S 
5.04
+3.70%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥508.0m
FY2016FY2025
Net income
−CN¥153.3m
FY2016FY2025
Free cash flow
−CN¥279.6m
FY2016FY2025
Shareholders' equity
CN¥42.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥508.0m | CN¥820.7m | CN¥1.22bn | CN¥1.32bn | CN¥1.19bn | CN¥989.1m | CN¥1.44bn | CN¥1.48bn | CN¥1.60bn | CN¥870.3m |
| Gross profit | CN¥129.7m | CN¥279.6m | CN¥549.3m | CN¥593.9m | CN¥435.4m | CN¥300.1m | CN¥320.2m | CN¥392.9m | CN¥389.1m | CN¥228.2m |
| Research and development | — | CN¥13.5m | CN¥5.7m | CN¥5.3m | — | — | — | — | — | — |
| Operating income | −CN¥71.6m | −CN¥98.0m | CN¥81.8m | CN¥146.6m | −CN¥5.4m | −CN¥230.0m | −CN¥469.7m | −CN¥1.04bn | CN¥50.0m | CN¥10.9m |
| Net income | −CN¥153.3m | −CN¥111.2m | −CN¥109.4m | −CN¥37.6m | −CN¥147.5m | −CN¥332.5m | −CN¥613.2m | −CN¥878.2m | CN¥21.4m | CN¥32.8m |
| Diluted earnings per share | -0.18 | -0.13 | -0.13 | -0.05 | -0.18 | -0.41 | -0.75 | -1,941.66 | -21.48 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.43bn | CN¥2.61bn | CN¥2.88bn | CN¥2.97bn | CN¥2.80bn | CN¥2.93bn | CN¥3.45bn | CN¥4.23bn | CN¥5.18bn | CN¥4.99bn |
| Cash and short-term investments | — | CN¥545.0m | CN¥551.3m | CN¥364.8m | CN¥161.4m | CN¥97.2m | CN¥173.8m | CN¥363.1m | CN¥572.1m | CN¥512.8m |
| Total liabilities | CN¥1.64bn | CN¥1.63bn | CN¥1.76bn | CN¥1.96bn | CN¥1.92bn | CN¥1.99bn | CN¥2.21bn | CN¥2.34bn | CN¥2.29bn | CN¥2.10bn |
| Debt | — | CN¥80.1m | CN¥206.3m | CN¥416.3m | CN¥407.0m | CN¥539.4m | CN¥683.8m | CN¥1.04bn | CN¥1.04bn | CN¥1.43bn |
| Shareholders' equity | CN¥42.3m | CN¥226.9m | CN¥365.2m | CN¥369.7m | CN¥405.6m | CN¥494.6m | CN¥710.4m | CN¥1.33bn | CN¥2.18bn | CN¥2.20bn |
| Shares outstanding | 838m | 839m | 822m | 814m | 812m | 814m | 813m | 0m | — | 810m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥154.1m | CN¥127.2m | CN¥308.2m | CN¥434.1m | CN¥345.9m | CN¥137.4m | CN¥292.3m | −CN¥317.0m | CN¥169.5m | CN¥107.8m |
| Capital spending | −CN¥125.5m | −CN¥71.3m | −CN¥82.7m | −CN¥101.3m | −CN¥87.6m | −CN¥15.9m | −CN¥30.4m | −CN¥35.4m | −CN¥35.3m | −CN¥86.2m |
| Free cash flow | −CN¥279.6m | CN¥55.9m | CN¥225.4m | CN¥332.8m | CN¥258.4m | CN¥121.5m | CN¥261.8m | −CN¥352.4m | CN¥134.1m | CN¥21.6m |
| Dividends paid | −CN¥11.0m | −CN¥31.8m | −CN¥25.5m | −CN¥24.2m | −CN¥29.4m | −CN¥23.0m | −CN¥33.7m | −CN¥64.8m | −CN¥82.6m | −CN¥89.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥233.9m | CN¥118.7m | CN¥113.4m | CN¥143.1m | CN¥163.1m | CN¥88.4m | CN¥248.9m | CN¥168.2m |
| Gross profit | CN¥39.0m | CN¥31.2m | CN¥16.7m | CN¥36.6m | CN¥55.7m | CN¥20.7m | CN¥89.9m | CN¥34.2m |
| Operating income | −CN¥34.1m | −CN¥29.4m | −CN¥11.4m | −CN¥28.1m | −CN¥42.2m | −CN¥40.1m | −CN¥24.3m | −CN¥64.3m |
| Net income | −CN¥30.1m | −CN¥33.0m | −CN¥51.2m | −CN¥24.0m | −CN¥44.7m | −CN¥33.4m | −CN¥33.1m | −CN¥51.3m |
