F 
3.12
+1.30%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.18bn
FY2016FY2025
Net income
−CN¥122.5m
FY2016FY2025
Free cash flow
CN¥50.8m
FY2016FY2025
Shareholders' equity
CN¥837.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.18bn | CN¥1.34bn | CN¥1.50bn | CN¥1.41bn | CN¥1.16bn | CN¥614.7m | CN¥274.5m | CN¥350.6m | CN¥626.8m | CN¥732.3m |
| Gross profit | CN¥163.7m | CN¥245.4m | CN¥362.7m | CN¥244.3m | CN¥216.4m | CN¥186.0m | CN¥79.1m | CN¥130.9m | CN¥196.9m | CN¥187.1m |
| Research and development | CN¥47.7m | CN¥44.4m | CN¥68.4m | CN¥88.4m | CN¥89.7m | CN¥44.6m | CN¥16.1m | CN¥21.9m | CN¥25.2m | CN¥33.3m |
| Operating income | CN¥39.5m | CN¥127.0m | CN¥97.5m | −CN¥229.8m | −CN¥342.7m | CN¥8.6m | −CN¥122.2m | −CN¥803.3m | CN¥106.1m | CN¥57.1m |
| Net income | −CN¥122.5m | CN¥83.2m | CN¥70.1m | −CN¥305.3m | −CN¥323.2m | CN¥4.1m | −CN¥148.4m | −CN¥834.0m | CN¥67.2m | CN¥74.4m |
| Diluted earnings per share | -0.17 | 0.10 | 0.12 | -0.43 | -0.44 | 0.01 | -0.24 | -1.42 | 0.10 | 0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.30bn | CN¥3.94bn | CN¥4.36bn | CN¥4.44bn | CN¥4.79bn | CN¥3.60bn | CN¥1.48bn | CN¥1.92bn | CN¥2.62bn | CN¥2.45bn |
| Cash and short-term investments | — | CN¥243.9m | CN¥378.0m | CN¥390.4m | CN¥556.2m | CN¥369.1m | CN¥114.6m | CN¥212.1m | CN¥456.0m | CN¥477.5m |
| Total liabilities | CN¥2.46bn | CN¥2.84bn | CN¥3.35bn | CN¥3.51bn | CN¥3.44bn | CN¥1.98bn | CN¥786.1m | CN¥1.07bn | CN¥931.2m | CN¥808.8m |
| Debt | CN¥526.7m | CN¥796.4m | CN¥506.9m | CN¥533.2m | CN¥653.1m | CN¥94.5m | CN¥253.0m | CN¥375.2m | CN¥334.7m | CN¥138.4m |
| Shareholders' equity | CN¥837.4m | CN¥986.5m | CN¥900.7m | CN¥850.0m | CN¥1.19bn | CN¥1.56bn | CN¥696.4m | CN¥844.7m | CN¥1.69bn | CN¥1.64bn |
| Shares outstanding | 737m | 818m | 600m | 708m | 738m | 329m | 621m | 589m | 685m | 530m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥159.8m | CN¥65.3m | −CN¥17.7m | CN¥108.7m | −CN¥212.0m | −CN¥21.5m | CN¥42.9m | −CN¥101.7m | −CN¥41.3m | −CN¥23.1m |
| Capital spending | −CN¥109.0m | −CN¥66.2m | −CN¥16.8m | −CN¥32.1m | −CN¥120.7m | −CN¥38.0m | −CN¥7.7m | −CN¥67.4m | −CN¥52.6m | −CN¥3.6m |
| Free cash flow | CN¥50.8m | −CN¥913,370 | −CN¥34.5m | CN¥76.6m | −CN¥332.7m | −CN¥59.5m | CN¥35.2m | −CN¥169.1m | −CN¥93.9m | −CN¥26.7m |
| Dividends paid | −CN¥26.5m | −CN¥35.5m | −CN¥39.2m | −CN¥39.9m | −CN¥33.4m | −CN¥27.3m | −CN¥20.9m | −CN¥41.0m | −CN¥36.5m | −CN¥31.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥148.1m | CN¥110.4m | CN¥653.6m | CN¥159.1m | CN¥207.7m | CN¥164.4m | CN¥860.1m | CN¥143.2m |
| Gross profit | CN¥21.0m | CN¥11.3m | CN¥66.8m | CN¥59.7m | CN¥9.3m | CN¥27.8m | CN¥105.4m | CN¥41.4m |
