Z 
4.36
-0.91%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥23.77bn
FY2016FY2025
Net income
−CN¥574.5m
FY2016FY2025
Free cash flow
CN¥670.4m
FY2016FY2025
Shareholders' equity
CN¥11.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥23.77bn | CN¥25.22bn | CN¥26.92bn | CN¥29.81bn | CN¥34.89bn | CN¥24.69bn | CN¥30.06bn | CN¥27.92bn | CN¥22.23bn | CN¥5.88bn |
| Gross profit | CN¥2.30bn | CN¥1.39bn | CN¥1.60bn | CN¥2.57bn | CN¥4.38bn | CN¥2.26bn | CN¥1.77bn | CN¥1.88bn | CN¥1.78bn | CN¥1.08bn |
| Research and development | CN¥667.9m | CN¥675.5m | CN¥655.4m | CN¥705.6m | CN¥578.6m | CN¥271.2m | CN¥316.1m | CN¥307.3m | CN¥281.9m | CN¥178.8m |
| Operating income | −CN¥410.2m | CN¥273.1m | CN¥450.7m | CN¥748.3m | CN¥2.85bn | CN¥1.25bn | CN¥812.3m | CN¥977.1m | CN¥992.0m | CN¥576.4m |
| Net income | −CN¥574.5m | CN¥31.7m | −CN¥383.7m | CN¥633.9m | CN¥2.39bn | CN¥975.7m | CN¥620.5m | CN¥842.9m | CN¥849.6m | CN¥502.4m |
| Diluted earnings per share | -0.20 | 0.01 | -0.13 | 0.20 | 0.77 | 0.40 | 0.26 | 0.34 | 0.34 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥24.52bn | CN¥25.36bn | CN¥26.78bn | CN¥29.00bn | CN¥26.07bn | CN¥20.66bn | CN¥14.13bn | CN¥11.52bn | CN¥9.65bn | CN¥8.55bn |
| Cash and short-term investments | — | CN¥2.90bn | CN¥3.11bn | CN¥2.61bn | CN¥2.61bn | CN¥4.64bn | CN¥1.67bn | CN¥1.07bn | CN¥1.05bn | CN¥706.8m |
| Total liabilities | CN¥13.30bn | CN¥13.48bn | CN¥14.47bn | CN¥14.91bn | CN¥12.65bn | CN¥10.88bn | CN¥5.93bn | CN¥4.07bn | CN¥2.97bn | CN¥2.64bn |
| Debt | CN¥2.30bn | CN¥9.85bn | CN¥9.04bn | CN¥8.28bn | CN¥6.79bn | CN¥7.28bn | CN¥3.76bn | CN¥2.08bn | CN¥1.65bn | CN¥1.20bn |
| Shareholders' equity | CN¥11.07bn | CN¥11.67bn | CN¥11.80bn | CN¥13.49bn | CN¥12.79bn | CN¥8.98bn | CN¥7.56bn | CN¥7.29bn | CN¥6.65bn | CN¥5.89bn |
| Shares outstanding | 2,820m | 2,820m | 2,843m | 3,241m | 3,118m | 2,423m | 2,378m | 2,451m | 2,497m | 2,783m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.30bn | CN¥1.35bn | CN¥660.9m | CN¥1.46bn | CN¥2.04bn | CN¥1.39bn | CN¥764.8m | CN¥904.1m | CN¥292.5m | CN¥637.3m |
| Capital spending | −CN¥632.4m | −CN¥752.8m | −CN¥2.31bn | −CN¥4.63bn | −CN¥5.78bn | −CN¥2.17bn | −CN¥922.3m | −CN¥314.1m | −CN¥109.0m | −CN¥445.7m |
| Free cash flow | CN¥670.4m | CN¥599.3m | −CN¥1.65bn | −CN¥3.17bn | −CN¥3.74bn | −CN¥778.1m | −CN¥157.5m | CN¥590.0m | CN¥183.5m | CN¥191.6m |
| Dividends paid | −CN¥261.6m | −CN¥368.5m | −CN¥454.8m | −CN¥810.4m | −CN¥717.8m | −CN¥303.7m | −CN¥159.8m | −CN¥298.0m | −CN¥153.7m | −CN¥217.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥9.74bn | CN¥5.89bn | CN¥5.56bn | CN¥6.00bn | CN¥6.59bn | CN¥5.62bn | CN¥6.87bn | CN¥5.62bn |
| Gross profit | CN¥607.8m | CN¥283.9m | CN¥10.8m | CN¥154.0m | CN¥340.5m | CN¥294.8m | CN¥198.0m | CN¥379.1m |
| Operating income | CN¥282.0m | −CN¥33.2m | −CN¥299.3m | −CN¥124.7m | CN¥85.7m | CN¥44.6m | −CN¥201.4m | CN¥102.7m |
