W 
9.80
0.00%
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¥59.1m
FY2016FY2025
Net income
−CN¥452.3m
FY2016FY2025
Free cash flow
−CN¥24.4m
FY2016FY2025
Shareholders' equity
CN¥535.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥59.1m | CN¥36.9m | CN¥1.38bn | CN¥1.33bn | CN¥1.02bn | CN¥2.78bn | CN¥763.1m | CN¥1.78bn | CN¥1.75bn | CN¥741.4m |
| Operating income | −CN¥263.5m | −CN¥316.4m | −CN¥24.5m | CN¥81.6m | −CN¥31.2m | CN¥563.3m | CN¥20.8m | CN¥416.5m | CN¥107.9m | CN¥89.5m |
| Net income | −CN¥452.3m | −CN¥266.5m | −CN¥45.1m | CN¥7.6m | −CN¥128.0m | CN¥23.3m | −CN¥30.9m | CN¥166.4m | CN¥123.7m | CN¥65.3m |
| Diluted earnings per share | -2.31 | -1.36 | -0.23 | 0.04 | -0.65 | 0.12 | -0.16 | 0.85 | 0.63 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.27bn | CN¥3.17bn | CN¥3.30bn | CN¥5.64bn | CN¥8.01bn | CN¥7.80bn | CN¥8.88bn | CN¥6.92bn | CN¥6.27bn | CN¥6.21bn |
| Cash and short-term investments | CN¥10.9m | CN¥26.7m | CN¥54.1m | CN¥411.9m | CN¥922.1m | CN¥885.5m | CN¥1.00bn | CN¥845.1m | CN¥810.4m | CN¥1.09bn |
| Total liabilities | CN¥2.43bn | CN¥2.04bn | CN¥1.82bn | CN¥3.81bn | CN¥6.06bn | CN¥5.78bn | CN¥7.11bn | CN¥5.17bn | CN¥4.75bn | CN¥4.83bn |
| Debt | CN¥993.4m | CN¥846.2m | CN¥693.5m | CN¥838.3m | CN¥1.53bn | CN¥1.99bn | CN¥2.40bn | CN¥2.54bn | CN¥2.00bn | CN¥3.08bn |
| Shareholders' equity | CN¥535.7m | CN¥845.4m | CN¥1.10bn | CN¥1.35bn | CN¥1.35bn | CN¥1.47bn | CN¥1.45bn | CN¥1.49bn | CN¥1.32bn | CN¥1.20bn |
| Shares outstanding | 196m | 196m | 196m | 196m | 196m | 196m | 196m | 196m | 196m | 196m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥24.4m | −CN¥156.5m | −CN¥247.9m | CN¥35.1m | CN¥865.1m | CN¥332.1m | CN¥584.2m | −CN¥399.0m | CN¥888.0m | −CN¥359.9m |
| Capital spending | −CN¥4 | −CN¥3.3m | −CN¥1.5m | −CN¥10.5m | −CN¥7.2m | −CN¥4.1m | −CN¥3.6m | −CN¥6.4m | −CN¥6.8m | −CN¥6.0m |
| Free cash flow | −CN¥24.4m | −CN¥159.8m | −CN¥249.3m | CN¥24.6m | CN¥857.9m | CN¥328.0m | CN¥580.6m | −CN¥405.4m | CN¥881.2m | −CN¥365.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥25.0m | CN¥25.0m | CN¥22.3m | CN¥23.8m | CN¥5.7m | CN¥5.7m | CN¥13.7m | CN¥16.0m |
| Operating income | −CN¥25.1m | −CN¥25.1m | −CN¥167.9m | −CN¥207.5m | −CN¥6.7m | −CN¥6.7m | −CN¥28.1m | −CN¥32.8m |
| Net income | −CN¥31.0m | −CN¥31.0m | −CN¥215.0m | −CN¥215.0m | −CN¥11.1m | −CN¥11.1m | −CN¥30.7m | −CN¥35.9m |
| Diluted earnings per share | -0.16 | -0.16 | -1.10 | -1.10 | -0.06 | -0.06 | -0.16 | -0.18 |
| Cash from operations | CN¥7.0m | CN¥7.0m | CN¥2.0m | CN¥2.0m | −CN¥9.0m | −CN¥9.0m | −CN¥83.0m | −CN¥97.0m |
| Total assets | CN¥3.16bn | CN¥3.16bn | CN¥3.27bn | CN¥3.27bn | CN¥3.66bn | CN¥3.66bn | CN¥3.41bn | CN¥3.99bn |
| Cash and short-term investments | CN¥18.8m | CN¥18.8m | CN¥10.9m | CN¥10.9m | CN¥7.6m | CN¥7.6m | CN¥47.9m | CN¥56.0m |
| Debt | CN¥992.0m | CN¥992.0m | CN¥993.0m | CN¥993.0m | CN¥993.5m | CN¥858.9m | CN¥867.1m | CN¥640.2m |
| Shareholders' equity | CN¥473.0m | CN¥473.0m | CN¥535.5m | CN¥535.5m | CN¥964.5m | CN¥964.5m | CN¥1.04bn | CN¥1.22bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -445.9% | -856.9% | -1.2% | 5.4% | -3.1% | 14.1% |
| Net margin | -765.1% | -721.7% | -3.3% | 0.6% | -12.6% | 0.8% |
| Return on equity | -84.4% | -31.5% | -4.1% | 0.6% | -9.5% | 1.6% |
| Return on assets | -13.8% | -8.4% | -1.4% | 0.1% | -1.6% | 0.3% |
| Free cash flow yield | -1.3% | -9.2% | -14.9% | 2.4% | 45.0% | 17.4% |
| Revenue growth | 37.0% | -97.3% | 21.5% | 30.1% | -63.3% | 264.0% |
| Earnings growth | 45.3% | 491.5% | -790.3% | -106.0% | -650.0% | -175.4% |
| Current ratio | 1.26x | 1.52x | 1.93x | 1.38x | 1.33x | 1.36x |
| Debt to equity | 1.85x | 1.00x | 0.63x | 0.62x | 1.13x | 1.35x |
| Equity ratio | 16.4% | 26.7% | 33.4% | 23.9% | 16.8% | 18.9% |
| Interest coverage | -4.69x | -8.13x | -0.68x | 2.32x | -0.57x | 5.34x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -64.5% | -53.7% | -26.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -603.9% | -18.7% | 0.1% | 6.7% |
| Net margin | -748.4% | -27.0% | -13.0% | -3.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.3 | -0.8 | -7.7 | 48.5 | -2.9 | 16.2 | -13.8 | 2.0 | 2.0 | 4.2 |
| Price to sales | 17.2 | 5.4 | 0.3 | 0.3 | 0.4 | 0.1 | 0.6 | 0.2 | 0.1 | 0.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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