开盘$1.28
昨收$1.23
当日区间$1.26 – $1.35
成交量3.74M
市值$296.91M
市盈率（TTM）–
股息率–
基本面
最新报告季度：ANNUAL, ended Dec 2025
营收$18.25M+66.2% YoY
营业利润-$39.80M-131.5% YoY
净利润-$34.19M-61.3% YoY
摊薄每股收益-$0.24+60.0% YoY
年度营收
盈利能力与资产负债表
毛利率50.5%
营业利润率-206.4%
净利率-170.4%
净资产收益率-12.4%
资产收益率-11.1%
投入资本回报率-13.5%
流动比率14.43
负债/资产比率8.5%
现金及投资$482.25M
总负债$6.52M
净现金（净负债）$475.72M
营收构成
2025/FY 季度
按业务线
按地区
资产负债表
| 项目 | 2026 Q2 | 2025 ANNUAL | 2025 Q4 | 2025 Q2 | 2024 ANNUAL |
|---|---|---|---|---|---|
| 总资产 | $614.64M | $504.18M | $504.18M | $142.02M | $97.57M |
| 流动资产合计 | $521.81M | $449.64M | $449.64M | $132.86M | $93.06M |
| 现金及现金等价物与短期投资 | $482.25M | $427.69M | $427.69M | $120.94M | $84.62M |
| -现金及现金等价物 | $479.80M | $417.66M | $417.66M | $120.94M | $84.62M |
| -短期投资 | $2.45M | $10.03M | $10.03M | – | $0.00 |
| 应收款 | $22.78M | $14.13M | $14.13M | $6.87M | $4.33M |
| -应收账款 | $19.09M | $12.38M | $12.38M | $2.43M | $3.60M |
| -应收税款 | $1.08M | $733,000.00 | $733,000.00 | $203,000.00 | $501,000.00 |
| -一年内应收关联方款项 | $2.61M | $549,000.00 | $549,000.00 | $4.23M | $223,000.00 |
| -其他应收款 | $10,000.00 | $463,000.00 | $463,000.00 | – | $7,000.00 |
| 预付资产 | $1.71M | $1.19M | $1.19M | $701,000.00 | $421,000.00 |
| 存货 | $2.10M | $2.01M | $2.01M | $2.20M | $1.42M |
| 受限现金 | $6.31M | – | – | – | – |
| 一年内递延资产 | $6.61M | $4.58M | $4.58M | $2.15M | $2.25M |
| 其他流动资产 | $49,000.00 | $42,000.00 | $42,000.00 | – | $26,000.00 |
| 非流动资产合计 | $92.83M | $54.54M | $54.54M | $9.16M | $4.50M |
| 固定资产净值 | $10.98M | $10.01M | $10.01M | $4.41M | $4.23M |
| -固定资产原值 | $25.56M | $24.14M | $24.14M | $18.43M | $17.94M |
| -累计折旧 | -$14.58M | -$14.13M | -$14.13M | -$14.02M | -$13.71M |
| 投资及预付款 | $35.04M | $15.35M | $15.35M | $3.61M | $0.00 |
| -可供出售证券 | $24.58M | $1.13M | $1.13M | $127,000.00 | – |
| -长期股权投资 | $10.45M | $14.22M | $14.22M | $3.49M | $0.00 |
| 一年以上应收票据 | $0.00 | $31,000.00 | $31,000.00 | – | $0.00 |
| 一年以上预付资产 | $243,000.00 | – | – | $93,000.00 | – |
| 商誉及其他无形资产 | $42.10M | $26.61M | $26.61M | $300,000.00 | $0.00 |
| -商誉 | $11.70M | $5.66M | $5.66M | – | $0.00 |
| -其他无形资产 | $30.41M | $20.95M | $20.95M | $300,000.00 | – |
| 一年以上递延资产 | $4.48M | $2.30M | $2.30M | $748,000.00 | $190,000.00 |
| 负债合计 | $52.50M | $42.67M | $42.67M | $23.89M | $21.08M |
| 流动负债合计 | $36.16M | $28.25M | $28.25M | $18.00M | $16.89M |
| 应付款 | $31.95M | $23.67M | $23.67M | $13.68M | $11.65M |
| -应付账款 | $5.44M | $4.89M | $4.89M | $3.31M | $3.44M |
| -应付税款合计 | $8.10M | $6.85M | $6.85M | $81,000.00 | $1.58M |
| -一年内应付关联方款项 | $13.23M | $5.67M | $5.67M | $5.99M | $4.68M |
| -其他应付款 | $5.18M | $6.26M | $6.26M | $4.30M | $1.95M |
| 短期债务及融资租赁负债 | $1.17M | $1.41M | $1.41M | $2.28M | $5.16M |
| -一年内到期债务 | $555,000.00 | $689,000.00 | $689,000.00 | $1.91M | $4.83M |
