S 
3.97
-1.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.23bn
FY2016FY2025
Net income
−CN¥327.8m
FY2016FY2025
Free cash flow
−CN¥571.7m
FY2016FY2025
Shareholders' equity
CN¥485.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.23bn | CN¥1.80bn | CN¥1.74bn | CN¥1.40bn | CN¥972.2m | CN¥1.36bn | CN¥1.58bn | CN¥2.56bn | CN¥3.02bn | CN¥2.97bn |
| Gross profit | CN¥129.5m | CN¥190.4m | CN¥249.1m | CN¥301.2m | CN¥152.7m | CN¥280.5m | CN¥233.8m | CN¥127.9m | CN¥365.7m | CN¥341.8m |
| Research and development | CN¥87.8m | CN¥75.6m | CN¥80.0m | CN¥73.6m | CN¥49.4m | CN¥45.6m | CN¥44.0m | CN¥53.4m | CN¥62.8m | CN¥83.5m |
| Operating income | — | −CN¥283.1m | −CN¥264.8m | −CN¥238.4m | −CN¥290.8m | CN¥56.1m | CN¥17.4m | −CN¥257.5m | CN¥96.4m | CN¥66.2m |
| Net income | −CN¥327.8m | −CN¥267.2m | −CN¥224.0m | −CN¥225.6m | −CN¥345.7m | CN¥22.4m | CN¥14.7m | −CN¥823.5m | CN¥58.5m | CN¥38.2m |
| Diluted earnings per share | -0.26 | -0.21 | -0.18 | -0.21 | -0.32 | 0.02 | 0.01 | -0.76 | 0.05 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.36bn | CN¥3.22bn | CN¥3.93bn | CN¥2.85bn | CN¥1.98bn | CN¥2.35bn | CN¥2.55bn | CN¥3.02bn | CN¥3.92bn | CN¥3.52bn |
| Cash and short-term investments | — | CN¥345.8m | CN¥636.6m | CN¥355.7m | CN¥312.5m | CN¥331.4m | CN¥281.5m | CN¥336.7m | CN¥378.5m | CN¥566.2m |
| Total liabilities | CN¥2.89bn | CN¥2.32bn | CN¥2.30bn | CN¥1.81bn | CN¥1.05bn | CN¥1.08bn | CN¥1.28bn | CN¥1.76bn | CN¥1.76bn | CN¥1.46bn |
| Debt | CN¥153.0m | CN¥821.6m | CN¥1.16bn | CN¥897.7m | CN¥515.2m | CN¥740.2m | CN¥843.0m | CN¥1.01bn | CN¥671.8m | CN¥545.7m |
| Shareholders' equity | CN¥485.8m | CN¥785.9m | CN¥1.16bn | CN¥637.1m | CN¥873.9m | CN¥1.22bn | CN¥1.21bn | CN¥1.20bn | CN¥2.03bn | CN¥1.97bn |
| Shares outstanding | 1,273m | 1,273m | 1,232m | 1,093m | 1,096m | 1,126m | 1,095m | 1,086m | 1,118m | 1,058m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥407.5m | −CN¥323.7m | −CN¥181.4m | CN¥109.3m | CN¥167.2m | CN¥201.7m | CN¥137.3m | −CN¥252.9m | CN¥18.8m | CN¥10.0m |
| Capital spending | −CN¥164.2m | −CN¥148.1m | −CN¥392.7m | −CN¥127.1m | −CN¥47.6m | −CN¥47.3m | −CN¥10.2m | −CN¥129.4m | −CN¥201.4m | −CN¥42.1m |
| Free cash flow | −CN¥571.7m | −CN¥471.8m | −CN¥574.1m | −CN¥17.8m | CN¥119.6m | CN¥154.4m | CN¥127.1m | −CN¥382.3m | −CN¥182.6m | −CN¥32.2m |
| Dividends paid | −CN¥48.2m | −CN¥47.7m | −CN¥43.3m | −CN¥31.6m | −CN¥27.1m | −CN¥39.1m | −CN¥45.2m | −CN¥61.2m | −CN¥24.6m | −CN¥13.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥760.9m | CN¥564.0m | CN¥633.4m | CN¥620.8m | CN¥522.1m | CN¥450.8m | CN¥550.2m | CN¥442.0m |
| Gross profit | CN¥57.5m | CN¥38.9m | CN¥28.9m | CN¥31.7m | CN¥29.0m | CN¥32.4m | CN¥35.1m | CN¥79.2m |
| Operating income | −CN¥34.4m | −CN¥42.1m | −CN¥74.9m | −CN¥51.3m | −CN¥50.8m | −CN¥61.3m | −CN¥74.8m | −CN¥52.3m |
