A 
7.77
+0.52%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.17bn
FY2016FY2025
Net income
−CN¥72.5m
FY2016FY2025
Free cash flow
−CN¥717.5m
FY2016FY2025
Shareholders' equity
CN¥2.72bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.17bn | CN¥2.31bn | CN¥2.24bn | CN¥2.46bn | CN¥1.91bn | CN¥1.48bn | CN¥1.36bn | CN¥1.23bn | CN¥1.17bn | CN¥1.14bn |
| Gross profit | CN¥269.3m | CN¥106.7m | CN¥123.3m | CN¥287.1m | CN¥351.1m | CN¥234.9m | CN¥167.1m | CN¥122.4m | CN¥111.2m | CN¥110.8m |
| Research and development | CN¥90.8m | CN¥91.9m | CN¥92.9m | CN¥87.9m | CN¥79.3m | CN¥52.3m | CN¥49.2m | CN¥44.4m | CN¥40.9m | CN¥48.9m |
| Operating income | −CN¥85.6m | −CN¥74.2m | −CN¥37.7m | CN¥207.9m | CN¥301.0m | CN¥124.5m | CN¥73.9m | CN¥97.4m | CN¥49.2m | CN¥20.1m |
| Net income | −CN¥72.5m | −CN¥69.7m | −CN¥28.6m | CN¥229.7m | CN¥282.2m | CN¥114.8m | CN¥83.9m | CN¥102.1m | CN¥60.2m | CN¥18.4m |
| Diluted earnings per share | -0.09 | -0.09 | -0.03 | 0.27 | 0.33 | 0.18 | 0.10 | 0.15 | 0.08 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.63bn | CN¥4.34bn | CN¥4.07bn | CN¥3.68bn | CN¥3.25bn | CN¥3.06bn | CN¥2.17bn | CN¥2.11bn | CN¥2.15bn | CN¥2.09bn |
| Cash and short-term investments | — | CN¥551.5m | CN¥740.4m | CN¥753.2m | CN¥869.9m | CN¥1.19bn | CN¥385.9m | CN¥370.9m | CN¥342.2m | CN¥251.5m |
| Total liabilities | CN¥1.91bn | CN¥1.55bn | CN¥1.21bn | CN¥772.6m | CN¥556.7m | CN¥1.31bn | CN¥516.4m | CN¥521.0m | CN¥637.8m | CN¥614.9m |
| Debt | CN¥726.5m | CN¥440.8m | CN¥226.2m | CN¥112.8m | CN¥76.7m | CN¥79.5m | CN¥36.5m | CN¥32.0m | CN¥77.9m | CN¥284.0m |
| Shareholders' equity | CN¥2.72bn | CN¥2.79bn | CN¥2.86bn | CN¥2.91bn | CN¥2.70bn | CN¥1.75bn | CN¥1.64bn | CN¥1.56bn | CN¥1.47bn | CN¥1.42bn |
| Shares outstanding | 808m | 799m | 896m | 843m | 846m | 649m | 834m | 699m | 793m | 745m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥93.4m | CN¥112.5m | CN¥108.6m | CN¥112.7m | CN¥311.8m | CN¥117.2m | CN¥56.0m | CN¥58.4m | −CN¥16.2m | CN¥26.8m |
| Capital spending | −CN¥811.0m | −CN¥579.7m | −CN¥416.8m | −CN¥331.4m | −CN¥350.6m | −CN¥76.2m | −CN¥50.1m | −CN¥167.9m | −CN¥145.9m | −CN¥118.5m |
| Free cash flow | −CN¥717.5m | −CN¥467.3m | −CN¥308.3m | −CN¥218.7m | −CN¥38.8m | CN¥41.1m | CN¥5.9m | −CN¥109.5m | −CN¥162.2m | −CN¥91.7m |
| Dividends paid | −CN¥19.0m | −CN¥8.4m | −CN¥22.2m | −CN¥17.9m | −CN¥26.9m | −CN¥11.1m | −CN¥7.4m | −CN¥9.6m | −CN¥14.5m | −CN¥9.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥636.8m | CN¥531.3m | CN¥579.3m | CN¥567.4m | CN¥537.1m | CN¥487.9m | CN¥663.5m | CN¥598.4m |
| Gross profit | CN¥47.6m | CN¥34.0m | CN¥44.5m | CN¥29.3m | CN¥22.6m | CN¥22.1m | CN¥41.1m | CN¥23.2m |
| Operating income | −CN¥4.4m | −CN¥17.1m | −CN¥9.0m | −CN¥25.1m | −CN¥17.6m | −CN¥22.1m | CN¥7.6m | −CN¥34.7m |
