C 
16.77
+1.51%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.50bn
FY2016FY2025
Net income
−CN¥225.4m
FY2016FY2025
Free cash flow
−CN¥40.7m
FY2016FY2025
Shareholders' equity
CN¥479.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.50bn | CN¥1.79bn | CN¥2.17bn | CN¥3.29bn | CN¥4.13bn | CN¥3.33bn | CN¥2.55bn | CN¥2.58bn | CN¥1.66bn | CN¥824.3m |
| Gross profit | CN¥83.9m | CN¥117.3m | CN¥42.8m | CN¥189.9m | CN¥554.1m | CN¥470.4m | CN¥445.4m | CN¥489.5m | CN¥312.0m | CN¥99.7m |
| Research and development | CN¥95.3m | CN¥143.4m | CN¥150.1m | CN¥193.4m | CN¥194.7m | CN¥188.7m | CN¥167.3m | CN¥171.1m | CN¥104.3m | CN¥41.1m |
| Operating income | −CN¥169.0m | −CN¥386.8m | −CN¥290.8m | −CN¥191.9m | CN¥167.9m | CN¥146.1m | CN¥102.1m | CN¥177.1m | CN¥46.5m | CN¥14.0m |
| Net income | −CN¥225.4m | −CN¥369.9m | −CN¥248.0m | −CN¥185.7m | CN¥146.8m | CN¥147.1m | CN¥98.2m | CN¥162.2m | CN¥48.0m | CN¥17.3m |
| Diluted earnings per share | -0.85 | -1.23 | -0.94 | -0.77 | 0.58 | 0.57 | 0.40 | 0.69 | 0.13 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.59bn | CN¥2.94bn | CN¥3.13bn | CN¥3.64bn | CN¥3.68bn | CN¥3.48bn | CN¥3.17bn | CN¥2.60bn | CN¥918.0m | CN¥864.5m |
| Cash and short-term investments | — | CN¥309.9m | CN¥405.5m | CN¥656.0m | CN¥979.6m | CN¥925.1m | CN¥823.6m | CN¥412.7m | CN¥152.8m | CN¥113.5m |
| Total liabilities | CN¥2.03bn | CN¥2.17bn | CN¥1.97bn | CN¥2.20bn | CN¥1.99bn | CN¥1.96bn | CN¥1.78bn | CN¥1.65bn | CN¥309.8m | CN¥274.8m |
| Debt | CN¥99.3m | CN¥965.9m | CN¥693.1m | CN¥650.2m | CN¥533.6m | CN¥542.3m | CN¥428.6m | CN¥306.3m | CN¥51.4m | CN¥71.3m |
| Shareholders' equity | CN¥479.4m | CN¥715.1m | CN¥1.09bn | CN¥1.35bn | CN¥1.59bn | CN¥1.48bn | CN¥1.36bn | CN¥923.8m | CN¥554.5m | CN¥536.7m |
| Shares outstanding | 264m | 301m | 263m | 240m | 253m | 258m | 243m | 236m | 369m | 189m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥11.1m | −CN¥247.9m | −CN¥95.3m | −CN¥146.8m | CN¥405.5m | CN¥255.8m | CN¥294.4m | CN¥326.6m | CN¥130.7m | CN¥54.7m |
| Capital spending | −CN¥51.9m | −CN¥100.4m | −CN¥164.1m | −CN¥168.6m | −CN¥234.9m | −CN¥131.2m | −CN¥58.7m | −CN¥233.6m | −CN¥60.0m | −CN¥62.6m |
| Free cash flow | −CN¥40.7m | −CN¥348.2m | −CN¥259.3m | −CN¥315.4m | CN¥170.6m | CN¥124.6m | CN¥235.7m | CN¥93.1m | CN¥70.7m | −CN¥7.9m |
| Dividends paid | −CN¥28.6m | −CN¥26.4m | −CN¥19.3m | −CN¥58.9m | −CN¥51.4m | −CN¥28.9m | −CN¥16.4m | −CN¥26.7m | −CN¥7.5m | −CN¥6.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥453.4m | CN¥271.8m | CN¥471.3m | CN¥351.3m | CN¥417.6m | CN¥261.9m | CN¥263.5m | CN¥503.1m |
| Gross profit | CN¥55.4m | −CN¥1.8m | CN¥44.6m | CN¥14.7m | CN¥22.1m | CN¥2.5m | −CN¥101.2m | CN¥48.0m |
| Operating income | −CN¥5.3m | −CN¥50.2m | −CN¥11.7m | −CN¥74.1m | −CN¥55.0m | −CN¥73.1m | −CN¥361.6m | −CN¥36.9m |
