C 
0.30
+11.11%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥103.4m
FY2016FY2025
Net income
−CN¥344.1m
FY2016FY2025
Free cash flow
−CN¥104.0m
FY2016FY2025
Shareholders' equity
CN¥374.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥103.4m | CN¥467.0m | CN¥645.1m | CN¥603.9m | CN¥373.9m | CN¥315.3m | CN¥419.1m | CN¥677.8m | CN¥1.32bn | CN¥1.38bn |
| Gross profit | CN¥23.4m | CN¥105.7m | CN¥147.8m | CN¥142.6m | CN¥110.2m | CN¥89.8m | CN¥157.9m | CN¥227.1m | CN¥442.0m | CN¥492.3m |
| Research and development | CN¥20.2m | CN¥16.4m | CN¥1.2m | CN¥3.1m | CN¥1.7m | CN¥8.4m | CN¥10.0m | CN¥18.8m | CN¥22.4m | CN¥19.4m |
| Operating income | −CN¥319.1m | −CN¥292.5m | CN¥50.7m | −CN¥77.4m | −CN¥119.4m | −CN¥637.0m | −CN¥359.6m | −CN¥10.5m | CN¥82.3m | CN¥247.2m |
| Net income | −CN¥344.1m | −CN¥351.0m | −CN¥52.3m | −CN¥100.0m | −CN¥178.1m | −CN¥644.7m | −CN¥363.0m | −CN¥52.8m | CN¥25.8m | CN¥153.6m |
| Diluted earnings per share | -0.11 | -0.12 | -0.02 | -0.05 | -0.09 | -0.34 | -0.19 | -0.03 | 0.01 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.52bn | CN¥1.65bn | CN¥1.73bn | CN¥1.56bn | CN¥1.12bn | CN¥1.41bn | CN¥2.09bn | CN¥2.64bn | CN¥2.66bn | CN¥2.69bn |
| Cash and short-term investments | CN¥183.5m | CN¥53.7m | CN¥70.3m | CN¥58.8m | CN¥131.8m | CN¥229.6m | CN¥555.0m | CN¥646.7m | CN¥595.3m | CN¥1.05bn |
| Total liabilities | CN¥1.18bn | CN¥1.18bn | CN¥1.04bn | CN¥1.05bn | CN¥662.4m | CN¥773.4m | CN¥817.5m | CN¥995.5m | CN¥966.0m | CN¥1.03bn |
| Debt | CN¥584.6m | CN¥518.9m | CN¥461.6m | CN¥517.7m | CN¥463.9m | CN¥510.5m | CN¥506.1m | CN¥529.3m | CN¥483.0m | CN¥606.5m |
| Shareholders' equity | CN¥374.7m | CN¥457.2m | CN¥618.3m | CN¥484.9m | CN¥446.7m | CN¥634.4m | CN¥1.28bn | CN¥1.64bn | CN¥1.70bn | CN¥1.66bn |
| Shares outstanding | 3,047m | 2,859m | 2,269m | 2,194m | 1,931m | 1,924m | 1,924m | 1,924m | 1,925m | 1,979m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥101.3m | −CN¥35.6m | −CN¥130.2m | −CN¥51.8m | −CN¥24.3m | −CN¥221.0m | −CN¥78.5m | CN¥116.0m | CN¥324.8m | CN¥470.7m |
| Capital spending | −CN¥2.7m | −CN¥36.9m | −CN¥38.7m | −CN¥53.5m | −CN¥50.7m | −CN¥117.0m | −CN¥58.1m | −CN¥28.6m | −CN¥288.6m | −CN¥168.8m |
| Free cash flow | −CN¥104.0m | −CN¥72.5m | −CN¥168.9m | −CN¥105.3m | −CN¥75.1m | −CN¥338.1m | −CN¥136.6m | CN¥87.3m | CN¥36.1m | CN¥302.0m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −CN¥103.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥134.4m | CN¥56.2m | CN¥47.2m | CN¥237.2m | CN¥229.8m | CN¥328.0m | CN¥317.1m | CN¥331.7m |
| Gross profit | CN¥18.8m | CN¥11.9m | CN¥11.6m | CN¥63.1m | CN¥42.6m | CN¥76.1m | CN¥71.6m | CN¥52.0m |
| Operating income | −CN¥163.6m | −CN¥256.8m | −CN¥108.2m | −CN¥237.6m | −CN¥54.9m | CN¥89.5m | −CN¥38.7m | −CN¥98.2m |
