S 
2.25
+0.45%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.27bn
FY2016FY2025
Net income
CN¥1.03bn
FY2016FY2025
Free cash flow
−CN¥302.7m
FY2016FY2025
Shareholders' equity
CN¥2.86bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.27bn | CN¥4.97bn | CN¥5.34bn | CN¥3.74bn | CN¥3.98bn | CN¥7.96bn | CN¥7.05bn | CN¥8.97bn | CN¥12.70bn | CN¥9.84bn |
| Gross profit | CN¥503.5m | CN¥774.6m | CN¥465.9m | CN¥102.9m | CN¥174.2m | CN¥1.39bn | CN¥378.5m | CN¥2.52bn | CN¥3.53bn | CN¥3.19bn |
| Research and development | CN¥288.7m | CN¥219.6m | CN¥472.6m | CN¥289.5m | CN¥189.0m | CN¥138.8m | CN¥289.5m | CN¥192.6m | CN¥317.0m | CN¥317.0m |
| Operating income | — | −CN¥1.51bn | −CN¥1.48bn | −CN¥1.25bn | −CN¥2.39bn | −CN¥384.2m | −CN¥6.53bn | −CN¥92.8m | CN¥2.06bn | CN¥2.00bn |
| Net income | CN¥1.03bn | −CN¥1.73bn | −CN¥2.06bn | −CN¥968.5m | −CN¥2.61bn | −CN¥1.09bn | −CN¥7.17bn | −CN¥1.10bn | CN¥1.60bn | CN¥682.1m |
| Diluted earnings per share | 0.10 | -0.17 | -0.22 | -0.11 | -0.26 | -0.27 | -1.78 | -0.26 | 0.43 | 0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.72bn | CN¥10.89bn | CN¥14.46bn | CN¥17.89bn | CN¥21.52bn | CN¥22.60bn | CN¥25.63bn | CN¥36.94bn | CN¥43.94bn | CN¥36.65bn |
| Cash and short-term investments | — | CN¥615.4m | CN¥524.4m | CN¥1.11bn | CN¥4.42bn | CN¥1.63bn | CN¥879.5m | CN¥861.4m | CN¥4.17bn | CN¥5.81bn |
| Total liabilities | CN¥4.90bn | CN¥9.61bn | CN¥11.36bn | CN¥12.41bn | CN¥17.54bn | CN¥16.49bn | CN¥18.71bn | CN¥22.25bn | CN¥25.41bn | CN¥22.88bn |
| Debt | — | CN¥5.03bn | CN¥6.98bn | CN¥7.55bn | CN¥9.87bn | CN¥8.28bn | CN¥8.47bn | CN¥11.85bn | CN¥15.48bn | CN¥14.97bn |
| Shareholders' equity | CN¥2.86bn | CN¥1.17bn | CN¥2.92bn | CN¥4.59bn | CN¥3.16bn | CN¥5.33bn | CN¥6.55bn | CN¥14.25bn | CN¥17.95bn | CN¥12.88bn |
| Shares outstanding | 10,026m | 9,996m | 9,188m | 8,759m | 10,218m | 4,056m | 4,037m | 4,191m | 3,697m | 5,030m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥147.6m | CN¥743.2m | −CN¥657.7m | −CN¥526.1m | −CN¥257.8m | CN¥514.2m | CN¥1.10bn | CN¥119.5m | CN¥1.21bn | CN¥431.2m |
| Capital spending | −CN¥155.2m | −CN¥425.1m | −CN¥454.0m | −CN¥477.8m | −CN¥430.6m | −CN¥837.6m | −CN¥913.3m | −CN¥1.20bn | −CN¥1.84bn | −CN¥57.3m |
| Free cash flow | −CN¥302.7m | CN¥318.2m | −CN¥1.11bn | −CN¥1.00bn | −CN¥688.5m | −CN¥323.3m | CN¥185.1m | −CN¥1.08bn | −CN¥627.5m | CN¥373.9m |
| Dividends paid | −CN¥20.5m | −CN¥126.6m | −CN¥168.5m | −CN¥246.7m | −CN¥281.2m | −CN¥158.6m | −CN¥253.6m | −CN¥3.68bn | −CN¥1.25bn | −CN¥912.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥663.0m | CN¥707.9m | CN¥850.7m | CN¥685.3m | CN¥681.8m | CN¥1.05bn | CN¥1.03bn | CN¥1.21bn |
| Gross profit | CN¥136.6m | CN¥120.8m | CN¥122.6m | CN¥112.2m | CN¥69.6m | CN¥199.0m | −CN¥38.9m | CN¥259.6m |
| Operating income | −CN¥154.9m | −CN¥76.5m | −CN¥148.9m | CN¥229.0m | CN¥128.6m | CN¥86.1m | −CN¥907.3m | −CN¥249.1m |
