Z 
7.90
-1.25%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥8.07bn
FY2016FY2025
Net income
−CN¥136.0m
FY2016FY2025
Free cash flow
−CN¥122.5m
FY2016FY2025
Shareholders' equity
CN¥3.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.07bn | CN¥9.09bn | CN¥8.58bn | CN¥9.45bn | CN¥8.34bn | CN¥8.84bn | CN¥7.71bn | CN¥5.12bn | CN¥4.69bn | CN¥3.99bn |
| Gross profit | CN¥943.3m | CN¥523.3m | −CN¥198.4m | CN¥543.5m | CN¥84.9m | CN¥293.0m | CN¥411.6m | CN¥320.9m | CN¥220.9m | CN¥205.1m |
| Research and development | CN¥68.3m | CN¥54.2m | CN¥49.2m | CN¥36.2m | CN¥22.5m | CN¥22.1m | CN¥33.4m | CN¥16.1m | CN¥14.1m | CN¥8.5m |
| Operating income | CN¥74.4m | CN¥273.3m | −CN¥484.7m | CN¥242.1m | −CN¥131.1m | CN¥176.7m | CN¥171.0m | CN¥144.8m | CN¥85.5m | CN¥87.2m |
| Net income | −CN¥136.0m | CN¥73.0m | −CN¥604.9m | CN¥87.7m | −CN¥192.5m | CN¥135.1m | CN¥131.7m | CN¥150.2m | CN¥118.5m | CN¥92.2m |
| Diluted earnings per share | -0.17 | 0.12 | -1.05 | 0.14 | -0.48 | 0.35 | 0.32 | 0.51 | 0.28 | 0.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥10.33bn | CN¥9.49bn | CN¥8.91bn | CN¥8.87bn | CN¥7.14bn | CN¥5.00bn | CN¥3.06bn | CN¥2.18bn | CN¥1.58bn | CN¥1.41bn |
| Cash and short-term investments | — | CN¥666.2m | CN¥628.5m | CN¥998.1m | CN¥424.2m | CN¥576.3m | CN¥346.4m | CN¥324.3m | CN¥163.3m | CN¥149.2m |
| Total liabilities | CN¥6.35bn | CN¥6.87bn | CN¥6.65bn | CN¥5.53bn | CN¥5.02bn | CN¥2.77bn | CN¥1.38bn | CN¥736.5m | CN¥345.0m | CN¥564.2m |
| Debt | CN¥867.7m | CN¥5.65bn | CN¥4.95bn | CN¥4.29bn | CN¥3.97bn | CN¥1.94bn | CN¥937.6m | CN¥457.3m | CN¥114.6m | CN¥355.7m |
| Shareholders' equity | CN¥3.84bn | CN¥2.43bn | CN¥2.07bn | CN¥2.67bn | CN¥1.54bn | CN¥1.71bn | CN¥1.48bn | CN¥1.30bn | CN¥1.17bn | CN¥808.6m |
| Shares outstanding | 793m | 625m | 576m | 606m | 401m | 391m | 418m | 295m | 421m | 326m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥525.1m | CN¥525.6m | CN¥524.7m | CN¥374.5m | CN¥251.6m | CN¥360.6m | CN¥127.6m | CN¥260.9m | CN¥183.0m | CN¥264.1m |
| Capital spending | −CN¥647.6m | −CN¥885.0m | −CN¥1.10bn | −CN¥1.13bn | −CN¥2.23bn | −CN¥1.61bn | −CN¥570.6m | −CN¥333.8m | −CN¥138.4m | −CN¥124.4m |
| Free cash flow | −CN¥122.5m | −CN¥359.4m | −CN¥571.0m | −CN¥757.2m | −CN¥1.98bn | −CN¥1.25bn | −CN¥442.9m | −CN¥73.0m | CN¥44.5m | CN¥139.7m |
| Dividends paid | −CN¥147.7m | −CN¥171.1m | −CN¥164.8m | −CN¥165.9m | −CN¥13.7m | −CN¥12.8m | −CN¥29.6m | −CN¥36.2m | −CN¥24.7m | −CN¥36.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.68bn | CN¥1.86bn | CN¥1.98bn | CN¥1.84bn | CN¥2.16bn | CN¥2.08bn | CN¥2.61bn | CN¥2.32bn |
| Gross profit | −CN¥71.2m | −CN¥45.3m | −CN¥62.0m | CN¥118.7m | CN¥142.0m | CN¥164.2m | CN¥133.2m | CN¥258.0m |
| Operating income | −CN¥146.7m | −CN¥130.6m | −CN¥134.9m | CN¥2.7m | CN¥43.7m | CN¥88.0m | CN¥36.7m | CN¥184.7m |