| Diluted earnings per share | -0.04 | -0.04 | -0.06 | -0.03 | -0.05 | -0.04 | -0.04 | -0.06 |
| Cash from operations | — | — | — | −CN¥31.0m | CN¥14.0m | −CN¥120.0m | — | CN¥27.0m |
| Capital spending | −CN¥22.0m | −CN¥5.0m | −CN¥10.0m | −CN¥24.0m | −CN¥24.0m | −CN¥65.0m | −CN¥31.0m | −CN¥17.0m |
| Free cash flow | — | — | — | −CN¥55.0m | −CN¥10.0m | −CN¥185.0m | — | CN¥10.0m |
| Total assets | CN¥2.41bn | CN¥2.37bn | CN¥2.43bn | CN¥2.55bn | CN¥2.50bn | CN¥2.48bn | CN¥2.61bn | CN¥2.68bn |
| Cash and short-term investments | — | — | — | CN¥285.7m | CN¥342.7m | CN¥352.0m | CN¥545.0m | CN¥510.1m |
| Debt | — | — | — | CN¥352.3m | CN¥80.1m | CN¥80.1m | CN¥80.1m | CN¥80.1m |
| Shareholders' equity | −CN¥12.2m | CN¥15.1m | CN¥42.3m | CN¥141.9m | CN¥171.3m | CN¥196.7m | CN¥226.9m | CN¥298.3m |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 25.5% | 34.1% | 44.9% | 45.1% | 36.7% | 30.3% | — |
| Operating margin | -22.2% | -7.1% | 8.4% | 15.1% | -0.3% | -20.5% | — |
| Net margin | -30.2% | -13.5% | -8.9% | -2.9% | -12.4% | -33.6% | — |
| Return on equity | -362.6% | -49.0% | -30.0% | -10.2% | -36.4% | -67.2% | — |
| Return on assets | -6.3% | -4.3% | -3.8% | -1.3% | -5.3% | -11.3% | — |
| Free cash flow yield | -0.6% | 3.9% | 7.9% | 11.0% | 8.9% | 3.1% | — |
| Revenue growth | -38.1% | -33.0% | -7.0% | 10.9% | 20.1% | -31.3% | — |
| Earnings growth | 37.9% | 1.6% | 190.8% | -74.5% | -55.6% | -45.8% | — |
| Current ratio | 0.41x | 0.61x | 0.69x | 0.36x | 0.28x | 0.32x | — |
| Debt to equity | — | 0.35x | 1.81x | 0.23x | 0.99x | 0.81x | 0.69x |
| Equity ratio | 1.7% | 8.7% | 12.7% | 12.4% | 14.5% | 16.9% | — |
| Interest coverage | -1.74x | -1.36x | 2.44x | 3.07x | -0.05x | -1.64x | — |
| R&D as a share of sales | — | 1.6% | 0.5% | 0.4% | — | — | — |
| Buybacks as a share of market value | 0.2% | -2.2% | -1.0% | -0.2% | 0.3% | -0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -27.2% | -12.5% | -5.7% |
| Operating income | — | -20.8% | — |
| Net income | 59.7% | -14.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.8% | 40.1% | 37.8% | 31.6% |
| Operating margin | -12.8% | 1.5% | -2.9% | -12.6% |
| Net margin | -19.9% | -10.6% | -14.7% | -18.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -32.0 | -26.5 | -22.2 | -50.6 | -14.4 | -6.5 | -3.6 | -0.3 | 188.0 | 118.6 |
| Price to sales | 9.7 | 3.6 | 2.0 | 1.4 | 1.8 | 2.2 | 1.5 | — | 7.1 | 7.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Aug 2017.
| FY2017 | FY2016 | FY2014 | FY2013 | FY2012 | FY2010 | FY1999 | FY1996 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.03 | 0.03 | 0.06 | 0.06 | 0.05 | 0.17 | 0.30 |
- 1-to-1 reverse split · 13 Nov 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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