P 
1.51
-1.31%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.85bn
FY2016FY2025
Net income
−CN¥464.8m
FY2016FY2025
Free cash flow
−CN¥41.3m
FY2016FY2025
Shareholders' equity
CN¥1.94bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.85bn | CN¥1.99bn | CN¥1.83bn | CN¥2.47bn | CN¥2.80bn | CN¥2.54bn | CN¥3.09bn | CN¥3.81bn | CN¥3.58bn | CN¥2.72bn |
| Gross profit | CN¥128.3m | CN¥123.0m | CN¥152.8m | CN¥142.4m | CN¥159.9m | CN¥156.6m | CN¥235.4m | CN¥424.8m | CN¥510.7m | CN¥456.5m |
| Research and development | CN¥50.9m | CN¥62.3m | CN¥58.2m | CN¥73.6m | CN¥98.7m | CN¥103.3m | CN¥102.2m | CN¥110.2m | CN¥114.1m | CN¥91.0m |
| Operating income | CN¥8.5m | −CN¥435.7m | −CN¥59.8m | −CN¥242.6m | −CN¥638.0m | −CN¥298.9m | −CN¥985.1m | CN¥143.2m | CN¥245.0m | CN¥145.7m |
| Net income | −CN¥464.8m | −CN¥470.4m | CN¥13.8m | −CN¥247.9m | −CN¥635.5m | −CN¥216.0m | −CN¥1.05bn | CN¥42.8m | CN¥151.9m | CN¥105.2m |
| Diluted earnings per share | -0.27 | -0.27 | 0.01 | -0.14 | -0.34 | -0.10 | -0.57 | 0.01 | 0.10 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.20bn | CN¥4.93bn | CN¥5.53bn | CN¥5.70bn | CN¥6.20bn | CN¥7.12bn | CN¥7.55bn | CN¥8.99bn | CN¥9.99bn | CN¥7.70bn |
| Cash and short-term investments | — | CN¥1.08bn | CN¥1.02bn | CN¥768.3m | CN¥1.16bn | CN¥622.4m | CN¥948.9m | CN¥1.04bn | CN¥1.94bn | CN¥915.9m |
| Total liabilities | CN¥2.26bn | CN¥2.40bn | CN¥2.44bn | CN¥2.63bn | CN¥2.86bn | CN¥3.13bn | CN¥3.35bn | CN¥3.74bn | CN¥4.79bn | CN¥3.21bn |
| Debt | — | CN¥218.6m | CN¥271.2m | CN¥312.5m | CN¥653.0m | CN¥662.6m | CN¥998.4m | CN¥1.37bn | CN¥2.00bn | CN¥1.12bn |
| Shareholders' equity | CN¥1.94bn | CN¥2.45bn | CN¥3.01bn | CN¥3.00bn | CN¥3.25bn | CN¥3.85bn | CN¥4.07bn | CN¥5.12bn | CN¥5.08bn | CN¥4.39bn |
| Shares outstanding | 1,712m | 1,719m | 1,787m | 1,826m | 1,875m | 2,058m | 1,839m | 3,139m | 1,456m | 1,895m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥21.1m | CN¥109.9m | CN¥78.3m | CN¥451.0m | CN¥175.6m | −CN¥46.1m | CN¥407.2m | CN¥140.0m | CN¥290.0m | −CN¥65.4m |
| Capital spending | −CN¥20.1m | −CN¥52.2m | −CN¥89.7m | −CN¥34.3m | −CN¥9.9m | −CN¥5.3m | −CN¥19.4m | −CN¥27.7m | −CN¥33.8m | −CN¥26.7m |
| Free cash flow | −CN¥41.3m | CN¥57.7m | −CN¥11.4m | CN¥416.7m | CN¥165.7m | −CN¥51.4m | CN¥387.7m | CN¥112.3m | CN¥256.2m | −CN¥92.0m |
| Dividends paid | −CN¥4.8m | −CN¥10.8m | −CN¥12.4m | −CN¥21.6m | −CN¥38.2m | −CN¥56.2m | −CN¥103.7m | −CN¥145.4m | −CN¥72.6m | −CN¥75.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥275.3m | CN¥263.1m | CN¥593.0m | CN¥441.0m | CN¥476.1m | CN¥344.0m | CN¥690.5m | CN¥424.7m |
| Gross profit | CN¥14.5m | CN¥19.0m | CN¥45.7m | CN¥39.8m | CN¥24.1m | CN¥18.8m | CN¥24.4m | CN¥29.2m |
| Operating income | −CN¥10.7m | −CN¥7.2m | −CN¥2.8m | −CN¥7.7m | −CN¥30.1m | −CN¥2.2m | −CN¥417.0m | −CN¥32.5m |
