W 
2.63
-0.38%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.71bn
FY2016FY2025
Net income
−CN¥1.17bn
FY2016FY2025
Free cash flow
CN¥238.3m
FY2016FY2025
Shareholders' equity
CN¥3.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.71bn | CN¥3.04bn | CN¥3.88bn | CN¥5.25bn | CN¥8.60bn | CN¥7.08bn | CN¥11.99bn | CN¥14.00bn | CN¥7.44bn | CN¥7.52bn |
| Gross profit | CN¥345.3m | CN¥511.7m | CN¥301.9m | CN¥1.01bn | CN¥822.0m | CN¥1.75bn | CN¥4.32bn | CN¥4.69bn | CN¥2.36bn | CN¥2.16bn |
| Operating income | −CN¥129.0m | −CN¥52.8m | −CN¥821.9m | −CN¥146.5m | −CN¥1.26bn | −CN¥72.0m | CN¥2.37bn | CN¥2.63bn | CN¥806.5m | CN¥928.1m |
| Net income | −CN¥1.17bn | −CN¥533.1m | CN¥351.9m | −CN¥3.42bn | −CN¥3.89bn | −CN¥1.29bn | CN¥809.9m | CN¥1.19bn | CN¥847.6m | CN¥523.9m |
| Diluted earnings per share | -0.20 | -0.09 | 0.20 | -1.80 | -2.06 | -0.68 | 0.39 | 0.66 | 0.42 | 0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥10.82bn | CN¥12.21bn | CN¥14.78bn | CN¥39.32bn | CN¥43.12bn | CN¥50.39bn | CN¥53.06bn | CN¥53.60bn | CN¥51.46bn | CN¥44.57bn |
| Cash and short-term investments | — | CN¥910.6m | CN¥1.11bn | CN¥1.71bn | CN¥2.33bn | CN¥3.86bn | CN¥4.92bn | CN¥5.56bn | CN¥8.85bn | CN¥8.09bn |
| Total liabilities | CN¥6.67bn | CN¥6.87bn | CN¥8.79bn | CN¥38.47bn | CN¥38.78bn | CN¥42.05bn | CN¥43.34bn | CN¥43.62bn | CN¥43.16bn | CN¥37.61bn |
| Debt | CN¥1.11bn | CN¥1.18bn | CN¥1.40bn | CN¥6.08bn | CN¥10.45bn | CN¥12.57bn | CN¥18.25bn | CN¥17.29bn | CN¥21.06bn | CN¥22.21bn |
| Shareholders' equity | CN¥3.79bn | CN¥4.89bn | CN¥5.38bn | −CN¥742.0m | CN¥2.65bn | CN¥6.61bn | CN¥7.92bn | CN¥7.78bn | CN¥6.54bn | CN¥6.17bn |
| Shares outstanding | 5,872m | 6,053m | 1,719m | 1,901m | 1,889m | 1,892m | 2,095m | 1,799m | 2,008m | 1,962m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥246.2m | −CN¥236.3m | CN¥572.9m | CN¥665.7m | CN¥2.87bn | CN¥3.12bn | CN¥2.99bn | CN¥3.84bn | CN¥754.8m | −CN¥989.7m |
| Capital spending | −CN¥7.9m | −CN¥3.6m | −CN¥109.9m | −CN¥286.9m | −CN¥71.9m | −CN¥386.8m | −CN¥1.82bn | −CN¥2.86bn | −CN¥1.50bn | −CN¥280.1m |
| Free cash flow | CN¥238.3m | −CN¥239.9m | CN¥463.0m | CN¥378.8m | CN¥2.79bn | CN¥2.73bn | CN¥1.17bn | CN¥984.6m | −CN¥746.9m | −CN¥1.27bn |
| Dividends paid | −CN¥68.0m | −CN¥57.0m | −CN¥145.4m | −CN¥188.1m | −CN¥1.13bn | −CN¥1.56bn | −CN¥2.38bn | −CN¥1.96bn | −CN¥2.03bn | −CN¥1.65bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥753.9m | CN¥289.9m | CN¥542.3m | CN¥396.4m | CN¥475.8m | CN¥296.5m | CN¥779.1m | CN¥688.9m |
| Gross profit | CN¥41.4m | −CN¥7.2m | CN¥88.3m | CN¥5.7m | CN¥66.8m | CN¥6.3m | −CN¥19.6m | CN¥146.4m |
| Operating income | −CN¥80.3m | −CN¥81.5m | CN¥853,190 | −CN¥323.4m | −CN¥29.8m | −CN¥95.6m | −CN¥205.6m | CN¥58.0m |
