H 
9.11
-0.22%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.01bn
FY2016FY2025
Net income
−CN¥145.8m
FY2016FY2025
Free cash flow
−CN¥161.7m
FY2016FY2025
Shareholders' equity
CN¥1.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.01bn | CN¥510.1m | CN¥619.8m | CN¥545.6m | CN¥574.4m | CN¥473.8m | CN¥626.6m | CN¥705.6m | CN¥695.0m | CN¥846.4m |
| Gross profit | CN¥175.9m | CN¥26.5m | CN¥154.1m | CN¥107.5m | CN¥142.2m | CN¥106.1m | CN¥159.8m | CN¥147.3m | CN¥161.9m | CN¥249.9m |
| Research and development | CN¥34.2m | CN¥28.6m | CN¥27.5m | CN¥22.7m | CN¥23.0m | CN¥21.2m | CN¥23.5m | CN¥24.2m | CN¥24.2m | CN¥32.2m |
| Operating income | −CN¥6.6m | −CN¥252.9m | −CN¥27.6m | −CN¥43.3m | CN¥22.7m | CN¥51.1m | CN¥61.0m | CN¥14.5m | CN¥29.6m | CN¥61.0m |
| Net income | −CN¥145.8m | −CN¥293.3m | −CN¥54.4m | −CN¥75.1m | CN¥9.1m | CN¥25.5m | CN¥35.3m | CN¥5.1m | CN¥10.8m | CN¥12.7m |
| Diluted earnings per share | -0.29 | -0.59 | -0.11 | -0.15 | 0.02 | 0.04 | 0.07 | 0.01 | 0.02 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.16bn | CN¥3.12bn | CN¥3.08bn | CN¥2.46bn | CN¥2.42bn | CN¥2.14bn | CN¥2.12bn | CN¥2.07bn | CN¥2.11bn | CN¥2.43bn |
| Cash and short-term investments | — | CN¥653.7m | CN¥832.9m | CN¥1.10bn | CN¥1.09bn | CN¥926.8m | CN¥844.6m | CN¥824.3m | CN¥743.8m | CN¥951.4m |
| Total liabilities | CN¥966.9m | CN¥1.78bn | CN¥1.42bn | CN¥735.3m | CN¥633.9m | CN¥362.8m | CN¥329.1m | CN¥369.8m | CN¥347.8m | CN¥601.5m |
| Debt | CN¥5.0m | CN¥396.0m | CN¥561.2m | CN¥433.3m | CN¥389.9m | CN¥123.2m | CN¥110.1m | CN¥155.0m | CN¥90.0m | CN¥308.0m |
| Shareholders' equity | CN¥1.10bn | CN¥1.25bn | CN¥1.55bn | CN¥1.61bn | CN¥1.69bn | CN¥1.68bn | CN¥1.69bn | CN¥1.61bn | CN¥1.64bn | CN¥1.65bn |
| Shares outstanding | 495m | 494m | 494m | 495m | 494m | 573m | 498m | 502m | 501m | 437m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥138.1m | CN¥13.1m | CN¥35.2m | CN¥28.7m | CN¥8.4m | CN¥94.9m | CN¥58.0m | CN¥160.8m | CN¥67.8m | CN¥126.9m |
| Capital spending | −CN¥23.5m | −CN¥9.2m | −CN¥244.6m | −CN¥51.9m | −CN¥8.0m | −CN¥7.4m | −CN¥26.6m | −CN¥49.9m | −CN¥57.8m | −CN¥30.9m |
| Free cash flow | −CN¥161.7m | CN¥3.9m | −CN¥209.4m | −CN¥23.2m | CN¥409,662 | CN¥87.5m | CN¥31.5m | CN¥111.0m | CN¥10.0m | CN¥96.0m |
| Dividends paid | −CN¥23.8m | −CN¥15.5m | −CN¥21.8m | −CN¥23.4m | −CN¥8.8m | −CN¥6.4m | −CN¥15.0m | −CN¥36.6m | −CN¥18.7m | −CN¥40.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥98.5m | CN¥88.1m | CN¥107.2m | CN¥114.1m | CN¥113.4m | CN¥676.7m | CN¥119.2m | CN¥125.7m |
| Gross profit | CN¥21.6m | CN¥14.1m | CN¥967,816 | CN¥14.5m | CN¥13.8m | CN¥145.0m | −CN¥5.9m | CN¥8.8m |
| Operating income | −CN¥14.7m | −CN¥27.5m | −CN¥61.9m | −CN¥23.2m | −CN¥36.1m | CN¥104.2m | −CN¥58.8m | −CN¥28.5m |
