| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.2 | 12.8 | 13.9 | 21.9 | 23.9 | 24.6 | +3.0% | |
| Cost of revenue | 9.7 | 11.3 | 12.3 | 14.3 | 14.0 | 14.9 | +6.3% | |
| Gross profit | 0.5 | 1.5 | 1.6 | 7.5 | 9.9 | 9.7 | −1.7% | |
| Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Selling, general & administrative | 2.1 | 2.2 | 2.3 | 3.2 | 3.7 | 3.5 | −4.1% | |
| Selling & marketing | 0.6 | 0.6 | 0.6 | 1.1 | 1.2 | 1.3 | +8.0% | |
| Operating expenses | 2.2 | 1.3 | 1.9 | 2.8 | 4.7 | 3.4 | −26.3% | |
| Operating income | (1.7) | 0.2 | (0.3) | 4.7 | 5.2 | 6.3 | +20.4% | |
| Interest expense | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | +3.1% | |
| Interest income | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | +3.3% | |
| Other income / expense | (0.7) | (0.6) | (1.3) | 0.6 | (0.4) | 0.8 | +287.4% | |
| Pre-tax income | (2.4) | (0.5) | (1.6) | 5.3 | 4.8 | 7.1 | +48.6% | |
| Income tax | (0.3) | 0.0 | 0.2 | 1.2 | 1.7 | 2.1 | +26.5% | |
| Net income | (2.1) | (0.5) | (1.8) | 4.1 | 3.0 | 4.9 | +62.1% | |
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Other net income adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| EPS, basic (per share) | (7.50) | (1.50) | (5.80) | 12.80 | 9.80 | 16.10 | +64.3% | |
| EPS, diluted (per share) | (7.50) | (1.50) | (5.90) | 12.50 | 9.60 | 15.20 | +58.3% | |
| EBITDA | (0.4) | 1.5 | 0.3 | 7.1 | 6.5 | 8.6 | +32.7% | |
| Depreciation & amortization | 1.4 | 1.5 | 1.5 | 1.4 | 1.3 | 1.2 | −13.1% | |
| Weighted average shares (shares) | 292,267,000 | 310,000,000 | 311,120,000 | 325,578,000 | 311,513,000 | 307,093,900 | −1.4% | |
| Weighted average diluted shares (shares) | 292,740,000 | 311,412,000 | 311,120,000 | 335,142,000 | 327,831,000 | 324,749,400 | −0.9% | |
| Gross margin | 4.6% | 11.7% | 11.6% | 34.5% | 41.3% | 39.4% | −1.9 pts | |
| Operating margin | −16.5% | 1.3% | −2.1% | 21.5% | 21.8% | 25.4% | +3.7 pts | |
| Net margin | −20.3% | −3.6% | −13.1% | 18.7% | 12.8% | 20.1% | +7.3 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
Statements are reported in CNY; the shares trade in USD.
