Z 
4.44
-0.45%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.28bn
FY2016FY2025
Net income
−CN¥359.5m
FY2016FY2025
Free cash flow
−CN¥699.4m
FY2016FY2025
Shareholders' equity
CN¥2.70bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.28bn | CN¥3.93bn | CN¥3.94bn | CN¥3.47bn | CN¥3.58bn | CN¥2.51bn | CN¥3.43bn | CN¥4.09bn | CN¥3.69bn | CN¥3.35bn |
| Gross profit | CN¥184.3m | CN¥238.9m | CN¥491.5m | CN¥388.3m | CN¥414.8m | CN¥325.1m | CN¥419.1m | CN¥353.8m | CN¥378.8m | CN¥344.7m |
| Research and development | CN¥24.6m | CN¥28.6m | CN¥2.5m | CN¥917,470 | CN¥1.7m | CN¥1.8m | CN¥4.7m | CN¥3.9m | CN¥2.5m | CN¥6.8m |
| Operating income | −CN¥266.6m | −CN¥181.3m | CN¥118.9m | −CN¥213.5m | CN¥210.9m | −CN¥234.8m | CN¥130.3m | CN¥130.1m | CN¥154.3m | CN¥117.6m |
| Net income | −CN¥359.5m | CN¥18.0m | CN¥159.1m | −CN¥162.6m | CN¥137.0m | −CN¥257.1m | CN¥57.8m | CN¥91.4m | CN¥87.3m | CN¥43.7m |
| Diluted earnings per share | -0.63 | 0.18 | 0.29 | -0.32 | 0.25 | -0.41 | 0.12 | 0.16 | 0.17 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.51bn | CN¥7.03bn | CN¥7.38bn | CN¥4.41bn | CN¥4.31bn | CN¥4.12bn | CN¥4.39bn | CN¥4.07bn | CN¥3.88bn | CN¥4.92bn |
| Cash and short-term investments | — | CN¥879.5m | CN¥1.75bn | CN¥1.19bn | CN¥993.2m | CN¥996.9m | CN¥771.5m | CN¥474.1m | CN¥412.7m | CN¥304.4m |
| Total liabilities | CN¥3.78bn | CN¥3.90bn | CN¥4.25bn | CN¥1.46bn | CN¥1.20bn | CN¥1.15bn | CN¥1.15bn | CN¥865.5m | CN¥744.7m | CN¥1.85bn |
| Debt | CN¥369.0m | CN¥1.23bn | CN¥1.16bn | CN¥277.2m | CN¥162.1m | CN¥63.0m | CN¥15.0m | CN¥70.0m | — | CN¥999.6m |
| Shareholders' equity | CN¥2.70bn | CN¥3.10bn | CN¥3.10bn | CN¥2.93bn | CN¥3.09bn | CN¥2.96bn | CN¥3.24bn | CN¥3.20bn | CN¥3.13bn | CN¥3.07bn |
| Shares outstanding | 575m | 101m | 546m | 512m | 547m | 624m | 497m | 558m | 511m | 732m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥632.7m | CN¥7.3m | CN¥307.9m | CN¥156.9m | CN¥119.4m | CN¥112.1m | −CN¥1.8m | CN¥24.6m | CN¥188.2m | CN¥258.8m |
| Capital spending | −CN¥66.8m | −CN¥1.45bn | −CN¥892.8m | −CN¥21.1m | −CN¥24.3m | −CN¥10.5m | −CN¥16.2m | −CN¥31.7m | −CN¥26.7m | −CN¥36.5m |
| Free cash flow | −CN¥699.4m | −CN¥1.44bn | −CN¥584.9m | CN¥135.8m | CN¥95.1m | CN¥101.6m | −CN¥18.0m | −CN¥7.1m | CN¥161.6m | CN¥222.3m |
| Dividends paid | −CN¥86.5m | −CN¥144.9m | −CN¥42.1m | −CN¥30.5m | −CN¥15.0m | −CN¥15.8m | −CN¥26.4m | −CN¥49.8m | −CN¥124.2m | −CN¥127.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥872.6m | CN¥957.4m | CN¥659.8m | CN¥681.0m | CN¥964.9m | CN¥974.4m | CN¥423.0m | CN¥1.08bn |
| Gross profit | CN¥69.3m | CN¥75.4m | −CN¥42.9m | CN¥69.6m | CN¥37.3m | CN¥120.3m | −CN¥62.9m | CN¥84.4m |
| Operating income | −CN¥2.1m | CN¥3.4m | −CN¥77.0m | −CN¥1.3m | −CN¥84.9m | −CN¥23.4m | −CN¥179.5m | −CN¥37.6m |