| Net income | −CN¥4.4m | −CN¥6.0m | −CN¥425.7m | −CN¥5.4m | −CN¥31.9m | −CN¥1.7m | −CN¥448.0m | −CN¥28.4m |
| Diluted earnings per share | -0.00 | -0.00 | -0.25 | -0.00 | -0.02 | -0.00 | -0.26 | -0.02 |
| Cash from operations | — | — | — | −CN¥7.0m | CN¥34.0m | −CN¥232.0m | CN¥182.0m | CN¥15.0m |
| Capital spending | — | −CN¥1.0m | −CN¥1.0m | −CN¥3.0m | −CN¥14.0m | −CN¥29.0m | −CN¥16.0m | −CN¥11.0m |
| Free cash flow | — | — | — | −CN¥10.0m | CN¥20.0m | −CN¥261.0m | CN¥166.0m | CN¥4.0m |
| Total assets | CN¥3.90bn | CN¥3.90bn | CN¥4.20bn | CN¥4.55bn | CN¥4.55bn | CN¥4.49bn | CN¥4.93bn | CN¥5.17bn |
| Cash and short-term investments | — | — | — | CN¥927.9m | CN¥940.3m | CN¥879.6m | CN¥1.08bn | CN¥786.2m |
| Debt | — | — | — | CN¥233.9m | CN¥11.9m | CN¥202.5m | CN¥214.8m | CN¥245.6m |
| Shareholders' equity | CN¥1.93bn | CN¥1.93bn | CN¥1.94bn | CN¥2.37bn | CN¥2.37bn | CN¥2.44bn | CN¥2.45bn | CN¥2.89bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 6.9% | 6.2% | 8.3% | 5.8% | 5.7% | 6.2% | — |
| Operating margin | -20.7% | -21.6% | -2.7% | -9.8% | -22.8% | -11.8% | — |
| Net margin | -25.1% | -23.7% | 0.8% | -10.0% | -22.7% | -8.5% | — |
| Return on equity | -24.0% | -19.2% | 0.5% | -8.3% | -19.5% | -5.6% | — |
| Return on assets | -11.1% | -9.6% | 0.3% | -4.4% | -10.3% | -3.0% | — |
| Free cash flow yield | -0.0% | 5.8% | 5.7% | 16.2% | 6.0% | -1.2% | — |
| Revenue growth | -6.8% | 8.6% | -25.9% | -11.7% | 10.0% | -17.8% | — |
| Earnings growth | -1.2% | -3501.8% | -105.6% | -61.0% | 194.2% | -79.3% | — |
| Current ratio | 1.32x | 1.59x | 1.65x | 1.74x | 1.87x | 1.80x | — |
| Debt to equity | — | 0.09x | 0.08x | 0.10x | 0.20x | 0.16x | 0.25x |
| Equity ratio | 46.1% | 49.7% | 54.6% | 52.8% | 52.5% | 54.1% | — |
| Interest coverage | -12.87x | -42.85x | -3.36x | -11.83x | -15.49x | -5.78x | — |
| R&D as a share of sales | 2.7% | 3.1% | 3.2% | 3.0% | 3.5% | 4.1% | — |
| Buybacks as a share of market value | 0.4% | 3.8% | 2.1% | 2.6% | 8.9% | -11.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.1% | -6.1% | -2.7% |
| Operating income | — | — | -27.2% |
| Net income | 23.3% | 16.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.5% | 6.7% | 6.4% | 10.3% |
| Operating margin | -11.1% | -9.0% | -12.4% | -6.6% |
| Net margin | -24.3% | -14.4% | -15.0% | -8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -7.3 | 233.9 | -14.1 | -5.6 | -18.4 | -5.1 | 181.3 | 53.2 | 109.3 |
| Price to sales | 1.8 | 1.7 | 1.8 | 1.4 | 1.3 | 1.6 | 1.7 | 2.0 | 2.3 | 4.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 6 Jun 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.003 | 0.009 | 0.007 | 0.012 | 0.025 | 0.044 | 0.03 | 0.006 |
- 2.495-for-1 split · 1 Jun 2015
- 2-for-1 split · 30 May 2013
- 8-for-5 split · 7 Sept 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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