L 
9.61
+3.67%
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¥1.87bn
FY2016FY2025
Net income
−CN¥518.0m
FY2016FY2025
Free cash flow
−CN¥211.5m
FY2016FY2025
Shareholders' equity
CN¥3.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.87bn | CN¥1.75bn | CN¥1.52bn | CN¥1.24bn | CN¥986.0m | CN¥1.13bn | CN¥1.98bn | CN¥1.60bn | CN¥752.7m | CN¥12.7m |
| Research and development | CN¥16.3m | CN¥20.8m | CN¥15.7m | CN¥15.3m | CN¥8.9m | CN¥7.1m | CN¥15.1m | CN¥24.5m | CN¥25.6m | CN¥10.7m |
| Operating income | — | −CN¥303.1m | −CN¥297.0m | −CN¥153.4m | −CN¥174.3m | −CN¥504.4m | −CN¥1.57bn | CN¥197.7m | CN¥84.1m | −CN¥43.4m |
| Net income | −CN¥518.0m | −CN¥261.9m | −CN¥261.7m | −CN¥802.1m | −CN¥554.7m | −CN¥479.6m | −CN¥1.55bn | CN¥24.6m | CN¥57.9m | −CN¥38.0m |
| Diluted earnings per share | -0.47 | -0.30 | -0.39 | -1.19 | -0.83 | -0.73 | -2.30 | 0.04 | 0.10 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.61bn | CN¥3.39bn | CN¥3.80bn | CN¥2.79bn | CN¥3.25bn | CN¥3.36bn | CN¥3.64bn | CN¥5.21bn | CN¥5.22bn | CN¥1.64bn |
| Cash and short-term investments | CN¥1.36bn | CN¥114.8m | CN¥719.5m | CN¥75.8m | CN¥137.6m | CN¥144.2m | CN¥78.8m | CN¥314.7m | CN¥940.5m | CN¥353.3m |
| Total liabilities | CN¥1.21bn | CN¥3.31bn | CN¥3.39bn | CN¥3.19bn | CN¥2.83bn | CN¥2.35bn | CN¥2.12bn | CN¥2.14bn | CN¥3.67bn | CN¥154.8m |
| Debt | CN¥688.5m | CN¥1.50bn | CN¥1.58bn | CN¥1.73bn | CN¥1.76bn | CN¥1.32bn | CN¥1.54bn | CN¥1.43bn | CN¥3.09bn | CN¥6.4m |
| Shareholders' equity | CN¥3.34bn | CN¥100.6m | CN¥428.0m | −CN¥391.2m | CN¥428.5m | CN¥1.03bn | CN¥1.53bn | CN¥3.07bn | CN¥1.50bn | CN¥1.42bn |
| Shares outstanding | 1,107m | 873m | 672m | 672m | 671m | 661m | 672m | 560m | 560m | 559m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥86.5m | −CN¥97.0m | −CN¥246.0m | −CN¥56.5m | −CN¥180.3m | CN¥98.4m | CN¥88.7m | CN¥56.2m | −CN¥70.3m | −CN¥77.1m |
| Capital spending | −CN¥125.0m | −CN¥175.8m | −CN¥161.1m | −CN¥146.1m | −CN¥124.0m | −CN¥340.1m | −CN¥254.8m | −CN¥254.2m | −CN¥116.1m | −CN¥175.2m |
| Free cash flow | −CN¥211.5m | −CN¥272.8m | −CN¥407.1m | −CN¥202.6m | −CN¥304.3m | −CN¥241.6m | −CN¥166.1m | −CN¥198.0m | −CN¥186.4m | −CN¥252.2m |
| Dividends paid | −CN¥10.3m | −CN¥117.5m | −CN¥181.7m | −CN¥156.5m | −CN¥181.8m | −CN¥34.9m | −CN¥132.7m | −CN¥230.6m | −CN¥13.9m | −CN¥8.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥537.6m | CN¥580.8m | CN¥513.4m | CN¥456.8m | CN¥467.3m | CN¥433.6m | CN¥463.6m | CN¥416.7m |
| Operating income | CN¥6.9m | CN¥21.0m | −CN¥266.4m | −CN¥55.0m | −CN¥45.0m | −CN¥54.4m | CN¥3.5m | −CN¥77.3m |
