.8% | +23.6% | +40.1% | +33.7% | +43.0% | |
| R&D Expense | CNY 229.7M | CNY 368.4M | CNY 555.2M | CNY 790.5M | CNY 855.6M | CNY 796.9M |
| YoY % | +60.4% | +50.7% | +42.4% | +8.2% | -6.9% | |
| Selling & Marketing Expense | CNY 49.9M | CNY 69.3M | CNY 104.8M | CNY 148.8M | CNY 193.0M | CNY 192.0M |
| YoY % | +38.8% | +51.4% | +41.9% | +29.7% | -0.5% | |
| SG&A Expense | CNY 76.6M | CNY 236.7M | CNY 201.0M | CNY 320.1M | CNY 316.9M | CNY 288.8M |
| YoY % | +209.2% | -15.1% | +59.3% | -1.0% | -8.9% | |
| Total Operating Expenses | CNY 340.7M | CNY 647.1M | CNY 850.2M | CNY 1.23B | CNY 1.09B | CNY 1.10B |
| YoY % | +89.9% | +31.4% | +45.0% | -11.6% | +0.6% | |
| Operating Income | -CNY 101.8M | -CNY 265.3M | -CNY 378.2M | -CNY 571.6M | -CNY 204.9M | CNY 168.8M |
| Interest Expense | — | — | CNY 0 | CNY 3.1M | CNY 12.8M | CNY 18.9M |
| YoY % | +318.0% | +47.5% | ||||
| Other Non-Operating Income | -CNY 828,000 | CNY 118,000 | -CNY 2.2M | CNY 34,000 | -CNY 2.5M | CNY 184.6M |
| Equity Method Income | -CNY 4,000 | -CNY 84,000 | -CNY 45,000 | -CNY 45,000 | -CNY 13,000 | -CNY 74,000 |
| Impairment of Real Estate | — | — | — | CNY 0 | CNY 0 | CNY 21.8M |
| Pretax Income | -CNY 107.4M | -CNY 245.9M | -CNY 300.8M | -CNY 475.3M | -CNY 101.2M | CNY 466.7M |
| Income Tax | -CNY 199,000 | -CNY 1.1M | -CNY 66,000 | CNY 658,000 | CNY 1.1M | CNY 30.8M |
| YoY % | +71.7% | +2628.8% | ||||
| Net Income | -CNY 107.2M | -CNY 244.8M | -CNY 300.8M | -CNY 476.0M | -CNY 102.4M | CNY 435.9M |
| Net Income to Common | -CNY 107.2M | -CNY 2.46B | -CNY 747.2M | -CNY 476.0M | -CNY 102.4M | CNY 435.9M |
| EPS (Basic) | -CNY 1.19 | -CNY 23.39 | -CNY 6.47 | -CNY 3.81 | -CNY 0.79 | CNY 3.13 |
| EPS (Diluted) | -CNY 1.19 | -CNY 23.39 | -CNY 6.47 | -CNY 3.81 | -CNY 0.79 | CNY 2.98 |
| Weighted Avg Shares (Basic) | 89.9M | 105.0M | 115.5M | 124.8M | 129.2M | 139.1M |
| YoY % | +16.8% | +10.0% | +8.0% | +3.5% | +7.7% | |
| Weighted Avg Shares (Diluted) | 89.9M | 105.0M | 115.5M | 124.8M | 129.2M | 146.4M |
| YoY % | +16.8% | +10.0% | +8.0% | +3.5% | +13.4% |
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.
