V 
14.08
-1.05%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.34bn
FY2016FY2025
Net income
−CN¥572.3m
FY2016FY2025
Free cash flow
CN¥113.8m
FY2016FY2025
Shareholders' equity
CN¥10.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.34bn | CN¥3.32bn | CN¥4.51bn | CN¥4.44bn | CN¥4.39bn | CN¥3.65bn | CN¥3.09bn | CN¥2.52bn | CN¥2.28bn | CN¥1.93bn |
| Gross profit | CN¥1.36bn | CN¥1.93bn | CN¥2.60bn | CN¥2.76bn | CN¥2.88bn | CN¥2.32bn | CN¥2.01bn | CN¥1.64bn | CN¥1.48bn | CN¥1.29bn |
| Research and development | CN¥741.5m | CN¥852.0m | CN¥814.6m | CN¥938.7m | CN¥845.7m | CN¥643.2m | CN¥590.4m | CN¥534.3m | CN¥468.6m | CN¥360.9m |
| Operating income | −CN¥443.2m | −CN¥310.2m | CN¥767.2m | CN¥648.3m | CN¥936.1m | CN¥902.5m | CN¥740.7m | CN¥558.7m | CN¥357.6m | CN¥133.1m |
| Net income | −CN¥572.3m | −CN¥226.3m | CN¥741.1m | CN¥626.1m | CN¥861.5m | CN¥804.1m | CN¥688.3m | CN¥569.0m | CN¥451.9m | CN¥265.2m |
| Diluted earnings per share | -0.47 | -0.19 | 0.79 | 0.65 | 0.97 | 0.86 | 0.77 | 0.63 | 0.51 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥13.01bn | CN¥13.78bn | CN¥14.86bn | CN¥10.01bn | CN¥8.94bn | CN¥8.45bn | CN¥6.90bn | CN¥4.91bn | CN¥4.28bn | CN¥3.25bn |
| Cash and short-term investments | — | CN¥2.54bn | CN¥6.08bn | CN¥2.79bn | CN¥2.76bn | CN¥3.02bn | CN¥2.58bn | CN¥1.31bn | CN¥898.0m | CN¥940.3m |
| Total liabilities | CN¥2.17bn | CN¥2.35bn | CN¥2.86bn | CN¥2.60bn | CN¥2.20bn | CN¥2.45bn | CN¥2.55bn | CN¥1.28bn | CN¥1.10bn | CN¥995.6m |
| Debt | — | CN¥17.5m | CN¥23.9m | CN¥39.8m | CN¥51.5m | CN¥78.6m | CN¥850.9m | — | CN¥5.9m | — |
| Shareholders' equity | CN¥10.84bn | CN¥11.42bn | CN¥12.00bn | CN¥7.39bn | CN¥6.72bn | CN¥5.98bn | CN¥4.34bn | CN¥3.69bn | CN¥3.14bn | CN¥2.23bn |
| Shares outstanding | 1,211m | 1,204m | 938m | 965m | 886m | 931m | 896m | 896m | 892m | 839m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥286.7m | −CN¥314.8m | −CN¥392.8m | −CN¥11.0m | CN¥317.8m | CN¥658.1m | CN¥496.7m | CN¥310.2m | CN¥444.2m | CN¥94.7m |
| Capital spending | −CN¥172.9m | −CN¥266.1m | −CN¥158.9m | −CN¥236.6m | −CN¥460.3m | −CN¥229.6m | −CN¥167.7m | −CN¥124.6m | −CN¥298.5m | −CN¥159.1m |
| Free cash flow | CN¥113.8m | −CN¥580.8m | −CN¥551.7m | −CN¥247.6m | −CN¥142.4m | CN¥428.5m | CN¥328.9m | CN¥185.6m | CN¥145.8m | −CN¥64.4m |
| Dividends paid | — | −CN¥329.0m | −CN¥188.7m | −CN¥23.7m | −CN¥47.6m | −CN¥23.2m | −CN¥35.7m | −CN¥46.1m | −CN¥89.7m | −CN¥21.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥567.2m | CN¥667.4m | CN¥789.9m | CN¥415.1m | CN¥491.8m | CN¥640.8m | CN¥989.1m | CN¥752.3m |
| Gross profit | CN¥305.2m | CN¥388.4m | CN¥406.0m | CN¥277.6m | CN¥300.7m | CN¥376.7m | CN¥653.9m | CN¥391.9m |
| Operating income | −CN¥15.6m | CN¥44.3m | −CN¥95.1m | −CN¥150.9m | −CN¥107.4m | −CN¥13.3m | −CN¥828,241 | −CN¥35.8m |
