S 
8.40
+0.36%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.75bn
FY2016FY2025
Net income
−CN¥227.8m
FY2016FY2025
Free cash flow
CN¥138.3m
FY2016FY2025
Shareholders' equity
CN¥63.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.75bn | CN¥2.98bn | CN¥2.83bn | CN¥3.36bn | CN¥4.71bn | CN¥3.78bn | CN¥4.64bn | CN¥4.42bn | CN¥2.99bn | CN¥2.71bn |
| Gross profit | CN¥454.0m | CN¥529.5m | CN¥442.2m | CN¥229.3m | CN¥766.5m | CN¥396.8m | CN¥910.5m | CN¥759.7m | CN¥588.2m | CN¥546.8m |
| Research and development | CN¥216.2m | CN¥258.3m | CN¥271.4m | CN¥328.8m | CN¥259.0m | CN¥274.7m | CN¥190.9m | CN¥157.4m | CN¥79.2m | CN¥76.4m |
| Operating income | −CN¥65.4m | −CN¥83.2m | −CN¥298.1m | −CN¥1.27bn | −CN¥180.4m | −CN¥589.2m | CN¥79.1m | CN¥167.9m | CN¥85.9m | CN¥80.1m |
| Net income | −CN¥227.8m | −CN¥133.7m | −CN¥364.5m | −CN¥1.28bn | −CN¥162.8m | −CN¥546.6m | CN¥78.1m | CN¥71.7m | CN¥102.0m | CN¥67.5m |
| Diluted earnings per share | -0.61 | -0.37 | -0.96 | -3.42 | -0.42 | -1.41 | 0.24 | 0.23 | 0.32 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.06bn | CN¥3.32bn | CN¥3.65bn | CN¥4.88bn | CN¥7.12bn | CN¥6.90bn | CN¥6.92bn | CN¥6.89bn | CN¥4.97bn | CN¥3.90bn |
| Cash and short-term investments | — | CN¥281.3m | CN¥185.7m | CN¥416.2m | CN¥765.1m | CN¥556.2m | CN¥505.7m | CN¥552.3m | CN¥1.06bn | CN¥473.1m |
| Total liabilities | CN¥3.00bn | CN¥3.25bn | CN¥3.46bn | CN¥4.22bn | CN¥5.08bn | CN¥4.50bn | CN¥4.94bn | CN¥4.83bn | CN¥2.94bn | CN¥1.67bn |
| Debt | CN¥473.2m | CN¥1.40bn | CN¥1.42bn | CN¥1.54bn | CN¥1.89bn | CN¥1.71bn | CN¥1.70bn | CN¥1.42bn | CN¥715.3m | CN¥5.0m |
| Shareholders' equity | CN¥63.3m | CN¥66.5m | CN¥200.5m | CN¥661.3m | CN¥2.02bn | CN¥2.38bn | CN¥1.95bn | CN¥2.03bn | CN¥1.99bn | CN¥2.01bn |
| Shares outstanding | 374m | 363m | 380m | 373m | 391m | 389m | 322m | 309m | 318m | 276m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥179.1m | CN¥41.8m | −CN¥181.3m | CN¥473.1m | CN¥440.0m | −CN¥7.7m | −CN¥494.3m | −CN¥816.2m | CN¥71.9m | CN¥298.2m |
| Capital spending | −CN¥40.8m | −CN¥43.9m | −CN¥10.9m | −CN¥23.9m | −CN¥418.7m | −CN¥84.9m | −CN¥214.2m | −CN¥56.1m | −CN¥23.8m | −CN¥20.2m |
| Free cash flow | CN¥138.3m | −CN¥2.1m | −CN¥192.2m | CN¥449.2m | CN¥21.3m | −CN¥92.6m | −CN¥708.6m | −CN¥872.3m | CN¥48.2m | CN¥278.1m |
| Dividends paid | −CN¥52.9m | −CN¥78.0m | −CN¥58.7m | −CN¥118.9m | −CN¥63.1m | −CN¥107.2m | −CN¥7.8m | −CN¥76.2m | −CN¥16.5m | −CN¥12.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥787.5m | CN¥670.3m | CN¥747.3m | CN¥692.8m | CN¥701.6m | CN¥612.7m | CN¥664.9m | CN¥700.1m |
| Gross profit | CN¥110.8m | CN¥91.1m | CN¥116.4m | CN¥117.5m | CN¥114.1m | CN¥106.1m | CN¥107.9m | CN¥123.8m |
| Operating income | CN¥13.6m | CN¥8.3m | −CN¥70.1m | −CN¥527,437 | −CN¥510,497 | −CN¥7.1m | −CN¥29.6m | −CN¥18.7m |
