Z 
13.81
-0.72%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥83.31bn
FY2016FY2025
Net income
CN¥943.2m
FY2016FY2025
Free cash flow
−CN¥2.67bn
FY2016FY2025
Shareholders' equity
CN¥16.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥83.31bn | CN¥87.39bn | CN¥75.59bn | CN¥73.87bn | CN¥63.31bn | CN¥46.52bn | CN¥41.26bn | CN¥40.60bn | CN¥29.91bn | CN¥17.92bn |
| Gross profit | CN¥3.17bn | CN¥2.79bn | CN¥2.95bn | CN¥2.95bn | CN¥2.61bn | CN¥1.79bn | CN¥2.89bn | CN¥2.27bn | CN¥1.78bn | CN¥1.36bn |
| Research and development | CN¥145.2m | CN¥140.3m | CN¥183.6m | CN¥758.4m | CN¥723.0m | CN¥619.1m | CN¥212.4m | CN¥523.4m | CN¥116.7m | CN¥249.2m |
| Operating income | CN¥1.73bn | CN¥1.04bn | CN¥1.38bn | CN¥1.83bn | CN¥1.68bn | CN¥1.07bn | CN¥1.38bn | CN¥1.42bn | CN¥996.6m | CN¥829.7m |
| Net income | CN¥943.2m | CN¥703.3m | CN¥1.12bn | CN¥1.21bn | CN¥1.11bn | CN¥677.8m | CN¥1.06bn | CN¥908.4m | CN¥705.3m | CN¥551.2m |
| Diluted earnings per share | 0.45 | 0.34 | 0.51 | 0.64 | 0.52 | 0.32 | 0.52 | 0.47 | 0.42 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥48.13bn | CN¥44.48bn | CN¥40.41bn | CN¥33.49bn | CN¥32.10bn | CN¥26.34bn | CN¥24.52bn | CN¥19.16bn | CN¥15.28bn | CN¥12.76bn |
| Cash and short-term investments | — | CN¥6.59bn | CN¥7.75bn | CN¥5.11bn | CN¥4.79bn | CN¥4.65bn | CN¥4.91bn | CN¥3.47bn | CN¥707.5m | CN¥1.99bn |
| Total liabilities | CN¥28.72bn | CN¥27.53bn | CN¥23.57bn | CN¥20.11bn | CN¥20.38bn | CN¥16.12bn | CN¥14.76bn | CN¥10.83bn | CN¥9.76bn | CN¥8.12bn |
| Debt | CN¥6.65bn | CN¥16.35bn | CN¥16.47bn | CN¥11.61bn | CN¥10.50bn | CN¥7.96bn | CN¥7.35bn | CN¥4.65bn | CN¥6.07bn | CN¥2.44bn |
| Shareholders' equity | CN¥16.82bn | CN¥14.37bn | CN¥14.08bn | CN¥12.72bn | CN¥11.06bn | CN¥9.84bn | CN¥9.40bn | CN¥7.97bn | CN¥5.18bn | CN¥4.31bn |
| Shares outstanding | 2,078m | 2,055m | 2,188m | 1,895m | 2,142m | 2,093m | 2,034m | 1,950m | 1,687m | 1,678m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥1.68bn | −CN¥2.30bn | −CN¥776.3m | CN¥870.3m | −CN¥2.58bn | CN¥703.1m | CN¥1.13bn | CN¥2.61bn | −CN¥3.11bn | CN¥886.7m |
| Capital spending | −CN¥986.4m | −CN¥1.27bn | −CN¥2.22bn | −CN¥2.57bn | −CN¥1.53bn | −CN¥800.0m | −CN¥1.10bn | −CN¥1.28bn | −CN¥409.5m | −CN¥410.1m |
| Free cash flow | −CN¥2.67bn | −CN¥3.57bn | −CN¥3.00bn | −CN¥1.70bn | −CN¥4.11bn | −CN¥97.0m | CN¥32.0m | CN¥1.33bn | −CN¥3.52bn | CN¥476.6m |
| Dividends paid | −CN¥1.13bn | −CN¥950.1m | −CN¥648.2m | −CN¥485.5m | −CN¥347.9m | −CN¥143.6m | −CN¥379.1m | −CN¥473.4m | −CN¥317.6m | −CN¥209.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥24.91bn | CN¥24.03bn | CN¥18.29bn | CN¥20.46bn | CN¥23.97bn | CN¥20.50bn | CN¥19.38bn | CN¥24.05bn |
| Gross profit | CN¥1.11bn | CN¥1.22bn | CN¥689.3m | CN¥727.2m | CN¥898.5m | CN¥759.2m | CN¥716.2m | CN¥434.6m |