| Net income | −CN¥52.0m | CN¥1.2m | −CN¥342.8m | −CN¥74.4m | −CN¥46.9m | −CN¥53.9m | −CN¥53.9m | −CN¥75.0m |
| Diluted earnings per share | -0.05 | 0.00 | -0.31 | -0.07 | -0.04 | -0.05 | -0.06 | -0.09 |
| Cash from operations | — | — | CN¥7.0m | CN¥38.0m | −CN¥91.0m | −CN¥39.0m | −CN¥188.0m | CN¥156.0m |
| Capital spending | −CN¥43.0m | −CN¥35.0m | −CN¥12.0m | −CN¥34.0m | −CN¥19.0m | −CN¥58.0m | −CN¥73.0m | −CN¥11.0m |
| Free cash flow | — | — | −CN¥5.0m | CN¥4.0m | −CN¥110.0m | −CN¥97.0m | −CN¥261.0m | CN¥145.0m |
| Total assets | CN¥4.49bn | CN¥4.54bn | CN¥4.61bn | CN¥3.92bn | CN¥3.76bn | CN¥3.55bn | CN¥3.39bn | CN¥3.36bn |
| Cash and short-term investments | — | — | CN¥1.36bn | CN¥378.8m | CN¥168.8m | CN¥96.4m | CN¥113.4m | CN¥96.9m |
| Debt | CN¥21.7m | CN¥19.6m | CN¥601.0m | CN¥2.03bn | CN¥1.48bn | CN¥1.40bn | CN¥1.39bn | CN¥1.36bn |
| Shareholders' equity | CN¥3.25bn | CN¥3.37bn | CN¥3.34bn | −CN¥33.2m | CN¥39.0m | CN¥91.4m | CN¥100.6m | CN¥207.3m |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -17.6% | -17.3% | -19.6% | -12.4% | -17.7% | -44.6% |
| Net margin | -27.6% | -15.0% | -17.3% | -64.9% | -56.3% | -42.4% |
| Return on equity | -15.5% | -260.3% | -61.1% | 205.0% | -129.4% | -46.6% |
| Return on assets | -11.2% | -7.7% | -6.9% | -28.8% | -17.1% | -14.3% |
| Free cash flow yield | 0.4% | 1.0% | -1.4% | 1.5% | -0.9% | 7.2% |
| Revenue growth | 7.1% | 15.5% | 22.6% | 25.3% | -12.9% | -42.9% |
| Earnings growth | 97.8% | 0.1% | -67.4% | 44.6% | 15.7% | -69.0% |
| Current ratio | 2.57x | 0.60x | 0.72x | 0.27x | 0.36x | 0.38x |
| Debt to equity | 0.18x | 13.86x | 3.43x | -3.23x | 3.50x | 1.20x |
| Equity ratio | 72.6% | 3.0% | 11.3% | -14.0% | 13.2% | 30.6% |
| Interest coverage | -2.38x | -1.75x | -1.49x | -0.88x | -1.37x | -5.24x |
| R&D as a share of sales | 0.9% | 1.2% | 1.0% | 1.2% | 0.9% | 0.6% |
| Buybacks as a share of market value | -26.8% | -30.0% | 0.0% | -0.1% | -1.6% | 1.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.9% | 10.6% | 28.3% |
| Net income | -13.6% | 1.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Net margin | -21.5% | -28.9% | -33.9% | -33.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.5 | -29.4 | -16.2 | -6.0 | -10.4 | -16.1 | -4.6 | 282.5 | 222.7 | -345.5 |
| Price to sales | 5.1 | 4.4 | 2.8 | 3.9 | 5.9 | 6.8 | 3.6 | 4.3 | 17.1 | — |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 May 2016.
| FY2016 | FY2015 | FY2014 | FY2001 | |
|---|---|---|---|---|
| Paid in the year | 0.015 | 0.02 | 0.015 | 0.10 |
- 1-to-1 reverse split · 4 Aug 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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