S 
Shenzhen Topway Video Communication Co 002238.SZ · CNY
Communication Services · Shenzhen · 🇨🇳 China
6.74
+0.15%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.29bn
FY2016FY2025
Net income
−CN¥193.2m
FY2016FY2025
Free cash flow
−CN¥7.0m
FY2016FY2025
Shareholders' equity
CN¥1.97bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.29bn | CN¥1.30bn | CN¥1.48bn | CN¥1.50bn | CN¥1.78bn | CN¥1.74bn | CN¥1.70bn | CN¥1.56bn | CN¥1.59bn | CN¥1.69bn |
| Gross profit | CN¥313.4m | CN¥357.0m | CN¥497.9m | CN¥472.0m | CN¥541.5m | CN¥599.9m | CN¥595.0m | CN¥598.3m | CN¥639.2m | CN¥631.8m |
| Research and development | CN¥67.9m | CN¥63.0m | CN¥83.2m | CN¥75.1m | CN¥82.8m | CN¥78.1m | CN¥77.4m | CN¥60.8m | CN¥55.7m | CN¥62.6m |
| Operating income | −CN¥45.0m | CN¥6.2m | CN¥109.9m | CN¥106.0m | CN¥136.2m | CN¥179.0m | CN¥169.0m | CN¥206.7m | CN¥246.8m | CN¥302.9m |
| Net income | −CN¥193.2m | −CN¥2.8m | CN¥125.1m | CN¥110.2m | CN¥142.0m | CN¥182.1m | CN¥188.4m | CN¥197.2m | CN¥235.6m | CN¥305.1m |
| Diluted earnings per share | -0.24 | -0.00 | 0.17 | 0.15 | 0.19 | 0.24 | 0.22 | 0.25 | 0.29 | 0.37 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.62bn | CN¥4.17bn | CN¥4.35bn | CN¥4.04bn | CN¥3.71bn | CN¥3.90bn | CN¥3.82bn | CN¥3.90bn | CN¥3.88bn | CN¥3.78bn |
| Cash and short-term investments | — | CN¥1.09bn | CN¥1.01bn | CN¥1.13bn | CN¥921.5m | CN¥1.12bn | CN¥1.48bn | CN¥1.56bn | CN¥1.55bn | CN¥1.61bn |
| Total liabilities | CN¥1.59bn | CN¥1.86bn | CN¥1.95bn | CN¥1.67bn | CN¥1.36bn | CN¥1.61bn | CN¥1.08bn | CN¥1.03bn | CN¥1.06bn | CN¥1.01bn |
| Debt | — | CN¥402.5m | CN¥446.3m | CN¥267.9m | CN¥65.1m | CN¥300.4m | — | — | — | — |
| Shareholders' equity | CN¥1.97bn | CN¥2.27bn | CN¥2.35bn | CN¥2.30bn | CN¥2.27bn | CN¥2.21bn | CN¥2.65bn | CN¥2.77bn | CN¥2.73bn | CN¥2.69bn |
| Shares outstanding | 799m | 809m | 719m | 738m | 749m | 759m | 868m | 797m | 816m | 830m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥171.2m | CN¥445.2m | CN¥496.6m | CN¥329.5m | CN¥435.6m | CN¥499.6m | CN¥452.6m | CN¥431.2m | CN¥543.5m | CN¥650.5m |
| Capital spending | −CN¥178.2m | −CN¥141.6m | −CN¥614.7m | −CN¥312.7m | −CN¥269.8m | −CN¥243.8m | −CN¥240.3m | −CN¥290.8m | −CN¥430.9m | −CN¥471.6m |
| Free cash flow | −CN¥7.0m | CN¥303.6m | −CN¥118.1m | CN¥16.8m | CN¥165.8m | CN¥255.8m | CN¥212.3m | CN¥140.4m | CN¥112.7m | CN¥178.9m |
| Dividends paid | −CN¥50.1m | −CN¥90.7m | −CN¥89.6m | −CN¥80.3m | −CN¥80.3m | −CN¥617.4m | −CN¥308.7m | −CN¥154.3m | −CN¥185.2m | −CN¥102.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥227.2m | CN¥232.4m | CN¥402.9m | CN¥297.4m | CN¥329.7m | CN¥261.7m | CN¥407.8m | CN¥291.5m |
| Gross profit | CN¥44.8m | CN¥49.4m | CN¥118.2m | CN¥65.9m | CN¥73.8m | CN¥55.5m | CN¥117.2m | CN¥83.5m |
| Operating income | −CN¥26.4m | −CN¥23.6m | CN¥13.5m | −CN¥18.7m | −CN¥22.0m | −CN¥12.2m | −CN¥13.5m | CN¥5.3m |
