D 
10.36
+0.39%
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¥1.67bn
FY2016FY2025
Net income
−CN¥489.7m
FY2016FY2025
Free cash flow
−CN¥141.4m
FY2016FY2025
Shareholders' equity
CN¥121.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.67bn | CN¥1.36bn | CN¥1.77bn | CN¥2.70bn | CN¥3.09bn | CN¥2.82bn | CN¥2.78bn | CN¥2.20bn | CN¥1.52bn | CN¥1.84bn |
| Gross profit | CN¥74.4m | CN¥41.9m | CN¥202.6m | CN¥257.5m | CN¥103.4m | CN¥402.1m | CN¥406.0m | CN¥335.6m | CN¥274.0m | CN¥314.1m |
| Research and development | CN¥58.2m | CN¥59.0m | CN¥62.0m | CN¥85.5m | CN¥92.4m | CN¥81.9m | CN¥89.1m | CN¥71.2m | CN¥47.4m | CN¥51.6m |
| Operating income | — | −CN¥279.3m | −CN¥98.7m | −CN¥111.3m | −CN¥256.4m | CN¥104.4m | CN¥62.0m | CN¥32.1m | CN¥54.7m | CN¥80.5m |
| Net income | −CN¥489.7m | −CN¥298.2m | −CN¥119.2m | −CN¥125.6m | −CN¥244.9m | CN¥102.2m | CN¥56.3m | CN¥29.3m | CN¥51.8m | CN¥72.2m |
| Diluted earnings per share | -1.99 | -1.21 | -0.47 | -0.47 | -0.89 | 0.43 | 0.23 | 0.12 | 0.20 | 0.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.81bn | CN¥1.96bn | CN¥2.16bn | CN¥2.60bn | CN¥2.82bn | CN¥2.93bn | CN¥2.75bn | CN¥2.51bn | CN¥1.98bn | CN¥1.64bn |
| Cash and short-term investments | — | CN¥67.9m | CN¥243.0m | CN¥251.7m | CN¥389.9m | CN¥360.4m | CN¥266.5m | CN¥230.2m | CN¥374.6m | CN¥284.2m |
| Total liabilities | CN¥1.72bn | CN¥1.38bn | CN¥1.25bn | CN¥1.57bn | CN¥1.65bn | CN¥1.53bn | CN¥1.47bn | CN¥1.34bn | CN¥777.3m | CN¥827.2m |
| Debt | — | CN¥244.8m | CN¥510.5m | CN¥365.1m | CN¥304.7m | CN¥149.6m | CN¥198.3m | CN¥252.8m | CN¥105.2m | CN¥25.8m |
| Shareholders' equity | CN¥121.2m | CN¥596.1m | CN¥906.4m | CN¥1.02bn | CN¥1.15bn | CN¥1.41bn | CN¥1.30bn | CN¥1.17bn | CN¥1.19bn | CN¥804.5m |
| Shares outstanding | 246m | 247m | 256m | 266m | 274m | 236m | 244m | 254m | 254m | 175m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥120.6m | −CN¥100.3m | −CN¥17.2m | CN¥110.8m | CN¥191.3m | CN¥298.7m | CN¥292.2m | CN¥202.3m | −CN¥138.6m | CN¥100.7m |
| Capital spending | −CN¥20.8m | −CN¥38.8m | −CN¥64.4m | −CN¥158.8m | −CN¥178.8m | −CN¥127.0m | −CN¥142.6m | −CN¥352.1m | −CN¥147.1m | −CN¥92.1m |
| Free cash flow | −CN¥141.4m | −CN¥139.0m | −CN¥81.6m | −CN¥48.0m | CN¥12.5m | CN¥171.7m | CN¥149.6m | −CN¥149.8m | −CN¥285.7m | CN¥8.6m |
| Dividends paid | −CN¥14.8m | −CN¥17.5m | −CN¥8.3m | −CN¥5.8m | −CN¥21.3m | −CN¥12.5m | −CN¥6.3m | −CN¥16.7m | −CN¥4.0m | −CN¥3.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥291.1m | CN¥312.7m | CN¥404.9m | CN¥455.5m | CN¥434.3m | CN¥378.1m | CN¥373.9m | CN¥426.0m |
| Gross profit | CN¥46.8m | CN¥30.8m | CN¥6.1m | CN¥121.9m | −CN¥65.0m | CN¥11.4m | −CN¥60.9m | CN¥88.5m |
