C 
3.43
-0.58%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥899.8m
FY2016FY2025
Net income
−CN¥419.7m
FY2016FY2025
Free cash flow
−CN¥35.3m
FY2016FY2025
Shareholders' equity
CN¥168.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥899.8m | CN¥1.20bn | CN¥2.03bn | CN¥2.08bn | CN¥2.49bn | CN¥2.55bn | CN¥3.18bn | CN¥2.87bn | CN¥1.90bn | CN¥1.51bn |
| Gross profit | CN¥141.1m | CN¥196.8m | CN¥380.0m | CN¥307.7m | CN¥405.4m | CN¥585.6m | CN¥635.3m | CN¥671.4m | CN¥459.8m | CN¥366.1m |
| Research and development | CN¥17.9m | CN¥20.9m | CN¥17.4m | CN¥9.4m | CN¥27.5m | CN¥31.8m | CN¥34.1m | CN¥34.0m | CN¥25.2m | CN¥15.0m |
| Operating income | −CN¥99.1m | −CN¥420.9m | −CN¥158.7m | −CN¥70.1m | −CN¥175.4m | CN¥114.4m | CN¥173.6m | CN¥174.2m | CN¥276.0m | CN¥177.9m |
| Net income | −CN¥419.7m | −CN¥650.1m | −CN¥452.0m | −CN¥317.9m | −CN¥333.4m | CN¥73.4m | CN¥124.8m | CN¥110.8m | CN¥180.3m | CN¥117.9m |
| Diluted earnings per share | -0.97 | -1.49 | -1.06 | -0.75 | -0.77 | 0.17 | 0.29 | 0.26 | 0.44 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.20bn | CN¥2.63bn | CN¥3.84bn | CN¥4.04bn | CN¥4.41bn | CN¥4.88bn | CN¥5.03bn | CN¥5.04bn | CN¥4.24bn | CN¥2.80bn |
| Cash and short-term investments | — | CN¥88.9m | CN¥91.5m | CN¥117.7m | CN¥180.0m | CN¥345.7m | CN¥440.0m | CN¥380.6m | CN¥454.6m | CN¥264.7m |
| Total liabilities | CN¥956.5m | CN¥2.86bn | CN¥3.28bn | CN¥3.05bn | CN¥3.10bn | CN¥3.12bn | CN¥3.22bn | CN¥3.28bn | CN¥2.60bn | CN¥1.45bn |
| Debt | CN¥444.2m | CN¥608.2m | CN¥1.08bn | CN¥1.11bn | CN¥1.07bn | CN¥1.18bn | CN¥1.47bn | CN¥1.58bn | CN¥1.47bn | CN¥758.1m |
| Shareholders' equity | CN¥168.4m | −CN¥411.8m | CN¥345.3m | CN¥802.3m | CN¥1.12bn | CN¥1.52bn | CN¥1.55bn | CN¥1.51bn | CN¥1.42bn | CN¥1.30bn |
| Shares outstanding | 432m | 438m | 426m | 423m | 432m | 432m | 432m | 432m | 414m | 468m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥25.9m | −CN¥47.0m | −CN¥51.6m | CN¥49.1m | CN¥139.8m | CN¥140.9m | CN¥154.7m | −CN¥85.5m | CN¥179.3m | CN¥125.1m |
| Capital spending | −CN¥9.4m | −CN¥58.4m | −CN¥46.5m | −CN¥44.2m | −CN¥98.8m | −CN¥94.6m | −CN¥410.8m | −CN¥203.0m | −CN¥309.9m | −CN¥245.7m |
| Free cash flow | −CN¥35.3m | −CN¥105.4m | −CN¥98.1m | CN¥4.9m | CN¥41.0m | CN¥46.3m | −CN¥256.2m | −CN¥288.5m | −CN¥130.6m | −CN¥120.6m |
| Dividends paid | −CN¥17.1m | −CN¥8.4m | −CN¥22.9m | −CN¥62.5m | −CN¥149.0m | −CN¥17.3m | −CN¥43.2m | −CN¥123.2m | −CN¥83.6m | −CN¥71.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥98.8m | CN¥141.9m | CN¥162.6m | CN¥250.9m | CN¥251.4m | CN¥234.9m | CN¥209.5m | CN¥250.6m |
| Gross profit | CN¥11.0m | CN¥18.1m | CN¥3.0m | CN¥38.9m | CN¥64.5m | CN¥34.8m | CN¥4.9m | CN¥17.4m |
| Operating income | −CN¥2.9m | −CN¥2.9m | −CN¥70.2m | −CN¥47.0m | CN¥9.1m | −CN¥31.8m | −CN¥542.3m | CN¥23.8m |
