H 
1.83
+1.10%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥355.9m
FY2016FY2025
Net income
−CN¥156.3m
FY2016FY2025
Free cash flow
−CN¥14.2m
FY2016FY2025
Shareholders' equity
CN¥58.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥355.9m | CN¥335.7m | CN¥566.6m | CN¥579.8m | CN¥1.01bn | CN¥2.97bn | CN¥3.92bn | CN¥3.78bn | CN¥3.42bn | CN¥4.57bn |
| Gross profit | CN¥48.6m | CN¥75.8m | CN¥120.1m | CN¥127.2m | CN¥266.8m | CN¥522.5m | CN¥963.2m | CN¥933.5m | CN¥1.39bn | CN¥1.68bn |
| Research and development | — | CN¥1.7m | CN¥4.3m | CN¥18.9m | CN¥41.2m | CN¥60.8m | CN¥51.5m | CN¥62.5m | CN¥15.6m | CN¥11.0m |
| Operating income | −CN¥48.0m | −CN¥644.4m | −CN¥1.14bn | −CN¥719.7m | CN¥321.1m | −CN¥1.84bn | CN¥840.1m | −CN¥4.87bn | CN¥667.0m | CN¥1.26bn |
| Net income | −CN¥156.3m | −CN¥708.2m | −CN¥1.10bn | −CN¥683.5m | CN¥13.4m | −CN¥2.09bn | CN¥104.6m | −CN¥4.99bn | CN¥277.1m | CN¥872.8m |
| Diluted earnings per share | -0.08 | -0.35 | -0.55 | -0.34 | 0.01 | -1.05 | 0.05 | -2.47 | 0.14 | 0.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.25bn | CN¥2.50bn | CN¥3.30bn | CN¥5.44bn | CN¥6.48bn | CN¥9.18bn | CN¥12.87bn | CN¥12.91bn | CN¥15.83bn | CN¥13.40bn |
| Cash and short-term investments | — | CN¥217.1m | CN¥283.3m | CN¥607.3m | CN¥587.1m | CN¥638.0m | CN¥561.3m | CN¥1.38bn | CN¥2.97bn | CN¥2.91bn |
| Total liabilities | CN¥1.89bn | CN¥1.97bn | CN¥2.04bn | CN¥3.00bn | CN¥3.19bn | CN¥5.70bn | CN¥6.68bn | CN¥7.43bn | CN¥5.70bn | CN¥3.41bn |
| Debt | CN¥533.7m | CN¥981.8m | CN¥1.49bn | CN¥2.30bn | CN¥2.49bn | CN¥4.94bn | CN¥5.38bn | CN¥5.71bn | CN¥4.46bn | CN¥1.60bn |
| Shareholders' equity | CN¥58.6m | CN¥216.0m | CN¥955.0m | CN¥2.06bn | CN¥2.74bn | CN¥2.84bn | CN¥5.27bn | CN¥4.70bn | CN¥9.73bn | CN¥9.49bn |
| Shares outstanding | 2,007m | 1,998m | 1,996m | 1,997m | 2,048m | 1,995m | 1,994m | 2,018m | 2,009m | 2,021m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥9.7m | −CN¥24.9m | CN¥205.1m | −CN¥133.3m | −CN¥114.1m | −CN¥101.6m | −CN¥307.3m | −CN¥361.4m | CN¥657.9m | CN¥680.6m |
| Capital spending | −CN¥4.5m | −CN¥7.3m | −CN¥51.3m | −CN¥49.7m | −CN¥66.7m | −CN¥93.6m | −CN¥233.8m | −CN¥860.8m | −CN¥130.5m | −CN¥167.0m |
| Free cash flow | −CN¥14.2m | −CN¥32.2m | CN¥153.8m | −CN¥183.0m | −CN¥180.8m | −CN¥195.2m | −CN¥541.1m | −CN¥1.22bn | CN¥527.4m | CN¥513.6m |
| Dividends paid | −CN¥7.7m | −CN¥40.1m | −CN¥101.7m | −CN¥110.8m | −CN¥164.3m | −CN¥352.8m | −CN¥316.0m | −CN¥274.4m | −CN¥186.5m | −CN¥181.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥82.1m | CN¥71.5m | CN¥94.2m | CN¥126.3m | CN¥70.8m | CN¥64.6m | CN¥77.4m | CN¥83.5m |
| Gross profit | CN¥12.5m | CN¥10.6m | CN¥17.8m | CN¥9.0m | CN¥11.0m | CN¥10.9m | CN¥19.6m | CN¥14.9m |
| Operating income | −CN¥11.0m | −CN¥8.2m | −CN¥10.6m | −CN¥16.5m | −CN¥25.7m | −CN¥9.2m | −CN¥605.9m | −CN¥25.4m |
