S 
4.31
-2.71%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥6.29bn
FY2016FY2025
Net income
−CN¥156.2m
FY2016FY2025
Free cash flow
CN¥63.2m
FY2016FY2025
Shareholders' equity
CN¥356.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.29bn | CN¥4.43bn | CN¥4.20bn | CN¥3.54bn | CN¥3.20bn | CN¥3.34bn | CN¥3.20bn | CN¥3.79bn | CN¥4.38bn | CN¥3.16bn |
| Gross profit | CN¥1.33bn | CN¥1.29bn | CN¥1.08bn | CN¥881.3m | CN¥864.0m | CN¥989.6m | CN¥853.1m | CN¥986.5m | CN¥1.29bn | CN¥999.3m |
| Research and development | CN¥388.5m | CN¥377.1m | CN¥264.7m | CN¥234.0m | CN¥214.4m | CN¥220.9m | CN¥301.7m | CN¥334.0m | CN¥301.7m | CN¥249.6m |
| Operating income | CN¥248.3m | CN¥99.0m | −CN¥20.0m | CN¥96.1m | −CN¥153.5m | CN¥260.1m | −CN¥858.7m | −CN¥364.6m | CN¥389.5m | CN¥248.5m |
| Net income | −CN¥156.2m | −CN¥463.9m | −CN¥528.6m | −CN¥101.3m | −CN¥665.2m | CN¥185.3m | −CN¥2.38bn | −CN¥1.22bn | CN¥392.0m | CN¥271.8m |
| Diluted earnings per share | -0.09 | -0.28 | -0.32 | -0.07 | -0.47 | 0.13 | -1.69 | -0.87 | 0.29 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.27bn | CN¥7.60bn | CN¥7.91bn | CN¥8.80bn | CN¥8.28bn | CN¥9.28bn | CN¥10.11bn | CN¥13.41bn | CN¥15.39bn | CN¥12.22bn |
| Cash and short-term investments | CN¥1.47bn | CN¥1.31bn | CN¥903.2m | CN¥1.12bn | CN¥761.5m | CN¥1.07bn | CN¥1.50bn | CN¥1.32bn | CN¥1.89bn | CN¥1.07bn |
| Total liabilities | CN¥7.85bn | CN¥7.09bn | CN¥6.93bn | CN¥8.10bn | CN¥7.31bn | CN¥7.64bn | CN¥9.04bn | CN¥9.76bn | CN¥10.50bn | CN¥9.43bn |
| Debt | CN¥4.20bn | CN¥2.92bn | CN¥3.49bn | CN¥4.36bn | CN¥3.95bn | CN¥4.05bn | CN¥5.06bn | CN¥4.63bn | CN¥5.50bn | CN¥4.55bn |
| Shareholders' equity | CN¥356.5m | CN¥499.2m | CN¥940.6m | CN¥648.5m | CN¥766.9m | CN¥1.43bn | CN¥1.22bn | CN¥3.49bn | CN¥4.75bn | CN¥2.65bn |
| Shares outstanding | 1,661m | 1,661m | 1,661m | 1,408m | 1,409m | 1,409m | 1,409m | 1,409m | 1,373m | 1,171m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥145.4m | CN¥812.4m | CN¥477.1m | CN¥443.8m | CN¥246.4m | CN¥508.1m | CN¥55.1m | CN¥399.1m | CN¥202.1m | −CN¥65.6m |
| Capital spending | −CN¥82.2m | −CN¥282.8m | −CN¥457.4m | −CN¥376.5m | −CN¥440.7m | −CN¥294.3m | −CN¥303.6m | −CN¥866.1m | −CN¥1.29bn | −CN¥1.25bn |
| Free cash flow | CN¥63.2m | CN¥529.5m | CN¥19.7m | CN¥67.3m | −CN¥194.4m | CN¥213.8m | −CN¥248.5m | −CN¥467.0m | −CN¥1.09bn | −CN¥1.32bn |
| Dividends paid | −CN¥108.1m | −CN¥125.9m | −CN¥267.8m | −CN¥266.4m | −CN¥269.4m | −CN¥301.4m | −CN¥332.4m | −CN¥512.8m | −CN¥265.0m | −CN¥210.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥875.6m | CN¥1.31bn | CN¥2.72bn | CN¥1.01bn | CN¥1.36bn | CN¥1.21bn | CN¥1.53bn | CN¥994.3m |
| Gross profit | CN¥196.7m | CN¥289.1m | CN¥294.1m | CN¥271.7m | CN¥497.0m | CN¥351.5m | CN¥359.4m | CN¥302.3m |
| Operating income | −CN¥35.9m | CN¥53.6m | −CN¥127.1m | CN¥33.1m | CN¥213.2m | CN¥90.1m | −CN¥247.4m | CN¥38.3m |
