N 
5.52
+9.96%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.08bn
FY2016FY2025
Net income
−CN¥378.8m
FY2016FY2025
Free cash flow
CN¥40.8m
FY2016FY2025
Shareholders' equity
CN¥2.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.08bn | CN¥3.01bn | CN¥3.23bn | CN¥6.44bn | CN¥4.68bn | CN¥4.02bn | CN¥4.61bn | CN¥5.91bn | CN¥5.07bn | CN¥3.54bn |
| Gross profit | CN¥332.1m | CN¥49.2m | CN¥161.0m | CN¥2.33bn | CN¥891.8m | CN¥675.5m | CN¥975.6m | CN¥1.70bn | CN¥1.61bn | CN¥654.1m |
| Research and development | CN¥133.9m | CN¥146.0m | CN¥294.9m | CN¥285.4m | CN¥167.9m | CN¥141.8m | CN¥107.8m | CN¥108.6m | CN¥96.4m | CN¥72.2m |
| Operating income | −CN¥293.2m | CN¥1.65bn | −CN¥634.7m | CN¥854.1m | −CN¥2.11bn | −CN¥154.9m | −CN¥355.6m | CN¥790.5m | CN¥863.5m | CN¥80.4m |
| Net income | −CN¥378.8m | CN¥388.1m | −CN¥389.1m | CN¥732.4m | −CN¥3.74bn | −CN¥153.8m | −CN¥340.0m | CN¥636.7m | CN¥713.8m | CN¥126.4m |
| Diluted earnings per share | -0.29 | 0.26 | -0.67 | 1.26 | -6.46 | -0.26 | -0.59 | 1.10 | 1.23 | 0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.36bn | CN¥7.26bn | CN¥9.86bn | CN¥10.28bn | CN¥9.71bn | CN¥11.54bn | CN¥13.76bn | CN¥13.41bn | CN¥12.25bn | CN¥10.55bn |
| Cash and short-term investments | — | CN¥53.4m | CN¥339.3m | CN¥594.9m | CN¥443.5m | CN¥344.3m | CN¥1.50bn | CN¥2.90bn | CN¥2.40bn | CN¥1.69bn |
| Total liabilities | CN¥3.80bn | CN¥4.31bn | CN¥8.87bn | CN¥8.88bn | CN¥9.12bn | CN¥7.43bn | CN¥9.23bn | CN¥8.64bn | CN¥6.72bn | CN¥5.71bn |
| Debt | CN¥302.5m | CN¥912.8m | CN¥3.60bn | CN¥4.55bn | CN¥5.21bn | CN¥5.13bn | CN¥5.91bn | CN¥4.38bn | CN¥4.05bn | CN¥3.16bn |
| Shareholders' equity | CN¥2.47bn | CN¥2.86bn | CN¥878.8m | CN¥1.27bn | CN¥553.9m | CN¥4.01bn | CN¥4.43bn | CN¥4.66bn | CN¥5.43bn | CN¥4.79bn |
| Shares outstanding | 1,298m | 1,492m | 580m | 583m | 580m | 581m | 581m | 581m | 581m | 580m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥177.1m | CN¥347.0m | CN¥532.9m | CN¥1.14bn | CN¥348.6m | CN¥231.2m | CN¥1.46bn | CN¥377.6m | CN¥514.3m | CN¥266.2m |
| Capital spending | −CN¥136.3m | −CN¥71.0m | −CN¥49.6m | −CN¥440.0m | −CN¥190.3m | −CN¥182.4m | −CN¥211.7m | −CN¥263.2m | −CN¥324.0m | −CN¥614.3m |
| Free cash flow | CN¥40.8m | CN¥276.0m | CN¥483.3m | CN¥702.4m | CN¥158.3m | CN¥48.9m | CN¥1.25bn | CN¥114.4m | CN¥190.3m | −CN¥348.1m |
| Dividends paid | −CN¥78.8m | −CN¥53.2m | −CN¥51.3m | −CN¥118.6m | −CN¥138.8m | −CN¥230.0m | −CN¥331.2m | −CN¥491.0m | −CN¥622.9m | −CN¥397.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥888.7m | CN¥673.3m | CN¥752.1m | CN¥863.0m | CN¥612.7m | CN¥847.7m | CN¥304.5m | CN¥1.06bn |
| Gross profit | CN¥201.1m | CN¥153.5m | CN¥159.5m | CN¥80.4m | −CN¥101.2m | CN¥193.5m | −CN¥639.2m | CN¥255.6m |
