Z 
14.35
-2.71%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.21bn
FY2016FY2025
Net income
−CN¥46.1m
FY2016FY2025
Free cash flow
−CN¥376.8m
FY2016FY2025
Shareholders' equity
CN¥2.67bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.21bn | CN¥4.59bn | CN¥4.13bn | CN¥6.32bn | CN¥4.47bn | CN¥3.45bn | CN¥3.43bn | CN¥3.30bn | CN¥2.75bn | CN¥1.75bn |
| Gross profit | CN¥1.46bn | CN¥510.7m | CN¥235.9m | CN¥1.90bn | CN¥1.53bn | CN¥918.7m | CN¥969.2m | CN¥862.8m | CN¥693.0m | CN¥364.5m |
| Research and development | CN¥130.3m | CN¥120.1m | CN¥148.5m | CN¥174.2m | CN¥126.5m | CN¥116.5m | CN¥94.6m | CN¥95.6m | CN¥66.1m | CN¥54.5m |
| Operating income | CN¥127.8m | −CN¥406.9m | −CN¥682.3m | CN¥839.6m | CN¥448.7m | CN¥205.0m | CN¥359.6m | CN¥597.9m | CN¥293.2m | CN¥371.9m |
| Net income | −CN¥46.1m | −CN¥478.4m | −CN¥619.8m | CN¥554.1m | CN¥280.3m | CN¥120.0m | CN¥271.7m | CN¥441.7m | CN¥182.2m | CN¥277.0m |
| Diluted earnings per share | -0.05 | -0.53 | -0.72 | 0.64 | 0.32 | 0.15 | 0.32 | 0.57 | 0.19 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.22bn | CN¥11.19bn | CN¥11.40bn | CN¥11.35bn | CN¥9.72bn | CN¥7.75bn | CN¥6.87bn | CN¥6.68bn | CN¥5.86bn | CN¥4.47bn |
| Cash and short-term investments | — | CN¥750.5m | CN¥1.15bn | CN¥980.3m | CN¥779.1m | CN¥730.3m | CN¥922.5m | CN¥872.0m | CN¥621.1m | CN¥737.5m |
| Total liabilities | CN¥8.34bn | CN¥8.35bn | CN¥8.03bn | CN¥7.61bn | CN¥5.99bn | CN¥4.27bn | CN¥3.51bn | CN¥3.49bn | CN¥3.07bn | CN¥2.32bn |
| Debt | CN¥814.2m | CN¥3.16bn | CN¥3.27bn | CN¥2.99bn | CN¥2.60bn | CN¥2.21bn | CN¥1.79bn | CN¥1.80bn | CN¥1.75bn | CN¥1.31bn |
| Shareholders' equity | CN¥2.67bn | CN¥2.67bn | CN¥3.16bn | CN¥3.43bn | CN¥3.52bn | CN¥3.35bn | CN¥3.20bn | CN¥3.04bn | CN¥2.67bn | CN¥2.09bn |
| Shares outstanding | 953m | 904m | 858m | 871m | 884m | 797m | 860m | 780m | 976m | 864m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥72.0m | −CN¥110.9m | −CN¥329.1m | CN¥223.7m | CN¥576.0m | CN¥345.1m | CN¥382.1m | CN¥719.7m | CN¥19.6m | CN¥84.2m |
| Capital spending | −CN¥304.8m | −CN¥388.0m | −CN¥671.9m | −CN¥739.2m | −CN¥786.8m | −CN¥1.13bn | −CN¥394.5m | −CN¥427.6m | −CN¥600.5m | −CN¥451.4m |
| Free cash flow | −CN¥376.8m | −CN¥498.8m | −CN¥1.00bn | −CN¥515.5m | −CN¥210.8m | −CN¥786.7m | −CN¥12.4m | CN¥292.1m | −CN¥580.9m | −CN¥367.2m |
| Dividends paid | −CN¥152.5m | −CN¥159.7m | −CN¥240.7m | −CN¥212.8m | −CN¥146.7m | −CN¥101.0m | −CN¥239.0m | −CN¥175.2m | −CN¥80.0m | −CN¥102.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.05bn | CN¥1.69bn | CN¥1.19bn | CN¥1.42bn | CN¥1.55bn | CN¥1.06bn | CN¥1.25bn | CN¥1.20bn |
| Gross profit | CN¥529.1m | CN¥407.8m | CN¥251.4m | CN¥198.1m | CN¥285.8m | CN¥194.4m | −CN¥77.5m | CN¥139.8m |
| Operating income | CN¥313.6m | CN¥228.5m | CN¥20.0m | −CN¥43.9m | CN¥91.1m | CN¥1.5m | −CN¥415.2m | −CN¥127.6m |
