P 
7.23
+10.05%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥6.69bn
FY2016FY2025
Net income
−CN¥849.2m
FY2016FY2025
Free cash flow
−CN¥99.0m
FY2016FY2025
Shareholders' equity
CN¥1.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.69bn | CN¥6.47bn | CN¥6.78bn | CN¥6.36bn | CN¥6.03bn | CN¥5.98bn | CN¥5.02bn | CN¥6.04bn | CN¥5.35bn | CN¥3.39bn |
| Gross profit | CN¥1.13bn | CN¥1.28bn | CN¥1.25bn | CN¥1.02bn | CN¥1.33bn | CN¥1.39bn | CN¥1.38bn | CN¥1.32bn | CN¥1.24bn | CN¥896.0m |
| Research and development | CN¥192.0m | CN¥355.4m | CN¥386.4m | CN¥137.0m | CN¥103.6m | CN¥108.0m | CN¥78.1m | CN¥84.2m | CN¥86.1m | CN¥78.0m |
| Operating income | CN¥118.0m | CN¥323.9m | −CN¥503.0m | −CN¥941.2m | −CN¥25.9m | CN¥445.9m | CN¥464.9m | CN¥493.2m | CN¥421.3m | CN¥277.3m |
| Net income | −CN¥849.2m | CN¥39.3m | −CN¥662.3m | −CN¥785.8m | −CN¥59.2m | CN¥125.9m | CN¥146.4m | CN¥177.4m | CN¥151.5m | CN¥61.9m |
| Diluted earnings per share | -1.75 | 0.08 | -1.37 | -1.61 | -0.11 | 0.27 | 0.28 | 0.34 | 0.16 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥15.64bn | CN¥17.05bn | CN¥16.53bn | CN¥16.28bn | CN¥16.23bn | CN¥15.20bn | CN¥12.78bn | CN¥11.05bn | CN¥7.83bn | CN¥7.31bn |
| Cash and short-term investments | — | CN¥1.56bn | CN¥1.35bn | CN¥1.48bn | CN¥1.72bn | CN¥1.42bn | CN¥1.72bn | CN¥888.5m | CN¥1.13bn | CN¥831.2m |
| Total liabilities | CN¥13.78bn | CN¥14.20bn | CN¥13.60bn | CN¥12.50bn | CN¥11.26bn | CN¥10.80bn | CN¥8.63bn | CN¥7.43bn | CN¥5.42bn | CN¥4.95bn |
| Debt | CN¥2.87bn | CN¥4.49bn | CN¥5.79bn | CN¥5.92bn | CN¥5.39bn | CN¥4.37bn | CN¥3.69bn | CN¥2.82bn | CN¥1.69bn | CN¥1.66bn |
| Shareholders' equity | CN¥1.10bn | CN¥1.93bn | CN¥1.95bn | CN¥2.58bn | CN¥3.63bn | CN¥3.46bn | CN¥3.37bn | CN¥3.27bn | CN¥2.06bn | CN¥2.02bn |
| Shares outstanding | 484m | 486m | 483m | 488m | 516m | 470m | 514m | 515m | 963m | 312m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥115.2m | CN¥382.0m | −CN¥218.5m | −CN¥310.9m | −CN¥37.1m | CN¥491.9m | CN¥332.3m | −CN¥400.2m | CN¥740.2m | CN¥781.7m |
| Capital spending | −CN¥214.1m | −CN¥241.2m | −CN¥594.9m | −CN¥209.8m | −CN¥130.7m | −CN¥1.27bn | −CN¥222.0m | −CN¥113.4m | −CN¥141.8m | −CN¥76.5m |
| Free cash flow | −CN¥99.0m | CN¥140.7m | −CN¥813.4m | −CN¥520.7m | −CN¥167.8m | −CN¥775.6m | CN¥110.3m | −CN¥513.6m | CN¥598.5m | CN¥705.2m |
| Dividends paid | −CN¥240.5m | −CN¥314.0m | −CN¥332.8m | −CN¥20.8m | −CN¥25.3m | −CN¥29.3m | −CN¥35.6m | −CN¥206.1m | −CN¥165.2m | −CN¥208.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.84bn | CN¥971.2m | CN¥2.09bn | CN¥1.42bn | CN¥1.99bn | CN¥1.20bn | CN¥2.25bn | CN¥1.65bn |
| Gross profit | CN¥303.6m | CN¥131.5m | CN¥341.0m | CN¥233.9m | CN¥355.1m | CN¥198.4m | CN¥452.5m | CN¥282.6m |
| Operating income | CN¥82.7m | −CN¥66.9m | −CN¥12.0m | −CN¥22.5m | CN¥91.2m | −CN¥75.7m | CN¥97.5m | −CN¥14.4m |
