N 
8.96
-5.68%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.85bn
FY2015FY2024
Net income
−CN¥502.6m
FY2015FY2024
Free cash flow
−CN¥531.6m
FY2015FY2024
Shareholders' equity
CN¥1.10bn
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.85bn | CN¥1.75bn | CN¥1.88bn | CN¥2.29bn | CN¥1.96bn | CN¥2.09bn | CN¥1.99bn | CN¥1.97bn | CN¥1.60bn | CN¥1.70bn |
| Gross profit | −CN¥317.7m | −CN¥481.2m | −CN¥326.6m | CN¥112.0m | CN¥189.4m | CN¥182.0m | CN¥188.6m | CN¥241.2m | CN¥237.8m | CN¥166.0m |
| Research and development | CN¥5.0m | CN¥3.6m | CN¥1.9m | CN¥598,200 | CN¥1.4m | CN¥1.8m | CN¥4.1m | CN¥4.1m | CN¥2.0m | CN¥2.2m |
| Operating income | −CN¥497.7m | −CN¥596.1m | −CN¥464.8m | CN¥12.3m | CN¥90.6m | CN¥67.2m | CN¥35.1m | CN¥136.2m | CN¥125.5m | CN¥28.4m |
| Net income | −CN¥502.6m | −CN¥667.8m | −CN¥388.9m | CN¥4.3m | CN¥69.6m | CN¥51.1m | CN¥26.8m | CN¥93.3m | CN¥109.8m | CN¥29.7m |
| Diluted earnings per share | -1.63 | -2.16 | -1.25 | 0.01 | 0.24 | 0.18 | 0.10 | 0.30 | 0.33 | 0.11 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.57bn | CN¥2.68bn | CN¥2.73bn | CN¥3.06bn | CN¥3.13bn | CN¥3.10bn | CN¥3.14bn | CN¥3.44bn | CN¥3.33bn | CN¥3.14bn |
| Cash and short-term investments | CN¥19.5m | CN¥23.1m | CN¥441.4m | CN¥595.1m | CN¥479.1m | CN¥431.2m | CN¥146.6m | CN¥308.7m | CN¥390.6m | CN¥203.0m |
| Total liabilities | CN¥1.47bn | CN¥1.08bn | CN¥462.2m | CN¥398.0m | CN¥436.6m | CN¥426.6m | CN¥491.1m | CN¥458.7m | CN¥435.0m | CN¥350.6m |
| Debt | CN¥657.6m | CN¥188.9m | CN¥2.6m | — | — | — | — | — | — | — |
| Shareholders' equity | CN¥1.10bn | CN¥1.60bn | CN¥2.27bn | CN¥2.66bn | CN¥2.70bn | CN¥2.67bn | CN¥2.64bn | CN¥2.99bn | CN¥2.90bn | CN¥2.79bn |
| Shares outstanding | 308m | 309m | 311m | 816m | 293m | 286m | 277m | 306m | 336m | 282m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥493.8m | −CN¥592.6m | −CN¥161.6m | CN¥147.4m | CN¥88.2m | −CN¥81.0m | CN¥190.9m | CN¥368.9m | CN¥200.0m | CN¥117.5m |
| Capital spending | −CN¥37.8m | −CN¥77.9m | −CN¥18.9m | −CN¥12.9m | −CN¥4.4m | −CN¥19.1m | −CN¥32.5m | −CN¥6.6m | −CN¥9.6m | −CN¥6.4m |
| Free cash flow | −CN¥531.6m | −CN¥670.4m | −CN¥180.5m | CN¥134.5m | CN¥83.8m | −CN¥100.0m | CN¥158.4m | CN¥362.3m | CN¥190.4m | CN¥111.1m |
| Dividends paid | −CN¥11.2m | −CN¥388,750 | — | −CN¥42.4m | −CN¥45.5m | −CN¥24.2m | −CN¥363.7m | −CN¥363.7m | −CN¥9.1m | −CN¥6.1m |
Latest quarters
By quarter end
| Jun 2026 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥422.1m | CN¥413.1m | CN¥466.9m | CN¥400.1m | CN¥470.1m | CN¥412.7m | CN¥553.6m | CN¥409.6m |
| Gross profit | −CN¥72.4m | −CN¥37.8m | −CN¥71.2m | −CN¥36.1m | −CN¥180.2m | −CN¥72.1m | −CN¥32.4m | −CN¥32.9m |
| Operating income | −CN¥98.7m | −CN¥93.4m | −CN¥66.6m | −CN¥84.3m | −CN¥259.6m | −CN¥131.1m | −CN¥48.4m | −CN¥70.0m |
| Net income | −CN¥117.7m | −CN¥91.8m | −CN¥73.3m | −CN¥82.2m | −CN¥244.6m | −CN¥134.4m | −CN¥53.7m | −CN¥69.8m |
