D 
3.34
-1.18%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.46bn
FY2016FY2025
Net income
−CN¥1.23bn
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
CN¥2.38bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.46bn | CN¥3.49bn | CN¥4.02bn | CN¥3.88bn | CN¥4.02bn | CN¥3.32bn | CN¥3.46bn | CN¥3.28bn | CN¥3.10bn | CN¥2.62bn |
| Gross profit | CN¥31.6m | CN¥181.3m | CN¥166.7m | CN¥576.9m | CN¥1.10bn | CN¥1.13bn | CN¥1.25bn | CN¥1.16bn | CN¥1.11bn | CN¥945.3m |
| Research and development | CN¥121.8m | CN¥115.4m | CN¥171.2m | CN¥162.8m | CN¥163.3m | CN¥136.5m | CN¥157.4m | CN¥158.8m | CN¥157.9m | CN¥37.7m |
| Operating income | −CN¥586.3m | −CN¥841.1m | −CN¥887.3m | −CN¥556.5m | CN¥230.3m | CN¥433.5m | CN¥518.1m | CN¥565.7m | CN¥624.3m | CN¥567.0m |
| Net income | −CN¥1.23bn | −CN¥804.2m | −CN¥750.5m | −CN¥499.1m | CN¥160.7m | CN¥303.2m | CN¥423.9m | CN¥407.9m | CN¥473.4m | CN¥533.8m |
| Diluted earnings per share | -1.15 | -0.74 | -1.06 | -0.63 | 0.19 | 0.33 | 0.47 | 0.47 | 0.55 | 0.63 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.91bn | CN¥11.28bn | CN¥12.16bn | CN¥11.71bn | CN¥11.81bn | CN¥10.42bn | CN¥10.40bn | CN¥9.74bn | CN¥9.24bn | CN¥8.19bn |
| Cash and short-term investments | — | CN¥1.07bn | CN¥1.30bn | CN¥622.7m | CN¥550.4m | CN¥661.7m | CN¥1.10bn | CN¥1.08bn | CN¥1.24bn | CN¥1.16bn |
| Total liabilities | CN¥7.09bn | CN¥7.13bn | CN¥7.12bn | CN¥6.93bn | CN¥6.37bn | CN¥5.05bn | CN¥5.36bn | CN¥5.06bn | CN¥4.92bn | CN¥4.32bn |
| Debt | CN¥2.21bn | CN¥5.59bn | CN¥5.59bn | CN¥5.46bn | CN¥4.82bn | CN¥3.69bn | CN¥3.47bn | CN¥3.61bn | CN¥3.46bn | CN¥2.79bn |
| Shareholders' equity | CN¥2.38bn | CN¥3.60bn | CN¥4.50bn | CN¥4.06bn | CN¥4.60bn | CN¥4.54bn | CN¥4.34bn | CN¥4.04bn | CN¥3.73bn | CN¥3.29bn |
| Shares outstanding | 1,066m | 1,085m | 710m | 795m | 865m | 920m | 911m | 872m | 867m | 850m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | — | CN¥125.4m | CN¥1.0m | CN¥283.5m | CN¥391.0m | CN¥974.1m | CN¥1.23bn | CN¥897.7m | CN¥671.4m | CN¥689.8m |
| Capital spending | −CN¥163.8m | −CN¥206.7m | −CN¥426.3m | −CN¥545.5m | −CN¥849.7m | −CN¥929.4m | −CN¥899.2m | −CN¥846.8m | −CN¥743.4m | −CN¥839.1m |
| Free cash flow | — | −CN¥81.2m | −CN¥425.3m | −CN¥261.9m | −CN¥458.7m | CN¥44.8m | CN¥335.8m | CN¥50.8m | −CN¥72.0m | −CN¥149.3m |
| Dividends paid | −CN¥170.4m | −CN¥191.0m | −CN¥241.6m | −CN¥48.4m | −CN¥139.1m | −CN¥187.1m | −CN¥188.7m | −CN¥320.5m | −CN¥220.0m | −CN¥234.5m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥899.6m | CN¥804.6m | CN¥695.9m | CN¥1.02bn | CN¥913.9m | CN¥763.3m | CN¥790.1m | CN¥1.04bn |
| Gross profit | CN¥13.2m | CN¥42.7m | CN¥8.7m | CN¥23.4m | CN¥80.2m | CN¥78.8m | −CN¥1.1m | CN¥6.4m |
| Operating income | −CN¥207.5m | −CN¥156.4m | −CN¥172.9m | −CN¥413.0m | −CN¥114.3m | −CN¥122.6m | −CN¥191.2m | −CN¥438.8m |
| Net income | −CN¥281.4m | −CN¥131.8m | −CN¥146.3m | −CN¥449.9m | −CN¥96.9m | −CN¥101.5m | −CN¥155.9m | −CN¥393.5m |