| Net income | CN¥205.5m | −CN¥119.4m | −CN¥687.1m | −CN¥324.7m | −CN¥58.9m | −CN¥102.4m | −CN¥616.6m | CN¥35.0m |
| Diluted earnings per share | 0.03 | -0.02 | -0.12 | -0.06 | -0.01 | -0.02 | -0.10 | 0.01 |
| Cash from operations | — | — | — | CN¥41.0m | CN¥118.0m | −CN¥10.0m | CN¥56.0m | −CN¥53.0m |
| Capital spending | −CN¥24.0m | −CN¥3.0m | −CN¥2.0m | — | −CN¥1.0m | −CN¥3.0m | −CN¥4.0m | −CN¥2.0m |
| Free cash flow | — | — | — | — | CN¥117.0m | −CN¥13.0m | CN¥52.0m | −CN¥55.0m |
| Total assets | CN¥9.28bn | CN¥10.61bn | CN¥10.82bn | CN¥11.83bn | CN¥12.09bn | CN¥12.22bn | CN¥12.21bn | CN¥13.68bn |
| Cash and short-term investments | — | — | — | CN¥941.3m | CN¥1.01bn | CN¥999.9m | CN¥910.6m | CN¥927.3m |
| Debt | CN¥1.14bn | CN¥1.11bn | CN¥1.11bn | CN¥877.5m | CN¥1.13bn | CN¥1.17bn | CN¥1.18bn | CN¥1.41bn |
| Shareholders' equity | CN¥3.72bn | CN¥3.66bn | CN¥3.79bn | CN¥4.47bn | CN¥4.80bn | CN¥4.84bn | CN¥4.89bn | CN¥5.50bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 20.2% | 16.8% | 7.8% | 19.2% | 9.6% | 24.7% |
| Operating margin | -7.5% | -1.7% | -21.2% | -2.8% | -14.7% | -1.0% |
| Net margin | -68.6% | -17.5% | 9.1% | -65.0% | -45.3% | -18.1% |
| Return on equity | -31.0% | -10.9% | 6.5% | 460.4% | -146.7% | -19.4% |
| Return on assets | -10.8% | -4.4% | 2.4% | -8.7% | -9.0% | -2.6% |
| Free cash flow yield | 1.4% | -1.3% | 13.0% | 16.4% | 50.8% | 60.5% |
| Revenue growth | -43.8% | -21.5% | -26.2% | -38.9% | 21.4% | -40.9% |
| Earnings growth | 120.0% | -251.5% | -110.3% | -12.2% | 202.8% | -258.7% |
| Current ratio | 1.26x | 1.42x | 1.39x | 0.64x | 0.80x | 0.94x |
| Debt to equity | 0.29x | 0.24x | 0.26x | -8.19x | 3.94x | 1.90x |
| Equity ratio | 35.0% | 40.0% | 36.4% | -1.9% | 6.2% | 13.1% |
| Interest coverage | -1.21x | -0.39x | -0.37x | -0.07x | -0.79x | -0.05x |
| Buybacks as a share of market value | 3.0% | -252.2% | 9.6% | -0.6% | 0.1% | 9.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -31.2% | -24.7% | -9.5% |
| Operating income | -4.2% | 12.4% | — |
| Net income | -30.0% | -1.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.0% | 15.6% | 16.0% | 25.9% |
| Operating margin | -3.8% | -8.3% | -8.4% | 6.0% |
| Net margin | -35.9% | -34.4% | -33.7% | -8.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.4 | -24.9 | 9.2 | -2.0 | -1.0 | -3.6 | 10.5 | 5.9 | 13.5 | 31.8 |
| Price to sales | 9.2 | 4.4 | 0.8 | 1.3 | 0.4 | 0.7 | 0.7 | 0.5 | 1.5 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
- 1-to-1 reverse split · 26 Dec 2023
- 1-to-1 reverse split · 2 Jun 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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