S 
5.50
+3.58%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.74bn
FY2016FY2025
Net income
−CN¥9.6m
FY2016FY2025
Free cash flow
CN¥460.3m
FY2016FY2025
Shareholders' equity
CN¥4.21bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.74bn | CN¥1.50bn | CN¥1.50bn | CN¥1.67bn | CN¥1.70bn | CN¥1.34bn | CN¥1.00bn | CN¥5.01bn | CN¥4.19bn | CN¥6.24bn |
| Gross profit | CN¥537.4m | CN¥91.6m | CN¥76.4m | CN¥227.8m | −CN¥36.5m | −CN¥115.7m | −CN¥1.50bn | CN¥1.27bn | CN¥1.07bn | CN¥1.30bn |
| Research and development | CN¥116.9m | CN¥30.0m | CN¥7.8m | CN¥14.4m | CN¥105.5m | CN¥82.8m | CN¥224.6m | CN¥64.5m | CN¥169.5m | CN¥124.5m |
| Operating income | CN¥68.9m | CN¥11.7m | −CN¥211.5m | CN¥36.1m | −CN¥569.6m | −CN¥745.0m | −CN¥2.62bn | CN¥59.1m | CN¥1.03bn | −CN¥1.52bn |
| Net income | −CN¥9.6m | CN¥7.1m | CN¥34.8m | CN¥25.8m | −CN¥863.3m | −CN¥722.8m | −CN¥2.99bn | −CN¥788.3m | CN¥117.8m | −CN¥1.40bn |
| Diluted earnings per share | -0.01 | 0.00 | 0.02 | 0.01 | -0.45 | -0.44 | -1.85 | -0.48 | 0.07 | -0.86 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.91bn | CN¥3.25bn | CN¥3.17bn | CN¥3.61bn | CN¥2.99bn | CN¥5.56bn | CN¥7.21bn | CN¥20.39bn | CN¥21.41bn | CN¥24.80bn |
| Cash and short-term investments | — | CN¥443.8m | CN¥385.9m | CN¥580.6m | CN¥94.8m | CN¥606.8m | CN¥2.11bn | CN¥3.51bn | CN¥5.84bn | CN¥2.56bn |
| Total liabilities | CN¥4.59bn | CN¥2.25bn | CN¥2.18bn | CN¥2.63bn | CN¥3.57bn | CN¥5.21bn | CN¥6.12bn | CN¥20.24bn | CN¥20.39bn | CN¥23.97bn |
| Debt | — | CN¥1.58bn | CN¥1.45bn | CN¥367.1m | CN¥180.0m | CN¥482.1m | CN¥390.1m | CN¥12.35bn | CN¥13.68bn | CN¥17.31bn |
| Shareholders' equity | CN¥4.21bn | CN¥1.05bn | CN¥1.04bn | CN¥1.01bn | −CN¥497.6m | CN¥364.0m | CN¥1.11bn | CN¥67.3m | CN¥864.8m | CN¥658.5m |
| Shares outstanding | 1,591m | 1,834m | 2,065m | 2,065m | 1,916m | 1,627m | 1,618m | 1,636m | 1,634m | 1,634m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥497.5m | −CN¥30.2m | CN¥148.1m | −CN¥258.0m | −CN¥309.4m | −CN¥908.2m | −CN¥37.7m | −CN¥56.9m | −CN¥1.12bn | −CN¥1.94bn |
| Capital spending | −CN¥37.1m | −CN¥86.8m | −CN¥30.1m | −CN¥68.9m | −CN¥12.9m | −CN¥4.1m | −CN¥21.5m | −CN¥82.5m | −CN¥328.5m | −CN¥494.8m |
| Free cash flow | CN¥460.3m | −CN¥117.0m | CN¥118.0m | −CN¥326.9m | −CN¥322.3m | −CN¥912.3m | −CN¥59.2m | −CN¥139.4m | −CN¥1.45bn | −CN¥2.43bn |
| Dividends paid | −CN¥28.1m | −CN¥34.8m | −CN¥32.2m | −CN¥59.5m | −CN¥63.2m | −CN¥83.1m | −CN¥101.7m | −CN¥887.1m | −CN¥1.01bn | −CN¥891.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.05bn | CN¥813.6m | CN¥1.19bn | CN¥655.2m | CN¥1.52bn | CN¥371.8m | CN¥503.8m | CN¥259.2m |
| Gross profit | CN¥115.4m | CN¥92.7m | CN¥169.0m | CN¥78.8m | CN¥239.9m | CN¥33.3m | CN¥11.1m | CN¥25.0m |
| Operating income | CN¥32.4m | −CN¥19.4m | CN¥14.6m | −CN¥49.6m | CN¥93.7m | −CN¥30.7m | CN¥133.7m | −CN¥44.3m |
