Y 
4.07
-0.25%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥784.1m
FY2016FY2025
Net income
−CN¥1.23bn
FY2016FY2025
Free cash flow
−CN¥68.0m
FY2016FY2025
Shareholders' equity
CN¥339.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥784.1m | CN¥951.9m | CN¥1.59bn | CN¥1.69bn | CN¥1.59bn | CN¥1.81bn | CN¥2.21bn | CN¥1.41bn | CN¥1.05bn | CN¥587.1m |
| Gross profit | CN¥39.6m | CN¥135.3m | CN¥390.2m | CN¥169.3m | CN¥132.2m | CN¥498.4m | CN¥545.0m | CN¥480.5m | CN¥299.6m | CN¥136.7m |
| Research and development | CN¥61.5m | CN¥62.2m | CN¥99.3m | CN¥111.0m | CN¥158.2m | CN¥99.1m | CN¥65.5m | CN¥37.7m | CN¥33.5m | CN¥15.5m |
| Operating income | −CN¥182.1m | −CN¥904.7m | −CN¥260.6m | −CN¥1.11bn | −CN¥1.18bn | CN¥73.6m | CN¥190.2m | CN¥190.4m | CN¥123.2m | CN¥4.9m |
| Net income | −CN¥1.23bn | −CN¥918.5m | −CN¥283.5m | −CN¥1.20bn | −CN¥1.20bn | CN¥35.1m | CN¥279.6m | CN¥152.4m | CN¥96.6m | CN¥18.3m |
| Diluted earnings per share | -1.27 | -0.90 | -0.27 | -1.17 | -1.22 | 0.02 | 0.28 | 0.14 | 0.10 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.75bn | CN¥5.19bn | CN¥6.26bn | CN¥6.81bn | CN¥7.62bn | CN¥8.24bn | CN¥7.64bn | CN¥7.26bn | CN¥6.55bn | CN¥2.18bn |
| Cash and short-term investments | — | CN¥323.0m | CN¥284.5m | CN¥481.6m | CN¥621.6m | CN¥592.6m | CN¥309.2m | CN¥315.9m | CN¥206.8m | CN¥204.3m |
| Total liabilities | CN¥3.25bn | CN¥3.44bn | CN¥3.57bn | CN¥3.90bn | CN¥3.50bn | CN¥2.94bn | CN¥2.57bn | CN¥2.43bn | CN¥1.88bn | CN¥1.00bn |
| Debt | CN¥429.2m | CN¥1.73bn | CN¥1.73bn | CN¥1.99bn | CN¥1.80bn | CN¥1.53bn | CN¥1.61bn | CN¥1.48bn | CN¥1.10bn | CN¥590.9m |
| Shareholders' equity | CN¥339.9m | CN¥1.57bn | CN¥2.49bn | CN¥2.70bn | CN¥3.90bn | CN¥5.11bn | CN¥4.98bn | CN¥4.74bn | CN¥4.60bn | CN¥1.15bn |
| Shares outstanding | 964m | 1,018m | 1,047m | 1,027m | 985m | 1,639m | 1,010m | 1,101m | 975m | 462m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥49.2m | CN¥112.3m | CN¥199.5m | −CN¥232.1m | −CN¥40.1m | CN¥48.3m | CN¥291.9m | −CN¥254.8m | −CN¥11.3m | −CN¥311,576 |
| Capital spending | −CN¥18.8m | −CN¥56.1m | −CN¥82.5m | −CN¥172.6m | −CN¥488.8m | −CN¥166.0m | −CN¥299.5m | −CN¥221.9m | −CN¥87.5m | −CN¥94.8m |
| Free cash flow | −CN¥68.0m | CN¥56.1m | CN¥117.0m | −CN¥404.7m | −CN¥528.9m | −CN¥117.7m | −CN¥7.5m | −CN¥476.7m | −CN¥98.8m | −CN¥95.1m |
| Dividends paid | −CN¥139.3m | −CN¥155.3m | −CN¥183.4m | −CN¥167.9m | −CN¥136.8m | −CN¥30.2m | −CN¥19.6m | −CN¥75.2m | −CN¥32.6m | −CN¥31.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥144.0m | CN¥105.5m | CN¥116.7m | CN¥156.8m | CN¥247.6m | CN¥263.0m | CN¥221.4m | CN¥173.4m |
| Gross profit | CN¥27.4m | CN¥14.3m | −CN¥102.0m | CN¥10.6m | CN¥74.2m | CN¥56.8m | −CN¥71.9m | CN¥34.2m |
| Operating income | −CN¥29.1m | −CN¥22.9m | −CN¥170.7m | −CN¥54.4m | −CN¥13.0m | −CN¥16.0m | −CN¥846.8m | −CN¥52.1m |
