G 
13.12
+2.26%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥364.5m
FY2016FY2025
Net income
−CN¥79.6m
FY2016FY2025
Free cash flow
−CN¥56.0m
FY2016FY2025
Shareholders' equity
CN¥77.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥364.5m | CN¥134.7m | CN¥294.0m | CN¥379.3m | CN¥576.7m | CN¥417.9m | CN¥631.0m | CN¥791.0m | CN¥1.08bn | CN¥1.10bn |
| Gross profit | CN¥23.2m | −CN¥8.6m | CN¥17.6m | CN¥12.7m | CN¥25.8m | −CN¥25.8m | CN¥92.8m | CN¥94.3m | CN¥232.9m | CN¥278.2m |
| Research and development | CN¥12.7m | CN¥17.8m | CN¥19.2m | CN¥27.7m | CN¥47.2m | CN¥51.4m | CN¥42.5m | CN¥54.5m | CN¥65.8m | CN¥63.0m |
| Operating income | — | −CN¥98.2m | −CN¥85.0m | −CN¥5.8m | −CN¥120.8m | −CN¥360.8m | CN¥10.6m | −CN¥94.0m | CN¥8.3m | CN¥80.1m |
| Net income | −CN¥79.6m | −CN¥130.9m | −CN¥82.1m | −CN¥5.5m | −CN¥125.2m | −CN¥367.9m | CN¥10.2m | −CN¥74.4m | CN¥15.0m | CN¥64.0m |
| Diluted earnings per share | -0.48 | -0.78 | -0.49 | -0.02 | -0.75 | -2.20 | 0.06 | -0.45 | 0.09 | 0.51 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥627.1m | CN¥416.4m | CN¥435.2m | CN¥592.6m | CN¥696.1m | CN¥800.1m | CN¥1.07bn | CN¥1.17bn | CN¥1.32bn | CN¥1.27bn |
| Cash and short-term investments | — | CN¥25.8m | CN¥18.4m | CN¥13.8m | CN¥21.6m | CN¥62.8m | CN¥33.3m | CN¥45.9m | CN¥169.5m | CN¥155.0m |
| Total liabilities | CN¥550.4m | CN¥266.8m | CN¥296.2m | CN¥370.0m | CN¥468.3m | CN¥447.2m | CN¥390.2m | CN¥562.8m | CN¥678.2m | CN¥623.0m |
| Debt | CN¥18.2m | CN¥57.5m | CN¥16.0m | CN¥55.5m | CN¥93.7m | CN¥103.8m | CN¥60.4m | CN¥103.2m | CN¥121.5m | CN¥104.1m |
| Shareholders' equity | CN¥77.7m | CN¥149.5m | CN¥138.9m | CN¥221.1m | CN¥226.7m | CN¥352.3m | CN¥676.8m | CN¥602.6m | CN¥646.8m | CN¥649.3m |
| Shares outstanding | 167m | 167m | 167m | 238m | 167m | 167m | 168m | 167m | 167m | 125m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥48.3m | −CN¥26.3m | CN¥8.9m | −CN¥35.9m | −CN¥47.0m | −CN¥44.5m | CN¥55.4m | −CN¥55.0m | −CN¥64.6m | −CN¥18.3m |
| Capital spending | −CN¥7.8m | −CN¥3.6m | −CN¥4.6m | −CN¥3.2m | −CN¥18.0m | −CN¥25.5m | −CN¥20.9m | −CN¥23.3m | −CN¥30.5m | −CN¥35.6m |
| Free cash flow | −CN¥56.0m | −CN¥29.9m | CN¥4.3m | −CN¥39.1m | −CN¥64.9m | −CN¥70.0m | CN¥34.4m | −CN¥78.3m | −CN¥95.0m | −CN¥53.9m |
| Dividends paid | −CN¥2.4m | −CN¥2.0m | −CN¥3.3m | −CN¥3.0m | −CN¥3.7m | −CN¥4.9m | −CN¥4.6m | −CN¥12.6m | −CN¥17.3m | −CN¥9.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥175.7m | CN¥154.4m | CN¥209.1m | CN¥57.1m | CN¥51.9m | CN¥46.4m | CN¥2.6m | CN¥40.7m |
| Gross profit | CN¥9.5m | CN¥9.3m | CN¥14.5m | CN¥9.6m | −CN¥3.7m | CN¥2.7m | −CN¥12.9m | CN¥5.6m |
