H 
3.48
+10.13%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.17bn
FY2016FY2025
Net income
−CN¥214.7m
FY2016FY2025
Free cash flow
CN¥58.2m
FY2016FY2025
Shareholders' equity
CN¥534.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.17bn | CN¥1.30bn | CN¥1.71bn | CN¥1.93bn | CN¥2.78bn | CN¥2.90bn | CN¥2.58bn | CN¥3.12bn | CN¥2.88bn | CN¥1.84bn |
| Gross profit | CN¥82.0m | CN¥118.5m | CN¥244.4m | CN¥221.2m | CN¥361.7m | CN¥590.0m | CN¥506.8m | CN¥707.7m | CN¥546.3m | CN¥387.5m |
| Research and development | CN¥25.6m | CN¥28.1m | CN¥26.4m | CN¥32.2m | CN¥13.7m | CN¥33.8m | CN¥30.5m | CN¥49.8m | CN¥49.3m | CN¥31.6m |
| Operating income | −CN¥136.8m | −CN¥125.7m | −CN¥400.6m | −CN¥433.6m | −CN¥945.2m | CN¥199.0m | −CN¥236.3m | CN¥212.2m | CN¥297.3m | CN¥118.7m |
| Net income | −CN¥214.7m | −CN¥241.5m | −CN¥506.8m | −CN¥493.2m | −CN¥1.14bn | CN¥41.4m | −CN¥411.9m | CN¥122.1m | CN¥176.2m | CN¥70.2m |
| Diluted earnings per share | -0.18 | -0.18 | -0.44 | -0.43 | -1.16 | 0.04 | -0.35 | 0.25 | 0.17 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.07bn | CN¥3.44bn | CN¥3.94bn | CN¥4.55bn | CN¥5.57bn | CN¥6.51bn | CN¥6.16bn | CN¥6.57bn | CN¥4.98bn | CN¥3.93bn |
| Cash and short-term investments | — | CN¥85.5m | CN¥72.2m | CN¥115.6m | CN¥198.0m | CN¥469.6m | CN¥373.7m | CN¥203.1m | CN¥416.0m | CN¥380.8m |
| Total liabilities | CN¥2.59bn | CN¥2.72bn | CN¥2.98bn | CN¥3.06bn | CN¥3.52bn | CN¥3.29bn | CN¥2.98bn | CN¥3.42bn | CN¥2.65bn | CN¥1.76bn |
| Debt | CN¥589.4m | CN¥1.23bn | CN¥1.33bn | CN¥1.48bn | CN¥1.79bn | CN¥1.76bn | CN¥1.75bn | CN¥1.36bn | CN¥1.58bn | CN¥1.15bn |
| Shareholders' equity | CN¥534.7m | CN¥749.5m | CN¥991.0m | CN¥1.50bn | CN¥1.99bn | CN¥3.14bn | CN¥3.11bn | CN¥3.08bn | CN¥2.30bn | CN¥2.15bn |
| Shares outstanding | 1,185m | 1,337m | 1,141m | 1,148m | 986m | 1,057m | 1,182m | 487m | 1,023m | 1,535m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥64.7m | CN¥88.0m | CN¥95.2m | −CN¥27.0m | −CN¥25.8m | CN¥257.6m | CN¥234.9m | CN¥254.8m | −CN¥95.9m | −CN¥108.4m |
| Capital spending | −CN¥6.4m | −CN¥22.1m | −CN¥21.1m | −CN¥35.7m | −CN¥102.1m | −CN¥97.2m | −CN¥185.5m | −CN¥343.0m | −CN¥153.4m | −CN¥130.5m |
| Free cash flow | CN¥58.2m | CN¥65.9m | CN¥74.1m | −CN¥62.6m | −CN¥127.9m | CN¥160.3m | CN¥49.4m | −CN¥88.2m | −CN¥249.2m | −CN¥239.0m |
| Dividends paid | −CN¥27.2m | −CN¥64.3m | −CN¥70.9m | −CN¥80.8m | −CN¥130.3m | −CN¥109.2m | −CN¥123.1m | −CN¥146.9m | −CN¥95.9m | −CN¥49.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥234.4m | CN¥214.1m | CN¥272.3m | CN¥274.5m | CN¥339.3m | CN¥279.8m | CN¥267.4m | CN¥306.5m |
| Gross profit | CN¥28.2m | CN¥23.9m | −CN¥54.2m | CN¥46.4m | CN¥44.0m | CN¥45.9m | −CN¥75.6m | CN¥64.6m |
| Operating income | −CN¥17.6m | −CN¥24.9m | −CN¥103.3m | −CN¥7.4m | −CN¥22.8m | −CN¥13.4m | −CN¥122.4m | −CN¥13.4m |
