Financial Statements — EH
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 0.26 | 0.61 | 0.23 | 0.04 | 0.25 | 0.02 | 0.05 |
| Short-term Investments | 0.12 | 0.51 | 0.01 | 0.00 | 0.01 | 0.05 | 0.01 |
| Accounts Receivable | 0.11 | 0.01 | 0.00 | 0.00 | 0.06 | 0.16 | 0.01 |
| Inventory | 0.10 | 0.08 | 0.01 | 0.07 | 0.01 | 0.01 | 0.00 |
| Total Current Assets | 1.48 | 1.36 | 0.06 | 0.39 | 0.48 | 0.07 | 0.06 |
| Property, Plant & Equipment | 0.26 | 0.06 | 0.04 | 0.05 | 0.03 | 0.00 | 0.02 |
| Intangible Assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Non-current Assets | 0.51 | 0.23 | 0.15 | 0.14 | 0.06 | 0.06 | 0.00 |
| Total Assets | 0.28 | 0.22 | 0.60 | 0.08 | 0.08 | 0.07 | 0.45 |
| Accounts Payable | 0.13 | 0.13 | 0.04 | 0.01 | 0.05 | 0.05 | 0.00 |
| Total Current Liabilities | 0.72 | 0.47 | 0.25 | 0.28 | 0.02 | 0.02 | 0.10 |
| Long-term Debt | 0.09 | 0.00 | 0.01 | 0.00 | 0.00 | -- | 0.00 |
| Total Non-current Liabilities | 0.21 | 0.16 | 0.13 | 0.12 | 0.01 | 0.05 | 0.01 |
| Total Liabilities | 0.13 | 0.63 | 0.38 | 0.41 | 0.03 | 0.21 | 0.13 |
| Retained Earnings | (2.26) | (1.98) | (0.25) | (1.45) | (0.18) | (0.12) | (0.72) |
| Total Stockholder Equity | 1.07 | 0.96 | 0.21 | 0.02 | 0.05 | 0.28 | 0.31 |
Income Statement
(in millions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 417.98 | 456.15 | 117.43 | 6.43 | 8.91 | 27.60 | 121.81 |
| Cost of Revenue | 23.00 | 176.21 | 5.93 | 15.10 | 20.78 | 11.33 | 50.60 |
| Gross Profit | 36.77 | 279.95 | 75.31 | 29.22 | 5.65 | 106.18 | 71.22 |
| Research & Development | 194.58 | 199.47 | 23.57 | 19.59 | 137.15 | 16.13 | 8.21 |
| Selling, General & Admin | 269.65 | 233.40 | 21.14 | 21.90 | 29.41 | 9.44 | 36.95 |
| Total Operating Expenses | 586.25 | 563.89 | 377.80 | 339.26 | 367.77 | 31.27 | 17.38 |
| Operating Income | (45.29) | (254.07) | (296.25) | (44.07) | (320.54) | (91.30) | (6.66) |
| Interest Expense | -- | -- | 2.93 | 0.55 | 0.28 | 2.34 | 0.12 |
| Pretax Income | (275.57) | (229.65) | (42.56) | (47.74) | (313.76) | (14.07) | (47.24) |
| Tax Provision | (0.63) | 0.05 | 0.21 | 0.01 | 0.02 | 0.03 | 0.75 |
| Net Income | (275.98) | (229.78) | (42.49) | (47.59) | (313.96) | (13.43) | (48.54) |
| Basic EPS | (1.88) | (1.71) | (0.35) | (0.41) | -- | -- | -- |
| Diluted EPS | (0.27) | (1.71) | (2.48) | (2.86) | -- | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | (25.67) | 157.96 | (12.45) | (25.15) | (121.63) | (23.25) | (7.97) |
| Capital Expenditures | 21.15 | 38.97 | 1.10 | 1.76 | 2.46 | 8.74 | 0.39 |
| Free Cash Flow* | (46.82) | 118.99 | (13.55) | (26.91) | (124.08) | (31.99) | (8.37) |
| Investing Cash Flow | (72.52) | (482.51) | (18.13) | 56.40 | (33.40) | (66.21) | (1.58) |
| Financing Cash Flow | 337.43 | 701.36 | 27.53 | 15.48 | 41.89 | 42.68 | 46.73 |
* Derived from reported values
