| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.7 | 30.6 | 29.0 | 31.9 | 29.2 | 27.3 | −6.6% | |
| Cost of revenue | 27.9 | 27.5 | 22.3 | 23.1 | 22.0 | 21.5 | −1.9% | |
| Gross profit | 1.8 | 3.0 | 6.7 | 8.8 | 7.3 | 5.7 | −20.9% | |
| Research & development | 2.7 | 2.8 | 1.9 | 1.8 | 1.8 | 1.7 | −6.5% | |
| Selling, general & administrative | 5.2 | 4.7 | 3.5 | 4.0 | 3.7 | 3.9 | +4.7% | |
| Selling & marketing | 2.3 | 2.4 | 1.8 | 2.6 | 2.4 | 0.0 | −100.0% | |
| Operating expenses | 7.9 | 7.5 | 5.4 | 5.8 | 5.5 | 5.5 | +1.1% | |
| Operating income | (6.0) | (4.5) | 1.3 | 3.0 | 1.8 | 0.2 | −87.3% | |
| Interest expense | 1.1 | 1.3 | 0.7 | 1.1 | 1.1 | 0.9 | −14.4% | |
| Interest income | 0.2 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | +23.0% | |
| Other income / expense | (0.9) | (1.5) | (1.3) | (1.0) | (1.0) | (0.3) | +69.9% | |
| Pre-tax income | (7.0) | (6.0) | (0.0) | 2.0 | 0.9 | (0.1) | −107.0% | |
| Income tax | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | +136.6% | |
| Net income | (7.0) | (6.2) | (0.1) | 1.9 | 0.8 | (0.2) | −127.0% | |
| 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) | (9.52) | (7.77) | (0.16) | 2.03 | 0.77 | (0.21) | −127.3% | |
| EPS, diluted (per share) | (9.52) | (7.77) | (0.16) | 1.96 | 0.77 | (0.21) | −127.3% | |
| EBITDA | 11.3 | 12.1 | 14.3 | 17.3 | 1.8 | 14.1 | +676.6% | |
| Depreciation & amortization | 17.2 | 16.8 | 13.7 | 14.1 | 0.0 | 13.3 | +216209.8% | |
| Weighted average shares (shares) | 739,454,428 | 795,819,571 | 855,436,441 | 982,382,142 | 992,285,704 | 963,765,063 | −2.9% | |
| Weighted average diluted shares (shares) | 739,454,285 | 795,819,571 | 855,431,632 | 974,804,000 | 971,357,164 | 963,765,063 | −0.8% | |
| Gross margin | 6.1% | 10.0% | 23.0% | 27.5% | 24.9% | 21.1% | −3.8 pts | |
| Operating margin | −20.3% | −14.7% | 4.5% | 9.4% | 6.2% | 0.8% | −5.4 pts | |
| Net margin | −23.6% | −20.3% | −0.5% | 6.0% | 2.6% | −0.8% | −3.4 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.
