B 
2.15
-0.92%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥46.39bn
FY2016FY2025
Net income
−CN¥3.94bn
FY2016FY2025
Free cash flow
−CN¥4.00bn
FY2016FY2025
Shareholders' equity
CN¥7.94bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥46.39bn | CN¥51.27bn | CN¥57.96bn | CN¥62.62bn | CN¥77.91bn | CN¥48.68bn | CN¥52.74bn | CN¥50.18bn | CN¥40.51bn | CN¥29.53bn |
| Gross profit | −CN¥2.05bn | −CN¥3.71bn | −CN¥510.9m | CN¥164.0m | CN¥5.71bn | CN¥2.07bn | CN¥3.26bn | CN¥4.52bn | CN¥4.54bn | CN¥3.63bn |
| Research and development | CN¥91.0m | CN¥86.4m | CN¥81.2m | CN¥58.1m | CN¥2.34bn | CN¥1.54bn | CN¥1.29bn | CN¥1.50bn | CN¥1.39bn | CN¥1.44bn |
| Operating income | −CN¥2.99bn | −CN¥4.86bn | −CN¥1.50bn | −CN¥1.09bn | CN¥3.49bn | CN¥508.2m | CN¥655.7m | CN¥1.20bn | CN¥1.97bn | CN¥1.01bn |
| Net income | −CN¥3.94bn | −CN¥5.04bn | −CN¥1.72bn | −CN¥1.23bn | CN¥2.50bn | CN¥384.3m | CN¥555.6m | CN¥1.04bn | CN¥1.60bn | CN¥781.3m |
| Diluted earnings per share | -0.96 | -1.23 | -0.42 | -0.30 | 0.63 | 0.13 | 0.16 | 0.30 | 0.51 | 0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥45.77bn | CN¥45.82bn | CN¥46.18bn | CN¥44.11bn | CN¥55.15bn | CN¥65.01bn | CN¥60.73bn | CN¥59.63bn | CN¥63.00bn | CN¥54.16bn |
| Cash and short-term investments | — | CN¥2.45bn | CN¥2.19bn | CN¥1.46bn | CN¥8.83bn | CN¥13.13bn | CN¥18.42bn | CN¥16.57bn | CN¥17.04bn | CN¥12.93bn |
| Total liabilities | CN¥37.17bn | CN¥33.32bn | CN¥28.58bn | CN¥24.74bn | CN¥32.08bn | CN¥43.46bn | CN¥40.72bn | CN¥39.97bn | CN¥48.15bn | CN¥40.89bn |
| Debt | CN¥6.01bn | CN¥10.47bn | CN¥8.85bn | CN¥11.02bn | CN¥15.07bn | CN¥20.63bn | CN¥18.24bn | CN¥19.37bn | CN¥28.25bn | CN¥24.14bn |
| Shareholders' equity | CN¥7.94bn | CN¥11.89bn | CN¥17.01bn | CN¥18.79bn | CN¥22.50bn | CN¥21.02bn | CN¥19.49bn | CN¥19.13bn | CN¥14.32bn | CN¥12.72bn |
| Shares outstanding | 4,108m | 4,109m | 4,138m | 4,108m | 3,945m | 2,887m | 3,423m | 3,412m | 3,130m | 3,016m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.79bn | CN¥1.10bn | CN¥4.35bn | CN¥1.28bn | CN¥413.5m | −CN¥2.04bn | CN¥6.98bn | CN¥3.62bn | CN¥2.74bn | CN¥9.56bn |
| Capital spending | −CN¥2.22bn | −CN¥975.2m | −CN¥993.3m | −CN¥1.71bn | −CN¥1.30bn | −CN¥1.01bn | −CN¥4.55bn | −CN¥589.0m | −CN¥578.0m | −CN¥2.35bn |
| Free cash flow | −CN¥4.00bn | CN¥125.1m | CN¥3.35bn | −CN¥431.1m | −CN¥891.5m | −CN¥3.05bn | CN¥2.43bn | CN¥3.03bn | CN¥2.17bn | CN¥7.21bn |
| Dividends paid | −CN¥372.2m | −CN¥274.0m | −CN¥211.8m | −CN¥2.46bn | −CN¥2.55bn | −CN¥749.8m | −CN¥193.8m | −CN¥1.55bn | −CN¥1.35bn | −CN¥939.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥11.96bn | CN¥10.38bn | CN¥11.19bn | CN¥10.50bn | CN¥12.36bn | CN¥12.34bn | CN¥11.10bn | CN¥11.80bn |
| Gross profit | −CN¥371.1m | −CN¥710.4m | −CN¥858.3m | −CN¥447.0m | −CN¥275.3m | −CN¥432.1m | −CN¥1.52bn | −CN¥1.36bn |
| Operating income | −CN¥594.3m | −CN¥886.9m | −CN¥1.19bn | −CN¥730.2m | −CN¥603.4m | −CN¥716.5m | −CN¥1.77bn | −CN¥1.64bn |
