M 
3.66
-1.35%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.11bn
FY2016FY2025
Net income
−CN¥141.7m
FY2016FY2025
Free cash flow
−CN¥141.8m
FY2016FY2025
Shareholders' equity
CN¥504.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.11bn | CN¥3.75bn | CN¥4.55bn | CN¥6.06bn | CN¥5.57bn | CN¥4.00bn | CN¥4.30bn | CN¥4.32bn | CN¥4.41bn | CN¥2.96bn |
| Gross profit | CN¥175.1m | CN¥83.7m | CN¥185.6m | CN¥189.3m | CN¥275.0m | CN¥127.7m | CN¥260.9m | CN¥192.7m | CN¥265.8m | CN¥249.8m |
| Research and development | CN¥6.9m | CN¥16.3m | CN¥9.9m | CN¥9.9m | CN¥13.7m | CN¥48.5m | CN¥60.2m | CN¥65.4m | CN¥61.3m | CN¥53.3m |
| Operating income | −CN¥118.2m | −CN¥57.0m | −CN¥117.7m | −CN¥152.7m | CN¥148.4m | CN¥4.2m | CN¥142.0m | CN¥52.4m | CN¥146.2m | CN¥98.1m |
| Net income | −CN¥141.7m | −CN¥83.4m | −CN¥127.8m | −CN¥129.6m | CN¥82.1m | CN¥14.6m | CN¥90.8m | CN¥37.3m | CN¥99.4m | CN¥61.4m |
| Diluted earnings per share | -0.27 | -0.16 | -0.24 | -0.19 | 0.15 | 0.04 | 0.16 | 0.07 | 0.19 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.94bn | CN¥2.39bn | CN¥2.50bn | CN¥2.89bn | CN¥2.89bn | CN¥1.92bn | CN¥1.50bn | CN¥1.24bn | CN¥1.21bn | CN¥1.28bn |
| Cash and short-term investments | — | CN¥202.1m | CN¥136.7m | CN¥160.3m | CN¥283.1m | CN¥194.9m | CN¥247.8m | CN¥275.0m | CN¥234.6m | CN¥336.0m |
| Total liabilities | CN¥1.34bn | CN¥1.63bn | CN¥1.62bn | CN¥1.86bn | CN¥1.72bn | CN¥935.9m | CN¥469.6m | CN¥292.6m | CN¥219.2m | CN¥338.0m |
| Debt | CN¥215.0m | CN¥954.7m | CN¥896.8m | CN¥1.41bn | CN¥1.25bn | CN¥616.4m | CN¥150.0m | CN¥44.8m | CN¥30.0m | CN¥90.0m |
| Shareholders' equity | CN¥504.6m | CN¥645.1m | CN¥728.3m | CN¥879.7m | CN¥1.04bn | CN¥908.9m | CN¥942.0m | CN¥858.6m | CN¥901.8m | CN¥855.1m |
| Shares outstanding | 529m | 525m | 536m | 680m | 544m | 363m | 572m | 570m | 536m | 483m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥79.6m | CN¥9.1m | CN¥353.0m | CN¥435.5m | CN¥61.2m | CN¥69.3m | −CN¥44.1m | CN¥134.0m | CN¥133.9m | CN¥308.2m |
| Capital spending | −CN¥62.2m | −CN¥79.8m | −CN¥127.5m | −CN¥169.3m | −CN¥289.6m | −CN¥570.3m | −CN¥143.4m | −CN¥58.9m | −CN¥48.4m | −CN¥75.2m |
| Free cash flow | −CN¥141.8m | −CN¥70.7m | CN¥225.5m | CN¥266.1m | −CN¥228.4m | −CN¥500.9m | −CN¥187.5m | CN¥75.1m | CN¥85.5m | CN¥233.0m |
| Dividends paid | −CN¥32.6m | −CN¥32.3m | −CN¥90.7m | −CN¥44.7m | −CN¥27.2m | −CN¥52.0m | −CN¥31.2m | −CN¥82.1m | −CN¥52.8m | −CN¥75.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥943.3m | CN¥833.7m | CN¥804.4m | CN¥823.5m | CN¥692.3m | CN¥787.9m | CN¥902.4m | CN¥934.4m |
| Gross profit | CN¥56.8m | CN¥27.9m | −CN¥7.3m | CN¥30.3m | −CN¥676,316 | CN¥28.3m | −CN¥58.2m | CN¥69.8m |
| Operating income | CN¥8.3m | −CN¥25.9m | −CN¥34.8m | −CN¥35.6m | −CN¥40.3m | −CN¥27.2m | CN¥52.3m | −CN¥20.7m |
