S 
5.26
+1.94%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.70bn
FY2016FY2025
Net income
−CN¥258.4m
FY2016FY2025
Free cash flow
−CN¥21.6m
FY2016FY2025
Shareholders' equity
CN¥207.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.70bn | CN¥1.71bn | CN¥1.55bn | CN¥1.93bn | CN¥2.50bn | CN¥3.04bn | CN¥3.34bn | CN¥3.14bn | CN¥2.76bn | CN¥2.70bn |
| Gross profit | CN¥88.2m | CN¥33.3m | −CN¥71.5m | CN¥23.1m | CN¥269.2m | CN¥351.2m | CN¥400.5m | CN¥178.8m | CN¥275.3m | CN¥261.9m |
| Research and development | CN¥34.6m | CN¥48.5m | CN¥58.4m | CN¥50.8m | CN¥90.1m | CN¥163.9m | CN¥142.9m | CN¥105.4m | CN¥98.9m | CN¥91.8m |
| Operating income | −CN¥232.8m | −CN¥241.4m | −CN¥428.3m | −CN¥172.8m | −CN¥142.3m | −CN¥576.2m | CN¥51.4m | −CN¥146.9m | CN¥40.8m | CN¥38.3m |
| Net income | −CN¥258.4m | −CN¥217.9m | −CN¥410.5m | −CN¥120.5m | −CN¥164.8m | −CN¥602.9m | CN¥47.2m | −CN¥102.8m | CN¥20.5m | CN¥16.8m |
| Diluted earnings per share | -0.46 | -0.38 | -0.72 | -0.21 | -0.29 | -0.72 | 0.10 | -0.16 | 0.09 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.42bn | CN¥2.56bn | CN¥2.56bn | CN¥2.72bn | CN¥2.91bn | CN¥3.02bn | CN¥3.94bn | CN¥3.47bn | CN¥4.07bn | CN¥2.63bn |
| Cash and short-term investments | — | CN¥335.9m | CN¥284.9m | CN¥355.0m | CN¥232.5m | CN¥457.0m | CN¥603.4m | CN¥435.5m | CN¥507.9m | CN¥317.3m |
| Total liabilities | CN¥2.22bn | CN¥2.10bn | CN¥1.87bn | CN¥1.63bn | CN¥1.69bn | CN¥1.63bn | CN¥1.96bn | CN¥1.49bn | CN¥1.95bn | CN¥1.28bn |
| Debt | CN¥54.8m | CN¥812.9m | CN¥707.5m | CN¥745.5m | CN¥807.2m | CN¥405.6m | CN¥446.5m | CN¥395.8m | CN¥630.0m | CN¥399.8m |
| Shareholders' equity | CN¥207.7m | CN¥466.1m | CN¥684.0m | CN¥1.09bn | CN¥1.22bn | CN¥1.39bn | CN¥1.99bn | CN¥1.99bn | CN¥2.12bn | CN¥1.35bn |
| Shares outstanding | 567m | 567m | 567m | 574m | 576m | 840m | 494m | 655m | 234m | 245m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥5.5m | −CN¥77.3m | −CN¥40.7m | CN¥224.8m | CN¥106.3m | CN¥302.0m | CN¥273.5m | CN¥84.5m | CN¥43.5m | CN¥263.6m |
| Capital spending | −CN¥27.1m | −CN¥43.9m | −CN¥48.2m | −CN¥80.5m | −CN¥103.9m | −CN¥243.5m | −CN¥216.3m | −CN¥252.7m | −CN¥471.3m | −CN¥46.0m |
| Free cash flow | −CN¥21.6m | −CN¥121.2m | −CN¥88.9m | CN¥144.3m | CN¥2.5m | CN¥58.5m | CN¥57.2m | −CN¥168.2m | −CN¥427.8m | CN¥217.6m |
| Dividends paid | −CN¥4.1m | −CN¥2.6m | −CN¥3.9m | −CN¥7.2m | −CN¥12.0m | −CN¥17.6m | −CN¥22.8m | −CN¥61.7m | −CN¥18.1m | −CN¥25.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥424.2m | CN¥370.6m | CN¥444.1m | CN¥387.1m | CN¥444.3m | CN¥425.9m | CN¥474.1m | CN¥419.7m |
| Gross profit | CN¥37.7m | CN¥38.1m | CN¥28.5m | CN¥22.1m | CN¥20.5m | CN¥17.2m | CN¥20.5m | CN¥4.3m |
| Operating income | −CN¥36.7m | −CN¥19.3m | −CN¥34.1m | −CN¥75.2m | −CN¥56.5m | −CN¥36.6m | −CN¥91.6m | −CN¥41.7m |
