W 
2.10
-1.41%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥702.9m
FY2016FY2025
Net income
−CN¥119.4m
FY2016FY2025
Free cash flow
CN¥44.1m
FY2016FY2025
Shareholders' equity
CN¥270.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥702.9m | CN¥861.6m | CN¥756.7m | CN¥500.7m | CN¥168.1m | CN¥114.3m | CN¥155.3m | CN¥422.4m | CN¥194.9m | CN¥120.1m |
| Gross profit | CN¥313.4m | CN¥416.4m | CN¥385.3m | CN¥208.1m | CN¥77.0m | −CN¥20.4m | CN¥93.9m | CN¥180.9m | CN¥99.5m | CN¥28.9m |
| Research and development | CN¥11.8m | CN¥11.7m | CN¥15.9m | CN¥14.6m | CN¥9.9m | CN¥8.0m | CN¥9.2m | CN¥10.4m | CN¥7.4m | CN¥4.4m |
| Operating income | −CN¥18.5m | CN¥3.7m | −CN¥7.8m | −CN¥74.0m | −CN¥30.7m | −CN¥260.6m | CN¥50.0m | CN¥67.8m | CN¥95.4m | CN¥2.2m |
| Net income | −CN¥119.4m | −CN¥37.7m | −CN¥94.4m | −CN¥256.8m | −CN¥76.0m | −CN¥297.1m | CN¥7.4m | CN¥36.8m | CN¥71.9m | CN¥15.7m |
| Diluted earnings per share | -0.14 | -0.04 | -0.11 | -0.30 | -0.09 | -0.35 | 0.01 | 0.03 | 0.08 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.36bn | CN¥1.50bn | CN¥1.54bn | CN¥1.64bn | CN¥1.79bn | CN¥1.34bn | CN¥1.77bn | CN¥1.87bn | CN¥1.73bn | CN¥1.27bn |
| Cash and short-term investments | — | CN¥147.7m | CN¥147.1m | CN¥123.5m | CN¥192.3m | CN¥194.4m | CN¥104.5m | CN¥101.1m | CN¥161.7m | CN¥240.8m |
| Total liabilities | CN¥1.05bn | CN¥1.05bn | CN¥1.07bn | CN¥1.07bn | CN¥913.4m | CN¥469.5m | CN¥482.2m | CN¥526.9m | CN¥471.0m | CN¥98.5m |
| Debt | — | CN¥342.7m | CN¥500.0m | CN¥505.9m | CN¥589.5m | CN¥398.3m | CN¥405.9m | CN¥424.6m | CN¥379.7m | CN¥1.6m |
| Shareholders' equity | CN¥270.7m | CN¥398.0m | CN¥432.8m | CN¥572.5m | CN¥859.1m | CN¥871.1m | CN¥1.28bn | CN¥1.28bn | CN¥1.24bn | CN¥1.17bn |
| Shares outstanding | 845m | 843m | 837m | 845m | 825m | 841m | 817m | 1,166m | 847m | 348m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥66.0m | CN¥92.4m | CN¥137.0m | CN¥32.2m | CN¥18.4m | CN¥65.3m | CN¥22.8m | CN¥4.2m | −CN¥167.1m | −CN¥33.2m |
| Capital spending | −CN¥21.9m | −CN¥13.8m | −CN¥33.6m | −CN¥24.0m | −CN¥5.7m | −CN¥591,000 | −CN¥180,421 | −CN¥12.2m | −CN¥8.1m | −CN¥7.4m |
| Free cash flow | CN¥44.1m | CN¥78.6m | CN¥103.4m | CN¥8.3m | CN¥12.6m | CN¥64.8m | CN¥22.6m | −CN¥8.0m | −CN¥175.1m | −CN¥40.6m |
| Dividends paid | −CN¥15.1m | −CN¥16.4m | −CN¥25.4m | −CN¥22.6m | −CN¥34.6m | −CN¥55.4m | −CN¥38.8m | −CN¥34.6m | −CN¥13.4m | −CN¥3.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥179.3m | CN¥134.8m | CN¥176.0m | CN¥213.3m | CN¥170.7m | CN¥142.9m | CN¥226.5m | CN¥253.0m |
| Gross profit | CN¥98.5m | CN¥65.6m | CN¥62.0m | CN¥116.1m | CN¥80.3m | CN¥55.0m | CN¥111.7m | CN¥128.7m |
| Operating income | CN¥14.2m | CN¥861,293 | −CN¥22.9m | CN¥10.0m | −CN¥4.0m | −CN¥7.9m | −CN¥27.7m | CN¥27.3m |
