Z 
5.60
+1.63%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥8.28bn
FY2016FY2025
Net income
−CN¥956.5m
FY2016FY2025
Free cash flow
−CN¥95.9m
FY2016FY2025
Shareholders' equity
CN¥821.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.28bn | CN¥10.38bn | CN¥11.64bn | CN¥12.20bn | CN¥12.33bn | CN¥13.13bn | CN¥15.55bn | CN¥15.21bn | CN¥15.21bn | CN¥15.37bn |
| Gross profit | CN¥1.85bn | CN¥2.28bn | CN¥2.77bn | CN¥2.86bn | CN¥3.05bn | CN¥3.09bn | CN¥3.40bn | CN¥3.36bn | CN¥3.26bn | CN¥3.17bn |
| Research and development | CN¥5.4m | CN¥7.7m | CN¥19.7m | CN¥30.9m | CN¥16.0m | CN¥1.3m | CN¥1.4m | — | — | — |
| Operating income | −CN¥850.2m | −CN¥378.4m | −CN¥193.6m | −CN¥207.0m | CN¥17.6m | CN¥146.9m | CN¥154.5m | CN¥689.5m | CN¥261.2m | CN¥177.5m |
| Net income | −CN¥956.5m | −CN¥528.3m | −CN¥322.1m | −CN¥354.5m | −CN¥22.5m | CN¥43.1m | CN¥10.2m | CN¥430.9m | CN¥67.6m | CN¥6.5m |
| Diluted earnings per share | -1.46 | -0.78 | -0.58 | -0.54 | -0.02 | 0.09 | 0.31 | 0.62 | 0.10 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.45bn | CN¥10.70bn | CN¥11.47bn | CN¥12.58bn | CN¥12.46bn | CN¥9.56bn | CN¥9.21bn | CN¥8.00bn | CN¥7.76bn | CN¥9.08bn |
| Cash and short-term investments | — | CN¥945.8m | CN¥1.22bn | CN¥1.43bn | CN¥1.16bn | CN¥1.36bn | CN¥998.2m | CN¥1.28bn | CN¥1.10bn | CN¥1.31bn |
| Total liabilities | CN¥7.59bn | CN¥8.87bn | CN¥9.10bn | CN¥9.76bn | CN¥9.32bn | CN¥6.09bn | CN¥5.64bn | CN¥4.38bn | CN¥4.51bn | CN¥6.07bn |
| Debt | — | CN¥3.27bn | CN¥3.59bn | CN¥4.26bn | CN¥4.17bn | CN¥995.0m | CN¥784.8m | CN¥283.5m | CN¥680.0m | CN¥1.51bn |
| Shareholders' equity | CN¥821.2m | CN¥1.79bn | CN¥2.31bn | CN¥2.75bn | CN¥3.07bn | CN¥3.22bn | CN¥3.35bn | CN¥3.39bn | CN¥3.00bn | CN¥2.98bn |
| Shares outstanding | 657m | 679m | 552m | 658m | 1,046m | 468m | 33m | 692m | 676m | 707m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥129.8m | CN¥550.4m | CN¥523.7m | CN¥774.5m | CN¥936.7m | CN¥868.3m | CN¥845.3m | CN¥591.5m | CN¥171.6m | CN¥693.2m |
| Capital spending | −CN¥225.6m | −CN¥253.2m | −CN¥148.6m | −CN¥257.8m | −CN¥466.0m | −CN¥509.5m | −CN¥768.9m | −CN¥363.7m | −CN¥385.6m | −CN¥452.0m |
| Free cash flow | −CN¥95.9m | CN¥297.1m | CN¥375.1m | CN¥516.7m | CN¥470.7m | CN¥358.8m | CN¥76.4m | CN¥227.8m | −CN¥213.9m | CN¥241.2m |
| Dividends paid | −CN¥26.5m | −CN¥26.8m | −CN¥27.6m | −CN¥36.3m | −CN¥32.8m | −CN¥32.8m | −CN¥34.1m | −CN¥58.2m | −CN¥101.9m | −CN¥72.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.55bn | CN¥2.03bn | CN¥1.73bn | CN¥1.93bn | CN¥2.05bn | CN¥2.57bn | CN¥2.25bn | CN¥2.42bn |
| Gross profit | CN¥344.8m | CN¥470.5m | CN¥375.6m | CN¥432.3m | CN¥459.5m | CN¥586.5m | CN¥525.1m | CN¥532.1m |
| Operating income | −CN¥176.1m | −CN¥72.8m | −CN¥249.3m | −CN¥232.3m | −CN¥125.6m | −CN¥73.9m | −CN¥171.6m | −CN¥155.9m |
