D 
2.93
-1.68%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥396.8m
FY2016FY2025
Net income
−CN¥345.4m
FY2016FY2025
Free cash flow
−CN¥231.3m
FY2016FY2025
Shareholders' equity
CN¥4.64bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥396.8m | CN¥466.5m | CN¥498.1m | CN¥570.9m | CN¥734.5m | CN¥962.9m | CN¥1.77bn | CN¥3.29bn | CN¥2.22bn | CN¥1.44bn |
| Gross profit | CN¥222.8m | CN¥296.1m | CN¥275.0m | CN¥211.4m | CN¥473.1m | CN¥668.5m | CN¥1.40bn | CN¥3.05bn | CN¥2.00bn | CN¥1.22bn |
| Research and development | CN¥82.3m | CN¥79.0m | CN¥51.1m | CN¥51.5m | CN¥67.1m | CN¥56.0m | CN¥118.6m | CN¥86.7m | CN¥54.6m | CN¥51.8m |
| Operating income | −CN¥173.5m | −CN¥42.5m | CN¥80.2m | −CN¥118.8m | −CN¥37.2m | CN¥352.5m | CN¥380.0m | CN¥1.05bn | CN¥938.8m | CN¥773.7m |
| Net income | −CN¥345.4m | −CN¥20.4m | CN¥83.3m | −CN¥47.0m | −CN¥57.6m | CN¥284.5m | CN¥336.9m | CN¥930.5m | CN¥797.2m | CN¥661.7m |
| Diluted earnings per share | -0.16 | -0.01 | 0.04 | -0.02 | -0.03 | 0.13 | 0.15 | 0.42 | 0.36 | 0.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.87bn | CN¥5.32bn | CN¥5.38bn | CN¥5.67bn | CN¥5.78bn | CN¥6.40bn | CN¥5.93bn | CN¥5.92bn | CN¥5.14bn | CN¥3.93bn |
| Cash and short-term investments | — | CN¥2.53bn | CN¥2.80bn | CN¥2.60bn | CN¥1.89bn | CN¥3.51bn | CN¥3.57bn | CN¥1.44bn | CN¥1.92bn | CN¥1.69bn |
| Total liabilities | CN¥299.5m | CN¥154.9m | CN¥137.1m | CN¥390.4m | CN¥308.1m | CN¥446.4m | CN¥316.2m | CN¥640.2m | CN¥593.6m | CN¥175.4m |
| Debt | CN¥113.3m | CN¥14.7m | CN¥5.5m | CN¥9.1m | CN¥12.4m | CN¥56.9m | CN¥5.0m | CN¥6.3m | CN¥384,000 | CN¥384,000 |
| Shareholders' equity | CN¥4.64bn | CN¥5.16bn | CN¥5.24bn | CN¥5.29bn | CN¥5.37bn | CN¥5.90bn | CN¥5.61bn | CN¥5.28bn | CN¥4.55bn | CN¥3.75bn |
| Shares outstanding | 2,129m | 2,145m | 2,165m | 2,157m | 2,241m | 2,216m | 2,219m | 2,237m | 2,242m | 1,313m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥4.7m | −CN¥14.6m | CN¥127.9m | CN¥161.7m | CN¥42.4m | CN¥827.5m | CN¥1.56bn | CN¥379.8m | CN¥384.6m | CN¥262.4m |
| Capital spending | −CN¥236.0m | −CN¥166.6m | −CN¥159.7m | −CN¥67.6m | −CN¥126.9m | −CN¥110.3m | −CN¥65.1m | −CN¥68.6m | −CN¥112.0m | −CN¥75.0m |
| Free cash flow | −CN¥231.3m | −CN¥181.1m | −CN¥31.9m | CN¥94.2m | −CN¥84.5m | CN¥717.3m | CN¥1.49bn | CN¥311.2m | CN¥272.6m | CN¥187.4m |
| Dividends paid | −CN¥1.5m | −CN¥79,747 | −CN¥29,123 | — | −CN¥470.3m | −CN¥30,871 | −CN¥30,871 | −CN¥30,871 | −CN¥30,871 | −CN¥5.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥54.0m | CN¥88.6m | CN¥119.3m | CN¥111.1m | CN¥77.1m | CN¥89.3m | CN¥112.0m | CN¥106.2m |
| Gross profit | CN¥14.2m | CN¥38.7m | CN¥68.6m | CN¥63.1m | CN¥36.2m | CN¥53.4m | CN¥78.2m | CN¥67.1m |
| Operating income | −CN¥60.9m | −CN¥37.5m | −CN¥83.8m | −CN¥31.6m | −CN¥27.4m | −CN¥25.7m | −CN¥42.5m | −CN¥6.8m |
| Net income | −CN¥23.8m | −CN¥34.4m | −CN¥284.4m | −CN¥18.1m | −CN¥20.8m | −CN¥22.1m | −CN¥28.5m | −CN¥2.1m |
