B 
3.71
+1.64%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.86bn
FY2016FY2025
Net income
−CN¥571.5m
FY2016FY2025
Free cash flow
−CN¥431.3m
FY2016FY2025
Shareholders' equity
CN¥5.39bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.86bn | CN¥2.43bn | CN¥7.65bn | CN¥8.65bn | CN¥5.75bn | CN¥7.13bn | CN¥8.48bn | CN¥15.38bn | CN¥22.48bn | CN¥17.53bn |
| Gross profit | CN¥198.7m | −CN¥255.9m | CN¥24.1m | CN¥337.6m | CN¥692.9m | CN¥843.2m | CN¥1.00bn | CN¥3.12bn | CN¥4.15bn | CN¥3.11bn |
| Research and development | CN¥122.2m | CN¥119.0m | CN¥256.7m | CN¥219.1m | CN¥184.3m | CN¥222.0m | CN¥249.1m | CN¥292.8m | CN¥172.0m | CN¥136.6m |
| Operating income | −CN¥545.2m | −CN¥859.3m | −CN¥675.8m | −CN¥689.2m | CN¥189.0m | −CN¥1.36bn | CN¥91.4m | CN¥680.2m | CN¥3.30bn | CN¥2.38bn |
| Net income | −CN¥571.5m | −CN¥954.4m | −CN¥84.2m | −CN¥805.2m | CN¥81.4m | −CN¥1.38bn | CN¥138.7m | CN¥505.5m | CN¥2.54bn | CN¥1.62bn |
| Diluted earnings per share | -0.24 | -0.41 | -0.04 | -0.28 | 0.03 | -0.59 | 0.06 | 0.21 | 1.08 | 0.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.89bn | CN¥9.71bn | CN¥10.88bn | CN¥15.28bn | CN¥14.77bn | CN¥18.89bn | CN¥21.36bn | CN¥25.41bn | CN¥25.44bn | CN¥18.51bn |
| Cash and short-term investments | — | CN¥758.8m | CN¥585.8m | CN¥485.4m | CN¥526.3m | CN¥2.11bn | CN¥3.88bn | CN¥4.01bn | CN¥7.04bn | CN¥6.16bn |
| Total liabilities | CN¥2.58bn | CN¥3.79bn | CN¥3.90bn | CN¥7.72bn | CN¥5.90bn | CN¥9.12bn | CN¥10.01bn | CN¥14.34bn | CN¥14.92bn | CN¥11.98bn |
| Debt | — | CN¥295.6m | CN¥291.7m | CN¥2.39bn | CN¥1.51bn | CN¥2.80bn | CN¥3.56bn | CN¥6.21bn | CN¥6.06bn | CN¥4.34bn |
| Shareholders' equity | CN¥5.39bn | CN¥5.98bn | CN¥6.96bn | CN¥7.03bn | CN¥8.15bn | CN¥8.13bn | CN¥9.65bn | CN¥9.21bn | CN¥8.80bn | CN¥6.28bn |
| Shares outstanding | 2,350m | 2,352m | 2,350m | 2,903m | 2,350m | 2,348m | 2,359m | 2,362m | 2,359m | 2,337m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥389.2m | CN¥332.0m | CN¥540.5m | −CN¥510.6m | CN¥1.02bn | −CN¥926.1m | CN¥3.55bn | −CN¥1.39bn | −CN¥353.6m | CN¥321.4m |
| Capital spending | −CN¥42.1m | −CN¥164.6m | −CN¥105.4m | −CN¥203.1m | −CN¥190.6m | −CN¥400.3m | −CN¥601.7m | −CN¥165.2m | −CN¥218.1m | −CN¥258.3m |
| Free cash flow | −CN¥431.3m | CN¥167.5m | CN¥435.1m | −CN¥713.7m | CN¥833.7m | −CN¥1.33bn | CN¥2.95bn | −CN¥1.55bn | −CN¥571.7m | CN¥63.1m |
| Dividends paid | −CN¥42.7m | −CN¥107.9m | −CN¥370.2m | −CN¥11.7m | −CN¥110.7m | −CN¥70.5m | −CN¥70.3m | −CN¥565.6m | −CN¥601.2m | −CN¥335.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.01bn | CN¥702.8m | CN¥919.3m | CN¥958.4m | CN¥741.8m | CN¥241.3m | CN¥587.8m | CN¥585.0m |
| Gross profit | CN¥182.2m | CN¥36.3m | CN¥79.3m | CN¥122.9m | CN¥3.8m | −CN¥16.0m | −CN¥242.0m | CN¥92.8m |
| Operating income | CN¥100.7m | −CN¥65.3m | −CN¥51.8m | CN¥48.8m | −CN¥153.9m | −CN¥53.8m | −CN¥267.1m | −CN¥317.2m |
