N 
6.17
+0.65%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.12bn
FY2016FY2025
Net income
CN¥103.5m
FY2016FY2025
Free cash flow
−CN¥513.0m
FY2016FY2025
Shareholders' equity
CN¥8.95bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.12bn | CN¥3.52bn | CN¥3.12bn | CN¥3.35bn | CN¥3.06bn | CN¥2.15bn | CN¥2.31bn | CN¥2.13bn | CN¥2.16bn | CN¥1.59bn |
| Gross profit | CN¥1.02bn | CN¥1.19bn | CN¥1.06bn | CN¥1.64bn | CN¥1.83bn | CN¥1.41bn | CN¥1.59bn | CN¥1.51bn | CN¥1.63bn | CN¥1.22bn |
| Research and development | CN¥1.58bn | CN¥1.29bn | CN¥1.64bn | CN¥1.65bn | CN¥1.33bn | CN¥1.18bn | CN¥1.19bn | CN¥1.28bn | CN¥873.5m | CN¥507.0m |
| Operating income | −CN¥1.18bn | −CN¥1.12bn | −CN¥1.44bn | −CN¥507.5m | CN¥122.9m | −CN¥348.4m | CN¥262.4m | CN¥506.7m | CN¥268.9m | CN¥85.0m |
| Net income | CN¥103.5m | −CN¥1.09bn | −CN¥1.31bn | −CN¥336.3m | CN¥122.1m | −CN¥309.5m | CN¥339.2m | CN¥479.1m | CN¥265.2m | CN¥156.6m |
| Diluted earnings per share | 0.05 | -0.47 | -0.57 | -0.15 | 0.05 | -0.15 | 0.17 | 0.25 | 0.14 | 0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.55bn | CN¥11.03bn | CN¥12.41bn | CN¥14.01bn | CN¥14.51bn | CN¥9.22bn | CN¥9.06bn | CN¥9.28bn | CN¥9.80bn | CN¥4.12bn |
| Cash and short-term investments | — | CN¥2.58bn | CN¥3.18bn | CN¥4.17bn | CN¥5.38bn | CN¥1.97bn | CN¥1.72bn | CN¥2.90bn | CN¥5.27bn | CN¥1.72bn |
| Total liabilities | CN¥2.68bn | CN¥2.32bn | CN¥2.46bn | CN¥2.14bn | CN¥2.07bn | CN¥1.33bn | CN¥1.06bn | CN¥1.81bn | CN¥2.92bn | CN¥950.6m |
| Debt | CN¥83.0m | CN¥688.3m | CN¥385.8m | CN¥173.4m | CN¥28.9m | CN¥109.3m | CN¥91.2m | CN¥50.0m | CN¥50.0m | CN¥21.9m |
| Shareholders' equity | CN¥8.95bn | CN¥8.76bn | CN¥10.03bn | CN¥11.83bn | CN¥12.23bn | CN¥7.76bn | CN¥7.80bn | CN¥7.26bn | CN¥6.64bn | CN¥2.79bn |
| Shares outstanding | 2,299m | 2,343m | 2,298m | 2,292m | 2,267m | 2,054m | 1,951m | 1,934m | 1,923m | 1,583m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥220.6m | CN¥669,665 | −CN¥468.7m | −CN¥156.0m | CN¥91.3m | CN¥136.8m | CN¥34.6m | CN¥370.7m | CN¥390.3m | CN¥398.6m |
| Capital spending | −CN¥292.4m | −CN¥390.0m | −CN¥456.9m | −CN¥601.8m | −CN¥627.3m | −CN¥290.2m | −CN¥1.01bn | −CN¥383.7m | −CN¥426.7m | −CN¥459.6m |
| Free cash flow | −CN¥513.0m | −CN¥389.4m | −CN¥925.6m | −CN¥757.9m | −CN¥536.0m | −CN¥153.4m | −CN¥979.9m | −CN¥12.9m | −CN¥36.4m | −CN¥60.9m |
| Dividends paid | −CN¥13.5m | −CN¥9.5m | −CN¥6.9m | −CN¥14.2m | −CN¥12.1m | −CN¥55.5m | −CN¥37.8m | −CN¥73.7m | −CN¥51.1m | −CN¥41.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥909.8m | CN¥856.9m | CN¥1.46bn | CN¥899.1m | CN¥1.00bn | CN¥755.9m | CN¥989.6m | CN¥861.2m |
| Gross profit | CN¥144.9m | CN¥251.6m | CN¥267.9m | CN¥170.6m | CN¥310.0m | CN¥271.5m | CN¥318.0m | CN¥324.9m |
| Operating income | −CN¥257.5m | −CN¥47.1m | −CN¥603.0m | −CN¥373.3m | −CN¥162.9m | −CN¥141.1m | −CN¥632.5m | −CN¥134.9m |
