W 
4.79
-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¥2.03bn
FY2016FY2025
Net income
−CN¥572.4m
FY2016FY2025
Free cash flow
−CN¥165.7m
FY2016FY2025
Shareholders' equity
CN¥1.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.03bn | CN¥2.01bn | CN¥2.46bn | CN¥3.22bn | CN¥3.51bn | CN¥3.01bn | CN¥2.12bn | CN¥2.20bn | CN¥2.42bn | CN¥2.08bn |
| Gross profit | CN¥327.5m | CN¥303.2m | CN¥289.5m | CN¥827.4m | CN¥1.18bn | CN¥105.0m | −CN¥298.3m | CN¥981.0m | CN¥931.1m | CN¥808.1m |
| Research and development | CN¥282.6m | CN¥314.7m | CN¥473.3m | CN¥437.1m | CN¥471.8m | CN¥641.1m | CN¥367.3m | CN¥238.3m | CN¥135.1m | CN¥123.2m |
| Operating income | — | −CN¥579.6m | −CN¥904.6m | −CN¥300.8m | CN¥61.6m | −CN¥1.29bn | −CN¥1.41bn | CN¥354.7m | CN¥421.2m | CN¥333.7m |
| Net income | −CN¥572.4m | −CN¥685.6m | −CN¥898.6m | −CN¥289.9m | CN¥69.2m | −CN¥1.29bn | −CN¥1.40bn | CN¥232.0m | CN¥326.5m | CN¥238.3m |
| Diluted earnings per share | -0.40 | -0.48 | -0.62 | -0.23 | 0.06 | -1.08 | -1.27 | 0.19 | 0.24 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.86bn | CN¥6.34bn | CN¥6.97bn | CN¥6.86bn | CN¥7.14bn | CN¥6.98bn | CN¥7.61bn | CN¥7.82bn | CN¥8.00bn | CN¥6.03bn |
| Cash and short-term investments | — | CN¥1.23bn | CN¥1.60bn | CN¥1.26bn | CN¥1.22bn | CN¥1.39bn | CN¥1.63bn | CN¥1.06bn | CN¥1.89bn | CN¥824.3m |
| Total liabilities | CN¥4.81bn | CN¥4.73bn | CN¥4.68bn | CN¥5.63bn | CN¥5.61bn | CN¥5.49bn | CN¥4.70bn | CN¥4.17bn | CN¥5.19bn | CN¥3.70bn |
| Debt | CN¥283.0m | CN¥2.18bn | CN¥2.42bn | CN¥3.53bn | CN¥3.21bn | CN¥3.00bn | CN¥3.83bn | CN¥3.43bn | CN¥4.37bn | CN¥2.57bn |
| Shareholders' equity | CN¥1.07bn | CN¥1.64bn | CN¥2.33bn | CN¥1.27bn | CN¥1.55bn | CN¥1.46bn | CN¥2.89bn | CN¥3.63bn | CN¥2.75bn | CN¥2.28bn |
| Shares outstanding | 1,441m | 1,439m | 1,441m | 1,276m | 1,185m | 1,194m | 1,103m | 1,199m | 1,365m | 1,191m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥29.5m | −CN¥36.5m | −CN¥149.0m | CN¥51.3m | CN¥64.0m | CN¥257.5m | CN¥166.7m | CN¥72.3m | −CN¥234.0m | CN¥115.2m |
| Capital spending | −CN¥195.2m | −CN¥174.5m | −CN¥434.3m | −CN¥261.5m | −CN¥218.1m | −CN¥88.6m | −CN¥409.6m | −CN¥543.5m | −CN¥220.0m | −CN¥351.0m |
| Free cash flow | −CN¥165.7m | −CN¥211.0m | −CN¥583.2m | −CN¥210.2m | −CN¥154.1m | CN¥169.0m | −CN¥242.9m | −CN¥471.3m | −CN¥454.1m | −CN¥235.8m |
| Dividends paid | −CN¥79.7m | −CN¥85.0m | −CN¥116.5m | −CN¥144.8m | −CN¥131.0m | −CN¥156.1m | −CN¥202.9m | −CN¥225.5m | −CN¥184.9m | −CN¥183.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥513.8m | CN¥512.0m | CN¥697.4m | CN¥395.6m | CN¥469.2m | CN¥463.8m | CN¥690.3m | CN¥398.1m |
| Gross profit | CN¥84.4m | CN¥133.6m | CN¥81.1m | CN¥100.9m | CN¥52.9m | CN¥67.7m | CN¥96.2m | CN¥94.2m |
| Operating income | −CN¥67.8m | −CN¥17.1m | −CN¥110.0m | −CN¥92.2m | −CN¥131.3m | −CN¥142.0m | −CN¥131.3m | −CN¥106.6m |