| Operating income | −CN¥5.6m | −CN¥89,385 | −CN¥7.9m | −CN¥11.0m | −CN¥16.1m | −CN¥14.9m | −CN¥29.0m | −CN¥29.4m |
| Net income | −CN¥11.0m | CN¥5.8m | −CN¥37.6m | −CN¥11.1m | −CN¥16.1m | −CN¥14.8m | −CN¥61.7m | −CN¥35.1m |
| Diluted earnings per share | -0.07 | 0.03 | -0.22 | -0.07 | -0.10 | -0.09 | -0.37 | -0.21 |
| Cash from operations | — | — | — | −CN¥8.0m | −CN¥14.0m | −CN¥18.0m | — | CN¥5.0m |
| Capital spending | −CN¥9.0m | −CN¥4.0m | −CN¥6.0m | — | — | — | −CN¥1.0m | — |
| Total assets | CN¥460.3m | CN¥473.1m | CN¥627.1m | CN¥437.1m | CN¥414.6m | CN¥404.6m | CN¥416.4m | CN¥358.4m |
| Cash and short-term investments | — | — | — | CN¥8.2m | CN¥9.5m | CN¥3.3m | CN¥25.8m | CN¥1.1m |
| Debt | CN¥45.5m | CN¥37.9m | CN¥18.2m | CN¥44.3m | CN¥62.1m | CN¥55.7m | CN¥57.5m | CN¥46.8m |
| Shareholders' equity | CN¥70.2m | CN¥83.5m | CN¥77.7m | CN¥115.4m | CN¥126.5m | CN¥134.7m | CN¥149.5m | CN¥110.0m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.4% | -6.3% | 6.0% | 3.4% | 4.5% | -6.2% |
| Operating margin | -20.7% | -66.2% | -23.7% | 2.1% | -18.8% | -86.0% |
| Net margin | -21.8% | -97.2% | -27.9% | -1.5% | -21.7% | -88.0% |
| Return on equity | -102.4% | -87.5% | -59.1% | -2.5% | -55.2% | -104.4% |
| Return on assets | -12.7% | -31.4% | -18.9% | -0.9% | -18.0% | -46.0% |
| Free cash flow yield | -1.8% | -1.0% | 0.6% | -1.0% | -1.3% | -0.9% |
| Revenue growth | 170.6% | -54.2% | -22.5% | -34.2% | 38.0% | -33.8% |
| Earnings growth | -39.2% | 59.4% | 1381.7% | -95.6% | -66.0% | -3723.7% |
| Current ratio | 0.79x | 0.80x | 0.89x | 1.09x | 1.01x | 1.19x |
| Debt to equity | 0.23x | 0.38x | 0.09x | 0.67x | 0.58x | 0.29x |
| Equity ratio | 12.4% | 35.9% | 31.9% | 37.3% | 32.6% | 44.0% |
| Interest coverage | -14.52x | -10.86x | -5.04x | 0.60x | -9.39x | -73.21x |
| R&D as a share of sales | 3.5% | 13.2% | 6.5% | 7.3% | 8.2% | 12.3% |
| Buybacks as a share of market value | 0.0% | -0.0% | 29.6% | -42.1% | 0.0% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.3% | -2.7% | -8.0% |
| Net income | 143.1% | -26.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.9% | 3.8% | 2.1% | 14.4% |
| Net margin | -42.2% | -25.4% | -36.5% | -11.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.9 | -9.7 | -23.9 | -397.8 | -11.9 | -5.0 | 210.4 | -26.3 | 172.5 |
| Price to sales | 4.1 | 9.4 | 6.7 | 5.8 | 2.6 | 4.4 | 3.4 | 2.5 | 2.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 7 Jul 2017.
| FY2017 | |
|---|---|
| Paid in the year | 0.06 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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