| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.3 | 36.1 | 49.3 | 55.6 | 65.7 | 85.1 | +29.5% | |
| Cost of revenue | 14.4 | 29.3 | 44.1 | 52.6 | 59.2 | 73.5 | +24.1% | |
| Gross profit | 1.9 | 6.8 | 5.1 | 3.1 | 6.5 | 11.6 | +78.5% | |
| Research & development | 2.5 | 4.6 | 10.8 | 13.4 | 13.0 | 10.3 | −20.9% | |
| Selling, general & administrative | 3.5 | 6.3 | 9.7 | 11.9 | 14.5 | 15.6 | +8.3% | |
| Selling & marketing | 0.7 | 1.4 | 1.8 | 2.6 | 3.4 | 0.0 | −100.0% | |
| Operating expenses | 6.5 | 11.3 | 20.8 | 25.7 | 28.4 | 26.0 | −8.5% | |
| Operating income | (4.6) | (4.5) | (15.6) | (22.7) | (21.9) | (14.4) | +34.3% | |
| Interest expense | 0.4 | 0.6 | 0.3 | 0.4 | 0.8 | 0.9 | +7.9% | |
| Interest income | 0.2 | 0.9 | 1.4 | 2.2 | 0.9 | 0.7 | −13.2% | |
| Other income / expense | (0.7) | 0.5 | 1.3 | 2.2 | (0.6) | (0.0) | +92.3% | |
| Pre-tax income | (5.3) | (4.0) | (14.4) | (20.5) | (22.4) | (14.4) | +35.7% | |
| Income tax | 0.0 | 0.0 | 0.1 | 0.3 | (0.0) | 0.1 | +619.7% | |
| Net income | (5.6) | (10.6) | (14.6) | (21.1) | (22.7) | (14.6) | +35.8% | |
| 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) | (4.74) | (6.72) | (8.89) | (12.44) | (11.03) | (6.64) | +39.8% | |
| EPS, diluted (per share) | (4.74) | (6.72) | (8.89) | (12.44) | (11.03) | (6.64) | +39.8% | |
| EBITDA | (3.3) | (1.0) | (10.1) | (15.1) | (13.9) | (4.2) | +70.0% | |
| Depreciation & amortization | 1.5 | 2.4 | 4.0 | 4.9 | 7.7 | 9.4 | +21.7% | |
| Weighted average shares (shares) | 1,182,660,948 | 1,572,702,000 | 1,636,999,000 | 1,700,204,000 | 2,055,159,000 | 2,272,635,997 | +10.6% | |
| Weighted average diluted shares (shares) | 1,182,660,948 | 1,572,702,000 | 1,636,999,000 | 1,700,204,000 | 2,055,159,000 | 2,272,635,997 | +10.6% | |
| Gross margin | 11.5% | 18.9% | 10.4% | 5.5% | 9.9% | 13.6% | +3.7 pts | |
| Operating margin | −28.3% | −12.4% | −31.7% | −40.7% | −33.3% | −16.9% | +16.4 pts | |
| Net margin | −34.5% | −29.3% | −29.6% | −38.0% | −34.5% | −17.1% | +17.4 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.
