W 
9.15
-0.97%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥12.65bn
FY2016FY2025
Net income
CN¥514.0m
FY2016FY2025
Free cash flow
CN¥2.32bn
FY2016FY2025
Shareholders' equity
CN¥7.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥12.65bn | CN¥12.36bn | CN¥14.62bn | CN¥9.70bn | CN¥12.49bn | CN¥6.30bn | CN¥15.44bn | CN¥16.29bn | CN¥13.23bn | CN¥11.21bn |
| Gross profit | CN¥3.31bn | CN¥2.17bn | CN¥3.80bn | CN¥1.30bn | CN¥3.26bn | −CN¥850.2m | CN¥3.83bn | CN¥5.40bn | CN¥4.13bn | CN¥3.55bn |
| Research and development | CN¥56.8m | CN¥35.8m | CN¥31.4m | CN¥29.5m | CN¥27.1m | CN¥25.1m | CN¥25.6m | CN¥32.4m | — | — |
| Operating income | CN¥1.20bn | −CN¥25.2m | CN¥845.2m | −CN¥988.2m | CN¥77.4m | −CN¥2.53bn | CN¥1.19bn | CN¥2.52bn | CN¥1.77bn | CN¥1.71bn |
| Net income | CN¥514.0m | −CN¥940.1m | CN¥912.2m | −CN¥1.92bn | CN¥106.3m | −CN¥6.67bn | −CN¥4.73bn | CN¥2.10bn | CN¥1.52bn | CN¥1.37bn |
| Diluted earnings per share | 0.24 | -0.43 | 0.42 | -0.88 | 0.05 | -3.21 | -2.27 | 1.19 | 0.86 | 0.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥23.43bn | CN¥23.35bn | CN¥25.13bn | CN¥26.71bn | CN¥29.16bn | CN¥31.06bn | CN¥26.49bn | CN¥30.93bn | CN¥23.14bn | CN¥19.09bn |
| Cash and short-term investments | — | CN¥3.62bn | CN¥3.16bn | CN¥3.15bn | CN¥4.03bn | CN¥4.98bn | CN¥2.46bn | CN¥2.23bn | CN¥2.85bn | CN¥2.47bn |
| Total liabilities | CN¥15.83bn | CN¥16.34bn | CN¥16.95bn | CN¥19.49bn | CN¥20.08bn | CN¥21.84bn | CN¥12.35bn | CN¥12.10bn | CN¥11.43bn | CN¥8.70bn |
| Debt | CN¥1.48bn | CN¥10.76bn | CN¥10.73bn | CN¥13.44bn | CN¥13.43bn | CN¥12.83bn | CN¥5.56bn | CN¥6.06bn | CN¥4.28bn | CN¥3.31bn |
| Shareholders' equity | CN¥7.50bn | CN¥6.89bn | CN¥8.03bn | CN¥7.10bn | CN¥8.93bn | CN¥9.09bn | CN¥13.83bn | CN¥18.53bn | CN¥11.67bn | CN¥10.39bn |
| Shares outstanding | 2,112m | 2,179m | 2,179m | 2,197m | 2,227m | 2,078m | 2,079m | 1,761m | 1,761m | 1,762m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥2.81bn | CN¥1.60bn | CN¥4.42bn | CN¥1.19bn | CN¥2.98bn | CN¥482.1m | CN¥1.86bn | CN¥2.15bn | CN¥1.99bn | CN¥1.93bn |
| Capital spending | −CN¥489.8m | −CN¥507.5m | −CN¥589.8m | −CN¥737.7m | −CN¥1.56bn | −CN¥816.6m | −CN¥1.62bn | −CN¥1.96bn | −CN¥1.75bn | −CN¥1.50bn |
| Free cash flow | CN¥2.32bn | CN¥1.09bn | CN¥3.83bn | CN¥456.4m | CN¥1.42bn | −CN¥334.5m | CN¥240.0m | CN¥186.1m | CN¥241.1m | CN¥431.1m |
| Dividends paid | −CN¥609.5m | −CN¥737.5m | −CN¥849.0m | −CN¥859.6m | −CN¥853.9m | −CN¥292.5m | −CN¥301.5m | −CN¥512.2m | −CN¥471.4m | −CN¥372.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.09bn | CN¥3.00bn | CN¥2.86bn | CN¥3.10bn | CN¥1.98bn | CN¥4.71bn | CN¥2.51bn | CN¥3.63bn |
| Gross profit | CN¥318.0m | CN¥728.2m | CN¥598.1m | CN¥824.0m | CN¥249.6m | CN¥1.62bn | −CN¥188.1m | CN¥742.8m |
| Operating income | −CN¥119.8m | CN¥274.9m | CN¥107.3m | CN¥316.5m | −CN¥233.9m | CN¥869.5m | −CN¥751.9m | CN¥238.9m |
