S 
2.36
+0.43%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.95bn
FY2016FY2025
Net income
−CN¥649.9m
FY2016FY2025
Free cash flow
−CN¥32.8m
FY2016FY2025
Shareholders' equity
CN¥2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.95bn | CN¥2.44bn | CN¥3.37bn | CN¥3.98bn | CN¥6.08bn | CN¥6.72bn | CN¥6.65bn | CN¥7.53bn | CN¥8.21bn | CN¥6.27bn |
| Gross profit | CN¥125.7m | CN¥261.7m | CN¥345.5m | CN¥379.9m | CN¥916.5m | CN¥801.6m | CN¥844.2m | CN¥1.63bn | CN¥2.18bn | CN¥1.75bn |
| Research and development | CN¥21.5m | CN¥25.9m | CN¥33.5m | CN¥52.6m | CN¥60.1m | CN¥73.6m | CN¥96.4m | CN¥86.9m | CN¥73.2m | CN¥544.5m |
| Operating income | −CN¥116.7m | −CN¥90.7m | −CN¥268.0m | CN¥160.7m | CN¥625.9m | CN¥490.5m | CN¥430.8m | CN¥865.0m | CN¥1.53bn | CN¥1.12bn |
| Net income | −CN¥649.9m | −CN¥197.8m | −CN¥295.6m | −CN¥339.8m | −CN¥1.13bn | CN¥110.9m | CN¥81.9m | CN¥415.7m | CN¥1.00bn | CN¥747.2m |
| Diluted earnings per share | -0.33 | -0.10 | -0.15 | -0.15 | -0.46 | 0.06 | 0.05 | 0.21 | 0.49 | 0.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.39bn | CN¥4.39bn | CN¥5.39bn | CN¥6.75bn | CN¥8.96bn | CN¥10.89bn | CN¥11.67bn | CN¥13.22bn | CN¥13.63bn | CN¥7.78bn |
| Cash and short-term investments | — | CN¥1.20bn | CN¥1.61bn | CN¥2.20bn | CN¥1.87bn | CN¥2.26bn | CN¥2.58bn | CN¥2.50bn | CN¥2.52bn | CN¥3.27bn |
| Total liabilities | CN¥1.11bn | CN¥1.46bn | CN¥2.29bn | CN¥3.31bn | CN¥5.18bn | CN¥5.63bn | CN¥6.24bn | CN¥7.80bn | CN¥8.44bn | CN¥3.52bn |
| Debt | — | CN¥56.0m | CN¥225.7m | CN¥1.01bn | CN¥1.93bn | CN¥1.72bn | CN¥2.29bn | CN¥2.64bn | CN¥2.45bn | CN¥480.0m |
| Shareholders' equity | CN¥2.19bn | CN¥2.84bn | CN¥3.04bn | CN¥3.36bn | CN¥3.70bn | CN¥5.16bn | CN¥5.32bn | CN¥5.30bn | CN¥5.07bn | CN¥4.19bn |
| Shares outstanding | 1,993m | 1,993m | 1,993m | 2,210m | 2,440m | 1,932m | 1,533m | 1,941m | 2,062m | 1,966m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥22.5m | CN¥66.2m | CN¥448.5m | CN¥629.8m | CN¥1.05bn | CN¥758.4m | CN¥1.57bn | CN¥967.5m | −CN¥3.03bn | CN¥2.29bn |
| Capital spending | −CN¥10.3m | −CN¥4.5m | −CN¥5.3m | −CN¥50.2m | −CN¥30.4m | −CN¥90.8m | −CN¥251.0m | −CN¥451.4m | −CN¥396.1m | −CN¥140.3m |
| Free cash flow | −CN¥32.8m | CN¥61.8m | CN¥443.2m | CN¥579.6m | CN¥1.02bn | CN¥667.6m | CN¥1.32bn | CN¥516.1m | −CN¥3.42bn | CN¥2.15bn |
| Dividends paid | −CN¥248,833 | −CN¥1.2m | −CN¥26.8m | −CN¥37.2m | −CN¥109.6m | −CN¥9.2m | −CN¥42.9m | −CN¥470.2m | −CN¥275.6m | −CN¥134.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥420.1m | CN¥392.7m | CN¥470.5m | CN¥446.4m | CN¥537.2m | CN¥496.6m | CN¥703.3m | CN¥525.5m |
| Gross profit | CN¥17.5m | CN¥31.4m | CN¥40.1m | −CN¥645,949 | CN¥53.0m | CN¥33.3m | CN¥175.3m | −CN¥10.3m |
| Operating income | −CN¥33.9m | −CN¥6.1m | −CN¥78.2m | −CN¥42.2m | CN¥21.7m | −CN¥5.8m | −CN¥55.2m | −CN¥65.9m |