| Net income | −CN¥10.3m | −CN¥21.5m | −CN¥6.9m | −CN¥25.5m | −CN¥16.0m | −CN¥24.1m | CN¥6.8m | −CN¥34.7m |
| Diluted earnings per share | -0.01 | -0.03 | -0.01 | -0.03 | -0.02 | -0.03 | 0.01 | -0.04 |
| Cash from operations | — | — | — | −CN¥14.0m | CN¥53.0m | −CN¥52.0m | CN¥157.0m | CN¥3.0m |
| Capital spending | −CN¥21.0m | −CN¥59.0m | −CN¥205.0m | −CN¥336.0m | −CN¥167.0m | −CN¥101.0m | −CN¥177.0m | −CN¥92.0m |
| Free cash flow | — | — | — | −CN¥350.0m | −CN¥114.0m | −CN¥153.0m | −CN¥20.0m | −CN¥89.0m |
| Total assets | CN¥4.56bn | CN¥4.57bn | CN¥4.63bn | CN¥4.56bn | CN¥4.34bn | CN¥4.31bn | CN¥4.34bn | CN¥4.08bn |
| Cash and short-term investments | — | — | — | CN¥322.3m | CN¥280.1m | CN¥266.8m | CN¥551.5m | CN¥331.3m |
| Debt | CN¥682.1m | CN¥734.1m | CN¥726.5m | CN¥435.9m | CN¥627.8m | CN¥490.4m | CN¥440.8m | CN¥353.8m |
| Shareholders' equity | CN¥2.69bn | CN¥2.70bn | CN¥2.72bn | CN¥2.73bn | CN¥2.75bn | CN¥2.77bn | CN¥2.79bn | CN¥2.78bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.4% | 4.6% | 5.5% | 11.7% | 18.4% | 15.9% |
| Operating margin | -3.9% | -3.2% | -1.7% | 8.4% | 15.8% | 8.4% |
| Net margin | -3.3% | -3.0% | -1.3% | 9.3% | 14.8% | 7.7% |
| Return on equity | -2.7% | -2.5% | -1.0% | 7.9% | 10.5% | 6.6% |
| Return on assets | -1.6% | -1.6% | -0.7% | 6.2% | 8.7% | 3.8% |
| Free cash flow yield | 13.1% | 10.2% | 6.9% | 6.2% | 9.2% | 3.5% |
| Revenue growth | -6.2% | 3.5% | -9.2% | 28.8% | 28.9% | 8.9% |
| Earnings growth | 3.9% | 143.5% | -112.5% | -18.6% | 145.8% | 36.7% |
| Current ratio | 1.12x | 1.26x | 1.66x | 2.52x | 4.27x | 1.58x |
| Debt to equity | 0.27x | 0.16x | 0.08x | 0.02x | 0.03x | 0.03x |
| Equity ratio | 58.7% | 64.4% | 70.3% | 79.0% | 82.9% | 57.1% |
| Interest coverage | -15.15x | -11.45x | -9.34x | 49.37x | 134.58x | 53.73x |
| R&D as a share of sales | 4.2% | 4.0% | 4.2% | 3.6% | 4.2% | 3.5% |
| Buybacks as a share of market value | -1.2% | 10.8% | -6.3% | 0.3% | -30.2% | 22.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.1% | 8.0% | 7.1% |
| Operating income | — | — | 8.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.4% | 8.6% | 10.9% | 10.6% |
| Operating margin | -3.6% | 0.1% | 3.5% | 3.4% |
| Net margin | -3.2% | 0.6% | 3.6% | 3.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -112.9 | -58.0 | -166.2 | 19.5 | 21.3 | 28.9 | 56.8 | 19.4 | 55.6 | 234.3 |
| Price to sales | 3.8 | 1.8 | 2.1 | 1.8 | 3.1 | 2.2 | 3.5 | 1.6 | 2.9 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.02 | 0.03 | 0.015 | 0.01 | 0.01 | 0.01 | 0.039 |
- 13-for-10 split · 12 May 2015
- 1-to-1 reverse split · 10 Feb 2006
- 8-for-5 split · 10 Jun 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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