| Net income | −CN¥63.7m | −CN¥81.7m | −CN¥749.9m | −CN¥39.3m | CN¥379,653 | −CN¥60.4m | CN¥97.3m | −CN¥6.0m |
| Diluted earnings per share | -0.13 | -0.17 | -1.55 | -0.08 | 0.00 | -0.12 | 0.20 | -0.01 |
| Cash from operations | — | — | — | CN¥39.0m | CN¥141.0m | −CN¥239.0m | — | CN¥115.0m |
| Capital spending | −CN¥15.0m | −CN¥14.0m | −CN¥78.0m | −CN¥56.0m | −CN¥55.0m | −CN¥23.0m | −CN¥62.0m | −CN¥62.0m |
| Free cash flow | — | — | — | −CN¥17.0m | CN¥86.0m | −CN¥262.0m | — | CN¥53.0m |
| Total assets | CN¥15.11bn | CN¥14.79bn | CN¥15.64bn | CN¥16.86bn | CN¥16.99bn | CN¥16.70bn | CN¥17.05bn | CN¥16.89bn |
| Cash and short-term investments | — | — | — | CN¥1.30bn | CN¥1.33bn | CN¥1.28bn | CN¥1.56bn | CN¥1.37bn |
| Debt | CN¥3.10bn | CN¥2.57bn | CN¥2.87bn | CN¥3.16bn | CN¥5.21bn | CN¥4.66bn | CN¥4.46bn | CN¥6.85bn |
| Shareholders' equity | CN¥975.4m | CN¥1.03bn | CN¥1.10bn | CN¥1.88bn | CN¥1.91bn | CN¥1.89bn | CN¥1.93bn | CN¥1.92bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.9% | 19.7% | 18.5% | 16.1% | 22.1% | 23.2% |
| Operating margin | -5.1% | 6.9% | -7.4% | -9.7% | 4.3% | 7.5% |
| Net margin | -12.7% | 0.6% | -9.8% | -12.3% | -1.0% | 2.1% |
| Return on equity | -77.3% | 2.0% | -33.9% | -30.4% | -1.6% | 3.6% |
| Return on assets | -5.4% | 0.2% | -4.0% | -4.8% | -0.4% | 0.8% |
| Free cash flow yield | — | 11.9% | -6.8% | — | — | — |
| Revenue growth | 3.4% | -4.6% | 6.5% | 5.6% | 0.8% | 19.0% |
| Earnings growth | -2262.6% | -105.9% | -15.7% | 1226.4% | -147.1% | -14.0% |
| Current ratio | 0.87x | 0.86x | 0.92x | 1.03x | 1.25x | 1.30x |
| Debt to equity | 2.61x | 2.31x | 3.44x | 1.98x | 1.48x | 1.26x |
| Equity ratio | 7.0% | 11.3% | 11.8% | 15.9% | 22.4% | 22.8% |
| Interest coverage | -0.97x | 1.15x | -1.32x | -1.94x | 0.94x | 2.12x |
| R&D as a share of sales | 2.9% | 5.5% | 5.7% | 2.2% | 1.7% | 1.8% |
| Buybacks as a share of market value | 0.3% | -0.4% | 0.9% | 5.4% | -9.6% | 8.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.7% | 2.3% | 7.8% |
| Operating income | — | -23.3% | 0.7% |
| Net income | 2.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.3% | 17.8% | 19.3% | 21.5% |
| Operating margin | 3.4% | -3.8% | -1.5% | 1.9% |
| Net margin | -6.2% | -8.6% | -5.7% | -2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.4 | 94.7 | -6.3 | -7.2 | -70.2 | 24.4 | 24.2 | 23.4 | 71.1 | 86.4 |
| Price to sales | 0.7 | 0.6 | 0.6 | 0.9 | 0.7 | 0.5 | 0.7 | 0.7 | 2.0 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Aug 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.043 | 0.052 | 0.06 | 0.073 | 0.047 | 0.04 | 0.05 | 0.15 |
- 8-for-5 split · 7 Jun 2013
- 13-for-10 split · 13 May 2010
- 11-for-10 split · 27 May 2009
- 11-for-10 split · 20 Jun 2008
- 1-to-1 reverse split · 28 Oct 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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