A 
3.33
+0.30%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.43bn
FY2016FY2025
Net income
−CN¥55.2m
FY2016FY2025
Free cash flow
CN¥411.9m
FY2016FY2025
Shareholders' equity
CN¥804.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.43bn | CN¥2.74bn | CN¥2.15bn | CN¥1.49bn | CN¥1.78bn | CN¥3.26bn | CN¥3.38bn | CN¥3.15bn | CN¥5.45bn | CN¥4.76bn |
| Gross profit | CN¥244.9m | CN¥263.7m | CN¥124.2m | CN¥71.0m | CN¥118.2m | CN¥404.2m | CN¥533.0m | CN¥113.4m | CN¥520.8m | −CN¥933.5m |
| Research and development | CN¥110.3m | CN¥107.8m | CN¥78.7m | CN¥77.2m | CN¥93.9m | CN¥120.3m | CN¥101.9m | CN¥124.9m | CN¥141.4m | CN¥154.5m |
| Operating income | −CN¥107.2m | CN¥9.9m | −CN¥176.4m | −CN¥254.3m | −CN¥283.9m | CN¥105.2m | CN¥54.6m | −CN¥719.4m | −CN¥293.8m | −CN¥1.89bn |
| Net income | −CN¥55.2m | CN¥8.4m | −CN¥169.9m | −CN¥239.7m | −CN¥264.2m | CN¥99.6m | CN¥33.6m | −CN¥893.3m | −CN¥230.2m | CN¥51.4m |
| Diluted earnings per share | -0.07 | 0.00 | -0.29 | -0.37 | -0.38 | 0.16 | 0.08 | -1.17 | -0.33 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.30bn | CN¥3.62bn | CN¥3.30bn | CN¥3.37bn | CN¥3.78bn | CN¥5.11bn | CN¥5.26bn | CN¥7.13bn | CN¥7.98bn | CN¥9.08bn |
| Cash and short-term investments | — | CN¥1.08bn | CN¥856.7m | CN¥579.6m | CN¥405.7m | CN¥1.48bn | CN¥1.20bn | CN¥1.07bn | CN¥1.25bn | CN¥1.42bn |
| Total liabilities | CN¥3.45bn | CN¥2.71bn | CN¥2.40bn | CN¥3.29bn | CN¥3.45bn | CN¥4.50bn | CN¥4.75bn | CN¥6.68bn | CN¥6.84bn | CN¥7.61bn |
| Debt | — | CN¥100.1m | CN¥101.1m | CN¥1.21bn | CN¥1.27bn | CN¥1.56bn | CN¥1.99bn | CN¥2.30bn | CN¥2.19bn | CN¥2.36bn |
| Shareholders' equity | CN¥804.0m | CN¥858.2m | CN¥850.1m | CN¥31.1m | CN¥265.3m | CN¥526.9m | CN¥425.7m | CN¥386.8m | CN¥1.09bn | CN¥1.32bn |
| Shares outstanding | 758m | 1,749m | 582m | 654m | 697m | 624m | 440m | 766m | 694m | 1,000m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥436.5m | CN¥2.6m | CN¥460.3m | CN¥324.6m | −CN¥570.5m | CN¥400.1m | CN¥522.3m | −CN¥345.3m | CN¥249.4m | −CN¥1.26bn |
| Capital spending | −CN¥24.6m | −CN¥15.9m | −CN¥28.5m | −CN¥22.7m | −CN¥35.7m | −CN¥33.7m | −CN¥26.6m | −CN¥21.6m | −CN¥48.6m | −CN¥91.4m |
| Free cash flow | CN¥411.9m | −CN¥13.4m | CN¥431.8m | CN¥301.8m | −CN¥606.2m | CN¥366.3m | CN¥495.7m | −CN¥366.9m | CN¥200.8m | −CN¥1.35bn |
| Dividends paid | −CN¥4.3m | −CN¥2.9m | −CN¥23.5m | −CN¥49.2m | −CN¥55.4m | −CN¥85.2m | −CN¥103.4m | −CN¥101.6m | −CN¥88.8m | −CN¥87.1m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥760.8m | CN¥1.04bn | CN¥682.2m | CN¥982.5m | CN¥853.5m | CN¥934.9m | CN¥657.6m | CN¥1.04bn |
| Gross profit | CN¥22.6m | CN¥79.7m | CN¥59.5m | CN¥48.9m | CN¥80.4m | CN¥58.7m | CN¥56.9m | CN¥93.4m |
| Operating income | −CN¥56.9m | CN¥1.7m | −CN¥13.6m | −CN¥57.2m | −CN¥24.7m | CN¥2.5m | CN¥2.0m | CN¥22.3m |
