M 
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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¥134.4m
FY2016FY2025
Net income
CN¥244.5m
FY2016FY2025
Free cash flow
−CN¥6.3m
FY2016FY2025
Shareholders' equity
CN¥16.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥134.4m | CN¥96.5m | CN¥120.1m | CN¥77.5m | CN¥155.5m | CN¥206.7m | CN¥517.7m | CN¥250.7m | CN¥271.9m | CN¥780.3m |
| Gross profit | CN¥13.0m | CN¥7.7m | CN¥12.7m | CN¥6.3m | CN¥3.6m | −CN¥12.3m | CN¥11.0m | −CN¥61,000 | −CN¥16.6m | −CN¥20.8m |
| Operating income | −CN¥22.8m | −CN¥25.3m | −CN¥681.3m | −CN¥74.7m | −CN¥32.2m | −CN¥92.1m | −CN¥140.1m | −CN¥267.2m | −CN¥631.7m | −CN¥298.6m |
| Net income | CN¥244.5m | −CN¥75.7m | −CN¥698.9m | −CN¥120.3m | −CN¥100.5m | −CN¥219.0m | −CN¥287.6m | −CN¥369.3m | −CN¥732.8m | −CN¥331.0m |
| Diluted earnings per share | 0.06 | -0.02 | -0.20 | -1.60 | -1.98 | -6.57 | -15.46 | -19.83 | -47.28 | -21.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥98.5m | CN¥104.6m | CN¥310.4m | CN¥243.2m | CN¥227.7m | CN¥280.3m | CN¥460.5m | CN¥543.2m | CN¥778.2m | CN¥1.31bn |
| Cash and short-term investments | CN¥6.4m | CN¥7.9m | CN¥17.4m | CN¥1.3m | CN¥2.2m | CN¥3.6m | CN¥4.6m | CN¥1.4m | CN¥1.3m | CN¥4.1m |
| Total liabilities | CN¥76.5m | CN¥295.8m | CN¥456.5m | CN¥1.42bn | CN¥1.28bn | CN¥1.24bn | CN¥1.22bn | CN¥1.02bn | CN¥907.3m | CN¥708.3m |
| Debt | CN¥29.5m | CN¥106.6m | CN¥205.4m | CN¥1.08bn | CN¥971.4m | CN¥950.9m | CN¥959.2m | CN¥809.1m | CN¥725.7m | CN¥539.6m |
| Shareholders' equity | CN¥16.6m | −CN¥197.5m | −CN¥158.9m | −CN¥1.18bn | −CN¥1.05bn | −CN¥959.3m | −CN¥759.8m | −CN¥472.2m | −CN¥129.0m | CN¥603.7m |
| Shares outstanding | 3,802m | 3,716m | 3,552m | 75m | 51m | 33m | 19m | 19m | 16m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥5.0m | −CN¥5.5m | −CN¥103.0m | −CN¥12.5m | −CN¥329,000 | −CN¥15.9m | −CN¥16.9m | −CN¥5.5m | −CN¥173.6m | −CN¥425.8m |
| Capital spending | −CN¥1.2m | −CN¥5.5m | −CN¥1.1m | −CN¥663,000 | — | −CN¥1.6m | −CN¥1.4m | −CN¥12.5m | −CN¥4.1m | −CN¥7.5m |
| Free cash flow | −CN¥6.3m | −CN¥10.9m | −CN¥104.1m | −CN¥13.1m | −CN¥329,000 | −CN¥17.5m | −CN¥18.3m | −CN¥18.0m | −CN¥177.7m | −CN¥433.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥58.8m | CN¥48.0m | CN¥86.4m | CN¥49.5m | CN¥47.0m | CN¥47.7m | CN¥84.6m | CN¥60.1m |
| Gross profit | CN¥9.1m | CN¥2.6m | CN¥10.4m | CN¥2.3m | CN¥5.4m | CN¥3.4m | CN¥10.8m | CN¥5.1m |
| Operating income | −CN¥7.9m | −CN¥4.0m | −CN¥9.6m | −CN¥19.4m | −CN¥5.3m | −CN¥673.3m | −CN¥9.3m | −CN¥15.2m |
| Net income | −CN¥4.6m | CN¥263.2m | −CN¥18.7m | −CN¥63.0m | −CN¥12.7m | −CN¥687.1m | −CN¥8.9m | −CN¥90.2m |
| Diluted earnings per share | -0.00 | 0.07 | -0.00 | -0.02 | -0.00 | -0.19 | -0.00 | -1.20 |
| Cash from operations | CN¥2.0m | CN¥8.0m | −CN¥14.0m | CN¥7.0m | −CN¥13.0m | −CN¥150.0m | CN¥30.0m | −CN¥8.0m |
| Capital spending | — | — | −CN¥1.0m | −CN¥4.0m | −CN¥1.0m | −CN¥1.0m | — | — |
| Free cash flow | — | — | −CN¥15.0m | CN¥3.0m | −CN¥14.0m | −CN¥151.0m | — | — |
| Total assets | CN¥109.5m | CN¥98.5m | CN¥108.6m | CN¥104.6m | CN¥254.4m | CN¥265.8m | CN¥348.6m | CN¥208.2m |
| Cash and short-term investments | CN¥19.8m | CN¥6.4m | CN¥5.2m | CN¥7.9m | CN¥12.8m | CN¥14.9m | CN¥23.6m | CN¥10.6m |
| Debt | CN¥1.2m | CN¥29.5m | CN¥134.0m | CN¥106.6m | CN¥172.3m | CN¥175.8m | CN¥224.7m | CN¥921.6m |
| Shareholders' equity | CN¥11.9m | CN¥16.6m | −CN¥247.3m | −CN¥197.5m | −CN¥135.1m | −CN¥136.0m | −CN¥272.7m | −CN¥1.01bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.1% | -8.2% | -14.8% |
| Operating income | -32.6% | -24.3% | 5.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.0% | 9.3% | 3.9% | 0.4% |
| Operating margin | -20.9% | -187.7% | -117.4% | -69.5% |
| Net margin | 73.1% | -151.8% | -122.7% | -82.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 0.3 | -0.6 | -1.3 | -0.4 | -0.2 | -0.1 | -0.0 | -0.1 | -0.1 | -0.8 |
| Price to sales | 0.5 | 0.5 | 7.3 | 0.6 | 0.2 | 0.2 | 0.0 | 0.1 | 0.2 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 8 Mar 2022
- 10-to-1 reverse split · 19 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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