| Operating income | CN¥641.1m | CN¥759.5m | CN¥316.9m | CN¥285.9m | CN¥594.3m | CN¥433.8m | −CN¥146.4m | CN¥271.3m |
| Net income | CN¥204.6m | CN¥436.0m | CN¥18.5m | CN¥213.3m | CN¥366.5m | CN¥344.9m | −CN¥175.6m | CN¥260.4m |
| Diluted earnings per share | 0.10 | 0.21 | 0.01 | 0.10 | 0.18 | 0.17 | -0.09 | 0.13 |
| Cash from operations | — | — | — | CN¥1.25bn | CN¥1.37bn | −CN¥2.54bn | CN¥1.05bn | CN¥861.0m |
| Capital spending | −CN¥385.0m | −CN¥476.0m | −CN¥382.0m | −CN¥269.0m | −CN¥150.0m | −CN¥183.0m | −CN¥412.0m | −CN¥22.0m |
| Free cash flow | — | — | — | CN¥985.0m | CN¥1.22bn | −CN¥2.73bn | CN¥635.0m | CN¥839.0m |
| Total assets | CN¥54.27bn | CN¥52.19bn | CN¥48.13bn | CN¥47.86bn | CN¥47.38bn | CN¥46.95bn | CN¥44.48bn | CN¥44.88bn |
| Cash and short-term investments | — | — | — | CN¥8.33bn | CN¥6.55bn | CN¥5.65bn | CN¥6.59bn | CN¥6.07bn |
| Debt | CN¥7.24bn | CN¥6.97bn | CN¥6.65bn | CN¥17.85bn | CN¥18.01bn | CN¥18.84bn | CN¥16.32bn | CN¥20.33bn |
| Shareholders' equity | CN¥16.89bn | CN¥17.06bn | CN¥16.82bn | CN¥16.80bn | CN¥14.26bn | CN¥14.15bn | CN¥14.37bn | CN¥14.36bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.8% | 3.2% | 3.9% | 4.0% | 4.1% | 3.8% |
| Operating margin | 2.1% | 1.2% | 1.8% | 2.5% | 2.7% | 2.3% |
| Net margin | 1.1% | 0.8% | 1.5% | 1.6% | 1.7% | 1.5% |
| Return on equity | 5.6% | 4.9% | 7.9% | 9.5% | 10.0% | 6.9% |
| Return on assets | 2.0% | 1.6% | 2.8% | 3.6% | 3.4% | 2.6% |
| Free cash flow yield | -1.8% | -2.8% | 3.6% | 10.0% | -2.7% | 4.0% |
| Revenue growth | -4.7% | 15.6% | 2.3% | 16.7% | 36.1% | 12.8% |
| Earnings growth | 34.1% | -37.1% | -7.5% | 9.1% | 63.4% | -36.3% |
| Current ratio | 1.46x | 1.22x | 1.58x | 1.44x | 1.37x | 1.52x |
| Debt to equity | 0.40x | 1.14x | 1.17x | 0.91x | 0.93x | 0.79x |
| Equity ratio | 34.9% | 32.3% | 34.8% | 38.0% | 34.5% | 37.4% |
| Interest coverage | 2.65x | 1.46x | 2.41x | 4.49x | 5.81x | 4.50x |
| R&D as a share of sales | 0.2% | 0.2% | 0.2% | 1.0% | 1.1% | 1.3% |
| Buybacks as a share of market value | -1.1% | 6.1% | -15.4% | 11.5% | -2.3% | -2.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 12.4% | 19.9% |
| Operating income | -1.9% | 10.0% | 14.2% |
| Net income | -7.9% | 6.8% | 7.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.5% | 3.7% | 3.8% | 4.4% |
| Operating margin | 1.6% | 1.9% | 2.0% | 2.4% |
| Net margin | 1.0% | 1.2% | 1.3% | 1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.9 | 31.4 | 21.8 | 17.7 | 24.0 | 22.8 | 19.6 | 16.9 | 18.7 | 24.5 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.5 | 0.4 | 0.4 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 29 Oct 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.28 | 0.17 | 0.08 | 0.075 | 0.075 | 0.075 | 0.071 | 0.06 |
- 2-for-1 split · 18 Sept 2014
- 3-for-2 split · 6 Jun 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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