Z 
6.44
+1.42%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.18bn
FY2016FY2025
Net income
−CN¥208.6m
FY2016FY2025
Free cash flow
CN¥254.5m
FY2016FY2025
Shareholders' equity
CN¥264.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.18bn | CN¥1.80bn | CN¥2.08bn | CN¥2.14bn | CN¥2.18bn | CN¥1.91bn | CN¥2.16bn | CN¥1.97bn | CN¥1.55bn | CN¥783.8m |
| Gross profit | CN¥238.0m | CN¥278.2m | CN¥434.8m | CN¥552.6m | CN¥705.1m | CN¥674.6m | CN¥754.8m | CN¥721.2m | CN¥562.1m | CN¥283.0m |
| Research and development | CN¥57.1m | CN¥61.8m | CN¥62.4m | CN¥62.2m | CN¥90.5m | CN¥76.9m | CN¥88.7m | CN¥89.5m | CN¥79.7m | CN¥59.1m |
| Operating income | −CN¥215.8m | −CN¥556.4m | −CN¥670.4m | −CN¥1.82bn | CN¥91.8m | CN¥231.2m | CN¥298.1m | CN¥247.6m | CN¥118.3m | CN¥59.7m |
| Net income | −CN¥208.6m | −CN¥675.3m | −CN¥902.9m | −CN¥1.53bn | CN¥51.0m | CN¥107.8m | CN¥176.3m | CN¥150.9m | CN¥59.2m | CN¥41.1m |
| Diluted earnings per share | -0.28 | -0.86 | -1.06 | -1.87 | 0.08 | 0.17 | 0.27 | 0.20 | 0.15 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.75bn | CN¥3.30bn | CN¥4.23bn | CN¥5.96bn | CN¥7.28bn | CN¥6.34bn | CN¥5.82bn | CN¥5.74bn | CN¥2.63bn | CN¥2.35bn |
| Cash and short-term investments | — | CN¥326.6m | CN¥330.7m | CN¥1.15bn | CN¥1.25bn | CN¥422.4m | CN¥278.3m | CN¥407.1m | CN¥370.5m | CN¥331.6m |
| Total liabilities | CN¥1.49bn | CN¥2.78bn | CN¥2.96bn | CN¥3.75bn | CN¥3.77bn | CN¥3.44bn | CN¥2.97bn | CN¥2.79bn | CN¥837.9m | CN¥625.1m |
| Debt | — | CN¥560.1m | CN¥1.61bn | CN¥2.06bn | CN¥2.22bn | CN¥2.51bn | CN¥2.07bn | CN¥1.75bn | CN¥95.1m | CN¥145.6m |
| Shareholders' equity | CN¥264.5m | CN¥521.1m | CN¥1.26bn | CN¥2.21bn | CN¥3.51bn | CN¥2.89bn | CN¥2.85bn | CN¥2.90bn | CN¥1.75bn | CN¥1.69bn |
| Shares outstanding | 748m | 786m | 852m | 819m | 624m | 643m | 641m | 744m | 403m | 668m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥289.2m | CN¥334.3m | CN¥324.9m | CN¥351.1m | CN¥806.1m | CN¥460.0m | CN¥502.5m | CN¥399.4m | CN¥233.5m | −CN¥7.4m |
| Capital spending | −CN¥34.6m | −CN¥96.7m | −CN¥228.5m | −CN¥424.0m | −CN¥699.7m | −CN¥795.6m | −CN¥996.1m | −CN¥845.9m | −CN¥137.8m | −CN¥79.7m |
| Free cash flow | CN¥254.5m | CN¥237.7m | CN¥96.3m | −CN¥72.9m | CN¥106.4m | −CN¥335.6m | −CN¥493.6m | −CN¥446.5m | CN¥95.7m | −CN¥87.1m |
| Dividends paid | −CN¥42.1m | −CN¥65.0m | −CN¥65.2m | −CN¥100.4m | −CN¥42.2m | −CN¥33.3m | −CN¥74.1m | −CN¥117.8m | −CN¥4.8m | −CN¥23.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥195.1m | CN¥115.3m | CN¥301.7m | CN¥156.5m | CN¥366.9m | CN¥350.2m | CN¥349.8m | CN¥409.0m |
| Gross profit | CN¥60.4m | CN¥36.5m | CN¥6.7m | CN¥2.7m | CN¥17.0m | CN¥52.5m | CN¥2.9m | CN¥61.2m |
| Operating income | CN¥26.6m | CN¥1.0m | −CN¥40.8m | −CN¥47.1m | −CN¥151.9m | −CN¥46.1m | −CN¥596.8m | −CN¥39.0m |
