N 
15.72
-2.18%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥16.51bn
FY2016FY2025
Net income
−CN¥718.2m
FY2016FY2025
Free cash flow
CN¥375.3m
FY2016FY2025
Shareholders' equity
CN¥9.05bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥16.51bn | CN¥26.41bn | CN¥24.06bn | CN¥25.86bn | CN¥22.79bn | CN¥21.12bn | CN¥23.30bn | CN¥21.93bn | CN¥21.32bn | CN¥5.81bn |
| Gross profit | CN¥4.85bn | CN¥8.48bn | CN¥7.41bn | CN¥8.26bn | CN¥7.63bn | CN¥6.70bn | CN¥8.18bn | CN¥7.84bn | CN¥5.60bn | CN¥2.07bn |
| Research and development | CN¥1.14bn | CN¥1.70bn | CN¥1.75bn | CN¥1.72bn | CN¥1.45bn | CN¥1.38bn | CN¥1.46bn | CN¥1.48bn | CN¥1.64bn | CN¥354.9m |
| Operating income | CN¥572.5m | CN¥1.34bn | −CN¥9.16bn | CN¥2.41bn | CN¥2.03bn | −CN¥280.1m | CN¥1.17bn | CN¥803.6m | −CN¥2.97bn | −CN¥412.8m |
| Net income | −CN¥718.2m | CN¥749.2m | −CN¥6.19bn | CN¥1.86bn | CN¥1.16bn | CN¥145.2m | CN¥744.3m | CN¥950.7m | CN¥949.4m | CN¥61.1m |
| Diluted earnings per share | -0.50 | 0.54 | -4.51 | 1.33 | 0.88 | 0.11 | 0.69 | 0.89 | 0.88 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥17.07bn | CN¥37.35bn | CN¥38.27bn | CN¥46.03bn | CN¥43.59bn | CN¥39.93bn | CN¥38.22bn | CN¥36.11bn | CN¥35.53bn | CN¥50.77bn |
| Cash and short-term investments | — | CN¥5.22bn | CN¥7.79bn | CN¥8.05bn | CN¥10.44bn | CN¥7.14bn | CN¥4.39bn | CN¥3.48bn | CN¥3.17bn | CN¥1.77bn |
| Total liabilities | CN¥7.80bn | CN¥27.12bn | CN¥28.55bn | CN¥27.28bn | CN¥25.21bn | CN¥26.99bn | CN¥28.21bn | CN¥27.55bn | CN¥28.37bn | CN¥46.32bn |
| Debt | CN¥2.54bn | CN¥11.35bn | CN¥13.95bn | CN¥10.55bn | CN¥9.01bn | CN¥8.96bn | CN¥8.86bn | CN¥13.92bn | CN¥11.48bn | CN¥18.72bn |
| Shareholders' equity | CN¥9.05bn | CN¥10.03bn | CN¥9.49bn | CN¥15.87bn | CN¥14.29bn | CN¥8.39bn | CN¥5.98bn | CN¥5.12bn | CN¥4.06bn | CN¥1.78bn |
| Shares outstanding | 1,422m | 1,380m | 1,371m | 1,401m | 1,315m | 1,375m | 1,080m | 1,063m | 1,081m | 997m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.20bn | CN¥2.73bn | CN¥2.87bn | CN¥1.13bn | CN¥2.86bn | CN¥2.28bn | CN¥2.65bn | CN¥2.16bn | CN¥394.0m | CN¥126.3m |
| Capital spending | −CN¥822.4m | −CN¥1.05bn | −CN¥955.8m | −CN¥1.08bn | −CN¥776.2m | −CN¥540.2m | −CN¥745.9m | −CN¥690.9m | −CN¥672.1m | −CN¥334.4m |
| Free cash flow | CN¥375.3m | CN¥1.68bn | CN¥1.91bn | CN¥52.0m | CN¥2.08bn | CN¥1.74bn | CN¥1.91bn | CN¥1.47bn | −CN¥278.1m | −CN¥208.1m |
| Dividends paid | −CN¥378.6m | −CN¥755.1m | −CN¥168.4m | −CN¥141.4m | −CN¥129.2m | −CN¥102.1m | −CN¥85.1m | −CN¥1.18bn | −CN¥849.9m | −CN¥275.1m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.24bn | CN¥2.27bn | CN¥2.29bn | CN¥2.01bn | CN¥2.18bn | CN¥6.40bn | CN¥5.93bn | CN¥7.02bn |
| Gross profit | CN¥603.6m | CN¥595.3m | CN¥645.8m | CN¥493.9m | CN¥595.4m | CN¥1.88bn | CN¥1.88bn | CN¥2.12bn |
