A 
12.78
+1.51%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.50bn
FY2016FY2025
Net income
−CN¥1.31bn
FY2016FY2025
Free cash flow
CN¥332.1m
FY2016FY2025
Shareholders' equity
CN¥3.88bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.50bn | CN¥1.87bn | CN¥1.86bn | CN¥3.56bn | CN¥4.14bn | CN¥4.44bn | CN¥4.04bn | CN¥3.52bn | CN¥2.49bn | CN¥2.04bn |
| Gross profit | −CN¥53.0m | −CN¥288.2m | −CN¥370.6m | CN¥977.5m | CN¥1.37bn | CN¥1.66bn | CN¥1.47bn | CN¥1.14bn | CN¥906.2m | CN¥783.9m |
| Research and development | CN¥300.9m | CN¥470.8m | CN¥528.2m | CN¥402.9m | CN¥441.7m | CN¥431.7m | CN¥420.5m | CN¥317.0m | CN¥283.5m | CN¥245.8m |
| Operating income | −CN¥738.8m | −CN¥1.49bn | −CN¥2.29bn | CN¥57.4m | CN¥674.1m | CN¥957.9m | CN¥794.5m | CN¥569.4m | CN¥329.3m | CN¥320.1m |
| Net income | −CN¥1.31bn | −CN¥1.67bn | −CN¥1.92bn | CN¥36.0m | CN¥644.2m | CN¥807.8m | CN¥675.3m | CN¥448.3m | CN¥281.3m | CN¥244.0m |
| Diluted earnings per share | -0.82 | -1.05 | -1.20 | 0.02 | 0.40 | 0.53 | 0.40 | 0.32 | 0.18 | 0.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.38bn | CN¥11.34bn | CN¥12.86bn | CN¥14.60bn | CN¥14.03bn | CN¥12.44bn | CN¥10.82bn | CN¥9.30bn | CN¥7.81bn | CN¥6.95bn |
| Cash and short-term investments | — | CN¥1.61bn | CN¥1.45bn | CN¥1.84bn | CN¥1.54bn | CN¥2.11bn | CN¥1.80bn | CN¥1.91bn | CN¥2.13bn | CN¥2.28bn |
| Total liabilities | CN¥4.76bn | CN¥5.31bn | CN¥4.99bn | CN¥4.50bn | CN¥4.13bn | CN¥3.18bn | CN¥2.68bn | CN¥2.10bn | CN¥2.02bn | CN¥1.55bn |
| Debt | — | CN¥1.28bn | CN¥1.56bn | CN¥958.5m | CN¥1.53bn | CN¥1.13bn | CN¥1.20bn | CN¥768.0m | CN¥832.0m | CN¥584.0m |
| Shareholders' equity | CN¥3.88bn | CN¥5.19bn | CN¥6.86bn | CN¥8.85bn | CN¥8.94bn | CN¥8.37bn | CN¥7.79bn | CN¥6.85bn | CN¥5.46bn | CN¥5.20bn |
| Shares outstanding | 1,598m | 1,598m | 1,598m | 1,601m | 1,603m | 1,513m | 1,703m | 1,381m | 1,564m | 1,277m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥372.1m | CN¥116.6m | −CN¥306.1m | −CN¥517.6m | −CN¥273.6m | CN¥194.8m | CN¥38.8m | CN¥186.7m | CN¥180.2m | CN¥176.6m |
| Capital spending | −CN¥39.9m | −CN¥50.1m | −CN¥270.4m | −CN¥133.9m | −CN¥197.9m | −CN¥64.3m | −CN¥445.5m | −CN¥272.4m | −CN¥160.8m | −CN¥87.0m |
| Free cash flow | CN¥332.1m | CN¥66.5m | −CN¥576.5m | −CN¥651.5m | −CN¥471.6m | CN¥130.5m | −CN¥406.7m | −CN¥85.7m | CN¥19.4m | CN¥89.6m |
| Dividends paid | −CN¥30.6m | −CN¥59.2m | −CN¥56.4m | −CN¥91.5m | −CN¥55.9m | −CN¥141.3m | −CN¥13.8m | −CN¥36.8m | −CN¥119.7m | −CN¥96.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥450.9m | CN¥632.7m | CN¥803.8m | CN¥1.01bn | CN¥399.4m | CN¥289.7m | CN¥678.7m | CN¥326.0m |
| Gross profit | CN¥80.0m | CN¥50.1m | −CN¥139.4m | CN¥55.1m | CN¥8.3m | CN¥23.0m | −CN¥415.2m | CN¥11.5m |
