S 
2.49
+0.81%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.55bn
FY2016FY2025
Net income
−CN¥517.5m
FY2016FY2025
Free cash flow
−CN¥119.9m
FY2016FY2025
Shareholders' equity
CN¥3.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.55bn | CN¥4.13bn | CN¥3.69bn | CN¥3.26bn | CN¥2.84bn | CN¥1.94bn | CN¥1.97bn | CN¥2.05bn | CN¥1.89bn | CN¥2.04bn |
| Gross profit | −CN¥225.5m | −CN¥5.9m | −CN¥180.5m | CN¥570.2m | CN¥750.2m | CN¥360.2m | CN¥275.8m | CN¥464.8m | CN¥345.0m | CN¥261.4m |
| Research and development | — | CN¥101.3m | CN¥106.3m | CN¥100.8m | CN¥94.4m | CN¥64.8m | CN¥60.6m | CN¥12.8m | CN¥11.5m | CN¥1.1m |
| Operating income | −CN¥439.4m | −CN¥380.0m | −CN¥452.4m | CN¥448.6m | CN¥635.1m | CN¥243.7m | CN¥177.0m | CN¥308.3m | CN¥234.8m | CN¥18.6m |
| Net income | −CN¥517.5m | −CN¥379.9m | −CN¥412.2m | CN¥386.1m | CN¥538.6m | CN¥213.9m | CN¥146.1m | CN¥238.0m | CN¥206.4m | CN¥28.1m |
| Diluted earnings per share | -0.41 | -0.30 | -0.39 | 0.37 | 0.51 | 0.20 | 0.14 | 0.23 | 0.20 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥10.37bn | CN¥11.28bn | CN¥11.55bn | CN¥12.01bn | CN¥4.83bn | CN¥4.31bn | CN¥4.18bn | CN¥4.32bn | CN¥4.12bn | CN¥4.44bn |
| Cash and short-term investments | — | CN¥1.45bn | CN¥1.59bn | CN¥1.71bn | CN¥1.55bn | CN¥1.03bn | CN¥519.8m | CN¥472.6m | CN¥114.7m | CN¥179.9m |
| Total liabilities | CN¥5.85bn | CN¥5.78bn | CN¥5.84bn | CN¥5.55bn | CN¥365.0m | CN¥393.3m | CN¥454.3m | CN¥735.4m | CN¥786.8m | CN¥1.32bn |
| Debt | CN¥3.51bn | CN¥3.62bn | CN¥3.94bn | CN¥3.73bn | CN¥65.7m | CN¥200.3m | CN¥250.0m | CN¥400.0m | CN¥579.0m | CN¥1.08bn |
| Shareholders' equity | CN¥3.93bn | CN¥4.50bn | CN¥4.89bn | CN¥5.59bn | CN¥4.46bn | CN¥3.92bn | CN¥3.72bn | CN¥3.58bn | CN¥3.34bn | CN¥3.12bn |
| Shares outstanding | 1,276m | 1,276m | 1,067m | 1,053m | 1,052m | 1,054m | 1,054m | 1,052m | 1,053m | 1,049m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥105.7m | CN¥567.7m | CN¥544.3m | CN¥290.1m | CN¥679.6m | CN¥607.0m | CN¥329.7m | CN¥488.4m | CN¥486.6m | CN¥213.4m |
| Capital spending | −CN¥225.6m | −CN¥127.4m | −CN¥716.6m | −CN¥30.3m | −CN¥9.1m | −CN¥5.5m | −CN¥9.9m | −CN¥15.4m | −CN¥4.6m | −CN¥14.8m |
| Free cash flow | −CN¥119.9m | CN¥440.3m | −CN¥172.4m | CN¥259.8m | CN¥670.5m | CN¥601.5m | CN¥319.8m | CN¥473.0m | CN¥482.0m | CN¥198.6m |
| Dividends paid | −CN¥114.8m | −CN¥140.5m | −CN¥157.9m | −CN¥268.2m | −CN¥3.0m | −CN¥32.1m | −CN¥11.5m | −CN¥21.8m | −CN¥25.6m | −CN¥49.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥958.0m | CN¥1.07bn | CN¥1.05bn | CN¥759.4m | CN¥844.0m | CN¥839.5m | CN¥1.19bn | CN¥1.13bn |
| Gross profit | CN¥5.2m | CN¥91.1m | CN¥32.9m | −CN¥180.3m | −CN¥117.7m | −CN¥36.1m | CN¥75.9m | CN¥97.3m |
| Operating income | −CN¥43.6m | CN¥40.8m | −CN¥31.4m | −CN¥323.8m | −CN¥175.8m | −CN¥127.5m | −CN¥30.7m | −CN¥16.2m |
