F 
5.49
-1.44%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥479.1m
FY2016FY2025
Net income
−CN¥68.5m
FY2016FY2025
Free cash flow
−CN¥10.0m
FY2016FY2025
Shareholders' equity
CN¥1.33bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥479.1m | CN¥484.4m | CN¥375.0m | CN¥665.7m | CN¥717.2m | CN¥730.5m | CN¥727.3m | CN¥812.5m | CN¥742.0m | CN¥702.6m |
| Gross profit | CN¥133.9m | CN¥128.4m | CN¥102.2m | CN¥216.3m | CN¥264.2m | CN¥268.2m | CN¥271.0m | CN¥265.5m | CN¥244.7m | CN¥228.1m |
| Research and development | CN¥76.4m | CN¥89.1m | CN¥86.5m | CN¥85.1m | CN¥92.7m | CN¥104.9m | CN¥102.9m | CN¥106.0m | CN¥63.7m | CN¥57.8m |
| Operating income | −CN¥54.0m | −CN¥87.1m | −CN¥167.6m | CN¥9.6m | CN¥37.3m | CN¥50.0m | CN¥33.2m | CN¥33.2m | CN¥32.8m | CN¥12.6m |
| Net income | −CN¥68.5m | −CN¥86.9m | −CN¥145.6m | CN¥13.3m | CN¥29.9m | CN¥49.6m | CN¥49.8m | CN¥33.3m | CN¥32.8m | CN¥24.8m |
| Diluted earnings per share | -0.11 | -0.14 | -0.23 | 0.02 | 0.05 | 0.08 | 0.08 | 0.05 | 0.05 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.42bn | CN¥2.53bn | CN¥2.68bn | CN¥2.73bn | CN¥2.91bn | CN¥2.89bn | CN¥2.76bn | CN¥2.56bn | CN¥2.59bn | CN¥2.14bn |
| Cash and short-term investments | — | CN¥235.2m | CN¥224.8m | CN¥260.9m | CN¥339.8m | CN¥556.2m | CN¥685.3m | CN¥739.4m | CN¥992.7m | CN¥756.0m |
| Total liabilities | CN¥1.09bn | CN¥1.13bn | CN¥1.19bn | CN¥1.10bn | CN¥1.30bn | CN¥1.30bn | CN¥1.21bn | CN¥1.06bn | CN¥1.16bn | CN¥722.2m |
| Debt | — | CN¥598.8m | CN¥628.1m | CN¥551.6m | CN¥581.2m | CN¥570.5m | CN¥501.6m | CN¥430.0m | CN¥495.0m | CN¥164.0m |
| Shareholders' equity | CN¥1.33bn | CN¥1.40bn | CN¥1.49bn | CN¥1.63bn | CN¥1.61bn | CN¥1.58bn | CN¥1.54bn | CN¥1.48bn | CN¥1.42bn | CN¥1.40bn |
| Shares outstanding | 622m | 619m | 621m | 623m | 624m | 624m | 621m | 622m | 619m | 622m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥48.0m | CN¥34.5m | CN¥28.0m | CN¥69.4m | CN¥64.2m | CN¥72.2m | CN¥108.2m | CN¥26.4m | CN¥89.6m | CN¥57.2m |
| Capital spending | −CN¥58.1m | −CN¥86.1m | −CN¥130.2m | −CN¥90.5m | −CN¥154.1m | −CN¥248.3m | −CN¥281.0m | −CN¥262.0m | −CN¥166.7m | −CN¥144.4m |
| Free cash flow | −CN¥10.0m | −CN¥51.6m | −CN¥102.3m | −CN¥21.1m | −CN¥89.8m | −CN¥176.1m | −CN¥172.8m | −CN¥235.6m | −CN¥77.0m | −CN¥87.2m |
| Dividends paid | −CN¥16.6m | −CN¥18.5m | −CN¥21.2m | −CN¥6.2m | −CN¥33.6m | −CN¥25.8m | −CN¥30.0m | −CN¥28.1m | −CN¥19.1m | −CN¥11.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥81.1m | CN¥101.1m | CN¥112.8m | CN¥140.4m | CN¥111.3m | CN¥114.7m | CN¥121.6m | CN¥126.0m |
| Gross profit | CN¥19.1m | CN¥25.7m | CN¥30.1m | CN¥44.3m | CN¥32.4m | CN¥27.0m | CN¥15.3m | CN¥52.5m |
| Operating income | −CN¥17.0m | −CN¥14.5m | −CN¥26.7m | −CN¥12.7m | −CN¥16.2m | −CN¥9.0m | −CN¥63.9m | CN¥3.2m |
