L 
18.57
-0.27%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥516.6m
FY2016FY2025
Net income
−CN¥139.3m
FY2016FY2025
Free cash flow
−CN¥154.9m
FY2016FY2025
Shareholders' equity
CN¥63.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥516.6m | CN¥649.4m | CN¥507.0m | CN¥329.9m | CN¥363.4m | CN¥308.1m | CN¥303.8m | CN¥344.3m | CN¥375.4m | CN¥401.5m |
| Gross profit | CN¥34.6m | −CN¥106.7m | −CN¥104.7m | −CN¥51.5m | CN¥51.8m | CN¥91.7m | CN¥98.7m | CN¥116.1m | CN¥150.0m | CN¥157.4m |
| Research and development | CN¥25.6m | CN¥40.1m | CN¥27.5m | CN¥21.8m | CN¥24.8m | CN¥19.9m | CN¥18.5m | CN¥14.6m | CN¥14.1m | CN¥13.2m |
| Operating income | −CN¥85.1m | −CN¥365.6m | −CN¥203.0m | −CN¥117.8m | −CN¥33.1m | CN¥48.3m | CN¥67.0m | CN¥87.2m | CN¥100.6m | CN¥107.2m |
| Net income | −CN¥139.3m | −CN¥444.9m | −CN¥221.8m | −CN¥121.9m | −CN¥26.0m | CN¥43.2m | CN¥57.0m | CN¥74.7m | CN¥85.9m | CN¥92.4m |
| Diluted earnings per share | -0.90 | -2.85 | -1.43 | -0.79 | -0.16 | 0.28 | 0.40 | 0.46 | 0.51 | 0.81 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥748.7m | CN¥1.49bn | CN¥1.97bn | CN¥1.24bn | CN¥1.26bn | CN¥972.5m | CN¥1.01bn | CN¥802.4m | CN¥756.2m | CN¥370.7m |
| Cash and short-term investments | CN¥55.6m | CN¥24.8m | CN¥84.4m | CN¥23.8m | CN¥97.5m | CN¥194.3m | CN¥287.3m | CN¥68.7m | CN¥71.7m | CN¥15.6m |
| Total liabilities | CN¥683.8m | CN¥1.52bn | CN¥1.55bn | CN¥640.6m | CN¥536.4m | CN¥202.6m | CN¥231.6m | CN¥62.0m | CN¥60.6m | CN¥99.3m |
| Debt | CN¥186.3m | CN¥330.2m | CN¥962.7m | CN¥357.3m | CN¥307.7m | CN¥82.1m | CN¥121.8m | — | CN¥1.2m | CN¥33.2m |
| Shareholders' equity | CN¥63.2m | −CN¥26.3m | CN¥411.3m | CN¥595.7m | CN¥717.6m | CN¥765.1m | CN¥774.4m | CN¥740.4m | CN¥695.7m | CN¥271.3m |
| Shares outstanding | 155m | 156m | 155m | 155m | 165m | 153m | 141m | 161m | 168m | 113m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥25.1m | CN¥141.4m | −CN¥186.8m | −CN¥8.8m | CN¥35.2m | CN¥90.7m | CN¥74.1m | CN¥83.7m | CN¥96.1m | CN¥135.4m |
| Capital spending | −CN¥129.8m | −CN¥125.1m | −CN¥464.5m | −CN¥137.3m | −CN¥357.2m | −CN¥253.8m | −CN¥125.6m | −CN¥48.9m | −CN¥18.6m | −CN¥14.8m |
| Free cash flow | −CN¥154.9m | CN¥16.4m | −CN¥651.3m | −CN¥146.2m | −CN¥322.0m | −CN¥163.1m | −CN¥51.5m | CN¥34.8m | CN¥77.5m | CN¥120.6m |
| Dividends paid | −CN¥42.5m | −CN¥48.8m | −CN¥24.2m | −CN¥13.0m | −CN¥21.5m | −CN¥20.1m | −CN¥30.0m | −CN¥30.0m | −CN¥30.4m | −CN¥62.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥119.4m | CN¥128.3m | CN¥106.9m | CN¥115.8m | CN¥152.0m | CN¥141.9m | CN¥177.4m | CN¥145.6m |
| Gross profit | CN¥22.0m | CN¥34.7m | CN¥9.0m | CN¥19.5m | −CN¥7.1m | CN¥13.2m | −CN¥95.9m | CN¥37.5m |
| Operating income | CN¥10.0m | CN¥23.1m | −CN¥43.2m | −CN¥23.4m | −CN¥13.0m | −CN¥30.4m | −CN¥220.9m | −CN¥51.5m |
