S 
5.49
+1.48%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.51bn
FY2016FY2025
Net income
−CN¥33.8m
FY2016FY2025
Free cash flow
−CN¥530.7m
FY2016FY2025
Shareholders' equity
CN¥1.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.51bn | CN¥5.18bn | CN¥5.99bn | CN¥7.75bn | CN¥7.59bn | CN¥7.27bn | CN¥7.49bn | CN¥7.45bn | CN¥5.85bn | CN¥4.58bn |
| Gross profit | CN¥986.0m | CN¥399.1m | CN¥970.7m | CN¥999.7m | CN¥950.2m | CN¥997.0m | CN¥972.9m | CN¥1.01bn | CN¥826.3m | CN¥687.5m |
| Research and development | CN¥183.1m | CN¥344.2m | CN¥323.5m | CN¥302.4m | CN¥314.8m | CN¥345.4m | CN¥286.0m | CN¥186.8m | CN¥169.8m | CN¥128.3m |
| Operating income | CN¥121.9m | −CN¥1.58bn | −CN¥147.4m | −CN¥158.7m | −CN¥465.5m | CN¥318.5m | −CN¥431.4m | CN¥252.3m | CN¥294.9m | −CN¥60.9m |
| Net income | −CN¥33.8m | −CN¥1.22bn | −CN¥203.1m | −CN¥255.6m | −CN¥592.4m | CN¥117.8m | −CN¥585.5m | CN¥261.0m | CN¥174.8m | CN¥38.7m |
| Diluted earnings per share | -0.06 | -2.03 | -0.33 | -0.42 | -1.26 | 0.25 | -1.22 | 0.55 | 0.37 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.06bn | CN¥5.18bn | CN¥7.86bn | CN¥9.36bn | CN¥9.97bn | CN¥9.48bn | CN¥10.22bn | CN¥10.16bn | CN¥9.59bn | CN¥7.04bn |
| Cash and short-term investments | — | CN¥81.6m | CN¥503.2m | CN¥1.17bn | CN¥1.97bn | CN¥582.4m | CN¥748.6m | CN¥663.2m | CN¥1.17bn | CN¥1.04bn |
| Total liabilities | CN¥3.74bn | CN¥3.84bn | CN¥5.36bn | CN¥6.15bn | CN¥6.45bn | CN¥6.97bn | CN¥7.72bn | CN¥7.08bn | CN¥6.76bn | CN¥5.29bn |
| Debt | CN¥124.8m | CN¥567.2m | CN¥928.5m | CN¥1.28bn | CN¥1.63bn | CN¥2.41bn | CN¥2.75bn | CN¥3.12bn | CN¥2.77bn | CN¥2.24bn |
| Shareholders' equity | CN¥1.32bn | CN¥1.35bn | CN¥2.62bn | CN¥2.83bn | CN¥3.10bn | CN¥1.97bn | CN¥1.91bn | CN¥2.70bn | CN¥2.39bn | CN¥1.74bn |
| Shares outstanding | 604m | 604m | 607m | 605m | 469m | 472m | 481m | 471m | 467m | 452m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥409.7m | −CN¥331.4m | −CN¥179.0m | CN¥16.1m | CN¥436.8m | −CN¥639.6m | CN¥322.5m | −CN¥250.3m | −CN¥174.1m | CN¥65.1m |
| Capital spending | −CN¥121.0m | −CN¥362.9m | −CN¥497.9m | −CN¥440.3m | −CN¥420.4m | −CN¥400.4m | −CN¥452.9m | −CN¥638.3m | −CN¥532.3m | −CN¥337.1m |
| Free cash flow | −CN¥530.7m | −CN¥694.3m | −CN¥676.9m | −CN¥424.1m | CN¥16.4m | −CN¥1.04bn | −CN¥130.4m | −CN¥888.6m | −CN¥706.4m | −CN¥272.1m |
| Dividends paid | −CN¥17.1m | −CN¥38.0m | −CN¥53.8m | −CN¥72.7m | −CN¥86.5m | −CN¥111.5m | −CN¥150.5m | −CN¥141.6m | −CN¥115.0m | −CN¥86.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.08bn | CN¥1.08bn | CN¥1.24bn | CN¥1.15bn | CN¥1.09bn | CN¥1.02bn | CN¥1.30bn | CN¥1.20bn |
| Gross profit | CN¥202.7m | CN¥219.1m | CN¥276.1m | CN¥265.3m | CN¥244.3m | CN¥200.3m | −CN¥197.4m | CN¥166.5m |
| Operating income | CN¥46.3m | CN¥66.0m | CN¥89.0m | CN¥33.6m | CN¥34.9m | CN¥63.0m | −CN¥1.46bn | −CN¥30.9m |