| -一年内到期融资租赁负债 | $618,000.00 | $725,000.00 | $725,000.00 | $375,000.00 | $327,000.00 |
| 一年内递延负债 | $2.52M | $1.63M | $1.63M | $43,000.00 | $88,000.00 |
| 其他流动负债 | $515,000.00 | – | – | – | – |
| 非流动负债合计 | $16.34M | $14.42M | $14.42M | $5.90M | $4.19M |
| 长期债务及融资租赁负债 | $5.97M | $6.58M | $6.58M | $4.09M | $3.72M |
| -长期债务 | $696,000.00 | $989,000.00 | $989,000.00 | $3.53M | $3.11M |
| -长期融资租赁负债 | $5.27M | $5.60M | $5.60M | $558,000.00 | $616,000.00 |
| 一年以上递延负债 | $6.87M | $4.37M | $4.37M | – | $0.00 |
| 员工福利 | $2.63M | $2.16M | $2.16M | $1.81M | $464,000.00 |
| 其他非流动负债 | $877,000.00 | $1.31M | $1.31M | – | – |
| 股东权益合计 | $562.14M | $461.51M | $461.51M | $118.13M | $76.49M |
| 股东权益 | $554.68M | $461.51M | $461.51M | $118.13M | $76.49M |
| 股本 | $2.31M | $1.99M | $1.99M | $1.31M | $1.08M |
| -普通股 | $2.31M | $1.99M | $1.99M | $1.31M | $1.08M |
| 资本公积 | $655.72M | $534.77M | $534.77M | $177.86M | $116.57M |
| 留存收益 | -$103.82M | -$76.11M | -$76.11M | -$61.91M | -$41.91M |
| 不影响留存收益的损益 | $468,000.00 | $852,000.00 | $852,000.00 | $866,000.00 | $758,000.00 |
| 少数股东权益 | $7.46M | – | – | – | – |
| 其他非流动资产 | – | $251,000.00 | $251,000.00 | – | $82,000.00 |
| 一年内应计费用 | – | – | – | $353,534.00 | – |
| 其他权益权益 | – | – | – | $1,000.00 | – |
利润表
| 项目 | 2025 ANNUAL | 2024 ANNUAL | 2023 ANNUAL | 2022 ANNUAL | 2021 ANNUAL |
|---|---|---|---|---|---|
| 报告营业总收入 | $18.25M | $10.98M | $30.06M | $23.20M | $17.00M |
| 营业总收入 | $18.25M | $10.98M | $30.06M | $23.20M | $17.00M |
| 营业成本 | $9.62M | $7.25M | $16.01M | $13.40M | $9.85M |
| 毛利润 | $8.63M | $3.73M | $14.05M | $9.80M | $7.15M |
| 营业费用 | $48.43M | $20.92M | $18.19M | $7.22M | $12.19M |
| 销售及管理费用 | $38.56M | $16.29M | $14.29M | $6.92M | $9.23M |
| -销售及营销费用 | $12.77M | $5.45M | $5.65M | $3.82M | $4.25M |
| -管理费用 | $25.79M | $10.84M | $8.64M | $3.09M | $4.98M |
| 研发费用 | $12.48M | $4.99M | $3.95M | $2.31M | $3.05M |
| 其他营业费用 | -$2.61M | -$359,000.00 | -$48,000.00 | -$2.01M | -$91,000.00 |
| 营业利润 | -$39.80M | -$17.19M | -$4.14M | $2.58M | -$5.04M |
| 非经营性利息净收入（支出） | $5.60M | -$1.13M | -$903,000.00 | -$597,000.00 | -$168,000.00 |
| 非经营性利息收入 | $52,000.00 | $0.00 | $0.00 | $9,000.00 | $0.00 |
| 非经营性利息支出 | $223,000.00 | $1.56M | $987,000.00 | $605,000.00 | $167,000.00 |
| 其他财务成本合计 | -$5.77M | -$430,000.00 | -$84,000.00 | $1,000.00 | $1,000.00 |
| 其他收入（支出） | -$8,000.00 | $201,000.00 | $2.00M | $539,000.00 | $388,000.00 |
| 证券出售收益 | -$19,000.00 | $314,000.00 | -$176,000.00 | $543,000.00 | $482,000.00 |
| 特殊收益（费用） | $0.00 | -$100,000.00 | $2.19M | $0.00 | – |
| -减：核销 | $0.00 | $0.00 | -$2.19M | $0.00 | – |
| 其他非经营性收入（支出） | $11,000.00 | -$13,000.00 | -$14,000.00 | -$4,000.00 | -$94,000.00 |
| 税前利润 | -$34.21M | -$18.12M | -$3.04M | $2.53M | -$4.82M |
| 税费 | -$162,000.00 | $3.09M | $225,000.00 | -$3.25M | $6,000.00 |
