| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 112.31B | −22.3% |
| Gross Profit | CNY 20.99B | −29.2% |
| EBITDA | CNY 4.11B | −59.2% |
| Net Income | CNY 1.12B | −86.0% |
| Diluted EPS | CNY 0.54 | −85.8% |
| Free Cash Flow | -CNY 12.82B | −256.2% |
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 7y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||
| Gross Margin | −0.03% | 16.38% | 21.33% | 19.41% | 22.20% | 20.53% | 18.68% | 36% | 21% | |
| Operating Margin | −653.60% | −7.08% | −3.77% | −8.07% | 5.98% | 4.86% | −0.46% | 64% | 31% | |
| EBITDA Margin | −612.67% | −3.68% | −1.58% | −5.39% | 7.44% | 6.98% | 3.66% | 64% | 29% | |
| NOPAT Margin | — | −5.59% | −2.98% | −6.38% | 5.98% | 4.20% | −0.41% | 58% | 28% | |
| Net Margin | −857.53% | −1.60% | −1.19% | −4.44% | 9.45% | 5.56% | 1.00% | 64% | 36% | |
| FCF Margin | −965.87% | 26.06% | 18.13% | 4.97% | 35.68% | 5.68% | −11.41% | 21% | 20% | |
| FCFF Margin | — | — | — | — | 35.75% | 5.79% | −11.28% | 17% | 1% | |
| OCF Margin | −630.77% | 33.20% | 30.88% | 16.30% | 40.93% | 11.03% | −7.67% | 21% | 19% | |
| Gross Profitability | −0.00% | 4.26% | 9.32% | 10.16% | 19.17% | 18.27% | 13.60% | 64% | 27% | |
| Capex Intensity | 335.10% | 7.14% | 12.75% | 11.32% | 5.25% | 5.35% | 3.74% | 7% | 56% | |
| ▸Returns on Capital · 6 ratios | ||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||
| ▸Earnings quality · 7 ratios | ||||||||||
| ▸Liquidity & coverage · 9 ratios | ||||||||||
| ▸Leverage · 9 ratios | ||||||||||
| ▸Working capital · 5 ratios | ||||||||||
| ▸Capital allocation · 1 ratios | ||||||||||
| ▸Per share · 6 ratios | ||||||||||
| ▸Other · 1 ratios | ||||||||||
The five drivers multiply to 12.0% vs reported ROE 12.3%. 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 284.4M | CNY 9.46B | CNY 27.01B | CNY 45.29B | CNY 123.85B | CNY 144.46B | CNY 112.31B |
| YoY % | +3225.5% | +185.6% | +67.7% | +173.5% | +16.6% | -22.3% | ||
| Cost of Revenue | — | CNY 284.5M | CNY 7.91B | CNY 21.25B | CNY 36.50B | CNY 96.35B | CNY 114.80B | CNY 91.33B |
| YoY % | +2679.7% | +168.7% | +71.8% | +164.0% | +19.1% | -20.4% | ||
| Gross Profit | — | -CNY 95,000 | CNY 1.55B | CNY 5.76B | CNY 8.79B | CNY 27.50B | CNY 29.66B | CNY 20.99B |
| YoY % | +271.9% | +52.6% | +212.8% | +7.9% | -29.2% | |||
| R&D Expense | CNY 793.7M | CNY 1.17B | CNY 1.10B | CNY 3.29B | CNY 6.78B | CNY 10.59B | CNY 11.07B | CNY 11.31B |
| YoY % | +47.3% | -5.9% | +198.8% | +106.3% | +56.1% | +4.6% | +2.2% | |
| SG&A Expense | CNY 337.2M | CNY 689.4M | CNY 1.12B | CNY 3.49B | CNY 5.67B | CNY 9.77B | CNY 12.23B | CNY 10.66B |
| YoY % | +104.4% | +62.3% | +212.1% | +62.2% | +72.4% | +25.2% | -12.8% | |
