| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.1 | 10.1 | 11.5 | 15.3 | 17.0 | 20.9 | +22.7% | |
| Cost of revenue | 6.6 | 7.0 | 7.0 | 8.8 | 9.4 | 11.5 | +22.6% | |
| Gross profit | 2.4 | 3.1 | 4.4 | 6.5 | 7.6 | 9.4 | +22.9% | |
| Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Selling, general & administrative | 2.0 | 2.3 | 2.3 | 3.4 | 4.5 | 6.3 | +42.6% | |
| Selling & marketing | 1.2 | 1.4 | 1.7 | 0.0 | 3.5 | 0.0 | −100.0% | |
| Operating expenses | 2.0 | 2.2 | 2.3 | 3.4 | 4.4 | 6.3 | +43.4% | |
| Operating income | 0.5 | 0.8 | 2.1 | 3.0 | 3.2 | 3.1 | −5.3% | |
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | +3146.9% | |
| Interest income | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | +516.0% | |
| Other income / expense | (1.7) | 0.1 | 0.2 | 0.3 | 0.1 | (1.2) | −1037.4% | |
| Pre-tax income | (1.2) | 0.9 | 2.3 | 3.3 | 3.3 | 1.9 | −44.4% | |
| Income tax | 0.2 | 0.3 | 0.6 | 0.8 | 0.7 | 0.7 | −3.9% | |
| Net income | (1.4) | 0.6 | 1.8 | 2.5 | 2.6 | 1.2 | −55.2% | |
| 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) | (4.68) | 2.12 | 5.68 | 1.12 | 8.40 | 3.84 | −54.3% | |
| EPS, diluted (per share) | (4.72) | 2.08 | 5.64 | 1.12 | 8.40 | 3.76 | −55.2% | |
| EBITDA | (0.9) | 1.0 | 2.4 | 3.9 | 4.3 | 3.5 | −19.6% | |
| Depreciation & amortization | 0.3 | 0.1 | 0.1 | 0.6 | 0.9 | 1.2 | +37.4% | |
| Weighted average shares (shares) | 275,017,161 | 301,381,837 | 311,430,634 | 312,101,250 | 311,614,285 | 306,615,500 | −1.6% | |
| Weighted average diluted shares (shares) | 276,092,869 | 304,159,360 | 313,564,535 | 312,908,966 | 311,704,404 | 308,384,500 | −1.1% | |
| Gross margin | 26.8% | 30.4% | 38.7% | 42.5% | 44.9% | 45.0% | +0.1 pts | |
| Operating margin | 5.0% | 8.1% | 18.5% | 20.0% | 19.0% | 14.6% | −4.3 pts | |
| Net margin | −15.6% | 6.3% | 15.4% | 16.4% | 15.4% | 5.6% | −9.8 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.
