Z 
16.67
+2.65%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥346.5m
FY2016FY2025
Net income
−CN¥223.9m
FY2016FY2025
Free cash flow
−CN¥13.9m
FY2016FY2025
Shareholders' equity
CN¥1.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥346.5m | CN¥274.8m | CN¥254.6m | CN¥400.8m | CN¥805.4m | CN¥1.09bn | CN¥530.5m | CN¥423.5m | CN¥301.5m | CN¥339.4m |
| Gross profit | CN¥53.3m | −CN¥6.9m | CN¥89.9m | CN¥171.5m | CN¥430.3m | CN¥679.1m | CN¥320.9m | CN¥202.7m | CN¥154.0m | CN¥152.1m |
| Research and development | CN¥133.6m | CN¥150.4m | CN¥197.6m | CN¥189.5m | CN¥175.6m | CN¥123.2m | CN¥88.2m | CN¥62.9m | CN¥51.1m | CN¥81.6m |
| Operating income | −CN¥247.4m | −CN¥408.5m | −CN¥308.9m | −CN¥205.3m | CN¥177.2m | CN¥453.2m | CN¥150.8m | CN¥73.5m | CN¥33.3m | CN¥50.2m |
| Net income | −CN¥223.9m | −CN¥384.0m | −CN¥292.3m | −CN¥150.8m | CN¥171.2m | CN¥390.4m | CN¥135.8m | CN¥54.9m | CN¥30.2m | CN¥33.1m |
| Diluted earnings per share | -0.38 | -0.66 | -0.48 | -0.24 | 0.30 | 0.71 | 0.26 | 0.11 | 0.07 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.03bn | CN¥2.21bn | CN¥2.47bn | CN¥2.77bn | CN¥2.86bn | CN¥1.85bn | CN¥1.57bn | CN¥1.45bn | CN¥1.43bn | CN¥1.25bn |
| Cash and short-term investments | CN¥135.4m | CN¥160.3m | CN¥274.5m | CN¥500.7m | CN¥739.2m | CN¥140.8m | CN¥130.7m | CN¥113.9m | CN¥134.3m | CN¥88.1m |
| Total liabilities | CN¥727.9m | CN¥701.0m | CN¥508.1m | CN¥463.5m | CN¥325.2m | CN¥403.8m | CN¥414.9m | CN¥412.7m | CN¥431.2m | CN¥272.0m |
| Debt | CN¥431.5m | CN¥290.5m | CN¥231.2m | CN¥111.6m | CN¥48.8m | CN¥202.7m | CN¥243.9m | CN¥256.7m | CN¥320.0m | CN¥150.0m |
| Shareholders' equity | CN¥1.31bn | CN¥1.54bn | CN¥1.97bn | CN¥2.31bn | CN¥2.52bn | CN¥1.43bn | CN¥1.15bn | CN¥1.04bn | CN¥995.4m | CN¥976.7m |
| Shares outstanding | 588m | 583m | 610m | 622m | 577m | 551m | 525m | 516m | 453m | 542m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥23.2m | −CN¥67.4m | −CN¥156.4m | −CN¥173.4m | CN¥12.7m | CN¥277.3m | CN¥96.6m | CN¥59.1m | CN¥22.5m | CN¥35.5m |
| Capital spending | −CN¥37.2m | −CN¥89.0m | −CN¥125.3m | −CN¥105.0m | −CN¥189.3m | −CN¥55.7m | −CN¥73.9m | −CN¥44.6m | −CN¥49.7m | −CN¥76.1m |
| Free cash flow | −CN¥13.9m | −CN¥156.3m | −CN¥281.7m | −CN¥278.4m | −CN¥176.6m | CN¥221.6m | CN¥22.7m | CN¥14.5m | −CN¥27.2m | −CN¥40.6m |
| Dividends paid | −CN¥9.6m | −CN¥39.6m | −CN¥29.9m | −CN¥47.4m | −CN¥39.7m | −CN¥36.7m | −CN¥13.8m | −CN¥24.7m | −CN¥22.1m | −CN¥31.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥82.2m | CN¥59.6m | CN¥85.1m | CN¥123.0m | CN¥80.4m | CN¥58.9m | CN¥171.0m | CN¥35.4m |
| Gross profit | CN¥25.9m | CN¥17.3m | CN¥2.0m | CN¥34.9m | CN¥37.7m | CN¥3.7m | −CN¥42.7m | CN¥11.3m |
| Operating income | −CN¥39.1m | −CN¥43.1m | −CN¥110.6m | −CN¥16.1m | −CN¥37.7m | −CN¥69.8m | −CN¥134.2m | −CN¥64.4m |
