S 
6.41
-1.38%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.30bn
FY2016FY2025
Net income
−CN¥63.2m
FY2016FY2025
Free cash flow
CN¥45.9m
FY2016FY2025
Shareholders' equity
CN¥180.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.30bn | CN¥2.22bn | CN¥2.32bn | CN¥2.60bn | CN¥2.67bn | CN¥3.24bn | CN¥2.78bn | CN¥3.01bn | CN¥2.90bn | CN¥2.82bn |
| Gross profit | CN¥332.4m | CN¥234.3m | CN¥158.5m | CN¥282.0m | CN¥92.5m | CN¥281.3m | CN¥245.8m | CN¥510.3m | CN¥522.7m | CN¥451.4m |
| Research and development | CN¥142.0m | CN¥134.1m | CN¥151.9m | CN¥171.8m | CN¥180.8m | CN¥212.6m | CN¥149.4m | CN¥144.2m | CN¥114.6m | CN¥96.0m |
| Operating income | CN¥6.6m | −CN¥288.6m | CN¥250.1m | −CN¥182.9m | −CN¥437.0m | −CN¥273.9m | −CN¥238.2m | CN¥46.3m | CN¥74.1m | CN¥98.8m |
| Net income | −CN¥63.2m | −CN¥271.8m | CN¥244.8m | −CN¥257.7m | −CN¥586.3m | −CN¥325.2m | −CN¥262.7m | CN¥41.7m | CN¥64.5m | CN¥99.0m |
| Diluted earnings per share | -0.10 | -0.55 | 0.47 | -0.51 | -1.19 | -0.78 | -0.70 | 0.10 | 0.16 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.63bn | CN¥3.60bn | CN¥4.12bn | CN¥4.01bn | CN¥4.30bn | CN¥4.28bn | CN¥4.22bn | CN¥4.08bn | CN¥3.85bn | CN¥3.12bn |
| Cash and short-term investments | — | CN¥91.8m | CN¥119.6m | CN¥171.0m | CN¥426.7m | CN¥415.8m | CN¥410.4m | CN¥382.9m | CN¥437.4m | CN¥507.1m |
| Total liabilities | CN¥3.49bn | CN¥3.39bn | CN¥3.64bn | CN¥3.77bn | CN¥3.79bn | CN¥3.68bn | CN¥3.28bn | CN¥2.89bn | CN¥2.69bn | CN¥2.05bn |
| Debt | CN¥326.9m | CN¥700.5m | CN¥765.0m | CN¥1.23bn | CN¥1.73bn | CN¥1.39bn | CN¥1.34bn | CN¥1.24bn | CN¥1.08bn | CN¥705.8m |
| Shareholders' equity | CN¥180.9m | CN¥232.2m | CN¥493.6m | CN¥241.2m | CN¥500.1m | CN¥569.5m | CN¥890.1m | CN¥1.14bn | CN¥1.10bn | CN¥1.05bn |
| Shares outstanding | 611m | 497m | 517m | 510m | 494m | 418m | 375m | 398m | 405m | 399m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥84.1m | CN¥44.8m | CN¥106.6m | CN¥52.2m | −CN¥245.8m | −CN¥42.2m | CN¥124.8m | CN¥68.4m | −CN¥5.8m | CN¥88.8m |
| Capital spending | −CN¥38.2m | −CN¥35.8m | −CN¥45.6m | −CN¥208.3m | −CN¥325.1m | −CN¥276.5m | −CN¥139.6m | −CN¥246.6m | −CN¥433.3m | −CN¥266.5m |
| Free cash flow | CN¥45.9m | CN¥8.9m | CN¥61.0m | −CN¥156.1m | −CN¥570.9m | −CN¥318.6m | −CN¥14.8m | −CN¥178.2m | −CN¥439.1m | −CN¥177.7m |
| Dividends paid | −CN¥24.6m | −CN¥48.2m | −CN¥55.8m | −CN¥73.5m | −CN¥58.8m | −CN¥40.2m | −CN¥8.0m | −CN¥58.5m | −CN¥42.5m | −CN¥37.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥629.1m | CN¥595.6m | CN¥474.4m | CN¥624.3m | CN¥642.7m | CN¥561.6m | CN¥543.2m | CN¥551.9m |
| Gross profit | CN¥120.2m | CN¥112.0m | CN¥91.0m | CN¥78.0m | CN¥91.4m | CN¥72.0m | CN¥19.5m | CN¥59.0m |
| Operating income | CN¥36.9m | CN¥39.2m | −CN¥15.8m | CN¥20.4m | −CN¥11.6m | −CN¥19.6m | −CN¥159.9m | −CN¥42.3m |
