A 
9.67
-0.92%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.58bn
FY2016FY2025
Net income
−CN¥260.1m
FY2016FY2025
Free cash flow
−CN¥59.7m
FY2016FY2025
Shareholders' equity
CN¥815.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.58bn | CN¥1.86bn | CN¥1.33bn | CN¥1.12bn | CN¥957.2m | CN¥783.3m | CN¥867.3m | CN¥794.7m | CN¥796.0m | CN¥871.9m |
| Gross profit | CN¥278.9m | CN¥158.2m | CN¥146.3m | CN¥124.7m | CN¥114.4m | CN¥106.4m | CN¥165.1m | CN¥93.4m | CN¥113.7m | CN¥116.2m |
| Research and development | CN¥11.8m | CN¥13.8m | CN¥17.3m | CN¥8.3m | CN¥2.4m | CN¥2.3m | CN¥2.8m | CN¥2.8m | CN¥7.4m | CN¥14.8m |
| Operating income | −CN¥6.8m | −CN¥168.8m | −CN¥107.6m | −CN¥113.5m | CN¥17.8m | CN¥14.3m | CN¥19.0m | −CN¥114.9m | CN¥84.7m | −CN¥55.2m |
| Net income | −CN¥260.1m | −CN¥173.2m | −CN¥85.5m | −CN¥109.9m | CN¥8.7m | CN¥5.1m | CN¥13.5m | −CN¥127.9m | CN¥50.6m | −CN¥61.3m |
| Diluted earnings per share | -0.66 | -0.44 | -0.22 | -0.29 | 0.02 | 0.01 | 0.03 | -0.33 | 0.13 | -0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.85bn | CN¥3.39bn | CN¥3.07bn | CN¥2.80bn | CN¥2.59bn | CN¥2.00bn | CN¥1.93bn | CN¥1.76bn | CN¥1.88bn | CN¥2.01bn |
| Cash and short-term investments | — | CN¥181.5m | CN¥184.6m | CN¥161.4m | CN¥235.4m | CN¥261.2m | CN¥210.7m | CN¥172.4m | CN¥246.4m | CN¥283.0m |
| Total liabilities | CN¥2.01bn | CN¥2.31bn | CN¥1.85bn | CN¥1.45bn | CN¥1.12bn | CN¥529.5m | CN¥467.2m | CN¥355.6m | CN¥352.2m | CN¥536.4m |
| Debt | CN¥455.5m | CN¥871.7m | CN¥945.6m | CN¥594.2m | CN¥344.6m | CN¥151.4m | CN¥65.2m | CN¥60.8m | CN¥42.8m | CN¥212.1m |
| Shareholders' equity | CN¥815.1m | CN¥1.07bn | CN¥1.23bn | CN¥1.32bn | CN¥1.44bn | CN¥1.44bn | CN¥1.44bn | CN¥1.40bn | CN¥1.53bn | CN¥1.47bn |
| Shares outstanding | 392m | 392m | 392m | 384m | 389m | 395m | 393m | 392m | 393m | 392m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥141.3m | CN¥124.3m | CN¥138.3m | CN¥53.4m | CN¥3.1m | CN¥29.9m | CN¥127.2m | CN¥38.9m | CN¥122.5m | CN¥133.3m |
| Capital spending | −CN¥200.9m | −CN¥206.9m | −CN¥391.7m | −CN¥322.3m | −CN¥438.9m | −CN¥124.5m | −CN¥156.0m | −CN¥91.7m | −CN¥31.4m | −CN¥74.1m |
| Free cash flow | −CN¥59.7m | −CN¥82.6m | −CN¥253.4m | −CN¥268.9m | −CN¥435.7m | −CN¥94.7m | −CN¥28.7m | −CN¥52.8m | CN¥91.1m | CN¥59.2m |
| Dividends paid | −CN¥48.2m | −CN¥55.0m | −CN¥49.2m | −CN¥43.4m | −CN¥11.0m | −CN¥4.4m | −CN¥3.2m | −CN¥2.3m | −CN¥5.0m | −CN¥17.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥327.8m | CN¥380.2m | CN¥397.0m | CN¥416.4m | CN¥398.4m | CN¥372.1m | CN¥523.7m | CN¥515.0m |
| Gross profit | CN¥64.1m | CN¥71.1m | CN¥67.2m | CN¥91.4m | CN¥63.7m | CN¥56.7m | −CN¥17.3m | CN¥49.0m |
| Operating income | −CN¥8.3m | CN¥7.5m | −CN¥10.4m | −CN¥37.2m | −CN¥9.7m | −CN¥22.4m | −CN¥139.1m | −CN¥43.6m |
| Net income | −CN¥39.3m | −CN¥18.1m | −CN¥170.3m | −CN¥44.5m | −CN¥17.1m | −CN¥28.3m | −CN¥140.4m | −CN¥44.4m |
