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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥9.84bn
FY2016FY2025
Net income
−CN¥12.58bn
FY2016FY2025
Free cash flow
−CN¥1.90bn
FY2016FY2025
Shareholders' equity
−CN¥6.08bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥9.84bn | CN¥11.11bn | CN¥17.85bn | CN¥29.61bn | CN¥49.11bn | CN¥50.35bn | CN¥55.12bn | CN¥46.13bn | CN¥31.23bn | CN¥20.30bn |
| Gross profit | CN¥404.8m | CN¥43.4m | CN¥148.5m | CN¥662.7m | CN¥1.54bn | CN¥2.58bn | CN¥2.78bn | CN¥2.76bn | CN¥3.28bn | CN¥2.64bn |
| Research and development | CN¥386.1m | CN¥416.4m | CN¥498.0m | CN¥543.9m | CN¥616.3m | CN¥681.9m | CN¥500.6m | CN¥396.5m | CN¥329.7m | CN¥191.7m |
| Operating income | −CN¥1.85bn | −CN¥3.69bn | −CN¥2.59bn | −CN¥1.97bn | CN¥1.51bn | CN¥440.3m | CN¥303.3m | CN¥134.2m | CN¥6.59bn | −CN¥232.2m |
| Net income | −CN¥12.58bn | −CN¥3.30bn | −CN¥2.16bn | −CN¥1.47bn | CN¥905.4m | CN¥477.6m | CN¥212.0m | CN¥411.3m | CN¥5.06bn | CN¥95.7m |
| Diluted earnings per share | -5.22 | -1.37 | -0.90 | -0.61 | 0.38 | 0.20 | 0.09 | 0.17 | 2.10 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥22.35bn | CN¥30.41bn | CN¥35.82bn | CN¥38.02bn | CN¥39.87bn | CN¥49.88bn | CN¥42.59bn | CN¥32.99bn | CN¥23.56bn | CN¥17.24bn |
| Cash and short-term investments | — | CN¥4.40bn | CN¥6.98bn | CN¥5.99bn | CN¥6.49bn | CN¥6.05bn | CN¥6.66bn | CN¥4.35bn | CN¥3.21bn | CN¥2.87bn |
| Total liabilities | CN¥28.21bn | CN¥28.18bn | CN¥29.92bn | CN¥29.55bn | CN¥29.67bn | CN¥39.16bn | CN¥32.66bn | CN¥23.53bn | CN¥15.36bn | CN¥13.92bn |
| Debt | CN¥8.13bn | CN¥13.71bn | CN¥22.31bn | CN¥21.72bn | CN¥20.88bn | CN¥22.33bn | CN¥20.42bn | CN¥14.48bn | CN¥7.09bn | CN¥6.63bn |
| Shareholders' equity | −CN¥6.08bn | CN¥2.37bn | CN¥5.64bn | CN¥7.64bn | CN¥9.10bn | CN¥8.43bn | CN¥8.07bn | CN¥8.10bn | CN¥7.99bn | CN¥2.90bn |
| Shares outstanding | 2,408m | 2,408m | 2,408m | 2,402m | 2,410m | 2,407m | 2,404m | 2,408m | 2,407m | 2,412m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.61bn | CN¥173.9m | CN¥694.1m | −CN¥528.3m | CN¥808.8m | CN¥178.6m | −CN¥1.54bn | −CN¥3.23bn | −CN¥4.31bn | −CN¥972.1m |
| Capital spending | −CN¥291.9m | −CN¥620.5m | −CN¥1.48bn | −CN¥3.61bn | −CN¥6.64bn | −CN¥5.64bn | −CN¥3.93bn | −CN¥486.1m | −CN¥252.5m | −CN¥172.1m |
| Free cash flow | −CN¥1.90bn | −CN¥446.6m | −CN¥782.5m | −CN¥4.14bn | −CN¥5.83bn | −CN¥5.46bn | −CN¥5.47bn | −CN¥3.72bn | −CN¥4.57bn | −CN¥1.14bn |
| Dividends paid | −CN¥578.4m | −CN¥576.2m | −CN¥811.7m | −CN¥120.4m | −CN¥240.8m | −CN¥120.4m | −CN¥240.8m | −CN¥708.6m | −CN¥214.5m | −CN¥139.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.92bn | CN¥1.93bn | CN¥2.16bn | CN¥2.43bn | CN¥2.70bn | CN¥2.54bn | CN¥2.99bn | CN¥2.71bn |
| Gross profit | CN¥131.1m | CN¥115.6m | CN¥50.9m | CN¥174.7m | CN¥36.2m | CN¥142.9m | −CN¥465.4m | CN¥146.5m |
| Operating income | −CN¥265.2m | −CN¥198.9m | −CN¥1.03bn | −CN¥737.2m | −CN¥539.6m | CN¥257.1m | −CN¥1.83bn | −CN¥517.6m |
