G 
4.07
-0.25%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥372.0m
FY2016FY2025
Net income
−CN¥258.0m
FY2016FY2025
Free cash flow
−CN¥61.7m
FY2016FY2025
Shareholders' equity
CN¥784.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥372.0m | CN¥515.2m | CN¥551.3m | CN¥2.70bn | CN¥3.88bn | CN¥2.70bn | CN¥2.64bn | CN¥2.06bn | CN¥1.47bn | CN¥1.19bn |
| Gross profit | −CN¥18.4m | CN¥23.4m | −CN¥10.4m | CN¥215.4m | CN¥324.8m | CN¥212.8m | CN¥228.4m | CN¥312.3m | CN¥285.4m | CN¥199.3m |
| Research and development | CN¥15.2m | CN¥23.3m | CN¥23.3m | CN¥20.6m | CN¥25.1m | CN¥10.2m | CN¥16.6m | CN¥30.1m | CN¥18.8m | CN¥23.5m |
| Operating income | −CN¥141.0m | −CN¥282.9m | −CN¥210.1m | −CN¥184.1m | −CN¥237.5m | CN¥41.2m | −CN¥143.4m | CN¥42.5m | CN¥7.4m | −CN¥331.3m |
| Net income | −CN¥258.0m | −CN¥287.6m | −CN¥176.4m | −CN¥184.8m | −CN¥226.8m | CN¥33.4m | −CN¥314.0m | CN¥24.5m | CN¥15.7m | −CN¥307.2m |
| Diluted earnings per share | -0.32 | -0.34 | -0.23 | -0.21 | -7.30 | -2.04 | -0.55 | 0.03 | 0.04 | -0.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.36bn | CN¥1.70bn | CN¥2.05bn | CN¥3.11bn | CN¥3.43bn | CN¥2.88bn | CN¥1.83bn | CN¥2.65bn | CN¥2.20bn | CN¥1.89bn |
| Cash and short-term investments | — | CN¥447.8m | CN¥297.1m | CN¥593.0m | CN¥542.8m | CN¥190.6m | CN¥89.3m | CN¥356.2m | CN¥132.6m | CN¥155.5m |
| Total liabilities | CN¥558.0m | CN¥633.7m | CN¥729.0m | CN¥1.44bn | CN¥1.31bn | CN¥1.18bn | CN¥1.14bn | CN¥1.65bn | CN¥1.25bn | CN¥936.4m |
| Debt | CN¥10.0m | CN¥272.9m | CN¥248.0m | CN¥886.9m | CN¥566.8m | CN¥685.4m | CN¥776.1m | CN¥918.3m | CN¥549.3m | CN¥546.6m |
| Shareholders' equity | CN¥784.5m | CN¥1.04bn | CN¥1.26bn | CN¥1.60bn | CN¥1.99bn | CN¥1.58bn | CN¥590.9m | CN¥903.0m | CN¥877.0m | CN¥889.8m |
| Shares outstanding | 811m | 850m | 758m | 863m | 31m | — | 572m | 734m | 402m | 548m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥47.5m | −CN¥34.3m | −CN¥106.8m | −CN¥310.2m | CN¥195.0m | CN¥192.2m | CN¥245.9m | CN¥214.4m | CN¥186.8m | −CN¥123.4m |
| Capital spending | −CN¥14.2m | −CN¥9.5m | −CN¥16.7m | −CN¥74.0m | −CN¥71.7m | −CN¥38.6m | −CN¥76.1m | −CN¥62.5m | −CN¥64.9m | −CN¥56.3m |
| Free cash flow | −CN¥61.7m | −CN¥43.8m | −CN¥123.5m | −CN¥384.2m | CN¥123.3m | CN¥153.6m | CN¥169.8m | CN¥152.0m | CN¥121.9m | −CN¥179.8m |
| Dividends paid | −CN¥2.0m | −CN¥4.6m | −CN¥5.9m | −CN¥9.9m | −CN¥32.0m | −CN¥40.2m | −CN¥56.5m | −CN¥33.7m | −CN¥30.3m | −CN¥32.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥125.0m | CN¥89.2m | CN¥110.8m | CN¥90.4m | CN¥67.4m | CN¥103.3m | CN¥87.5m | CN¥178.0m |
| Gross profit | CN¥16.5m | −CN¥7.7m | −CN¥4.9m | CN¥13.0m | −CN¥30.5m | CN¥4.0m | −CN¥15.2m | CN¥25.0m |
| Operating income | −CN¥19.7m | −CN¥34.2m | −CN¥42.7m | −CN¥33.5m | −CN¥63.7m | −CN¥23.6m | −CN¥188.9m | −CN¥37.1m |
