A 
2.79
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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.
Net income
−CN¥102.0m
FY2016FY2025
Free cash flow
−CN¥429.2m
FY2016FY2025
Shareholders' equity
CN¥539.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | CN¥4.7m | CN¥12.6m | CN¥165.0m | CN¥145.1m | CN¥29.6m | CN¥91.3m | −CN¥478,267 | −CN¥37.1m | −CN¥47.5m | CN¥2.4m |
| Research and development | — | — | — | CN¥25.1m | — | — | — | — | — | — |
| Operating income | −CN¥95.0m | CN¥74.8m | CN¥73.6m | CN¥78.1m | −CN¥25.1m | CN¥95.8m | −CN¥66.1m | −CN¥98.3m | −CN¥91.3m | −CN¥82.5m |
| Net income | −CN¥102.0m | CN¥61.7m | CN¥58.9m | CN¥57.6m | −CN¥30.1m | CN¥70.8m | −CN¥83.2m | −CN¥111.7m | −CN¥98.0m | −CN¥122.2m |
| Diluted earnings per share | -0.29 | 0.18 | 0.17 | 0.22 | -0.11 | 0.01 | -0.32 | -0.45 | -0.43 | -0.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.35bn | CN¥1.02bn | CN¥869.3m | CN¥746.0m | CN¥706.0m | CN¥772.8m | CN¥594.2m | CN¥583.8m | CN¥901.1m | CN¥1.03bn |
| Cash and short-term investments | CN¥283.2m | CN¥80.0m | CN¥146.1m | CN¥124.7m | CN¥191.3m | CN¥145.1m | CN¥104.7m | CN¥74.0m | CN¥330.9m | CN¥257.0m |
| Total liabilities | CN¥807.6m | CN¥470.1m | CN¥377.4m | CN¥392.1m | CN¥418.8m | CN¥390.7m | CN¥281.9m | CN¥221.6m | CN¥453.2m | CN¥411.0m |
| Debt | CN¥10.4m | CN¥268.0m | CN¥119.9m | CN¥126.2m | CN¥181.5m | CN¥191.4m | CN¥170.0m | CN¥116.0m | CN¥307.2m | CN¥231.4m |
| Shareholders' equity | CN¥539.2m | CN¥545.8m | CN¥491.9m | CN¥354.0m | CN¥287.2m | CN¥382.2m | CN¥312.4m | CN¥362.2m | CN¥447.9m | CN¥613.5m |
| Shares outstanding | 350m | 350m | 350m | 263m | 263m | 5,294m | 257m | 247m | 230m | 223m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥74.0m | −CN¥72.0m | CN¥62.2m | CN¥212.3m | CN¥83.5m | CN¥24.6m | −CN¥26.7m | −CN¥102.4m | CN¥4.9m | CN¥60.3m |
| Capital spending | −CN¥355.3m | −CN¥171.1m | −CN¥123.8m | −CN¥151.8m | −CN¥6.3m | −CN¥41.3m | −CN¥11.6m | −CN¥32.8m | −CN¥5.3m | −CN¥6.5m |
| Free cash flow | −CN¥429.2m | −CN¥243.1m | −CN¥61.6m | CN¥60.5m | CN¥77.1m | −CN¥16.6m | −CN¥38.3m | −CN¥135.2m | −CN¥335,954 | CN¥53.8m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −CN¥1.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | CN¥10.8m | CN¥571,588 | CN¥4.2m | CN¥1.1m | CN¥11.5m | CN¥66.4m | CN¥74.7m | CN¥81.1m |
| Operating income | −CN¥50.6m | −CN¥97.0m | CN¥2.0m | CN¥87.4m | −CN¥12.6m | CN¥20.5m | CN¥42.2m | CN¥50.5m |
| Net income | −CN¥16.6m | −CN¥97.9m | −CN¥4.2m | CN¥78.1m | −CN¥16.4m | CN¥17.4m | CN¥33.1m | CN¥42.7m |
| Diluted earnings per share | -0.03 | -0.28 | -0.01 | 0.22 | -0.05 | 0.05 | 0.09 | 0.16 |