| Net income | −CN¥60.8m | −CN¥47.8m | −CN¥629.5m | CN¥93.3m | CN¥14.5m | −CN¥49.9m | −CN¥321.1m | −CN¥307.4m |
| Diluted earnings per share | -0.03 | -0.02 | -0.27 | 0.04 | 0.01 | -0.02 | -0.14 | -0.13 |
| Cash from operations | — | — | — | CN¥194.0m | −CN¥134.0m | −CN¥156.0m | — | CN¥160.0m |
| Capital spending | −CN¥6.0m | −CN¥5.0m | −CN¥11.0m | −CN¥13.0m | −CN¥7.0m | −CN¥9.0m | −CN¥36.0m | −CN¥77.0m |
| Free cash flow | — | — | — | CN¥181.0m | −CN¥141.0m | −CN¥165.0m | — | CN¥83.0m |
| Total assets | CN¥7.66bn | CN¥7.48bn | CN¥7.89bn | CN¥8.43bn | CN¥8.46bn | CN¥9.20bn | CN¥9.71bn | CN¥10.05bn |
| Cash and short-term investments | — | — | — | CN¥633.8m | CN¥524.6m | CN¥617.4m | CN¥758.8m | CN¥728.4m |
| Debt | — | — | — | CN¥797.6m | CN¥359.2m | CN¥309.1m | CN¥272.5m | CN¥287.0m |
| Shareholders' equity | CN¥5.15bn | CN¥5.23bn | CN¥5.39bn | CN¥6.03bn | CN¥5.94bn | CN¥5.94bn | CN¥5.98bn | CN¥6.28bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.9% | -10.5% | 0.3% | 3.9% | 12.0% | 11.8% |
| Operating margin | -18.5% | -35.4% | -8.8% | -8.0% | 3.3% | -19.1% |
| Net margin | -20.0% | -39.3% | -1.1% | -9.3% | 1.4% | -19.3% |
| Return on equity | -10.6% | -15.9% | -1.2% | -11.5% | 1.0% | -17.0% |
| Return on assets | -7.2% | -9.8% | -0.8% | -5.3% | 0.6% | -7.3% |
| Free cash flow yield | -4.3% | 6.2% | 8.0% | -3.1% | 15.1% | -6.5% |
| Revenue growth | 17.9% | -68.3% | -11.5% | 50.3% | -19.3% | -15.9% |
| Earnings growth | -40.1% | 1034.1% | -89.5% | -1089.2% | -105.9% | -1095.1% |
| Current ratio | 1.32x | 1.38x | 1.81x | 0.99x | 1.15x | 1.62x |
| Debt to equity | 0.00x | 0.05x | 0.04x | 0.16x | 0.12x | 0.23x |
| Equity ratio | 68.3% | 61.6% | 64.0% | 46.0% | 55.2% | 43.0% |
| Interest coverage | -5.59x | -4.48x | -1.95x | -1.95x | 0.93x | -6.02x |
| R&D as a share of sales | 4.3% | 4.9% | 3.4% | 2.5% | 3.2% | 3.1% |
| Buybacks as a share of market value | 0.1% | -0.1% | 19.1% | -23.6% | -0.1% | 0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -30.8% | -16.7% | -6.7% |
| Operating income | -7.5% | -16.7% | — |
| Net income | -10.8% | -16.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -1.1% | 1.4% | 5.3% | 14.5% |
| Operating margin | -26.6% | -12.8% | -11.4% | 3.3% |
| Net margin | -28.9% | -11.2% | -10.8% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.9 | -8.8 | -98.0 | -15.7 | 228.9 | -9.7 | 107.5 | 46.0 | 25.1 | 34.3 |
| Price to sales | 3.8 | 3.4 | 1.1 | 1.5 | 3.2 | 1.9 | 1.8 | 1.5 | 2.8 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 11 Jul 2022.
| FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.005 | 0.03 | 0.03 | 0.077 | 0.103 | 0.067 | 0.027 | 0.016 |
- 13-for-10 split · 13 Jul 2018
- 3-for-2 split · 19 Apr 2017
- 1.488-for-1 split · 19 Apr 2016
- 13-for-10 split · 30 Apr 2015
- 13-for-10 split · 10 May 2013
- 2-for-1 split · 27 Apr 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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