| Net income | CN¥1.2m | CN¥6.1m | −CN¥56.7m | −CN¥24.0m | −CN¥29.2m | −CN¥29.4m | −CN¥287.9m | −CN¥69.9m |
| Diluted earnings per share | 0.01 | 0.04 | -0.37 | -0.16 | -0.19 | -0.19 | -1.85 | -0.45 |
| Cash from operations | — | — | −CN¥112.0m | CN¥13.0m | CN¥42.0m | CN¥32.0m | — | CN¥49.0m |
| Capital spending | −CN¥9.0m | −CN¥15.0m | −CN¥95.0m | −CN¥3.0m | −CN¥9.0m | −CN¥21.0m | −CN¥15.0m | −CN¥9.0m |
| Free cash flow | — | — | −CN¥207.0m | CN¥10.0m | CN¥33.0m | CN¥11.0m | — | CN¥40.0m |
| Total assets | CN¥729.2m | CN¥773.7m | CN¥748.7m | CN¥1.38bn | CN¥1.40bn | CN¥1.44bn | CN¥1.49bn | CN¥1.70bn |
| Cash and short-term investments | — | — | CN¥55.6m | CN¥11.0m | CN¥15.9m | CN¥12.3m | CN¥24.8m | CN¥14.5m |
| Debt | CN¥25.0m | CN¥45.0m | CN¥186.3m | CN¥738.5m | CN¥283.3m | CN¥293.2m | CN¥294.8m | CN¥735.1m |
| Shareholders' equity | CN¥71.0m | CN¥69.5m | CN¥63.2m | −CN¥106.4m | −CN¥83.0m | −CN¥55.4m | −CN¥26.3m | CN¥256.6m |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.7% | -16.4% | -20.7% | -15.6% | 14.3% | 29.8% |
| Operating margin | -16.5% | -56.3% | -40.0% | -35.7% | -8.0% | 16.0% |
| Net margin | -27.0% | -68.5% | -43.8% | -37.0% | -7.2% | 14.0% |
| Return on equity | -220.4% | 1693.6% | -53.9% | -20.5% | -3.6% | 5.6% |
| Return on assets | -18.6% | -29.8% | -11.3% | -9.8% | -2.1% | 4.4% |
| Free cash flow yield | 3.2% | 8.0% | 8.4% | 3.9% | 11.2% | 10.5% |
| Revenue growth | -20.4% | 28.1% | 53.7% | -9.2% | 17.9% | 1.4% |
| Earnings growth | -68.7% | 100.6% | 81.9% | 368.2% | -160.3% | -24.2% |
| Current ratio | 0.35x | 0.17x | 0.51x | 1.04x | 0.58x | 2.40x |
| Debt to equity | 2.95x | -11.22x | 2.25x | 0.47x | 0.35x | 0.08x |
| Equity ratio | 8.4% | -1.8% | 20.9% | 48.0% | 57.0% | 78.7% |
| Interest coverage | -1.58x | -5.85x | -5.34x | -7.15x | -9.26x | 50.40x |
| R&D as a share of sales | 5.0% | 6.2% | 5.4% | 6.6% | 6.8% | 6.5% |
| Buybacks as a share of market value | 0.7% | -0.6% | 0.2% | 5.8% | -7.5% | -8.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.1% | 10.9% | 3.0% |
| Operating income | -10.3% | — | — |
| Net income | 4.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -6.2% | -11.4% | -3.2% | 12.9% |
| Operating margin | -38.7% | -38.5% | -28.3% | -6.8% |
| Net margin | -50.1% | -46.3% | -34.1% | -11.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -37.5 | -7.0 | -14.9 | -67.6 | -69.8 | 47.4 | 34.3 | 24.7 | 36.5 |
| Price to sales | 10.1 | 4.8 | 6.5 | 25.0 | 5.0 | 6.6 | 6.4 | 5.4 | 8.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 May 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|
| Paid in the year | 0.14 | 0.131 | 0.192 | 0.192 | 0.192 |
- 13-for-10 split · 28 May 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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