| Net income | −CN¥53.8m | −CN¥3.2m | −CN¥133.5m | −CN¥13.2m | −CN¥51.2m | −CN¥16.8m | −CN¥154.5m | −CN¥38.8m |
| Diluted earnings per share | -0.05 | -0.00 | -0.11 | -0.01 | -0.04 | -0.01 | -0.12 | -0.03 |
| Cash from operations | — | — | — | −CN¥4.0m | CN¥6.0m | CN¥11.0m | CN¥24.0m | — |
| Capital spending | −CN¥11.0m | −CN¥3.0m | −CN¥1.0m | −CN¥1.0m | — | −CN¥3.0m | −CN¥2.0m | −CN¥5.0m |
| Free cash flow | — | — | — | −CN¥5.0m | — | CN¥8.0m | CN¥22.0m | — |
| Total assets | CN¥2.99bn | CN¥3.03bn | CN¥3.07bn | CN¥3.22bn | CN¥3.28bn | CN¥3.30bn | CN¥3.44bn | CN¥3.63bn |
| Cash and short-term investments | — | — | — | CN¥35.7m | CN¥64.2m | CN¥63.9m | CN¥85.5m | CN¥129.8m |
| Debt | CN¥963.6m | CN¥585.9m | CN¥589.4m | CN¥637.6m | CN¥765.2m | CN¥1.20bn | CN¥1.20bn | CN¥1.23bn |
| Shareholders' equity | CN¥477.7m | CN¥531.5m | CN¥534.7m | CN¥668.3m | CN¥681.4m | CN¥732.6m | CN¥749.5m | CN¥904.0m |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 7.0% | 9.1% | 14.3% | 11.4% | 13.0% | 20.3% |
| Operating margin | -11.8% | -9.5% | -23.4% | -22.4% | -34.0% | 6.9% |
| Net margin | -18.4% | -18.5% | -29.6% | -25.5% | -41.1% | 1.4% |
| Return on equity | -40.2% | -32.2% | -51.1% | -32.9% | -57.2% | 1.3% |
| Return on assets | -7.0% | -7.0% | -12.8% | -10.8% | -20.5% | 0.6% |
| Free cash flow yield | 1.9% | 2.6% | 3.3% | 0.2% | 2.5% | 10.8% |
| Revenue growth | -10.6% | -23.9% | -11.4% | -30.4% | -4.3% | 12.7% |
| Earnings growth | -11.1% | -52.3% | 2.8% | -56.8% | -2852.9% | -110.1% |
| Current ratio | 1.16x | 1.62x | 1.65x | 1.66x | 1.73x | 1.95x |
| Debt to equity | 1.10x | 1.60x | 1.31x | 0.82x | 0.83x | 0.52x |
| Equity ratio | 17.4% | 21.8% | 25.1% | 33.0% | 35.8% | 48.3% |
| Interest coverage | -1.91x | -1.47x | -4.13x | -3.86x | -7.59x | 1.93x |
| R&D as a share of sales | 2.2% | 2.2% | 1.5% | 1.7% | 0.5% | 1.2% |
| Buybacks as a share of market value | 11.3% | -17.2% | 0.6% | -16.4% | 6.7% | 10.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.5% | -16.7% | -4.1% |
| Operating income | -31.9% | — | — |
| Net income | -24.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.1% | 10.9% | 13.7% | 17.1% |
| Operating margin | -10.6% | -17.9% | -15.6% | -5.6% |
| Net margin | -18.5% | -23.8% | -21.7% | -10.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.8 | -19.6 | -6.3 | -7.9 | -3.3 | 132.6 | -18.6 | 23.9 | 65.9 | 218.5 |
| Price to sales | 5.5 | 3.6 | 1.9 | 2.0 | 1.3 | 1.9 | 3.0 | 0.9 | 4.0 | 8.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Jun 2021.
| FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.008 | 0.02 | 0.01 | 0.01 | 0.007 | 0.01 | 0.021 |
- 3-for-1 split · 28 Apr 2017
- 8-for-5 split · 14 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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