| Diluted earnings per share | -0.26 | -0.12 | -0.14 | -0.41 | -0.09 | -0.09 | -0.14 | -0.55 |
| Cash from operations | CN¥132.0m | −CN¥51.0m | CN¥3.0m | CN¥236.0m | −CN¥108.0m | CN¥122.0m | −CN¥119.0m | CN¥174.0m |
| Capital spending | −CN¥48.0m | −CN¥43.0m | −CN¥30.0m | −CN¥33.0m | −CN¥37.0m | −CN¥36.0m | −CN¥99.0m | −CN¥104.0m |
| Free cash flow | CN¥84.0m | −CN¥94.0m | −CN¥27.0m | CN¥203.0m | −CN¥145.0m | CN¥86.0m | −CN¥218.0m | CN¥70.0m |
| Total assets | CN¥10.76bn | CN¥11.03bn | CN¥11.28bn | CN¥11.28bn | CN¥11.61bn | CN¥11.71bn | CN¥11.82bn | CN¥12.16bn |
| Cash and short-term investments | CN¥1.11bn | CN¥1.17bn | CN¥1.40bn | CN¥1.07bn | CN¥960.9m | CN¥983.5m | CN¥1.16bn | CN¥1.30bn |
| Debt | CN¥3.37bn | CN¥5.74bn | CN¥2.58bn | CN¥5.59bn | CN¥2.85bn | CN¥5.49bn | CN¥3.02bn | CN¥5.59bn |
| Shareholders' equity | CN¥3.04bn | CN¥3.32bn | CN¥3.45bn | CN¥3.60bn | CN¥4.05bn | CN¥4.14bn | CN¥4.34bn | CN¥4.50bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 0.9% | 5.2% | 4.1% | 14.9% | 27.4% | 34.1% | — |
| Operating margin | -33.3% | -19.5% | -17.5% | -9.4% | 8.1% | 16.0% | — |
| Net margin | -35.6% | -23.1% | -18.7% | -12.9% | 4.0% | 9.1% | — |
| Return on equity | -51.8% | -22.3% | -16.7% | -12.3% | 3.5% | 6.7% | — |
| Return on assets | -12.4% | -7.1% | -6.2% | -4.3% | 1.4% | 2.9% | — |
| Free cash flow yield | — | 8.5% | 16.6% | 28.8% | 39.6% | 57.2% | 64.7% |
| Revenue growth | -0.8% | -13.3% | 3.7% | -3.4% | 21.1% | -4.2% | — |
| Earnings growth | 53.1% | 7.2% | 50.4% | -410.5% | -47.0% | -28.5% | — |
| Current ratio | 0.73x | 0.92x | 1.12x | 0.88x | 0.78x | 0.71x | — |
| Debt to equity | 0.93x | 1.55x | 1.24x | 1.35x | 1.04x | 0.81x | — |
| Equity ratio | 24.0% | 31.9% | 37.0% | 34.6% | 39.0% | 43.5% | — |
| Interest coverage | -6.03x | -3.42x | -3.79x | -2.05x | 2.42x | 4.16x | — |
| R&D as a share of sales | 3.5% | 3.3% | 4.3% | 4.2% | 4.1% | 4.1% | — |
| Buybacks as a share of market value | 1.7% | -52.7% | 10.6% | 8.2% | 5.9% | -0.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.8% | 0.8% | 3.7% |
| Operating income | 1.8% | — | — |
| Net income | 35.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.1% | 6.4% | 14.4% | 22.7% |
| Operating margin | -20.6% | -19.3% | -10.0% | 1.2% |
| Net margin | -29.3% | -22.1% | -12.7% | -1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.0 | -5.7 | -4.9 | -9.0 | 39.6 | 26.8 | 19.4 | 24.5 | 29.8 | 28.0 |
| Price to sales | 1.4 | 1.3 | 0.9 | 1.2 | 1.6 | 2.5 | 2.4 | 3.0 | 4.5 | 5.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jul 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.055 | 0.11 | 0.15 | 0.14 | 0.161 | 0.121 | 0.08 | 0.06 |
- 5-for-2 split · 26 Jun 2015
- 3-for-2 split · 25 Jun 2014
- 3-for-2 split · 26 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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