Z 
3.04
-0.33%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.09bn
FY2016FY2025
Net income
CN¥273.4m
FY2016FY2025
Free cash flow
−CN¥510.3m
FY2016FY2025
Shareholders' equity
CN¥3.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.09bn | CN¥2.48bn | CN¥2.13bn | CN¥2.56bn | CN¥2.58bn | CN¥2.15bn | CN¥3.44bn | CN¥3.54bn | CN¥2.87bn | CN¥2.19bn |
| Gross profit | CN¥213.1m | CN¥258.4m | CN¥159.9m | CN¥138.8m | CN¥374.5m | CN¥161.5m | CN¥431.0m | CN¥545.8m | CN¥489.8m | CN¥288.9m |
| Research and development | CN¥80.4m | CN¥85.0m | CN¥76.2m | CN¥54.3m | CN¥21.9m | CN¥32.6m | CN¥38.3m | CN¥41.2m | CN¥16.2m | CN¥4.9m |
| Operating income | −CN¥3.9m | −CN¥187.9m | −CN¥113.2m | −CN¥463.8m | −CN¥114.3m | −CN¥260.2m | −CN¥1.53bn | CN¥343.5m | CN¥306.2m | CN¥119.0m |
| Net income | CN¥273.4m | −CN¥151.1m | −CN¥137.1m | −CN¥497.1m | −CN¥27.4m | −CN¥410.3m | −CN¥1.61bn | CN¥252.9m | CN¥213.3m | CN¥93.1m |
| Diluted earnings per share | 0.24 | -0.13 | -0.12 | -0.43 | -0.02 | -0.36 | -1.39 | 0.20 | 0.17 | 0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.40bn | CN¥7.58bn | CN¥7.68bn | CN¥8.54bn | CN¥8.88bn | CN¥8.24bn | CN¥9.92bn | CN¥11.30bn | CN¥8.70bn | CN¥5.59bn |
| Cash and short-term investments | — | CN¥1.30bn | CN¥685.7m | CN¥680.3m | CN¥303.2m | CN¥385.9m | CN¥1.06bn | CN¥1.73bn | CN¥745.0m | CN¥961.2m |
| Total liabilities | CN¥3.20bn | CN¥4.63bn | CN¥4.57bn | CN¥4.63bn | CN¥5.16bn | CN¥4.84bn | CN¥5.66bn | CN¥5.76bn | CN¥4.34bn | CN¥3.88bn |
| Debt | CN¥209.7m | CN¥847.3m | CN¥1.03bn | CN¥1.14bn | CN¥1.76bn | CN¥2.06bn | CN¥2.47bn | CN¥2.95bn | CN¥2.37bn | CN¥2.17bn |
| Shareholders' equity | CN¥3.22bn | CN¥2.93bn | CN¥3.07bn | CN¥3.81bn | CN¥3.58bn | CN¥3.34bn | CN¥4.05bn | CN¥5.35bn | CN¥4.28bn | CN¥1.65bn |
| Shares outstanding | 1,151m | 1,147m | 1,146m | 1,149m | 1,153m | 1,143m | 1,156m | 1,238m | 1,276m | 679m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥479.6m | −CN¥60.0m | CN¥13.2m | −CN¥98.7m | CN¥100.2m | CN¥7.9m | −CN¥72.9m | CN¥73.5m | CN¥79.3m | CN¥34.4m |
| Capital spending | −CN¥30.7m | −CN¥14.9m | −CN¥4.6m | −CN¥9.1m | −CN¥1.9m | −CN¥5.0m | −CN¥8.8m | −CN¥35.8m | −CN¥29.7m | −CN¥16.0m |
| Free cash flow | −CN¥510.3m | −CN¥75.0m | CN¥8.5m | −CN¥107.8m | CN¥98.3m | CN¥2.9m | −CN¥81.7m | CN¥37.7m | CN¥49.6m | CN¥18.4m |
| Dividends paid | −CN¥29.5m | −CN¥50.0m | −CN¥64.6m | −CN¥113.8m | −CN¥76.0m | −CN¥89.6m | −CN¥171.6m | −CN¥182.6m | −CN¥138.5m | −CN¥111.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥303.0m | CN¥308.9m | CN¥803.0m | CN¥459.9m | CN¥543.4m | CN¥286.3m | CN¥1.13bn | CN¥490.6m |
| Gross profit | CN¥34.2m | CN¥37.3m | CN¥53.4m | CN¥66.1m | CN¥72.8m | CN¥20.8m | CN¥152.5m | CN¥46.1m |
| Operating income | −CN¥4.5m | −CN¥266,188 | −CN¥24.5m | CN¥28.4m | CN¥8.4m | CN¥15.2m | −CN¥109.3m | −CN¥29.9m |
