Z 
2.43
-0.41%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥987.3m
FY2016FY2025
Net income
−CN¥115.2m
FY2016FY2025
Free cash flow
−CN¥64.0m
FY2016FY2025
Shareholders' equity
CN¥110.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥987.3m | CN¥1.01bn | CN¥1.26bn | CN¥1.30bn | CN¥1.45bn | CN¥1.26bn | CN¥1.56bn | CN¥1.62bn | CN¥1.61bn | CN¥1.62bn |
| Gross profit | CN¥154.6m | CN¥157.5m | CN¥249.0m | CN¥180.1m | CN¥293.5m | CN¥243.2m | CN¥319.6m | CN¥314.4m | CN¥336.7m | CN¥231.6m |
| Research and development | CN¥3.3m | CN¥3.2m | CN¥5.3m | CN¥5.4m | CN¥4.3m | CN¥2.7m | CN¥5.3m | CN¥3.4m | CN¥239,841 | CN¥239,841 |
| Operating income | CN¥14.4m | −CN¥103.4m | −CN¥9.3m | −CN¥146.5m | CN¥80.6m | −CN¥112.8m | CN¥94.9m | CN¥60.8m | CN¥150.4m | −CN¥528.4m |
| Net income | −CN¥115.2m | −CN¥122.8m | −CN¥70.3m | −CN¥185.9m | CN¥25.8m | −CN¥179.2m | CN¥18.1m | CN¥22.4m | CN¥94.0m | −CN¥573.5m |
| Diluted earnings per share | -0.09 | -0.10 | -0.05 | -0.15 | 0.02 | -0.14 | 0.01 | 0.02 | 0.07 | -0.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.92bn | CN¥1.78bn | CN¥1.84bn | CN¥2.13bn | CN¥2.32bn | CN¥2.20bn | CN¥2.38bn | CN¥2.48bn | CN¥2.65bn | CN¥2.62bn |
| Cash and short-term investments | — | CN¥46.8m | CN¥21.3m | CN¥64.9m | CN¥62.2m | CN¥81.2m | CN¥68.4m | CN¥75.1m | CN¥117.9m | CN¥88.3m |
| Total liabilities | CN¥1.91bn | CN¥1.64bn | CN¥1.59bn | CN¥1.81bn | CN¥1.82bn | CN¥1.71bn | CN¥1.72bn | CN¥1.88bn | CN¥2.06bn | CN¥2.15bn |
| Debt | CN¥105.6m | CN¥237.1m | CN¥224.8m | CN¥1.18bn | CN¥1.20bn | CN¥1.25bn | CN¥1.23bn | CN¥1.36bn | CN¥1.47bn | CN¥1.35bn |
| Shareholders' equity | CN¥110.2m | CN¥223.0m | CN¥326.6m | CN¥402.5m | CN¥581.7m | CN¥564.2m | CN¥736.4m | CN¥683.7m | CN¥658.1m | CN¥481.5m |
| Shares outstanding | 1,283m | 1,285m | 1,291m | 1,282m | 1,288m | 1,270m | 1,284m | 1,297m | 1,280m | 1,268m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥118.4m | CN¥104.9m | CN¥144.3m | CN¥226.7m | CN¥250.6m | CN¥238.7m | CN¥241.3m | CN¥250.1m | CN¥288.2m | CN¥259.8m |
| Capital spending | −CN¥182.3m | −CN¥76.4m | −CN¥70.8m | −CN¥77.4m | −CN¥186.9m | −CN¥135.8m | −CN¥86.7m | −CN¥137.8m | −CN¥103.7m | −CN¥102.5m |
| Free cash flow | −CN¥64.0m | CN¥28.5m | CN¥73.5m | CN¥149.3m | CN¥63.7m | CN¥102.9m | CN¥154.6m | CN¥112.3m | CN¥184.5m | CN¥157.3m |
| Dividends paid | −CN¥70.7m | −CN¥78.0m | −CN¥84.3m | −CN¥88.2m | −CN¥92.2m | −CN¥96.2m | −CN¥93.1m | −CN¥115.8m | −CN¥139.4m | −CN¥92.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥246.4m | CN¥219.3m | CN¥167.2m | CN¥275.8m | CN¥306.1m | CN¥238.1m | CN¥176.0m | CN¥295.6m |
| Gross profit | CN¥46.1m | CN¥38.7m | CN¥11.3m | CN¥46.2m | CN¥57.7m | CN¥39.3m | CN¥11.8m | CN¥49.7m |
| Operating income | CN¥13.2m | CN¥6.9m | −CN¥29.8m | −CN¥12.2m | −CN¥11.1m | −CN¥14.0m | −CN¥89.7m | −CN¥13.6m |
