S 
5.41
-1.46%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥991.2m
FY2016FY2025
Net income
−CN¥378.6m
FY2016FY2025
Free cash flow
CN¥24.7m
FY2016FY2025
Shareholders' equity
CN¥1.76bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥991.2m | CN¥925.1m | CN¥1.30bn | CN¥1.22bn | CN¥1.25bn | CN¥1.33bn | CN¥1.34bn | CN¥1.33bn | CN¥1.68bn | CN¥1.80bn |
| Gross profit | CN¥149.9m | CN¥179.8m | CN¥338.0m | CN¥219.4m | CN¥410.6m | CN¥421.0m | CN¥399.2m | CN¥183.3m | CN¥420.2m | CN¥416.3m |
| Research and development | CN¥81.0m | CN¥79.6m | CN¥83.2m | CN¥93.2m | CN¥85.8m | CN¥86.2m | CN¥76.2m | CN¥88.3m | CN¥74.6m | CN¥67.6m |
| Operating income | −CN¥82.7m | −CN¥371.6m | −CN¥67.8m | −CN¥574.7m | CN¥33.8m | CN¥13.8m | CN¥16.6m | −CN¥273.0m | CN¥33.3m | CN¥54.1m |
| Net income | −CN¥378.6m | −CN¥378.9m | −CN¥72.0m | −CN¥537.8m | CN¥37.8m | CN¥18.2m | CN¥20.4m | −CN¥241.2m | CN¥43.1m | CN¥54.4m |
| Diluted earnings per share | -0.62 | -0.69 | -0.12 | -0.64 | 0.06 | 0.05 | 0.04 | -0.49 | 0.10 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.59bn | CN¥5.81bn | CN¥6.52bn | CN¥5.98bn | CN¥6.53bn | CN¥6.49bn | CN¥5.99bn | CN¥5.23bn | CN¥5.32bn | CN¥4.75bn |
| Cash and short-term investments | — | CN¥128.8m | CN¥324.1m | CN¥414.8m | CN¥446.0m | CN¥541.3m | CN¥463.2m | CN¥397.7m | CN¥420.9m | CN¥1.41bn |
| Total liabilities | CN¥3.75bn | CN¥3.59bn | CN¥3.97bn | CN¥3.47bn | CN¥3.48bn | CN¥4.07bn | CN¥3.58bn | CN¥2.80bn | CN¥2.51bn | CN¥1.98bn |
| Debt | CN¥1.92bn | CN¥2.56bn | CN¥2.93bn | CN¥2.94bn | CN¥2.83bn | CN¥3.28bn | CN¥2.70bn | CN¥1.80bn | CN¥1.56bn | CN¥751.7m |
| Shareholders' equity | CN¥1.76bn | CN¥2.15bn | CN¥2.49bn | CN¥2.52bn | CN¥3.05bn | CN¥2.42bn | CN¥2.39bn | CN¥2.41bn | CN¥2.77bn | CN¥2.73bn |
| Shares outstanding | 612m | 551m | 589m | 839m | 677m | 387m | 567m | 493m | 415m | 447m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥305.4m | CN¥462.1m | CN¥518.2m | CN¥354.4m | CN¥627.8m | CN¥328.6m | CN¥104.8m | CN¥24.0m | −CN¥724.7m | CN¥146.8m |
| Capital spending | −CN¥280.6m | −CN¥174.5m | −CN¥334.5m | −CN¥409.3m | −CN¥527.4m | −CN¥709.2m | −CN¥775.5m | −CN¥348.0m | −CN¥552.8m | −CN¥430.5m |
| Free cash flow | CN¥24.7m | CN¥287.6m | CN¥183.7m | −CN¥54.9m | CN¥100.3m | −CN¥380.6m | −CN¥670.6m | −CN¥324.1m | −CN¥1.28bn | −CN¥283.7m |
| Dividends paid | −CN¥103.7m | −CN¥122.1m | −CN¥135.2m | −CN¥122.6m | −CN¥150.9m | −CN¥162.7m | −CN¥155.3m | −CN¥97.3m | −CN¥87.5m | −CN¥72.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥272.4m | CN¥245.2m | CN¥311.6m | CN¥242.4m | CN¥236.5m | CN¥200.7m | CN¥124.7m | CN¥296.9m |
| Gross profit | CN¥78.1m | CN¥78.8m | −CN¥35.9m | CN¥72.3m | CN¥60.8m | CN¥52.7m | −CN¥28.4m | CN¥67.6m |
| Operating income | CN¥28.3m | CN¥32.2m | −CN¥101.1m | −CN¥26.3m | −CN¥24.2m | −CN¥1.6m | −CN¥329.0m | −CN¥13.6m |
