R 
10.85
+5.65%
Close of 9 Nov 2026, in CNY
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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¥12.58bn
FY2016FY2025
Net income
−CN¥2.83bn
FY2016FY2025
Free cash flow
CN¥537.8m
FY2016FY2025
Shareholders' equity
CN¥8.63bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥12.58bn | CN¥20.24bn | CN¥35.33bn | CN¥29.38bn | CN¥18.83bn | CN¥16.06bn | CN¥14.40bn | CN¥9.75bn | CN¥11.45bn | CN¥7.02bn |
| Research and development | CN¥287.3m | CN¥511.8m | CN¥675.3m | CN¥801.4m | CN¥860.0m | CN¥825.5m | CN¥767.3m | CN¥584.6m | CN¥357.8m | CN¥212.0m |
| Operating income | −CN¥2.53bn | −CN¥3.45bn | CN¥1.99bn | CN¥1.10bn | CN¥472.5m | CN¥416.9m | CN¥1.14bn | CN¥274.8m | CN¥787.5m | CN¥814.5m |
| Net income | −CN¥2.83bn | −CN¥3.44bn | CN¥1.36bn | CN¥935.0m | −CN¥42.3m | CN¥165.3m | CN¥973.6m | CN¥232.4m | CN¥649.8m | CN¥688.8m |
| Diluted earnings per share | -2.52 | -3.08 | 1.20 | 1.10 | -0.05 | 0.19 | 1.11 | 0.26 | 0.72 | 1.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥31.51bn | CN¥43.09bn | CN¥54.25bn | CN¥38.36bn | CN¥29.56bn | CN¥29.24bn | CN¥25.61bn | CN¥18.78bn | CN¥16.51bn | CN¥9.96bn |
| Cash and short-term investments | — | CN¥5.24bn | CN¥10.66bn | CN¥9.92bn | CN¥5.34bn | CN¥5.81bn | CN¥4.22bn | CN¥2.11bn | CN¥4.50bn | CN¥1.51bn |
| Total liabilities | CN¥22.89bn | CN¥31.58bn | CN¥39.02bn | CN¥27.97bn | CN¥20.02bn | CN¥19.30bn | CN¥16.24bn | CN¥10.38bn | CN¥8.98bn | CN¥6.01bn |
| Debt | CN¥1.95bn | CN¥11.63bn | CN¥11.28bn | CN¥6.74bn | CN¥6.01bn | CN¥5.57bn | CN¥4.07bn | CN¥2.75bn | CN¥2.16bn | CN¥2.19bn |
| Shareholders' equity | CN¥8.63bn | CN¥11.50bn | CN¥15.21bn | CN¥9.36bn | CN¥8.48bn | CN¥8.44bn | CN¥8.25bn | CN¥7.43bn | CN¥7.48bn | CN¥3.79bn |
| Shares outstanding | 1,121m | 1,117m | 1,132m | 853m | 780m | 875m | 874m | 899m | 906m | 677m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.41bn | −CN¥4.32bn | −CN¥1.64bn | CN¥3.04bn | CN¥601.0m | CN¥686.4m | CN¥2.61bn | CN¥131.8m | CN¥426.1m | CN¥333.3m |
| Capital spending | −CN¥872.5m | −CN¥2.21bn | −CN¥4.60bn | −CN¥2.11bn | −CN¥4.05bn | −CN¥893.2m | −CN¥552.0m | −CN¥2.16bn | −CN¥1.18bn | −CN¥248.1m |
| Free cash flow | CN¥537.8m | −CN¥6.53bn | −CN¥6.24bn | CN¥928.5m | −CN¥3.44bn | −CN¥206.8m | CN¥2.06bn | −CN¥2.03bn | −CN¥751.0m | CN¥85.2m |
| Dividends paid | −CN¥439.5m | −CN¥769.3m | −CN¥596.5m | −CN¥309.4m | −CN¥485.9m | −CN¥485.0m | −CN¥297.6m | −CN¥286.6m | −CN¥277.0m | −CN¥153.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.32bn | CN¥2.70bn | CN¥2.12bn | CN¥3.02bn | CN¥4.45bn | CN¥2.99bn | CN¥5.34bn | CN¥4.44bn |
| Operating income | −CN¥249.9m | −CN¥198.6m | −CN¥643.4m | −CN¥374.5m | −CN¥382.9m | −CN¥336.7m | −CN¥1.93bn | −CN¥683.9m |