| Net income | CN¥14.4m | −CN¥33.8m | −CN¥10.7m | −CN¥39.2m | CN¥72.2m | −CN¥31.8m | CN¥130.3m | −CN¥42.4m |
| Diluted earnings per share | 0.01 | -0.02 | -0.01 | -0.02 | 0.05 | -0.02 | 0.07 | -0.02 |
| Cash from operations | — | — | — | CN¥266.0m | −CN¥56.0m | −CN¥51.0m | — | — |
| Capital spending | −CN¥3.0m | −CN¥11.0m | −CN¥11.0m | −CN¥16.0m | −CN¥6.0m | −CN¥2.0m | −CN¥44.0m | −CN¥7.0m |
| Free cash flow | — | — | — | CN¥250.0m | −CN¥62.0m | −CN¥53.0m | — | — |
| Total assets | CN¥9.26bn | CN¥8.99bn | CN¥8.91bn | CN¥9.63bn | CN¥7.62bn | CN¥3.25bn | CN¥3.25bn | CN¥3.20bn |
| Cash and short-term investments | — | — | — | CN¥3.15bn | CN¥1.20bn | CN¥386.4m | CN¥443.8m | CN¥251.6m |
| Debt | — | — | — | CN¥1.51bn | CN¥599.8m | CN¥608.9m | CN¥589.2m | CN¥475.4m |
| Shareholders' equity | CN¥4.19bn | CN¥4.18bn | CN¥4.21bn | CN¥4.22bn | CN¥2.57bn | CN¥1.02bn | CN¥1.05bn | CN¥923.4m |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 14.4% | 6.1% | 5.1% | 13.6% | -2.2% | -8.6% | — |
| Operating margin | 1.8% | 0.8% | -14.1% | 2.2% | -33.5% | -55.5% | — |
| Net margin | -0.3% | 0.5% | 2.3% | 1.5% | -50.8% | -53.8% | — |
| Return on equity | -0.2% | 0.7% | 3.3% | 2.5% | 173.5% | -198.6% | — |
| Return on assets | -0.1% | 0.2% | 1.1% | 0.7% | -28.8% | -13.0% | — |
| Free cash flow yield | 6.4% | 0.6% | 1.6% | -1.8% | -3.0% | -10.6% | — |
| Revenue growth | 148.6% | 0.2% | -10.1% | -1.7% | 26.5% | 34.0% | — |
| Earnings growth | -235.8% | -79.7% | 34.9% | -103.0% | 19.4% | -75.8% | — |
| Current ratio | 1.59x | 0.98x | 1.12x | 1.29x | 0.69x | 0.90x | — |
| Debt to equity | — | 1.24x | 0.53x | 0.36x | -0.36x | 1.32x | 2.08x |
| Equity ratio | 47.2% | 32.4% | 32.9% | 28.0% | -16.6% | 6.6% | — |
| Interest coverage | 2.45x | 0.36x | -5.86x | 0.59x | -6.56x | -7.49x | — |
| R&D as a share of sales | 3.1% | 2.0% | 0.5% | 0.9% | 6.2% | 6.2% | — |
| Buybacks as a share of market value | 13.2% | 11.2% | 0.0% | -7.8% | -17.8% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 30.8% | 22.7% | -5.2% |
| Operating income | 24.0% | — | — |
| Net income | — | -57.9% | -34.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.0% | 11.1% | 6.8% | 13.4% |
| Operating margin | 1.5% | -1.1% | -12.3% | -15.4% |
| Net margin | -0.0% | 0.7% | -13.3% | -21.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1187.7 | — | 412.3 | 450.5 | -11.2 | -8.3 | -3.7 | -13.1 | 135.5 | -15.6 |
| Price to sales | 3.0 | 8.7 | 9.5 | 7.0 | 5.7 | 4.5 | 11.0 | 2.1 | 3.8 | 3.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jun 2015.
| FY2015 | FY2012 | FY2007 | FY2001 | |
|---|---|---|---|---|
| Paid in the year | 0.02 | 0.06 | 0.05 | 0.013 |
- 1-to-1 reverse split · 23 Dec 2019
- 8-for-5 split · 6 Apr 2007
- 1-to-1 reverse split · 1 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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