A 
10.30
-0.68%
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¥8.25bn
FY2017FY2025
Net income
−CN¥192.2m
FY2017FY2025
Free cash flow
−CN¥816.6m
FY2017FY2025
Shareholders' equity
CN¥2.82bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.25bn | CN¥8.57bn | CN¥6.82bn | CN¥4.22bn | CN¥2.60bn | CN¥1.29bn | CN¥924.0m | CN¥705.0m | CN¥583.2m |
| Gross profit | CN¥744.6m | CN¥625.8m | CN¥847.2m | CN¥486.9m | CN¥340.4m | CN¥197.2m | CN¥156.9m | CN¥113.6m | CN¥86.6m |
| Research and development | CN¥204.8m | CN¥294.4m | CN¥291.8m | CN¥158.5m | CN¥112.5m | CN¥46.1m | CN¥34.3m | CN¥26.3m | CN¥21.2m |
| Operating income | −CN¥46.7m | CN¥206.4m | CN¥354.1m | CN¥222.3m | CN¥144.6m | CN¥95.7m | CN¥85.4m | CN¥15.9m | CN¥29.7m |
| Net income | −CN¥192.2m | CN¥168.4m | CN¥302.4m | CN¥188.0m | CN¥121.0m | CN¥91.0m | CN¥63.3m | CN¥15.8m | CN¥30.1m |
| Diluted earnings per share | -1.12 | 0.68 | 1.49 | 0.92 | 0.68 | 0.69 | 0.37 | 0.09 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.33bn | CN¥10.12bn | CN¥8.60bn | CN¥4.44bn | CN¥2.12bn | CN¥912.1m | CN¥591.5m | CN¥456.3m | CN¥307.6m |
| Cash and short-term investments | — | CN¥2.58bn | CN¥2.50bn | CN¥641.2m | CN¥319.7m | CN¥101.1m | CN¥81.4m | CN¥54.6m | CN¥7.2m |
| Total liabilities | CN¥8.48bn | CN¥7.10bn | CN¥5.54bn | CN¥2.55bn | CN¥1.16bn | CN¥501.0m | CN¥271.4m | CN¥249.5m | CN¥211.3m |
| Debt | CN¥810.1m | CN¥5.84bn | CN¥4.74bn | CN¥2.06bn | CN¥897.1m | CN¥246.3m | CN¥142.2m | CN¥128.3m | CN¥114.6m |
| Shareholders' equity | CN¥2.82bn | CN¥3.02bn | CN¥3.05bn | CN¥1.89bn | CN¥955.9m | CN¥411.1m | CN¥320.1m | CN¥206.8m | CN¥96.3m |
| Shares outstanding | 172m | 248m | 204m | 205m | 177m | 131m | 172m | 172m | 172m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥46.2m | −CN¥459.2m | −CN¥641.8m | −CN¥337.8m | −CN¥384.6m | CN¥51.0m | CN¥33.6m | CN¥3.3m | CN¥26.8m |
| Capital spending | −CN¥770.4m | −CN¥899.8m | −CN¥972.8m | −CN¥817.2m | −CN¥338.6m | −CN¥152.2m | −CN¥54.9m | −CN¥43.8m | −CN¥43.5m |
| Free cash flow | −CN¥816.6m | −CN¥1.36bn | −CN¥1.61bn | −CN¥1.16bn | −CN¥723.2m | −CN¥101.2m | −CN¥21.3m | −CN¥40.5m | −CN¥16.7m |
| Dividends paid | −CN¥167.5m | −CN¥200.3m | −CN¥136.5m | −CN¥31.9m | −CN¥12.8m | −CN¥9.0m | −CN¥7.8m | −CN¥7.4m | −CN¥8.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.63bn | CN¥2.02bn | CN¥2.07bn | CN¥2.18bn | CN¥2.01bn | CN¥1.98bn | CN¥2.39bn | CN¥2.02bn |
| Gross profit | CN¥91.5m | CN¥87.7m | CN¥67.1m | CN¥75.7m | CN¥119.3m | CN¥138.7m | CN¥165.0m | CN¥109.3m |
| Operating income | −CN¥9.2m | −CN¥18.2m | −CN¥53.8m | −CN¥60.7m | CN¥19.5m | CN¥36.7m | CN¥42.1m | −CN¥40.2m |