| Total Operating Expenses | CNY 1.13B | CNY 1.86B | CNY 2.22B | CNY 6.78B | CNY 12.45B | CNY 20.09B | CNY 22.64B | CNY 21.51B |
| YoY % | +64.3% | +19.4% | +205.5% | +83.6% | +61.4% | +12.7% | -5.0% | |
| Operating Income | -CNY 1.13B | -CNY 1.86B | -CNY 669.3M | -CNY 1.02B | -CNY 3.65B | CNY 7.41B | CNY 7.02B | -CNY 521.1M |
| YoY % | -5.2% | |||||||
| Interest Expense | — | — | — | — | CNY 106.3M | CNY 86.3M | CNY 187.8M | CNY 168.1M |
| YoY % | -18.9% | +117.7% | -10.5% | |||||
| Other Non-Operating Income | -CNY 3.1M | -CNY 128.8M | CNY 20.1M | CNY 187.3M | CNY 625.6M | CNY 1.05B | CNY 664.3M | CNY 67.4M |
| YoY % | +830.4% | +234.0% | +67.5% | -36.6% | -89.8% | |||
| Equity Method Income | -CNY 35.8M | -CNY 162.7M | -CNY 2.5M | -CNY 83,000 | -CNY 10.4M | -CNY 9.5M | -CNY 4.3M | -CNY 1.4M |
| Impairment of Real Estate | — | — | CNY 30.4M | CNY 27.4M | CNY 0 | CNY 0 | CNY 0 | CNY 0 |
| YoY % | -9.9% | -100.0% | ||||||
| Pretax Income | -CNY 1.17B | -CNY 2.42B | -CNY 188.9M | -CNY 152.8M | -CNY 2.16B | CNY 10.45B | CNY 9.32B | CNY 1.30B |
| YoY % | -10.9% | -86.1% | ||||||
| Income Tax | — | — | -CNY 22.8M | CNY 168.6M | -CNY 127.0M | -CNY 1.36B | CNY 1.27B | CNY 157.7M |
| YoY % | -87.6% | |||||||
| Income from Continuing Operations | -CNY 1.17B | -CNY 2.42B | -CNY 166.0M | -CNY 321.5M | -CNY 2.03B | — | — | — |
| Income from Discontinued Operations | -CNY 367.0M | -CNY 20.7M | CNY 14.4M | — | — | — | — | — |
| Net Income (incl. NCI) | -CNY 1.53B | -CNY 2.44B | -CNY 151.7M | -CNY 321.5M | -CNY 2.03B | CNY 11.81B | CNY 8.05B | CNY 1.14B |
| YoY % | -31.9% | -85.8% | ||||||
| Minority Interest (P&L) | — | — | — | CNY 0 | -CNY 20.1M | CNY 105.0M | CNY 12.9M | CNY 15.0M |
| YoY % | -87.7% | +16.2% | ||||||
| Net Income | -CNY 1.53B | -CNY 2.44B | -CNY 151.7M | -CNY 321.5M | — | — | — | — |
| Net Income to Common | -CNY 1.85B | -CNY 3.28B | -CNY 792.0M | -CNY 321.5M | -CNY 2.01B | CNY 11.70B | CNY 8.03B | CNY 1.12B |
| YoY % | -31.4% | -86.0% | ||||||
| EPS (Basic) | — | -CNY 12.87 | -CNY 0.91 | -CNY 0.17 | -CNY 1.04 | CNY 5.95 | CNY 4.03 | CNY 0.56 |
| YoY % | -32.3% | -86.1% | ||||||
| EPS (Diluted) | — | -CNY 12.87 | -CNY 0.91 | -CNY 0.17 | -CNY 1.04 | CNY 5.55 | CNY 3.79 | CNY 0.54 |
| YoY % | -31.7% | -85.8% | ||||||
| Weighted Avg Shares (Basic) | — | 255.0M | 870.0M | 1.85B | 1.94B | 1.97B | 1.99B | 2.02B |
| YoY % | +241.2% | +113.0% | +4.7% | +1.4% | +1.3% | +1.1% | ||
| Weighted Avg Shares (Diluted) | — | 255.0M | 870.0M | 1.85B | 1.94B | 2.12B | 2.13B | 2.14B |
| YoY % | +241.2% | +113.0% | +4.7% | +9.0% | +0.7% | +0.6% |
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.
