L 
4.52
+2.73%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.39bn
FY2016FY2025
Net income
−CN¥578.3m
FY2016FY2025
Free cash flow
CN¥96.9m
FY2016FY2025
Shareholders' equity
CN¥576.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.39bn | CN¥3.00bn | CN¥3.72bn | CN¥4.99bn | CN¥4.97bn | CN¥3.60bn | CN¥6.06bn | CN¥6.84bn | CN¥4.75bn | CN¥2.38bn |
| Gross profit | CN¥112.2m | CN¥9.9m | CN¥116.8m | CN¥283.9m | CN¥357.4m | CN¥77.2m | CN¥752.4m | CN¥1.04bn | CN¥691.5m | CN¥347.1m |
| Research and development | CN¥10.5m | CN¥10.1m | CN¥26.1m | CN¥47.0m | CN¥49.3m | CN¥86.3m | CN¥90.8m | CN¥95.3m | CN¥19.2m | CN¥3.4m |
| Operating income | −CN¥210.5m | −CN¥308.6m | −CN¥259.3m | −CN¥110.4m | −CN¥5.1m | −CN¥996.6m | CN¥388.2m | CN¥384.0m | CN¥303.0m | CN¥84.6m |
| Net income | −CN¥578.3m | −CN¥348.5m | −CN¥352.4m | −CN¥79.2m | CN¥13.2m | −CN¥922.9m | CN¥122.0m | CN¥167.3m | CN¥167.2m | CN¥50.3m |
| Diluted earnings per share | -1.03 | -0.60 | -0.66 | -0.14 | 0.01 | -1.53 | 0.26 | 0.32 | 0.30 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.50bn | CN¥6.24bn | CN¥6.71bn | CN¥7.39bn | CN¥7.71bn | CN¥8.72bn | CN¥9.96bn | CN¥9.88bn | CN¥7.16bn | CN¥4.67bn |
| Cash and short-term investments | — | CN¥549.5m | CN¥577.0m | CN¥561.2m | CN¥548.7m | CN¥798.9m | CN¥1.25bn | CN¥645.6m | CN¥646.1m | CN¥503.3m |
| Total liabilities | CN¥4.83bn | CN¥5.09bn | CN¥4.99bn | CN¥5.22bn | CN¥5.38bn | CN¥6.32bn | CN¥6.52bn | CN¥6.48bn | CN¥4.04bn | CN¥2.90bn |
| Debt | CN¥883.5m | CN¥2.93bn | CN¥3.06bn | CN¥3.76bn | CN¥3.10bn | CN¥3.93bn | CN¥3.80bn | CN¥3.45bn | CN¥2.07bn | CN¥1.30bn |
| Shareholders' equity | CN¥576.5m | CN¥1.16bn | CN¥1.51bn | CN¥1.85bn | CN¥1.94bn | CN¥1.93bn | CN¥2.90bn | CN¥2.85bn | CN¥2.71bn | CN¥1.39bn |
| Shares outstanding | 562m | 582m | 533m | 584m | 1,038m | 604m | 475m | 519m | 561m | 388m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥154.1m | CN¥390.3m | CN¥357.2m | CN¥295.7m | CN¥851.0m | CN¥82.2m | CN¥688.7m | −CN¥927.4m | −CN¥26.7m | −CN¥106.2m |
| Capital spending | −CN¥57.2m | −CN¥57.4m | −CN¥81.7m | −CN¥117.8m | −CN¥270.7m | −CN¥356.3m | −CN¥339.6m | −CN¥309.5m | −CN¥285.5m | −CN¥333.1m |
| Free cash flow | CN¥96.9m | CN¥332.9m | CN¥275.5m | CN¥177.9m | CN¥580.3m | −CN¥274.1m | CN¥349.1m | −CN¥1.24bn | −CN¥312.1m | −CN¥439.3m |
| Dividends paid | −CN¥132.3m | −CN¥149.3m | −CN¥147.5m | −CN¥150.9m | −CN¥171.3m | −CN¥232.8m | −CN¥254.8m | −CN¥166.1m | −CN¥141.6m | −CN¥73.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥552.6m | CN¥357.1m | CN¥566.5m | CN¥711.9m | CN¥488.9m | CN¥623.8m | CN¥514.6m | CN¥1.13bn |
| Gross profit | CN¥6.2m | −CN¥1.0m | −CN¥172.6m | CN¥27.4m | CN¥42.0m | −CN¥3.4m | −CN¥74.6m | CN¥32.1m |
| Operating income | −CN¥10.2m | −CN¥18.9m | −CN¥187.1m | CN¥5.8m | −CN¥43.3m | −CN¥12.7m | −CN¥318.1m | −CN¥10.9m |