| Net income | −CN¥21.4m | −CN¥6.9m | −CN¥162.2m | −CN¥231.0m | −CN¥96.8m | −CN¥95.5m | −CN¥70.6m | −CN¥50.2m |
| Diluted earnings per share | -0.02 | -0.01 | -0.13 | -0.18 | -0.08 | -0.07 | -0.06 | -0.04 |
| Cash from operations | — | — | — | −CN¥74.0m | CN¥95.0m | CN¥23.0m | CN¥113.0m | CN¥198.0m |
| Capital spending | −CN¥65.0m | −CN¥14.0m | −CN¥70.0m | −CN¥66.0m | −CN¥54.0m | −CN¥34.0m | −CN¥45.0m | −CN¥27.0m |
| Free cash flow | — | — | — | −CN¥140.0m | CN¥41.0m | −CN¥11.0m | CN¥68.0m | CN¥171.0m |
| Total assets | CN¥10.19bn | CN¥10.43bn | CN¥10.37bn | CN¥10.67bn | CN¥10.71bn | CN¥11.20bn | CN¥11.28bn | CN¥11.65bn |
| Cash and short-term investments | — | — | — | CN¥1.33bn | CN¥1.25bn | CN¥1.41bn | CN¥1.45bn | CN¥1.51bn |
| Debt | CN¥3.58bn | CN¥3.77bn | CN¥3.51bn | CN¥618.2m | CN¥3.96bn | CN¥4.10bn | CN¥4.10bn | CN¥4.25bn |
| Shareholders' equity | CN¥3.90bn | CN¥3.92bn | CN¥3.93bn | CN¥4.08bn | CN¥4.31bn | CN¥4.41bn | CN¥4.50bn | CN¥4.58bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 9.2% | -0.1% | -4.9% | 17.5% | 26.4% | 18.6% | — |
| Operating margin | -16.4% | -5.6% | -10.1% | 13.6% | 22.4% | 13.4% | — |
| Net margin | -14.6% | -9.2% | -11.2% | 11.9% | 19.0% | 11.0% | — |
| Return on equity | -13.2% | -8.4% | -8.4% | 6.9% | 12.1% | 5.5% | — |
| Return on assets | -5.0% | -3.4% | -3.6% | 3.2% | 11.2% | 5.0% | — |
| Free cash flow yield | 9.7% | 20.4% | 44.2% | 11.4% | 24.5% | 21.8% | — |
| Revenue growth | -14.1% | 11.9% | 13.3% | 14.8% | 46.3% | -1.7% | — |
| Earnings growth | 36.2% | -7.8% | -206.7% | -28.3% | 151.8% | 46.4% | — |
| Current ratio | 0.62x | 0.82x | 1.17x | 1.41x | 5.71x | 3.50x | — |
| Debt to equity | 0.90x | 0.80x | 0.86x | 0.67x | 0.01x | 0.05x | — |
| Equity ratio | 37.8% | 39.9% | 42.3% | 46.6% | 92.4% | 90.9% | — |
| Interest coverage | -4.72x | -1.55x | -4.82x | 1728.65x | 213.88x | 17.90x | — |
| R&D as a share of sales | — | 2.5% | 2.9% | 3.1% | 3.3% | 3.3% | 3.1% |
| Buybacks as a share of market value | -0.0% | -19.6% | -1.4% | -0.0% | 0.2% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.9% | 12.8% | 4.5% |
| Operating income | — | — | 2.9% |
| Net income | — | — | 13.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -3.0% | 1.1% | 6.5% | 9.4% |
| Operating margin | -10.7% | -5.6% | 0.3% | 1.6% |
| Net margin | -11.7% | -6.3% | -0.9% | 1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.8 | -10.7 | -12.3 | 13.8 | 11.8 | 16.5 | 24.4 | 15.6 | 23.4 | 200.3 |
| Price to sales | 1.3 | 1.0 | 1.4 | 1.6 | 2.2 | 1.8 | 1.8 | 1.8 | 2.5 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jul 2023.
| FY2023 | FY2022 | FY2020 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.15 | 0.02 | 0.067 | 0.133 | 0.06 | 0.06 | 0.067 |
- 3-for-2 split · 7 May 2018
- 8-for-5 split · 27 Aug 2008
- 7-for-5 split · 18 Apr 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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