| Net income | −CN¥5.7m | −CN¥8.3m | −CN¥93.0m | −CN¥2.7m | −CN¥11.5m | −CN¥12.2m | −CN¥51.2m | CN¥12.9m |
| Diluted earnings per share | -0.01 | -0.01 | -0.11 | -0.00 | -0.01 | -0.01 | -0.06 | 0.02 |
| Cash from operations | — | — | — | CN¥17.0m | −CN¥10.0m | −CN¥17.0m | CN¥49.0m | CN¥36.0m |
| Capital spending | — | — | −CN¥16.0m | −CN¥2.0m | −CN¥2.0m | — | −CN¥6.0m | −CN¥2.0m |
| Free cash flow | — | — | — | CN¥15.0m | −CN¥12.0m | — | CN¥43.0m | CN¥34.0m |
| Total assets | CN¥1.33bn | CN¥1.35bn | CN¥1.36bn | CN¥1.45bn | CN¥1.44bn | CN¥1.46bn | CN¥1.50bn | CN¥1.57bn |
| Cash and short-term investments | — | — | — | CN¥125.3m | CN¥111.9m | CN¥126.5m | CN¥147.7m | CN¥154.8m |
| Debt | — | — | — | CN¥327.9m | CN¥191.4m | CN¥191.5m | CN¥191.6m | CN¥113.5m |
| Shareholders' equity | CN¥261.0m | CN¥267.4m | CN¥270.7m | CN¥364.4m | CN¥372.8m | CN¥382.1m | CN¥398.0m | CN¥447.8m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 44.6% | 48.3% | 50.9% | 41.6% | 45.8% | -17.8% | — |
| Operating margin | -12.2% | 4.4% | -0.8% | -44.7% | -18.3% | -227.9% | — |
| Net margin | -17.0% | -4.4% | -12.5% | -51.3% | -45.2% | -259.8% | — |
| Return on equity | -44.1% | -9.5% | -21.8% | -44.9% | -8.8% | -34.1% | — |
| Return on assets | -8.8% | -2.5% | -6.1% | -15.7% | -4.2% | -22.2% | — |
| Free cash flow yield | 4.8% | 5.8% | 9.3% | 3.0% | 1.3% | 3.6% | — |
| Revenue growth | -18.4% | 13.9% | 51.1% | 197.8% | 47.0% | -26.4% | — |
| Earnings growth | 216.8% | -60.1% | -63.3% | 238.0% | -74.4% | -4093.1% | — |
| Current ratio | 0.29x | 0.33x | 0.34x | 0.36x | 0.71x | 0.85x | — |
| Debt to equity | — | 0.48x | 0.78x | 0.66x | 0.55x | 0.46x | 0.32x |
| Equity ratio | 19.9% | 26.6% | 28.2% | 35.0% | 47.9% | 65.0% | — |
| Interest coverage | -2.15x | 0.80x | -0.13x | -3.39x | -0.78x | -6.35x | — |
| R&D as a share of sales | 1.7% | 1.4% | 2.1% | 2.9% | 5.9% | 7.0% | — |
| Buybacks as a share of market value | -0.2% | -0.7% | 0.9% | -2.3% | 1.8% | -2.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.0% | 43.8% | 17.0% |
| Operating income | -37.1% | -41.1% | — |
| Net income | -22.5% | -16.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.6% | 46.9% | 44.4% | 44.6% |
| Operating margin | -0.9% | -3.4% | -12.5% | -2.0% |
| Net margin | -10.0% | -18.0% | -28.4% | -15.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.0 | -61.7 | -29.0 | -12.2 | -47.8 | -8.3 | 376.8 | 96.8 | 165.7 | 323.8 |
| Price to sales | 3.6 | 2.7 | 3.6 | 6.2 | 21.6 | 21.5 | 18.1 | 8.4 | 61.1 | 42.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 23 Mar 2015.
| FY2015 | FY2014 | FY2012 | |
|---|---|---|---|
| Paid in the year | 0.179 | 0.005 | 0.054 |
- 2-for-1 split · 19 May 2016
- 14-for-5 split · 23 Mar 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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