S 
2.08
+6.12%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.23bn
FY2016FY2025
Net income
−CN¥437.7m
FY2016FY2025
Free cash flow
−CN¥43.5m
FY2016FY2025
Shareholders' equity
−CN¥388.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.23bn | CN¥2.21bn | CN¥2.33bn | CN¥2.59bn | CN¥2.67bn | CN¥5.15bn | CN¥7.26bn | CN¥4.93bn | CN¥3.80bn | CN¥2.54bn |
| Gross profit | CN¥190.6m | CN¥176.6m | CN¥320.3m | CN¥527.3m | CN¥254.2m | CN¥94.7m | CN¥727.3m | CN¥869.1m | CN¥263.5m | CN¥532.7m |
| Research and development | CN¥157.6m | CN¥142.3m | CN¥154.7m | CN¥173.9m | CN¥173.5m | CN¥163.9m | CN¥155.5m | CN¥140.9m | CN¥113.2m | CN¥82.2m |
| Operating income | −CN¥305.2m | −CN¥244.1m | −CN¥213.5m | −CN¥206.0m | −CN¥941.2m | −CN¥911.4m | CN¥155.1m | CN¥304.4m | −CN¥386.3m | CN¥242.5m |
| Net income | −CN¥437.7m | −CN¥199.0m | −CN¥248.1m | −CN¥143.2m | −CN¥1.03bn | −CN¥1.06bn | CN¥22.1m | CN¥40.0m | −CN¥359.1m | CN¥163.5m |
| Diluted earnings per share | -0.39 | -0.18 | -0.22 | -0.13 | -0.92 | -0.94 | 0.05 | 0.06 | -0.28 | 0.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.62bn | CN¥4.90bn | CN¥4.93bn | CN¥5.66bn | CN¥6.20bn | CN¥6.11bn | CN¥8.05bn | CN¥8.75bn | CN¥8.30bn | CN¥5.44bn |
| Cash and short-term investments | — | CN¥381.1m | CN¥614.8m | CN¥894.2m | CN¥976.9m | CN¥895.2m | CN¥903.6m | CN¥990.7m | CN¥510.2m | CN¥544.0m |
| Total liabilities | CN¥5.00bn | CN¥4.83bn | CN¥4.65bn | CN¥5.13bn | CN¥5.48bn | CN¥4.33bn | CN¥5.15bn | CN¥5.84bn | CN¥5.47bn | CN¥3.22bn |
| Debt | CN¥177.5m | CN¥1.96bn | CN¥1.83bn | CN¥1.76bn | CN¥1.74bn | CN¥1.84bn | CN¥1.85bn | CN¥2.13bn | CN¥2.54bn | CN¥1.43bn |
| Shareholders' equity | −CN¥388.5m | CN¥48.6m | CN¥243.2m | CN¥490.4m | CN¥628.6m | CN¥1.66bn | CN¥2.74bn | CN¥2.72bn | CN¥2.68bn | CN¥2.02bn |
| Shares outstanding | 1,128m | 1,129m | 1,126m | 1,135m | 1,128m | 1,128m | 417m | 688m | 1,292m | 983m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥154.6m | CN¥183.8m | CN¥298.9m | CN¥258.7m | CN¥172.1m | CN¥291.2m | CN¥552.8m | CN¥300.9m | −CN¥36.7m | CN¥331.8m |
| Capital spending | −CN¥198.1m | −CN¥246.0m | −CN¥379.8m | −CN¥223.9m | −CN¥242.1m | −CN¥127.2m | −CN¥208.1m | −CN¥316.6m | −CN¥892.0m | −CN¥979.2m |
| Free cash flow | −CN¥43.5m | −CN¥62.3m | −CN¥80.9m | CN¥34.8m | −CN¥70.0m | CN¥164.0m | CN¥344.7m | −CN¥15.7m | −CN¥928.8m | −CN¥647.3m |
| Dividends paid | −CN¥56.7m | −CN¥52.6m | −CN¥62.3m | −CN¥77.7m | −CN¥73.3m | −CN¥177.2m | −CN¥103.5m | −CN¥189.3m | −CN¥189.4m | −CN¥73.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥501.5m | CN¥454.0m | CN¥650.5m | CN¥602.3m | CN¥520.9m | CN¥456.5m | CN¥609.3m | CN¥590.1m |
| Gross profit | CN¥31.5m | CN¥21.2m | CN¥62.7m | CN¥69.6m | CN¥34.6m | CN¥23.7m | CN¥53.9m | CN¥58.9m |
| Operating income | −CN¥36.3m | −CN¥45.5m | CN¥2.8m | −CN¥67.8m | −CN¥66.8m | −CN¥40.7m | −CN¥24.6m | −CN¥68.1m |
