A 
1.93
-1.03%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥96.05bn
FY2016FY2025
Net income
−CN¥4.07bn
FY2016FY2025
Free cash flow
−CN¥2.85bn
FY2016FY2025
Shareholders' equity
CN¥43.88bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥96.05bn | CN¥105.10bn | CN¥115.57bn | CN¥131.07bn | CN¥136.12bn | CN¥100.90bn | CN¥105.59bn | CN¥105.16bn | CN¥91.68bn | CN¥57.88bn |
| Gross profit | CN¥3.16bn | −CN¥4.46bn | −CN¥703.0m | CN¥3.34bn | CN¥13.23bn | CN¥6.48bn | CN¥8.86bn | CN¥17.01bn | CN¥12.78bn | CN¥6.24bn |
| Research and development | CN¥478.0m | CN¥468.0m | CN¥493.0m | CN¥727.0m | CN¥640.0m | CN¥1.57bn | CN¥1.56bn | CN¥483.0m | CN¥326.0m | CN¥1.00bn |
| Operating income | −CN¥3.59bn | −CN¥6.77bn | −CN¥4.13bn | CN¥218.0m | CN¥9.02bn | CN¥2.48bn | CN¥2.02bn | CN¥10.09bn | CN¥6.36bn | CN¥2.83bn |
| Net income | −CN¥4.07bn | −CN¥7.12bn | −CN¥3.25bn | CN¥108.0m | CN¥6.96bn | CN¥1.98bn | CN¥1.79bn | CN¥7.95bn | CN¥6.64bn | CN¥1.62bn |
| Diluted earnings per share | -0.44 | -0.76 | -0.35 | 0.01 | 0.74 | 0.19 | 0.19 | 0.85 | 0.71 | 0.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥96.05bn | CN¥100.58bn | CN¥97.51bn | CN¥96.99bn | CN¥98.65bn | CN¥88.05bn | CN¥87.81bn | CN¥90.02bn | CN¥94.89bn | CN¥88.37bn |
| Cash and short-term investments | — | CN¥4.56bn | CN¥3.32bn | CN¥5.09bn | CN¥5.40bn | CN¥5.33bn | CN¥4.67bn | CN¥2.15bn | CN¥2.68bn | CN¥1.97bn |
| Total liabilities | CN¥51.06bn | CN¥51.91bn | CN¥41.90bn | CN¥38.33bn | CN¥37.41bn | CN¥34.19bn | CN¥35.26bn | CN¥37.56bn | CN¥42.17bn | CN¥43.09bn |
| Debt | CN¥6.12bn | CN¥12.29bn | CN¥6.88bn | CN¥2.70bn | CN¥6.11bn | CN¥14.12bn | CN¥17.26bn | CN¥17.05bn | CN¥19.41bn | CN¥24.23bn |
| Shareholders' equity | CN¥43.88bn | CN¥47.68bn | CN¥54.76bn | CN¥58.01bn | CN¥60.71bn | CN¥53.37bn | CN¥52.08bn | CN¥51.96bn | CN¥52.29bn | CN¥44.88bn |
| Shares outstanding | 9,319m | 9,393m | 9,348m | 11,701m | 9,415m | 10,515m | 9,525m | 9,388m | 9,412m | 9,454m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.79bn | −CN¥787.0m | CN¥1.64bn | CN¥6.14bn | CN¥12.94bn | CN¥9.92bn | CN¥10.02bn | CN¥8.29bn | CN¥6.48bn | CN¥4.35bn |
| Capital spending | −CN¥4.63bn | −CN¥3.25bn | −CN¥3.06bn | −CN¥4.25bn | −CN¥4.52bn | −CN¥3.78bn | −CN¥3.42bn | −CN¥2.83bn | −CN¥1.87bn | −CN¥1.39bn |
| Free cash flow | −CN¥2.85bn | −CN¥4.04bn | −CN¥1.42bn | CN¥1.89bn | CN¥8.42bn | CN¥6.14bn | CN¥6.61bn | CN¥5.47bn | CN¥4.61bn | CN¥2.96bn |
| Dividends paid | −CN¥338.0m | −CN¥256.0m | −CN¥276.0m | −CN¥2.40bn | −CN¥829.0m | −CN¥536.0m | −CN¥1.59bn | −CN¥2.89bn | −CN¥1.71bn | −CN¥1.30bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥23.89bn | CN¥22.02bn | CN¥22.96bn | CN¥24.49bn | CN¥23.52bn | CN¥25.08bn | CN¥25.84bn | CN¥23.81bn |
| Gross profit | −CN¥128.0m | −CN¥698.0m | −CN¥1.30bn | −CN¥136.0m | CN¥102.0m | CN¥133.0m | −CN¥1.65bn | −CN¥1.52bn |