| Net income | −CN¥26.2m | −CN¥68.3m | −CN¥100.5m | −CN¥20.6m | −CN¥37.6m | −CN¥65.2m | −CN¥125.3m | −CN¥62.7m |
| Diluted earnings per share | -0.04 | -0.12 | -0.17 | -0.04 | -0.06 | -0.11 | -0.21 | -0.11 |
| Cash from operations | — | — | CN¥35.0m | CN¥68.0m | −CN¥50.0m | −CN¥29.0m | — | CN¥60.0m |
| Capital spending | −CN¥1.0m | −CN¥12.0m | −CN¥12.0m | −CN¥9.0m | −CN¥9.0m | −CN¥4.0m | −CN¥31.0m | −CN¥17.0m |
| Free cash flow | — | — | CN¥23.0m | CN¥59.0m | −CN¥59.0m | −CN¥33.0m | — | CN¥43.0m |
| Total assets | CN¥1.97bn | CN¥2.00bn | CN¥2.03bn | CN¥2.11bn | CN¥2.08bn | CN¥2.11bn | CN¥2.21bn | CN¥2.24bn |
| Cash and short-term investments | — | — | CN¥135.4m | CN¥81.5m | CN¥47.9m | CN¥108.4m | CN¥160.3m | CN¥204.3m |
| Debt | — | — | CN¥431.5m | CN¥261.3m | CN¥296.4m | CN¥242.1m | CN¥290.5m | CN¥359.5m |
| Shareholders' equity | CN¥1.23bn | CN¥1.26bn | CN¥1.31bn | CN¥1.41bn | CN¥1.43bn | CN¥1.47bn | CN¥1.54bn | CN¥1.66bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.4% | -2.5% | 35.3% | 42.8% | 53.4% | 62.3% |
| Operating margin | -71.4% | -148.6% | -121.4% | -51.2% | 22.0% | 41.6% |
| Net margin | -64.6% | -139.7% | -114.8% | -37.6% | 21.3% | 35.8% |
| Return on equity | -17.0% | -25.0% | -14.9% | -6.5% | 6.8% | 27.2% |
| Return on assets | -11.0% | -17.3% | -11.8% | -5.4% | 6.0% | 21.1% |
| Free cash flow yield | 0.6% | 0.2% | -0.3% | -0.6% | 2.0% | 3.4% |
| Revenue growth | 26.1% | 8.0% | -36.5% | -50.2% | -26.1% | 105.5% |
| Earnings growth | -41.7% | 31.4% | 93.8% | -188.1% | -56.2% | 187.6% |
| Current ratio | 1.71x | 2.86x | 5.33x | 5.11x | 7.31x | 3.79x |
| Debt to equity | 0.33x | 0.19x | 0.12x | 0.03x | 0.02x | 0.14x |
| Equity ratio | 64.7% | 69.4% | 79.7% | 83.4% | 88.2% | 77.4% |
| Interest coverage | -25.12x | -37.31x | -54.14x | -106.69x | 76.20x | 74.20x |
| R&D as a share of sales | 38.5% | 54.7% | 77.6% | 47.3% | 21.8% | 11.3% |
| Buybacks as a share of market value | -0.8% | 4.5% | 1.8% | -7.8% | -4.6% | -5.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.7% | -20.5% | 0.7% |
| Operating income | 6.4% | — | — |
| Net income | 14.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.5% | 24.1% | 44.7% | 47.3% |
| Operating margin | -105.6% | -91.7% | -17.0% | -4.5% |
| Net margin | -97.8% | -82.3% | -15.4% | -4.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -47.3 | -16.9 | -24.0 | -54.1 | 66.5 | 32.4 | 34.1 | 43.0 | 99.6 | 150.6 |
| Price to sales | 30.6 | 23.6 | 27.5 | 20.4 | 14.1 | 11.6 | 8.7 | 5.6 | 10.0 | 14.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 Jun 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.05 | 0.08 | 0.067 | 0.067 | 0.025 | 0.021 | 0.021 |
- 6-for-5 split · 9 Jun 2021
- 2-for-1 split · 15 May 2015
- 2-for-1 split · 28 May 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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