S 
1.86
-1.06%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥10.02bn
FY2016FY2025
Net income
−CN¥735.7m
FY2016FY2025
Free cash flow
−CN¥51.0m
FY2016FY2025
Shareholders' equity
CN¥603.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥10.02bn | CN¥10.99bn | CN¥13.32bn | CN¥16.12bn | CN¥19.51bn | CN¥24.10bn | CN¥16.82bn | CN¥8.78bn | CN¥6.57bn | CN¥5.45bn |
| Gross profit | CN¥59.5m | CN¥406.6m | −CN¥627.0m | CN¥690.6m | −CN¥159.4m | CN¥1.55bn | CN¥938.3m | CN¥608.9m | CN¥489.7m | CN¥467.7m |
| Research and development | CN¥10.7m | CN¥7.9m | CN¥9.6m | CN¥8.0m | CN¥8.3m | CN¥4.2m | CN¥4.1m | CN¥2.5m | CN¥3.8m | CN¥4.4m |
| Operating income | −CN¥647.3m | CN¥112.0m | −CN¥1.32bn | CN¥118.7m | −CN¥831.7m | CN¥1.02bn | CN¥399.8m | CN¥216.7m | CN¥196.7m | CN¥228.1m |
| Net income | −CN¥735.7m | CN¥21.6m | −CN¥1.54bn | CN¥75.4m | −CN¥658.6m | CN¥905.8m | CN¥240.9m | CN¥177.1m | CN¥188.1m | CN¥232.8m |
| Diluted earnings per share | -0.82 | 0.02 | -1.44 | 0.06 | -0.58 | 0.67 | 0.24 | 0.16 | 0.19 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.82bn | CN¥5.88bn | CN¥6.32bn | CN¥7.98bn | CN¥8.23bn | CN¥8.55bn | CN¥6.32bn | CN¥3.75bn | CN¥2.54bn | CN¥2.30bn |
| Cash and short-term investments | — | CN¥971.4m | CN¥1.39bn | CN¥1.86bn | CN¥2.16bn | CN¥2.40bn | CN¥717.6m | CN¥904.2m | CN¥688.6m | CN¥820.2m |
| Total liabilities | CN¥4.13bn | CN¥4.22bn | CN¥4.66bn | CN¥4.47bn | CN¥4.84bn | CN¥4.86bn | CN¥3.75bn | CN¥1.51bn | CN¥512.3m | CN¥451.7m |
| Debt | CN¥191.1m | CN¥2.88bn | CN¥3.13bn | CN¥2.74bn | CN¥3.18bn | CN¥2.74bn | CN¥1.85bn | CN¥666.5m | CN¥53.0m | CN¥47.0m |
| Shareholders' equity | CN¥603.0m | CN¥1.50bn | CN¥1.48bn | CN¥3.32bn | CN¥3.23bn | CN¥3.39bn | CN¥2.32bn | CN¥2.11bn | CN¥1.93bn | CN¥1.77bn |
| Shares outstanding | 892m | 1,087m | 1,065m | 1,350m | 1,136m | 1,351m | 1,017m | 1,084m | 1,005m | 978m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥63.5m | CN¥393.3m | −CN¥588.7m | CN¥941.1m | −CN¥87.7m | CN¥1.33bn | −CN¥1.37bn | −CN¥106.6m | CN¥88.8m | CN¥291.0m |
| Capital spending | −CN¥114.4m | −CN¥145.3m | −CN¥424.6m | −CN¥669.1m | −CN¥1.30bn | −CN¥724.4m | −CN¥232.8m | −CN¥176.4m | −CN¥152.8m | −CN¥126.2m |
| Free cash flow | −CN¥51.0m | CN¥248.0m | −CN¥1.01bn | CN¥272.0m | −CN¥1.39bn | CN¥600.7m | −CN¥1.60bn | −CN¥282.9m | −CN¥64.0m | CN¥164.8m |
| Dividends paid | −CN¥73.6m | −CN¥82.0m | −CN¥67.4m | −CN¥333,149 | −CN¥182.0m | −CN¥48.9m | −CN¥35.5m | −CN¥62.4m | −CN¥72.5m | −CN¥36.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.74bn | CN¥2.06bn | CN¥2.39bn | CN¥2.65bn | CN¥2.43bn | CN¥2.55bn | CN¥2.98bn | CN¥2.97bn |
| Gross profit | CN¥65.5m | CN¥107.8m | CN¥304,487 | −CN¥40.9m | CN¥145.1m | CN¥125.1m | CN¥18.9m | CN¥107.8m |
| Operating income | −CN¥9.2m | −CN¥4.7m | −CN¥122.2m | −CN¥243.7m | CN¥25.1m | CN¥7.2m | −CN¥75.0m | CN¥16.7m |
