H 
5.55
+2.78%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.52bn
FY2016FY2025
Net income
−CN¥48.6m
FY2016FY2025
Free cash flow
−CN¥173.5m
FY2016FY2025
Shareholders' equity
CN¥1.03bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.52bn | CN¥1.71bn | CN¥1.72bn | CN¥1.62bn | CN¥1.55bn | CN¥1.61bn | CN¥1.39bn | CN¥1.14bn | CN¥968.0m | CN¥924.6m |
| Gross profit | CN¥309.9m | CN¥311.5m | CN¥329.7m | CN¥359.6m | CN¥291.5m | CN¥387.4m | CN¥392.4m | CN¥372.0m | CN¥299.7m | CN¥281.0m |
| Research and development | CN¥13.9m | CN¥16.1m | CN¥16.2m | CN¥17.8m | CN¥17.6m | CN¥17.8m | CN¥15.3m | CN¥21.5m | CN¥14.5m | CN¥10.7m |
| Operating income | −CN¥23.8m | −CN¥26.7m | CN¥12.1m | CN¥88.3m | −CN¥32.9m | CN¥97.0m | CN¥8.8m | CN¥41.8m | −CN¥24.1m | CN¥14.7m |
| Net income | −CN¥48.6m | −CN¥36.9m | CN¥2.3m | CN¥63.2m | −CN¥34.4m | CN¥71.0m | CN¥6.8m | CN¥34.9m | −CN¥27.3m | CN¥13.1m |
| Diluted earnings per share | -0.09 | -0.07 | 0.00 | 0.13 | -0.07 | 0.15 | 0.01 | 0.07 | -0.06 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.93bn | CN¥2.10bn | CN¥2.16bn | CN¥1.77bn | CN¥1.49bn | CN¥1.35bn | CN¥1.20bn | CN¥1.15bn | CN¥1.07bn | CN¥1.24bn |
| Cash and short-term investments | — | CN¥278.6m | CN¥277.2m | CN¥179.1m | CN¥116.4m | CN¥263.1m | CN¥222.8m | CN¥91.9m | CN¥77.7m | CN¥51.9m |
| Total liabilities | CN¥874.5m | CN¥997.4m | CN¥973.5m | CN¥906.9m | CN¥689.5m | CN¥511.8m | CN¥407.6m | CN¥349.5m | CN¥303.9m | CN¥455.5m |
| Debt | CN¥146.0m | CN¥380.2m | CN¥375.1m | CN¥317.7m | CN¥225.2m | CN¥50.0m | CN¥85.5m | CN¥66.2m | CN¥59.6m | CN¥204.6m |
| Shareholders' equity | CN¥1.03bn | CN¥1.07bn | CN¥1.16bn | CN¥839.5m | CN¥779.8m | CN¥835.4m | CN¥788.5m | CN¥804.3m | CN¥770.2m | CN¥782.7m |
| Shares outstanding | 555m | 549m | 549m | 481m | 482m | 481m | 487m | 479m | 483m | 491m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥39.3m | CN¥96.3m | −CN¥23.4m | CN¥172.2m | −CN¥47.9m | CN¥119.4m | −CN¥18.9m | CN¥76.9m | CN¥9.5m | CN¥83.3m |
| Capital spending | −CN¥134.2m | −CN¥135.6m | −CN¥185.4m | −CN¥222.8m | −CN¥228.3m | −CN¥94.8m | −CN¥46.5m | −CN¥27.2m | −CN¥15.9m | −CN¥29.3m |
| Free cash flow | −CN¥173.5m | −CN¥39.2m | −CN¥208.8m | −CN¥50.6m | −CN¥276.2m | CN¥24.6m | −CN¥65.5m | CN¥49.8m | −CN¥6.4m | CN¥54.0m |
| Dividends paid | −CN¥13.8m | −CN¥36.9m | −CN¥59.0m | −CN¥7.3m | −CN¥24.0m | −CN¥24.0m | −CN¥24.0m | −CN¥24.0m | −CN¥24.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥276.8m | CN¥470.6m | CN¥552.8m | CN¥363.5m | CN¥278.9m | CN¥327.3m | CN¥565.1m | CN¥426.7m |
| Gross profit | CN¥45.7m | CN¥103.4m | CN¥118.7m | CN¥75.3m | CN¥43.1m | CN¥72.8m | CN¥108.6m | CN¥76.7m |
| Operating income | −CN¥23.3m | CN¥19.9m | CN¥9.6m | −CN¥5.5m | −CN¥22.1m | CN¥5.1m | −CN¥9.8m | −CN¥4.8m |
