LZMH (LZMH) financial statements
LZMH reported revenue of 1.1B CNY in fiscal 2025, up 90.6% a year over 3 years.
Net income was -173M CNY and the operating margin -15.6%, against -13.5% in 2022.
Free cash flow was -42M CNY.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CNY).
Income statement
Fiscal years, in CNY, from LZMH's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 163M CNY | 569M CNY | 823M CNY | 1.1B CNY |
| Cost of revenue | 143M CNY | 538M CNY | 788M CNY | 1.1B CNY |
| Gross profit | 20M CNY | 31M CNY | 34M CNY | 37M CNY |
| Research and development | 7M CNY | 5M CNY | 4M CNY | 56M CNY |
| Selling, general and admin | 35M CNY | 32M CNY | 26M CNY | 157M CNY |
| Operating income | -22M CNY | -6M CNY | 4M CNY | -176M CNY |
| Interest expense | 54,000 CNY | 417,000 CNY | 729,000 CNY | 1M CNY |
| Pre-tax income | -15M CNY | -4M CNY | 5M CNY | -173M CNY |
| Income tax | — | 2M CNY | -972,000 CNY | 510,000 CNY |
| Net income | -14M CNY | -6M CNY | 6M CNY | -173M CNY |
| EPS (diluted) | -0.10 CNY | -0.04 CNY | 0.04 CNY | -1.13 CNY |
| Diluted shares | 133M | 144M | 148M | 154M |
| Gross margin | 12.2% | 5.5% | 4.2% | 3.3% |
| Operating margin | -13.5% | -1.1% | 0.4% | -15.6% |
| Net margin | -8.4% | -1.1% | 0.7% | -15.4% |
Balance sheet
Fiscal years, in CNY, from LZMH's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | 7M CNY | 11M CNY | 4M CNY | 23M CNY |
| Receivables | — | 191M CNY | 223M CNY | 248M CNY |
| Inventory | — | — | — | 3M CNY |
| Total current assets | — | 255M CNY | 278M CNY | 370M CNY |
| Property, plant and equipment | — | 24M CNY | 17M CNY | 9M CNY |
| Goodwill | — | — | — | 2M CNY |
| Total assets | — | 286M CNY | 306M CNY | 390M CNY |
| Total current liabilities | — | 222M CNY | 235M CNY | 330M CNY |
| Long-term debt | — | — | 667,000 CNY | — |
| Total liabilities | — | 224M CNY | 238M CNY | 333M CNY |
| Shareholders' equity | 15M CNY | 58M CNY | 65M CNY | 49M CNY |
| Net debt | -7M CNY | -11M CNY | -3M CNY | -23M CNY |
Cash flow
Fiscal years, in CNY, from LZMH's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | 2M CNY | -17M CNY | 5M CNY | -41M CNY |
| Capital spending | 1M CNY | 111,000 CNY | 347,000 CNY | 580,000 CNY |
| Free cash flow | 1M CNY | -17M CNY | 4M CNY | -42M CNY |
| Stock-based compensation | — | — | — | 111M CNY |
| Net borrowing | — | -500,000 CNY | — | — |
| Free cash flow margin | 0.6% | -3.0% | 0.5% | -3.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for LZMH.
Open LZMH in InvestinglyQuestions
What was LZMH's revenue in 2025?
1.1B CNY in fiscal 2025, from its 10-K filing.
How much free cash flow does LZMH generate?
-42M CNY in fiscal 2025 (operating cash flow minus capital spending).
From LZMH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.