R 
3.74
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.77bn
FY2016FY2025
Net income
−CN¥448.5m
FY2016FY2025
Free cash flow
−CN¥173.8m
FY2016FY2025
Shareholders' equity
CN¥485.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.77bn | CN¥2.05bn | CN¥2.89bn | CN¥2.89bn | CN¥2.57bn | CN¥2.49bn | CN¥2.25bn | CN¥2.15bn | CN¥2.37bn | CN¥2.45bn |
| Gross profit | CN¥376.4m | CN¥496.0m | CN¥540.1m | CN¥506.5m | CN¥484.7m | CN¥513.5m | CN¥606.7m | CN¥605.2m | CN¥807.7m | CN¥851.9m |
| Research and development | CN¥66.9m | CN¥72.0m | CN¥48.9m | CN¥81.3m | CN¥69.6m | CN¥73.9m | CN¥59.0m | CN¥36.2m | CN¥18.2m | CN¥20.3m |
| Operating income | — | −CN¥636.7m | CN¥142.4m | −CN¥5.6m | −CN¥466.0m | −CN¥24.7m | CN¥147.8m | −CN¥531.9m | CN¥127.6m | CN¥405.6m |
| Net income | −CN¥448.5m | −CN¥680.7m | CN¥67.3m | CN¥12.0m | −CN¥471.9m | −CN¥137.2m | CN¥48.6m | −CN¥616.2m | CN¥56.7m | CN¥290.6m |
| Diluted earnings per share | -0.56 | -0.81 | 0.08 | 0.01 | -0.56 | -0.16 | 0.06 | 1,896.58 | 0.08 | 0.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.34bn | CN¥4.58bn | CN¥5.22bn | CN¥5.89bn | CN¥5.42bn | CN¥6.06bn | CN¥4.95bn | CN¥4.78bn | CN¥5.61bn | CN¥5.20bn |
| Cash and short-term investments | — | CN¥448.1m | CN¥522.3m | CN¥577.4m | CN¥707.7m | CN¥1.36bn | CN¥569.5m | CN¥443.8m | CN¥519.9m | CN¥285.4m |
| Total liabilities | CN¥3.74bn | CN¥3.54bn | CN¥3.47bn | CN¥3.96bn | CN¥3.58bn | CN¥3.74bn | CN¥2.49bn | CN¥2.40bn | CN¥2.67bn | CN¥2.30bn |
| Debt | CN¥664.6m | CN¥1.76bn | CN¥1.87bn | CN¥2.85bn | CN¥2.61bn | CN¥2.90bn | CN¥1.83bn | CN¥1.61bn | CN¥1.52bn | CN¥1.27bn |
| Shareholders' equity | CN¥485.7m | CN¥934.5m | CN¥1.64bn | CN¥1.55bn | CN¥1.56bn | CN¥2.03bn | CN¥2.18bn | CN¥2.13bn | CN¥2.75bn | CN¥2.74bn |
| Shares outstanding | 807m | 838m | 837m | 2,296m | 839m | 836m | 831m | — | 730m | 838m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥73.1m | CN¥361.8m | CN¥450.4m | CN¥36.8m | CN¥266.2m | −CN¥44.9m | CN¥79.4m | CN¥94.3m | CN¥612.0m | CN¥245.2m |
| Capital spending | −CN¥247.0m | −CN¥232.7m | −CN¥444.6m | −CN¥352.4m | −CN¥591.3m | −CN¥542.6m | −CN¥129.1m | −CN¥210.6m | −CN¥474.1m | −CN¥482.1m |
| Free cash flow | −CN¥173.8m | CN¥129.1m | CN¥5.8m | −CN¥315.7m | −CN¥325.1m | −CN¥587.5m | −CN¥49.7m | −CN¥116.3m | CN¥137.9m | −CN¥236.9m |
| Dividends paid | −CN¥128.0m | −CN¥116.0m | −CN¥122.7m | −CN¥130.1m | −CN¥166.3m | −CN¥8.4m | −CN¥108.5m | −CN¥74.5m | −CN¥125.6m | −CN¥81.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥485.6m | CN¥440.1m | CN¥458.3m | CN¥409.0m | CN¥458.7m | CN¥446.5m | CN¥535.8m | CN¥468.7m |
| Gross profit | CN¥99.2m | CN¥103.8m | CN¥63.2m | CN¥74.0m | CN¥115.9m | CN¥123.4m | CN¥127.4m | CN¥106.2m |
| Operating income | −CN¥1.3m | CN¥24.5m | −CN¥74.3m | −CN¥45.2m | CN¥15.0m | CN¥9.2m | −CN¥704.8m | −CN¥20.0m |