| Net income | CN¥11.2m | −CN¥3.8m | CN¥235.8m | CN¥29.2m | CN¥4.7m | CN¥3.7m | −CN¥68.0m | −CN¥31.9m |
| Diluted earnings per share | 0.01 | -0.00 | 0.20 | 0.03 | 0.00 | 0.00 | -0.06 | -0.03 |
| Cash from operations | — | — | — | −CN¥87.0m | CN¥11.0m | −CN¥332.0m | — | CN¥11.0m |
| Capital spending | — | — | — | −CN¥1.0m | −CN¥21.0m | −CN¥40.0m | −CN¥12.0m | −CN¥1.0m |
| Free cash flow | — | — | — | −CN¥88.0m | −CN¥10.0m | −CN¥372.0m | — | CN¥10.0m |
| Total assets | CN¥6.12bn | CN¥5.82bn | CN¥6.40bn | CN¥6.59bn | CN¥6.76bn | CN¥7.09bn | CN¥7.58bn | CN¥7.28bn |
| Cash and short-term investments | — | — | — | CN¥928.7m | CN¥1.33bn | CN¥1.63bn | CN¥1.30bn | CN¥1.09bn |
| Debt | CN¥157.7m | CN¥180.5m | CN¥209.7m | CN¥187.2m | CN¥546.0m | CN¥840.5m | CN¥847.1m | CN¥995.7m |
| Shareholders' equity | CN¥3.19bn | CN¥3.21bn | CN¥3.22bn | CN¥2.98bn | CN¥2.95bn | CN¥2.96bn | CN¥2.93bn | CN¥3.00bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.2% | 10.4% | 7.5% | 5.4% | 14.5% | 7.5% |
| Operating margin | 15.8% | -5.3% | -2.8% | -16.0% | 3.6% | -12.6% |
| Net margin | 13.1% | -6.1% | -6.4% | -19.4% | -1.1% | -19.1% |
| Return on equity | 8.5% | -5.2% | -4.5% | -13.0% | -0.8% | -12.3% |
| Return on assets | 4.3% | -2.0% | -1.8% | -5.8% | -0.3% | -5.0% |
| Free cash flow yield | -11.1% | -1.1% | 0.4% | -2.2% | 2.5% | 0.3% |
| Revenue growth | -15.7% | 16.4% | -16.7% | -0.8% | 20.0% | -37.4% |
| Earnings growth | -280.9% | 10.2% | -72.4% | 1715.8% | -93.3% | -74.4% |
| Current ratio | 1.39x | 1.04x | 0.95x | 1.02x | 0.90x | 0.80x |
| Debt to equity | 0.07x | 0.29x | 0.31x | 0.34x | 0.43x | 0.62x |
| Equity ratio | 50.3% | 38.7% | 40.0% | 44.6% | 40.3% | 40.5% |
| Interest coverage | 8.32x | -2.34x | -0.94x | -4.90x | 0.78x | -2.02x |
| R&D as a share of sales | 3.8% | 3.4% | 3.6% | 2.1% | 0.8% | 1.5% |
| Buybacks as a share of market value | -0.3% | -0.0% | 0.2% | 0.3% | -0.8% | 1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | -0.5% | 1.0% |
| Operating income | -79.7% | -56.8% | — |
| Net income | — | — | 15.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.3% | 8.3% | 9.3% | 12.0% |
| Operating margin | -4.2% | -8.3% | -8.2% | -6.5% |
| Net margin | 2.7% | -5.5% | -6.8% | -6.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.9 | -19.9 | -30.9 | -10.9 | -150.8 | -5.7 | -2.3 | 22.1 | 53.5 | 73.6 |
| Price to sales | 2.5 | 1.2 | 2.0 | 2.1 | 1.6 | 1.1 | 1.1 | 1.6 | 4.0 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.046 | 0.05 | 0.05 | 0.05 | 0.075 | 0.033 | 0.018 |
- 2-for-1 split · 5 Jun 2015
- 3-for-2 split · 27 May 2013
- 19-for-10 split · 12 Jun 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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