| Net income | −CN¥178.6m | −CN¥40.4m | −CN¥388.1m | CN¥41.8m | CN¥122.6m | CN¥67.5m | −CN¥310.5m | −CN¥113.8m |
| Diluted earnings per share | -0.11 | -0.02 | -0.23 | 0.03 | 0.07 | 0.04 | -0.19 | -0.07 |
| Cash from operations | — | — | CN¥37.0m | CN¥114.0m | CN¥155.0m | −CN¥161.0m | CN¥474.0m | CN¥325.0m |
| Capital spending | −CN¥14.0m | −CN¥29.0m | −CN¥49.0m | −CN¥21.0m | −CN¥5.0m | −CN¥4.0m | −CN¥15.0m | −CN¥12.0m |
| Free cash flow | — | — | −CN¥12.0m | CN¥93.0m | CN¥150.0m | −CN¥165.0m | CN¥459.0m | CN¥313.0m |
| Total assets | CN¥9.95bn | CN¥8.88bn | CN¥8.27bn | CN¥8.30bn | CN¥8.03bn | CN¥8.02bn | CN¥7.60bn | CN¥7.75bn |
| Cash and short-term investments | — | — | CN¥1.47bn | CN¥1.69bn | CN¥1.53bn | CN¥1.32bn | CN¥1.31bn | CN¥981.3m |
| Debt | CN¥445.0m | CN¥201.9m | CN¥4.18bn | CN¥4.09bn | CN¥3.38bn | CN¥3.14bn | CN¥2.92bn | CN¥3.08bn |
| Shareholders' equity | CN¥195.0m | CN¥354.8m | CN¥356.5m | CN¥740.5m | CN¥697.2m | CN¥570.8m | CN¥499.2m | CN¥813.1m |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.1% | 29.1% | 25.7% | 24.9% | 27.0% | 29.7% |
| Operating margin | 3.9% | 2.2% | -0.5% | 2.7% | -4.8% | 7.8% |
| Net margin | -2.5% | -10.5% | -12.6% | -2.9% | -20.8% | 5.6% |
| Return on equity | -43.8% | -92.9% | -56.2% | -15.6% | -86.7% | 12.9% |
| Return on assets | -1.9% | -6.1% | -6.7% | -1.2% | -8.0% | 2.0% |
| Free cash flow yield | 3.3% | 16.0% | 13.7% | 14.1% | 11.8% | 13.8% |
| Revenue growth | 41.9% | 5.5% | 18.7% | 10.7% | -4.2% | 4.4% |
| Earnings growth | -66.3% | -12.2% | 422.0% | -84.8% | -458.9% | -107.8% |
| Current ratio | 0.65x | 0.55x | 0.55x | 0.58x | 0.56x | 0.72x |
| Debt to equity | 11.72x | 5.84x | 3.71x | 6.69x | 4.21x | 2.61x |
| Equity ratio | 4.3% | 6.6% | 11.9% | 7.4% | 9.3% | 15.4% |
| Interest coverage | 2.29x | 0.70x | -0.09x | 0.34x | -0.49x | 0.77x |
| R&D as a share of sales | 6.2% | 8.5% | 6.3% | 6.6% | 6.7% | 6.6% |
| Buybacks as a share of market value | 0.0% | -0.0% | -18.0% | 0.1% | -0.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.1% | 13.5% | 10.8% |
| Operating income | 37.2% | -0.9% | 10.9% |
| Net income | 15.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.4% | 24.8% | 25.7% | 27.0% |
| Operating margin | 3.2% | 2.3% | 2.1% | 0.1% |
| Net margin | -5.8% | -6.8% | -6.9% | -10.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -81.9 | -15.6 | -17.6 | -129.0 | -12.4 | 26.1 | -2.5 | -5.3 | 31.4 | 38.0 |
| Price to sales | 2.0 | 1.6 | 2.2 | 3.7 | 2.6 | 1.4 | 1.9 | 1.7 | 2.8 | 3.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 May 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.035 | 0.025 | 0.02 | 0.012 | 0.01 | 0.016 | 0.008 | 0.013 |
- 5-for-2 split · 17 Jun 2016
- 3-for-2 split · 13 May 2011
- 2-for-1 split · 26 May 2009
- 2-for-1 split · 29 Aug 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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