| Net income | −CN¥37.9m | −CN¥38.3m | −CN¥133.4m | −CN¥33.0m | −CN¥68.9m | −CN¥22.7m | −CN¥195.2m | −CN¥32.7m |
| Diluted earnings per share | -0.05 | -0.05 | -0.16 | -0.04 | -0.08 | -0.03 | -0.23 | -0.04 |
| Cash from operations | — | — | — | −CN¥21.0m | −CN¥17.0m | −CN¥7.0m | — | −CN¥24.0m |
| Capital spending | −CN¥1.0m | −CN¥3.0m | −CN¥1.0m | −CN¥4.0m | −CN¥1.0m | −CN¥6.0m | −CN¥2.0m | −CN¥1.0m |
| Free cash flow | — | — | — | −CN¥25.0m | −CN¥18.0m | −CN¥13.0m | — | −CN¥25.0m |
| Total assets | CN¥1.55bn | CN¥1.26bn | CN¥1.36bn | CN¥1.59bn | CN¥1.55bn | CN¥1.66bn | CN¥1.70bn | CN¥1.96bn |
| Cash and short-term investments | — | — | — | CN¥338.9m | CN¥338.5m | CN¥413.0m | CN¥447.8m | CN¥351.8m |
| Debt | CN¥10.0m | CN¥10.0m | CN¥10.0m | CN¥289.0m | CN¥220.1m | CN¥242.2m | CN¥272.0m | CN¥233.7m |
| Shareholders' equity | CN¥708.8m | CN¥746.1m | CN¥784.5m | CN¥916.5m | CN¥950.1m | CN¥1.02bn | CN¥1.04bn | CN¥1.24bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -4.9% | 4.5% | -1.9% | 8.0% | 8.4% | 7.9% |
| Operating margin | -65.1% | -54.9% | -34.4% | -5.9% | -4.2% | 3.4% |
| Net margin | -69.4% | -55.8% | -32.0% | -6.9% | -5.8% | 1.2% |
| Return on equity | -32.9% | -27.6% | -14.0% | -11.5% | -11.4% | 2.1% |
| Return on assets | -19.0% | -16.9% | -8.6% | -5.9% | -6.6% | 1.2% |
| Free cash flow yield | -0.9% | -0.7% | -2.6% | -6.1% | 191.2% | -314.0% |
| Revenue growth | -27.8% | -6.5% | -79.6% | -30.4% | 43.6% | 2.5% |
| Earnings growth | -10.3% | 63.1% | -4.5% | -18.5% | -779.4% | -110.6% |
| Current ratio | 1.46x | 1.56x | 1.63x | 1.30x | 1.52x | 1.19x |
| Debt to equity | 0.01x | 0.26x | 0.19x | 0.55x | 0.26x | 0.43x |
| Equity ratio | 57.7% | 61.4% | 61.6% | 51.5% | 58.2% | 54.9% |
| Interest coverage | -97.32x | -50.02x | -12.70x | -5.55x | -4.08x | 2.23x |
| R&D as a share of sales | 4.1% | 4.5% | 4.2% | 0.8% | 0.6% | 0.4% |
| Buybacks as a share of market value | 4.6% | -12.2% | 12.3% | -2678.7% | 289.7% | 102.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -48.3% | -32.7% | -10.0% |
| Operating income | -8.5% | — | — |
| Net income | 11.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.6% | 5.1% | 7.0% | 10.3% |
| Operating margin | -47.8% | -19.8% | -9.5% | -7.4% |
| Net margin | -61.5% | -21.9% | -10.3% | -8.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.9 | -14.9 | -48.5 | -49.1 | -2.5 | -2.8 | -9.9 | 156.0 | 200.1 | -18.1 |
| Price to sales | 13.8 | 8.3 | 15.5 | 3.4 | 0.1 | -0.0 | 1.2 | 1.9 | 2.1 | 4.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Jun 2016.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.013 | 0.02 | 0.025 | 0.075 | 0.05 | 0.05 |
- 2-for-1 split · 21 Apr 2014
- 2-for-1 split · 25 Sept 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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