Z 
4.38
+3.06%
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¥1.05bn
FY2016FY2025
Net income
−CN¥39.6m
FY2016FY2025
Free cash flow
−CN¥12.5m
FY2016FY2025
Shareholders' equity
CN¥93.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.05bn | CN¥1.24bn | CN¥1.62bn | CN¥2.00bn | CN¥2.05bn | CN¥2.23bn | CN¥2.42bn | CN¥2.27bn | CN¥2.22bn | CN¥2.14bn |
| Gross profit | CN¥36.3m | CN¥16.2m | CN¥90.1m | CN¥100.4m | CN¥119.0m | CN¥152.2m | CN¥209.6m | CN¥203.6m | CN¥169.8m | CN¥142.9m |
| Operating income | −CN¥66.8m | −CN¥125.1m | −CN¥76.7m | −CN¥49.1m | CN¥19.2m | CN¥30.7m | CN¥78.5m | CN¥70.6m | CN¥51.3m | CN¥30.2m |
| Net income | −CN¥39.6m | −CN¥89.7m | −CN¥52.4m | −CN¥23.6m | CN¥2.7m | CN¥25.0m | CN¥38.6m | CN¥40.2m | CN¥35.8m | CN¥17.2m |
| Diluted earnings per share | -0.08 | -0.18 | -0.10 | -0.05 | 0.01 | 0.05 | 0.09 | 0.10 | 0.07 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥475.7m | CN¥524.0m | CN¥861.0m | CN¥1.05bn | CN¥936.2m | CN¥951.6m | CN¥1.00bn | CN¥812.2m | CN¥721.0m | CN¥745.7m |
| Cash and short-term investments | CN¥47.9m | CN¥79.0m | CN¥109.3m | CN¥109.9m | CN¥81.3m | CN¥46.0m | CN¥33.8m | CN¥58.4m | CN¥83.0m | CN¥101.7m |
| Total liabilities | CN¥382.6m | CN¥423.8m | CN¥671.5m | CN¥764.5m | CN¥628.9m | CN¥652.8m | CN¥719.8m | CN¥682.7m | CN¥594.7m | CN¥591.0m |
| Debt | CN¥162.3m | CN¥153.0m | CN¥278.6m | CN¥277.6m | CN¥253.4m | CN¥237.2m | CN¥341.4m | CN¥202.0m | CN¥101.5m | CN¥109.1m |
| Shareholders' equity | CN¥93.6m | CN¥100.1m | CN¥189.0m | CN¥280.8m | CN¥305.5m | CN¥296.3m | CN¥279.8m | CN¥123.5m | CN¥122.6m | CN¥154.7m |
| Shares outstanding | 514m | 505m | 505m | 505m | 515m | 500m | 426m | 400m | 500m | 500m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥4.2m | CN¥150.8m | CN¥52.0m | CN¥1.4m | CN¥57.0m | CN¥169.5m | −CN¥34.2m | −CN¥10.2m | −CN¥26.3m | CN¥114.2m |
| Capital spending | −CN¥8.3m | −CN¥19.8m | −CN¥59.2m | −CN¥73.1m | −CN¥77.2m | −CN¥29.3m | −CN¥50.5m | −CN¥49.0m | −CN¥11.2m | −CN¥23.2m |
| Free cash flow | −CN¥12.5m | CN¥131.0m | −CN¥7.2m | −CN¥71.7m | −CN¥20.2m | CN¥140.2m | −CN¥84.6m | −CN¥59.2m | −CN¥37.5m | CN¥91.0m |
| Dividends paid | — | — | — | — | −CN¥7.8m | −CN¥2.6m | −CN¥22.3m | −CN¥70.2m | −CN¥1.9m | −CN¥1.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥498.3m | CN¥756.4m | CN¥265.2m | CN¥504.3m | CN¥738.0m | CN¥444.4m | CN¥730.3m | CN¥1.22bn |
| Gross profit | CN¥19.9m | CN¥16.0m | CN¥10.2m | CN¥5.5m | CN¥10.8m | CN¥56.8m | CN¥33.3m | CN¥47.0m |
