C 
4.00
+6.10%
Close of 9 Nov 2026, in HKD
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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¥415.8m
FY2016FY2025
Net income
−CN¥487.9m
FY2016FY2025
Free cash flow
−CN¥59.4m
FY2016FY2025
Shareholders' equity
CN¥157.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥415.8m | CN¥442.0m | CN¥372.9m | CN¥305.9m | CN¥351.2m | CN¥410.1m | CN¥548.9m | CN¥1.07bn | CN¥1.57bn | CN¥1.61bn |
| Gross profit | CN¥98.9m | CN¥117.8m | CN¥72.0m | CN¥45.1m | CN¥43.2m | CN¥27.9m | CN¥47.2m | CN¥28.6m | CN¥39.2m | CN¥66.4m |
| Operating income | −CN¥134.0m | −CN¥2.22bn | CN¥99.6m | −CN¥134.0m | −CN¥45.1m | −CN¥81.6m | −CN¥110.5m | −CN¥172.0m | −CN¥811.4m | −CN¥768.8m |
| Net income | −CN¥487.9m | −CN¥2.22bn | CN¥65.1m | −CN¥159.5m | −CN¥70.0m | −CN¥97.0m | −CN¥126.9m | −CN¥187.4m | −CN¥834.5m | −CN¥842.8m |
| Diluted earnings per share | -0.27 | -5.99 | 0.30 | -0.73 | -0.28 | -0.53 | -1.00 | -1.48 | -8.35 | -9.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥583.3m | CN¥596.1m | CN¥365.7m | CN¥278.0m | CN¥420.3m | CN¥483.5m | CN¥554.7m | CN¥701.8m | CN¥1.18bn | CN¥2.21bn |
| Cash and short-term investments | CN¥47.0m | CN¥27.7m | CN¥189.3m | CN¥10.7m | CN¥17.8m | CN¥42.5m | CN¥27.6m | CN¥56.1m | CN¥65.9m | CN¥192.7m |
| Total liabilities | CN¥424.2m | CN¥385.9m | CN¥851.0m | CN¥826.9m | CN¥808.5m | CN¥839.7m | CN¥880.9m | CN¥901.1m | CN¥1.41bn | CN¥1.82bn |
| Debt | CN¥95.7m | CN¥129.2m | CN¥492.9m | CN¥461.2m | CN¥450.6m | CN¥452.0m | CN¥493.8m | CN¥423.4m | CN¥305.7m | CN¥378.6m |
| Shareholders' equity | CN¥157.4m | CN¥198.9m | −CN¥504.5m | −CN¥569.6m | −CN¥410.1m | −CN¥380.7m | −CN¥352.8m | −CN¥225.8m | −CN¥263.4m | CN¥366.5m |
| Shares outstanding | 1,801m | 371m | 219m | 219m | 249m | 183m | 127m | 127m | 100m | 87m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥57.1m | −CN¥47.0m | CN¥50.9m | −CN¥37.2m | CN¥7.2m | −CN¥6.4m | −CN¥2.4m | −CN¥362.0m | −CN¥271.6m | −CN¥191.5m |
| Capital spending | −CN¥2.4m | −CN¥1.1m | −CN¥135,263 | −CN¥50,141 | −CN¥945,676 | −CN¥941,012 | −CN¥437,273 | −CN¥21.2m | −CN¥11.5m | −CN¥2.2m |
| Free cash flow | −CN¥59.4m | −CN¥48.1m | CN¥50.8m | −CN¥37.2m | CN¥6.3m | −CN¥7.4m | −CN¥2.9m | −CN¥383.3m | −CN¥283.1m | −CN¥193.7m |
| Dividends paid | — | — | — | — | — | — | — | — | −CN¥323.8m | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥274.9m | CN¥203.7m | CN¥212.1m | CN¥268.7m | CN¥173.3m | CN¥179.1m | CN¥164.1m | CN¥156.1m |
| Gross profit | CN¥29.8m | CN¥54.8m | CN¥44.1m | CN¥86.5m | CN¥32.7m | CN¥37.2m | CN¥28.6m | CN¥26.7m |
| Operating income | −CN¥43.3m | −CN¥462.1m | −CN¥27.4m | −CN¥2.19bn | −CN¥28.5m | CN¥90.7m | −CN¥6.1m | −CN¥107.6m |