| Net income | −CN¥150.4m | −CN¥244.6m | −CN¥99.5m | −CN¥269.3m | −CN¥81.8m | −CN¥12.2m | −CN¥40.0m | −CN¥96.4m |
| Diluted earnings per share | -0.04 | -0.08 | -0.03 | -0.09 | -0.03 | -0.01 | -0.02 | -0.04 |
| Cash from operations | — | −CN¥37.0m | −CN¥54.0m | CN¥25.0m | −CN¥60.0m | −CN¥91.0m | −CN¥38.0m | −CN¥65.0m |
| Capital spending | — | −CN¥3.0m | −CN¥6.0m | −CN¥31.0m | −CN¥4.0m | −CN¥26.0m | −CN¥12.0m | −CN¥22.0m |
| Free cash flow | — | −CN¥40.0m | −CN¥60.0m | −CN¥6.0m | −CN¥64.0m | −CN¥117.0m | −CN¥50.0m | −CN¥87.0m |
| Total assets | CN¥1.42bn | CN¥1.52bn | CN¥1.53bn | CN¥1.41bn | CN¥1.90bn | CN¥1.73bn | CN¥1.55bn | CN¥1.33bn |
| Cash and short-term investments | CN¥45.4m | CN¥183.5m | CN¥19.2m | CN¥46.0m | CN¥47.8m | CN¥70.3m | CN¥22.2m | CN¥50.4m |
| Debt | CN¥566.8m | CN¥584.6m | CN¥586.5m | CN¥518.9m | CN¥572.7m | CN¥461.6m | CN¥549.8m | CN¥517.7m |
| Shareholders' equity | CN¥345.8m | CN¥374.7m | CN¥419.1m | CN¥391.6m | CN¥672.9m | CN¥618.3m | CN¥378.4m | CN¥415.3m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 22.7% | 22.6% | 22.9% | 23.6% | 29.5% | 28.5% |
| Operating margin | -308.7% | -62.6% | 7.9% | -11.6% | -31.7% | -202.0% |
| Net margin | -332.9% | -75.2% | -8.1% | -16.6% | -47.6% | -204.5% |
| Return on equity | -91.8% | -89.6% | -8.5% | -24.1% | -39.9% | -101.6% |
| Return on assets | -22.6% | -24.9% | -3.0% | -7.5% | -16.0% | -45.8% |
| Free cash flow yield | -9.6% | 0.2% | -13.9% | 0.2% | 4.7% | -16.0% |
| Revenue growth | -81.0% | -27.6% | 6.8% | 61.5% | 38.4% | -24.8% |
| Earnings growth | -16.0% | 571.7% | -47.7% | -43.8% | -67.8% | 77.6% |
| Current ratio | 0.64x | 0.72x | 0.96x | 0.69x | 0.70x | 0.80x |
| Debt to equity | 1.56x | 1.32x | 0.75x | 1.23x | 1.06x | 0.94x |
| Equity ratio | 24.6% | 27.8% | 35.8% | 31.1% | 40.0% | 45.1% |
| Interest coverage | -10.83x | -11.92x | 1.41x | -2.29x | -4.12x | -15.93x |
| R&D as a share of sales | 19.5% | 3.5% | 0.2% | 0.5% | 0.5% | 2.7% |
| Buybacks as a share of market value | -6.6% | -26.0% | -3.4% | -13.6% | -0.4% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -44.5% | -20.0% | -26.3% |
| Operating income | 60.3% | -12.9% | — |
| Net income | 51.0% | -11.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.6% | 23.1% | 24.7% | 32.1% |
| Operating margin | -107.2% | -35.1% | -55.6% | -11.1% |
| Net margin | -121.9% | -46.6% | -66.6% | -18.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.2 | -1.7 | -13.1 | -4.0 | -2.2 | -2.1 | -1.7 | -9.8 | 15.4 | 3.4 |
| Price to sales | 17.4 | 1.3 | 1.1 | 0.7 | 1.1 | 4.3 | 1.5 | 0.8 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 May 2016.
| FY2016 | FY2015 | |
|---|---|---|
| Paid in the year | 0.055 | 0.09 |
- 4-for-1 split · 17 Oct 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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