| Net income | CN¥3.9m | CN¥1.8m | −CN¥312.6m | −CN¥30.4m | −CN¥28.9m | −CN¥6.7m | −CN¥322.1m | −CN¥17.8m |
| Diluted earnings per share | 0.01 | 0.00 | -0.51 | -0.05 | -0.05 | -0.01 | -0.58 | -0.03 |
| Cash from operations | — | — | — | CN¥35.0m | CN¥86.0m | CN¥56.0m | — | CN¥113.0m |
| Capital spending | −CN¥81.0m | −CN¥58.0m | −CN¥51.0m | −CN¥81.0m | −CN¥49.0m | −CN¥98.0m | −CN¥19.0m | −CN¥39.0m |
| Free cash flow | — | — | — | −CN¥46.0m | CN¥37.0m | −CN¥42.0m | — | CN¥74.0m |
| Total assets | CN¥5.67bn | CN¥6.06bn | CN¥5.59bn | CN¥5.70bn | CN¥5.81bn | CN¥6.50bn | CN¥5.81bn | CN¥6.26bn |
| Cash and short-term investments | — | — | — | CN¥127.7m | CN¥203.3m | CN¥763.6m | CN¥128.8m | CN¥234.4m |
| Debt | CN¥1.68bn | CN¥2.00bn | CN¥1.92bn | CN¥1.04bn | CN¥2.44bn | CN¥2.94bn | CN¥2.50bn | CN¥2.70bn |
| Shareholders' equity | CN¥1.78bn | CN¥1.76bn | CN¥1.76bn | CN¥2.07bn | CN¥2.10bn | CN¥2.14bn | CN¥2.15bn | CN¥2.43bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.1% | 19.4% | 26.0% | 17.9% | 32.7% | 31.7% |
| Operating margin | -29.7% | -28.0% | 5.1% | -36.7% | 12.5% | 10.8% |
| Net margin | -38.2% | -41.0% | -5.5% | -43.9% | 3.0% | 1.4% |
| Return on equity | -21.5% | -17.6% | -2.9% | -21.3% | 1.2% | 0.8% |
| Return on assets | -6.8% | -6.5% | -1.1% | -9.0% | 0.6% | 0.3% |
| Free cash flow yield | 15.4% | 18.6% | 23.3% | 14.7% | 27.5% | 43.1% |
| Revenue growth | 7.1% | -29.0% | 6.3% | -2.4% | -5.6% | -0.8% |
| Earnings growth | -0.1% | 426.0% | -86.6% | -1520.9% | 108.3% | -10.8% |
| Current ratio | 0.63x | 0.78x | 0.97x | 0.89x | 1.30x | 1.37x |
| Debt to equity | 1.09x | 1.16x | 1.14x | 1.14x | 0.73x | 1.29x |
| Equity ratio | 31.5% | 37.0% | 38.2% | 42.2% | 46.7% | 37.2% |
| Interest coverage | -3.09x | -2.17x | 0.50x | -3.46x | 1.19x | 1.13x |
| R&D as a share of sales | 8.2% | 8.6% | 6.4% | 7.6% | 6.8% | 6.5% |
| Buybacks as a share of market value | -11.1% | 6.4% | 29.8% | -23.8% | -74.9% | 31.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.8% | -5.7% | -1.3% |
| Operating income | -47.6% | — | — |
| Net income | -11.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.2% | 20.0% | 24.5% | 24.3% |
| Operating margin | -23.7% | -24.7% | -14.9% | -7.9% |
| Net margin | -39.5% | -30.8% | -18.7% | -9.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.4 | -5.9 | -84.9 | -14.6 | 157.0 | 179.6 | 222.7 | -14.3 | 119.6 | 133.9 |
| Price to sales | 6.3 | 2.4 | 4.7 | 6.4 | 4.7 | 2.5 | 3.4 | 2.6 | 3.1 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Jun 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.05 | 0.06 | 0.038 | 0.041 | 0.031 | 0.063 | 0.039 |
- 8-for-5 split · 19 Jun 2015
- 8-for-5 split · 24 Jun 2011
- 3-for-2 split · 19 Jun 2009
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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