| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.9 | 26.7 | 46.1 | 123.8 | 144.5 | 109.3 | −24.4% | |
| Cost of revenue | 7.6 | 21.1 | 37.3 | 96.3 | 114.9 | 88.8 | −22.6% | |
| Gross profit | 1.4 | 5.6 | 8.8 | 27.5 | 29.7 | 20.4 | −31.2% | |
| Research & development | 1.0 | 3.2 | 6.8 | 10.6 | 11.1 | 0.0 | −100.0% | |
| Selling, general & administrative | 1.0 | 3.4 | 5.7 | 9.8 | 12.2 | 10.4 | −15.2% | |
| Selling & marketing | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Operating expenses | 2.0 | 6.6 | 12.5 | 20.4 | 23.3 | 21.4 | −8.3% | |
| Operating income | (0.6) | (1.0) | (3.7) | 7.1 | 6.4 | (1.0) | −115.2% | |
| Interest expense | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | −13.0% | |
| Interest income | 0.2 | 0.7 | 1.1 | 2.1 | 1.8 | 0.0 | −100.0% | |
| Other income / expense | 0.4 | 0.9 | 1.5 | 3.3 | 3.0 | 2.2 | −24.7% | |
| Pre-tax income | (0.2) | (0.2) | (2.2) | 10.5 | 9.3 | 1.3 | −86.5% | |
| Income tax | (0.0) | 0.2 | (0.1) | (1.4) | 1.3 | 0.2 | −87.9% | |
| Net income | (0.2) | (0.3) | (2.0) | 11.7 | 8.0 | 1.1 | −86.4% | |
| 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) | (0.85) | (0.34) | (2.10) | 11.90 | 8.06 | 1.12 | −86.1% | |
| EPS, diluted (per share) | (0.85) | (0.34) | (2.10) | 11.06 | 7.54 | 1.04 | −86.2% | |
| EBITDA | 0.2 | 0.5 | (0.9) | 12.3 | 12.6 | 6.1 | −51.8% | |
| Depreciation & amortization | 0.4 | 0.6 | 1.2 | 1.8 | 3.1 | 4.6 | +51.5% | |
| Weighted average shares (shares) | 904,960,661 | 926,660,224 | 970,615,500 | 983,932,000 | 996,596,000 | 1,007,535,000 | +1.1% | |
| Weighted average diluted shares (shares) | 904,960,661 | 926,660,224 | 970,615,500 | 1,057,688,000 | 1,064,636,500 | 1,071,364,000 | +0.6% | |
| Gross margin | 15.5% | 20.8% | 19.1% | 22.2% | 20.5% | 18.7% | −1.8 pts | |
| Operating margin | −6.8% | −3.8% | −8.1% | 5.8% | 4.4% | −0.9% | −5.3 pts | |
| Net margin | −1.8% | −1.2% | −4.4% | 9.5% | 5.6% | 1.0% | −4.6 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.
