Financial Statements — THCH
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 |
|---|
| Cash & Equivalents | 0.12 | 0.15 | 0.20 | 0.24 |
| Short-term Investments | -- | -- | -- | 0.37 |
| Accounts Receivable | 0.02 | 0.03 | 0.03 | 0.01 |
| Inventory | 0.04 | 0.04 | 0.05 | 0.07 |
| Total Current Assets | 0.33 | 0.42 | 0.46 | 0.80 |
| Property, Plant & Equipment | 0.33 | 0.50 | 0.69 | 0.72 |
| Intangible Assets | 0.08 | 0.10 | 0.15 | 0.10 |
| Total Non-current Assets | 0.85 | 1.15 | 1.76 | 1.85 |
| Total Assets | 1.18 | 1.56 | 2.22 | 2.64 |
| Accounts Payable | 0.20 | 0.22 | 0.22 | 0.11 |
| Short-term Debt | 0.40 | 0.38 | 0.53 | 0.39 |
| Total Current Liabilities | 1.00 | 1.54 | 1.40 | 1.32 |
| Long-term Debt | -- | 0.01 | 0.02 | 0.03 |
| Total Non-current Liabilities | 1.41 | 0.86 | 1.24 | 1.21 |
| Total Liabilities | 2.41 | 2.40 | 2.64 | 2.53 |
| Retained Earnings | (3.10) | (2.67) | (2.26) | (1.38) |
| Total Stockholder Equity | (1.24) | (0.84) | (0.43) | 0.11 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 |
|---|
| Total Revenue | 1.32 | 1.39 | 1.58 | 1.01 |
| Cost of Revenue* | 0.17 | 0.15 | 0.07 | 0.38 |
| Gross Profit* | 1.14 | 1.24 | 1.50 | 0.63 |
| Selling, General & Admin | 0.20 | 0.21 | 0.34 | 0.29 |
| Total Operating Expenses* | 1.46 | 1.59 | 2.20 | 1.00 |
| Operating Income | (0.32) | (0.35) | (0.70) | (0.58) |
| Interest Expense | 0.02 | 0.02 | 0.02 | 0.01 |
| Pretax Income | (0.44) | (0.46) | (0.87) | (0.74) |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (0.43) | (0.41) | (0.88) | (0.74) |
| Basic EPS | (13.36) | (12.70) | (5.68) | (5.80) |
| Diluted EPS | (13.36) | (12.70) | (5.68) | (5.80) |
* Derived from reported values
Cash Flow Statement
(in millions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 |
|---|
| Operating Cash Flow | (12.71) | (39.67) | (196.13) | (286.93) |
| Capital Expenditures | 65.62 | 102.84 | 292.40 | 334.93 |
| Free Cash Flow* | (78.33) | (142.51) | (488.53) | (621.86) |
| Investing Cash Flow | (62.83) | (8.04) | 60.00 | (705.17) |
| Financing Cash Flow | 21.70 | 26.00 | 80.83 | 827.16 |
* Derived from reported values
