Z 
9.30
+2.31%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.91bn
FY2016FY2025
Net income
CN¥21.0m
FY2016FY2025
Free cash flow
−CN¥250.5m
FY2016FY2025
Shareholders' equity
CN¥1.42bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.91bn | CN¥2.47bn | CN¥2.50bn | CN¥2.33bn | CN¥1.89bn | CN¥1.14bn | CN¥1.11bn | CN¥1.36bn | CN¥1.32bn | CN¥1.05bn |
| Gross profit | CN¥378.8m | CN¥318.3m | CN¥332.2m | CN¥241.2m | CN¥145.1m | CN¥69.1m | CN¥197.9m | CN¥238.6m | CN¥301.3m | CN¥264.5m |
| Research and development | CN¥181.8m | CN¥178.0m | CN¥168.1m | CN¥190.3m | CN¥162.4m | CN¥119.2m | CN¥82.6m | CN¥79.8m | CN¥61.7m | CN¥46.4m |
| Operating income | CN¥40.4m | CN¥24.5m | CN¥122.4m | −CN¥239.3m | −CN¥8.4m | −CN¥646.8m | CN¥19.9m | −CN¥418.6m | CN¥154.6m | CN¥127.6m |
| Net income | CN¥21.0m | −CN¥28.3m | CN¥100.1m | −CN¥231.2m | CN¥25.2m | −CN¥638.8m | CN¥16.9m | −CN¥444.4m | CN¥132.3m | CN¥118.3m |
| Diluted earnings per share | 0.04 | -0.06 | 0.21 | -0.45 | 0.04 | -1.35 | 0.05 | -1.03 | 0.28 | 0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.70bn | CN¥4.12bn | CN¥4.08bn | CN¥3.81bn | CN¥3.20bn | CN¥2.59bn | CN¥2.87bn | CN¥2.87bn | CN¥3.29bn | CN¥2.90bn |
| Cash and short-term investments | — | CN¥416.3m | CN¥435.0m | CN¥350.9m | CN¥650.3m | CN¥199.3m | CN¥159.0m | CN¥152.7m | CN¥234.6m | CN¥146.3m |
| Total liabilities | CN¥3.28bn | CN¥2.72bn | CN¥2.67bn | CN¥2.55bn | CN¥1.69bn | CN¥1.00bn | CN¥757.5m | CN¥899.4m | CN¥817.3m | CN¥552.1m |
| Debt | CN¥678.4m | CN¥902.1m | CN¥769.6m | CN¥657.9m | CN¥138.4m | CN¥274.5m | CN¥189.0m | CN¥295.4m | CN¥203.8m | CN¥123.7m |
| Shareholders' equity | CN¥1.42bn | CN¥1.40bn | CN¥1.41bn | CN¥1.24bn | CN¥1.50bn | CN¥1.46bn | CN¥2.10bn | CN¥1.96bn | CN¥2.46bn | CN¥2.34bn |
| Shares outstanding | 497m | 498m | 488m | 509m | 698m | 473m | 310m | 431m | 475m | 436m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥114.6m | CN¥313.5m | CN¥182.6m | CN¥2.1m | CN¥142.2m | CN¥50.1m | CN¥182.0m | CN¥38.9m | CN¥46.1m | CN¥36.3m |
| Capital spending | −CN¥365.1m | −CN¥290.6m | −CN¥326.4m | −CN¥748.4m | −CN¥259.5m | −CN¥98.8m | −CN¥198.7m | −CN¥148.5m | −CN¥140.6m | −CN¥137.8m |
| Free cash flow | −CN¥250.5m | CN¥22.9m | −CN¥143.8m | −CN¥746.3m | −CN¥117.4m | −CN¥48.7m | −CN¥16.7m | −CN¥109.6m | −CN¥94.5m | −CN¥101.5m |
| Dividends paid | −CN¥32.1m | −CN¥31.2m | −CN¥26.6m | −CN¥10.8m | −CN¥10.1m | −CN¥11.0m | −CN¥12.2m | −CN¥36.9m | −CN¥19.5m | −CN¥30.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥902.4m | CN¥815.1m | CN¥902.1m | CN¥747.6m | CN¥734.1m | CN¥530.9m | CN¥651.6m | CN¥656.5m |
| Gross profit | CN¥112.9m | CN¥100.7m | CN¥102.6m | CN¥121.6m | CN¥94.4m | CN¥60.3m | CN¥73.0m | CN¥88.1m |
| Operating income | CN¥24.6m | CN¥18.9m | CN¥20.7m | CN¥21.7m | CN¥7.3m | −CN¥15.1m | CN¥16.0m | CN¥2.3m |