| Net income | −CN¥198.7m | −CN¥97.4m | −CN¥376.9m | −CN¥324.8m | −CN¥156.0m | −CN¥98.9m | −CN¥196.7m | −CN¥189.6m |
| Diluted earnings per share | -0.30 | -0.15 | -0.57 | -0.49 | -0.24 | -0.15 | -0.29 | -0.28 |
| Cash from operations | — | — | — | −CN¥11.0m | CN¥44.0m | CN¥85.0m | — | CN¥196.0m |
| Capital spending | −CN¥40.0m | −CN¥44.0m | −CN¥89.0m | −CN¥48.0m | −CN¥38.0m | −CN¥49.0m | −CN¥73.0m | −CN¥66.0m |
| Free cash flow | — | — | — | −CN¥59.0m | CN¥6.0m | CN¥36.0m | — | CN¥130.0m |
| Total assets | CN¥8.04bn | CN¥8.54bn | CN¥8.45bn | CN¥9.47bn | CN¥9.92bn | CN¥10.28bn | CN¥10.70bn | CN¥10.98bn |
| Cash and short-term investments | — | — | — | CN¥704.5m | CN¥877.1m | CN¥891.7m | CN¥945.8m | CN¥1.22bn |
| Debt | — | — | — | CN¥1.73bn | CN¥1.35bn | CN¥1.28bn | CN¥1.30bn | CN¥1.29bn |
| Shareholders' equity | CN¥525.1m | CN¥723.8m | CN¥821.2m | CN¥1.21bn | CN¥1.54bn | CN¥1.69bn | CN¥1.79bn | CN¥1.96bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 22.4% | 22.0% | 23.8% | 23.5% | 24.7% | 23.5% | — |
| Operating margin | -10.4% | -3.6% | -1.3% | -1.3% | 1.4% | 1.2% | — |
| Net margin | -11.5% | -5.1% | -2.8% | -2.9% | -0.2% | 0.3% | — |
| Return on equity | -116.5% | -29.5% | -14.0% | -12.9% | -0.7% | 1.3% | — |
| Return on assets | -11.3% | -4.9% | -2.8% | -2.8% | -0.2% | 0.5% | — |
| Free cash flow yield | 9.1% | 19.9% | 20.4% | 26.3% | 22.5% | 49.4% | — |
| Revenue growth | -20.2% | -10.8% | -4.6% | -1.1% | -6.1% | -15.6% | — |
| Earnings growth | 81.1% | 64.0% | -9.1% | 1476.6% | -152.1% | 323.0% | — |
| Current ratio | 0.33x | 0.48x | 0.53x | 0.55x | 0.50x | 0.59x | — |
| Debt to equity | — | 0.73x | 0.55x | 0.48x | 0.36x | 0.31x | 0.07x |
| Equity ratio | 9.7% | 16.7% | 20.1% | 21.9% | 24.7% | 33.7% | — |
| Interest coverage | -10.74x | -3.06x | -1.04x | -0.90x | 1.07x | 7.41x | — |
| R&D as a share of sales | 0.1% | 0.1% | 0.2% | 0.3% | 0.1% | 0.0% | — |
| Buybacks as a share of market value | 3.2% | -23.1% | 16.1% | 37.1% | -123.5% | -1327.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.1% | -8.8% | -6.6% |
| Operating income | 60.1% | — | — |
| Net income | 39.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.2% | 23.0% | 23.4% | 22.3% |
| Operating margin | -6.6% | -3.8% | -2.2% | -0.1% |
| Net margin | -8.0% | -5.1% | -3.1% | -1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.2 | -16.8 | -7.5 | -11.3 | -233.1 | 67.1 | 24.0 | 8.5 | 96.6 | — |
| Price to sales | 0.6 | 0.9 | 0.2 | 0.3 | 0.4 | 0.2 | 0.0 | 0.2 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 May 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.05 | 0.05 | 0.06 | 0.08 | 0.08 | 0.12 | 0.20 |
- 7-for-5 split · 12 May 2008
- 8-for-5 split · 15 Jun 2006
- 1-to-1 reverse split · 28 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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