| Diluted earnings per share | -0.35 | -0.27 | -0.22 | -0.25 | -0.79 | -0.44 | -0.17 | -0.23 |
| Cash from operations | — | CN¥12.0m | −CN¥54.0m | −CN¥263.0m | — | −CN¥30.0m | −CN¥160.0m | −CN¥223.0m |
| Capital spending | −CN¥31.0m | −CN¥46.0m | −CN¥20.0m | −CN¥2.0m | −CN¥25.0m | −CN¥2.0m | −CN¥2.0m | −CN¥6.0m |
| Free cash flow | — | −CN¥34.0m | −CN¥74.0m | −CN¥265.0m | — | −CN¥32.0m | −CN¥162.0m | −CN¥229.0m |
| Total assets | CN¥2.37bn | CN¥2.99bn | CN¥2.64bn | CN¥2.66bn | CN¥2.57bn | CN¥2.65bn | CN¥2.80bn | CN¥2.81bn |
| Cash and short-term investments | — | CN¥450.8m | CN¥9.0m | CN¥8.4m | CN¥19.5m | CN¥31.4m | CN¥10.4m | CN¥13.9m |
| Debt | CN¥39.6m | CN¥798.8m | CN¥995.4m | CN¥917.7m | CN¥657.6m | CN¥627.8m | CN¥570.0m | CN¥403.5m |
| Shareholders' equity | CN¥984.1m | CN¥1.54bn | CN¥953.3m | CN¥1.02bn | CN¥1.10bn | CN¥1.35bn | CN¥1.48bn | CN¥1.53bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | -17.2% | -27.5% | -17.4% | 4.9% | 9.7% | 8.7% | — | — | — |
| Operating margin | — | -27.0% | -34.8% | -24.7% | 0.5% | 4.9% | 3.4% | — | — | — |
| Net margin | — | -27.2% | -38.2% | -20.7% | 0.2% | 3.6% | 2.4% | — | — | — |
| Return on equity | — | -45.7% | -41.7% | -17.1% | 0.2% | 2.6% | 1.9% | — | — | — |
| Return on assets | — | -19.5% | -24.9% | -14.2% | 0.1% | 2.2% | 1.6% | — | — | — |
| Free cash flow yield | — | -18.9% | -21.2% | -5.8% | 2.5% | 4.0% | -2.8% | — | — | — |
| Revenue growth | — | 5.7% | -6.8% | -18.3% | 17.4% | -6.3% | 5.0% | — | — | — |
| Earnings growth | — | -24.7% | 71.7% | -9154.1% | -93.8% | 36.2% | 90.3% | — | — | — |
| Current ratio | — | 0.21x | 0.47x | 2.37x | 3.99x | 3.72x | 3.34x | — | — | — |
| Debt to equity | — | 0.60x | 0.12x | 0.00x | — | — | — | 0.13x | 0.19x | 2.28x |
| Equity ratio | — | 42.8% | 59.7% | 83.1% | 87.0% | 86.1% | 86.2% | — | — | — |
| Interest coverage | — | -37.98x | -1084.08x | -2907.74x | 68.27x | 1041.70x | 1367.17x | — | — | — |
| R&D as a share of sales | — | 0.3% | 0.2% | 0.1% | 0.0% | 0.1% | 0.1% | — | — | — |
| Buybacks as a share of market value | -8.9% | 0.3% | 0.8% | 61.8% | -178.1% | -2.6% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.0% | -2.4% | -0.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -22.2% | -13.1% | -5.4% | 2.1% |
| Operating margin | -30.4% | -19.9% | -11.8% | -4.8% |
| Net margin | -32.6% | -20.0% | -12.1% | -5.3% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.8 | -4.2 | -6.9 | — | 32.8 | 44.0 | 87.6 | 47.6 | 93.9 | 141.1 |
| Price to sales | 1.3 | 1.6 | 1.4 | 4.2 | 1.2 | 1.1 | 1.2 | 2.3 | 6.5 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 23 Jun 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.14 | 0.15 | 0.08 | 1.20 | 0.03 | 0.02 | 0.10 | 0.05 |
- 1-to-1 reverse split · 22 Nov 2005
- 6-for-5 split · 7 Jun 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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