| Net income | −CN¥22.2m | −CN¥5.4m | −CN¥61.6m | −CN¥16.4m | −CN¥17.8m | −CN¥19.4m | −CN¥93.9m | −CN¥18.6m |
| Diluted earnings per share | -0.02 | -0.00 | -0.05 | -0.01 | -0.01 | -0.02 | -0.07 | -0.01 |
| Cash from operations | — | — | — | CN¥59.0m | CN¥18.0m | — | CN¥59.0m | CN¥82.0m |
| Capital spending | −CN¥12.0m | −CN¥23.0m | −CN¥50.0m | −CN¥34.0m | −CN¥77.0m | −CN¥19.0m | −CN¥15.0m | −CN¥31.0m |
| Free cash flow | — | — | — | CN¥25.0m | −CN¥59.0m | — | CN¥44.0m | CN¥51.0m |
| Total assets | CN¥1.91bn | CN¥1.85bn | CN¥1.92bn | CN¥1.97bn | CN¥1.98bn | CN¥1.85bn | CN¥1.78bn | CN¥1.86bn |
| Cash and short-term investments | — | — | — | CN¥92.2m | CN¥80.9m | CN¥82.6m | CN¥46.8m | CN¥51.6m |
| Debt | CN¥104.4m | CN¥77.4m | CN¥105.6m | CN¥893.5m | CN¥354.6m | CN¥315.6m | CN¥227.8m | CN¥231.8m |
| Shareholders' equity | CN¥68.2m | CN¥92.0m | CN¥110.2m | CN¥170.0m | CN¥186.2m | CN¥203.7m | CN¥223.0m | CN¥298.0m |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.7% | 15.6% | 19.8% | 13.8% | 20.3% | 19.3% |
| Operating margin | -0.3% | -1.8% | 5.2% | -5.4% | 10.9% | -3.2% |
| Net margin | -11.7% | -12.2% | -5.6% | -14.3% | 1.8% | -14.2% |
| Return on equity | -104.5% | -55.1% | -21.5% | -46.2% | 4.4% | -31.8% |
| Return on assets | -6.0% | -6.9% | -3.8% | -8.7% | 1.1% | -8.2% |
| Free cash flow yield | 8.5% | 5.1% | 6.0% | 8.6% | 12.3% | 10.6% |
| Revenue growth | -2.0% | -20.0% | -3.3% | -10.0% | 14.7% | -19.1% |
| Earnings growth | -6.2% | 74.8% | -62.2% | -819.2% | -114.4% | -1091.7% |
| Current ratio | 0.26x | 0.22x | 0.20x | 0.27x | 0.40x | 0.37x |
| Debt to equity | 0.96x | 1.02x | 0.63x | 2.79x | 2.01x | 0.23x |
| Equity ratio | 5.7% | 12.6% | 17.8% | 18.9% | 25.1% | 25.7% |
| Interest coverage | -0.03x | -0.20x | 0.72x | -0.72x | 1.58x | -0.40x |
| R&D as a share of sales | 0.3% | 0.3% | 0.4% | 0.4% | 0.3% | 0.2% |
| Buybacks as a share of market value | 0.2% | 0.5% | -0.8% | 0.5% | -1.4% | 1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.8% | -4.8% | -6.2% |
| Net income | -14.7% | -8.5% | 5.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.7% | 16.3% | 17.6% | 18.2% |
| Operating margin | -4.5% | -5.4% | -3.8% | -3.5% |
| Net margin | -11.9% | -10.9% | -8.9% | -7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -45.2 | -29.5 | -44.3 | -21.6 | 205.7 | -23.9 | 193.3 | 237.5 | 63.8 | -15.4 |
| Price to sales | 5.3 | 3.6 | 2.5 | 3.1 | 3.7 | 3.4 | 2.2 | 3.3 | 3.7 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jul 2012.
| FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.053 | 0.047 | 0.018 | 0.035 | 0.035 | 0.029 | 0.075 |
- 17-for-10 split · 27 Jul 2011
- 1-to-1 reverse split · 27 Oct 2005
- 8-for-5 split · 28 Jul 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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