H 
4.06
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥831.2m
FY2016FY2025
Net income
−CN¥430.0m
FY2016FY2025
Free cash flow
−CN¥63.4m
FY2016FY2025
Shareholders' equity
CN¥81.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥831.2m | CN¥990.7m | CN¥1.48bn | CN¥1.78bn | CN¥2.06bn | CN¥2.20bn | CN¥2.45bn | CN¥2.47bn | CN¥1.82bn | CN¥1.51bn |
| Gross profit | CN¥398.8m | CN¥321.7m | CN¥571.0m | CN¥767.7m | CN¥825.7m | CN¥960.7m | CN¥1.24bn | CN¥1.31bn | CN¥876.1m | CN¥789.0m |
| Research and development | CN¥39.7m | CN¥83.1m | CN¥55.1m | CN¥49.2m | CN¥196.7m | CN¥126.5m | CN¥91.9m | CN¥19.2m | CN¥31.2m | CN¥22.6m |
| Operating income | −CN¥216.4m | −CN¥619.1m | −CN¥120.7m | −CN¥61.5m | −CN¥697.3m | −CN¥641.3m | −CN¥392.3m | CN¥158.1m | CN¥110.3m | CN¥158.7m |
| Net income | −CN¥430.0m | −CN¥1.53bn | −CN¥106.5m | CN¥10.5m | −CN¥1.56bn | −CN¥580.2m | −CN¥159.1m | CN¥119.6m | CN¥86.6m | CN¥164.6m |
| Diluted earnings per share | -0.33 | -1.18 | -0.08 | 0.01 | -1.20 | -0.43 | -0.12 | 0.08 | 0.07 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.71bn | CN¥6.11bn | CN¥7.37bn | CN¥7.37bn | CN¥8.36bn | CN¥10.28bn | CN¥10.78bn | CN¥10.34bn | CN¥10.55bn | CN¥9.61bn |
| Cash and short-term investments | — | CN¥521.7m | CN¥933.0m | CN¥974.5m | CN¥1.60bn | CN¥2.95bn | CN¥3.63bn | CN¥3.63bn | CN¥3.97bn | CN¥3.19bn |
| Total liabilities | CN¥5.59bn | CN¥5.52bn | CN¥5.17bn | CN¥5.03bn | CN¥5.98bn | CN¥6.31bn | CN¥6.15bn | CN¥5.51bn | CN¥5.47bn | CN¥3.98bn |
| Debt | CN¥1.35bn | CN¥2.53bn | CN¥2.69bn | CN¥3.40bn | CN¥3.28bn | CN¥4.40bn | CN¥3.42bn | CN¥4.50bn | CN¥3.48bn | CN¥2.10bn |
| Shareholders' equity | CN¥81.8m | CN¥525.3m | CN¥2.06bn | CN¥2.16bn | CN¥2.15bn | CN¥3.71bn | CN¥4.46bn | CN¥4.61bn | CN¥4.85bn | CN¥5.43bn |
| Shares outstanding | 1,297m | 1,297m | 1,292m | 1,298m | 1,299m | 1,334m | 1,297m | 1,591m | 1,250m | 1,090m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥79.8m | −CN¥17.6m | CN¥103.5m | CN¥142.2m | CN¥108.2m | −CN¥117.4m | −CN¥195.8m | −CN¥509.0m | CN¥526.5m | −CN¥17.7m |
| Capital spending | −CN¥143.2m | −CN¥175.6m | −CN¥210.7m | −CN¥263.8m | −CN¥415.1m | −CN¥768.9m | −CN¥467.9m | −CN¥565.0m | −CN¥769.4m | −CN¥175.1m |
| Free cash flow | −CN¥63.4m | −CN¥193.1m | −CN¥107.1m | −CN¥121.6m | −CN¥306.9m | −CN¥886.3m | −CN¥663.7m | −CN¥1.07bn | −CN¥242.9m | −CN¥192.8m |
| Dividends paid | −CN¥99.1m | −CN¥113.5m | −CN¥139.2m | −CN¥166.8m | −CN¥171.6m | −CN¥204.5m | −CN¥296.9m | −CN¥421.4m | −CN¥403.8m | −CN¥116.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥153.1m | CN¥168.2m | CN¥191.5m | CN¥189.4m | CN¥243.7m | CN¥206.6m | CN¥186.0m | CN¥211.3m |
| Gross profit | CN¥16.8m | CN¥41.8m | CN¥41.8m | CN¥37.0m | CN¥65.3m | CN¥61.9m | CN¥42.0m | CN¥80.1m |
| Operating income | −CN¥80.1m | −CN¥64.7m | −CN¥55.6m | −CN¥52.4m | −CN¥54.1m | −CN¥52.4m | −CN¥468.2m | −CN¥98.6m |
