| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 | 6.2 | 7.2 | 7.4 | 8.3 | 9.7 | +17.2% | |
| Cost of revenue | 3.8 | 4.8 | 5.9 | 6.1 | 6.4 | 7.5 | +17.4% | |
| Gross profit | 1.1 | 1.4 | 1.3 | 1.3 | 1.8 | 2.1 | +16.4% | |
| Research & development | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | +3.0% | |
| Selling, general & administrative | 0.8 | 1.1 | 1.0 | 0.8 | 0.9 | 1.1 | +24.3% | |
| Selling & marketing | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.0 | −100.0% | |
| Operating expenses | 1.0 | 1.4 | 1.2 | 3.3 | 1.2 | 1.4 | +20.5% | |
| Operating income | 0.1 | 0.0 | 0.1 | (2.0) | 0.7 | 0.7 | +9.4% | |
| Interest expense | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | +45.2% | |
| Interest income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | +30.0% | |
| Other income / expense | (2.7) | 0.6 | (0.7) | (0.5) | (0.2) | (0.3) | −71.1% | |
| Pre-tax income | (2.6) | 0.6 | (0.6) | (2.5) | 0.5 | 0.4 | −14.5% | |
| Income tax | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.5 | +131.5% | |
| Net income | (2.7) | 0.5 | (0.8) | (2.6) | 0.2 | (0.2) | −236.3% | |
| 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) | (22.56) | 3.42 | (5.16) | (17.58) | 0.66 | (0.90) | −236.4% | |
| EPS, diluted (per share) | (26.82) | 3.30 | (5.16) | (17.58) | 0.66 | (0.90) | −236.4% | |
| EBITDA | (1.2) | 2.3 | 1.2 | (0.4) | 2.4 | 3.0 | +22.0% | |
| Depreciation & amortization | 1.0 | 1.3 | 1.6 | 1.8 | 1.5 | 2.0 | +27.4% | |
| Weighted average shares (shares) | 119,418,000 | 144,225,500 | 147,803,000 | 150,191,000 | 265,599,000 | 268,712,131 | +1.2% | |
| Weighted average diluted shares (shares) | 119,481,000 | 151,932,000 | 147,803,000 | 150,191,000 | 290,391,000 | 268,712,131 | −7.5% | |
| Gross margin | 22.3% | 23.2% | 18.2% | 17.4% | 22.2% | 22.0% | −0.1 pts | |
| Operating margin | 2.4% | 0.3% | 0.9% | −26.6% | 8.1% | 7.6% | −0.5 pts | |
| Net margin | −56.1% | 8.1% | −11.0% | −35.7% | 2.2% | −2.6% | −4.8 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.