| Net income | −CN¥26.1m | CN¥11.4m | −CN¥20.4m | −CN¥7.9m | −CN¥21.5m | CN¥1.2m | −CN¥13.0m | −CN¥11.1m |
| Diluted earnings per share | -0.05 | 0.02 | -0.04 | -0.01 | -0.04 | 0.00 | -0.02 | -0.02 |
| Cash from operations | — | — | — | CN¥131.0m | −CN¥87.0m | −CN¥8.0m | — | CN¥29.0m |
| Capital spending | −CN¥18.0m | −CN¥17.0m | −CN¥19.0m | −CN¥29.0m | −CN¥27.0m | −CN¥58.0m | −CN¥25.0m | −CN¥24.0m |
| Free cash flow | — | — | — | CN¥102.0m | −CN¥114.0m | −CN¥66.0m | — | CN¥5.0m |
| Total assets | CN¥1.74bn | CN¥1.83bn | CN¥1.93bn | CN¥1.97bn | CN¥2.00bn | CN¥1.89bn | CN¥2.10bn | CN¥2.07bn |
| Cash and short-term investments | — | — | — | CN¥80.9m | CN¥122.8m | CN¥173.5m | CN¥278.6m | CN¥223.1m |
| Debt | CN¥122.1m | CN¥131.5m | CN¥146.0m | CN¥378.6m | CN¥409.1m | CN¥314.7m | CN¥354.0m | CN¥338.7m |
| Shareholders' equity | CN¥1.01bn | CN¥1.04bn | CN¥1.03bn | CN¥1.05bn | CN¥1.05bn | CN¥1.08bn | CN¥1.07bn | CN¥1.09bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 20.4% | 18.3% | 19.2% | 22.2% | 18.8% | 24.1% |
| Operating margin | -1.6% | -0.8% | 1.2% | 5.7% | -1.8% | 6.1% |
| Net margin | -3.2% | -2.2% | 0.1% | 3.9% | -2.2% | 4.4% |
| Return on equity | -4.7% | -3.4% | 0.2% | 7.5% | -4.4% | 8.5% |
| Return on assets | -2.5% | -1.8% | 0.1% | 3.6% | -2.3% | 5.2% |
| Free cash flow yield | 3.1% | 7.7% | 5.4% | 15.0% | 6.8% | 8.1% |
| Revenue growth | -10.8% | -0.5% | 5.8% | 4.6% | -3.5% | 15.9% |
| Earnings growth | 31.5% | -1727.4% | -96.4% | -283.6% | -148.5% | 938.3% |
| Current ratio | 1.26x | 1.36x | 1.52x | 1.24x | 1.25x | 1.70x |
| Debt to equity | 0.14x | 0.33x | 0.30x | 0.33x | 0.24x | 0.06x |
| Equity ratio | 53.1% | 51.1% | 53.5% | 47.5% | 52.4% | 61.8% |
| Interest coverage | -1.72x | -1.15x | 2.31x | 15.20x | -7.98x | 83.17x |
| R&D as a share of sales | 0.9% | 0.9% | 0.9% | 1.1% | 1.1% | 1.1% |
| Buybacks as a share of market value | -1.2% | 0.1% | -14.2% | 0.3% | -0.3% | 1.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.1% | -1.1% | 6.5% |
| Operating income | — | — | -4.9% |
| Net income | — | — | 2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.2% | 20.0% | 20.5% | 23.9% |
| Operating margin | -1.6% | 0.8% | 1.2% | 0.8% |
| Net margin | -2.6% | -0.3% | 0.2% | 0.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -81.4 | -64.0 | — | 52.4 | -84.6 | 58.4 | 306.6 | 54.8 | -93.3 | 420.5 |
| Price to sales | 2.6 | 1.4 | 2.0 | 2.0 | 1.9 | 2.6 | 1.5 | 1.7 | 2.6 | 5.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 6 Jun 2024.
| FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.04 | 0.10 | 0.05 | 0.05 | 0.05 | 0.029 | 0.029 | 0.041 |
- 17-for-10 split · 27 Apr 2017
- 2-for-1 split · 7 May 2015
- 2-for-1 split · 26 Apr 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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