| Net income | CN¥86.2m | −CN¥28.0m | −CN¥54.9m | −CN¥24.9m | −CN¥45.9m | −CN¥30.5m | −CN¥603.4m | −CN¥44.3m |
| Diluted earnings per share | 0.04 | -0.01 | -0.03 | -0.01 | -0.02 | -0.02 | -0.30 | -0.02 |
| Cash from operations | — | — | — | −CN¥21.0m | −CN¥41.0m | −CN¥22.0m | — | −CN¥21.0m |
| Capital spending | — | — | — | — | −CN¥2.0m | −CN¥1.0m | −CN¥1.0m | −CN¥1.0m |
| Free cash flow | — | — | — | — | −CN¥43.0m | −CN¥23.0m | — | −CN¥22.0m |
| Total assets | CN¥4.33bn | CN¥2.23bn | CN¥2.25bn | CN¥2.33bn | CN¥2.48bn | CN¥2.48bn | CN¥2.50bn | CN¥3.13bn |
| Cash and short-term investments | — | — | — | CN¥226.3m | CN¥194.4m | CN¥214.0m | CN¥217.1m | CN¥233.5m |
| Debt | CN¥790.3m | CN¥533.7m | CN¥533.7m | CN¥778.0m | CN¥962.0m | CN¥995.1m | CN¥980.7m | CN¥1.12bn |
| Shareholders' equity | CN¥2.65bn | CN¥30.6m | CN¥58.6m | CN¥114.5m | CN¥139.5m | CN¥185.5m | CN¥216.0m | CN¥833.1m |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 13.7% | 22.6% | 21.2% | 21.9% | 26.4% | 17.6% | — |
| Operating margin | -28.0% | -192.0% | -200.5% | -124.1% | 33.2% | -62.1% | — |
| Net margin | -43.9% | -211.0% | -194.1% | -117.9% | 1.3% | -70.4% | — |
| Return on equity | -266.8% | -327.8% | -115.2% | -33.1% | 0.5% | -73.7% | — |
| Return on assets | -6.9% | -28.3% | -33.4% | -12.6% | 0.2% | -22.8% | — |
| Free cash flow yield | -0.1% | -0.4% | 6.5% | -2.1% | -1.2% | -0.2% | — |
| Revenue growth | 6.0% | -40.8% | -2.3% | -42.6% | -66.0% | -24.3% | — |
| Earnings growth | -77.9% | -35.6% | 60.9% | -5189.7% | -100.6% | -2099.6% | — |
| Current ratio | 0.54x | 0.61x | 0.91x | 1.04x | 1.33x | 1.85x | — |
| Debt to equity | 9.11x | 4.54x | 1.56x | 0.83x | 0.90x | 1.74x | — |
| Equity ratio | 2.6% | 8.6% | 29.0% | 37.9% | 42.3% | 30.9% | — |
| Interest coverage | -1.18x | -7.45x | -11.79x | -6.47x | 1.70x | -5.79x | — |
| R&D as a share of sales | — | 0.5% | 0.8% | 3.3% | 4.1% | 2.0% | 1.3% |
| Buybacks as a share of market value | -0.5% | -0.1% | 0.1% | 2.5% | -2.7% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.0% | -34.6% | -22.1% |
| Operating income | -59.4% | -51.8% | — |
| Net income | -38.9% | -40.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.0% | 20.2% | 20.0% | 31.0% |
| Operating margin | -100.1% | -138.6% | -70.0% | -20.5% |
| Net margin | -125.0% | -144.1% | -81.2% | -29.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -35.8 | -7.6 | -4.0 | -7.5 | 448.5 | -2.4 | 64.2 | -1.2 | 72.6 | 26.1 |
| Price to sales | 15.7 | 15.9 | 7.7 | 8.8 | 6.0 | 1.7 | 1.7 | 1.6 | 5.9 | 5.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jul 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.045 | 0.045 | 0.05 | 0.04 | 0.02 | 0.02 | 0.02 |
- 1-to-1 reverse split · 27 Feb 2006
- 2-for-1 split · 21 Mar 2005
- 2-for-1 split · 23 Apr 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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