| Net income | −CN¥9.6m | −CN¥62.6m | −CN¥34.0m | −CN¥71.1m | −CN¥52.2m | −CN¥68.1m | −CN¥347.6m | −CN¥35.9m |
| Diluted earnings per share | -0.04 | -0.24 | -0.13 | -0.27 | -0.20 | -0.26 | -1.16 | -0.12 |
| Cash from operations | — | — | — | CN¥2.0m | −CN¥89.0m | −CN¥28.0m | — | −CN¥3.0m |
| Capital spending | −CN¥2.0m | — | −CN¥18.0m | −CN¥2.0m | −CN¥13.0m | −CN¥16.0m | −CN¥36.0m | −CN¥17.0m |
| Free cash flow | — | — | — | CN¥0 | −CN¥102.0m | −CN¥44.0m | — | −CN¥20.0m |
| Total assets | CN¥2.45bn | CN¥2.56bn | CN¥2.59bn | CN¥2.78bn | CN¥2.93bn | CN¥2.89bn | CN¥2.94bn | CN¥3.26bn |
| Cash and short-term investments | — | — | — | CN¥245.5m | CN¥286.7m | CN¥309.5m | CN¥309.9m | CN¥297.2m |
| Debt | CN¥266.7m | CN¥99.4m | CN¥99.3m | CN¥932.1m | CN¥1.09bn | CN¥1.00bn | CN¥945.9m | CN¥968.9m |
| Shareholders' equity | CN¥409.0m | CN¥417.8m | CN¥479.4m | CN¥526.3m | CN¥596.8m | CN¥647.2m | CN¥715.1m | CN¥1.07bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.6% | 6.6% | 2.0% | 5.8% | 13.4% | 14.1% |
| Operating margin | -14.6% | -20.0% | -12.6% | -5.2% | 4.6% | 4.8% |
| Net margin | -15.0% | -20.7% | -11.4% | -5.7% | 3.6% | 4.4% |
| Return on equity | -47.0% | -51.7% | -22.6% | -13.8% | 9.2% | 9.9% |
| Return on assets | -8.7% | -12.6% | -7.9% | -5.1% | 4.0% | 4.2% |
| Free cash flow yield | 1.3% | -2.7% | 1.4% | 0.5% | 13.8% | 8.2% |
| Revenue growth | -15.9% | -17.9% | -33.8% | -20.4% | 23.9% | 30.6% |
| Earnings growth | -39.1% | 49.2% | 33.5% | -226.5% | -0.2% | 49.9% |
| Current ratio | 0.79x | 0.87x | 0.96x | 1.21x | 1.56x | 1.34x |
| Debt to equity | 0.21x | 1.32x | 0.60x | 0.46x | 0.31x | 0.16x |
| Equity ratio | 18.5% | 24.3% | 35.0% | 37.0% | 43.2% | 42.7% |
| Interest coverage | -7.27x | -12.37x | -13.09x | -7.68x | 8.26x | 10.81x |
| R&D as a share of sales | 6.3% | 8.0% | 6.9% | 5.9% | 4.7% | 5.7% |
| Buybacks as a share of market value | 12.4% | -14.5% | -9.4% | 5.2% | 1.8% | -6.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -23.0% | -14.7% | 6.5% |
| Operating income | -4.2% | — | — |
| Net income | 6.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.1% | 5.0% | 9.0% | 11.8% |
| Operating margin | -16.9% | -11.9% | -4.5% | -1.5% |
| Net margin | -18.1% | -11.8% | -4.5% | -1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -27.0 | -16.7 | -24.7 | -18.8 | 38.2 | 36.1 | 50.3 | 18.1 | 138.8 | 238.2 |
| Price to sales | 4.0 | 3.5 | 2.8 | 1.1 | 1.4 | 1.6 | 1.9 | 1.1 | 4.0 | 5.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jul 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.224 | 0.196 | 0.11 | 0.063 | 0.025 | 0.02 | 0.018 | 0.017 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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