| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 220.9M | −21.6% |
| Gross Profit | CNY 16.0M | −89.5% |
| EBITDA | -CNY 98.5M | −1421.6% |
| Net Income | -CNY 47.5M | −192.3% |
| Diluted EPS | -CNY 0.39 | −190.7% |
| Free Cash Flow | -CNY 97.6M | — |
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 6y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||
| Gross Margin | 57.27% | 81.96% | 81.63% | 11.04% | 53.70% | 7.23% | 8% | 6% | |
| Operating Margin | 10.14% | 70.80% | 68.12% | −79.01% | 1.05% | −47.39% | 25% | 19% | |
| EBITDA Margin | 10.79% | 70.88% | 68.50% | −74.35% | 2.65% | −44.60% | 25% | 18% | |
| NOPAT Margin | 10.14% | 70.80% | 65.92% | −62.42% | 1.05% | −37.44% | 25% | 15% | |
| Net Margin | 15.10% | 71.24% | 74.98% | −32.59% | 18.28% | −21.52% | 25% | 27% | |
| FCF Margin | 28.08% | 62.30% | 68.11% | −62.76% | −52.64% | −44.21% | 42% | 14% | |
| FCFF Margin | 28.39% | 62.33% | 68.13% | — | — | — | — | — | |
| OCF Margin | 28.54% | 62.58% | 68.96% | −5.73% | −49.07% | −42.07% | 25% | 16% | |
| Gross Profitability | — | 84.72% | 40.57% | 0.93% | 13.89% | 1.57% | 30% | 8% | |
| Capex Intensity | 0.46% | 0.28% | 0.85% | 57.04% | 3.58% | 2.14% | 58% | 52% | |
| ▸Returns on Capital · 3 ratios | |||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||
| ▸Earnings quality · 6 ratios | |||||||||
| ▸Liquidity & coverage · 6 ratios | |||||||||
| ▸Leverage · 2 ratios | |||||||||
| ▸Working capital · 5 ratios | |||||||||
| ▸Capital allocation · 1 ratios | |||||||||
| ▸Per share · 6 ratios | |||||||||
| ▸Other · 1 ratios | |||||||||
The five drivers multiply to 5.4% vs reported ROE 5.2%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|
| Revenue | CNY 54.6M | CNY 631.8M | CNY 473.7M | CNY 82.2M | CNY 281.8M | CNY 220.9M |
| YoY % | +1057.1% | -25.0% | -82.6% | +242.7% | -21.6% | |
| Cost of Revenue | CNY 23.3M | CNY 114.0M | CNY 87.0M | CNY 73.1M | CNY 130.5M | CNY 204.9M |
| YoY % | +388.4% | -23.6% | -15.9% | +78.3% | +57.1% | |
| Gross Profit | CNY 31.3M | CNY 517.9M | CNY 386.7M | CNY 9.1M | CNY 151.3M | CNY 16.0M |
| YoY % | +1556.1% | -25.3% | -97.7% | +1566.8% | -89.5% | |
| R&D Expense | CNY 22.5M | CNY 53.2M | CNY 48.4M | CNY 42.3M | CNY 109.4M | CNY 77.3M |
| YoY % | +136.4% | -9.0% | -12.6% | +158.7% | -29.4% | |
| Selling & Marketing Expense | CNY 91,000 | CNY 3.0M | CNY 4.1M | CNY 6.5M | CNY 8.5M | CNY 8.8M |
| YoY % | +3203.3% | +35.4% | +60.5% | +29.6% | +4.2% | |
| SG&A Expense | CNY 3.2M | CNY 14.4M | CNY 11.6M | CNY 25.2M | CNY 30.2M | CNY 34.4M |
| YoY % | +355.1% | -19.8% | +118.1% | +20.0% | +13.9% | |
| Total Operating Expenses | CNY 25.7M | CNY 70.6M | CNY 64.0M | CNY 74.0M | CNY 148.4M | CNY 120.6M |
| YoY % | +174.2% | -9.3% | +15.7% | +100.4% | -18.7% | |
| Operating Income | CNY 5.5M | CNY 447.3M | CNY 322.7M | -CNY 65.0M | CNY 2.9M | -CNY 104.7M |
| YoY % | +7981.7% | -27.9% | ||||
| Interest Expense | CNY 168,000 | CNY 197,000 | CNY 73,000 | — | — | — |
| YoY % | +17.3% | -62.9% | ||||
| Interest & Investment Income | CNY 37,000 | CNY 2.5M | CNY 11.1M | CNY 16.8M | CNY 16.2M | CNY 11.0M |
| YoY % | +6705.4% | +342.1% | +50.5% | -3.1% | -32.2% | |
| Impairment of Real Estate | — | — | CNY 0 | CNY 0 | CNY 210,000 | CNY 74,000 |
| YoY % | -64.8% | |||||
| Pretax Income | CNY 8.2M | CNY 450.1M | CNY 367.1M | -CNY 35.6M | CNY 50.2M | -CNY 83.9M |
| YoY % | +5358.3% | -18.5% | ||||
| Income Tax | CNY 0 | CNY 0 | CNY 11.9M | -CNY 8.8M | -CNY 1.3M | -CNY 36.3M |
| Net Income | CNY 8.2M | CNY 450.1M | CNY 355.2M | -CNY 26.8M | CNY 51.5M | -CNY 47.5M |
| YoY % | +5358.3% | -21.1% | ||||
| Net Income to Common | — | — | — | -CNY 26.8M | CNY 51.5M | -CNY 47.5M |
| EPS (Basic) | CNY 0.08 | CNY 4.46 | CNY 3.02 | -CNY 0.22 | CNY 0.43 | -CNY 0.39 |
| YoY % | +5475.0% | -32.3% | ||||
| EPS (Diluted) | CNY 0.08 | CNY 4.46 | CNY 3.02 | -CNY 0.22 | CNY 0.43 | -CNY 0.39 |
| YoY % | +5475.0% | -32.3% | ||||
| Weighted Avg Shares (Basic) | 100.0M | 100.9M | 117.6M | 119.4M | 119.9M | 120.9M |
| YoY % | +0.9% | +16.6% | +1.5% | +0.5% | +0.8% | |
| Weighted Avg Shares (Diluted) | 100.0M | 100.9M | 117.6M | 119.4M | 120.0M | 120.9M |
| YoY % | +0.9% | +16.6% | +1.5% | +0.5% | +0.7% |
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.