| Net income | −CN¥106.4m | −CN¥50.1m | −CN¥237.7m | −CN¥71.1m | −CN¥82.6m | −CN¥46.4m | −CN¥22.3m | −CN¥49.6m |
| Diluted earnings per share | -0.09 | -0.04 | -0.21 | -0.06 | -0.07 | -0.04 | -0.02 | -0.04 |
| Cash from operations | — | — | — | −CN¥9.0m | −CN¥107.0m | CN¥73.0m | — | −CN¥14.0m |
| Capital spending | −CN¥5.0m | −CN¥6.0m | −CN¥35.0m | −CN¥45.0m | −CN¥88.0m | −CN¥28.0m | −CN¥32.0m | −CN¥42.0m |
| Free cash flow | — | — | — | −CN¥54.0m | −CN¥195.0m | CN¥45.0m | — | −CN¥56.0m |
| Total assets | CN¥4.05bn | CN¥4.22bn | CN¥4.62bn | CN¥4.76bn | CN¥4.89bn | CN¥4.74bn | CN¥4.90bn | CN¥4.86bn |
| Cash and short-term investments | — | — | — | CN¥291.1m | CN¥381.2m | CN¥374.3m | CN¥381.1m | CN¥459.7m |
| Debt | CN¥157.2m | CN¥175.3m | CN¥177.5m | CN¥3.11bn | CN¥2.00bn | CN¥1.89bn | CN¥1.94bn | CN¥1.97bn |
| Shareholders' equity | −CN¥528.3m | −CN¥437.0m | −CN¥388.5m | −CN¥151.9m | −CN¥81.6m | CN¥2.1m | CN¥48.6m | CN¥66.3m |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.5% | 8.0% | 13.8% | 20.4% | 9.5% | 1.8% |
| Operating margin | -13.3% | -6.6% | -8.7% | -3.7% | -40.2% | -18.4% |
| Net margin | -19.6% | -9.0% | -10.7% | -5.5% | -38.6% | -20.5% |
| Return on equity | 112.7% | -409.2% | -102.0% | -29.2% | -164.3% | -63.7% |
| Return on assets | -9.5% | -4.1% | -5.0% | -2.5% | -16.6% | -17.3% |
| Free cash flow yield | 14.5% | 17.6% | 27.9% | 19.7% | 17.0% | 17.2% |
| Revenue growth | 1.0% | -5.2% | -10.0% | -3.2% | -48.1% | -29.0% |
| Earnings growth | 119.9% | -19.8% | 73.3% | -86.1% | -2.4% | -4881.7% |
| Current ratio | 0.47x | 0.47x | 0.55x | 0.73x | 0.75x | 0.83x |
| Debt to equity | -0.46x | 39.89x | 8.13x | 3.43x | 2.69x | 1.10x |
| Equity ratio | -8.4% | 1.0% | 4.9% | 8.7% | 10.1% | 27.2% |
| Interest coverage | -3.56x | -1.62x | -2.15x | -1.02x | -12.60x | -8.68x |
| R&D as a share of sales | 7.1% | 6.4% | 6.6% | 6.7% | 6.5% | 3.2% |
| Buybacks as a share of market value | 0.1% | -0.3% | 0.8% | -0.6% | -0.0% | -170.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.8% | -15.4% | 0.5% |
| Operating income | 14.0% | -19.6% | — |
| Net income | 45.1% | -16.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.3% | 13.0% | 9.1% | 11.8% |
| Operating margin | -12.4% | -10.4% | -16.4% | -6.0% |
| Net margin | -14.4% | -11.0% | -18.2% | -8.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.0 | -23.2 | -21.2 | -36.3 | -5.0 | -5.0 | 155.0 | 91.0 | -28.7 | 56.8 |
| Price to sales | 2.4 | 2.1 | 2.3 | 2.0 | 1.9 | 1.0 | 0.5 | 0.7 | 2.7 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 May 2017.
| FY2017 | FY2016 | FY2015 | FY2012 | |
|---|---|---|---|---|
| Paid in the year | 0.05 | 0.02 | 0.017 | 0.033 |
- 3-for-1 split · 22 Oct 2015
- 2-for-1 split · 9 May 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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