| Net income | −CN¥235.9m | −CN¥240.6m | −CN¥207.0m | −CN¥5.2m | CN¥42.0m | CN¥34.2m | CN¥19.6m | CN¥172.5m |
| Diluted earnings per share | -0.30 | -0.30 | -0.26 | -0.01 | 0.05 | 0.04 | 0.03 | 0.28 |
| Cash from operations | — | — | — | CN¥491.0m | CN¥294.0m | CN¥147.0m | CN¥126.0m | CN¥483.0m |
| Capital spending | −CN¥35.0m | −CN¥211.0m | −CN¥333.0m | −CN¥96.0m | −CN¥105.0m | −CN¥112.0m | −CN¥550.0m | −CN¥78.0m |
| Free cash flow | — | — | — | CN¥395.0m | CN¥189.0m | CN¥35.0m | −CN¥424.0m | CN¥405.0m |
| Total assets | CN¥10.50bn | CN¥10.29bn | CN¥10.33bn | CN¥10.59bn | CN¥10.67bn | CN¥9.48bn | CN¥9.49bn | CN¥9.22bn |
| Cash and short-term investments | — | — | — | CN¥1.74bn | CN¥1.90bn | CN¥697.9m | CN¥666.2m | CN¥681.6m |
| Debt | CN¥888.0m | CN¥930.8m | CN¥867.7m | CN¥3.60bn | CN¥3.33bn | CN¥3.70bn | CN¥4.91bn | CN¥4.23bn |
| Shareholders' equity | CN¥3.36bn | CN¥3.60bn | CN¥3.84bn | CN¥4.04bn | CN¥4.04bn | CN¥2.43bn | CN¥2.43bn | CN¥2.18bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.7% | 5.8% | -2.3% | 5.8% | 1.0% | 3.3% |
| Operating margin | 0.3% | 3.0% | -5.6% | 2.6% | -1.6% | 1.2% |
| Net margin | -1.7% | 0.8% | -7.1% | 0.9% | -2.3% | 1.5% |
| Return on equity | -3.5% | 3.0% | -29.2% | 3.3% | -12.5% | 7.9% |
| Return on assets | -1.3% | 0.8% | -6.8% | 1.0% | -2.7% | 2.7% |
| Free cash flow yield | 18.6% | 28.4% | 35.4% | 31.2% | 77.8% | 63.5% |
| Revenue growth | -11.2% | 6.0% | -9.2% | 13.3% | -5.6% | 14.7% |
| Earnings growth | -286.2% | -112.1% | -789.3% | -145.6% | -242.5% | 2.6% |
| Current ratio | 0.75x | 0.62x | 0.56x | 0.84x | 0.56x | 0.98x |
| Debt to equity | 0.23x | 2.03x | 1.90x | 1.24x | 2.35x | 1.14x |
| Equity ratio | 37.1% | 25.6% | 23.3% | 30.1% | 21.6% | 34.1% |
| Interest coverage | 0.16x | 1.39x | -2.49x | 1.31x | -1.21x | 2.94x |
| R&D as a share of sales | 0.8% | 0.6% | 0.6% | 0.4% | 0.3% | 0.3% |
| Buybacks as a share of market value | -26.9% | -8.5% | 5.0% | -51.2% | -2.6% | 6.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.1% | -1.8% | 15.3% |
| Operating income | -32.5% | -15.9% | 3.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.5% | 5.1% | 4.2% | 4.6% |
| Operating margin | 2.0% | 0.3% | 0.3% | 0.9% |
| Net margin | -0.4% | -1.6% | -1.2% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -56.1 | 108.0 | -19.8 | 116.7 | -36.0 | 30.3 | 32.3 | 16.1 | 58.9 |
| Price to sales | 0.9 | 0.9 | 1.4 | 1.1 | 0.8 | 0.5 | 0.6 | 0.5 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2023.
| FY2023 | FY2021 | FY2020 | FY2018 | FY2017 | |
|---|---|---|---|---|---|
| Paid in the year | 0.027 | 0.032 | 0.029 | 0.053 | 0.044 |
- 8-for-5 split · 1 Jul 2020
- 3-for-2 split · 26 Jun 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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