| Net income | −CN¥31.2m | CN¥12.3m | −CN¥252.2m | −CN¥29.7m | −CN¥39.6m | −CN¥38.0m | CN¥10.3m | −CN¥6.5m |
| Diluted earnings per share | -0.05 | 0.02 | -0.44 | -0.05 | -0.07 | -0.07 | 0.10 | -0.06 |
| Cash from operations | — | — | — | −CN¥288.0m | −CN¥196.0m | CN¥52.0m | — | −CN¥119.0m |
| Capital spending | −CN¥6.0m | −CN¥12.0m | −CN¥40.0m | — | −CN¥25.0m | — | −CN¥257.0m | −CN¥1.0m |
| Free cash flow | — | — | — | — | −CN¥221.0m | — | — | −CN¥120.0m |
| Total assets | CN¥6.01bn | CN¥6.63bn | CN¥6.51bn | CN¥7.03bn | CN¥6.85bn | CN¥7.13bn | CN¥7.03bn | CN¥7.45bn |
| Cash and short-term investments | — | — | — | CN¥818.5m | CN¥847.4m | CN¥1.03bn | CN¥879.5m | CN¥930.7m |
| Debt | CN¥20.0m | CN¥166.0m | CN¥369.0m | CN¥1.56bn | CN¥1.24bn | CN¥1.32bn | CN¥1.22bn | CN¥1.48bn |
| Shareholders' equity | CN¥2.69bn | CN¥2.72bn | CN¥2.70bn | CN¥2.98bn | CN¥3.01bn | CN¥3.06bn | CN¥3.10bn | CN¥3.06bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.6% | 6.1% | 12.5% | 11.2% | 11.6% | 13.0% |
| Operating margin | -7.9% | -1.5% | 6.5% | -5.2% | 6.7% | -8.2% |
| Net margin | -11.0% | 0.5% | 4.0% | -4.7% | 3.8% | -10.2% |
| Return on equity | -13.3% | 0.6% | 5.1% | -5.5% | 4.4% | -8.7% |
| Return on assets | -5.5% | 0.3% | 2.2% | -3.7% | 3.2% | -6.2% |
| Free cash flow yield | -20.9% | 305.1% | 46.6% | 7.4% | 5.6% | 4.2% |
| Revenue growth | -16.6% | -0.1% | 13.4% | -3.0% | 42.7% | -26.8% |
| Earnings growth | -2099.8% | -88.7% | -197.8% | -218.7% | -153.3% | -544.9% |
| Current ratio | 1.04x | 1.17x | 1.12x | 2.66x | 3.20x | 3.03x |
| Debt to equity | 0.14x | 0.39x | 0.37x | 0.08x | 0.04x | 0.02x |
| Equity ratio | 41.6% | 44.1% | 42.0% | 66.4% | 71.7% | 71.8% |
| Interest coverage | -3.10x | -1.40x | 5.38x | -5.58x | 8.44x | -7.02x |
| R&D as a share of sales | 0.8% | 0.7% | 0.1% | 0.0% | 0.0% | 0.1% |
| Buybacks as a share of market value | -468.4% | 81.5% | -6.6% | 6.3% | 12.4% | -25.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.9% | 5.5% | -4.6% |
| Operating income | 7.7% | 2.6% | — |
| Net income | 30.3% | 6.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.9% | 8.9% | 9.9% | 9.7% |
| Operating margin | -6.2% | -3.7% | -2.7% | 0.1% |
| Net margin | -4.7% | -2.4% | -2.2% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.0 | 25.9 | 20.6 | -19.2 | 19.6 | -11.2 | 44.0 | 30.1 | 43.7 | 193.7 |
| Price to sales | 1.0 | 0.1 | 0.8 | 0.9 | 0.8 | 1.1 | 0.7 | 0.7 | 1.0 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Jul 2024.
| FY2024 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.046 |
- 11-for-5 split · 28 Aug 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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