J 
4.30
-2.05%
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¥190.5m
FY2016FY2025
Free cash flow
−CN¥520.9m
FY2016FY2025
Shareholders' equity
CN¥43.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.34bn | CN¥1.79bn | CN¥1.74bn | CN¥1.45bn | CN¥1.44bn | CN¥1.34bn | CN¥1.50bn | CN¥1.48bn | CN¥1.85bn | CN¥1.46bn |
| Gross profit | CN¥73.3m | −CN¥107.6m | −CN¥63.2m | −CN¥7.1m | −CN¥29.2m | CN¥178.8m | CN¥315.4m | CN¥322.1m | CN¥562.3m | CN¥484.2m |
| Research and development | CN¥63.1m | CN¥68.7m | CN¥15.3m | CN¥11.7m | CN¥12.9m | CN¥15.9m | CN¥34.8m | CN¥45.3m | CN¥57.7m | CN¥44.9m |
| Operating income | −CN¥240.9m | −CN¥380.5m | −CN¥325.7m | −CN¥229.7m | −CN¥510.0m | CN¥36.7m | −CN¥503.6m | −CN¥925.6m | CN¥76.7m | CN¥163.0m |
| Net income | −CN¥190.5m | −CN¥252.5m | −CN¥332.3m | −CN¥320.7m | −CN¥491.2m | CN¥14.8m | −CN¥516.6m | −CN¥875.0m | CN¥35.4m | CN¥107.3m |
| Diluted earnings per share | -0.51 | -0.66 | -0.90 | -0.86 | -1.43 | 0.04 | -1.59 | -2.74 | 0.09 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.48bn | CN¥3.42bn | CN¥3.40bn | CN¥1.48bn | CN¥1.73bn | CN¥2.31bn | CN¥2.70bn | CN¥3.53bn | CN¥4.03bn | CN¥4.05bn |
| Cash and short-term investments | — | CN¥408.1m | CN¥457.3m | CN¥24.0m | CN¥84.6m | CN¥331.5m | CN¥280.4m | CN¥582.5m | CN¥246.2m | CN¥489.4m |
| Total liabilities | CN¥4.12bn | CN¥3.11bn | CN¥3.15bn | CN¥1.12bn | CN¥1.06bn | CN¥1.15bn | CN¥1.57bn | CN¥1.87bn | CN¥1.50bn | CN¥1.54bn |
| Debt | CN¥344.1m | CN¥601.7m | CN¥612.2m | CN¥108.4m | CN¥97.6m | CN¥317.7m | CN¥399.2m | CN¥577.9m | CN¥596.4m | CN¥564.1m |
| Shareholders' equity | CN¥43.7m | CN¥32.5m | CN¥25.2m | CN¥357.6m | CN¥666.6m | CN¥1.16bn | CN¥1.14bn | CN¥1.66bn | CN¥2.53bn | CN¥2.51bn |
| Shares outstanding | 375m | 384m | 370m | 372m | 344m | 397m | 326m | 320m | 383m | 330m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥376.0m | CN¥106.2m | −CN¥383.3m | −CN¥64.3m | CN¥11.8m | CN¥128.3m | CN¥255.1m | CN¥73.3m | CN¥55.3m | CN¥335.7m |
| Capital spending | −CN¥144.9m | −CN¥277.2m | −CN¥468.4m | −CN¥31.1m | −CN¥88.9m | −CN¥107.7m | −CN¥91.9m | −CN¥118.1m | −CN¥123.2m | −CN¥162.8m |
| Free cash flow | −CN¥520.9m | −CN¥171.1m | −CN¥851.7m | −CN¥95.4m | −CN¥77.1m | CN¥20.6m | CN¥163.2m | −CN¥44.8m | −CN¥67.8m | CN¥172.9m |
| Dividends paid | −CN¥32.7m | −CN¥29.4m | −CN¥12.1m | −CN¥6.0m | −CN¥12.7m | −CN¥15.6m | −CN¥19.0m | −CN¥27.0m | −CN¥52.8m | −CN¥38.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥608.5m | CN¥652.1m | CN¥512.4m | CN¥633.5m | CN¥652.3m | CN¥543.9m | CN¥366.5m | CN¥577.6m |
| Gross profit | CN¥3.7m | CN¥39.9m | CN¥29.1m | CN¥21.3m | CN¥10.1m | CN¥12.8m | −CN¥93.0m | CN¥35.8m |
| Operating income | −CN¥50.0m | −CN¥11.5m | −CN¥38.8m | −CN¥57.8m | −CN¥31.8m | −CN¥42.3m | −CN¥111.4m | −CN¥62.3m |