| Net income | −CN¥19.8m | −CN¥31.7m | −CN¥168.7m | −CN¥19.4m | −CN¥42.3m | CN¥84.6m | −CN¥231.3m | −CN¥22.5m |
| Diluted earnings per share | -0.04 | -0.06 | -0.34 | -0.04 | -0.09 | 0.17 | -0.47 | -0.05 |
| Cash from operations | — | — | — | −CN¥21.0m | −CN¥63.0m | −CN¥29.0m | — | CN¥66.0m |
| Capital spending | — | −CN¥7.0m | — | −CN¥10.0m | −CN¥10.0m | −CN¥1.0m | −CN¥3.0m | −CN¥2.0m |
| Free cash flow | — | — | — | −CN¥31.0m | −CN¥73.0m | −CN¥30.0m | — | CN¥64.0m |
| Total assets | CN¥1.90bn | CN¥2.02bn | CN¥2.16bn | CN¥2.43bn | CN¥2.53bn | CN¥2.61bn | CN¥3.12bn | CN¥3.33bn |
| Cash and short-term investments | — | — | — | CN¥440.7m | CN¥531.1m | CN¥647.7m | CN¥653.7m | CN¥652.8m |
| Debt | CN¥25.5m | — | CN¥5.0m | CN¥284.0m | CN¥329.6m | CN¥352.4m | CN¥302.4m | CN¥312.8m |
| Shareholders' equity | CN¥1.05bn | CN¥1.07bn | CN¥1.10bn | CN¥1.27bn | CN¥1.29bn | CN¥1.34bn | CN¥1.25bn | CN¥1.49bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.4% | 5.2% | 24.9% | 19.7% | 24.8% | 22.4% |
| Operating margin | -11.3% | -26.9% | -3.8% | -7.9% | 1.4% | -4.5% |
| Net margin | -14.4% | -57.5% | -8.8% | -13.8% | 1.6% | 5.4% |
| Return on equity | -13.2% | -23.4% | -3.5% | -4.7% | 0.5% | 1.5% |
| Return on assets | -6.8% | -9.4% | -1.8% | -3.1% | 0.4% | 1.2% |
| Free cash flow yield | -2.3% | 0.5% | 5.7% | 1.6% | 0.3% | 1.8% |
| Revenue growth | 98.6% | -17.7% | 13.6% | -5.0% | 21.2% | -24.4% |
| Earnings growth | -50.3% | 438.8% | -27.5% | -921.7% | -64.1% | -27.9% |
| Current ratio | 1.32x | 1.20x | 1.45x | 2.15x | 2.72x | 3.70x |
| Debt to equity | 0.00x | 0.24x | 0.30x | 0.18x | 0.22x | 0.07x |
| Equity ratio | 51.1% | 40.1% | 50.3% | 65.7% | 69.8% | 78.6% |
| Interest coverage | -3.72x | -3.99x | -0.88x | -1.75x | 0.76x | -3.96x |
| R&D as a share of sales | 3.4% | 5.6% | 4.4% | 4.2% | 4.0% | 4.5% |
| Buybacks as a share of market value | -0.3% | -0.1% | 0.3% | -0.2% | 13.9% | -15.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.9% | 16.4% | 4.4% |
| Operating income | -46.7% | — | — |
| Net income | 24.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.3% | 17.3% | 19.1% | 21.8% |
| Operating margin | -17.0% | -12.3% | -6.9% | -1.1% |
| Net margin | -28.8% | -21.2% | -14.3% | -6.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -52.5 | -20.2 | -252.0 | -43.8 | 347.4 | 143.9 | 93.9 | — | 437.5 | 360.6 |
| Price to sales | 7.5 | 11.6 | 22.1 | 6.0 | 5.5 | 7.7 | 5.3 | 5.2 | 6.8 | 5.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jun 2019.
| FY2019 | FY2018 | FY2017 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.06 | 0.01 | 0.023 | 0.037 | 0.093 | 0.053 | 0.053 |
- 3-for-2 split · 18 May 2017
- 19-for-10 split · 6 Apr 2012
- 17-for-10 split · 9 Sept 2009
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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