| Net income | CN¥19.5m | CN¥14.4m | −CN¥52.0m | CN¥15.6m | −CN¥10.5m | −CN¥16.3m | −CN¥143.6m | −CN¥56.5m |
| Diluted earnings per share | 0.03 | 0.02 | -0.09 | 0.03 | -0.02 | -0.03 | -0.29 | -0.11 |
| Cash from operations | — | — | — | CN¥46.0m | −CN¥26.0m | CN¥43.0m | — | CN¥9.0m |
| Capital spending | −CN¥15.0m | −CN¥4.0m | −CN¥22.0m | −CN¥6.0m | −CN¥5.0m | −CN¥4.0m | −CN¥18.0m | −CN¥7.0m |
| Free cash flow | — | — | — | CN¥40.0m | −CN¥31.0m | CN¥39.0m | — | CN¥2.0m |
| Total assets | CN¥3.48bn | CN¥3.52bn | CN¥3.63bn | CN¥3.63bn | CN¥3.53bn | CN¥3.52bn | CN¥3.60bn | CN¥3.69bn |
| Cash and short-term investments | — | — | — | CN¥143.7m | CN¥108.8m | CN¥131.1m | CN¥91.8m | CN¥97.8m |
| Debt | CN¥236.0m | CN¥316.9m | CN¥326.9m | CN¥659.3m | CN¥703.9m | CN¥703.1m | CN¥692.8m | CN¥665.1m |
| Shareholders' equity | CN¥222.3m | CN¥199.2m | CN¥180.9m | CN¥229.5m | CN¥210.6m | CN¥218.2m | CN¥232.2m | CN¥373.1m |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.4% | 10.5% | 6.8% | 10.9% | 3.5% | 8.7% |
| Operating margin | 0.0% | -8.4% | 14.8% | -6.7% | -15.9% | -8.2% |
| Net margin | -2.7% | -12.2% | 10.5% | -9.9% | -21.9% | -10.0% |
| Return on equity | -34.9% | -117.1% | 49.6% | -106.8% | -117.2% | -57.1% |
| Return on assets | -1.7% | -7.6% | 5.9% | -6.4% | -13.6% | -7.6% |
| Free cash flow yield | 2.8% | 2.3% | 4.1% | 7.2% | 2.3% | 7.9% |
| Revenue growth | 3.7% | -4.3% | -10.6% | -2.9% | -17.5% | 16.7% |
| Earnings growth | -76.7% | -211.0% | -195.0% | -56.0% | 80.3% | 23.8% |
| Current ratio | 0.55x | 0.52x | 0.57x | 0.67x | 0.77x | 0.81x |
| Debt to equity | 1.81x | 2.98x | 1.45x | 4.73x | 2.87x | 1.92x |
| Equity ratio | 5.0% | 6.5% | 12.0% | 6.0% | 11.6% | 13.3% |
| Interest coverage | 0.01x | -1.86x | 3.21x | -1.82x | -4.37x | -3.18x |
| R&D as a share of sales | 6.2% | 6.0% | 6.5% | 6.6% | 6.8% | 6.6% |
| Buybacks as a share of market value | -22.9% | 3.9% | -1.4% | -3.3% | -18.1% | -11.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.9% | -6.6% | -0.4% |
| Operating income | — | — | -21.1% |
| Net income | -37.4% | -27.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.5% | 10.7% | 9.0% | 11.9% |
| Operating margin | -6.2% | -2.3% | -6.0% | -3.0% |
| Net margin | -7.4% | -3.7% | -8.2% | -4.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -83.1 | -16.9 | 33.9 | -14.0 | -5.7 | -8.8 | -11.9 | 58.1 | 58.9 | 83.8 |
| Price to sales | 2.3 | 2.1 | 3.6 | 1.4 | 1.3 | 0.9 | 1.1 | 0.8 | 1.3 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Jun 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 0.021 | 0.017 | 0.017 | 0.033 |
- 3-for-1 split · 31 May 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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