Z 
2.80
-3.78%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥7.47bn
FY2016FY2025
Net income
−CN¥2.64bn
FY2016FY2025
Free cash flow
CN¥990.3m
FY2016FY2025
Shareholders' equity
CN¥1.41bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.47bn | CN¥7.98bn | CN¥14.67bn | CN¥11.75bn | CN¥11.85bn | CN¥10.26bn | CN¥9.01bn | CN¥8.06bn | CN¥8.64bn | CN¥7.14bn |
| Gross profit | CN¥444.2m | −CN¥361.5m | CN¥1.20bn | CN¥1.07bn | CN¥390.7m | CN¥895.8m | CN¥1.21bn | CN¥1.14bn | CN¥1.27bn | CN¥1.26bn |
| Research and development | CN¥497.1m | CN¥449.9m | CN¥476.6m | CN¥324.8m | CN¥436.8m | CN¥357.4m | CN¥251.4m | CN¥242.7m | CN¥157.3m | CN¥220.3m |
| Operating income | −CN¥671.9m | −CN¥1.55bn | −CN¥8.2m | CN¥695.7m | −CN¥1.51bn | −CN¥395.6m | CN¥249.4m | CN¥98.1m | CN¥412.5m | CN¥284.7m |
| Net income | −CN¥2.64bn | −CN¥1.50bn | CN¥36.0m | CN¥332.7m | −CN¥1.37bn | −CN¥281.1m | CN¥368.7m | CN¥242.0m | CN¥380.9m | CN¥329.3m |
| Diluted earnings per share | -3.09 | -1.88 | 0.04 | 0.39 | -1.66 | -0.36 | 0.40 | 0.27 | 0.45 | 0.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.89bn | CN¥18.30bn | CN¥18.20bn | CN¥16.01bn | CN¥13.83bn | CN¥14.28bn | CN¥13.19bn | CN¥12.68bn | CN¥10.89bn | CN¥9.19bn |
| Cash and short-term investments | — | CN¥2.21bn | CN¥1.72bn | CN¥1.30bn | CN¥911.2m | CN¥1.08bn | CN¥706.7m | CN¥899.1m | CN¥1.32bn | CN¥1.59bn |
| Total liabilities | CN¥13.72bn | CN¥14.49bn | CN¥12.91bn | CN¥10.97bn | CN¥9.70bn | CN¥8.52bn | CN¥6.85bn | CN¥6.53bn | CN¥4.73bn | CN¥2.84bn |
| Debt | CN¥2.16bn | CN¥7.55bn | CN¥5.19bn | CN¥4.95bn | CN¥5.19bn | CN¥4.92bn | CN¥4.25bn | CN¥4.08bn | CN¥2.61bn | CN¥1.06bn |
| Shareholders' equity | CN¥1.41bn | CN¥3.99bn | CN¥5.42bn | CN¥5.15bn | CN¥4.65bn | CN¥6.00bn | CN¥6.48bn | CN¥6.18bn | CN¥6.07bn | CN¥5.90bn |
| Shares outstanding | 855m | 795m | 1,005m | 859m | 827m | 772m | 913m | 907m | 851m | 747m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.68bn | CN¥210.0m | CN¥654.6m | CN¥460.0m | CN¥321.9m | CN¥380.5m | CN¥281.5m | CN¥248.1m | CN¥304.2m | CN¥5.2m |
| Capital spending | −CN¥685.2m | −CN¥1.41bn | −CN¥1.13bn | −CN¥844.5m | −CN¥917.3m | −CN¥944.7m | −CN¥838.9m | −CN¥1.67bn | −CN¥1.17bn | −CN¥419.2m |
| Free cash flow | CN¥990.3m | −CN¥1.20bn | −CN¥472.7m | −CN¥384.5m | −CN¥595.4m | −CN¥564.2m | −CN¥557.4m | −CN¥1.42bn | −CN¥870.5m | −CN¥414.0m |
| Dividends paid | −CN¥284.3m | −CN¥307.2m | −CN¥301.4m | −CN¥221.7m | −CN¥30.8m | −CN¥207.5m | −CN¥245.3m | −CN¥384.4m | −CN¥256.3m | −CN¥94.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥727.9m | CN¥970.6m | CN¥1.56bn | CN¥1.99bn | CN¥2.78bn | CN¥1.14bn | CN¥122.2m | CN¥2.12bn |
| Gross profit | −CN¥165.2m | −CN¥39.0m | −CN¥247.7m | CN¥290.8m | CN¥376.3m | CN¥24.9m | −CN¥1.17bn | CN¥223.6m |
| Operating income | −CN¥385.8m | −CN¥237.0m | −CN¥680.9m | CN¥9.8m | CN¥38.0m | −CN¥260.7m | −CN¥1.78bn | CN¥46.9m |
