J 
1.06
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Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥6.88bn
FY2016FY2025
Net income
CN¥29.32bn
FY2016FY2025
Free cash flow
−CN¥1.74bn
FY2016FY2025
Shareholders' equity
CN¥4.16bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.88bn | CN¥27.55bn | CN¥63.24bn | CN¥54.86bn | CN¥112.31bn | CN¥87.70bn | CN¥67.77bn | CN¥41.23bn | CN¥34.76bn | CN¥32.24bn |
| Gross profit | CN¥978.6m | −CN¥9.63bn | CN¥3.57bn | −CN¥10.14bn | CN¥17.18bn | CN¥19.90bn | CN¥18.56bn | CN¥11.78bn | CN¥7.56bn | CN¥6.80bn |
| Research and development | — | — | CN¥11.6m | CN¥31.8m | CN¥101.6m | CN¥92.2m | CN¥41.1m | CN¥3.4m | CN¥3.4m | CN¥3.4m |
| Operating income | — | −CN¥15.67bn | −CN¥902.0m | −CN¥20.04bn | CN¥8.74bn | CN¥12.23bn | CN¥8.62bn | CN¥5.34bn | CN¥3.04bn | CN¥2.26bn |
| Net income | CN¥29.32bn | −CN¥31.97bn | −CN¥8.73bn | −CN¥21.39bn | CN¥3.60bn | CN¥7.03bn | CN¥5.68bn | CN¥3.89bn | CN¥2.00bn | CN¥1.40bn |
| Diluted earnings per share | 5.62 | -6.08 | -1.94 | -3.77 | 0.54 | 1.28 | 1.06 | 0.74 | 0.37 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.89bn | CN¥177.18bn | CN¥224.22bn | CN¥299.54bn | CN¥371.36bn | CN¥381.16bn | CN¥321.61bn | CN¥230.70bn | CN¥157.36bn | CN¥109.25bn |
| Cash and short-term investments | — | CN¥2.77bn | CN¥7.04bn | CN¥11.96bn | CN¥28.91bn | CN¥43.56bn | CN¥35.99bn | CN¥29.85bn | CN¥18.63bn | CN¥17.64bn |
| Total liabilities | CN¥10.12bn | CN¥194.47bn | CN¥203.59bn | CN¥260.65bn | CN¥293.63bn | CN¥307.66bn | CN¥269.45bn | CN¥192.93bn | CN¥135.00bn | CN¥86.72bn |
| Debt | CN¥60.0m | CN¥16.43bn | CN¥32.70bn | CN¥69.62bn | CN¥82.03bn | CN¥98.22bn | CN¥98.69bn | CN¥81.41bn | CN¥67.44bn | CN¥44.19bn |
| Shareholders' equity | CN¥4.16bn | −CN¥28.68bn | CN¥3.51bn | CN¥12.45bn | CN¥38.92bn | CN¥36.92bn | CN¥27.37bn | CN¥23.18bn | CN¥19.77bn | CN¥20.01bn |
| Shares outstanding | 5,217m | 5,255m | 4,510m | 5,675m | 6,632m | 5,476m | 5,348m | 5,258m | 5,467m | 4,274m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.72bn | −CN¥674.0m | −CN¥3.54bn | CN¥5.25bn | CN¥14.20bn | CN¥14.51bn | CN¥2.24bn | CN¥1.33bn | −CN¥8.49bn | CN¥6.24bn |
| Capital spending | −CN¥15.3m | −CN¥3.1m | −CN¥15.2m | −CN¥20.0m | −CN¥406.1m | −CN¥345.4m | −CN¥931.7m | −CN¥277.2m | −CN¥529.7m | −CN¥1.68bn |
| Free cash flow | −CN¥1.74bn | −CN¥677.1m | −CN¥3.55bn | CN¥5.23bn | CN¥13.80bn | CN¥14.16bn | CN¥1.31bn | CN¥1.05bn | −CN¥9.02bn | CN¥4.57bn |
| Dividends paid | −CN¥241.6m | −CN¥634.8m | −CN¥913.0m | −CN¥179.9m | −CN¥2.76bn | −CN¥2.40bn | −CN¥1.92bn | −CN¥6.66bn | −CN¥4.79bn | −CN¥3.26bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥64.7m | CN¥239.9m | CN¥1.18bn | CN¥3.34bn | CN¥1.61bn | CN¥752.9m | CN¥5.99bn | CN¥5.52bn |
| Gross profit | CN¥31.7m | CN¥33.0m | CN¥293.1m | CN¥468.7m | −CN¥2.19bn | CN¥55.0m | −CN¥12.43bn | CN¥965.6m |