| Diluted earnings per share | -0.10 | -0.05 | -0.43 | -0.11 | -0.04 | -0.07 | -0.36 | -0.11 |
| Cash from operations | — | — | — | −CN¥20.0m | CN¥68.0m | −CN¥13.0m | CN¥57.0m | −CN¥6.0m |
| Capital spending | −CN¥33.0m | −CN¥39.0m | −CN¥87.0m | −CN¥23.0m | −CN¥59.0m | −CN¥29.0m | −CN¥2.0m | −CN¥63.0m |
| Free cash flow | — | — | — | −CN¥43.0m | CN¥9.0m | −CN¥42.0m | CN¥55.0m | −CN¥69.0m |
| Total assets | CN¥2.73bn | CN¥2.90bn | CN¥2.85bn | CN¥3.08bn | CN¥3.32bn | CN¥3.40bn | CN¥3.39bn | CN¥3.54bn |
| Cash and short-term investments | — | — | — | CN¥216.9m | CN¥181.7m | CN¥297.5m | CN¥181.5m | CN¥176.2m |
| Debt | CN¥441.9m | CN¥462.4m | CN¥455.5m | CN¥661.6m | CN¥888.4m | CN¥1.23bn | CN¥871.7m | CN¥865.6m |
| Shareholders' equity | CN¥748.6m | CN¥795.7m | CN¥815.1m | CN¥976.5m | CN¥1.02bn | CN¥1.04bn | CN¥1.07bn | CN¥1.20bn |
Financial ratios
Data as of 17 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 17.4% | 24.5% | 34.2% | 34.1% | 34.3% | 37.0% | — | — | — | — |
| Operating margin | -14.9% | -44.1% | 46.2% | -42.8% | -14.4% | -8.5% | — | — | — | — |
| Net margin | -15.3% | -44.9% | 46.0% | -43.1% | 130.1% | -29.4% | — | — | — | — |
| Return on equity | -6.7% | -18.4% | 15.1% | -17.4% | 41.1% | -31.5% | — | — | — | — |
| Return on assets | -5.6% | -15.6% | 13.3% | -15.3% | 32.6% | -21.4% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 1.3% | 4.9% | -2.2% | -7.5% | -1.3% | -4.5% |
| Revenue growth | 1.2% | 5.0% | -2.8% | 9.7% | -49.5% | 38.0% | — | — | — | — |
| Earnings growth | -65.4% | -202.5% | -203.6% | -136.3% | -323.9% | 40.4% | — | — | — | — |
| Current ratio | 7.82x | 11.26x | 14.02x | 12.65x | 5.17x | 1.91x | — | — | — | — |
| Debt to equity | — | — | — | — | 0.08x | 0.14x | 0.13x | 0.13x | 1.22x | 0.74x |
| Equity ratio | 84.0% | 84.7% | 87.7% | 88.1% | 79.3% | 67.9% | — | — | — | — |
| Interest coverage | -34.57x | -58.90x | 227.20x | -48.91x | -8.73x | -7.86x | — | — | — | — |
| R&D as a share of sales | 2.5% | 3.4% | 7.0% | 6.3% | 9.9% | 5.1% | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | 0.0% | -0.0% | -16.5% | -3.6% | -30.4% | -1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.1% | 15.1% | 6.3% |
| Operating income | -60.8% | — | -20.6% |
| Net income | 33.3% | — | 15.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.7% | 12.0% | 12.2% | 13.2% |
| Operating margin | -5.1% | -6.7% | -4.8% | -4.2% |
| Net margin | -12.6% | -10.7% | -8.1% | -6.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.7 | -9.3 | -30.6 | -21.8 | 310.4 | — | 149.0 | -16.0 | 62.1 | -98.0 |
| Price to sales | 2.9 | 0.9 | 2.0 | 2.1 | 2.8 | 5.1 | 2.3 | 2.6 | 4.0 | 6.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Mar 2013.
| FY2013 | FY2012 | |
|---|---|---|
| Paid in the year | 0.03 | 0.03 |
- 2-for-1 split · 11 Mar 2013
- 2-for-1 split · 1 Jun 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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