F 
3.94
+3.68%
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¥5.90bn
FY2016FY2025
Net income
−CN¥896.5m
FY2016FY2025
Free cash flow
−CN¥144.5m
FY2016FY2025
Shareholders' equity
CN¥120.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.90bn | CN¥10.48bn | CN¥13.91bn | CN¥13.95bn | CN¥8.60bn | CN¥8.44bn | CN¥6.38bn | CN¥7.01bn | CN¥6.66bn | CN¥4.92bn |
| Gross profit | CN¥234.7m | CN¥347.2m | CN¥202.1m | CN¥512.1m | CN¥334.6m | CN¥480.0m | CN¥556.0m | CN¥623.3m | CN¥656.6m | CN¥390.9m |
| Operating income | CN¥103.7m | −CN¥483.6m | −CN¥337.1m | CN¥312.9m | CN¥232.2m | CN¥307.8m | CN¥223.2m | CN¥194.5m | CN¥172.0m | CN¥55.9m |
| Net income | −CN¥896.5m | −CN¥531.4m | −CN¥319.0m | CN¥31.4m | CN¥59.4m | CN¥143.4m | CN¥81.3m | CN¥33.1m | CN¥24.5m | CN¥16.6m |
| Diluted earnings per share | -1.93 | -1.14 | -0.69 | 0.07 | 0.13 | 0.31 | 0.18 | 0.07 | 0.05 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.28bn | CN¥8.52bn | CN¥9.88bn | CN¥9.76bn | CN¥9.93bn | CN¥9.18bn | CN¥8.54bn | CN¥7.77bn | CN¥7.05bn | CN¥6.76bn |
| Cash and short-term investments | — | CN¥829.1m | CN¥1.38bn | CN¥1.04bn | CN¥1.45bn | CN¥1.24bn | CN¥2.18bn | CN¥1.75bn | CN¥1.32bn | CN¥1.22bn |
| Total liabilities | CN¥7.77bn | CN¥7.06bn | CN¥7.83bn | CN¥7.82bn | CN¥7.99bn | CN¥7.29bn | CN¥6.83bn | CN¥6.20bn | CN¥5.58bn | CN¥5.35bn |
| Debt | CN¥1.86bn | CN¥3.54bn | CN¥4.65bn | CN¥4.14bn | CN¥3.88bn | CN¥3.89bn | CN¥2.72bn | CN¥3.05bn | CN¥2.98bn | CN¥2.93bn |
| Shareholders' equity | CN¥120.7m | CN¥1.02bn | CN¥1.55bn | CN¥1.43bn | CN¥1.42bn | CN¥1.39bn | CN¥1.35bn | CN¥1.30bn | CN¥1.27bn | CN¥1.25bn |
| Shares outstanding | 466m | 465m | 466m | 469m | 464m | 466m | 461m | 466m | 468m | 469m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥136.7m | −CN¥392.8m | −CN¥73.2m | CN¥225.3m | CN¥395.1m | −CN¥1.82bn | CN¥1.49bn | CN¥787.1m | CN¥303.2m | CN¥240.7m |
| Capital spending | −CN¥7.8m | −CN¥8.0m | −CN¥6.3m | −CN¥5.2m | −CN¥17.6m | −CN¥10.3m | −CN¥24.5m | −CN¥16.1m | −CN¥12.5m | −CN¥32.2m |
| Free cash flow | −CN¥144.5m | −CN¥400.7m | −CN¥79.5m | CN¥220.1m | CN¥377.5m | −CN¥1.83bn | CN¥1.47bn | CN¥771.0m | CN¥290.8m | CN¥208.5m |
| Dividends paid | −CN¥215.6m | −CN¥253.0m | −CN¥273.5m | −CN¥311.4m | −CN¥263.9m | −CN¥269.8m | −CN¥199.9m | −CN¥270.2m | −CN¥261.6m | −CN¥318.6m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥182.8m | CN¥723.5m | CN¥678.1m | CN¥1.30bn | CN¥842.3m | CN¥1.65bn | CN¥2.11bn | CN¥1.05bn |
| Gross profit | CN¥9.9m | CN¥38.7m | CN¥12.8m | CN¥89.9m | CN¥27.6m | CN¥52.4m | CN¥59.7m | −CN¥23.6m |
| Operating income | −CN¥18.1m | CN¥1.9m | −CN¥19.1m | CN¥54.8m | −CN¥3.3m | −CN¥53.8m | −CN¥27.2m | −CN¥447.7m |