| Operating income | CN¥21.9m | −CN¥15.3m | −CN¥192.4m | −CN¥1.37bn | −CN¥2.88bn | −CN¥225.0m | −CN¥16.08bn | −CN¥571.8m |
| Net income | CN¥60.8m | −CN¥42.2m | CN¥40.10bn | −CN¥3.26bn | −CN¥5.91bn | −CN¥1.62bn | −CN¥26.64bn | −CN¥1.53bn |
| Diluted earnings per share | 0.01 | -0.01 | 7.69 | -0.62 | -1.13 | -0.31 | -5.07 | -0.29 |
| Cash from operations | — | — | — | −CN¥76.0m | −CN¥215.0m | −CN¥333.0m | — | CN¥238.0m |
| Capital spending | — | −CN¥1.0m | — | −CN¥6.0m | −CN¥6.0m | −CN¥1.0m | — | — |
| Free cash flow | — | — | — | −CN¥82.0m | −CN¥221.0m | −CN¥334.0m | — | — |
| Total assets | CN¥14.20bn | CN¥14.43bn | CN¥14.89bn | CN¥170.30bn | CN¥175.75bn | CN¥179.86bn | CN¥177.18bn | CN¥200.14bn |
| Cash and short-term investments | — | — | — | CN¥3.89bn | CN¥3.80bn | CN¥2.86bn | CN¥2.77bn | CN¥3.50bn |
| Debt | CN¥168.0m | CN¥60.0m | CN¥60.0m | CN¥49.26bn | CN¥14.71bn | CN¥14.98bn | CN¥16.42bn | CN¥12.74bn |
| Shareholders' equity | CN¥4.17bn | CN¥4.11bn | CN¥4.16bn | −CN¥36.88bn | −CN¥36.22bn | −CN¥30.30bn | −CN¥28.68bn | −CN¥1.88bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.2% | -35.0% | 5.6% | -18.5% | 15.3% | 22.7% | — | — |
| Operating margin | 479.7% | -56.9% | -1.4% | -36.5% | 7.8% | 13.9% | — | — |
| Net margin | 426.0% | -116.0% | -13.8% | -39.0% | 3.2% | 8.0% | — | — |
| Return on equity | 705.5% | 111.5% | -248.9% | -171.8% | 9.3% | 19.0% | — | — |
| Return on assets | 196.9% | -18.0% | -3.9% | -7.1% | 1.0% | 1.8% | — | — |
| Free cash flow yield | -25.5% | -10.0% | -61.0% | 72.5% | 172.1% | 211.9% | — | — |
| Revenue growth | -75.0% | -56.4% | 15.3% | -51.2% | 28.1% | 29.4% | — | — |
| Earnings growth | -191.7% | 266.1% | -59.2% | -694.1% | -48.8% | 23.9% | — | — |
| Current ratio | 1.94x | 0.79x | 1.04x | 1.07x | 1.32x | 1.38x | — | — |
| Debt to equity | 0.01x | -0.57x | 9.32x | 2.38x | 2.09x | -1.69x | — | — |
| Equity ratio | 27.9% | -16.2% | 1.6% | 4.2% | 10.5% | 9.7% | — | — |
| Interest coverage | 5.96x | -1.95x | -0.23x | -9.25x | 7.19x | 11.86x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Buybacks as a share of market value | 0.7% | -16.5% | 20.5% | 14.4% | -21.1% | -2.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -49.9% | -39.9% | -9.8% |
| Net income | — | 33.1% | 36.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -25.1% | -10.0% | 6.2% | 13.1% |
| Net margin | -7.7% | -21.5% | -6.3% | -1.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 0.3 | -0.3 | -0.9 | -0.5 | 8.3 | 5.5 | 7.2 | 8.4 | 13.5 | 16.1 |
| Price to sales | 1.1 | 0.3 | 0.1 | 0.2 | 0.3 | 0.4 | 0.6 | 0.8 | 0.8 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Jul 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.45 | 0.45 | 0.36 | 0.25 | 0.20 | 0.05 | 0.05 | 0.04 |
- 1-to-1 reverse split · 24 Aug 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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