Z 
7.48
+10.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.83bn
FY2016FY2025
Net income
CN¥41.6m
FY2016FY2025
Free cash flow
−CN¥446.1m
FY2016FY2025
Shareholders' equity
CN¥3.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.83bn | CN¥3.36bn | CN¥3.36bn | CN¥3.02bn | CN¥2.73bn | CN¥2.62bn | CN¥2.12bn | CN¥2.74bn | CN¥3.01bn | CN¥2.27bn |
| Gross profit | CN¥572.3m | CN¥375.3m | CN¥306.5m | CN¥208.9m | CN¥283.3m | CN¥330.9m | CN¥455.7m | CN¥408.5m | CN¥487.8m | CN¥301.0m |
| Research and development | CN¥115.8m | CN¥86.8m | CN¥64.6m | CN¥61.6m | CN¥55.0m | CN¥42.7m | CN¥46.8m | CN¥60.0m | CN¥62.7m | CN¥44.0m |
| Operating income | CN¥240.8m | CN¥35.8m | CN¥92.8m | CN¥405.9m | CN¥169.5m | −CN¥93.7m | CN¥27.8m | CN¥247.9m | CN¥35.7m | −CN¥206.8m |
| Net income | CN¥41.6m | CN¥23.2m | CN¥32.0m | CN¥110.8m | CN¥67.6m | −CN¥163.2m | CN¥23.1m | CN¥164.2m | CN¥54.0m | −CN¥138.2m |
| Diluted earnings per share | 0.04 | 0.03 | 0.03 | 0.11 | 0.08 | -0.16 | 0.02 | 0.14 | 0.10 | -0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.46bn | CN¥9.41bn | CN¥7.94bn | CN¥7.36bn | CN¥6.61bn | CN¥6.35bn | CN¥6.71bn | CN¥7.28bn | CN¥7.19bn | CN¥4.24bn |
| Cash and short-term investments | — | CN¥1.76bn | CN¥645.4m | CN¥585.0m | CN¥555.3m | CN¥391.5m | CN¥790.0m | CN¥2.17bn | CN¥3.00bn | CN¥775.5m |
| Total liabilities | CN¥5.24bn | CN¥5.18bn | CN¥3.77bn | CN¥3.39bn | CN¥2.79bn | CN¥2.57bn | CN¥2.70bn | CN¥3.26bn | CN¥3.04bn | CN¥2.81bn |
| Debt | CN¥1.29bn | CN¥2.62bn | CN¥2.85bn | CN¥2.32bn | CN¥2.01bn | CN¥1.90bn | CN¥1.90bn | CN¥2.07bn | CN¥1.74bn | CN¥1.70bn |
| Shareholders' equity | CN¥3.50bn | CN¥3.51bn | CN¥4.13bn | CN¥3.97bn | CN¥3.82bn | CN¥3.78bn | CN¥4.00bn | CN¥3.98bn | CN¥4.12bn | CN¥1.41bn |
| Shares outstanding | 1,132m | 743m | 998m | 1,014m | 804m | 1,028m | 1,491m | 1,187m | 543m | 773m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥297.1m | CN¥138.0m | −CN¥89.6m | CN¥43.9m | −CN¥260.7m | −CN¥73.7m | −CN¥254.0m | −CN¥438.8m | −CN¥384.5m | −CN¥78.5m |
| Capital spending | −CN¥743.2m | −CN¥407.7m | −CN¥452.7m | −CN¥324.9m | −CN¥102.0m | −CN¥162.9m | −CN¥211.1m | −CN¥253.5m | −CN¥264.2m | −CN¥124.8m |
| Free cash flow | −CN¥446.1m | −CN¥269.6m | −CN¥542.3m | −CN¥281.0m | −CN¥362.7m | −CN¥236.6m | −CN¥465.0m | −CN¥692.3m | −CN¥648.7m | −CN¥203.3m |
| Dividends paid | −CN¥88.0m | −CN¥112.7m | −CN¥96.9m | −CN¥87.7m | −CN¥84.6m | −CN¥81.2m | −CN¥113.3m | −CN¥201.7m | −CN¥58.4m | −CN¥107.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.33bn | CN¥964.5m | CN¥743.5m | CN¥962.9m | CN¥1.24bn | CN¥886.6m | CN¥472.1m | CN¥957.1m |
| Gross profit | CN¥161.3m | CN¥142.8m | CN¥130.6m | CN¥171.9m | CN¥162.8m | CN¥107.0m | CN¥137.3m | CN¥70.7m |
| Operating income | CN¥74.1m | CN¥76.2m | CN¥44.8m | CN¥23.9m | CN¥95.4m | CN¥41.4m | −CN¥463,911 | CN¥22.2m |
