A 
1.58
-4.82%
Close of 6 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¥3.47bn
FY2020FY2025
Net income
−CN¥750.6m
FY2020FY2025
Free cash flow
CN¥367.5m
FY2020FY2025
Shareholders' equity
CN¥3.34bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | CN¥3.47bn | CN¥3.13bn | CN¥3.34bn | CN¥3.23bn | CN¥3.25bn | CN¥2.52bn |
| Gross profit | CN¥21.3m | CN¥14.5m | CN¥15.3m | CN¥12.0m | CN¥15.8m | CN¥665,411 |
| Research and development | CN¥6.0m | CN¥11.6m | — | — | — | — |
| Operating income | −CN¥448.8m | −CN¥823.1m | −CN¥170.9m | CN¥333.0m | CN¥800.0m | CN¥707.7m |
| Net income | −CN¥750.6m | −CN¥1.08bn | −CN¥415.5m | CN¥134.4m | CN¥650.3m | CN¥596.0m |
| Diluted earnings per share | -0.77 | -1.41 | -0.55 | 0.19 | 0.66 | 0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | CN¥8.84bn | CN¥8.39bn | CN¥9.50bn | CN¥10.74bn | CN¥8.55bn | CN¥6.07bn |
| Cash and short-term investments | CN¥341.7m | CN¥239.7m | CN¥232.9m | CN¥397.9m | CN¥137.7m | CN¥269.4m |
| Total liabilities | CN¥5.50bn | CN¥5.16bn | CN¥5.19bn | CN¥5.17bn | CN¥3.66bn | CN¥2.01bn |
| Debt | CN¥2.41bn | CN¥3.76bn | CN¥3.72bn | CN¥3.03bn | CN¥2.44bn | CN¥952.8m |
| Shareholders' equity | CN¥3.34bn | CN¥3.24bn | CN¥4.31bn | CN¥5.57bn | CN¥4.89bn | CN¥4.05bn |
| Shares outstanding | 981m | 763m | 760m | 700m | 981m | 981m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.01bn | CN¥691.6m | CN¥156.4m | CN¥852.4m | CN¥713.9m | CN¥503.0m |
| Capital spending | −CN¥645.8m | −CN¥801.8m | −CN¥1.54bn | −CN¥1.44bn | −CN¥1.25bn | −CN¥977.3m |
| Free cash flow | CN¥367.5m | −CN¥110.2m | −CN¥1.39bn | −CN¥584.9m | −CN¥538.5m | −CN¥474.3m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.77bn | CN¥1.70bn | CN¥1.58bn | CN¥1.55bn | CN¥1.77bn | CN¥1.57bn | CN¥1.77bn | CN¥1.54bn |
| Gross profit | CN¥14.9m | CN¥6.3m | CN¥3.4m | CN¥11.0m | CN¥11.5m | CN¥3.8m | CN¥6.0m | CN¥6.3m |
| Operating income | −CN¥224.3m | −CN¥224.5m | −CN¥411.3m | −CN¥411.8m | −CN¥19.8m | −CN¥151.1m | CN¥78.7m | CN¥250.6m |
| Net income | −CN¥372.8m | −CN¥377.8m | −CN¥538.3m | −CN¥540.7m | −CN¥151.6m | −CN¥263.9m | −CN¥40.1m | CN¥165.0m |
| Diluted earnings per share | -0.38 | -0.39 | -0.71 | -0.71 | -0.20 | -0.35 | -0.06 | 0.24 |
| Cash from operations | — | CN¥500.0m | CN¥691.0m | CN¥603.0m | CN¥156.0m | CN¥188.0m | CN¥999.0m | CN¥551.0m |
| Capital spending | — | −CN¥353.0m | −CN¥801.0m | −CN¥626.0m | −CN¥1.54bn | −CN¥796.0m | −CN¥1.64bn | −CN¥652.0m |
| Free cash flow | — | CN¥147.0m | −CN¥110.0m | −CN¥23.0m | −CN¥1.39bn | −CN¥608.0m | −CN¥637.0m | −CN¥101.0m |
| Total assets | CN¥8.84bn | CN¥9.02bn | CN¥8.39bn | CN¥8.59bn | CN¥9.50bn | CN¥9.11bn | CN¥9.13bn | CN¥8.62bn |
| Cash and short-term investments | CN¥341.7m | CN¥270.9m | CN¥239.7m | CN¥89.1m | CN¥232.9m | CN¥265.3m | CN¥338.3m | CN¥293.2m |
| Debt | CN¥2.41bn | CN¥4.38bn | CN¥3.76bn | CN¥3.34bn | CN¥3.72bn | CN¥3.05bn | CN¥2.57bn | CN¥2.46bn |
| Shareholders' equity | CN¥3.34bn | CN¥3.43bn | CN¥3.24bn | CN¥3.78bn | CN¥4.31bn | CN¥4.48bn | CN¥4.74bn | CN¥4.85bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 0.6% | 0.5% | 0.5% | 0.4% | 0.5% | 0.0% |
| Operating margin | -12.9% | -26.3% | -5.1% | 10.3% | 24.6% | 28.1% |
| Net margin | -21.6% | -34.5% | -12.5% | 4.2% | 20.0% | 23.7% |
| Return on equity | -22.5% | -33.3% | -9.6% | 2.8% | 13.3% | 14.7% |
| Return on assets | -8.5% | -12.9% | -4.4% | 1.5% | 7.6% | 9.8% |
| Free cash flow yield | 62.2% | 64.2% | 14.6% | 86.3% | — | — |
| Revenue growth | -5.9% | -6.1% | 3.2% | -0.4% | 28.9% | — |
| Earnings growth | -40.9% | 159.7% | -409.2% | -79.3% | 9.1% | — |
| Current ratio | 0.70x | 0.66x | 0.84x | 1.04x | 1.47x | 1.27x |
| Debt to equity | 0.31x | 0.81x | 0.58x | 0.32x | 0.31x | 0.16x |
| Equity ratio | 37.8% | 38.6% | 45.4% | 51.9% | 57.2% | 66.8% |
| Interest coverage | -1.59x | -450.75x | -199.41x | 19.18x | 93.90x | 56.73x |
| R&D as a share of sales | 0.2% | 0.4% | 0.0% | — | — | — |
| Buybacks as a share of market value | -28.5% | -0.3% | -8.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.4% | 6.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.5% | 0.5% | 0.4% | — |
| Operating margin | -19.3% | -8.4% | 2.1% | — |
| Net margin | -27.7% | -16.0% | -4.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -2.4 | -0.6 | -2.9 | 28.7 |
| Price to sales | 0.5 | 0.2 | 0.4 | 1.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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