| Net income | −CN¥42.3m | CN¥31,385 | CN¥1.9m | −CN¥46.6m | −CN¥27.1m | CN¥14.0m | CN¥4.4m | CN¥13.8m |
| Diluted earnings per share | -0.06 | 0.00 | 0.00 | -0.06 | -0.04 | 0.02 | 0.01 | 0.01 |
| Cash from operations | — | — | — | — | CN¥1.0m | CN¥13.0m | −CN¥45.0m | — |
| Capital spending | −CN¥5.0m | −CN¥1.0m | −CN¥4.0m | −CN¥5.0m | −CN¥11.0m | −CN¥3.0m | −CN¥3.0m | −CN¥4.0m |
| Free cash flow | — | — | — | — | −CN¥10.0m | CN¥10.0m | −CN¥48.0m | — |
| Total assets | CN¥4.06bn | CN¥3.86bn | CN¥4.01bn | CN¥4.30bn | CN¥4.25bn | CN¥3.98bn | CN¥3.79bn | CN¥3.62bn |
| Cash and short-term investments | — | — | — | — | CN¥1.34bn | CN¥1.23bn | CN¥1.14bn | CN¥1.08bn |
| Debt | — | — | — | — | CN¥1.61bn | CN¥150.1m | CN¥150.1m | CN¥100.1m |
| Shareholders' equity | CN¥760.7m | CN¥803.2m | CN¥802.8m | CN¥804.0m | CN¥851.3m | CN¥878.5m | CN¥863.8m | CN¥858.2m |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 7.1% | 9.6% | 5.8% | 4.8% | 6.6% | 12.4% | — |
| Operating margin | -1.5% | 0.6% | -7.2% | -14.4% | -13.2% | 5.3% | — |
| Net margin | -1.6% | 0.3% | -7.9% | -16.1% | -14.8% | 3.1% | — |
| Return on equity | -6.9% | 1.0% | -20.0% | -769.6% | -99.6% | 18.9% | — |
| Return on assets | -1.3% | 0.2% | -5.2% | -7.1% | -7.0% | 1.9% | — |
| Free cash flow yield | 16.5% | 0.3% | 22.8% | 14.4% | -20.9% | 18.9% | — |
| Revenue growth | 25.3% | 27.4% | 44.3% | -16.4% | -45.4% | -3.4% | — |
| Earnings growth | -758.3% | -104.9% | -29.1% | -9.3% | -365.3% | 196.2% | — |
| Current ratio | 0.95x | 0.96x | 0.92x | 0.69x | 0.77x | 0.93x | — |
| Debt to equity | — | 0.12x | 0.09x | 35.35x | 4.16x | 2.47x | 4.67x |
| Equity ratio | 18.7% | 23.7% | 25.8% | 0.9% | 7.0% | 10.3% | — |
| Interest coverage | -10.73x | 3.01x | -9.32x | -4.99x | -5.13x | 2.37x | — |
| R&D as a share of sales | 3.2% | 3.9% | 3.7% | 5.2% | 5.3% | 3.7% | — |
| Buybacks as a share of market value | 56.7% | -200.7% | 11.1% | 6.1% | -11.6% | -41.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.1% | 1.0% | -1.6% |
| Operating income | -25.0% | — | -22.2% |
| Net income | -38.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.3% | 7.2% | 8.3% | 2.5% |
| Operating margin | -1.6% | -5.4% | -4.8% | -13.7% |
| Net margin | -0.8% | -4.7% | -4.2% | -4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -68.2 | — | -17.8 | -18.7 | -10.6 | 25.6 | 70.1 | -3.2 | -25.1 | 129.6 |
| Price to sales | 1.1 | 3.3 | 1.4 | 3.0 | 1.6 | 0.8 | 0.7 | 0.9 | 1.1 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Aug 2016.
| FY2016 | FY2013 | FY2012 | FY2011 | FY2006 | FY1999 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.06 | 0.05 | 0.013 | 0.022 | 0.112 |
- 2-for-1 split · 27 Jul 2012
- 1.344-for-1 split · 1 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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