| Operating income | −CN¥3.9m | CN¥3.7m | −CN¥140.8m | −CN¥90.8m | −CN¥105.1m | −CN¥89.7m | −CN¥104.6m | −CN¥56.2m |
| Net income | −CN¥20.4m | −CN¥18.4m | −CN¥206.6m | −CN¥86.0m | −CN¥110.3m | −CN¥86.8m | −CN¥121.4m | −CN¥50.1m |
| Diluted earnings per share | -0.08 | -0.07 | -0.84 | -0.35 | -0.45 | -0.35 | -0.49 | -0.20 |
| Cash from operations | — | — | — | — | CN¥35.0m | CN¥64.0m | — | −CN¥3.0m |
| Capital spending | −CN¥4.0m | −CN¥8.0m | — | — | −CN¥4.0m | −CN¥10.0m | −CN¥13.0m | −CN¥5.0m |
| Free cash flow | — | — | — | — | CN¥31.0m | CN¥54.0m | — | −CN¥8.0m |
| Total assets | CN¥1.53bn | CN¥1.66bn | CN¥1.81bn | CN¥1.98bn | CN¥2.03bn | CN¥1.99bn | CN¥1.96bn | CN¥1.98bn |
| Cash and short-term investments | — | — | — | CN¥95.0m | CN¥132.3m | CN¥157.9m | CN¥67.9m | CN¥93.1m |
| Debt | — | — | — | CN¥614.5m | CN¥254.1m | CN¥233.0m | CN¥164.2m | CN¥377.7m |
| Shareholders' equity | CN¥185.1m | CN¥207.1m | CN¥121.2m | CN¥327.0m | CN¥397.3m | CN¥508.8m | CN¥596.1m | CN¥730.1m |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 4.4% | 3.1% | 11.5% | 9.5% | 3.3% | 14.2% | — |
| Operating margin | -28.3% | -20.5% | -5.5% | -4.1% | -8.3% | 4.0% | — |
| Net margin | -29.3% | -22.0% | -6.7% | -4.7% | -7.9% | 3.6% | — |
| Return on equity | -404.2% | -50.0% | -13.2% | -12.3% | -21.3% | 7.3% | — |
| Return on assets | -27.1% | -15.2% | -5.5% | -4.8% | -8.7% | 3.5% | — |
| Free cash flow yield | -3.5% | -2.2% | 1.6% | 8.7% | 11.6% | 15.6% | — |
| Revenue growth | 23.3% | -23.2% | -34.5% | -12.7% | 9.5% | 1.6% | — |
| Earnings growth | 64.2% | 150.1% | -5.0% | -48.7% | -339.5% | 81.7% | — |
| Current ratio | 0.55x | 0.64x | 0.95x | 0.88x | 1.00x | 1.26x | — |
| Debt to equity | — | 0.28x | 0.47x | 0.21x | 0.14x | 0.09x | 0.11x |
| Equity ratio | 6.7% | 30.4% | 42.0% | 39.2% | 40.7% | 48.1% | — |
| Interest coverage | -17.61x | -10.80x | -4.62x | -6.08x | -23.56x | 12.53x | — |
| R&D as a share of sales | 3.5% | 4.3% | 3.5% | 3.2% | 3.0% | 2.9% | — |
| Buybacks as a share of market value | 0.0% | 3.7% | 3.8% | 2.9% | -16.3% | 3.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.7% | -9.9% | -3.2% |
| Net income | 57.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.8% | 7.7% | 8.1% | 11.5% |
| Net margin | -26.0% | -13.8% | -8.8% | -3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.2 | -15.9 | -80.7 | -16.7 | -10.2 | 24.0 | 57.0 | 74.2 | 63.8 |
| Price to sales | 2.4 | 3.5 | 5.5 | 0.8 | 0.8 | 0.9 | 1.2 | 1.0 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 May 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|
| Paid in the year | 0.085 | 0.05 | 0.025 | 0.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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