S 
1.09
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥634.2m
FY2016FY2025
Net income
−CN¥34.6m
FY2016FY2025
Free cash flow
−CN¥8.1m
FY2016FY2025
Shareholders' equity
CN¥267.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥634.2m | CN¥842.2m | CN¥302.9m | CN¥613.1m | CN¥1.76bn | CN¥1.41bn | CN¥1.89bn | CN¥345.4m | CN¥757.9m | CN¥1.05bn |
| Gross profit | CN¥49.2m | CN¥69.5m | −CN¥27.7m | CN¥24.9m | CN¥313.2m | CN¥268.7m | CN¥442.3m | −CN¥421.0m | −CN¥97.4m | CN¥288.6m |
| Research and development | — | — | — | — | — | — | CN¥1.7m | CN¥2.1m | CN¥2.1m | CN¥2.1m |
| Operating income | CN¥40.2m | CN¥60.2m | −CN¥564.7m | −CN¥571.3m | CN¥65.8m | CN¥122.3m | CN¥197.8m | −CN¥656.5m | −CN¥1.01bn | CN¥70.2m |
| Net income | −CN¥34.6m | CN¥17.6m | −CN¥498.9m | −CN¥535.8m | CN¥23.5m | CN¥39.8m | CN¥46.5m | −CN¥731.5m | −CN¥1.06bn | CN¥39.9m |
| Diluted earnings per share | -0.03 | 0.01 | -0.47 | -0.49 | 0.03 | 0.05 | 0.06 | -0.89 | -1.29 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.69bn | CN¥2.94bn | CN¥3.14bn | CN¥3.62bn | CN¥4.59bn | CN¥3.54bn | CN¥4.29bn | CN¥3.27bn | CN¥3.11bn | CN¥4.85bn |
| Cash and short-term investments | — | CN¥90.5m | CN¥26.4m | CN¥123.2m | CN¥29.3m | CN¥66.6m | CN¥89.2m | CN¥86.7m | CN¥408.4m | CN¥557.2m |
| Total liabilities | CN¥2.37bn | CN¥2.60bn | CN¥2.89bn | CN¥2.73bn | CN¥3.73bn | CN¥2.73bn | CN¥3.54bn | CN¥2.68bn | CN¥1.93bn | CN¥2.64bn |
| Debt | CN¥18.0m | CN¥184.1m | CN¥201.7m | CN¥314.7m | CN¥216.0m | CN¥894.3m | CN¥233.5m | CN¥297.7m | CN¥798.1m | CN¥1.51bn |
| Shareholders' equity | CN¥267.3m | CN¥301.8m | CN¥235.0m | CN¥705.7m | CN¥517.2m | CN¥491.5m | CN¥446.0m | CN¥419.3m | CN¥1.15bn | CN¥2.20bn |
| Shares outstanding | 1,084m | 1,429m | 1,059m | 1,100m | 821m | 816m | 821m | 820m | 824m | 823m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥8.0m | CN¥68.9m | −CN¥170.1m | −CN¥609.2m | −CN¥55.3m | −CN¥360.8m | CN¥30.2m | −CN¥238.4m | CN¥564.2m | −CN¥81.0m |
| Capital spending | −CN¥12,985 | −CN¥260,610 | −CN¥170.1m | −CN¥1.1m | −CN¥306,040 | −CN¥1.0m | −CN¥6.1m | −CN¥3.6m | −CN¥2.4m | −CN¥74.3m |
| Free cash flow | −CN¥8.1m | CN¥68.7m | −CN¥340.2m | −CN¥610.3m | −CN¥55.6m | −CN¥361.8m | CN¥24.0m | −CN¥242.0m | CN¥561.7m | −CN¥155.3m |
| Dividends paid | −CN¥3.6m | −CN¥2.9m | −CN¥22.4m | −CN¥25.8m | −CN¥55.2m | −CN¥29.0m | −CN¥94.5m | −CN¥56.1m | −CN¥51.1m | −CN¥101.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥90.0m | CN¥105.6m | CN¥209.5m | CN¥194.0m | CN¥136.7m | CN¥93.5m | CN¥488.4m | CN¥233.7m |
| Gross profit | CN¥7.3m | CN¥8.7m | CN¥15.5m | CN¥8.6m | −CN¥13.3m | CN¥16.9m | CN¥10.8m | CN¥44.9m |
| Operating income | −CN¥3.3m | CN¥449,255 | CN¥51.6m | CN¥48.3m | −CN¥38.8m | −CN¥658,193 | CN¥146.7m | CN¥39.8m |