| Net income | CN¥4.6m | CN¥9.9m | −CN¥173.1m | −CN¥11.3m | −CN¥13.6m | −CN¥29.9m | −CN¥54.3m | −CN¥41.4m |
| Diluted earnings per share | 0.01 | 0.03 | -0.46 | -0.03 | -0.04 | -0.08 | -0.15 | -0.11 |
| Cash from operations | — | — | — | CN¥5.0m | CN¥101.0m | CN¥73.0m | — | CN¥18.0m |
| Capital spending | −CN¥8.0m | −CN¥9.0m | −CN¥11.0m | −CN¥8.0m | −CN¥9.0m | −CN¥11.0m | — | −CN¥16.0m |
| Free cash flow | — | — | — | −CN¥3.0m | CN¥92.0m | CN¥62.0m | — | CN¥2.0m |
| Total assets | CN¥3.01bn | CN¥3.07bn | CN¥3.06bn | CN¥3.03bn | CN¥3.24bn | CN¥3.25bn | CN¥3.32bn | CN¥3.61bn |
| Cash and short-term investments | — | — | — | CN¥252.5m | CN¥349.8m | CN¥353.5m | CN¥281.3m | CN¥266.2m |
| Debt | CN¥167.4m | CN¥469.2m | CN¥473.2m | CN¥854.8m | CN¥1.38bn | CN¥1.43bn | CN¥1.38bn | CN¥1.50bn |
| Shareholders' equity | CN¥86.1m | CN¥76.7m | CN¥63.3m | CN¥13.4m | CN¥23.6m | CN¥37.1m | CN¥66.5m | CN¥122.7m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.5% | 17.8% | 15.6% | 6.8% | 16.3% | 10.5% |
| Operating margin | -6.8% | -1.2% | -10.5% | -37.8% | -1.7% | -12.0% |
| Net margin | -8.3% | -4.5% | -12.9% | -38.0% | -3.5% | -14.4% |
| Return on equity | -360.0% | -201.2% | -181.8% | -192.9% | -8.1% | -23.0% |
| Return on assets | -7.4% | -4.0% | -10.0% | -26.1% | -2.3% | -7.9% |
| Free cash flow yield | — | 1.3% | -5.4% | — | — | — |
| Revenue growth | -7.5% | 5.2% | -15.8% | -28.7% | 24.6% | -18.5% |
| Earnings growth | 70.4% | -63.3% | -71.4% | 683.3% | -70.2% | -799.6% |
| Current ratio | 0.85x | 0.70x | 0.72x | 0.84x | 1.10x | 1.21x |
| Debt to equity | 7.48x | 20.80x | 7.03x | 2.13x | 0.87x | 0.63x |
| Equity ratio | 2.1% | 2.0% | 5.5% | 13.6% | 28.4% | 34.4% |
| Interest coverage | -2.50x | -0.35x | -3.44x | -12.65x | -0.84x | -3.47x |
| R&D as a share of sales | 7.8% | 8.7% | 9.6% | 9.8% | 5.5% | 7.3% |
| Buybacks as a share of market value | -3.2% | 4.6% | -1.9% | 4.7% | -0.7% | -20.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.4% | -6.2% | -0.4% |
| Operating income | -62.8% | -35.6% | 9.7% |
| Net income | -43.7% | -16.1% | 22.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.2% | 13.9% | 13.8% | 16.4% |
| Operating margin | -2.6% | -14.4% | -12.2% | -5.5% |
| Net margin | -6.3% | -16.8% | -13.3% | -6.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.7 | -21.3 | -11.9 | -1.6 | -27.4 | -8.4 | 81.5 | 97.4 | 100.9 | 95.4 |
| Price to sales | 1.4 | 0.9 | 1.5 | 0.6 | 0.9 | 1.2 | 1.4 | 1.6 | 3.4 | 2.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jun 2019.
| FY2019 | FY2018 | FY2017 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.025 | 0.035 | 0.03 | 0.02 | 0.231 | 0.115 | 0.115 | 0.039 |
- 13-for-10 split · 10 May 2013
- 2-for-1 split · 17 Apr 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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