Z 
6.69
+0.60%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.32bn
FY2016FY2025
Net income
−CN¥113.0m
FY2016FY2025
Free cash flow
CN¥201.0m
FY2016FY2025
Shareholders' equity
CN¥1.77bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.32bn | CN¥1.56bn | CN¥1.23bn | CN¥1.18bn | CN¥1.61bn | CN¥1.23bn | CN¥966.4m | CN¥935.4m | CN¥848.4m | CN¥786.2m |
| Gross profit | CN¥91.1m | CN¥200.8m | CN¥49.1m | CN¥59.9m | −CN¥381.8m | −CN¥121.1m | CN¥101.8m | CN¥122.6m | CN¥118.5m | CN¥96.6m |
| Research and development | CN¥2.4m | CN¥3.2m | CN¥4.4m | CN¥6.7m | CN¥5.2m | CN¥5.1m | CN¥989,471 | CN¥889,436 | CN¥1.1m | CN¥1.3m |
| Operating income | CN¥12.5m | −CN¥10.6m | −CN¥7.2m | −CN¥20.9m | −CN¥672.3m | −CN¥269.7m | CN¥35.1m | CN¥95.8m | CN¥23.4m | −CN¥10.8m |
| Net income | −CN¥113.0m | −CN¥116.8m | −CN¥307.8m | −CN¥229.5m | −CN¥387.3m | −CN¥225.9m | CN¥24.6m | CN¥26.3m | CN¥6.0m | CN¥20.3m |
| Diluted earnings per share | -0.06 | -0.06 | -0.16 | -0.12 | -0.20 | -0.12 | 0.01 | 0.01 | 0.00 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.20bn | CN¥3.71bn | CN¥4.13bn | CN¥4.11bn | CN¥4.16bn | CN¥4.94bn | CN¥4.25bn | CN¥4.30bn | CN¥4.34bn | CN¥4.17bn |
| Cash and short-term investments | — | CN¥711.7m | CN¥789.0m | CN¥761.2m | CN¥810.1m | CN¥831.4m | CN¥659.4m | CN¥812.4m | CN¥1.23bn | CN¥1.24bn |
| Total liabilities | CN¥1.44bn | CN¥1.74bn | CN¥1.98bn | CN¥1.82bn | CN¥1.67bn | CN¥1.66bn | CN¥674.2m | CN¥920.6m | CN¥847.0m | CN¥680.1m |
| Debt | — | CN¥47.3m | CN¥28.3m | CN¥16.0m | CN¥2.7m | CN¥3.2m | CN¥10.2m | CN¥497.7m | CN¥348.0m | CN¥187.7m |
| Shareholders' equity | CN¥1.77bn | CN¥1.89bn | CN¥2.06bn | CN¥2.37bn | CN¥2.60bn | CN¥2.98bn | CN¥3.21bn | CN¥3.18bn | CN¥3.17bn | CN¥3.16bn |
| Shares outstanding | 1,907m | 1,886m | 1,942m | 1,977m | 1,932m | 1,945m | 1,892m | 1,956m | 1,928m | 1,915m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥222.9m | −CN¥102.7m | CN¥124.8m | CN¥137.2m | −CN¥31.1m | −CN¥103.7m | CN¥353.0m | −CN¥639.4m | CN¥24.1m | −CN¥37.0m |
| Capital spending | −CN¥21.9m | −CN¥69.9m | −CN¥65.7m | −CN¥63.8m | −CN¥47.0m | −CN¥27.1m | −CN¥33.1m | −CN¥146.7m | −CN¥213.2m | −CN¥93.1m |
| Free cash flow | CN¥201.0m | −CN¥172.7m | CN¥59.1m | CN¥73.4m | −CN¥78.1m | −CN¥130.9m | CN¥320.0m | −CN¥786.2m | −CN¥189.2m | −CN¥130.1m |
| Dividends paid | −CN¥3,300 | — | — | — | −CN¥5.3m | −CN¥116,041 | −CN¥12.2m | −CN¥23.3m | −CN¥17.5m | −CN¥2.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥242.6m | CN¥239.0m | CN¥290.1m | CN¥287.3m | CN¥450.2m | CN¥292.3m | CN¥379.1m | CN¥257.1m |
| Gross profit | CN¥25.3m | CN¥12.7m | CN¥6.1m | CN¥31.3m | CN¥25.7m | CN¥28.1m | CN¥82.5m | CN¥18.4m |
| Operating income | CN¥4.7m | −CN¥2.6m | −CN¥16.3m | CN¥14.3m | −CN¥5.7m | CN¥9.1m | −CN¥71.7m | −CN¥1.7m |
