S 
4.14
+1.47%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥274.8m
FY2016FY2025
Net income
−CN¥116.3m
FY2016FY2025
Free cash flow
−CN¥433.4m
FY2016FY2025
Shareholders' equity
CN¥1.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥274.8m | CN¥360.4m | CN¥429.8m | CN¥357.1m | CN¥402.7m | CN¥276.8m | CN¥567.6m | CN¥664.6m | CN¥1.16bn | CN¥1.26bn |
| Gross profit | CN¥145.2m | CN¥272.7m | CN¥336.5m | CN¥280.4m | CN¥316.9m | CN¥222.0m | CN¥493.5m | CN¥566.0m | CN¥906.7m | CN¥965.5m |
| Research and development | CN¥18.9m | CN¥25.4m | CN¥25.4m | CN¥27.3m | CN¥38.4m | CN¥49.3m | CN¥54.7m | CN¥46.0m | CN¥39.0m | CN¥44.0m |
| Operating income | −CN¥142.2m | −CN¥111.5m | −CN¥293.4m | CN¥33.7m | CN¥273.1m | −CN¥195.7m | CN¥79.0m | −CN¥87.6m | CN¥466.7m | CN¥447.2m |
| Net income | −CN¥116.3m | −CN¥137.3m | −CN¥332.5m | −CN¥14.7m | CN¥271.0m | −CN¥195.9m | CN¥63.4m | −CN¥103.8m | CN¥388.4m | CN¥417.7m |
| Diluted earnings per share | -0.18 | -0.21 | -0.51 | -0.02 | 0.41 | -0.30 | 0.10 | -0.16 | 0.60 | 0.63 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.17bn | CN¥2.20bn | CN¥2.34bn | CN¥2.86bn | CN¥2.76bn | CN¥2.44bn | CN¥3.41bn | CN¥4.29bn | CN¥4.00bn | CN¥2.69bn |
| Cash and short-term investments | — | CN¥506.4m | CN¥151.9m | CN¥183.8m | CN¥187.8m | CN¥284.2m | CN¥1.12bn | CN¥1.55bn | CN¥1.82bn | CN¥769.1m |
| Total liabilities | CN¥222.0m | CN¥173.6m | CN¥163.4m | CN¥389.5m | CN¥286.8m | CN¥254.3m | CN¥1.03bn | CN¥1.47bn | CN¥1.08bn | CN¥160.2m |
| Debt | CN¥8.5m | CN¥2.8m | CN¥14.5m | CN¥165.3m | CN¥177.2m | CN¥167.1m | CN¥845.3m | CN¥1.24bn | CN¥891.9m | CN¥950,000 |
| Shareholders' equity | CN¥1.84bn | CN¥1.92bn | CN¥2.07bn | CN¥2.39bn | CN¥2.39bn | CN¥2.12bn | CN¥2.31bn | CN¥2.75bn | CN¥2.86bn | CN¥2.47bn |
| Shares outstanding | 660m | 663m | 658m | 654m | 660m | 660m | 660m | 660m | 647m | 664m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥253.7m | −CN¥6.5m | −CN¥36.5m | −CN¥54.5m | −CN¥46.0m | CN¥18.5m | CN¥48.4m | CN¥74.5m | CN¥271.1m | CN¥169.3m |
| Capital spending | −CN¥179.7m | −CN¥9.0m | −CN¥4.3m | −CN¥31.5m | −CN¥60.8m | −CN¥67.7m | −CN¥36.3m | −CN¥608.3m | −CN¥88.1m | −CN¥44.7m |
| Free cash flow | −CN¥433.4m | −CN¥15.6m | −CN¥40.8m | −CN¥85.9m | −CN¥106.9m | −CN¥49.2m | CN¥12.1m | −CN¥533.8m | CN¥183.0m | CN¥124.6m |
| Dividends paid | −CN¥1.1m | −CN¥177,360 | −CN¥10.3m | −CN¥8.0m | −CN¥6.7m | −CN¥55.3m | −CN¥60.4m | −CN¥75.5m | −CN¥50,869 | −CN¥37.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥50.2m | CN¥43.9m | CN¥141.8m | CN¥141.3m | CN¥35.4m | CN¥35.3m | CN¥45.7m | CN¥103.9m |
| Gross profit | CN¥6.2m | CN¥5.9m | CN¥66.1m | CN¥31.4m | CN¥19.4m | CN¥28.2m | CN¥20.2m | CN¥82.1m |
| Operating income | −CN¥48.8m | −CN¥41.9m | −CN¥19.0m | −CN¥13.0m | −CN¥44.8m | −CN¥50.4m | −CN¥138.5m | CN¥51.2m |