| Net income | −CN¥4.6m | −CN¥28.3m | −CN¥48.0m | −CN¥11.1m | −CN¥47.6m | −CN¥35.1m | CN¥31.1m | −CN¥20.4m |
| Diluted earnings per share | -0.01 | -0.05 | -0.09 | -0.02 | -0.09 | -0.07 | 0.06 | -0.04 |
| Cash from operations | — | — | — | −CN¥57.0m | CN¥7.0m | CN¥6.0m | — | CN¥66.0m |
| Capital spending | −CN¥12.0m | −CN¥9.0m | −CN¥24.0m | −CN¥10.0m | −CN¥11.0m | −CN¥15.0m | −CN¥21.0m | −CN¥15.0m |
| Free cash flow | — | — | — | −CN¥67.0m | −CN¥4.0m | −CN¥9.0m | — | CN¥51.0m |
| Total assets | CN¥1.95bn | CN¥1.97bn | CN¥1.94bn | CN¥2.10bn | CN¥2.18bn | CN¥2.31bn | CN¥2.39bn | CN¥2.43bn |
| Cash and short-term investments | — | — | — | CN¥221.8m | CN¥331.6m | CN¥266.4m | CN¥202.1m | CN¥149.8m |
| Debt | CN¥200.2m | CN¥182.3m | CN¥215.0m | CN¥698.8m | CN¥717.6m | CN¥785.9m | CN¥809.1m | CN¥731.7m |
| Shareholders' equity | CN¥474.4m | CN¥478.6m | CN¥504.6m | CN¥554.8m | CN¥565.6m | CN¥612.7m | CN¥645.1m | CN¥621.6m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.6% | 2.2% | 4.1% | 3.1% | 4.9% | 3.2% |
| Operating margin | -3.6% | -0.1% | -1.6% | -1.5% | 2.7% | 0.1% |
| Net margin | -4.6% | -2.2% | -2.8% | -2.1% | 1.5% | 0.4% |
| Return on equity | -28.1% | -12.9% | -17.6% | -14.7% | 7.9% | 1.6% |
| Return on assets | -7.3% | -3.5% | -5.1% | -4.5% | 2.8% | 0.8% |
| Free cash flow yield | -0.9% | 4.5% | 23.7% | 23.5% | 17.0% | 46.7% |
| Revenue growth | -17.2% | -17.4% | -24.9% | 8.7% | 39.4% | -7.0% |
| Earnings growth | 69.9% | -34.8% | -1.4% | -258.0% | 464.0% | -84.0% |
| Current ratio | 0.58x | 0.64x | 0.52x | 0.62x | 1.13x | 1.01x |
| Debt to equity | 0.43x | 1.25x | 1.09x | 1.29x | 0.95x | 0.36x |
| Equity ratio | 26.1% | 27.0% | 29.1% | 30.4% | 35.9% | 47.3% |
| Interest coverage | -2.82x | -0.09x | -1.58x | -1.51x | 4.28x | 0.40x |
| R&D as a share of sales | 0.2% | 0.4% | 0.2% | 0.2% | 0.2% | 1.2% |
| Buybacks as a share of market value | -0.7% | 2.0% | 21.2% | -24.9% | -50.1% | 36.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.0% | -4.9% | 0.1% |
| Operating income | -8.2% | — | — |
| Net income | 3.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.8% | 3.6% | 3.8% | 5.1% |
| Operating margin | -2.6% | -2.6% | -1.1% | 0.7% |
| Net margin | -3.3% | -2.8% | -1.4% | -0.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.1 | -23.4 | -14.3 | -28.1 | 32.0 | 102.9 | 28.2 | 57.4 | 32.2 | 60.8 |
| Price to sales | 0.7 | 0.5 | 0.4 | 0.6 | 0.5 | 0.4 | 0.6 | 0.5 | 0.7 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jul 2023.
| FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.10 | 0.06 | 0.15 | 0.10 | 0.13 | 0.09 | 0.07 |
- 1.15-for-1 split · 14 May 2010
- 1-to-1 reverse split · 25 Feb 2008
- 6-for-5 split · 29 Jul 2005
- 13-for-10 split · 8 Apr 2004
- 6-for-5 split · 3 Jun 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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