| Net income | −CN¥40.6m | CN¥4.1m | −CN¥399.3m | −CN¥43.5m | −CN¥11.5m | CN¥5.7m | −CN¥666.0m | −CN¥15.9m |
| Diluted earnings per share | -0.05 | 0.01 | -0.49 | -0.05 | -0.01 | 0.01 | -0.79 | -0.02 |
| Cash from operations | — | — | — | CN¥40.0m | CN¥17.0m | −CN¥83.0m | — | CN¥87.0m |
| Capital spending | −CN¥28.0m | −CN¥80.0m | −CN¥60.0m | −CN¥27.0m | −CN¥34.0m | −CN¥124.0m | −CN¥80.0m | −CN¥45.0m |
| Free cash flow | — | — | — | CN¥13.0m | −CN¥17.0m | −CN¥207.0m | — | CN¥42.0m |
| Total assets | CN¥4.51bn | CN¥4.45bn | CN¥4.34bn | CN¥4.64bn | CN¥4.73bn | CN¥4.80bn | CN¥4.58bn | CN¥5.05bn |
| Cash and short-term investments | — | — | — | CN¥232.9m | CN¥415.1m | CN¥404.8m | CN¥448.1m | CN¥298.2m |
| Debt | CN¥655.0m | CN¥752.4m | CN¥664.6m | CN¥1.32bn | CN¥1.90bn | CN¥1.92bn | CN¥1.76bn | CN¥2.26bn |
| Shareholders' equity | CN¥439.7m | CN¥489.6m | CN¥485.7m | CN¥885.0m | CN¥928.6m | CN¥940.3m | CN¥934.5m | CN¥1.62bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.2% | 24.2% | 18.7% | 17.5% | 18.9% | 20.6% |
| Operating margin | -20.5% | -31.1% | 6.8% | 3.8% | -13.0% | 0.4% |
| Net margin | -25.3% | -33.3% | 2.3% | 0.4% | -18.4% | -5.5% |
| Return on equity | -92.3% | -72.8% | 4.1% | 0.8% | -30.3% | -6.7% |
| Return on assets | -10.3% | -14.8% | 1.3% | 0.2% | -8.7% | -2.3% |
| Free cash flow yield | 10.8% | 19.4% | 29.2% | 4.6% | 27.9% | 16.3% |
| Revenue growth | -13.4% | -29.2% | -0.0% | 12.5% | 3.2% | 10.5% |
| Earnings growth | -34.1% | -1110.7% | 460.1% | -102.5% | 244.0% | -382.1% |
| Current ratio | 0.64x | 0.82x | 0.99x | 0.75x | 0.85x | 0.98x |
| Debt to equity | 1.37x | 1.88x | 1.28x | 1.81x | 1.64x | 1.12x |
| Equity ratio | 11.2% | 20.4% | 31.5% | 26.2% | 28.8% | 33.6% |
| Interest coverage | -3.39x | -5.74x | 1.59x | 0.92x | -2.57x | 0.09x |
| R&D as a share of sales | 3.8% | 3.5% | 1.7% | 2.8% | 2.7% | 3.0% |
| Buybacks as a share of market value | 3.7% | -0.1% | 63.5% | -173.6% | -0.4% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.0% | -6.6% | 0.5% |
| Net income | — | 26.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.8% | 20.0% | 19.9% | 24.9% |
| Net margin | -29.6% | -10.9% | -11.3% | -6.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -4.5 | 80.6 | — | -7.8 | -27.6 | 75.2 | 83.9 | 40.7 | 125.5 |
| Price to sales | 1.8 | 1.5 | 1.9 | 6.1 | 1.4 | 1.5 | 1.6 | 2.0 | 4.8 | 13.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Aug 2020.
| FY2020 | FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.01 | 0.06 | 0.018 | 0.018 | 0.071 | 0.036 | 0.018 |
- 14-for-5 split · 23 Sept 2015
- 2-for-1 split · 27 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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