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0.41
-1.20%
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¥52.55bn
FY2016FY2025
Net income
−CN¥14.36bn
FY2016FY2025
Free cash flow
−CN¥3.63bn
FY2016FY2025
Shareholders' equity
CN¥39.81bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥52.55bn | CN¥86.22bn | CN¥179.66bn | CN¥112.70bn | CN¥231.09bn | CN¥268.60bn | CN¥197.23bn | CN¥145.31bn | CN¥76.73bn | CN¥41.17bn |
| Gross profit | −CN¥743.0m | CN¥1.63bn | −CN¥2.92bn | −CN¥954.2m | −CN¥2.09bn | CN¥56.38bn | CN¥48.23bn | CN¥36.27bn | CN¥24.23bn | CN¥7.30bn |
| Operating income | −CN¥862.8m | CN¥1.79bn | −CN¥2.27bn | −CN¥17.46bn | −CN¥53.70bn | CN¥57.36bn | CN¥32.07bn | CN¥19.92bn | CN¥16.38bn | CN¥5.13bn |
| Net income | −CN¥14.36bn | −CN¥29.93bn | −CN¥9.28bn | −CN¥32.23bn | −CN¥44.57bn | CN¥41.76bn | CN¥30.69bn | CN¥19.99bn | CN¥13.61bn | CN¥3.24bn |
| Diluted earnings per share | -1.26 | -3.41 | -1.61 | -6.00 | -9.55 | 8.96 | 6.89 | 4.54 | 3.24 | 0.91 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥926.09bn | CN¥1.03trn | CN¥1.14trn | CN¥1.27trn | CN¥1.37trn | CN¥1.29trn | CN¥1.12trn | CN¥834.81bn | CN¥725.83bn | CN¥341.52bn |
| Cash and short-term investments | CN¥14.40bn | CN¥9.75bn | CN¥8.95bn | CN¥14.81bn | CN¥17.89bn | CN¥119.01bn | CN¥91.03bn | CN¥88.90bn | CN¥83.28bn | CN¥62.51bn |
| Total liabilities | CN¥871.50bn | CN¥964.20bn | CN¥1.04trn | CN¥1.17trn | CN¥1.23trn | CN¥1.08trn | CN¥986.12bn | CN¥749.65bn | CN¥655.19bn | CN¥300.27bn |
| Debt | CN¥245.72bn | CN¥283.10bn | CN¥304.20bn | CN¥329.49bn | CN¥361.71bn | CN¥326.86bn | CN¥334.13bn | CN¥235.06bn | CN¥219.50bn | CN¥112.96bn |
| Shareholders' equity | CN¥39.81bn | CN¥47.20bn | CN¥72.72bn | CN¥68.11bn | CN¥96.07bn | CN¥146.34bn | CN¥100.02bn | CN¥72.64bn | CN¥61.84bn | CN¥38.70bn |
| Shares outstanding | 11,390m | 8,781m | 5,778m | 5,373m | 4,668m | 4,663m | 4,452m | 4,402m | 4,201m | 3,560m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥3.39bn | CN¥7.01bn | −CN¥18.39bn | CN¥24.16bn | −CN¥46.65bn | CN¥85.86bn | CN¥31.75bn | CN¥60.64bn | CN¥87.48bn | CN¥5.38bn |
| Capital spending | −CN¥243.4m | −CN¥590.1m | −CN¥1.00bn | −CN¥4.38bn | −CN¥12.99bn | −CN¥19.12bn | −CN¥21.64bn | −CN¥15.89bn | −CN¥3.31bn | −CN¥2.15bn |
| Free cash flow | −CN¥3.63bn | CN¥6.42bn | −CN¥19.39bn | CN¥19.78bn | −CN¥59.65bn | CN¥66.74bn | CN¥10.11bn | CN¥44.75bn | CN¥84.17bn | CN¥3.23bn |
| Dividends paid | — | — | — | — | −CN¥8.96bn | −CN¥6.67bn | −CN¥4.25bn | −CN¥2.56bn | −CN¥1.15bn | −CN¥768.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥19.83bn | CN¥29.27bn | CN¥23.28bn | CN¥46.29bn | CN¥39.93bn | CN¥111.55bn | CN¥68.11bn | CN¥56.16bn |
| Gross profit | −CN¥3.40bn | CN¥1.68bn | −CN¥2.43bn | CN¥5.13bn | −CN¥3.49bn | −CN¥2.57bn | −CN¥6.46bn | CN¥6.11bn |