| Cash from operations | — | −CN¥45.0m | −CN¥30.0m | −CN¥47.0m | −CN¥25.0m | CN¥111.0m | −CN¥58.0m | CN¥34.0m |
| Capital spending | — | −CN¥231.0m | −CN¥111.0m | −CN¥94.0m | −CN¥76.0m | −CN¥32.0m | −CN¥16.0m | −CN¥128.0m |
| Free cash flow | — | −CN¥276.0m | −CN¥141.0m | −CN¥141.0m | −CN¥101.0m | CN¥79.0m | −CN¥74.0m | −CN¥94.0m |
| Total assets | CN¥1.69bn | CN¥1.35bn | CN¥1.21bn | CN¥1.02bn | CN¥897.7m | CN¥1.01bn | CN¥666.6m | CN¥746.0m |
| Cash and short-term investments | CN¥311.0m | CN¥283.2m | CN¥81.6m | CN¥80.0m | CN¥73.9m | CN¥170.5m | CN¥72.8m | CN¥124.7m |
| Debt | CN¥2.3m | CN¥10.4m | CN¥437.0m | CN¥268.0m | CN¥153.3m | CN¥37.2m | CN¥62.4m | CN¥70.8m |
| Shareholders' equity | CN¥910.5m | CN¥539.2m | CN¥634.6m | CN¥545.8m | CN¥479.0m | CN¥573.8m | CN¥474.9m | CN¥354.0m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.4% | 4.5% | 11.2% | 7.8% | 1.8% | 8.1% |
| Operating margin | -40.5% | -17.2% | 5.0% | 4.2% | -1.5% | 3.3% |
| Net margin | -115.7% | 21.9% | 4.0% | 3.1% | -1.8% | 6.3% |
| Return on equity | -18.9% | 11.3% | 10.3% | 16.3% | -10.5% | 18.5% |
| Return on assets | -7.6% | 6.1% | 5.8% | 7.7% | -4.3% | 9.2% |
| Free cash flow yield | 24.7% | 10.1% | 16.3% | 49.5% | 12.2% | 0.4% |
| Revenue growth | -73.2% | -77.7% | -32.3% | 14.2% | 69.1% | 198.7% |
| Earnings growth | -241.7% | 22.2% | -12.3% | -291.8% | -149.5% | -185.1% |
| Current ratio | 2.12x | 1.07x | 0.90x | 0.83x | 1.11x | 2.07x |
| Debt to equity | 0.02x | 0.49x | 0.06x | 0.19x | 0.63x | 0.58x |
| Equity ratio | 40.0% | 53.7% | 56.6% | 47.4% | 40.7% | 49.5% |
| Interest coverage | -7.41x | -5.49x | 18.70x | 6.34x | -1.37x | 1.72x |
| R&D as a share of sales | — | — | — | 1.3% | — | — |
| Buybacks as a share of market value | 0.0% | 0.2% | -33.2% | -0.3% | 95.0% | -1962.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -63.8% | -39.9% | -12.7% |
| Operating income | — | — | -11.1% |
| Net income | — | — | -10.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.7% | 8.8% | 6.9% | 4.3% |
| Operating margin | -5.4% | 3.5% | 3.1% | -5.9% |
| Net margin | -10.9% | 2.1% | 1.8% | -8.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.5 | 3.1 | 2.7 | 5.3 | -19.6 | 126.4 | -3.2 | -4.0 | -4.9 | -3.7 |
| Price to sales | 15.7 | 0.7 | 0.1 | 0.2 | 0.4 | 7.9 | 0.7 | 1.8 | 13.5 | 6.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 May 2013.
| FY2013 | |
|---|---|
| Paid in the year | 0.016 |
- 20-to-1 reverse split · 9 May 2023
- 5-for-1 split · 28 Oct 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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