| Net income | CN¥208.1m | −CN¥91.6m | −CN¥428.7m | −CN¥168.9m | CN¥17.8m | CN¥5.4m | −CN¥164.8m | CN¥57.5m |
| Diluted earnings per share | 0.07 | -0.03 | -0.15 | -0.06 | 0.01 | 0.00 | -0.06 | 0.02 |
| Cash from operations | — | — | — | CN¥104.0m | CN¥598.0m | CN¥242.0m | CN¥132.0m | CN¥333.0m |
| Capital spending | −CN¥24.0m | −CN¥145.0m | — | −CN¥97.0m | −CN¥621.0m | −CN¥211.0m | −CN¥153.0m | −CN¥30.0m |
| Free cash flow | — | — | — | CN¥7.0m | −CN¥23.0m | CN¥31.0m | −CN¥21.0m | CN¥303.0m |
| Total assets | CN¥23.70bn | CN¥25.55bn | CN¥24.52bn | CN¥24.74bn | CN¥25.02bn | CN¥25.48bn | CN¥25.36bn | CN¥25.41bn |
| Cash and short-term investments | — | — | — | CN¥2.90bn | CN¥3.11bn | CN¥2.70bn | CN¥2.90bn | CN¥2.92bn |
| Debt | CN¥2.82bn | CN¥2.50bn | CN¥2.30bn | CN¥7.66bn | CN¥10.12bn | CN¥9.68bn | CN¥9.84bn | CN¥9.46bn |
| Shareholders' equity | CN¥11.21bn | CN¥11.00bn | CN¥11.07bn | CN¥11.52bn | CN¥11.67bn | CN¥11.76bn | CN¥11.67bn | CN¥11.69bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 9.7% | 5.5% | 5.9% | 8.6% | 12.5% | 9.2% |
| Operating margin | -1.7% | 1.1% | 1.7% | 2.5% | 8.2% | 5.0% |
| Net margin | -2.4% | 0.1% | -1.4% | 2.1% | 6.9% | 4.0% |
| Return on equity | -5.2% | 0.3% | -3.3% | 4.7% | 18.7% | 10.9% |
| Return on assets | -2.3% | 0.1% | -1.4% | 2.2% | 9.2% | 4.7% |
| Free cash flow yield | 13.5% | 14.7% | 20.5% | 36.9% | 49.3% | 28.8% |
| Revenue growth | -5.7% | -6.3% | -9.7% | -14.6% | 41.3% | -17.9% |
| Earnings growth | -1913.5% | -108.3% | -160.5% | -73.5% | 145.2% | 57.2% |
| Current ratio | 0.63x | 0.64x | 0.68x | 0.84x | 0.95x | 1.14x |
| Debt to equity | 0.21x | 0.84x | 0.76x | 0.61x | 0.53x | 0.81x |
| Equity ratio | 45.1% | 46.0% | 44.1% | 46.5% | 49.1% | 43.5% |
| Interest coverage | -1.74x | 0.95x | 1.39x | 2.55x | 11.38x | 6.41x |
| R&D as a share of sales | 2.8% | 2.7% | 2.4% | 2.4% | 1.7% | 1.1% |
| Buybacks as a share of market value | -0.0% | 0.8% | 12.3% | -3.9% | -28.7% | -1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.3% | -0.8% | 18.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.5% | 7.4% | 8.8% | 8.4% |
| Operating margin | -0.3% | 1.0% | 3.1% | 3.4% |
| Net margin | -1.1% | -0.3% | 1.9% | 2.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -23.9 | 447.8 | -39.1 | 36.0 | 13.7 | 14.8 | 19.6 | 14.2 | 26.6 | 43.5 |
| Price to sales | 0.6 | 0.6 | 0.6 | 0.8 | 0.9 | 0.6 | 0.4 | 0.4 | 1.0 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 16 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.131 | 0.16 | 0.18 | 0.057 | 0.064 | 0.086 | 0.036 |
- 7-for-5 split · 29 Sept 2021
- 11-for-5 split · 7 Jun 2016
- 1.173-for-1 split · 12 Jun 2015
- 6-for-5 split · 12 Jun 2012
- 9-for-5 split · 6 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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