| Net income | −CN¥12.1m | −CN¥8.1m | −CN¥241.9m | −CN¥46.8m | −CN¥48.6m | −CN¥82.4m | −CN¥610.1m | CN¥26.5m |
| Diluted earnings per share | -0.03 | -0.02 | -0.56 | -0.11 | -0.11 | -0.19 | -1.39 | 0.06 |
| Cash from operations | — | — | — | CN¥4.0m | −CN¥6.0m | CN¥13.0m | — | −CN¥9.0m |
| Capital spending | — | −CN¥1.0m | −CN¥2.0m | — | — | −CN¥6.0m | −CN¥21.0m | −CN¥2.0m |
| Free cash flow | — | — | — | — | — | CN¥7.0m | — | −CN¥11.0m |
| Total assets | CN¥1.10bn | CN¥1.13bn | CN¥1.20bn | CN¥2.43bn | CN¥2.48bn | CN¥2.51bn | CN¥2.63bn | CN¥3.28bn |
| Cash and short-term investments | — | — | — | CN¥73.2m | CN¥77.9m | CN¥75.1m | CN¥88.9m | CN¥58.2m |
| Debt | CN¥444.2m | CN¥444.2m | CN¥444.2m | CN¥1.01bn | CN¥633.3m | CN¥595.9m | CN¥608.2m | CN¥601.8m |
| Shareholders' equity | CN¥148.2m | CN¥160.3m | CN¥168.4m | −CN¥607.6m | −CN¥549.8m | −CN¥491.8m | −CN¥411.8m | CN¥194.0m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.7% | 16.5% | 18.7% | 14.8% | 16.3% | 23.0% |
| Operating margin | -26.1% | -35.2% | -7.8% | -3.3% | -7.0% | 10.6% |
| Net margin | -46.6% | -54.4% | -22.3% | -15.3% | -13.4% | 2.9% |
| Return on equity | -249.2% | 157.9% | -130.9% | -39.6% | -29.7% | 4.8% |
| Return on assets | -35.1% | -24.8% | -11.8% | -7.9% | -7.6% | 1.5% |
| Free cash flow yield | -1.0% | 0.7% | -0.3% | 6.1% | 15.2% | 15.0% |
| Revenue growth | -24.7% | -41.1% | -2.3% | -16.6% | -2.4% | -19.8% |
| Earnings growth | -35.4% | 43.8% | 42.2% | -4.7% | -554.0% | -41.2% |
| Current ratio | 1.23x | 0.41x | 0.54x | 0.60x | 0.76x | 0.90x |
| Debt to equity | 2.64x | -1.48x | 2.89x | 0.77x | 0.75x | 0.61x |
| Equity ratio | 14.1% | -15.7% | 9.0% | 19.9% | 25.4% | 31.1% |
| Interest coverage | -1.17x | -2.02x | -0.94x | -0.40x | -1.05x | 1.72x |
| R&D as a share of sales | 2.0% | 1.7% | 0.9% | 0.5% | 1.1% | 1.2% |
| Buybacks as a share of market value | 1.3% | -2.7% | -0.8% | 2.2% | 0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.3% | -18.8% | -4.4% |
| Operating income | 12.3% | — | — |
| Net income | 9.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.1% | 16.5% | 17.9% | 20.1% |
| Operating margin | -24.8% | -12.1% | -7.2% | 0.6% |
| Net margin | -51.1% | -29.7% | -18.7% | -6.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.7 | -2.8 | -3.2 | -6.0 | -9.6 | 38.2 | 21.0 | 32.1 | 49.8 | 45.6 |
| Price to sales | 2.2 | 1.5 | 0.7 | 0.9 | 1.3 | 1.1 | 0.8 | 1.2 | 4.7 | 3.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Jul 2020.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.04 | 0.10 | 0.07 | 0.075 | 0.083 | 0.044 |
- 2-for-1 split · 8 Sept 2017
- 3-for-2 split · 24 May 2016
- 3-for-2 split · 20 May 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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