S 
3.82
+0.79%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.73bn
FY2016FY2025
Net income
−CN¥1.39bn
FY2016FY2025
Free cash flow
−CN¥267.2m
FY2016FY2025
Shareholders' equity
CN¥3.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.73bn | CN¥6.01bn | CN¥8.53bn | CN¥9.71bn | CN¥6.71bn | CN¥3.69bn | CN¥4.62bn | CN¥5.26bn | CN¥4.82bn | CN¥3.36bn |
| Gross profit | CN¥384.6m | CN¥543.4m | CN¥1.94bn | CN¥1.90bn | CN¥1.35bn | −CN¥61.9m | CN¥565.6m | CN¥972.1m | CN¥1.14bn | CN¥544.6m |
| Research and development | CN¥126.5m | CN¥107.4m | CN¥116.3m | CN¥92.5m | CN¥2.5m | CN¥567,850 | CN¥1.3m | — | — | — |
| Operating income | −CN¥842.1m | CN¥72.6m | CN¥1.35bn | CN¥1.47bn | CN¥1.03bn | −CN¥300.3m | CN¥240.3m | CN¥615.3m | CN¥700.0m | CN¥217.4m |
| Net income | −CN¥1.39bn | CN¥39.2m | CN¥1.04bn | CN¥1.11bn | CN¥750.7m | −CN¥252.2m | CN¥163.0m | CN¥586.5m | CN¥685.2m | −CN¥123.1m |
| Diluted earnings per share | -1.55 | 0.03 | 1.20 | 1.25 | 0.86 | -0.29 | 0.18 | 0.67 | 0.78 | -0.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.85bn | CN¥8.58bn | CN¥8.05bn | CN¥6.90bn | CN¥5.57bn | CN¥4.31bn | CN¥4.52bn | CN¥4.58bn | CN¥4.31bn | CN¥3.76bn |
| Cash and short-term investments | CN¥2.24bn | CN¥2.42bn | CN¥956.1m | CN¥1.35bn | CN¥1.41bn | CN¥356.0m | CN¥906.2m | CN¥460.3m | CN¥212.5m | CN¥278.3m |
| Total liabilities | CN¥5.00bn | CN¥3.40bn | CN¥2.89bn | CN¥2.77bn | CN¥2.05bn | CN¥1.29bn | CN¥1.19bn | CN¥1.24bn | CN¥1.51bn | CN¥1.61bn |
| Debt | CN¥3.61bn | CN¥476.6m | CN¥389.7m | CN¥831.2m | CN¥97.4m | CN¥152.2m | CN¥66.0m | CN¥54.8m | CN¥14.0m | CN¥195.0m |
| Shareholders' equity | CN¥3.83bn | CN¥5.20bn | CN¥5.18bn | CN¥4.15bn | CN¥3.97bn | CN¥3.04bn | CN¥3.36bn | CN¥3.37bn | CN¥2.83bn | CN¥2.15bn |
| Shares outstanding | 895m | 1,209m | 872m | 887m | 874m | 883m | 905m | 876m | 883m | 662m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥92.9m | CN¥1.66bn | −CN¥331.7m | CN¥1.04bn | CN¥829.6m | −CN¥496.8m | CN¥587.4m | CN¥327.7m | −CN¥44.6m | CN¥287.7m |
| Capital spending | −CN¥174.3m | −CN¥161.8m | −CN¥185.4m | −CN¥132.4m | −CN¥29.1m | −CN¥23.9m | −CN¥33.8m | −CN¥80.5m | −CN¥31.9m | −CN¥12.2m |
| Free cash flow | −CN¥267.2m | CN¥1.50bn | −CN¥517.1m | CN¥910.8m | CN¥800.4m | −CN¥520.7m | CN¥553.6m | CN¥247.2m | −CN¥76.5m | CN¥275.5m |
| Dividends paid | −CN¥19.6m | −CN¥96.1m | −CN¥92.4m | −CN¥156.1m | −CN¥99.0m | −CN¥80.6m | −CN¥179.0m | −CN¥44.8m | −CN¥44.8m | −CN¥10.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.03bn | CN¥1.10bn | CN¥1.18bn | CN¥1.43bn | CN¥1.11bn | CN¥1.02bn | CN¥1.19bn | CN¥1.35bn |
| Gross profit | CN¥114.8m | CN¥127.7m | CN¥49.6m | CN¥459.7m | −CN¥212.6m | CN¥117.4m | −CN¥157.5m | CN¥165.5m |
| Operating income | −CN¥23.0m | CN¥4.6m | −CN¥855.0m | −CN¥188.7m | −CN¥245.5m | −CN¥96.6m | −CN¥176.3m | −CN¥80.6m |