| Net income | −CN¥44.7m | −CN¥7.9m | −CN¥198.8m | −CN¥30.3m | CN¥2.0m | CN¥34.9m | CN¥32.3m | −CN¥16.0m |
| Diluted earnings per share | -0.26 | -0.05 | -1.16 | -0.18 | 0.01 | 0.20 | 0.13 | -0.06 |
| Cash from operations | — | — | — | −CN¥424.0m | CN¥3.0m | CN¥190.0m | — | −CN¥11.0m |
| Capital spending | −CN¥119.0m | −CN¥289.0m | — | −CN¥190.0m | −CN¥281.0m | −CN¥303.0m | −CN¥269.0m | −CN¥188.0m |
| Free cash flow | — | — | — | −CN¥614.0m | −CN¥278.0m | −CN¥113.0m | — | −CN¥199.0m |
| Total assets | CN¥12.25bn | CN¥11.78bn | CN¥11.33bn | CN¥11.09bn | CN¥10.65bn | CN¥10.42bn | CN¥10.12bn | CN¥9.87bn |
| Cash and short-term investments | — | — | — | CN¥1.96bn | CN¥2.18bn | CN¥2.34bn | CN¥2.19bn | CN¥2.34bn |
| Debt | CN¥1.25bn | CN¥1.28bn | CN¥810.1m | CN¥5.92bn | CN¥6.11bn | CN¥6.11bn | CN¥5.84bn | CN¥5.97bn |
| Shareholders' equity | CN¥2.77bn | CN¥2.82bn | CN¥2.82bn | CN¥3.00bn | CN¥3.02bn | CN¥3.00bn | CN¥3.02bn | CN¥3.08bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 9.0% | 7.3% | 12.4% | 11.5% | 13.1% | 15.3% |
| Operating margin | -0.9% | 3.3% | 6.2% | 6.6% | 6.1% | 9.5% |
| Net margin | -2.3% | 2.0% | 4.4% | 4.5% | 4.7% | 7.1% |
| Return on equity | -6.8% | 5.6% | 9.9% | 10.0% | 12.7% | 22.1% |
| Return on assets | -1.7% | 1.7% | 3.5% | 4.2% | 5.7% | 10.0% |
| Free cash flow yield | 41.5% | 17.4% | 16.0% | 23.0% | -2.6% | 15.2% |
| Revenue growth | -3.8% | 25.7% | 61.6% | 62.6% | 101.7% | 39.3% |
| Earnings growth | -214.1% | -44.3% | 60.8% | 55.4% | 33.0% | 43.8% |
| Current ratio | 1.01x | 1.12x | 1.17x | 1.01x | 1.20x | 1.26x |
| Debt to equity | 0.29x | 1.94x | 1.55x | 1.10x | 0.90x | 0.52x |
| Equity ratio | 24.9% | 29.8% | 35.5% | 42.6% | 45.1% | 45.1% |
| Interest coverage | -0.49x | 2.07x | 4.26x | 3.77x | 4.71x | 5.85x |
| R&D as a share of sales | 2.5% | 3.4% | 4.3% | 3.8% | 4.3% | 3.6% |
| Buybacks as a share of market value | 30.8% | -22.0% | 0.7% | -15.6% | -34.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.0% | 45.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.1% | 9.7% | 10.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -14.1 | 24.4 | 16.5 | 34.3 | 64.5 |
| Price to sales | 0.3 | 0.5 | 0.7 | 1.5 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 22 Jan 2025.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Paid in the year | 0.486 | 0.143 | 0.214 |
- 7-for-5 split · 29 May 2024
- 6-for-5 split · 29 Mar 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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