| Net income | −CN¥110.3m | −CN¥39.7m | −CN¥164.8m | −CN¥108.6m | −CN¥147.2m | −CN¥151.9m | −CN¥126.7m | −CN¥193.3m |
| Diluted earnings per share | -0.08 | -0.03 | -0.11 | -0.08 | -0.10 | -0.11 | -0.09 | -0.13 |
| Cash from operations | — | — | — | −CN¥37.0m | −CN¥109.0m | −CN¥400.0m | CN¥592.0m | CN¥5.0m |
| Capital spending | −CN¥29.0m | −CN¥32.0m | −CN¥52.0m | −CN¥52.0m | −CN¥49.0m | −CN¥41.0m | −CN¥77.0m | −CN¥45.0m |
| Free cash flow | — | — | — | −CN¥89.0m | −CN¥158.0m | −CN¥441.0m | CN¥515.0m | −CN¥40.0m |
| Total assets | CN¥5.10bn | CN¥5.46bn | CN¥5.86bn | CN¥5.88bn | CN¥5.88bn | CN¥5.92bn | CN¥6.34bn | CN¥6.64bn |
| Cash and short-term investments | — | — | — | CN¥807.6m | CN¥759.1m | CN¥779.0m | CN¥1.23bn | CN¥1.15bn |
| Debt | CN¥429.9m | CN¥531.0m | CN¥283.0m | CN¥2.58bn | CN¥2.07bn | CN¥2.15bn | CN¥2.15bn | CN¥2.80bn |
| Shareholders' equity | CN¥917.9m | CN¥1.03bn | CN¥1.07bn | CN¥1.23bn | CN¥1.34bn | CN¥1.49bn | CN¥1.64bn | CN¥1.77bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.2% | 15.1% | 11.8% | 25.7% | 33.5% | 3.5% |
| Operating margin | -22.8% | -28.8% | -33.3% | -7.3% | 3.2% | -34.2% |
| Net margin | -28.3% | -34.1% | -36.5% | -9.0% | 2.0% | -42.9% |
| Return on equity | -53.6% | -41.8% | -38.6% | -22.8% | 4.5% | -88.2% |
| Return on assets | -9.8% | -10.8% | -12.9% | -4.2% | 1.0% | -18.5% |
| Free cash flow yield | 3.2% | 2.0% | 4.1% | 5.1% | 4.9% | 6.0% |
| Revenue growth | 0.7% | -18.2% | -23.7% | -8.2% | 16.8% | 41.6% |
| Earnings growth | -16.5% | -23.7% | 210.0% | -518.6% | -105.4% | -7.6% |
| Current ratio | 0.65x | 0.84x | 1.02x | 0.75x | 0.76x | 0.70x |
| Debt to equity | 0.26x | 1.31x | 1.02x | 2.72x | 2.03x | 2.05x |
| Equity ratio | 18.2% | 25.9% | 33.4% | 18.5% | 21.8% | 21.0% |
| Interest coverage | -5.70x | -6.55x | -7.11x | -1.50x | 0.81x | -6.69x |
| R&D as a share of sales | 13.9% | 15.6% | 19.3% | 13.6% | 13.4% | 21.3% |
| Buybacks as a share of market value | -0.1% | 0.1% | -12.9% | -7.7% | 0.8% | -8.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.3% | -7.6% | 0.8% |
| Net income | 25.5% | -15.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.6% | 18.0% | 18.7% | 23.0% |
| Net margin | -31.2% | -25.2% | -22.6% | -15.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.3 | -16.7 | -13.6 | -37.1 | 222.8 | -20.1 | -12.2 | 62.0 | 56.4 | 101.0 |
| Price to sales | 4.6 | 5.7 | 5.0 | 3.3 | 4.4 | 8.6 | 8.0 | 6.5 | 7.6 | 11.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 12 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.025 | 0.038 | 0.03 | 0.07 | 0.05 | 0.025 | 0.025 | 0.013 |
- 2-for-1 split · 11 Jun 2015
- 2-for-1 split · 20 May 2014
- 2-for-1 split · 26 Sept 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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