| Net income | CN¥11.0m | −CN¥183.8m | −CN¥11.60bn | −CN¥598.2m | −CN¥478.1m | CN¥94.8m | −CN¥1.69bn | −CN¥518.5m |
| Diluted earnings per share | 0.00 | -0.08 | -4.82 | -0.25 | -0.20 | 0.04 | -0.70 | -0.22 |
| Cash from operations | — | — | — | −CN¥410.0m | −CN¥253.0m | −CN¥421.0m | CN¥568.0m | CN¥64.0m |
| Capital spending | −CN¥14.0m | −CN¥65.0m | −CN¥21.0m | −CN¥40.0m | −CN¥84.0m | −CN¥146.0m | −CN¥101.0m | −CN¥135.0m |
| Free cash flow | — | — | — | −CN¥450.0m | −CN¥337.0m | −CN¥567.0m | CN¥467.0m | −CN¥71.0m |
| Total assets | CN¥18.42bn | CN¥19.53bn | CN¥22.35bn | CN¥29.21bn | CN¥29.93bn | CN¥29.79bn | CN¥30.41bn | CN¥32.53bn |
| Cash and short-term investments | — | — | — | CN¥4.51bn | CN¥5.10bn | CN¥4.30bn | CN¥4.40bn | CN¥4.30bn |
| Debt | CN¥10.91bn | CN¥10.64bn | CN¥8.13bn | CN¥11.22bn | CN¥12.07bn | CN¥12.07bn | CN¥13.57bn | CN¥21.69bn |
| Shareholders' equity | −CN¥6.23bn | −CN¥6.26bn | −CN¥6.08bn | CN¥1.27bn | CN¥1.86bn | CN¥2.37bn | CN¥2.37bn | CN¥4.04bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.1% | 0.4% | 0.8% | 2.2% | 3.1% | 5.1% |
| Operating margin | -102.4% | -26.7% | -10.3% | -3.8% | 5.4% | 3.1% |
| Net margin | -127.9% | -29.7% | -12.1% | -5.0% | 1.8% | 0.9% |
| Return on equity | 206.8% | -139.1% | -38.3% | -19.2% | 10.0% | 5.7% |
| Return on assets | -56.3% | -10.8% | -6.0% | -3.9% | 2.3% | 1.0% |
| Free cash flow yield | -22.3% | 13.4% | 36.6% | 52.2% | 125.7% | 98.3% |
| Revenue growth | -11.5% | -37.7% | -39.7% | -39.7% | -2.5% | -8.6% |
| Earnings growth | 281.8% | 52.3% | 47.1% | -262.4% | 89.5% | 125.3% |
| Current ratio | 0.62x | 0.63x | 0.88x | 1.18x | 0.89x | 0.93x |
| Debt to equity | -1.34x | 5.73x | 3.92x | 2.79x | 1.73x | 2.60x |
| Equity ratio | -27.2% | 7.8% | 15.8% | 20.1% | 22.8% | 16.9% |
| Interest coverage | -11.56x | -3.50x | -2.07x | -1.17x | 2.44x | 1.47x |
| R&D as a share of sales | 3.9% | 3.7% | 2.8% | 1.8% | 1.3% | 1.4% |
| Buybacks as a share of market value | -0.0% | 0.0% | -0.3% | 0.3% | -0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -30.7% | -27.9% | -6.1% |
| Operating income | -2.1% | — | 1.7% |
| Net income | 104.5% | — | 25.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.1% | 1.8% | 3.2% | 5.6% |
| Operating margin | -26.4% | -14.7% | -4.8% | -0.9% |
| Net margin | -75.8% | -28.5% | -10.8% | -4.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.9 | -4.0 | -4.6 | -7.4 | 17.4 | 33.3 | 49.5 | 19.0 | 2.9 | 113.7 |
| Price to sales | 1.2 | 1.2 | 0.6 | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.5 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Jun 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.10 | 0.05 | 0.10 | 0.162 | 0.005 | 0.005 | 0.005 |
- 2-for-1 split · 25 Sept 2015
- 2-for-1 split · 3 Jun 2008
- 1-to-1 reverse split · 30 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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