G 
1.88
-2.08%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.57bn
FY2016FY2025
Net income
−CN¥494.4m
FY2016FY2025
Free cash flow
−CN¥203.9m
FY2016FY2025
Shareholders' equity
CN¥650.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.57bn | CN¥2.13bn | CN¥2.27bn | CN¥2.51bn | CN¥2.62bn | CN¥1.83bn | CN¥1.88bn | CN¥1.85bn | CN¥1.74bn | CN¥1.05bn |
| Gross profit | −CN¥59.1m | CN¥32.2m | CN¥83.7m | CN¥139.3m | CN¥468.4m | CN¥106.5m | CN¥279.1m | CN¥310.0m | CN¥380.1m | CN¥168.6m |
| Research and development | CN¥52.2m | CN¥75.7m | CN¥81.5m | CN¥86.2m | CN¥91.9m | CN¥66.6m | CN¥63.4m | CN¥62.3m | CN¥62.6m | CN¥27.2m |
| Operating income | −CN¥497.5m | −CN¥261.0m | −CN¥198.5m | −CN¥144.4m | CN¥146.8m | −CN¥235.9m | CN¥43.0m | CN¥112.3m | CN¥203.8m | CN¥137.1m |
| Net income | −CN¥494.4m | −CN¥244.4m | −CN¥174.8m | −CN¥145.2m | CN¥107.3m | −CN¥250.2m | CN¥25.0m | CN¥102.0m | CN¥165.8m | CN¥120.8m |
| Diluted earnings per share | -0.50 | -0.25 | -0.18 | -0.15 | 0.11 | -0.25 | 0.03 | 0.09 | 0.17 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.22bn | CN¥2.96bn | CN¥2.93bn | CN¥3.08bn | CN¥3.08bn | CN¥2.89bn | CN¥3.09bn | CN¥3.13bn | CN¥2.75bn | CN¥2.70bn |
| Cash and short-term investments | — | CN¥169.3m | CN¥391.1m | CN¥391.8m | CN¥451.8m | CN¥360.0m | CN¥223.1m | CN¥291.4m | CN¥563.2m | CN¥166.6m |
| Total liabilities | CN¥1.32bn | CN¥1.56bn | CN¥1.30bn | CN¥1.21bn | CN¥1.16bn | CN¥1.08bn | CN¥1.01bn | CN¥1.07bn | CN¥748.4m | CN¥792.9m |
| Debt | — | CN¥498.3m | CN¥482.9m | CN¥539.2m | CN¥523.8m | CN¥526.4m | CN¥567.2m | CN¥687.8m | CN¥311.7m | CN¥350.4m |
| Shareholders' equity | CN¥650.4m | CN¥1.15bn | CN¥1.37bn | CN¥1.77bn | CN¥1.92bn | CN¥1.81bn | CN¥2.08bn | CN¥2.05bn | CN¥2.00bn | CN¥1.90bn |
| Shares outstanding | 986m | 988m | 987m | 988m | 988m | 986m | 995m | 1,123m | 986m | 1,064m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥120.5m | CN¥21.7m | CN¥212.9m | CN¥32.4m | CN¥115.3m | CN¥177.7m | −CN¥2.1m | −CN¥351.0m | CN¥256.6m | −CN¥129.4m |
| Capital spending | −CN¥83.3m | −CN¥124.1m | −CN¥322.3m | −CN¥157.5m | −CN¥28.8m | −CN¥23.5m | −CN¥18.6m | −CN¥9.2m | −CN¥8.9m | −CN¥213.7m |
| Free cash flow | −CN¥203.9m | −CN¥102.5m | −CN¥109.4m | −CN¥125.1m | CN¥86.6m | CN¥154.2m | −CN¥20.7m | −CN¥360.1m | CN¥247.6m | −CN¥343.1m |
| Dividends paid | −CN¥19.3m | −CN¥31.5m | −CN¥26.1m | −CN¥22.2m | −CN¥24.6m | −CN¥19.7m | −CN¥30.1m | −CN¥72.4m | −CN¥43.5m | −CN¥40.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥515.1m | CN¥292.7m | CN¥331.9m | CN¥319.1m | CN¥378.3m | CN¥542.4m | CN¥508.4m | CN¥494.8m |
| Gross profit | CN¥64.0m | CN¥451,704 | −CN¥28.8m | CN¥1.0m | −CN¥46.7m | CN¥15.3m | −CN¥56.9m | CN¥8.1m |
| Operating income | CN¥41.7m | −CN¥40.2m | −CN¥122.7m | −CN¥65.9m | −CN¥178.5m | −CN¥18.8m | −CN¥215.4m | −CN¥36.9m |