| Net income | −CN¥95.8m | −CN¥993,544 | −CN¥388.6m | −CN¥217.7m | CN¥30.9m | CN¥4.3m | −CN¥51.4m | CN¥14.9m |
| Diluted earnings per share | -0.11 | -0.00 | -0.44 | -0.24 | 0.03 | 0.00 | -0.05 | 0.01 |
| Cash from operations | — | — | — | −CN¥126.0m | CN¥197.0m | −CN¥84.0m | — | CN¥64.0m |
| Capital spending | −CN¥16.0m | −CN¥25.0m | −CN¥12.0m | −CN¥38.0m | −CN¥23.0m | −CN¥39.0m | −CN¥25.0m | −CN¥41.0m |
| Free cash flow | — | — | — | −CN¥164.0m | CN¥174.0m | −CN¥123.0m | — | CN¥23.0m |
| Total assets | CN¥4.31bn | CN¥4.54bn | CN¥4.82bn | CN¥5.46bn | CN¥5.79bn | CN¥5.98bn | CN¥5.88bn | CN¥5.97bn |
| Cash and short-term investments | — | — | — | CN¥518.2m | CN¥972.6m | CN¥1.04bn | CN¥971.4m | CN¥936.7m |
| Debt | CN¥171.1m | CN¥186.1m | CN¥191.1m | CN¥1.71bn | CN¥2.74bn | CN¥2.83bn | CN¥2.84bn | CN¥3.28bn |
| Shareholders' equity | CN¥690.7m | CN¥602.0m | CN¥603.0m | CN¥1.32bn | CN¥1.54bn | CN¥1.51bn | CN¥1.50bn | CN¥1.56bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 0.6% | 3.7% | -4.7% | 4.3% | -0.8% | 6.4% |
| Operating margin | -6.4% | 1.0% | -9.9% | 1.4% | -4.0% | 4.6% |
| Net margin | -7.3% | 0.2% | -11.6% | 0.5% | -3.4% | 3.8% |
| Return on equity | -122.0% | 1.4% | -103.8% | 2.3% | -20.4% | 26.8% |
| Return on assets | -15.3% | 0.4% | -24.4% | 0.9% | -8.0% | 10.6% |
| Free cash flow yield | 10.7% | 26.5% | -8.2% | 63.8% | 57.0% | 81.1% |
| Revenue growth | -8.8% | -17.5% | -17.4% | -17.4% | -19.1% | 43.3% |
| Earnings growth | -3503.3% | -101.4% | -2140.9% | -111.4% | -172.7% | 276.1% |
| Current ratio | 0.45x | 0.87x | 0.88x | 1.33x | 1.36x | 1.57x |
| Debt to equity | 0.32x | 1.89x | 2.08x | 0.78x | 0.96x | 0.81x |
| Equity ratio | 12.5% | 25.6% | 23.5% | 41.6% | 39.3% | 39.6% |
| Interest coverage | -4.73x | 1.03x | -12.23x | 2.03x | -6.49x | 11.95x |
| R&D as a share of sales | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 17.9% | -2.0% | 21.1% | -18.8% | 15.9% | -32.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.7% | -16.1% | 8.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.2% | 1.1% | 2.0% | 3.5% |
| Operating margin | -2.5% | -3.4% | -1.6% | -0.3% |
| Net margin | -3.4% | -4.3% | -2.1% | -0.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.0 | 398.2 | -5.6 | 164.2 | -18.1 | 19.1 | 29.6 | 37.3 | 46.9 | 33.1 |
| Price to sales | 0.4 | 0.8 | 0.7 | 0.8 | 0.6 | 0.7 | 0.4 | 0.8 | 1.3 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Apr 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.182 | 0.049 | 0.036 | 0.039 | 0.072 | 0.036 | 0.034 |
- 13-for-10 split · 11 Oct 2019
- 17-for-10 split · 25 Aug 2017
- 2-for-1 split · 27 Apr 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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