| Net income | −CN¥45.0m | −CN¥20.7m | −CN¥102.2m | −CN¥77.7m | −CN¥46.2m | −CN¥32.1m | −CN¥93.8m | −CN¥37.5m |
| Diluted earnings per share | -0.08 | -0.04 | -0.18 | -0.14 | -0.08 | -0.06 | -0.17 | -0.07 |
| Cash from operations | — | — | — | −CN¥8.0m | CN¥13.0m | CN¥15.0m | — | — |
| Capital spending | −CN¥9.0m | −CN¥5.0m | −CN¥2.0m | −CN¥6.0m | −CN¥7.0m | −CN¥10.0m | −CN¥9.0m | −CN¥15.0m |
| Free cash flow | — | — | — | −CN¥14.0m | CN¥6.0m | CN¥5.0m | — | — |
| Total assets | CN¥2.11bn | CN¥2.23bn | CN¥2.42bn | CN¥2.39bn | CN¥2.49bn | CN¥2.47bn | CN¥2.56bn | CN¥2.46bn |
| Cash and short-term investments | — | — | — | CN¥356.0m | CN¥358.2m | CN¥330.0m | CN¥335.9m | CN¥364.9m |
| Debt | CN¥15.5m | CN¥54.2m | CN¥54.8m | CN¥538.4m | CN¥240.1m | CN¥222.1m | CN¥203.2m | CN¥50.1m |
| Shareholders' equity | CN¥142.1m | CN¥187.0m | CN¥207.7m | CN¥310.0m | CN¥387.7m | CN¥433.9m | CN¥466.1m | CN¥559.9m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.2% | 1.9% | -4.6% | 1.2% | 10.8% | 11.5% |
| Operating margin | -15.9% | -11.7% | -21.9% | -9.0% | -5.7% | -19.6% |
| Net margin | -15.2% | -12.8% | -26.5% | -6.3% | -6.6% | -19.8% |
| Return on equity | -124.4% | -46.7% | -60.0% | -11.0% | -13.5% | -43.5% |
| Return on assets | -10.7% | -8.5% | -16.0% | -4.4% | -5.7% | -20.0% |
| Free cash flow yield | — | -2.5% | — | — | — | — |
| Revenue growth | -0.4% | 10.3% | -19.6% | -22.8% | -17.9% | -9.0% |
| Earnings growth | 18.6% | -46.9% | 240.6% | -26.8% | -72.7% | -1376.9% |
| Current ratio | 0.72x | 0.82x | 0.88x | 1.12x | 0.99x | 1.09x |
| Debt to equity | 0.26x | 0.44x | 0.07x | 0.06x | 0.24x | 0.28x |
| Equity ratio | 8.6% | 18.2% | 26.7% | 40.1% | 42.0% | 46.0% |
| Interest coverage | -65.86x | -4.59x | -7.83x | -3.99x | -3.77x | -15.02x |
| R&D as a share of sales | 2.0% | 2.8% | 3.8% | 2.6% | 3.6% | 5.4% |
| Buybacks as a share of market value | -0.0% | 0.0% | 1.2% | 0.3% | 31.4% | -70.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.0% | -11.0% | -7.7% |
| Operating income | 10.4% | -16.6% | 12.7% |
| Net income | 28.9% | -15.6% | 16.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.6% | 1.1% | 5.6% | 7.2% |
| Operating margin | -13.9% | -15.6% | -14.4% | -6.7% |
| Net margin | -14.0% | -14.6% | -14.3% | -6.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.9 | -16.6 | -7.8 | -22.5 | -26.0 | -7.3 | 96.0 | -47.2 | 118.4 | 149.1 |
| Price to sales | 2.9 | 2.1 | 2.1 | 1.4 | 1.7 | 1.4 | 1.4 | 1.5 | 0.9 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Jul 2018.
| FY2018 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.06 | 0.055 | 0.075 | 0.10 | 0.175 | 0.125 |
- 2-for-1 split · 15 May 2014
- 2-for-1 split · 17 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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