| Net income | CN¥14.1m | −CN¥28.4m | −CN¥261.8m | −CN¥46.7m | −CN¥170.6m | −CN¥15.4m | −CN¥189.7m | −CN¥34.7m |
| Diluted earnings per share | 0.01 | -0.03 | -0.27 | -0.05 | -0.17 | -0.02 | -0.19 | -0.04 |
| Cash from operations | — | — | — | −CN¥9.0m | −CN¥58.0m | −CN¥16.0m | — | −CN¥5.0m |
| Capital spending | −CN¥1.0m | −CN¥16.0m | −CN¥6.0m | −CN¥9.0m | −CN¥22.0m | −CN¥44.0m | −CN¥20.0m | −CN¥3.0m |
| Free cash flow | — | — | — | −CN¥18.0m | −CN¥80.0m | −CN¥60.0m | — | −CN¥8.0m |
| Total assets | CN¥2.31bn | CN¥2.16bn | CN¥2.22bn | CN¥2.48bn | CN¥2.67bn | CN¥3.01bn | CN¥2.96bn | CN¥2.98bn |
| Cash and short-term investments | — | — | — | CN¥110.6m | CN¥209.3m | CN¥187.8m | CN¥169.3m | CN¥161.7m |
| Debt | — | — | — | CN¥481.8m | CN¥450.2m | CN¥519.4m | CN¥498.3m | CN¥492.7m |
| Shareholders' equity | CN¥639.5m | CN¥623.8m | CN¥650.4m | CN¥912.1m | CN¥958.0m | CN¥1.13bn | CN¥1.15bn | CN¥1.34bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | -3.8% | 1.5% | 3.7% | 5.5% | 17.9% | 5.8% | — |
| Operating margin | -31.3% | -12.2% | -7.5% | -5.8% | 6.5% | -12.9% | — |
| Net margin | -31.5% | -11.5% | -7.7% | -5.8% | 4.1% | -13.6% | — |
| Return on equity | -76.0% | -21.3% | -12.8% | -8.2% | 5.6% | -13.8% | — |
| Return on assets | -22.3% | -8.3% | -6.0% | -4.7% | 3.5% | -8.7% | — |
| Free cash flow yield | -1.9% | 7.5% | 27.5% | 9.8% | 7.4% | 10.4% | — |
| Revenue growth | -26.3% | -5.9% | -9.7% | -4.2% | 42.9% | -2.7% | — |
| Earnings growth | 102.3% | 39.8% | 20.4% | -235.3% | -142.9% | -1100.5% | — |
| Current ratio | 0.41x | 0.54x | 0.77x | 1.32x | 1.43x | 1.25x | — |
| Debt to equity | — | 0.43x | 0.26x | 0.30x | 0.27x | 0.29x | 0.27x |
| Equity ratio | 29.3% | 38.8% | 46.8% | 57.5% | 62.3% | 62.6% | — |
| Interest coverage | -24.30x | -10.14x | -6.09x | -5.79x | 6.63x | -8.84x | — |
| R&D as a share of sales | 3.3% | 3.6% | 3.6% | 3.4% | 3.5% | 3.6% | — |
| Buybacks as a share of market value | 0.2% | -0.1% | 0.1% | -0.1% | -0.1% | 0.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.4% | -3.0% | 8.3% |
| Operating income | 51.0% | 16.1% | — |
| Net income | 50.4% | 14.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.7% | 2.3% | 6.0% | 9.9% |
| Operating margin | -20.5% | -13.0% | -9.2% | -2.9% |
| Net margin | -19.9% | -12.5% | -9.3% | -3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.6 | -8.8 | -17.1 | -23.9 | 36.8 | -13.7 | 121.0 | 34.4 | 30.1 | 51.2 |
| Price to sales | 1.8 | 1.0 | 1.3 | 1.4 | 1.5 | 1.9 | 1.6 | 1.9 | 2.9 | 5.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Jul 2020.
| FY2020 | FY2018 | FY2017 | FY2016 | FY1996 | FY1995 | FY1994 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.05 | 0.03 | 0.03 | 0.039 | 0.015 | 0.032 |
- 2-for-1 split · 27 Aug 2015
- 13-for-10 split · 26 Mar 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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