| Net income | CN¥34.1m | CN¥25.3m | −CN¥106.4m | CN¥20.5m | CN¥20.0m | CN¥32.1m | −CN¥1.10bn | −CN¥31.1m |
| Diluted earnings per share | 0.06 | 0.04 | -0.18 | 0.03 | 0.03 | 0.05 | -1.82 | -0.05 |
| Cash from operations | — | — | — | −CN¥96.0m | −CN¥101.0m | −CN¥194.0m | — | −CN¥1.0m |
| Capital spending | −CN¥47.0m | −CN¥33.0m | −CN¥31.0m | −CN¥37.0m | −CN¥19.0m | −CN¥32.0m | −CN¥58.0m | — |
| Free cash flow | — | — | — | −CN¥133.0m | −CN¥120.0m | −CN¥226.0m | — | — |
| Total assets | CN¥4.69bn | CN¥5.07bn | CN¥5.06bn | CN¥5.15bn | CN¥5.15bn | CN¥5.18bn | CN¥5.18bn | CN¥7.56bn |
| Cash and short-term investments | — | — | — | CN¥245.5m | CN¥79.8m | CN¥74.0m | CN¥81.6m | CN¥209.4m |
| Debt | CN¥100.9m | CN¥123.6m | CN¥124.8m | CN¥725.1m | CN¥538.9m | CN¥523.6m | CN¥494.6m | CN¥566.7m |
| Shareholders' equity | CN¥1.39bn | CN¥1.36bn | CN¥1.32bn | CN¥1.43bn | CN¥1.41bn | CN¥1.38bn | CN¥1.35bn | CN¥2.49bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.9% | 7.7% | 16.2% | 12.9% | 12.5% | 13.7% |
| Operating margin | 2.7% | -30.5% | -2.1% | -1.7% | -6.1% | 4.6% |
| Net margin | -0.8% | -23.7% | -3.4% | -3.3% | -7.8% | 1.6% |
| Return on equity | -2.6% | -90.9% | -7.8% | -9.0% | -19.1% | 6.0% |
| Return on assets | -0.7% | -23.6% | -2.6% | -2.7% | -5.9% | 1.2% |
| Free cash flow yield | — | -9.4% | -5.0% | — | — | — |
| Revenue growth | -13.0% | -13.5% | -22.8% | 2.2% | 4.3% | -2.9% |
| Earnings growth | -97.2% | 503.1% | -20.5% | -56.9% | -602.8% | -120.1% |
| Current ratio | 1.46x | 1.37x | 1.21x | 1.32x | 1.40x | 1.06x |
| Debt to equity | 0.09x | 0.37x | 0.29x | 0.32x | 0.44x | 1.22x |
| Equity ratio | 26.1% | 26.0% | 33.3% | 30.2% | 31.1% | 20.8% |
| Interest coverage | 1.38x | -11.65x | -0.82x | -0.87x | -1.88x | 1.48x |
| R&D as a share of sales | 4.1% | 6.6% | 5.4% | 3.9% | 4.1% | 4.7% |
| Buybacks as a share of market value | 0.0% | 0.5% | -0.3% | -28.9% | 0.5% | 1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.6% | -9.1% | 4.0% |
| Operating income | — | -17.5% | 7.7% |
| Net income | -49.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.3% | 14.3% | 13.9% | 14.0% |
| Operating margin | -15.1% | -7.5% | -5.0% | -2.7% |
| Net margin | -13.0% | -7.3% | -5.7% | -3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -120.3 | -3.5 | -29.2 | -20.4 | -11.6 | 52.9 | -8.8 | 17.5 | 54.6 | 276.8 |
| Price to sales | 0.9 | 0.8 | 1.0 | 0.7 | 0.9 | 0.9 | 0.7 | 0.6 | 1.6 | 2.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 12 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.06 | 0.05 | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 | 0.025 |
- 2-for-1 split · 7 May 2012
- 13-for-10 split · 26 May 2010
- 13-for-10 split · 30 Jun 2009
- 13-for-10 split · 19 Jun 2008
- 13-for-10 split · 25 May 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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