Financial Statements — ZH
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 |
|---|
| Cash & Equivalents | 0.48 | 4.00 | 0.30 | 4.53 | 2.16 |
| Short-term Investments | 0.12 | 0.07 | 0.25 | 0.11 | 0.35 |
| Accounts Receivable | 0.05 | 0.06 | 0.66 | 0.12 | 0.13 |
| Inventory | 0.03 | 0.03 | 0.02 | 0.01 | -- |
| Total Current Assets | 4.73 | 5.48 | 6.38 | 1.06 | 1.31 |
| Property, Plant & Equipment | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Goodwill | -- | 0.02 | 0.19 | 0.13 | 0.01 |
| Intangible Assets | 0.03 | 0.05 | 0.02 | 0.01 | 0.07 |
| Total Non-current Assets | 0.07 | 0.03 | 0.42 | 0.34 | 0.07 |
| Total Assets | 5.19 | 5.73 | 0.96 | 7.66 | 8.81 |
| Accounts Payable | 0.68 | 0.11 | 0.15 | 0.92 | 1.03 |
| Short-term Debt | 0.01 | -- | -- | -- | -- |
| Total Current Liabilities | 1.27 | 1.52 | 1.95 | 1.82 | 0.30 |
| Total Non-current Liabilities | 0.05 | 0.01 | 0.15 | 0.14 | 0.17 |
| Total Liabilities | 1.32 | 1.54 | 0.29 | 1.96 | 0.32 |
| Retained Earnings | (1.30) | (8.88) | (1.23) | (7.86) | (6.28) |
| Total Stockholder Equity | 3.80 | 0.57 | 0.65 | 0.82 | 6.73 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 |
|---|
| Total Revenue | 2.75 | 3.60 | 0.59 | 0.52 | 2.96 |
| Cost of Revenue | 1.10 | 1.42 | 1.90 | 0.26 | 0.22 |
| Gross Profit | 1.65 | 2.18 | 0.32 | 0.26 | 0.24 |
| Research & Development | 0.52 | 0.73 | 0.90 | 0.76 | 0.10 |
| Selling, General & Admin | 0.25 | 0.33 | 0.06 | 0.09 | 0.11 |
| Total Operating Expenses | 2.16 | 2.66 | 3.37 | 3.41 | 2.94 |
| Operating Income | (0.51) | (0.48) | (1.07) | (0.23) | (1.39) |
| Pretax Income | (0.17) | (0.18) | (0.12) | (0.23) | (0.20) |
| Tax Provision | 0.02 | (0.01) | 0.01 | 0.00 | 0.01 |
| Net Income | (0.03) | (0.17) | (0.12) | (1.58) | (1.30) |
| Basic EPS | (0.80) | (0.63) | (0.40) | (5.19) | (0.96) |
| Diluted EPS | (0.80) | (0.63) | (0.40) | (0.75) | (0.96) |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 |
|---|
| Operating Cash Flow | (0.36) | (0.28) | (0.42) | (1.11) | (0.44) |
| Capital Expenditures | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Free Cash Flow* | (0.36) | (0.28) | (0.42) | (1.12) | (0.45) |
| Investing Cash Flow | (0.12) | 2.56 | (0.24) | 0.51 | (0.49) |
| Financing Cash Flow | (0.13) | (0.06) | (0.05) | (0.02) | 4.88 |
* Derived from reported values