| Net income | −CN¥62.4m | −CN¥54.7m | −CN¥162.9m | −CN¥50.0m | −CN¥65.1m | −CN¥49.8m | −CN¥109.1m | −CN¥42.7m |
| Diluted earnings per share | -0.05 | -0.04 | -0.13 | -0.04 | -0.05 | -0.04 | -0.09 | -0.03 |
| Cash from operations | — | — | — | −CN¥163.0m | −CN¥252.0m | −CN¥40.0m | — | −CN¥52.0m |
| Capital spending | −CN¥47.0m | −CN¥151.0m | −CN¥55.0m | −CN¥12.0m | −CN¥41.0m | −CN¥54.0m | −CN¥8.0m | −CN¥45.0m |
| Free cash flow | — | — | — | −CN¥175.0m | −CN¥293.0m | −CN¥94.0m | — | −CN¥97.0m |
| Total assets | CN¥3.85bn | CN¥3.48bn | CN¥3.36bn | CN¥3.33bn | CN¥3.22bn | CN¥3.11bn | CN¥3.22bn | CN¥3.93bn |
| Cash and short-term investments | — | — | — | CN¥249.5m | CN¥359.0m | CN¥429.5m | CN¥345.8m | CN¥359.5m |
| Debt | CN¥226.8m | CN¥208.9m | CN¥153.0m | CN¥1.23bn | CN¥945.8m | CN¥732.3m | CN¥776.9m | CN¥823.3m |
| Shareholders' equity | CN¥360.4m | CN¥421.8m | CN¥485.8m | CN¥661.3m | CN¥715.0m | CN¥736.5m | CN¥785.9m | CN¥916.9m |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.8% | 10.6% | 14.3% | 21.5% | 15.7% | 20.6% |
| Operating margin | -16.0% | -15.4% | -7.3% | -3.5% | -9.0% | 4.6% |
| Net margin | -14.7% | -14.9% | -12.9% | -16.1% | -35.6% | 1.6% |
| Return on equity | -67.5% | -34.0% | -19.3% | -35.4% | -39.6% | 1.8% |
| Return on assets | -9.8% | -8.3% | -5.7% | -7.9% | -17.4% | 0.9% |
| Free cash flow yield | -4.0% | -2.9% | 3.6% | 4.5% | 4.1% | 4.6% |
| Revenue growth | 23.9% | 3.1% | 24.3% | 44.2% | -28.7% | -13.6% |
| Earnings growth | 22.7% | 19.3% | -0.7% | -34.7% | -1646.3% | 51.6% |
| Current ratio | 0.80x | 0.92x | 1.11x | 0.94x | 1.04x | 1.03x |
| Debt to equity | 0.31x | 0.99x | 1.00x | 1.00x | 0.49x | 0.61x |
| Equity ratio | 14.5% | 24.4% | 29.6% | 22.4% | 44.1% | 51.9% |
| Interest coverage | -4.62x | -3.37x | -1.93x | -1.07x | -2.74x | 1.57x |
| R&D as a share of sales | 3.9% | 4.2% | 4.6% | 5.2% | 5.1% | 3.3% |
| Buybacks as a share of market value | -0.0% | -3.4% | -12.7% | 0.3% | 2.6% | -2.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.7% | 10.3% | -3.4% |
| Net income | 13.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.9% | 12.1% | 13.7% | 11.6% |
| Net margin | -14.8% | -14.6% | -14.4% | -9.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -28.3 | -24.5 | -25.4 | -16.9 | -12.9 | 178.3 | 298.6 | -4.8 | 151.1 | 194.2 |
| Price to sales | 4.2 | 3.6 | 3.3 | 2.7 | 4.6 | 2.9 | 2.8 | 1.5 | 2.9 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Jun 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.008 | 0.004 | 0.004 | 0.007 | 0.021 | 0.063 | 0.041 | 0.042 |
- 13-for-10 split · 20 Jun 2018
- 1.837-for-1 split · 26 May 2017
- 2-for-1 split · 13 Aug 2013
- 2-for-1 split · 16 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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