| Net income | CN¥16.3m | CN¥33.8m | CN¥58.1m | −CN¥45.5m | −CN¥173.1m | −CN¥48.1m | −CN¥609.2m | −CN¥42.8m |
| Diluted earnings per share | 0.02 | 0.05 | 0.08 | -0.06 | -0.23 | -0.06 | -0.77 | -0.05 |
| Cash from operations | — | — | — | CN¥99.0m | CN¥98.0m | CN¥92.0m | — | CN¥77.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | −CN¥4.0m | −CN¥2.0m | −CN¥17.0m | −CN¥10.0m | — | −CN¥53.0m |
| Free cash flow | — | — | — | CN¥97.0m | CN¥81.0m | CN¥82.0m | — | CN¥24.0m |
| Total assets | CN¥1.72bn | CN¥1.84bn | CN¥1.75bn | CN¥2.50bn | CN¥3.15bn | CN¥3.26bn | CN¥3.30bn | CN¥3.88bn |
| Cash and short-term investments | — | — | — | CN¥350.0m | CN¥316.5m | CN¥332.5m | CN¥326.6m | CN¥292.7m |
| Debt | — | — | — | CN¥645.9m | CN¥466.9m | CN¥462.6m | CN¥533.5m | CN¥484.9m |
| Shareholders' equity | CN¥311.1m | CN¥296.0m | CN¥264.5m | CN¥257.0m | CN¥274.0m | CN¥466.6m | CN¥521.1m | CN¥1.11bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 20.3% | 15.4% | 20.9% | 25.8% | 32.3% | 35.2% |
| Operating margin | -13.3% | -30.8% | -31.9% | -79.2% | 8.0% | 12.6% |
| Net margin | -17.8% | -37.4% | -43.3% | -71.5% | 2.3% | 5.6% |
| Return on equity | -78.9% | -129.6% | -71.5% | -69.2% | 1.5% | 3.7% |
| Return on assets | -11.9% | -20.5% | -21.4% | -25.7% | 0.7% | 1.7% |
| Free cash flow yield | 7.9% | 10.0% | 11.8% | 17.2% | 43.8% | 35.4% |
| Revenue growth | -34.9% | -13.4% | -2.6% | -2.1% | 14.1% | -11.4% |
| Earnings growth | -69.1% | -25.2% | -41.0% | -3098.6% | -52.7% | -38.8% |
| Current ratio | 1.00x | 0.73x | 0.76x | 1.24x | 1.65x | 1.20x |
| Debt to equity | 0.00x | 1.02x | 1.21x | 0.88x | 0.62x | 0.87x |
| Equity ratio | 15.1% | 15.8% | 29.9% | 37.1% | 48.2% | 45.6% |
| Interest coverage | -3.68x | -7.75x | -9.20x | -13.83x | 1.94x | 2.55x |
| R&D as a share of sales | 4.9% | 3.4% | 3.0% | 2.9% | 4.1% | 4.0% |
| Buybacks as a share of market value | 4.9% | 7.7% | -4.0% | -31.2% | 2.9% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.1% | -9.3% | 4.3% |
| Operating income | -50.9% | — | — |
| Net income | -48.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.3% | 20.9% | 25.5% | 29.6% |
| Operating margin | -25.9% | -45.3% | -26.0% | -11.7% |
| Net margin | -29.7% | -46.0% | -27.9% | -14.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -22.6 | -6.7 | -6.2 | -3.8 | 127.4 | 37.8 | 24.4 | 35.6 | 70.3 | 192.5 |
| Price to sales | 4.0 | 2.5 | 2.7 | 2.7 | 3.0 | 2.1 | 2.0 | 2.7 | 2.7 | 10.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Jun 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.057 | 0.045 | 0.10 | 0.10 | 0.033 | 0.044 | 0.237 | 0.198 |
- 3-for-2 split · 8 Jun 2016
- 3-for-2 split · 21 May 2015
- 3-for-2 split · 14 May 2013
- 3-for-2 split · 15 May 2012
- 3-for-2 split · 3 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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