| Operating income | −CN¥29.7m | −CN¥46.1m | −CN¥20.8m | −CN¥49.5m | −CN¥66.3m | −CN¥31.8m | −CN¥44.9m | −CN¥37.0m |
| Net income | −CN¥25.4m | −CN¥21.0m | −CN¥9.3m | −CN¥37.4m | −CN¥52.4m | −CN¥24.8m | −CN¥27.6m | −CN¥16.4m |
| Diluted earnings per share | -0.05 | -0.04 | -0.02 | -0.07 | -0.10 | -0.05 | -0.05 | -0.03 |
| Cash from operations | — | −CN¥13.0m | CN¥10.0m | CN¥27.0m | CN¥95.0m | CN¥77.0m | −CN¥25.0m | CN¥58.0m |
| Capital spending | — | −CN¥2.0m | −CN¥6.0m | −CN¥3.0m | −CN¥12.0m | −CN¥29.0m | −CN¥28.0m | −CN¥38.0m |
| Free cash flow | — | −CN¥15.0m | CN¥4.0m | CN¥24.0m | CN¥83.0m | CN¥48.0m | −CN¥53.0m | CN¥20.0m |
| Total assets | CN¥404.6m | CN¥475.7m | CN¥512.3m | CN¥524.0m | CN¥637.4m | CN¥861.0m | CN¥845.0m | CN¥896.7m |
| Cash and short-term investments | CN¥80.1m | CN¥47.9m | CN¥80.2m | CN¥79.0m | CN¥127.8m | CN¥109.3m | CN¥40.7m | CN¥94.1m |
| Debt | CN¥85.3m | CN¥162.3m | CN¥170.7m | CN¥164.1m | CN¥250.3m | CN¥278.6m | CN¥280.6m | CN¥277.6m |
| Shareholders' equity | CN¥67.7m | CN¥93.6m | CN¥98.3m | CN¥100.1m | CN¥136.6m | CN¥189.0m | CN¥213.5m | CN¥240.5m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 1.3% | 5.6% | 5.0% | 7.2% | 6.8% |
| Operating margin | -7.7% | -10.1% | -2.6% | -2.7% | 0.9% | 1.4% |
| Net margin | -3.8% | -7.2% | -3.2% | -1.2% | 0.1% | 1.1% |
| Return on equity | -42.3% | -89.7% | -27.7% | -9.8% | 1.0% | 8.4% |
| Return on assets | -8.3% | -17.1% | -6.1% | -2.6% | 0.3% | 2.6% |
| Free cash flow yield | 0.2% | 10.2% | 6.7% | 4.5% | 6.8% | 10.3% |
| Revenue growth | -27.7% | -23.3% | -19.0% | -2.6% | 7.3% | -7.7% |
| Earnings growth | -62.2% | 71.4% | 121.6% | -981.5% | -87.5% | -35.2% |
| Current ratio | 1.29x | 1.32x | 1.06x | 1.03x | 1.17x | 1.48x |
| Debt to equity | 1.28x | 1.16x | 1.12x | 1.58x | 0.84x | 0.81x |
| Equity ratio | 19.7% | 19.1% | 21.9% | 26.8% | 32.6% | 31.1% |
| Interest coverage | -15.97x | -15.66x | -4.57x | -4.84x | 1.77x | 1.80x |
| Buybacks as a share of market value | -1.7% | 0.0% | 0.0% | 2.0% | -3.1% | -17.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.3% | -14.0% | — |
| Operating income | 10.8% | — | — |
| Net income | 18.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.3% | 4.1% | 5.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -23.8 | -1.6 | -1.0 | -3.5 | 70.2 | 6.0 | 2.9 |
| Price to sales | 0.9 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Oct 2020.
| FY2020 | |
|---|---|
| Paid in the year | 0.02 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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