K 
1.66
-1.78%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.68bn
FY2016FY2025
Net income
−CN¥989.7m
FY2016FY2025
Free cash flow
CN¥67.6m
FY2016FY2025
Shareholders' equity
CN¥651.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.68bn | CN¥4.73bn | CN¥5.32bn | CN¥4.75bn | CN¥8.03bn | CN¥10.01bn | CN¥6.81bn | CN¥6.53bn | CN¥5.91bn | CN¥3.93bn |
| Gross profit | CN¥324.8m | −CN¥278.7m | −CN¥463.7m | −CN¥468.8m | CN¥687.0m | CN¥860.0m | CN¥858.8m | CN¥791.3m | CN¥699.3m | CN¥537.1m |
| Research and development | CN¥281.3m | CN¥297.2m | CN¥236.7m | CN¥198.9m | CN¥221.5m | CN¥142.1m | CN¥48.9m | CN¥40.6m | CN¥53.6m | CN¥58.9m |
| Operating income | −CN¥827.1m | −CN¥1.21bn | −CN¥1.28bn | −CN¥1.27bn | CN¥57.7m | CN¥358.4m | CN¥173.0m | CN¥331.1m | CN¥300.9m | CN¥215.3m |
| Net income | −CN¥989.7m | −CN¥1.22bn | −CN¥1.29bn | −CN¥1.32bn | CN¥72.0m | CN¥226.2m | CN¥186.6m | CN¥232.2m | CN¥264.8m | CN¥223.9m |
| Diluted earnings per share | -0.52 | -0.62 | -0.66 | -0.62 | 0.04 | 0.11 | 0.10 | 0.12 | 0.22 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.59bn | CN¥11.33bn | CN¥12.86bn | CN¥13.33bn | CN¥14.58bn | CN¥14.92bn | CN¥12.52bn | CN¥12.33bn | CN¥10.79bn | CN¥8.67bn |
| Cash and short-term investments | — | CN¥1.98bn | CN¥1.68bn | CN¥1.01bn | CN¥2.43bn | CN¥3.36bn | CN¥1.62bn | CN¥1.54bn | CN¥1.42bn | CN¥2.29bn |
| Total liabilities | CN¥8.94bn | CN¥9.68bn | CN¥9.88bn | CN¥8.94bn | CN¥8.86bn | CN¥9.19bn | CN¥6.94bn | CN¥6.77bn | CN¥5.34bn | CN¥4.19bn |
| Debt | CN¥177.0m | CN¥5.48bn | CN¥2.83bn | CN¥1.99bn | CN¥1.57bn | CN¥1.19bn | CN¥1.29bn | CN¥1.78bn | CN¥1.25bn | CN¥1.04bn |
| Shareholders' equity | CN¥651.8m | CN¥1.64bn | CN¥2.95bn | CN¥4.38bn | CN¥5.70bn | CN¥5.71bn | CN¥5.58bn | CN¥5.56bn | CN¥5.44bn | CN¥4.47bn |
| Shares outstanding | 1,910m | 1,968m | 1,952m | 2,124m | 2,005m | 2,087m | 1,812m | 1,984m | 1,184m | 1,098m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥153.8m | −CN¥867.0m | −CN¥2.05bn | −CN¥1.93bn | −CN¥440.9m | CN¥2.26bn | CN¥1.28bn | CN¥880.0m | −CN¥537.5m | CN¥140.6m |
| Capital spending | −CN¥86.3m | −CN¥276.9m | −CN¥291.7m | −CN¥248.1m | −CN¥456.7m | −CN¥288.4m | −CN¥555.5m | −CN¥722.9m | −CN¥224.5m | −CN¥335.4m |
| Free cash flow | CN¥67.6m | −CN¥1.14bn | −CN¥2.34bn | −CN¥2.17bn | −CN¥897.6m | CN¥1.97bn | CN¥720.3m | CN¥157.1m | −CN¥762.0m | −CN¥194.8m |
| Dividends paid | −CN¥162.9m | −CN¥204.8m | −CN¥76.7m | −CN¥28.9m | −CN¥67.2m | −CN¥58.0m | −CN¥86.9m | −CN¥214.6m | −CN¥141.5m | −CN¥118.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.09bn | CN¥1.24bn | CN¥817.1m | CN¥1.05bn | CN¥1.32bn | CN¥1.50bn | CN¥578.8m | CN¥1.02bn |
| Gross profit | CN¥46.4m | CN¥100.6m | −CN¥277.8m | −CN¥25.9m | CN¥48.6m | CN¥147.3m | −CN¥607.0m | CN¥35.1m |
| Operating income | −CN¥87.3m | CN¥3.9m | −CN¥482.9m | −CN¥164.1m | −CN¥120.9m | CN¥30.4m | −CN¥890.3m | −CN¥189.5m |