| Net income | −CN¥201.2m | −CN¥80.2m | −CN¥991.4m | −CN¥138.3m | −CN¥191.4m | −CN¥66.5m | −CN¥132.6m | −CN¥52.6m |
| Diluted earnings per share | -0.22 | -0.09 | -1.11 | -0.15 | -0.21 | -0.07 | -0.11 | -0.04 |
| Cash from operations | — | — | CN¥26.0m | −CN¥467.0m | CN¥296.0m | CN¥49.0m | CN¥636.0m | CN¥274.0m |
| Capital spending | −CN¥3.0m | −CN¥15.0m | −CN¥19.0m | −CN¥22.0m | −CN¥101.0m | −CN¥30.0m | −CN¥44.0m | −CN¥17.0m |
| Free cash flow | — | — | CN¥7.0m | −CN¥489.0m | CN¥195.0m | CN¥19.0m | CN¥592.0m | CN¥257.0m |
| Total assets | CN¥8.87bn | CN¥8.97bn | CN¥8.85bn | CN¥9.28bn | CN¥8.37bn | CN¥8.48bn | CN¥8.58bn | CN¥8.44bn |
| Cash and short-term investments | — | — | CN¥2.24bn | CN¥1.51bn | CN¥2.66bn | CN¥2.49bn | CN¥2.42bn | CN¥1.82bn |
| Debt | CN¥1.51bn | CN¥827.8m | CN¥3.25bn | CN¥2.44bn | CN¥72.0m | CN¥202.0m | CN¥216.4m | CN¥216.4m |
| Shareholders' equity | CN¥3.57bn | CN¥3.74bn | CN¥3.83bn | CN¥4.80bn | CN¥4.95bn | CN¥5.13bn | CN¥5.20bn | CN¥5.27bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.1% | 9.0% | 22.7% | 19.6% | 20.2% | -1.7% |
| Operating margin | -17.8% | 1.2% | 16.0% | 14.9% | 15.4% | -8.0% |
| Net margin | -29.3% | 0.7% | 12.2% | 11.4% | 11.2% | -6.8% |
| Return on equity | -36.2% | 0.8% | 20.2% | 26.7% | 18.9% | -8.3% |
| Return on assets | -15.7% | 0.5% | 13.0% | 16.1% | 13.5% | -5.9% |
| Free cash flow yield | 2.1% | 35.6% | -4.0% | 31.3% | 23.2% | -12.6% |
| Revenue growth | -21.4% | -29.5% | -12.2% | 44.7% | 82.0% | -20.2% |
| Earnings growth | -3638.1% | -96.2% | -5.8% | 47.6% | -397.6% | -254.7% |
| Current ratio | 0.79x | 1.71x | 1.93x | 1.52x | 1.61x | 1.59x |
| Debt to equity | 0.85x | 0.05x | 0.25x | 0.18x | 0.02x | 0.05x |
| Equity ratio | 43.3% | 60.6% | 64.3% | 60.2% | 71.2% | 70.7% |
| Interest coverage | -26.88x | 3.01x | 74.79x | 93.94x | 197.67x | -94.99x |
| R&D as a share of sales | 2.7% | 1.8% | 1.4% | 1.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 26.0% | -38.7% | 1.7% | -1.5% | 1.1% | 2.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.3% | 5.1% | 3.0% |
| Operating income | — | 22.9% | — |
| Net income | — | 40.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.6% | 16.5% | 15.4% | 16.1% |
| Operating margin | -7.2% | 7.1% | 7.1% | 7.8% |
| Net margin | -12.6% | 2.8% | 3.3% | 4.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.4 | 175.2 | 5.7 | 6.3 | 8.1 | -13.9 | 27.3 | 7.3 | 11.7 | -38.1 |
| Price to sales | 1.0 | 1.1 | 0.7 | 0.7 | 0.9 | 0.9 | 1.0 | 0.8 | 1.7 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 May 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.05 | 0.11 | 0.09 | 0.20 | 0.05 | 0.10 |
- 1-to-1 reverse split · 22 Mar 2006
- 1.479-for-1 split · 30 May 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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