| Net income | −CN¥45.0m | −CN¥14.8m | −CN¥113.3m | −CN¥32.4m | −CN¥22.6m | −CN¥22.2m | −CN¥67.5m | −CN¥45.7m |
| Diluted earnings per share | -0.12 | -0.04 | -0.30 | -0.09 | -0.06 | -0.06 | -0.18 | -0.12 |
| Cash from operations | — | — | — | −CN¥114.0m | −CN¥3.0m | −CN¥131.0m | — | −CN¥19.0m |
| Capital spending | −CN¥2.0m | −CN¥6.0m | −CN¥65.0m | −CN¥12.0m | −CN¥62.0m | −CN¥3.0m | −CN¥72.0m | −CN¥21.0m |
| Free cash flow | — | — | — | −CN¥126.0m | −CN¥65.0m | −CN¥134.0m | — | −CN¥40.0m |
| Total assets | CN¥4.08bn | CN¥4.06bn | CN¥4.48bn | CN¥4.64bn | CN¥4.01bn | CN¥3.67bn | CN¥3.42bn | CN¥3.43bn |
| Cash and short-term investments | — | — | — | CN¥1.11bn | CN¥768.6m | CN¥553.6m | CN¥408.1m | CN¥325.8m |
| Debt | CN¥279.2m | CN¥361.8m | CN¥344.1m | CN¥1.39bn | CN¥571.5m | CN¥574.4m | CN¥591.8m | CN¥659.3m |
| Shareholders' equity | CN¥5.0m | CN¥40.1m | CN¥43.7m | −CN¥14.1m | −CN¥7.0m | CN¥12.5m | CN¥32.5m | −CN¥156.7m |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.1% | -6.0% | -3.6% | -0.5% | -2.0% | 13.3% |
| Operating margin | -10.1% | -20.8% | -18.6% | -15.9% | -35.3% | 2.7% |
| Net margin | -8.1% | -14.1% | -19.1% | -22.2% | -34.0% | 1.1% |
| Return on equity | -436.1% | -776.0% | -1317.4% | -89.7% | -73.7% | 1.3% |
| Return on assets | -4.3% | -7.4% | -9.8% | -21.7% | -28.4% | 0.6% |
| Free cash flow yield | -12.8% | 20.8% | 4.8% | -1.9% | 6.1% | 12.4% |
| Revenue growth | 30.6% | 3.0% | 20.5% | 0.1% | 7.6% | -10.8% |
| Earnings growth | -24.5% | -24.0% | 3.6% | -34.7% | -3413.6% | -102.9% |
| Current ratio | 0.69x | 0.56x | 0.63x | 0.35x | 0.52x | 0.73x |
| Debt to equity | 7.88x | 18.19x | 24.23x | 0.33x | 0.15x | 0.15x |
| Equity ratio | 1.0% | 1.0% | 0.7% | 24.2% | 38.6% | 50.2% |
| Interest coverage | -4.42x | -6.09x | -10.93x | -13.28x | -17.65x | 1.08x |
| R&D as a share of sales | 2.7% | 3.8% | 0.9% | 0.8% | 0.9% | 1.2% |
| Buybacks as a share of market value | 2.4% | -3.8% | 0.6% | -8.1% | 13.3% | -22.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.5% | 11.8% | 8.8% |
| Operating income | 1.6% | — | 9.8% |
| Net income | -15.9% | — | 10.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.8% | -1.4% | 0.4% | 11.1% |
| Operating margin | -15.0% | -16.1% | -16.3% | -16.9% |
| Net margin | -10.7% | -15.0% | -15.6% | -16.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.2 | -6.8 | -7.7 | -6.0 | -3.5 | 106.2 | -4.5 | -2.4 | 108.5 | 49.9 |
| Price to sales | 1.1 | 1.0 | 1.5 | 1.3 | 1.2 | 1.2 | 1.5 | 1.4 | 2.1 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jun 2017.
| FY2017 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|
| Paid in the year | 0.04 | 0.02 | 0.10 | 0.125 | 0.104 |
- 8-for-5 split · 27 Apr 2012
- 9-for-5 split · 30 Sept 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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