| Diluted earnings per share | -0.01 | -0.02 | -0.13 | -0.01 | -0.01 | -0.01 | -0.01 | -0.00 |
| Cash from operations | — | — | — | −CN¥1.0m | CN¥9.0m | CN¥18.0m | — | −CN¥14.0m |
| Capital spending | −CN¥34.0m | −CN¥80.0m | −CN¥79.0m | −CN¥57.0m | −CN¥62.0m | −CN¥37.0m | −CN¥69.0m | −CN¥57.0m |
| Free cash flow | — | — | — | −CN¥58.0m | −CN¥53.0m | −CN¥19.0m | — | −CN¥71.0m |
| Total assets | CN¥4.77bn | CN¥4.80bn | CN¥4.87bn | CN¥5.23bn | CN¥5.27bn | CN¥5.36bn | CN¥5.32bn | CN¥5.30bn |
| Cash and short-term investments | — | — | — | CN¥2.38bn | CN¥2.46bn | CN¥2.57bn | CN¥2.53bn | CN¥2.63bn |
| Debt | CN¥112.8m | CN¥112.8m | CN¥113.3m | CN¥9.2m | CN¥114.9m | CN¥40.3m | CN¥389,047 | CN¥470,952 |
| Shareholders' equity | CN¥4.58bn | CN¥4.60bn | CN¥4.64bn | CN¥4.98bn | CN¥5.01bn | CN¥5.14bn | CN¥5.16bn | CN¥5.18bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 56.2% | 63.5% | 55.2% | 37.0% | 64.4% | 69.4% | — | — | — |
| Operating margin | -105.4% | -17.6% | -11.2% | -26.8% | 6.8% | 24.3% | — | — | — |
| Net margin | -87.0% | -4.4% | 16.7% | -8.2% | -7.8% | 29.6% | — | — | — |
| Return on equity | -7.5% | -0.4% | 1.6% | -0.9% | -1.1% | 4.8% | — | — | — |
| Return on assets | -7.1% | -0.4% | 1.5% | -0.8% | -1.0% | 4.4% | — | — | — |
| Free cash flow yield | 3.5% | 2.2% | 4.1% | 3.3% | 2.3% | 13.0% | — | — | — |
| Revenue growth | -14.9% | -6.3% | -12.7% | -22.3% | -23.7% | -45.8% | — | — | — |
| Earnings growth | 1592.2% | -124.5% | -277.4% | -18.5% | -120.2% | -15.5% | — | — | — |
| Current ratio | 16.48x | 30.50x | 36.41x | 11.82x | 14.24x | 11.62x | — | — | — |
| Debt to equity | 0.02x | 0.00x | 0.00x | — | — | — | 0.00x | 0.00x | 0.12x |
| Equity ratio | 95.1% | 97.0% | 97.4% | 93.3% | 93.0% | 92.2% | — | — | — |
| Interest coverage | -180.85x | -112.54x | -47.50x | -32.74x | 9.09x | 41.83x | — | — | — |
| R&D as a share of sales | 20.7% | 16.9% | 10.3% | 9.0% | 9.1% | 5.8% | — | — | — |
| Buybacks as a share of market value | 0.7% | 0.9% | -0.4% | 3.7% | -1.1% | 0.1% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.4% | -16.2% | -10.3% |
| Operating income | 13.5% | — | — |
| Net income | 94.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.1% | 52.0% | 59.1% | 79.8% |
| Operating margin | -25.0% | -13.2% | 1.7% | 28.2% |
| Net margin | -42.4% | -17.1% | -2.8% | 23.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -23.7 | -328.9 | 85.0 | -170.4 | -158.4 | 34.5 | 41.4 | 22.1 | 24.4 | 19.1 |
| Price to sales | 20.6 | 14.4 | 14.2 | 14.0 | 12.4 | 10.2 | 7.9 | 6.2 | 8.8 | 8.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Jun 2021.
| FY2021 | |
|---|---|
| Paid in the year | 0.21 |
- 3-for-2 split · 24 May 2017
- 1-to-1 reverse split · 1 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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