| Net income | −CN¥67.7m | −CN¥1.8m | −CN¥144.2m | CN¥16.1m | CN¥10.8m | CN¥4.3m | −CN¥139.4m | CN¥779,707 |
| Diluted earnings per share | -0.04 | -0.00 | -0.08 | 0.01 | 0.01 | 0.00 | -0.07 | 0.00 |
| Cash from operations | — | — | — | CN¥68.0m | CN¥63.0m | CN¥20.0m | −CN¥86.0m | −CN¥10.0m |
| Capital spending | −CN¥3.0m | −CN¥9.0m | −CN¥4.0m | −CN¥2.0m | −CN¥5.0m | −CN¥8.0m | −CN¥6.0m | −CN¥10.0m |
| Free cash flow | — | — | — | CN¥66.0m | CN¥58.0m | CN¥12.0m | −CN¥92.0m | −CN¥20.0m |
| Total assets | CN¥2.78bn | CN¥3.10bn | CN¥3.20bn | CN¥3.30bn | CN¥3.34bn | CN¥3.58bn | CN¥3.71bn | CN¥3.77bn |
| Cash and short-term investments | — | — | — | CN¥876.6m | CN¥813.1m | CN¥704.7m | CN¥711.7m | CN¥713.8m |
| Debt | — | — | — | CN¥486.9m | CN¥16.2m | CN¥14.0m | CN¥39.7m | CN¥23.9m |
| Shareholders' equity | CN¥1.70bn | CN¥1.77bn | CN¥1.77bn | CN¥1.92bn | CN¥1.90bn | CN¥1.89bn | CN¥1.89bn | CN¥2.03bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 6.9% | 12.8% | 4.0% | 5.1% | -23.8% | -9.8% | — | — |
| Operating margin | 0.9% | -0.7% | -0.6% | -1.8% | -41.8% | -21.9% | — | — |
| Net margin | -8.6% | -7.5% | -25.0% | -19.5% | -24.1% | -18.3% | — | — |
| Return on equity | -6.4% | -6.2% | -14.9% | -9.7% | -14.9% | -7.6% | — | — |
| Return on assets | -3.5% | -3.1% | -7.5% | -5.6% | -9.3% | -4.6% | — | — |
| Free cash flow yield | 1.5% | -0.2% | 1.1% | 1.2% | 0.1% | -0.4% | — | — |
| Revenue growth | -15.6% | 26.8% | 4.9% | -26.9% | 30.2% | 27.7% | — | — |
| Earnings growth | -3.3% | -62.1% | 34.1% | -40.7% | 71.4% | -1017.2% | — | — |
| Current ratio | 1.71x | 1.74x | 1.72x | 1.84x | 2.11x | 2.53x | — | — |
| Debt to equity | — | 0.02x | — | 0.11x | 0.00x | 0.01x | 0.00x | 0.16x |
| Equity ratio | 55.5% | 50.9% | 49.9% | 57.7% | 62.5% | 60.4% | — | — |
| Interest coverage | 2.24x | -3.89x | -3.52x | -17.49x | -59.01x | -28.63x | — | — |
| R&D as a share of sales | 0.2% | 0.2% | 0.4% | 0.6% | 0.3% | 0.4% | — | — |
| Buybacks as a share of market value | -1.1% | 2.9% | 1.8% | -2.3% | 0.7% | -2.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.0% | 1.4% | 3.2% |
| Operating income | — | — | -6.1% |
| Net income | -21.0% | -12.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.1% | 7.6% | -1.3% | 4.0% |
| Operating margin | 0.1% | -0.5% | -11.9% | -6.3% |
| Net margin | -8.0% | -14.5% | -17.0% | -10.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -259.9 | -46.4 | -16.0 | -22.4 | -15.8 | -23.9 | 222.7 | 198.2 | — | — |
| Price to sales | 22.3 | 3.5 | 4.0 | 4.4 | 3.8 | 4.4 | 5.7 | 5.6 | 13.1 | 16.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 13 Jun 2016
- 13-for-10 split · 31 May 2012
- 1-to-1 reverse split · 19 Mar 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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