| Net income | −CN¥23.7m | −CN¥21.5m | −CN¥150.6m | −CN¥15.4m | −CN¥17.1m | −CN¥10.1m | −CN¥18.1m | CN¥2.5m |
| Diluted earnings per share | -0.03 | -0.03 | -0.19 | -0.02 | -0.02 | -0.01 | -0.02 | 0.00 |
| Cash from operations | — | — | — | CN¥36.0m | −CN¥9.0m | −CN¥16.0m | CN¥98.0m | CN¥229.0m |
| Capital spending | −CN¥21.0m | −CN¥14.0m | −CN¥69.0m | −CN¥26.0m | −CN¥38.0m | −CN¥44.0m | −CN¥24.0m | −CN¥32.0m |
| Free cash flow | — | — | — | CN¥10.0m | −CN¥47.0m | −CN¥60.0m | CN¥74.0m | CN¥197.0m |
| Total assets | CN¥3.49bn | CN¥3.55bn | CN¥3.62bn | CN¥4.00bn | CN¥4.08bn | CN¥4.14bn | CN¥4.17bn | CN¥4.15bn |
| Cash and short-term investments | — | — | — | CN¥978.2m | CN¥990.7m | CN¥1.04bn | CN¥1.09bn | CN¥1.13bn |
| Debt | — | — | — | CN¥485.1m | CN¥463.2m | CN¥412.3m | CN¥377.7m | CN¥324.0m |
| Shareholders' equity | CN¥1.93bn | CN¥1.95bn | CN¥1.97bn | CN¥2.12bn | CN¥2.14bn | CN¥2.26bn | CN¥2.27bn | CN¥2.28bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2016 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 24.3% | 27.4% | 33.7% | 31.4% | 30.4% | 34.4% | — | — |
| Operating margin | -14.5% | 1.7% | 8.3% | 7.4% | 8.6% | 10.9% | — | — |
| Net margin | -15.0% | -0.2% | 8.5% | 7.3% | 8.0% | 10.4% | — | — |
| Return on equity | -9.8% | -0.1% | 5.3% | 4.8% | 6.2% | 8.2% | — | — |
| Return on assets | -5.3% | -0.1% | 2.9% | 2.7% | 3.8% | 4.7% | — | — |
| Free cash flow yield | 6.1% | 10.2% | 21.7% | 12.2% | 13.2% | 13.8% | — | — |
| Revenue growth | -0.9% | -11.8% | -1.8% | -15.4% | 2.0% | 2.7% | — | — |
| Earnings growth | 6775.4% | -102.2% | 13.5% | -22.4% | -22.0% | -3.3% | — | — |
| Current ratio | 0.69x | 0.87x | 0.91x | 1.01x | 1.06x | 0.98x | — | — |
| Debt to equity | — | 0.17x | 0.18x | 0.09x | — | 0.09x | 0.00x | 0.10x |
| Equity ratio | 54.5% | 54.3% | 53.9% | 57.1% | 61.3% | 56.8% | — | — |
| Interest coverage | -18.82x | 1.48x | 8.64x | 17.61x | 12.73x | 21.97x | — | — |
| R&D as a share of sales | 5.3% | 4.8% | 5.6% | 5.0% | 4.7% | 4.5% | — | — |
| Buybacks as a share of market value | 1.2% | -12.5% | 2.7% | 1.4% | 1.3% | 12.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.0% | -5.8% | -3.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.8% | 29.4% | 30.6% | 33.6% |
| Operating margin | -1.5% | 3.2% | 5.4% | 9.7% |
| Net margin | -7.6% | 0.7% | 4.0% | 9.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.6 | -2311.6 | 89.2 | 44.3 | 33.2 | 28.7 | 27.8 | 20.2 | 26.8 | 30.7 |
| Price to sales | 5.0 | 5.0 | 7.5 | 3.2 | 2.6 | 3.0 | 3.1 | 2.5 | 4.0 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 10 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.10 | 0.10 | 0.10 | 0.10 | 0.769 | 0.385 | 0.192 |
- 13-for-10 split · 24 Jun 2020
- 6-for-5 split · 20 Jun 2016
- 13-for-10 split · 9 Jun 2015
- 6-for-5 split · 9 Jun 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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