| Operating income | −CN¥532.0m | −CN¥1.20bn | −CN¥1.81bn | −CN¥845.0m | −CN¥552.0m | −CN¥534.0m | −CN¥2.05bn | −CN¥2.31bn |
| Net income | −CN¥590.0m | −CN¥1.46bn | −CN¥2.03bn | −CN¥896.0m | −CN¥590.0m | −CN¥554.0m | −CN¥2.04bn | −CN¥2.40bn |
| Diluted earnings per share | -0.06 | -0.16 | -0.22 | -0.10 | -0.06 | -0.06 | -0.22 | -0.25 |
| Cash from operations | — | — | — | CN¥1.56bn | CN¥24.0m | CN¥381.0m | −CN¥474.0m | −CN¥877.0m |
| Capital spending | −CN¥1.07bn | −CN¥918.0m | −CN¥2.19bn | −CN¥830.0m | −CN¥671.0m | −CN¥943.0m | −CN¥1.22bn | −CN¥579.0m |
| Free cash flow | — | — | — | CN¥728.0m | −CN¥647.0m | −CN¥562.0m | −CN¥1.70bn | −CN¥1.46bn |
| Total assets | CN¥97.37bn | CN¥94.53bn | CN¥96.05bn | CN¥97.49bn | CN¥98.42bn | CN¥100.52bn | CN¥100.58bn | CN¥98.90bn |
| Cash and short-term investments | — | — | — | CN¥3.67bn | CN¥3.15bn | CN¥3.33bn | CN¥4.56bn | CN¥3.11bn |
| Debt | CN¥6.42bn | CN¥7.69bn | CN¥6.12bn | CN¥26.14bn | CN¥11.63bn | CN¥11.91bn | CN¥12.16bn | CN¥8.64bn |
| Shareholders' equity | CN¥41.64bn | CN¥42.45bn | CN¥43.88bn | CN¥45.74bn | CN¥46.61bn | CN¥47.16bn | CN¥47.68bn | CN¥49.63bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.3% | -4.2% | -0.6% | 2.5% | 9.7% | 6.4% |
| Operating margin | -3.7% | -6.4% | -3.6% | 0.2% | 6.6% | 2.5% |
| Net margin | -4.2% | -6.8% | -2.8% | 0.1% | 5.1% | 2.0% |
| Return on equity | -9.3% | -14.9% | -5.9% | 0.2% | 11.5% | 3.7% |
| Return on assets | -4.2% | -7.1% | -3.3% | 0.1% | 7.1% | 2.2% |
| Free cash flow yield | 34.6% | 13.2% | 25.2% | 44.6% | 93.2% | 65.4% |
| Revenue growth | -8.6% | -9.1% | -11.8% | -3.7% | 34.9% | -4.4% |
| Earnings growth | -42.9% | 118.8% | -3113.9% | -98.4% | 252.1% | 10.7% |
| Current ratio | 0.56x | 0.72x | 0.77x | 0.81x | 1.06x | 0.83x |
| Debt to equity | 0.14x | 0.26x | 0.13x | 0.04x | 0.09x | 0.25x |
| Equity ratio | 45.7% | 47.4% | 56.2% | 59.8% | 61.5% | 60.6% |
| Interest coverage | -10.81x | -21.02x | -45.44x | 0.52x | 14.79x | 2.65x |
| R&D as a share of sales | 0.5% | 0.4% | 0.4% | 0.6% | 0.5% | 1.6% |
| Buybacks as a share of market value | 0.8% | -0.5% | 20.1% | -24.3% | 10.5% | -10.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.8% | -1.0% | 6.2% |
| Operating income | — | — | -0.8% |
| Net income | — | — | -1.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.6% | 0.3% | 3.1% | 6.1% |
| Operating margin | -5.1% | -3.2% | -0.4% | 1.3% |
| Net margin | -5.6% | -3.2% | -0.8% | 0.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | -3.2 | -7.2 | 289.3 | 5.1 | 16.2 | 17.9 | 4.7 | 6.9 | 22.7 |
| Price to sales | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.007 | 0.221 | 0.084 | 0.057 | 0.169 | 0.179 | 0.052 | 0.035 |
- 13-for-10 split · 28 Jun 2019
- 1-to-1 reverse split · 2 Dec 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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