| Net income | −CN¥836.4m | −CN¥1.07bn | −CN¥1.73bn | −CN¥816.5m | −CN¥633.0m | −CN¥766.3m | −CN¥1.83bn | −CN¥1.65bn |
| Diluted earnings per share | -0.20 | -0.26 | -0.42 | -0.20 | -0.15 | -0.19 | -0.45 | -0.40 |
| Cash from operations | — | — | — | −CN¥470.0m | CN¥788.0m | −CN¥417.0m | −CN¥210.0m | CN¥215.0m |
| Capital spending | −CN¥325.0m | −CN¥510.0m | −CN¥805.0m | −CN¥433.0m | −CN¥604.0m | −CN¥371.0m | −CN¥233.0m | −CN¥233.0m |
| Free cash flow | — | — | — | −CN¥903.0m | CN¥184.0m | −CN¥788.0m | −CN¥443.0m | −CN¥18.0m |
| Total assets | CN¥45.90bn | CN¥47.31bn | CN¥45.77bn | CN¥46.73bn | CN¥45.76bn | CN¥46.40bn | CN¥45.82bn | CN¥46.16bn |
| Cash and short-term investments | — | — | — | CN¥1.71bn | CN¥2.12bn | CN¥2.16bn | CN¥2.45bn | CN¥2.67bn |
| Debt | CN¥9.23bn | CN¥6.78bn | CN¥6.01bn | CN¥19.53bn | CN¥4.32bn | CN¥9.41bn | CN¥8.83bn | CN¥8.81bn |
| Shareholders' equity | CN¥5.10bn | CN¥6.87bn | CN¥7.94bn | CN¥9.65bn | CN¥10.50bn | CN¥11.13bn | CN¥11.89bn | CN¥13.82bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -0.6% | -7.2% | -0.9% | 0.3% | 7.3% | 4.3% |
| Operating margin | -7.4% | -9.3% | -2.7% | -1.7% | 4.5% | 1.0% |
| Net margin | -8.5% | -9.8% | -3.0% | -2.0% | 3.2% | 0.8% |
| Return on equity | -49.7% | -42.4% | -10.1% | -6.6% | 11.1% | 1.8% |
| Return on assets | -8.6% | -11.0% | -3.7% | -2.8% | 4.5% | 0.6% |
| Free cash flow yield | 4.4% | 21.5% | 54.9% | 30.9% | 18.5% | -15.1% |
| Revenue growth | -9.5% | -11.5% | -7.4% | -19.6% | 60.0% | -7.7% |
| Earnings growth | -21.7% | 192.7% | 39.6% | -149.3% | 550.8% | -30.8% |
| Current ratio | 0.35x | 0.52x | 0.70x | 0.81x | 1.14x | 1.04x |
| Debt to equity | 0.76x | 0.74x | 0.44x | 0.31x | 0.61x | 0.76x |
| Equity ratio | 17.3% | 25.9% | 36.8% | 42.6% | 40.8% | 32.3% |
| Interest coverage | -8.67x | -12.06x | -3.67x | -1.80x | 3.43x | 0.48x |
| R&D as a share of sales | 0.2% | 0.2% | 0.1% | 0.1% | 3.0% | 3.2% |
| Buybacks as a share of market value | 0.0% | 0.7% | -0.7% | -4.1% | -36.7% | 15.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.5% | -1.0% | 4.7% |
| Operating income | 39.8% | — | -2.5% |
| Net income | 47.3% | — | 1.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -5.9% | -2.8% | 0.5% | 3.0% |
| Operating margin | -8.0% | -4.8% | -1.9% | -1.0% |
| Net margin | -9.2% | -5.5% | -2.6% | -1.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.5 | -2.6 | -8.6 | -9.8 | 6.6 | 24.0 | 24.3 | 11.1 | 10.2 | 20.8 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.4 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Jun 2022.
| FY2022 | FY2021 | FY2019 | FY2018 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.60 | 0.483 | 0.05 | 0.05 | 0.05 | 0.05 | 0.02 | 0.10 |
- 1-to-1 reverse split · 15 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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