| Net income | −CN¥241.8m | CN¥86.9m | −CN¥194.4m | CN¥172.6m | −CN¥294.3m | CN¥830.1m | −CN¥1.11bn | CN¥55.3m |
| Diluted earnings per share | -0.11 | 0.04 | -0.09 | 0.08 | -0.14 | 0.39 | -0.51 | 0.03 |
| Cash from operations | — | — | — | CN¥473.0m | CN¥350.0m | CN¥1.28bn | CN¥717.0m | CN¥346.0m |
| Capital spending | −CN¥97.0m | −CN¥78.0m | −CN¥114.0m | −CN¥154.0m | −CN¥106.0m | −CN¥113.0m | −CN¥111.0m | −CN¥146.0m |
| Free cash flow | — | — | — | CN¥319.0m | CN¥244.0m | CN¥1.17bn | CN¥606.0m | CN¥200.0m |
| Total assets | CN¥21.75bn | CN¥22.81bn | CN¥23.43bn | CN¥23.31bn | CN¥23.23bn | CN¥24.19bn | CN¥23.35bn | CN¥24.99bn |
| Cash and short-term investments | — | — | — | CN¥4.35bn | CN¥4.11bn | CN¥4.79bn | CN¥3.62bn | CN¥3.11bn |
| Debt | CN¥1.20bn | CN¥1.42bn | CN¥1.48bn | CN¥3.36bn | CN¥3.94bn | CN¥4.45bn | CN¥4.14bn | CN¥4.02bn |
| Shareholders' equity | CN¥7.18bn | CN¥7.62bn | CN¥7.50bn | CN¥7.68bn | CN¥7.51bn | CN¥7.70bn | CN¥6.89bn | CN¥8.15bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 26.2% | 17.6% | 26.0% | 13.4% | 26.1% | -13.5% |
| Operating margin | 9.5% | -0.2% | 5.8% | -10.2% | 0.6% | -40.3% |
| Net margin | 4.1% | -7.6% | 6.2% | -19.8% | 0.9% | -105.9% |
| Return on equity | 6.9% | -13.6% | 11.4% | -27.1% | 1.2% | -73.3% |
| Return on assets | 2.2% | -4.0% | 3.6% | -7.2% | 0.4% | -21.5% |
| Free cash flow yield | 18.4% | 11.4% | 27.1% | 10.4% | 24.0% | 7.4% |
| Revenue growth | 2.3% | -15.4% | 50.8% | -22.4% | 98.4% | -59.2% |
| Earnings growth | -154.7% | -203.0% | -147.4% | -1908.5% | -101.6% | 41.0% |
| Current ratio | 1.09x | 0.98x | 1.03x | 0.85x | 0.99x | 0.79x |
| Debt to equity | 0.20x | 0.60x | 0.44x | 0.83x | 0.59x | 0.51x |
| Equity ratio | 32.0% | 29.5% | 32.0% | 26.6% | 30.6% | 29.3% |
| Interest coverage | 1.93x | -0.03x | 0.99x | -1.13x | 0.10x | -8.40x |
| R&D as a share of sales | 0.4% | 0.3% | 0.2% | 0.3% | 0.2% | 0.4% |
| Buybacks as a share of market value | 3.1% | 0.0% | 0.8% | 1.3% | -7.2% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.3% | 15.0% | 4.7% |
| Operating income | — | — | -1.9% |
| Net income | — | — | -8.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.9% | 21.5% | 19.1% | 24.7% |
| Operating margin | 4.7% | 2.1% | -2.1% | 5.4% |
| Net margin | -1.7% | -2.9% | -11.7% | -5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 46.5 | -28.1 | 31.1 | -16.0 | 324.2 | -5.6 | -8.0 | 18.3 | 40.3 | 46.5 |
| Price to sales | 1.9 | 2.1 | 1.9 | 3.2 | 2.8 | 6.0 | 2.4 | 2.4 | 4.6 | 5.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Aug 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|
| Paid in the year | 0.133 | 0.133 | 0.133 | 0.267 |
- 3-for-2 split · 8 Aug 2018
- 2-for-1 split · 28 Sept 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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