| Net income | −CN¥44.1m | CN¥27.1m | −CN¥2.7m | CN¥16.7m | −CN¥42.8m | −CN¥5.8m | CN¥77.1m | CN¥39.5m |
| Diluted earnings per share | -0.04 | 0.02 | -0.00 | 0.02 | -0.04 | -0.01 | 0.05 | 0.03 |
| Cash from operations | — | — | — | CN¥30.0m | CN¥3.0m | −CN¥75.0m | CN¥85.0m | CN¥2.0m |
| Total assets | CN¥2.55bn | CN¥2.66bn | CN¥2.69bn | CN¥2.72bn | CN¥2.79bn | CN¥2.81bn | CN¥2.94bn | CN¥3.05bn |
| Cash and short-term investments | — | — | — | CN¥34.7m | CN¥5.7m | CN¥7.8m | CN¥90.5m | CN¥10.4m |
| Debt | CN¥14.2m | CN¥15.6m | CN¥18.0m | CN¥157.8m | CN¥176.4m | CN¥178.5m | CN¥181.7m | CN¥183.3m |
| Shareholders' equity | CN¥250.2m | CN¥294.3m | CN¥267.3m | CN¥326.5m | CN¥305.8m | CN¥296.0m | CN¥301.8m | CN¥218.7m |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 7.8% | 8.2% | -9.2% | 4.1% | 17.8% | 19.1% | — | — | — | — | — | — |
| Operating margin | 10.0% | 13.4% | -186.4% | -93.2% | 8.0% | 14.3% | — | — | — | — | — | — |
| Net margin | -5.4% | 2.1% | -164.7% | -87.4% | 1.3% | 2.8% | — | — | — | — | — | — |
| Return on equity | -12.9% | 5.8% | -212.3% | -75.9% | 4.5% | 8.1% | — | — | — | — | — | — |
| Return on assets | -1.3% | 0.6% | -15.9% | -14.8% | 0.5% | 1.1% | — | — | — | — | — | — |
| Free cash flow yield | -0.6% | 3.7% | 0.0% | -41.9% | -5.1% | -33.4% | — | — | — | — | — | — |
| Revenue growth | -24.7% | 178.0% | -50.6% | -65.1% | 24.7% | -25.6% | — | — | — | — | — | — |
| Earnings growth | -296.2% | -103.5% | -6.9% | -2384.0% | -41.1% | -14.3% | — | — | — | — | — | — |
| Current ratio | 0.90x | 0.89x | 0.81x | 1.04x | 1.03x | 1.05x | — | — | — | — | — | — |
| Debt to equity | 0.07x | 0.60x | 0.83x | 0.43x | 0.39x | 1.79x | — | — | — | — | — | — |
| Equity ratio | 10.0% | 10.3% | 7.5% | 19.5% | 11.3% | 13.9% | — | — | — | — | — | — |
| Interest coverage | 0.78x | 1.72x | -5.19x | -4.95x | 1.79x | 2.38x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.6% | 0.3% | 0.2% | 0.0% | 0.2% |
| Buybacks as a share of market value | 24.2% | -34.9% | 3.8% | -34.0% | -0.6% | 0.6% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.1% | -14.8% | -4.0% |
| Operating income | — | -20.0% | 4.6% |
| Net income | -59.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.0% | 4.8% | 12.6% | 10.4% |
| Operating margin | 6.8% | -43.3% | -15.2% | -21.0% |
| Net margin | -1.1% | -44.0% | -17.8% | -25.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -110.7 | 227.8 | -6.8 | -7.7 | 131.9 | 80.1 | 60.1 | -3.7 | -4.2 | 158.7 |
| Price to sales | 6.0 | 4.8 | 11.1 | 6.7 | 1.8 | 2.3 | 1.5 | 7.7 | 5.9 | 6.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Jul 1997.
| FY1997 | FY1996 | |
|---|---|---|
| Paid in the year | 0.15 | 0.08 |
- 1-to-1 reverse split · 19 Jul 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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