| Operating income | −CN¥48.3m | −CN¥97.8m | −CN¥366.9m | −CN¥131.6m | −CN¥190.3m | −CN¥215.6m | −CN¥891.4m | −CN¥265.2m |
| Net income | −CN¥113.4m | −CN¥110.2m | −CN¥819.8m | −CN¥110.5m | −CN¥197.3m | −CN¥181.1m | −CN¥1.11bn | −CN¥194.3m |
| Diluted earnings per share | -0.07 | -0.07 | -0.51 | -0.07 | -0.12 | -0.11 | -0.70 | -0.12 |
| Cash from operations | — | — | — | CN¥211.0m | −CN¥64.0m | −CN¥164.0m | CN¥350.0m | CN¥70.0m |
| Capital spending | −CN¥5.0m | −CN¥85.0m | −CN¥24.0m | −CN¥4.0m | −CN¥5.0m | −CN¥4.0m | −CN¥15.0m | −CN¥15.0m |
| Free cash flow | — | — | — | CN¥207.0m | −CN¥69.0m | −CN¥168.0m | CN¥335.0m | CN¥55.0m |
| Total assets | CN¥8.23bn | CN¥8.63bn | CN¥9.38bn | CN¥10.22bn | CN¥10.66bn | CN¥11.13bn | CN¥11.34bn | CN¥12.08bn |
| Cash and short-term investments | — | — | — | CN¥1.26bn | CN¥1.14bn | CN¥1.48bn | CN¥1.61bn | CN¥1.34bn |
| Debt | CN¥199.0m | CN¥244.3m | CN¥147.9m | CN¥1.05bn | CN¥769.2m | CN¥889.4m | CN¥709.8m | CN¥969.3m |
| Shareholders' equity | CN¥3.66bn | CN¥3.77bn | CN¥3.88bn | CN¥4.70bn | CN¥4.81bn | CN¥5.01bn | CN¥5.19bn | CN¥6.30bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -2.1% | -15.4% | -19.9% | 27.4% | 33.0% | 37.5% |
| Operating margin | -29.5% | -79.6% | -122.8% | 1.6% | 16.3% | 21.6% |
| Net margin | -52.3% | -89.5% | -103.3% | 1.0% | 15.5% | 18.2% |
| Return on equity | -33.7% | -32.2% | -28.0% | 0.4% | 7.2% | 9.7% |
| Return on assets | -13.9% | -14.8% | -15.0% | 0.2% | 4.6% | 6.5% |
| Free cash flow yield | 1.7% | 0.7% | -0.1% | -1.6% | -0.3% | 1.1% |
| Revenue growth | 33.8% | 0.3% | -47.7% | -14.0% | -6.6% | 9.8% |
| Earnings growth | -21.8% | -13.1% | -5437.7% | -94.4% | -20.3% | 19.6% |
| Current ratio | 1.35x | 1.36x | 1.59x | 2.00x | 1.86x | 2.26x |
| Debt to equity | 0.04x | 0.14x | 0.18x | 0.08x | 0.06x | 0.05x |
| Equity ratio | 41.4% | 45.8% | 53.4% | 60.6% | 63.7% | 67.3% |
| Interest coverage | -14.53x | -20.71x | -50.83x | 0.95x | 24.37x | 30.68x |
| R&D as a share of sales | 12.0% | 25.2% | 28.4% | 11.3% | 10.7% | 9.7% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.2% | 0.1% | -5.9% | 11.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.1% | -10.8% | 6.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -7.8% | 2.7% | 17.9% | 25.7% |
| Operating margin | -51.0% | -45.5% | -15.4% | -1.7% |
| Net margin | -68.2% | -49.7% | -18.6% | -4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -40.3 | -7.0 | -7.0 | 417.1 | 41.5 | 51.5 | 25.8 | 23.3 | 60.2 | 80.6 |
| Price to sales | 21.1 | 6.3 | 7.2 | 4.2 | 6.5 | 9.4 | 4.3 | 3.0 | 6.8 | 9.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.035 | 0.024 | 0.035 | 0.088 | 0.055 | 0.045 | 0.05 | 0.02 |
- 8-for-5 split · 4 Jul 2006
- 5-for-4 split · 8 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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