| Net income | −CN¥186.1m | −CN¥792.8m | −CN¥57.9m | −CN¥759.8m | −CN¥31.7m | −CN¥75.8m | −CN¥29.2m | −CN¥440.3m |
| Diluted earnings per share | -0.40 | -1.70 | -0.12 | -1.63 | -0.07 | -0.16 | -0.06 | -0.95 |
| Cash from operations | — | — | — | — | −CN¥156.0m | −CN¥102.0m | CN¥256.0m | — |
| Capital spending | — | — | — | −CN¥2.0m | — | −CN¥1.0m | −CN¥2.0m | −CN¥1.0m |
| Free cash flow | — | — | — | — | — | −CN¥103.0m | CN¥254.0m | — |
| Total assets | CN¥8.06bn | CN¥7.59bn | CN¥8.43bn | CN¥8.28bn | CN¥8.33bn | CN¥8.31bn | CN¥8.52bn | CN¥8.52bn |
| Cash and short-term investments | — | — | — | — | CN¥660.2m | CN¥781.2m | CN¥886.2m | CN¥829.1m |
| Debt | CN¥1.76bn | CN¥1.82bn | CN¥1.89bn | CN¥1.86bn | CN¥3.09bn | CN¥3.49bn | CN¥3.43bn | CN¥3.54bn |
| Shareholders' equity | −CN¥916.2m | −CN¥730.0m | CN¥62.7m | CN¥120.7m | CN¥880.5m | CN¥912.2m | CN¥988.0m | CN¥1.02bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.0% | 3.3% | 1.5% | 3.7% | 3.9% | 5.7% |
| Operating margin | -11.1% | -2.8% | -0.6% | 1.7% | 1.7% | 2.8% |
| Net margin | -15.2% | -5.1% | -2.3% | 0.2% | 0.7% | 1.7% |
| Return on equity | -743.0% | -52.2% | -20.6% | 2.2% | 4.2% | 10.3% |
| Return on assets | -10.8% | -6.2% | -3.2% | 0.3% | 0.6% | 1.6% |
| Free cash flow yield | -8.0% | -23.8% | -4.1% | 14.2% | 25.6% | -112.1% |
| Revenue growth | -43.7% | -24.7% | -0.3% | 62.2% | 1.9% | 32.3% |
| Earnings growth | 68.7% | 66.6% | -1117.4% | -47.2% | -58.6% | 76.4% |
| Current ratio | 0.91x | 0.88x | 1.03x | 0.97x | 1.19x | 1.06x |
| Debt to equity | 15.40x | 3.48x | 3.00x | 2.89x | 2.73x | 2.55x |
| Equity ratio | 1.5% | 11.9% | 15.7% | 14.7% | 14.3% | 15.2% |
| Interest coverage | -2.51x | -1.30x | -0.36x | 1.15x | 0.83x | 1.42x |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.7% | -1.0% | 0.3% | -1.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.9% | -6.9% | 2.5% |
| Operating income | -30.8% | -19.6% | 1.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.6% | 2.9% | 3.4% | 5.3% |
| Operating margin | -2.3% | -0.9% | 0.2% | 1.0% |
| Net margin | -8.7% | -3.9% | -2.5% | -1.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.9 | -3.2 | -6.7 | 68.2 | 28.6 | 13.3 | 36.7 | 54.3 | 116.4 | 239.7 |
| Price to sales | 0.5 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.5 | 0.3 | 0.4 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Aug 2002.
| FY2002 | FY2001 | FY1999 | |
|---|---|---|---|
| Paid in the year | 0.052 | 0.065 | 0.13 |
- 6-for-5 split · 19 Sept 2006
- 1-to-1 reverse split · 31 Aug 2006
- 8-for-5 split · 4 Jun 2004
- 6-for-5 split · 16 Aug 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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