| Net income | −CN¥131.0m | −CN¥38.8m | −CN¥678.0m | −CN¥168.8m | −CN¥118.3m | −CN¥24.6m | −CN¥892.7m | −CN¥224.7m |
| Diluted earnings per share | -0.07 | -0.02 | -0.35 | -0.09 | -0.06 | -0.01 | -0.45 | -0.11 |
| Cash from operations | — | — | — | −CN¥75.0m | −CN¥5.0m | −CN¥344.0m | — | −CN¥268.0m |
| Capital spending | −CN¥7.0m | −CN¥7.0m | −CN¥24.0m | −CN¥15.0m | −CN¥19.0m | −CN¥26.0m | −CN¥113.0m | −CN¥86.0m |
| Free cash flow | — | — | — | −CN¥90.0m | −CN¥24.0m | −CN¥370.0m | — | −CN¥354.0m |
| Total assets | CN¥9.07bn | CN¥9.62bn | CN¥9.59bn | CN¥10.27bn | CN¥10.83bn | CN¥11.45bn | CN¥11.33bn | CN¥11.95bn |
| Cash and short-term investments | — | — | — | CN¥1.41bn | CN¥1.58bn | CN¥1.94bn | CN¥1.98bn | CN¥1.55bn |
| Debt | CN¥790.1m | CN¥147.5m | CN¥177.0m | CN¥5.12bn | CN¥3.85bn | CN¥5.15bn | CN¥5.47bn | CN¥3.50bn |
| Shareholders' equity | CN¥486.0m | CN¥615.1m | CN¥651.8m | CN¥1.33bn | CN¥1.50bn | CN¥1.61bn | CN¥1.64bn | CN¥2.64bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.9% | -5.9% | -8.7% | -9.9% | 8.6% | 8.6% |
| Operating margin | -17.3% | -21.2% | -21.7% | -23.4% | 2.4% | 4.1% |
| Net margin | -21.1% | -25.7% | -24.3% | -27.8% | 0.9% | 2.3% |
| Return on equity | -151.8% | -74.4% | -43.7% | -30.2% | 1.3% | 4.0% |
| Return on assets | -10.3% | -10.7% | -10.0% | -9.9% | 0.5% | 1.5% |
| Free cash flow yield | 6.9% | -16.6% | -49.6% | -43.6% | 0.4% | 67.4% |
| Revenue growth | -1.0% | -11.0% | 11.8% | -40.8% | -19.8% | 46.9% |
| Earnings growth | -18.7% | -5.8% | -2.2% | -1934.8% | -68.2% | 21.3% |
| Current ratio | 0.51x | 0.69x | 0.71x | 0.94x | 0.95x | 1.09x |
| Debt to equity | 0.27x | 3.34x | 0.96x | 0.44x | 0.29x | 0.20x |
| Equity ratio | 6.8% | 14.5% | 23.0% | 32.8% | 39.1% | 38.3% |
| Interest coverage | -4.54x | -4.80x | -9.53x | -7.08x | 1.43x | 2.36x |
| R&D as a share of sales | 6.0% | 6.3% | 4.5% | 4.2% | 2.8% | 1.4% |
| Buybacks as a share of market value | 2.9% | -0.8% | 8.1% | -5.9% | 3.9% | -15.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.5% | -14.1% | 5.2% |
| Operating income | -13.3% | — | — |
| Net income | -9.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.5% | -4.5% | 1.8% | 6.3% |
| Operating margin | -21.7% | -23.5% | -11.1% | -4.7% |
| Net margin | -23.4% | -24.7% | -12.1% | -5.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.1 | -5.6 | -4.4 | -4.1 | 101.3 | 40.5 | 24.8 | 20.5 | 15.6 | 21.5 |
| Price to sales | 1.1 | 1.4 | 1.1 | 1.1 | 0.9 | 0.9 | 0.7 | 0.7 | 0.7 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.035 | 0.03 | 0.045 | 0.045 | 0.04 | 0.035 | 0.03 |
- 9-for-5 split · 19 May 2011
- 3-for-2 split · 12 Apr 2007
- 1-to-1 reverse split · 13 Feb 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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