| Net income | CN¥12.7m | CN¥11.6m | CN¥7.3m | CN¥21.0m | CN¥7.8m | −CN¥15.0m | −CN¥28.4m | −CN¥835,716 |
| Diluted earnings per share | 0.03 | 0.02 | 0.01 | 0.04 | 0.02 | -0.03 | -0.06 | -0.00 |
| Cash from operations | — | — | — | CN¥34.0m | −CN¥57.0m | CN¥15.0m | — | CN¥69.0m |
| Capital spending | −CN¥90.0m | −CN¥156.0m | −CN¥116.0m | −CN¥79.0m | −CN¥96.0m | −CN¥72.0m | −CN¥135.0m | −CN¥73.0m |
| Free cash flow | — | — | — | −CN¥45.0m | −CN¥153.0m | −CN¥57.0m | — | −CN¥4.0m |
| Total assets | CN¥5.12bn | CN¥4.74bn | CN¥4.70bn | CN¥4.44bn | CN¥4.17bn | CN¥4.08bn | CN¥4.12bn | CN¥4.02bn |
| Cash and short-term investments | — | — | — | CN¥399.2m | CN¥336.8m | CN¥422.6m | CN¥416.3m | CN¥381.5m |
| Debt | CN¥789.6m | CN¥771.7m | CN¥678.4m | CN¥1.06bn | CN¥993.0m | CN¥901.0m | CN¥883.8m | CN¥793.0m |
| Shareholders' equity | CN¥1.44bn | CN¥1.43bn | CN¥1.42bn | CN¥1.42bn | CN¥1.39bn | CN¥1.39bn | CN¥1.40bn | CN¥1.45bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.0% | 12.9% | 13.3% | 10.4% | 7.7% | 6.0% |
| Operating margin | 1.6% | 1.1% | 5.6% | -9.7% | 0.2% | -56.1% |
| Net margin | 0.7% | -1.1% | 4.0% | -9.9% | 1.3% | -55.9% |
| Return on equity | 1.5% | -2.0% | 7.1% | -18.6% | 1.7% | -43.7% |
| Return on assets | 0.4% | -0.7% | 2.5% | -6.1% | 0.8% | -24.7% |
| Free cash flow yield | 9.8% | 12.3% | 10.6% | 15.0% | 5.8% | 3.2% |
| Revenue growth | 17.8% | -0.9% | 7.1% | 23.3% | 65.5% | 2.5% |
| Earnings growth | -174.1% | -128.3% | -143.3% | -1018.1% | -103.9% | -3886.8% |
| Current ratio | 0.94x | 0.98x | 1.02x | 1.01x | 1.28x | 1.28x |
| Debt to equity | 0.48x | 0.63x | 0.56x | 0.53x | 0.07x | 0.19x |
| Equity ratio | 30.1% | 34.1% | 34.5% | 32.6% | 46.7% | 56.5% |
| Interest coverage | 1.65x | 0.81x | 5.15x | -14.50x | 0.22x | -58.92x |
| R&D as a share of sales | 6.2% | 7.2% | 6.7% | 8.2% | 8.6% | 10.4% |
| Buybacks as a share of market value | 0.1% | -2.0% | 4.1% | 27.1% | -47.6% | -52.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.7% | 20.6% | 13.9% |
| Operating income | — | — | -5.0% |
| Net income | — | — | -10.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.9% | 12.4% | 11.2% | 13.9% |
| Operating margin | 1.2% | -0.5% | -5.3% | -4.0% |
| Net margin | -0.1% | -1.4% | -5.7% | -4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 375.7 | -94.1 | 35.0 | -16.0 | 323.7 | -5.6 | 98.2 | -4.9 | 33.6 | 52.0 |
| Price to sales | 2.7 | 1.1 | 1.4 | 1.6 | 4.3 | 3.1 | 1.5 | 1.6 | 3.4 | 5.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jul 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.029 | 0.059 | 0.059 | 0.059 | 0.088 | 0.088 | 0.059 |
- 17-for-10 split · 9 Jun 2017
- 3-for-2 split · 26 Apr 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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