| Net income | −CN¥30.0m | −CN¥4.0m | −CN¥608.3m | −CN¥29.3m | −CN¥1.6m | −CN¥10.7m | −CN¥176.8m | −CN¥36.2m |
| Diluted earnings per share | -0.02 | -0.00 | -0.31 | -0.01 | -0.00 | -0.01 | -0.09 | -0.02 |
| Cash from operations | — | — | — | CN¥52.0m | CN¥51.0m | −CN¥109.0m | — | CN¥21.0m |
| Capital spending | −CN¥3.0m | −CN¥2.0m | −CN¥4.0m | −CN¥2.0m | −CN¥1.0m | −CN¥1.0m | −CN¥2.0m | −CN¥1.0m |
| Free cash flow | — | — | — | CN¥50.0m | CN¥50.0m | −CN¥110.0m | — | CN¥20.0m |
| Total assets | CN¥3.28bn | CN¥3.31bn | CN¥3.39bn | CN¥4.05bn | CN¥4.14bn | CN¥4.24bn | CN¥4.39bn | CN¥4.71bn |
| Cash and short-term investments | — | — | — | CN¥988.2m | CN¥1.07bn | CN¥1.14bn | CN¥1.20bn | CN¥1.03bn |
| Debt | — | — | — | CN¥16.7m | CN¥15.9m | CN¥21.0m | CN¥21.0m | CN¥21.0m |
| Shareholders' equity | CN¥2.16bn | CN¥2.19bn | CN¥2.19bn | CN¥2.80bn | CN¥2.83bn | CN¥2.83bn | CN¥2.84bn | CN¥3.02bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 6.4% | 10.7% | 10.2% | 9.5% | 15.1% | 11.9% | — |
| Operating margin | -25.7% | -3.8% | -7.3% | -4.8% | -16.0% | 7.3% | — |
| Net margin | -33.3% | -8.1% | -8.8% | -8.5% | -18.5% | 1.6% | — |
| Return on equity | -29.6% | -7.0% | -9.7% | -10.1% | -30.5% | 2.1% | — |
| Return on assets | -19.2% | -4.5% | -5.5% | -5.0% | -12.6% | 1.0% | — |
| Free cash flow yield | -0.2% | 1.3% | 8.3% | 11.2% | 16.2% | 16.0% | — |
| Revenue growth | -20.2% | -27.5% | -15.2% | -34.6% | -9.5% | 1.1% | — |
| Earnings growth | 228.6% | -33.1% | -13.0% | -69.9% | -1117.2% | 35.3% | — |
| Current ratio | 1.73x | 1.91x | 1.56x | 1.51x | 1.65x | 1.47x | — |
| Debt to equity | — | 0.01x | 0.03x | 0.06x | 0.49x | 0.33x | 0.43x |
| Equity ratio | 64.8% | 64.7% | 56.4% | 49.8% | 41.3% | 47.4% | — |
| Interest coverage | -225.19x | -12.89x | -7.37x | -2.47x | -5.69x | 4.53x | — |
| R&D as a share of sales | 1.1% | 1.1% | 1.0% | 1.3% | 1.0% | 1.1% | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 9.8% | 9.4% | -26.3% | -26.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.2% | -21.9% | -8.4% |
| Net income | 24.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.8% | 9.5% | 11.5% | 18.6% |
| Operating margin | -4.7% | -2.7% | 3.3% | 9.5% |
| Net margin | -19.3% | -12.6% | -10.2% | 0.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.7 | -26.1 | -16.3 | -21.4 | -8.5 | 85.7 | 70.1 | 23.7 | 22.9 | 20.0 |
| Price to sales | 2.9 | 2.1 | 1.4 | 1.8 | 1.6 | 1.4 | 0.9 | 1.3 | 2.8 | 2.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jun 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.055 | 0.005 | 0.021 | 0.08 | 0.08 | 0.029 | 0.027 | 0.025 |
- 13-for-10 split · 10 May 2013
- 17-for-10 split · 4 May 2010
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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