| Operating income | CN¥46.0m | −CN¥7.8m | −CN¥3.9m | −CN¥70.3m | −CN¥273.1m | CN¥28.8m | CN¥1.62bn | CN¥2.8m |
| Net income | CN¥96.9m | CN¥3.2m | −CN¥107.3m | −CN¥63.1m | −CN¥237.7m | CN¥29.3m | CN¥361.3m | CN¥5.5m |
| Diluted earnings per share | 0.07 | 0.00 | -0.08 | -0.05 | -0.18 | 0.02 | 0.24 | 0.00 |
| Cash from operations | — | — | — | CN¥56.0m | CN¥83.0m | CN¥48.0m | — | CN¥133.0m |
| Capital spending | −CN¥46.0m | −CN¥72.0m | — | −CN¥45.0m | −CN¥87.0m | −CN¥24.0m | −CN¥21.0m | −CN¥14.0m |
| Free cash flow | — | — | — | CN¥11.0m | −CN¥4.0m | CN¥24.0m | — | CN¥119.0m |
| Total assets | CN¥6.55bn | CN¥6.54bn | CN¥6.36bn | CN¥6.84bn | CN¥7.14bn | CN¥7.12bn | CN¥7.26bn | CN¥9.83bn |
| Cash and short-term investments | — | — | — | CN¥118.6m | CN¥164.1m | CN¥119.5m | CN¥53.4m | CN¥253.8m |
| Debt | CN¥314.3m | CN¥303.5m | CN¥302.5m | CN¥869.3m | CN¥966.6m | CN¥754.3m | CN¥907.7m | CN¥3.48bn |
| Shareholders' equity | CN¥2.62bn | CN¥2.48bn | CN¥2.47bn | CN¥2.61bn | CN¥2.67bn | CN¥2.89bn | CN¥2.86bn | CN¥915.5m |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 23.4% | 1.6% | 5.0% | 36.2% | 19.0% | 16.8% |
| Operating margin | -9.2% | -25.2% | -21.1% | 21.6% | 2.9% | 0.8% |
| Net margin | -12.3% | 12.9% | -12.0% | 11.4% | -79.9% | -3.8% |
| Return on equity | -15.3% | 13.6% | -44.3% | 57.6% | -675.9% | -3.8% |
| Return on assets | -6.0% | 5.3% | -3.9% | 7.1% | -38.6% | -1.3% |
| Free cash flow yield | 5.2% | 6.1% | 21.8% | 58.9% | 20.2% | 15.4% |
| Revenue growth | 2.4% | -7.0% | -49.8% | 37.5% | 16.4% | -12.8% |
| Earnings growth | -197.6% | -199.7% | -153.1% | -119.6% | 2334.2% | -54.8% |
| Current ratio | 0.51x | 0.67x | 0.66x | 0.75x | 0.61x | 0.86x |
| Debt to equity | 0.12x | 0.32x | 4.08x | 2.82x | 9.02x | 1.07x |
| Equity ratio | 38.9% | 39.4% | 8.9% | 12.4% | 5.7% | 34.7% |
| Interest coverage | -3.22x | -1.69x | -1.96x | 3.91x | 0.36x | 0.09x |
| R&D as a share of sales | 4.3% | 4.9% | 9.1% | 4.4% | 3.6% | 3.5% |
| Buybacks as a share of market value | 13.0% | -157.2% | 0.4% | -0.5% | 0.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.8% | -5.2% | -3.8% |
| Operating income | — | 13.6% | — |
| Net income | — | 19.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.3% | 18.2% | 18.2% | 20.7% |
| Operating margin | 22.2% | 10.0% | -2.8% | 1.7% |
| Net margin | 0.2% | 2.2% | -14.5% | -4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.7 | 23.0 | -8.5 | 6.2 | -0.9 | -15.3 | -11.1 | 8.6 | 11.0 | 52.9 |
| Price to sales | 2.3 | 3.0 | 1.0 | 0.7 | 0.7 | 0.6 | 0.8 | 0.9 | 1.6 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.50 | 0.30 | 0.50 | 0.15 | 0.05 | 0.03 | 0.02 |
- 1-to-1 reverse split · 7 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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