| Net income | −CN¥17.9m | CN¥48.7m | −CN¥356.6m | −CN¥122.4m | −CN¥94.9m | CN¥1.6m | −CN¥16.2m | −CN¥27.8m |
| Diluted earnings per share | -0.01 | 0.04 | -0.29 | -0.10 | -0.08 | 0.00 | -0.01 | -0.02 |
| Cash from operations | — | — | — | CN¥49.0m | CN¥47.0m | −CN¥156.0m | CN¥274.0m | −CN¥96.0m |
| Capital spending | −CN¥54.0m | −CN¥59.0m | −CN¥42.0m | −CN¥42.0m | −CN¥42.0m | −CN¥45.0m | −CN¥66.0m | −CN¥68.0m |
| Free cash flow | — | — | — | CN¥7.0m | CN¥5.0m | −CN¥201.0m | CN¥208.0m | −CN¥164.0m |
| Total assets | CN¥12.79bn | CN¥12.88bn | CN¥13.01bn | CN¥13.16bn | CN¥13.30bn | CN¥13.58bn | CN¥13.78bn | CN¥13.84bn |
| Cash and short-term investments | — | — | — | CN¥1.26bn | CN¥1.48bn | CN¥1.81bn | CN¥2.54bn | CN¥2.90bn |
| Debt | — | — | — | CN¥12.5m | CN¥16.8m | CN¥20.4m | CN¥114.1m | CN¥40.1m |
| Shareholders' equity | CN¥10.87bn | CN¥10.89bn | CN¥10.84bn | CN¥11.19bn | CN¥11.32bn | CN¥11.42bn | CN¥11.42bn | CN¥11.47bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 58.3% | 58.2% | 57.8% | 62.2% | 65.6% | 63.7% | — | — |
| Operating margin | -19.0% | -9.4% | 17.0% | 14.6% | 21.3% | 24.7% | — | — |
| Net margin | -24.5% | -6.8% | 16.4% | 14.1% | 19.6% | 22.0% | — | — |
| Return on equity | -5.3% | -2.0% | 6.2% | 8.5% | 12.8% | 13.4% | — | — |
| Return on assets | -4.4% | -1.6% | 5.0% | 6.3% | 9.6% | 9.5% | — | — |
| Free cash flow yield | 2.6% | -0.3% | -1.7% | 1.6% | 6.1% | 6.6% | — | — |
| Revenue growth | -29.5% | -26.4% | 1.6% | 1.2% | 20.3% | 18.0% | — | — |
| Earnings growth | 152.9% | -130.5% | 18.4% | -27.3% | 7.1% | 16.8% | — | — |
| Current ratio | 3.22x | 3.81x | 4.48x | 2.99x | 3.20x | 2.80x | — | — |
| Debt to equity | — | — | 0.02x | 0.04x | 0.00x | -0.04x | 0.20x | 0.00x |
| Equity ratio | 83.3% | 82.9% | 80.7% | 73.9% | 75.2% | 70.9% | — | — |
| Interest coverage | -289.93x | -173.18x | 166.91x | 235.14x | 216.82x | 112.69x | — | — |
| R&D as a share of sales | 31.7% | 25.7% | 18.1% | 21.2% | 19.3% | 17.6% | — | — |
| Buybacks as a share of market value | -0.6% | -28.4% | 2.8% | -8.8% | 4.7% | -3.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.2% | -8.5% | 4.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 58.2% | 59.3% | 61.2% | 62.7% |
| Operating margin | -13.3% | 4.5% | 11.1% | 13.1% |
| Net margin | -14.1% | 3.9% | 9.9% | 13.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.9 | -84.2 | 34.2 | 40.2 | 29.4 | 33.8 | 44.0 | 32.4 | 46.1 | 65.8 |
| Price to sales | 7.3 | 5.7 | 5.6 | 5.7 | 5.8 | 7.5 | 9.8 | 7.3 | 9.1 | 9.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Jul 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.27 | 0.20 | 0.025 | 0.051 | 0.025 | 0.04 | 0.05 | 0.10 |
- 2-for-1 split · 19 Sept 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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