| Net income | −CN¥41.2m | −CN¥54.2m | −CN¥47.5m | −CN¥1.5m | −CN¥30.5m | −CN¥36.9m | −CN¥151.9m | CN¥44.2m |
| Diluted earnings per share | -0.06 | -0.08 | -0.07 | -0.00 | -0.05 | -0.06 | -0.23 | 0.07 |
| Cash from operations | — | — | — | −CN¥86.0m | −CN¥84.0m | −CN¥58.0m | CN¥41.0m | CN¥2.0m |
| Capital spending | −CN¥14.0m | −CN¥15.0m | −CN¥75.0m | −CN¥60.0m | −CN¥37.0m | −CN¥6.0m | −CN¥5.0m | −CN¥3.0m |
| Free cash flow | — | — | — | −CN¥146.0m | −CN¥121.0m | −CN¥64.0m | CN¥36.0m | −CN¥1.0m |
| Total assets | CN¥2.05bn | CN¥2.09bn | CN¥2.17bn | CN¥2.21bn | CN¥2.05bn | CN¥2.17bn | CN¥2.20bn | CN¥2.30bn |
| Cash and short-term investments | — | — | — | CN¥325.3m | CN¥456.0m | CN¥445.0m | CN¥506.4m | CN¥428.8m |
| Debt | CN¥18.3m | CN¥10.0m | CN¥8.5m | CN¥66.0m | — | CN¥2.3m | CN¥2.8m | — |
| Shareholders' equity | CN¥1.77bn | CN¥1.80bn | CN¥1.84bn | CN¥1.87bn | CN¥1.86bn | CN¥1.89bn | CN¥1.92bn | CN¥2.09bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 52.8% | 75.7% | 78.3% | 78.5% | 78.7% | 80.2% |
| Operating margin | -63.5% | -40.5% | -70.8% | 6.5% | 71.5% | -63.7% |
| Net margin | -42.3% | -38.1% | -77.4% | -4.1% | 67.3% | -70.8% |
| Return on equity | -6.3% | -7.1% | -16.1% | -0.6% | 11.3% | -9.3% |
| Return on assets | -5.4% | -6.3% | -14.2% | -0.5% | 9.8% | -8.0% |
| Free cash flow yield | -2.3% | 0.1% | -1.0% | -0.7% | 0.5% | 2.6% |
| Revenue growth | -23.7% | -16.1% | 20.4% | -11.3% | 45.5% | -51.2% |
| Earnings growth | -15.3% | -58.7% | 2164.7% | -105.4% | -238.3% | -409.1% |
| Current ratio | 3.30x | 9.04x | 3.72x | 1.42x | 2.20x | 3.70x |
| Debt to equity | 0.00x | 0.00x | 0.01x | 0.07x | 0.07x | 0.07x |
| Equity ratio | 85.0% | 87.6% | 88.5% | 83.5% | 86.7% | 86.6% |
| Interest coverage | -155.91x | -570.80x | -33.61x | 2.23x | 30.98x | -6.94x |
| R&D as a share of sales | 6.9% | 7.0% | 5.9% | 7.6% | 9.5% | 17.8% |
| Buybacks as a share of market value | 0.5% | -0.7% | -0.6% | 0.8% | 0.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.4% | -0.1% | -10.8% |
| Operating income | — | -6.2% | — |
| Net income | 99.3% | -9.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.8% | 72.8% | 74.9% | 78.8% |
| Operating margin | -39.9% | -36.1% | -20.7% | 11.3% |
| Net margin | -39.9% | -42.2% | -25.0% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -42.5 | -51.4 | -28.9 | -701.9 | 52.0 | -61.8 | 75.4 | -41.1 | 31.9 | 38.6 |
| Price to sales | 18.0 | 19.6 | 22.4 | 28.9 | 35.0 | 43.7 | 8.4 | 6.4 | 10.7 | 12.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jun 2016.
| FY2016 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.25 | 0.192 | 0.192 | 0.154 |
- 2-for-1 split · 10 Jul 2015
- 13-for-10 split · 22 May 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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