| Net income | −CN¥41.0m | −CN¥465.4m | −CN¥22.5m | −CN¥2.19bn | −CN¥32.6m | −CN¥30.8m | CN¥101.0m | −CN¥122.5m |
| Diluted earnings per share | -0.02 | -0.26 | -0.01 | -5.91 | -0.09 | -0.14 | 0.46 | -0.56 |
| Cash from operations | — | −CN¥57.0m | −CN¥21.0m | −CN¥8.0m | −CN¥38.0m | CN¥34.0m | CN¥16.0m | −CN¥13.0m |
| Capital spending | — | −CN¥2.0m | — | −CN¥1.0m | — | — | — | — |
| Free cash flow | — | −CN¥59.0m | — | −CN¥9.0m | — | — | — | — |
| Total assets | CN¥544.1m | CN¥583.3m | CN¥682.3m | CN¥596.1m | CN¥134.3m | CN¥365.7m | CN¥186.9m | CN¥278.0m |
| Cash and short-term investments | CN¥28.3m | CN¥47.0m | CN¥29.1m | CN¥27.7m | CN¥31.2m | CN¥189.3m | CN¥38.8m | CN¥10.7m |
| Debt | CN¥27.5m | CN¥95.7m | CN¥171.7m | CN¥129.2m | CN¥174.8m | CN¥574.8m | CN¥489.8m | CN¥537.8m |
| Shareholders' equity | CN¥145.7m | CN¥157.4m | CN¥213.3m | CN¥198.9m | −CN¥268.8m | −CN¥504.5m | −CN¥468.6m | −CN¥569.6m |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 23.8% | 26.7% | 19.3% | 14.8% | 12.3% | 6.8% |
| Operating margin | -32.2% | -502.1% | 23.2% | -43.8% | -12.5% | -19.9% |
| Net margin | -117.3% | -502.7% | 17.5% | -52.1% | -19.9% | -23.7% |
| Return on equity | -309.9% | -1117.1% | -12.9% | 28.0% | 17.1% | 25.5% |
| Return on assets | -83.6% | -372.7% | 17.8% | -57.4% | -16.7% | -20.1% |
| Free cash flow yield | -1.1% | -5.3% | 8.3% | -6.0% | 1.0% | -1.3% |
| Revenue growth | -19.3% | 38.2% | 21.9% | -12.9% | -14.4% | -25.3% |
| Earnings growth | -81.2% | -4077.7% | -140.8% | 127.8% | -27.9% | -23.5% |
| Current ratio | 0.80x | 0.53x | 1.08x | 0.38x | 0.33x | 0.55x |
| Debt to equity | 0.61x | 0.60x | -1.11x | -0.93x | -1.20x | -1.23x |
| Equity ratio | 27.0% | 33.4% | -137.9% | -204.9% | -97.6% | -78.7% |
| Interest coverage | -24.47x | -211.50x | 3.64x | -5.09x | -1.53x | -2.41x |
| Buybacks as a share of market value | -386.0% | -69.0% | 0.0% | 11.9% | -36.2% | -44.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.8% | 0.3% | -16.1% |
| Operating income | 0.0% | 10.4% | -11.4% |
| Net income | 45.2% | 38.1% | 0.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.3% | 21.7% | 17.6% | 7.7% |
| Operating margin | -274.3% | -155.4% | -109.4% | -50.8% |
| Net margin | -315.9% | -182.5% | -129.3% | -57.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.4 | -0.4 | 6.2 | -1.4 | -2.2 | -1.9 | -2.5 | -2.5 | -1.0 | -0.7 |
| Price to sales | 12.2 | 1.8 | 1.1 | 0.8 | 0.4 | 0.5 | 0.6 | 0.4 | 0.5 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Jun 2011.
| FY2011 | |
|---|---|
| Paid in the year | 0.40 |
- 20-to-1 reverse split · 7 Jan 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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