| Net income | −CN¥46.0m | −CN¥46.0m | −CN¥482.7m | −CN¥29.7m | −CN¥30.7m | −CN¥35.3m | −CN¥276.3m | −CN¥38.2m |
| Diluted earnings per share | -0.08 | -0.08 | -0.86 | -0.05 | -0.05 | -0.06 | -0.47 | -0.07 |
| Cash from operations | — | — | — | −CN¥11.0m | CN¥40.0m | −CN¥12.0m | CN¥291.0m | CN¥26.0m |
| Capital spending | −CN¥5.0m | −CN¥8.0m | −CN¥22.0m | −CN¥13.0m | −CN¥6.0m | −CN¥14.0m | −CN¥17.0m | −CN¥12.0m |
| Free cash flow | — | — | — | −CN¥24.0m | CN¥34.0m | −CN¥26.0m | CN¥274.0m | CN¥14.0m |
| Total assets | CN¥5.08bn | CN¥5.28bn | CN¥5.50bn | CN¥5.77bn | CN¥5.85bn | CN¥5.98bn | CN¥6.24bn | CN¥6.65bn |
| Cash and short-term investments | — | — | — | CN¥380.3m | CN¥382.0m | CN¥511.5m | CN¥549.5m | CN¥483.6m |
| Debt | CN¥1.03bn | CN¥885.1m | CN¥883.5m | CN¥2.71bn | CN¥2.42bn | CN¥2.67bn | CN¥2.92bn | CN¥3.13bn |
| Shareholders' equity | CN¥482.8m | CN¥526.9m | CN¥576.5m | CN¥1.08bn | CN¥1.11bn | CN¥1.13bn | CN¥1.16bn | CN¥1.44bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.7% | 0.3% | 3.1% | 5.7% | 7.2% | 2.1% |
| Operating margin | -8.4% | -10.0% | -6.5% | 1.8% | 4.3% | -21.8% |
| Net margin | -24.2% | -11.6% | -9.5% | -1.6% | 0.3% | -25.6% |
| Return on equity | -100.3% | -30.0% | -23.3% | -4.3% | 0.7% | -47.8% |
| Return on assets | -10.5% | -5.6% | -5.3% | -1.1% | 0.2% | -10.6% |
| Free cash flow yield | 8.3% | 17.0% | 18.2% | 15.6% | 23.9% | 16.0% |
| Revenue growth | -20.3% | -19.3% | -25.6% | 0.5% | 38.0% | -40.6% |
| Earnings growth | 66.0% | -1.1% | 344.8% | -701.0% | -101.4% | -856.6% |
| Current ratio | 0.76x | 0.93x | 0.95x | 0.97x | 1.18x | 1.09x |
| Debt to equity | 1.53x | 2.51x | 2.43x | 2.02x | 1.59x | 2.03x |
| Equity ratio | 10.5% | 18.6% | 22.5% | 25.1% | 25.2% | 22.2% |
| Interest coverage | -1.40x | -1.67x | -1.23x | 0.47x | 0.99x | -3.78x |
| R&D as a share of sales | 0.4% | 0.3% | 0.7% | 0.9% | 1.0% | 2.4% |
| Buybacks as a share of market value | 3.5% | -9.2% | 8.8% | 43.7% | -71.9% | -27.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.8% | -7.9% | -0.3% |
| Operating income | 24.0% | -26.7% | — |
| Net income | 94.0% | -8.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.3% | 3.7% | 4.2% | 9.1% |
| Operating margin | -9.6% | -6.3% | -8.3% | -1.6% |
| Net margin | -17.2% | -9.6% | -10.0% | -3.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.3 | -7.1 | -13.3 | -35.8 | 455.9 | -2.6 | 17.3 | 13.3 | 25.1 | 71.9 |
| Price to sales | 2.0 | 0.8 | 1.3 | 0.6 | 1.2 | 0.7 | 0.3 | 0.3 | 0.9 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 Jun 2020.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.047 | 0.047 | 0.103 |
- 3-for-2 split · 6 Jul 2018
- 13-for-10 split · 21 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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