| Net income | −CN¥220.2m | CN¥251.0m | CN¥593.8m | CN¥218.2m | CN¥135.7m | CN¥82.8m | −CN¥915.9m | −CN¥233.8m |
| Diluted earnings per share | -0.02 | 0.03 | 0.06 | 0.02 | 0.01 | 0.01 | -0.09 | -0.02 |
| Cash from operations | — | — | — | CN¥19.0m | −CN¥82.0m | −CN¥127.0m | CN¥409.0m | −CN¥274.0m |
| Capital spending | −CN¥35.0m | −CN¥15.0m | — | −CN¥78.0m | −CN¥105.0m | −CN¥8.0m | −CN¥158.0m | −CN¥203.0m |
| Free cash flow | — | — | — | −CN¥59.0m | −CN¥187.0m | −CN¥135.0m | CN¥251.0m | −CN¥477.0m |
| Total assets | CN¥7.31bn | CN¥7.67bn | CN¥7.72bn | CN¥8.85bn | CN¥9.07bn | CN¥10.66bn | CN¥10.89bn | CN¥11.87bn |
| Cash and short-term investments | — | — | — | CN¥210.3m | CN¥327.6m | CN¥543.4m | CN¥615.4m | CN¥524.8m |
| Debt | CN¥171.9m | CN¥152.0m | CN¥157.3m | CN¥2.82bn | CN¥2.30bn | CN¥2.21bn | CN¥2.28bn | CN¥2.04bn |
| Shareholders' equity | CN¥2.89bn | CN¥3.10bn | CN¥2.86bn | CN¥1.68bn | CN¥1.24bn | CN¥1.18bn | CN¥1.17bn | CN¥2.11bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 15.4% | 15.6% | 8.7% | 2.8% | 4.4% | 17.5% | — |
| Operating margin | — | -30.4% | -27.8% | -33.5% | -60.0% | -4.8% | -92.7% |
| Net margin | 31.4% | -34.9% | -38.5% | -25.9% | -65.7% | -13.7% | — |
| Return on equity | 35.8% | -148.3% | -70.5% | -21.1% | -82.8% | -20.4% | — |
| Return on assets | 13.3% | -15.9% | -14.2% | -5.4% | -12.1% | -4.8% | — |
| Free cash flow yield | 0.0% | 3.9% | -0.7% | -0.2% | 0.6% | 11.1% | — |
| Revenue growth | -34.2% | -6.9% | 42.7% | -6.0% | -50.0% | 12.9% | — |
| Earnings growth | -159.2% | -15.8% | 112.4% | -63.0% | 140.4% | -84.8% | — |
| Current ratio | 0.62x | 0.59x | 0.59x | 0.67x | 0.66x | 0.59x | — |
| Debt to equity | 0.05x | 1.95x | 0.69x | 0.52x | 0.65x | 0.52x | — |
| Equity ratio | 37.1% | 10.7% | 20.2% | 25.7% | 14.7% | 23.6% | — |
| Interest coverage | — | -3.48x | -3.51x | -4.25x | -7.96x | -0.66x | -7.53x |
| R&D as a share of sales | 8.8% | 4.4% | 8.9% | 7.7% | 4.8% | 1.7% | — |
| Buybacks as a share of market value | -0.3% | -8.8% | -4.9% | 14.3% | -151.9% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.4% | -16.3% | -9.1% |
| Net income | — | — | 6.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.5% | 10.7% | 11.7% | 19.3% |
| Net margin | -8.6% | -21.6% | -25.4% | -16.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 40.7 | -11.5 | -7.1 | -16.7 | -7.5 | -4.4 | -0.6 | -6.8 | 4.7 | 14.8 |
| Price to sales | 12.8 | 4.0 | 2.7 | 4.3 | 4.9 | 0.6 | 0.6 | 0.8 | 0.6 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jun 2018.
| FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | FY2003 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.70 | 0.021 | 0.04 | 0.04 | 0.037 | 0.033 | 0.033 | 0.133 |
- 5-for-3 split · 25 Feb 2022
- 3-for-1 split · 13 Nov 2015
- 1-to-1 reverse split · 30 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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