| Net income | −CN¥160.2m | −CN¥29.5m | −CN¥1.13bn | −CN¥56.9m | −CN¥14.9m | −CN¥27.1m | −CN¥836.4m | −CN¥53.0m |
| Diluted earnings per share | -0.17 | -0.03 | -1.17 | -0.06 | -0.02 | -0.03 | -0.82 | -0.05 |
| Cash from operations | — | — | — | −CN¥79.0m | CN¥20.0m | −CN¥62.0m | — | CN¥7.0m |
| Capital spending | −CN¥2.0m | — | −CN¥9.0m | −CN¥1.0m | −CN¥3.0m | −CN¥4.0m | −CN¥15.0m | −CN¥4.0m |
| Free cash flow | — | — | — | −CN¥80.0m | CN¥17.0m | −CN¥66.0m | — | CN¥3.0m |
| Total assets | CN¥3.29bn | CN¥3.58bn | CN¥3.75bn | CN¥4.87bn | CN¥4.96bn | CN¥5.23bn | CN¥5.19bn | CN¥5.99bn |
| Cash and short-term investments | — | — | — | CN¥263.1m | CN¥272.6m | CN¥338.1m | CN¥323.0m | CN¥265.7m |
| Debt | CN¥432.4m | CN¥429.1m | CN¥429.2m | CN¥1.46bn | CN¥1.69bn | CN¥1.74bn | CN¥1.73bn | CN¥1.66bn |
| Shareholders' equity | CN¥152.5m | CN¥312.1m | CN¥339.9m | CN¥1.47bn | CN¥1.53bn | CN¥1.54bn | CN¥1.57bn | CN¥2.40bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.1% | 14.2% | 24.6% | 10.0% | 8.3% | 27.5% |
| Operating margin | -140.6% | -78.5% | -4.4% | -59.6% | -65.4% | 10.0% |
| Net margin | -156.7% | -96.5% | -17.8% | -71.2% | -75.5% | 1.9% |
| Return on equity | -361.5% | -58.6% | -11.4% | -44.5% | -30.7% | 0.7% |
| Return on assets | -32.8% | -17.7% | -4.5% | -17.7% | -15.7% | 0.4% |
| Free cash flow yield | -0.7% | 3.9% | 6.4% | -1.4% | 10.8% | 3.1% |
| Revenue growth | -17.6% | -40.1% | -5.8% | 6.2% | -12.4% | -17.8% |
| Earnings growth | 33.8% | 224.0% | -76.4% | 0.2% | -3515.6% | -87.4% |
| Current ratio | 0.85x | 0.94x | 1.04x | 1.02x | 1.03x | 1.41x |
| Debt to equity | 1.26x | 1.10x | 0.70x | 0.74x | 0.46x | 0.30x |
| Equity ratio | 9.1% | 30.2% | 39.7% | 39.6% | 51.2% | 61.9% |
| Interest coverage | -7.83x | -4.71x | -0.37x | -5.77x | -7.94x | 1.54x |
| R&D as a share of sales | 7.8% | 6.5% | 6.2% | 6.6% | 10.0% | 5.5% |
| Buybacks as a share of market value | 5.3% | 2.7% | -2.0% | -4.2% | 39.9% | -62.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -22.5% | -15.4% | 5.9% |
| Operating income | -45.2% | — | — |
| Net income | 0.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.1% | 14.7% | 16.2% | 20.9% |
| Operating margin | -62.6% | -49.0% | -42.3% | -21.6% |
| Net margin | -123.7% | -72.5% | -57.0% | -30.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.3 | -6.4 | -27.1 | -5.0 | -7.5 | — | 27.4 | 36.6 | 67.6 | 211.8 |
| Price to sales | 10.0 | 6.2 | 4.8 | 3.6 | 5.6 | 11.3 | 3.5 | 4.0 | 6.2 | 6.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jul 2020.
| FY2020 | FY2019 | FY2018 | FY2016 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.019 | 0.011 | 0.011 | 0.014 | 0.056 | 0.056 | 0.035 |
- 9-for-5 split · 10 Jun 2019
- 8-for-5 split · 13 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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