| Operating income | CN¥97.8m | CN¥86.2m | CN¥129.9m | −CN¥45.0m | −CN¥37.1m | −CN¥245.5m | CN¥213.4m | −CN¥453.9m |
| Net income | CN¥48.2m | CN¥22.7m | CN¥64.5m | −CN¥362.0m | −CN¥44.4m | −CN¥396.1m | CN¥84.4m | −CN¥332.0m |
| Diluted earnings per share | 0.03 | 0.02 | 0.05 | -0.25 | -0.03 | -0.28 | 0.06 | -0.24 |
| Cash from operations | — | — | — | — | CN¥156.0m | CN¥975.0m | −CN¥410.0m | CN¥1.48bn |
| Capital spending | −CN¥83.0m | −CN¥82.0m | −CN¥70.0m | −CN¥209.0m | −CN¥84.0m | −CN¥241.0m | −CN¥286.0m | −CN¥504.0m |
| Free cash flow | — | — | — | — | CN¥72.0m | CN¥734.0m | −CN¥696.0m | CN¥976.0m |
| Total assets | CN¥16.05bn | CN¥15.98bn | CN¥16.87bn | CN¥17.07bn | CN¥17.55bn | CN¥35.57bn | CN¥36.04bn | CN¥37.35bn |
| Cash and short-term investments | — | — | — | — | CN¥3.25bn | CN¥3.40bn | CN¥3.84bn | CN¥5.22bn |
| Debt | CN¥2.08bn | CN¥2.06bn | CN¥2.27bn | CN¥2.54bn | CN¥1.53bn | CN¥2.72bn | CN¥9.13bn | CN¥9.61bn |
| Shareholders' equity | CN¥9.23bn | CN¥9.17bn | CN¥9.12bn | CN¥9.05bn | CN¥9.60bn | CN¥9.69bn | CN¥10.16bn | CN¥10.03bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 29.4% | 32.1% | 30.8% | 31.9% | 33.5% | 31.7% |
| Operating margin | 3.5% | 5.1% | -33.8% | 9.3% | 8.9% | 3.1% |
| Net margin | -4.3% | 2.8% | -25.7% | 7.2% | 5.1% | 0.7% |
| Return on equity | -7.9% | 7.5% | -65.2% | 11.7% | 8.1% | 1.7% |
| Return on assets | -4.2% | 2.0% | -16.2% | 4.0% | 2.7% | 0.4% |
| Free cash flow yield | 8.0% | 15.5% | 15.7% | 8.9% | 15.6% | 11.6% |
| Revenue growth | -37.5% | 9.8% | -6.9% | 13.4% | 7.9% | -9.4% |
| Earnings growth | -195.9% | -112.1% | -432.0% | 60.1% | 701.2% | -80.5% |
| Current ratio | 2.62x | 1.41x | 1.70x | 1.53x | 1.46x | 1.01x |
| Debt to equity | 0.28x | 0.96x | 1.30x | 0.64x | 0.61x | 1.05x |
| Equity ratio | 53.0% | 26.9% | 24.8% | 34.5% | 32.8% | 21.0% |
| Interest coverage | 1.20x | 1.33x | -7.97x | 3.94x | 3.25x | 0.69x |
| R&D as a share of sales | 6.9% | 6.5% | 7.3% | 6.6% | 6.4% | 6.5% |
| Buybacks as a share of market value | -3.1% | -0.6% | 2.1% | -6.5% | 4.4% | -27.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.9% | -4.8% | 23.2% |
| Operating income | -38.0% | — | 6.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.1% | 31.2% | 31.7% | 32.1% |
| Operating margin | 4.5% | -5.2% | -2.3% | -2.0% |
| Net margin | 0.1% | -4.6% | -2.2% | 0.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -40.0 | 51.9 | -5.0 | 39.0 | 54.0 | 253.2 | 47.8 | 25.6 | 31.1 | 458.9 |
| Price to sales | 1.7 | 1.5 | 1.3 | 2.8 | 2.8 | 1.7 | 1.5 | 1.1 | 1.4 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.12 | 0.10 | 0.12 | 0.10 | 0.08 | 0.12 | 0.03 | 0.057 |
- 7-for-4 split · 7 Jun 2016
- 1.15-for-1 split · 14 May 2014
- 3-for-2 split · 12 May 2011
- 3-for-2 split · 15 May 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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