| Net income | CN¥21.1m | CN¥23.2m | −CN¥443,395 | CN¥11.7m | CN¥22.5m | CN¥7.7m | −CN¥9.2m | CN¥11.5m |
| Diluted earnings per share | 0.02 | 0.02 | -0.00 | 0.01 | 0.02 | 0.01 | -0.01 | 0.02 |
| Cash from operations | — | — | — | CN¥15.0m | −CN¥14.0m | −CN¥172.0m | — | −CN¥1.0m |
| Capital spending | −CN¥292.0m | −CN¥125.0m | −CN¥468.0m | −CN¥165.0m | −CN¥81.0m | −CN¥27.0m | −CN¥305.0m | −CN¥27.0m |
| Free cash flow | — | — | — | −CN¥150.0m | −CN¥95.0m | −CN¥199.0m | — | −CN¥28.0m |
| Total assets | CN¥9.87bn | CN¥9.70bn | CN¥9.46bn | CN¥9.43bn | CN¥9.26bn | CN¥9.27bn | CN¥9.41bn | CN¥8.03bn |
| Cash and short-term investments | — | — | — | CN¥716.9m | CN¥942.2m | CN¥320.0m | CN¥1.76bn | CN¥142.8m |
| Debt | CN¥1.26bn | CN¥1.07bn | CN¥1.29bn | CN¥1.69bn | CN¥2.50bn | CN¥2.48bn | CN¥2.60bn | CN¥2.84bn |
| Shareholders' equity | CN¥3.48bn | CN¥3.47bn | CN¥3.50bn | CN¥3.51bn | CN¥3.50bn | CN¥3.47bn | CN¥3.51bn | CN¥4.21bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.9% | 11.2% | 9.1% | 6.9% | 10.4% | 12.6% |
| Operating margin | 6.3% | 1.1% | 2.8% | 13.4% | 6.2% | -3.6% |
| Net margin | 1.1% | 0.7% | 1.0% | 3.7% | 2.5% | -6.2% |
| Return on equity | 1.2% | 0.7% | 0.8% | 2.8% | 1.8% | -4.3% |
| Return on assets | 0.4% | 0.2% | 0.4% | 1.5% | 1.0% | -2.6% |
| Free cash flow yield | 12.7% | 10.2% | 5.0% | 5.0% | -2.7% | 1.2% |
| Revenue growth | 14.0% | 0.0% | 11.2% | 10.7% | 4.1% | 23.7% |
| Earnings growth | 79.3% | -27.7% | -71.1% | 64.0% | -141.4% | -806.5% |
| Current ratio | 1.61x | 1.75x | 1.50x | 1.05x | 0.99x | 0.92x |
| Debt to equity | 0.37x | 0.74x | 0.69x | 0.55x | 0.49x | 0.49x |
| Equity ratio | 37.0% | 37.3% | 52.0% | 53.9% | 57.8% | 59.5% |
| Interest coverage | 2.84x | 0.48x | 1.50x | 4.00x | 1.88x | -1.12x |
| R&D as a share of sales | 3.0% | 2.6% | 1.9% | 2.0% | 2.0% | 1.6% |
| Buybacks as a share of market value | -52.5% | 25.6% | 1.6% | -26.1% | 21.8% | 31.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.2% | 7.9% | 9.7% |
| Operating income | -16.0% | — | 26.2% |
| Net income | -27.9% | — | -1.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.2% | 10.8% | 11.0% | 13.4% |
| Operating margin | 3.8% | 5.7% | 4.5% | 3.2% |
| Net margin | 0.9% | 1.5% | 0.6% | 0.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 239.5 | 334.5 | 223.7 | 55.3 | 104.5 | -38.3 | 460.2 | 47.9 | 80.1 | -61.9 |
| Price to sales | 2.6 | 2.3 | 2.1 | 2.0 | 2.6 | 2.4 | 5.0 | 2.9 | 1.4 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Jul 2024.
| FY2024 | FY2018 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.012 | 0.10 | 0.053 | 0.053 | 0.027 | 0.04 | 0.08 | 0.053 |
- 3-for-2 split · 12 Oct 2018
- 5-for-2 split · 20 May 2015
- 3-for-2 split · 6 Apr 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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