T 
11.27
-2.09%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.96bn
FY2016FY2025
Net income
CN¥82.2m
FY2016FY2025
Free cash flow
−CN¥651.8m
FY2016FY2025
Shareholders' equity
CN¥3.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.96bn | CN¥2.05bn | CN¥2.19bn | CN¥3.27bn | CN¥2.25bn | CN¥742.8m | CN¥774.3m | CN¥860.6m | CN¥853.4m | CN¥498.9m |
| Gross profit | CN¥753.9m | −CN¥62.1m | CN¥266.1m | CN¥971.3m | CN¥1.19bn | CN¥140.0m | CN¥178.9m | CN¥222.6m | CN¥338.7m | CN¥178.2m |
| Research and development | CN¥157.8m | CN¥105.8m | CN¥73.0m | CN¥140.1m | CN¥85.2m | CN¥29.4m | CN¥29.9m | CN¥31.6m | CN¥39.8m | CN¥17.7m |
| Operating income | CN¥191.6m | −CN¥381.0m | CN¥54.3m | CN¥614.4m | CN¥889.9m | −CN¥7.3m | CN¥31.7m | CN¥90.2m | CN¥200.7m | CN¥86.7m |
| Net income | CN¥82.2m | −CN¥1.36bn | CN¥36.6m | CN¥526.3m | CN¥745.0m | −CN¥10.8m | CN¥32.5m | CN¥83.8m | CN¥22.2m | CN¥77.0m |
| Diluted earnings per share | 0.17 | -2.59 | 0.09 | 1.31 | 1.88 | -0.03 | 0.08 | 0.19 | 0.05 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.62bn | CN¥6.33bn | CN¥7.75bn | CN¥6.22bn | CN¥4.55bn | CN¥3.24bn | CN¥3.24bn | CN¥4.00bn | CN¥3.74bn | CN¥3.51bn |
| Cash and short-term investments | — | CN¥1.09bn | CN¥1.92bn | CN¥1.04bn | CN¥505.3m | CN¥64.4m | CN¥99.4m | CN¥543.0m | CN¥73.2m | CN¥137.6m |
| Total liabilities | CN¥2.77bn | CN¥2.65bn | CN¥2.60bn | CN¥2.08bn | CN¥872.4m | CN¥570.4m | CN¥546.4m | CN¥588.8m | CN¥388.1m | CN¥174.5m |
| Debt | CN¥277.5m | CN¥775.1m | CN¥610.3m | CN¥213.4m | CN¥145.0m | CN¥378.3m | CN¥363.3m | CN¥330.0m | CN¥101.6m | CN¥6.1m |
| Shareholders' equity | CN¥3.29bn | CN¥3.19bn | CN¥4.66bn | CN¥3.81bn | CN¥3.41bn | CN¥2.67bn | CN¥2.69bn | CN¥3.41bn | CN¥3.35bn | CN¥3.34bn |
| Shares outstanding | 492m | 524m | 406m | 401m | 396m | 337m | 419m | 452m | 453m | 240m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥300.3m | −CN¥208.9m | CN¥119.2m | CN¥919.4m | CN¥685.3m | CN¥38.7m | −CN¥14.0m | CN¥101.3m | −CN¥1.9m | CN¥63.8m |
| Capital spending | −CN¥351.5m | −CN¥649.2m | −CN¥257.3m | −CN¥438.9m | −CN¥177.1m | −CN¥36.7m | −CN¥44.1m | −CN¥104.8m | −CN¥134.7m | −CN¥22.0m |
| Free cash flow | −CN¥651.8m | −CN¥858.2m | −CN¥138.1m | CN¥480.5m | CN¥508.3m | CN¥2.0m | −CN¥58.1m | −CN¥3.5m | −CN¥136.6m | CN¥41.8m |
| Dividends paid | −CN¥26.7m | −CN¥76.7m | −CN¥129.6m | −CN¥158.2m | −CN¥12.2m | −CN¥33.4m | −CN¥17.0m | −CN¥33.2m | −CN¥17.7m | −CN¥13.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.26bn | CN¥990.0m | CN¥1.18bn | CN¥718.0m | CN¥549.9m | CN¥518.0m | CN¥602.6m | CN¥555.8m |
| Gross profit | CN¥213.3m | CN¥412.4m | CN¥402.7m | CN¥35.4m | CN¥32.7m | CN¥60.0m | −CN¥44.5m | CN¥12.3m |
| Operating income | CN¥124.1m | CN¥309.3m | CN¥275.7m | −CN¥49.9m | −CN¥38.6m | −CN¥17.6m | −CN¥160.8m | −CN¥66.1m |