| Net income | CN¥169.2m | CN¥104.7m | −CN¥78.7m | −CN¥26.2m | CN¥48.2m | CN¥10.6m | −CN¥388.5m | −CN¥127.5m |
| Diluted earnings per share | 0.18 | 0.11 | -0.08 | -0.03 | 0.05 | 0.01 | -0.43 | -0.14 |
| Cash from operations | — | — | — | CN¥89.0m | CN¥239.0m | −CN¥18.0m | −CN¥45.0m | CN¥125.0m |
| Capital spending | −CN¥221.0m | −CN¥162.0m | — | −CN¥98.0m | −CN¥165.0m | −CN¥116.0m | −CN¥8.0m | −CN¥66.0m |
| Free cash flow | — | — | — | −CN¥9.0m | CN¥74.0m | −CN¥134.0m | −CN¥53.0m | CN¥59.0m |
| Total assets | CN¥12.70bn | CN¥12.17bn | CN¥11.22bn | CN¥11.10bn | CN¥11.04bn | CN¥11.07bn | CN¥11.19bn | CN¥11.50bn |
| Cash and short-term investments | — | — | — | CN¥391.5m | CN¥469.8m | CN¥594.9m | CN¥750.5m | CN¥804.7m |
| Debt | CN¥715.0m | CN¥1.19bn | CN¥814.2m | CN¥4.12bn | CN¥3.20bn | CN¥3.42bn | CN¥3.16bn | CN¥3.24bn |
| Shareholders' equity | CN¥2.96bn | CN¥2.78bn | CN¥2.67bn | CN¥2.72bn | CN¥2.75bn | CN¥2.71bn | CN¥2.67bn | CN¥3.08bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 28.0% | 11.1% | 5.7% | 30.0% | 34.3% | 26.6% |
| Operating margin | 2.5% | -8.9% | -16.5% | 13.3% | 10.0% | 5.9% |
| Net margin | -0.9% | -10.4% | -15.0% | 8.8% | 6.3% | 3.5% |
| Return on equity | -1.7% | -17.9% | -19.6% | 16.2% | 8.0% | 3.6% |
| Return on assets | -0.4% | -4.3% | -5.4% | 4.9% | 2.9% | 1.5% |
| Free cash flow yield | 1.4% | 1.8% | 2.4% | 6.5% | 9.1% | 10.9% |
| Revenue growth | 13.6% | 11.2% | -34.7% | 41.5% | 29.5% | 0.6% |
| Earnings growth | -90.4% | -22.8% | -211.8% | 97.7% | 133.6% | -55.8% |
| Current ratio | 0.50x | 0.56x | 0.61x | 0.77x | 0.75x | 0.87x |
| Debt to equity | 0.30x | 1.18x | 1.03x | 0.87x | 0.74x | 0.66x |
| Equity ratio | 23.8% | 23.9% | 27.7% | 30.2% | 36.2% | 43.2% |
| Interest coverage | 0.69x | -2.43x | -4.06x | 6.00x | 3.31x | 1.84x |
| R&D as a share of sales | 2.5% | 2.6% | 3.6% | 2.8% | 2.8% | 3.4% |
| Buybacks as a share of market value | -5.4% | -5.4% | 1.4% | 1.6% | -10.9% | 7.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.2% | 8.6% | 13.0% |
| Operating income | -46.6% | -9.0% | -2.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.1% | 20.3% | 23.3% | 24.0% |
| Operating margin | -2.8% | -0.6% | 1.9% | 5.7% |
| Net margin | -5.3% | -2.9% | -0.7% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -515.1 | -16.9 | -16.1 | 34.3 | 161.6 | 73.2 | 31.3 | 11.0 | 54.6 | 45.4 |
| Price to sales | 4.5 | 1.8 | 2.4 | 3.0 | 10.1 | 2.5 | 2.5 | 1.5 | 3.6 | 7.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 May 2023.
| FY2023 | FY2022 | FY2019 | FY2018 | FY2016 | FY2015 | FY2013 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.134 | 0.089 | 0.054 | 0.032 | 0.032 | 0.053 |
- 1.121-for-1 split · 30 Sept 2019
- 14-for-5 split · 29 Apr 2015
- 9-for-5 split · 10 Jun 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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