H 
3.70
-1.07%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.53bn
FY2016FY2025
Net income
−CN¥669.4m
FY2016FY2025
Free cash flow
−CN¥650.0m
FY2016FY2025
Shareholders' equity
CN¥4.42bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.53bn | CN¥3.42bn | CN¥9.88bn | CN¥11.25bn | CN¥5.78bn | CN¥3.97bn | CN¥5.98bn | CN¥7.08bn | CN¥2.02bn | CN¥2.40bn |
| Gross profit | CN¥124.2m | −CN¥97.3m | CN¥907.7m | CN¥1.38bn | CN¥253.6m | CN¥213.9m | CN¥1.88bn | CN¥3.34bn | CN¥1.33bn | CN¥540.2m |
| Research and development | CN¥136.1m | CN¥176.7m | CN¥361.3m | CN¥379.4m | CN¥208.2m | CN¥161.8m | CN¥210.8m | CN¥219.7m | CN¥67.0m | CN¥68.8m |
| Operating income | −CN¥512.8m | −CN¥1.11bn | −CN¥4.8m | CN¥629.2m | −CN¥153.6m | −CN¥154.2m | CN¥1.02bn | CN¥2.30bn | CN¥998.6m | CN¥154.2m |
| Net income | −CN¥669.4m | −CN¥851.3m | CN¥46.1m | CN¥482.8m | −CN¥161.0m | −CN¥51.8m | CN¥602.1m | CN¥1.73bn | CN¥730.1m | CN¥19.0m |
| Diluted earnings per share | -0.36 | -0.53 | 0.02 | 0.22 | -0.08 | -0.03 | 0.30 | 0.26 | 1.45 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥13.83bn | CN¥13.21bn | CN¥16.84bn | CN¥13.45bn | CN¥10.33bn | CN¥9.39bn | CN¥8.90bn | CN¥5.01bn | CN¥6.69bn | CN¥6.25bn |
| Cash and short-term investments | — | CN¥1.09bn | CN¥2.05bn | CN¥2.45bn | CN¥1.95bn | CN¥2.10bn | CN¥1.96bn | CN¥776.5m | CN¥797.6m | CN¥645.8m |
| Total liabilities | CN¥8.72bn | CN¥7.82bn | CN¥9.16bn | CN¥6.96bn | CN¥4.76bn | CN¥4.13bn | CN¥3.43bn | CN¥3.08bn | CN¥4.12bn | CN¥2.98bn |
| Debt | CN¥1.22bn | CN¥1.87bn | CN¥3.25bn | CN¥2.58bn | CN¥1.42bn | CN¥1.76bn | CN¥1.65bn | CN¥2.03bn | CN¥2.85bn | CN¥2.03bn |
| Shareholders' equity | CN¥4.42bn | CN¥5.13bn | CN¥6.99bn | CN¥5.78bn | CN¥5.08bn | CN¥4.84bn | CN¥4.62bn | CN¥1.53bn | CN¥2.19bn | CN¥3.24bn |
| Shares outstanding | 1,870m | 1,614m | 2,161m | 2,219m | 2,131m | 2,035m | 2,023m | 6,588m | 503m | 500m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥337.5m | −CN¥42.2m | CN¥148.4m | −CN¥291.5m | −CN¥262.8m | CN¥250.0m | CN¥1.11bn | CN¥202.7m | −CN¥183.7m | CN¥21.8m |
| Capital spending | −CN¥312.5m | −CN¥491.8m | −CN¥1.08bn | −CN¥453.0m | −CN¥514.9m | −CN¥237.9m | −CN¥245.2m | −CN¥178.4m | −CN¥599.8m | −CN¥102.2m |
| Free cash flow | −CN¥650.0m | −CN¥534.1m | −CN¥928.1m | −CN¥744.5m | −CN¥777.7m | CN¥12.1m | CN¥862.8m | CN¥24.3m | −CN¥783.5m | −CN¥80.4m |
| Dividends paid | −CN¥146.6m | −CN¥145.6m | −CN¥140.8m | −CN¥99.3m | −CN¥90.3m | −CN¥92.7m | −CN¥105.7m | −CN¥185.9m | −CN¥162.7m | −CN¥118.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥808.5m | CN¥858.1m | CN¥524.5m | CN¥941.0m | CN¥1.10bn | CN¥968.9m | CN¥754.6m | CN¥782.6m |
| Gross profit | CN¥22.3m | CN¥3.4m | −CN¥65.6m | CN¥73.4m | CN¥50.8m | CN¥65.6m | −CN¥219.7m | CN¥65.5m |
| Operating income | −CN¥95.0m | −CN¥82.3m | −CN¥243.7m | −CN¥111.9m | −CN¥86.6m | −CN¥50.5m | −CN¥477.9m | −CN¥180.9m |