| Net income | −CN¥135.6m | −CN¥76.5m | −CN¥187.7m | −CN¥84.0m | −CN¥89.9m | −CN¥68.4m | −CN¥1.23bn | −CN¥94.9m |
| Diluted earnings per share | -0.10 | -0.06 | -0.14 | -0.06 | -0.07 | -0.05 | -0.95 | -0.07 |
| Cash from operations | — | — | — | −CN¥3.0m | CN¥36.0m | −CN¥4.0m | CN¥49.0m | −CN¥10.0m |
| Capital spending | −CN¥89.0m | −CN¥32.0m | −CN¥25.0m | −CN¥46.0m | −CN¥40.0m | −CN¥30.0m | −CN¥46.0m | −CN¥39.0m |
| Free cash flow | — | — | — | −CN¥49.0m | −CN¥4.0m | −CN¥34.0m | CN¥3.0m | −CN¥49.0m |
| Total assets | CN¥5.66bn | CN¥5.79bn | CN¥5.71bn | CN¥5.79bn | CN¥5.98bn | CN¥6.05bn | CN¥6.11bn | CN¥7.29bn |
| Cash and short-term investments | — | — | — | CN¥448.8m | CN¥532.8m | CN¥495.8m | CN¥521.7m | CN¥832.1m |
| Debt | CN¥1.30bn | CN¥1.41bn | CN¥1.35bn | CN¥2.04bn | CN¥2.08bn | CN¥3.40bn | CN¥2.53bn | CN¥2.59bn |
| Shareholders' equity | −CN¥131.8m | CN¥4.4m | CN¥81.8m | CN¥278.4m | CN¥366.4m | CN¥456.8m | CN¥525.3m | CN¥1.77bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 48.0% | 32.5% | 38.6% | 43.2% | 40.1% | 43.7% |
| Operating margin | -26.0% | -62.5% | 0.0% | -7.2% | -33.9% | -29.1% |
| Net margin | -51.7% | -154.0% | -7.2% | 0.6% | -75.5% | -26.4% |
| Return on equity | -525.8% | -290.4% | -5.2% | 0.5% | -72.4% | -15.7% |
| Return on assets | -7.5% | -24.9% | -1.4% | 0.1% | -18.6% | -5.6% |
| Free cash flow yield | 3.7% | 2.6% | 5.2% | 6.6% | 8.6% | 10.4% |
| Revenue growth | -16.1% | -33.0% | -16.9% | -13.6% | -6.4% | -10.0% |
| Earnings growth | -71.8% | 1332.3% | -1113.5% | -100.7% | 168.1% | 264.6% |
| Current ratio | 0.31x | 0.33x | 0.67x | 0.63x | 0.75x | 1.04x |
| Debt to equity | 16.54x | 8.39x | 1.30x | 1.57x | 1.92x | 0.92x |
| Equity ratio | 1.4% | 8.6% | 28.0% | 29.4% | 25.7% | 36.1% |
| Interest coverage | -1.12x | -3.49x | 0.00x | -0.59x | -2.77x | -2.64x |
| R&D as a share of sales | 4.8% | 8.4% | 3.7% | 2.8% | 9.6% | 5.7% |
| Buybacks as a share of market value | 0.0% | -0.4% | 0.5% | 0.1% | 2.7% | -2.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -22.4% | -17.7% | -6.6% |
| Operating income | 52.1% | -19.5% | — |
| Net income | — | -5.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.5% | 40.5% | 41.2% | 45.5% |
| Operating margin | -45.9% | -20.0% | -25.2% | -10.9% |
| Net margin | -107.3% | -40.4% | -44.8% | -19.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.6 | -4.1 | -54.8 | — | -4.4 | -21.2 | -48.8 | 68.1 | 186.1 | 84.2 |
| Price to sales | 11.2 | 6.3 | 4.0 | 3.1 | 3.3 | 5.6 | 3.2 | 3.3 | 8.8 | 9.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Aug 2018.
| FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | FY2012 | FY1996 | FY1995 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.15 | 0.015 | 0.025 | 0.025 | 0.025 | 0.033 | 0.045 |
- 2-for-1 split · 31 May 2016
- 2-for-1 split · 26 Oct 2012
- 1-to-1 reverse split · 21 Nov 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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