| Net income | −CN¥344.4m | −CN¥144.5m | CN¥811.9m | −CN¥397.8m | −CN¥158.1m | −CN¥152.5m | −CN¥607.8m | −CN¥131.0m |
| Diluted earnings per share | -0.15 | -0.06 | 0.35 | -0.17 | -0.07 | -0.07 | -0.26 | -0.06 |
| Cash from operations | — | — | — | −CN¥153.0m | −CN¥129.0m | CN¥38.0m | −CN¥129.0m | −CN¥54.0m |
| Capital spending | −CN¥50.0m | −CN¥58.0m | −CN¥111.0m | −CN¥48.0m | −CN¥72.0m | −CN¥59.0m | −CN¥84.0m | −CN¥105.0m |
| Free cash flow | — | — | — | −CN¥201.0m | −CN¥201.0m | −CN¥21.0m | −CN¥213.0m | −CN¥159.0m |
| Total assets | CN¥11.18bn | CN¥11.74bn | CN¥11.55bn | CN¥10.65bn | CN¥10.96bn | CN¥10.74bn | CN¥11.03bn | CN¥11.76bn |
| Cash and short-term investments | — | — | — | CN¥2.31bn | CN¥2.49bn | CN¥2.52bn | CN¥2.58bn | CN¥2.73bn |
| Debt | CN¥275.9m | CN¥282.5m | CN¥83.0m | CN¥759.8m | CN¥764.4m | CN¥662.2m | CN¥653.7m | CN¥356.0m |
| Shareholders' equity | CN¥8.31bn | CN¥8.81bn | CN¥8.95bn | CN¥8.23bn | CN¥8.48bn | CN¥8.63bn | CN¥8.76bn | CN¥9.42bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.7% | 34.0% | 34.0% | 49.0% | 59.9% | 65.5% |
| Operating margin | -28.7% | -31.9% | -46.1% | -15.2% | 4.0% | -16.2% |
| Net margin | 2.5% | -31.1% | -42.1% | -10.0% | 4.0% | -14.4% |
| Return on equity | 1.2% | -12.5% | -13.1% | -2.8% | 1.0% | -4.0% |
| Return on assets | 0.9% | -9.9% | -10.6% | -2.4% | 0.8% | -3.4% |
| Free cash flow yield | 0.5% | 2.8% | -0.1% | 3.3% | 5.3% | 3.5% |
| Revenue growth | 17.3% | 12.7% | -6.7% | 9.4% | 42.5% | -7.0% |
| Earnings growth | -109.5% | -16.7% | 290.6% | -375.5% | -139.4% | -191.2% |
| Current ratio | 1.56x | 2.26x | 2.44x | 3.53x | 5.02x | 2.13x |
| Debt to equity | 0.01x | 0.07x | 0.04x | 0.01x | 0.00x | 0.01x |
| Equity ratio | 77.5% | 79.4% | 80.8% | 84.4% | 84.3% | 84.1% |
| Interest coverage | -57.45x | -67.13x | -141.66x | -20.63x | 6.78x | -15.13x |
| R&D as a share of sales | 38.4% | 36.8% | 52.6% | 49.3% | 43.6% | 55.0% |
| Buybacks as a share of market value | 1.9% | -2.0% | -0.2% | -1.1% | -10.3% | -5.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.2% | 13.9% | 10.6% |
| Operating income | 32.7% | 27.7% | — |
| Net income | — | — | -2.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.0% | 34.8% | 42.2% | 52.5% |
| Operating margin | -30.2% | -30.1% | -23.2% | -11.1% |
| Net margin | -13.0% | -18.7% | -14.6% | -5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 200.3 | -20.6 | -15.6 | -75.1 | 295.6 | -94.7 | 92.6 | 38.0 | 127.5 | 130.4 |
| Price to sales | 5.0 | 6.4 | 6.5 | 7.5 | 11.8 | 13.7 | 13.6 | 8.5 | 15.7 | 12.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Jun 2022.
| FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.006 | 0.018 | 0.009 | 0.028 | 0.025 | 0.024 | 0.023 | 0.02 |
- 3-for-2 split · 17 Jun 2019
- 3-for-2 split · 20 Jun 2016
- 6-for-5 split · 23 Apr 2013
- 6-for-5 split · 18 Apr 2012
- 6-for-5 split · 18 Apr 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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