| Net income | −CN¥459.1m | −CN¥361.0m | −CN¥1.89bn | −CN¥254.3m | −CN¥412.0m | −CN¥266.8m | −CN¥1.88bn | −CN¥596.8m |
| Diluted earnings per share | -0.41 | -0.32 | -1.69 | -0.23 | -0.37 | -0.24 | -1.68 | -0.53 |
| Cash from operations | — | — | — | CN¥619.0m | CN¥519.0m | −CN¥103.0m | CN¥72.0m | CN¥70.0m |
| Capital spending | −CN¥178.0m | −CN¥181.0m | −CN¥144.0m | −CN¥175.0m | −CN¥283.0m | −CN¥268.0m | −CN¥355.0m | −CN¥321.0m |
| Free cash flow | — | — | — | CN¥444.0m | CN¥236.0m | −CN¥371.0m | −CN¥283.0m | −CN¥251.0m |
| Total assets | CN¥27.88bn | CN¥28.78bn | CN¥31.51bn | CN¥35.99bn | CN¥37.17bn | CN¥40.78bn | CN¥43.09bn | CN¥46.58bn |
| Cash and short-term investments | — | — | — | CN¥3.23bn | CN¥2.95bn | CN¥3.72bn | CN¥5.24bn | CN¥6.75bn |
| Debt | CN¥2.03bn | CN¥2.11bn | CN¥1.95bn | CN¥11.44bn | CN¥9.02bn | CN¥9.19bn | CN¥9.47bn | CN¥10.68bn |
| Shareholders' equity | CN¥7.81bn | CN¥8.29bn | CN¥8.63bn | CN¥10.52bn | CN¥10.78bn | CN¥11.22bn | CN¥11.50bn | CN¥13.29bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -20.1% | -17.0% | 5.6% | 3.7% | 2.5% | 2.6% |
| Net margin | -22.5% | -17.0% | 3.9% | 3.2% | -0.2% | 1.0% |
| Return on equity | -32.7% | -29.9% | 9.0% | 10.0% | -0.5% | 2.0% |
| Return on assets | -9.0% | -8.0% | 2.5% | 2.4% | -0.1% | 0.6% |
| Free cash flow yield | 22.7% | -21.1% | 29.1% | 67.2% | 66.4% | 20.1% |
| Revenue growth | -37.8% | -42.7% | 20.2% | 56.0% | 17.2% | 11.5% |
| Earnings growth | -17.7% | -352.0% | 45.8% | -2309.4% | -125.6% | -83.0% |
| Current ratio | 0.54x | 0.67x | 0.85x | 0.96x | 0.93x | 0.97x |
| Debt to equity | 0.23x | 0.82x | 0.62x | 0.68x | 0.66x | 0.62x |
| Equity ratio | 27.4% | 26.7% | 28.0% | 24.4% | 28.7% | 28.9% |
| Interest coverage | -4.47x | -5.12x | 4.78x | 2.58x | 1.05x | 1.05x |
| R&D as a share of sales | 2.3% | 2.5% | 1.9% | 2.7% | 4.6% | 5.1% |
| Buybacks as a share of market value | -0.4% | 1.3% | -32.8% | -9.4% | 10.9% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.6% | -4.8% | 9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -18.2% | -3.0% | -1.5% | 0.8% |
| Net margin | -19.1% | -4.1% | -2.9% | -0.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | -3.9 | 14.7 | 22.6 | -598.1 | 152.6 | 12.4 | 22.0 | 16.9 | 16.2 |
| Price to sales | 1.3 | 0.7 | 0.6 | 0.7 | 1.3 | 1.6 | 0.8 | 0.5 | 1.0 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 May 2024.
| FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.201 | 0.20 | 0.20 | 0.20 | 0.06 | 0.10 | 0.15 | 0.07 |
- 8-for-5 split · 31 May 2012
- 2-for-1 split · 23 Mar 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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