| 权益法投资税后收益 | -$148,000.00 | $0.00 | $0.00 | – | – |
| 净利润 | -$34.19M | -$21.20M | -$3.27M | $5.77M | -$4.83M |
| 持续经营利润 | -$34.19M | -$21.20M | -$3.27M | $5.77M | -$4.83M |
| 归属母公司净利润 | -$34.19M | -$21.20M | -$3.27M | $5.77M | -$4.83M |
| 归属普通股股东净利润 | -$34.19M | -$21.20M | -$3.27M | $5.77M | -$4.83M |
| 基本每股收益 | -$0.24 | -$0.60 | -$0.21 | $0.38 | -$0.32 |
| 摊薄每股收益 | -$0.24 | -$0.60 | -$0.21 | $0.38 | -$0.32 |
| -减：其他特殊支出 | – | $100,000.00 | – | – | – |
现金流量表
| 项目 | 2025 ANNUAL | 2024 ANNUAL | 2023 ANNUAL | 2022 ANNUAL | 2021 ANNUAL |
|---|---|---|---|---|---|
| 经营活动现金流 | -$31.26M | -$10.12M | -$2.75M | $446,000.00 | -$3.36M |
| 持续经营经营活动现金流净额 | -$31.26M | -$10.12M | -$2.75M | $446,000.00 | -$3.36M |
| 持续经营净利润 | -$34.19M | -$21.20M | -$3.27M | $5.77M | -$4.83M |
| 持续经营损益 | -$365,000.00 | -$378,000.00 | $112,000.00 | – | – |
| 折旧、折耗与摊销 | $191,000.00 | $630,000.00 | $570,000.00 | $408,000.00 | $1.54M |
| 递延税款 | -$168,000.00 | $3.08M | $225,000.00 | -$3.25M | $6,000.00 |
| 其他非现金项目 | $371,000.00 | $1.70M | $842,000.00 | $1.24M | $167,000.00 |
| 营运资金变动 | -$8.86M | $6.42M | $420,000.00 | -$4.27M | -$709,000.00 |
| -应收款变动 | $688,000.00 | $1.45M | -$2.83M | $387,000.00 | -$400,000.00 |
| -存货变动 | -$1.10M | $4.34M | $2.32M | -$5.35M | -$698,000.00 |
| -应付账款及应计费用变动 | -$7.48M | -$341,000.00 | $1.38M | $1.52M | $752,000.00 |
| -其他流动资产变动 | -$3.10M | $234,000.00 | $269,000.00 | -$773,000.00 | $176,000.00 |
| -其他流动负债变动 | $1.64M | $1.23M | $285,000.00 | -$31,000.00 | -$413,000.00 |
| -其他营运资金变动 | $495,000.00 | -$486,000.00 | -$995,000.00 | -$25,000.00 | -$126,000.00 |
| 投资活动现金流净额 | -$35.31M | -$571,000.00 | -$3.02M | -$299,000.00 | -$36,000.00 |
| 持续经营投资活动现金流净额 | -$35.31M | -$571,000.00 | -$3.02M | -$299,000.00 | -$36,000.00 |
| 固定资产购置及出售净额 | -$743,000.00 | -$571,000.00 | -$3.02M | -$299,000.00 | -$36,000.00 |
| 无形资产购置及出售净额 | -$500,000.00 | $0.00 | $0.00 | – | – |
| 业务购买及出售净额 | -$11.55M | $0.00 | $0.00 | – | – |
| 投资购置及出售净额 | -$22.42M | $0.00 | $0.00 | – | – |
| 其他投资变动净额 | -$104,000.00 | – | – | – | – |
| 筹资活动现金流 | $399.52M | $88.40M | $8.63M | $1.75M | $3.46M |
| 持续经营筹资活动现金流净额 | $399.52M | $88.40M | $8.63M | $1.75M | $3.46M |
| 债务发行及偿还净额 | -$5.13M | $18.59M | $9.60M | $1.75M | $3.46M |
| 普通股发行净额 | $429.27M | $60.00M | $0.00 | $0.00 | – |
| 股票期权行使所得 | $7.40M | $17.61M | $0.00 | $0.00 | – |
| 其他筹资费用净额 | -$32.02M | -$7.80M | -$975,000.00 | – | – |
| 期末现金余额 | $417.66M | $84.62M | $6.90M | $4.06M | $2.06M |
| 现金净变动 | $332.95M | $77.71M | $2.86M | $1.90M | $64,000.00 |
| 期初现金余额 | $84.62M | $6.90M | $4.06M | $2.06M | $1.83M |
| 汇率变动影响 | $83,000.00 | $24,000.00 | -$21,000.00 | $96,000.00 | $170,000.00 |
| 自由现金流 | -$32.50M | -$10.70M | -$5.77M | $147,000.00 | -$3.40M |
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