| Net income | −CN¥806.8m | −CN¥304.6m | −CN¥2.42bn | CN¥12.2m | CN¥33.9m | −CN¥266.3m | −CN¥1.74bn | CN¥61.7m |
| Diluted earnings per share | -0.94 | -0.36 | -2.83 | 0.01 | 0.04 | -0.31 | -2.19 | 0.08 |
| Cash from operations | — | — | — | CN¥275.0m | CN¥886.0m | −CN¥295.0m | CN¥932.0m | −CN¥280.0m |
| Capital spending | −CN¥3.0m | −CN¥60.0m | −CN¥24.0m | −CN¥23.0m | −CN¥353.0m | −CN¥330.0m | −CN¥357.0m | −CN¥107.0m |
| Free cash flow | — | — | — | CN¥252.0m | CN¥533.0m | −CN¥625.0m | CN¥575.0m | −CN¥387.0m |
| Total assets | CN¥13.14bn | CN¥13.70bn | CN¥14.89bn | CN¥17.40bn | CN¥18.23bn | CN¥19.04bn | CN¥18.30bn | CN¥19.82bn |
| Cash and short-term investments | — | — | — | CN¥1.86bn | CN¥1.98bn | CN¥2.54bn | CN¥2.21bn | CN¥2.33bn |
| Debt | CN¥2.06bn | CN¥2.26bn | CN¥2.16bn | CN¥6.91bn | CN¥7.35bn | CN¥7.92bn | CN¥7.46bn | CN¥7.67bn |
| Shareholders' equity | CN¥290.2m | CN¥1.10bn | CN¥1.41bn | CN¥3.84bn | CN¥3.83bn | CN¥3.78bn | CN¥3.99bn | CN¥5.44bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.9% | -4.5% | 8.2% | 9.1% | 3.3% | 8.7% |
| Operating margin | -9.0% | -16.3% | -0.1% | 5.9% | -11.9% | -1.7% |
| Net margin | -35.4% | -18.7% | 0.2% | 2.8% | -11.6% | -2.7% |
| Return on equity | -186.9% | -37.5% | 0.7% | 6.5% | -29.5% | -4.7% |
| Return on assets | -17.7% | -8.2% | 0.2% | 2.1% | -9.9% | -2.0% |
| Free cash flow yield | 69.7% | 51.4% | 44.8% | 38.4% | 37.8% | 43.3% |
| Revenue growth | -6.4% | -45.6% | 24.8% | -0.8% | 15.5% | 13.9% |
| Earnings growth | 76.5% | -4260.6% | -89.2% | -124.3% | 387.5% | -176.2% |
| Current ratio | 0.73x | 0.95x | 1.08x | 1.12x | 0.95x | 1.16x |
| Debt to equity | 1.53x | 1.87x | 1.17x | 0.82x | 0.95x | 0.83x |
| Equity ratio | 9.5% | 21.8% | 29.8% | 32.2% | 33.6% | 42.0% |
| Interest coverage | -2.16x | -3.79x | -0.03x | 2.78x | -5.28x | -0.71x |
| R&D as a share of sales | 6.7% | 5.6% | 3.2% | 2.8% | 3.7% | 3.5% |
| Buybacks as a share of market value | -7.5% | 20.8% | -17.0% | -3.8% | -7.1% | 15.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.0% | -6.1% | 3.8% |
| Operating income | — | 11.2% | — |
| Net income | — | 56.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.5% | 5.6% | 5.7% | 9.1% |
| Operating margin | -14.4% | -3.7% | -5.4% | -2.2% |
| Net margin | -26.8% | -9.0% | -8.5% | -3.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.0 | -8.6 | 361.4 | 55.0 | -8.6 | -41.8 | 26.7 | 53.3 | 35.9 | 43.7 |
| Price to sales | 1.8 | 1.6 | 0.9 | 1.6 | 1.0 | 1.1 | 1.1 | 1.6 | 1.6 | 2.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Jul 2024.
| FY2024 | FY2021 | FY2018 | FY2017 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.065 | 0.036 | 0.20 | 0.20 | 0.299 | 0.05 | 0.05 | 0.042 |
- 2-for-1 split · 8 May 2013
- 6-for-5 split · 9 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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