| Net income | −CN¥16.1m | −CN¥7.8m | −CN¥35.9m | −CN¥6.2m | −CN¥15.4m | −CN¥11.0m | −CN¥67.1m | CN¥4.7m |
| Diluted earnings per share | -0.03 | -0.01 | -0.06 | -0.01 | -0.02 | -0.02 | -0.11 | 0.01 |
| Cash from operations | — | — | — | −CN¥7.0m | −CN¥18.0m | CN¥19.0m | CN¥23.0m | −CN¥40.0m |
| Capital spending | −CN¥13.0m | −CN¥11.0m | — | −CN¥15.0m | −CN¥13.0m | −CN¥31.0m | −CN¥16.0m | −CN¥33.0m |
| Free cash flow | — | — | — | −CN¥22.0m | −CN¥31.0m | −CN¥12.0m | CN¥7.0m | −CN¥73.0m |
| Total assets | CN¥2.33bn | CN¥2.41bn | CN¥2.42bn | CN¥2.52bn | CN¥2.45bn | CN¥2.49bn | CN¥2.53bn | CN¥2.56bn |
| Cash and short-term investments | — | — | — | CN¥185.3m | CN¥157.4m | CN¥210.0m | CN¥235.2m | CN¥189.7m |
| Debt | — | — | — | CN¥620.9m | CN¥570.3m | CN¥585.4m | CN¥593.5m | CN¥589.4m |
| Shareholders' equity | CN¥1.30bn | CN¥1.32bn | CN¥1.33bn | CN¥1.37bn | CN¥1.37bn | CN¥1.39bn | CN¥1.40bn | CN¥1.47bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 49.5% | 26.5% | 27.3% | 32.5% | 36.8% | 36.7% | — |
| Operating margin | -10.3% | -14.1% | -39.0% | 5.2% | 8.7% | 10.4% | — |
| Net margin | -14.3% | -17.9% | -38.8% | 2.0% | 4.2% | 6.8% | — |
| Return on equity | -5.2% | -6.2% | -9.8% | 0.8% | 1.9% | 3.1% | — |
| Return on assets | -2.8% | -3.4% | -5.4% | 0.5% | 1.0% | 1.7% | — |
| Free cash flow yield | 2.6% | 3.0% | 3.9% | 3.9% | 5.4% | 7.9% | — |
| Revenue growth | -1.1% | 29.2% | -43.7% | -7.2% | -1.8% | 0.4% | — |
| Earnings growth | -21.2% | -40.3% | -1193.6% | -55.5% | -39.6% | -0.4% | — |
| Current ratio | 1.21x | 1.25x | 1.34x | 1.47x | 1.52x | 1.63x | — |
| Debt to equity | — | 0.42x | 0.42x | 0.33x | 0.36x | 0.36x | 0.33x |
| Equity ratio | 54.9% | 55.4% | 55.5% | 59.7% | 55.2% | 54.8% | — |
| Interest coverage | -2.91x | -3.57x | -6.75x | 1.39x | 2.39x | 2.90x | — |
| R&D as a share of sales | 15.9% | 18.4% | 23.1% | 12.8% | 12.9% | 14.4% | — |
| Buybacks as a share of market value | -0.6% | 0.4% | 0.3% | 0.2% | -0.0% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.4% | -8.1% | -2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.2% | 29.0% | 32.3% | 33.0% |
| Operating margin | -14.6% | -14.9% | -6.1% | -1.3% |
| Net margin | -16.1% | -14.4% | -6.0% | -0.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -89.6 | -42.6 | -28.1 | 394.5 | 145.3 | 78.1 | 106.5 | 115.9 | 159.0 | 339.6 |
| Price to sales | 12.8 | 7.7 | 10.9 | 7.9 | 6.1 | 5.3 | 7.3 | 4.8 | 7.0 | 12.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 31 May 2022.
| FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.015 | 0.01 | 0.01 | 0.01 | 0.015 | 0.025 | 0.05 |
- 2-for-1 split · 8 May 2014
- 3-for-2 split · 19 Apr 2013
- 2-for-1 split · 24 Apr 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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