| Net income | CN¥28.6m | CN¥197.3m | CN¥183.7m | −CN¥49.1m | −CN¥30.5m | −CN¥21.9m | −CN¥1.17bn | −CN¥60.8m |
| Diluted earnings per share | 0.06 | 0.40 | 0.37 | -0.10 | -0.06 | -0.04 | -2.24 | -0.12 |
| Cash from operations | — | — | — | −CN¥235.0m | −CN¥17.0m | −CN¥114.0m | CN¥64.0m | CN¥4.0m |
| Capital spending | −CN¥133.0m | −CN¥132.0m | −CN¥66.0m | −CN¥120.0m | −CN¥45.0m | −CN¥119.0m | −CN¥121.0m | −CN¥68.0m |
| Free cash flow | — | — | — | −CN¥355.0m | −CN¥62.0m | −CN¥233.0m | −CN¥57.0m | −CN¥64.0m |
| Total assets | CN¥7.72bn | CN¥7.35bn | CN¥6.62bn | CN¥6.15bn | CN¥6.42bn | CN¥6.30bn | CN¥6.33bn | CN¥7.26bn |
| Cash and short-term investments | — | — | — | CN¥624.1m | CN¥909.8m | CN¥911.4m | CN¥1.09bn | CN¥979.0m |
| Debt | CN¥387.1m | CN¥343.0m | CN¥277.5m | CN¥1.44bn | CN¥1.01bn | CN¥814.9m | CN¥775.1m | CN¥715.8m |
| Shareholders' equity | CN¥3.52bn | CN¥3.49bn | CN¥3.29bn | CN¥3.10bn | CN¥3.13bn | CN¥3.16bn | CN¥3.19bn | CN¥4.36bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 25.4% | -3.0% | 12.1% | 29.7% | 52.7% | 18.8% |
| Operating margin | 6.5% | -18.5% | 2.5% | 18.8% | 39.5% | -1.0% |
| Net margin | 2.8% | -66.2% | 1.7% | 16.1% | 33.1% | -1.5% |
| Return on equity | 2.5% | -42.7% | 0.8% | 13.8% | 21.8% | -0.4% |
| Return on assets | 1.2% | -21.5% | 0.5% | 8.5% | 16.4% | -0.3% |
| Free cash flow yield | 0.8% | 6.2% | 6.8% | 25.0% | 16.1% | 1.7% |
| Revenue growth | 44.2% | -6.3% | -33.0% | 45.4% | 203.2% | -4.1% |
| Earnings growth | -106.0% | -3814.1% | -93.0% | -29.4% | -7011.3% | -133.2% |
| Current ratio | 1.13x | 1.10x | 1.55x | 1.43x | 2.03x | 1.61x |
| Debt to equity | 0.08x | 0.24x | 0.13x | 0.06x | 0.04x | 0.14x |
| Equity ratio | 49.7% | 50.4% | 60.2% | 61.3% | 75.0% | 82.4% |
| Interest coverage | 6.50x | -14.81x | 2.86x | 37.41x | 75.04x | -0.42x |
| R&D as a share of sales | 5.3% | 5.1% | 3.3% | 4.3% | 3.8% | 4.0% |
| Buybacks as a share of market value | 6.2% | -29.1% | -1.3% | -1.4% | -17.4% | 19.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.3% | 31.9% | 21.8% |
| Operating income | -32.2% | — | 10.7% |
| Net income | -46.2% | — | 3.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.8% | 18.4% | 24.2% | 25.5% |
| Operating margin | -3.8% | 4.6% | 10.1% | 10.9% |
| Net margin | -25.5% | -6.8% | 0.1% | 1.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 277.8 | -3.4 | 117.6 | 12.4 | 15.6 | -519.2 | 117.4 | 42.8 | 361.0 | 77.8 |
| Price to sales | 7.7 | 2.2 | 2.0 | 2.0 | 5.1 | 7.5 | 4.9 | 4.2 | 9.4 | 12.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 May 2024.
| FY2024 | FY2023 | FY2022 | FY2020 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.27 | 0.38 | 0.04 | 0.05 | 0.03 | 0.048 | 0.044 |
- 5-for-2 split · 17 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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