| Net income | −CN¥168.2m | −CN¥121.2m | −CN¥404.4m | −CN¥95.0m | −CN¥122.0m | −CN¥48.0m | −CN¥452.6m | −CN¥148.4m |
| Diluted earnings per share | -0.09 | -0.06 | -0.22 | -0.05 | -0.07 | -0.03 | -0.28 | -0.09 |
| Cash from operations | — | — | — | −CN¥92.0m | −CN¥111.0m | −CN¥151.0m | — | CN¥128.0m |
| Capital spending | −CN¥59.0m | −CN¥41.0m | −CN¥20.0m | — | −CN¥235.0m | −CN¥56.0m | −CN¥64.0m | −CN¥118.0m |
| Free cash flow | — | — | — | — | −CN¥346.0m | −CN¥207.0m | — | CN¥10.0m |
| Total assets | CN¥14.29bn | CN¥13.90bn | CN¥13.83bn | CN¥14.51bn | CN¥14.45bn | CN¥13.59bn | CN¥13.21bn | CN¥13.70bn |
| Cash and short-term investments | — | — | — | CN¥1.29bn | CN¥1.42bn | CN¥1.74bn | CN¥1.09bn | CN¥1.66bn |
| Debt | CN¥1.75bn | CN¥1.62bn | CN¥1.22bn | CN¥2.97bn | CN¥2.24bn | CN¥1.94bn | CN¥1.33bn | CN¥1.31bn |
| Shareholders' equity | CN¥4.13bn | CN¥4.30bn | CN¥4.42bn | CN¥4.83bn | CN¥4.95bn | CN¥5.08bn | CN¥5.13bn | CN¥5.40bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.5% | -2.8% | 9.2% | 12.2% | 4.4% | 5.4% |
| Operating margin | -14.5% | -32.3% | -0.0% | 5.6% | -2.7% | -3.9% |
| Net margin | -18.9% | -24.9% | 0.5% | 4.3% | -2.8% | -1.3% |
| Return on equity | -15.1% | -16.6% | 0.7% | 8.4% | -3.2% | -1.1% |
| Return on assets | -4.8% | -6.4% | 0.3% | 3.6% | -1.6% | -0.6% |
| Free cash flow yield | -0.4% | 7.5% | 15.4% | 2.0% | 3.2% | 6.5% |
| Revenue growth | 3.3% | -65.4% | -12.1% | 94.6% | 45.4% | -33.6% |
| Earnings growth | -21.4% | -1948.2% | -90.5% | -399.9% | 210.9% | -108.6% |
| Current ratio | 1.06x | 1.18x | 1.50x | 1.32x | 1.19x | 1.09x |
| Debt to equity | 0.28x | 0.26x | 0.21x | 0.32x | 0.23x | 0.26x |
| Equity ratio | 32.0% | 38.8% | 41.5% | 43.0% | 49.1% | 51.5% |
| Interest coverage | -2.17x | -3.49x | -0.02x | 3.87x | -1.26x | -1.63x |
| R&D as a share of sales | 3.8% | 5.2% | 3.7% | 3.4% | 3.6% | 4.1% |
| Buybacks as a share of market value | -15.9% | 25.3% | 2.6% | -4.1% | -4.7% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -32.0% | -2.3% | 7.5% |
| Operating income | — | 27.2% | — |
| Net income | — | 66.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.4% | 8.2% | 7.3% | 18.0% |
| Operating margin | -23.3% | -3.5% | -3.4% | 5.7% |
| Net margin | -21.9% | -3.5% | -3.2% | 3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.6 | -8.3 | 227.1 | 21.4 | -77.0 | -240.6 | 17.7 | 16.6 | 4.5 | 259.3 |
| Price to sales | 2.6 | 2.1 | 1.1 | 0.9 | 2.1 | 3.1 | 1.8 | 4.0 | 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 Jun 2015.
| FY2015 | FY2014 | FY2011 | |
|---|---|---|---|
| Paid in the year | 0.01 | 0.04 | 0.154 |
- 13-for-10 split · 25 May 2012
- 2-for-1 split · 15 Jul 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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