| Operating income | −CN¥9.09bn | CN¥8.50bn | −CN¥9.36bn | −CN¥1.46bn | −CN¥11.28bn | CN¥12.79bn | −CN¥13.09bn | −CN¥835.2m |
| Net income | −CN¥14.41bn | CN¥558.6m | −CN¥14.92bn | −CN¥12.51bn | −CN¥17.42bn | CN¥8.62bn | −CN¥17.90bn | −CN¥10.38bn |
| Diluted earnings per share | -0.89 | 0.05 | -1.31 | -1.42 | -1.98 | 1.49 | -3.10 | -1.93 |
| Cash from operations | — | CN¥453.0m | −CN¥4.31bn | CN¥6.85bn | CN¥153.0m | −CN¥8.21bn | −CN¥10.18bn | CN¥545.0m |
| Capital spending | — | −CN¥114.0m | −CN¥145.0m | −CN¥166.0m | −CN¥424.0m | −CN¥202.0m | −CN¥799.0m | −CN¥2.10bn |
| Free cash flow | — | CN¥339.0m | −CN¥4.46bn | CN¥6.69bn | −CN¥271.0m | −CN¥8.41bn | −CN¥10.97bn | −CN¥1.55bn |
| Total assets | CN¥897.39bn | CN¥926.09bn | CN¥991.09bn | CN¥1.03trn | CN¥1.12trn | CN¥1.14trn | CN¥1.25trn | CN¥1.27trn |
| Cash and short-term investments | CN¥12.07bn | CN¥14.40bn | CN¥6.18bn | CN¥9.75bn | CN¥8.26bn | CN¥8.95bn | CN¥9.95bn | CN¥14.81bn |
| Debt | CN¥198.03bn | CN¥245.72bn | CN¥297.33bn | CN¥303.00bn | CN¥323.90bn | CN¥324.30bn | CN¥364.82bn | CN¥348.37bn |
| Shareholders' equity | CN¥33.18bn | CN¥39.81bn | CN¥35.94bn | CN¥47.20bn | CN¥55.87bn | CN¥72.72bn | CN¥50.01bn | CN¥68.11bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -1.4% | 1.9% | -1.6% | -0.8% | -0.9% | 21.0% |
| Operating margin | -1.6% | 2.1% | -1.3% | -15.5% | -23.2% | 21.4% |
| Net margin | -27.3% | -34.7% | -5.2% | -28.6% | -19.3% | 15.5% |
| Return on equity | -36.1% | -63.4% | -12.8% | -47.3% | -46.4% | 28.5% |
| Return on assets | -1.6% | -2.9% | -0.8% | -2.5% | -3.3% | 3.2% |
| Free cash flow yield | -34.3% | 107.6% | -374.4% | 660.8% | -897.1% | 2801.0% |
| Revenue growth | -39.0% | -52.0% | 59.4% | -51.2% | -14.0% | 36.2% |
| Earnings growth | -52.0% | 222.4% | -71.2% | -27.7% | -206.7% | 36.1% |
| Current ratio | 0.81x | 0.93x | 0.97x | 0.90x | 0.97x | 1.22x |
| Debt to equity | 6.16x | 6.41x | 4.45x | 5.11x | 3.90x | 2.42x |
| Equity ratio | 4.3% | 4.6% | 6.4% | 5.4% | 7.0% | 11.3% |
| Interest coverage | -0.06x | 0.14x | -0.39x | -2.52x | -21.95x | 42.43x |
| Buybacks as a share of market value | -29.7% | -52.0% | -7.5% | -15.1% | -0.1% | -4.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -22.5% | -27.8% | 7.0% |
| Operating income | -63.3% | — | — |
| Net income | -23.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.6% | -0.7% | 5.5% | 12.0% |
| Operating margin | 0.7% | -4.4% | -1.6% | 4.3% |
| Net margin | -31.9% | -19.9% | -9.5% | -1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.9 | -0.6 | -0.5 | -0.2 | -0.3 | 0.8 | 1.6 | 1.3 | 2.4 | 1.7 |
| Price to sales | 0.3 | 0.2 | 0.0 | 0.1 | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Aug 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.013 | 0.009 | 0.006 | 0.003 | 0.002 | 0.002 | 0.002 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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