| Operating income | −CN¥14.1m | −CN¥18.8m | CN¥28.9m | −CN¥12.3m | −CN¥11.0m | CN¥13.8m | CN¥93.7m | −CN¥5.9m |
| Net income | −CN¥40.7m | −CN¥25.6m | −CN¥102.6m | −CN¥10.5m | −CN¥15.1m | CN¥5.7m | CN¥76.4m | −CN¥12.2m |
| Diluted earnings per share | -0.06 | -0.03 | -0.14 | -0.01 | -0.02 | 0.01 | 0.09 | -0.01 |
| Cash from operations | — | — | — | CN¥7.0m | CN¥99.0m | CN¥87.0m | — | CN¥21.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | −CN¥51.0m | −CN¥33.0m | −CN¥20.0m | −CN¥3.0m | −CN¥2.0m | −CN¥59.0m |
| Free cash flow | — | — | — | −CN¥26.0m | CN¥79.0m | CN¥84.0m | — | −CN¥38.0m |
| Total assets | CN¥3.70bn | CN¥3.52bn | CN¥3.30bn | CN¥3.77bn | CN¥3.76bn | CN¥3.82bn | CN¥3.94bn | CN¥4.17bn |
| Cash and short-term investments | — | — | — | CN¥209.9m | CN¥326.7m | CN¥277.6m | CN¥243.9m | CN¥139.9m |
| Debt | CN¥484.6m | CN¥583.1m | CN¥526.7m | CN¥256.6m | CN¥835.1m | CN¥652.3m | CN¥704.2m | CN¥633.5m |
| Shareholders' equity | CN¥771.1m | CN¥811.8m | CN¥837.4m | CN¥966.6m | CN¥977.1m | CN¥992.2m | CN¥986.5m | CN¥909.0m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.8% | 18.4% | 24.2% | 17.3% | 18.6% | 30.3% |
| Operating margin | -8.7% | 10.0% | 9.2% | -16.3% | -26.2% | 8.0% |
| Net margin | -10.3% | 6.2% | 4.7% | -21.6% | -27.8% | 0.7% |
| Return on equity | -14.6% | 8.4% | 7.8% | -35.9% | -27.1% | 0.3% |
| Return on assets | -3.7% | 2.1% | 1.6% | -6.9% | -6.7% | 0.1% |
| Free cash flow yield | 11.7% | 5.1% | -0.1% | 6.4% | -4.0% | 1.6% |
| Revenue growth | -11.3% | -10.9% | 6.2% | 21.1% | 89.4% | 123.9% |
| Earnings growth | -247.2% | 18.6% | -123.0% | -5.5% | -7920.0% | -102.8% |
| Current ratio | 1.41x | 1.17x | 1.07x | 1.03x | 1.12x | 1.40x |
| Debt to equity | 0.63x | 0.71x | 0.46x | 0.46x | -0.01x | -0.02x |
| Equity ratio | 25.4% | 25.0% | 20.7% | 19.1% | 24.9% | 43.3% |
| Interest coverage | -3.39x | 3.30x | 3.18x | -4.25x | -8.41x | 1.63x |
| R&D as a share of sales | 4.0% | 3.3% | 4.6% | 6.3% | 7.7% | 7.3% |
| Buybacks as a share of market value | 10.0% | -36.4% | 15.2% | 4.1% | -124.1% | 47.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.7% | 14.0% | 8.8% |
| Operating income | — | 35.8% | -1.4% |
| Net income | -26.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.2% | 18.7% | 19.7% | 22.4% |
| Operating margin | 6.6% | 0.6% | -4.2% | -10.5% |
| Net margin | -1.6% | -5.1% | -8.2% | -14.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -25.4 | 55.6 | 42.0 | -10.0 | -15.0 | — | -30.9 | -3.2 | 80.5 | 117.5 |
| Price to sales | 2.6 | 3.5 | 2.0 | 2.2 | 4.2 | 3.9 | 16.7 | 7.6 | 8.6 | 11.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 May 2018.
| FY2018 | FY2017 | FY2016 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.04 | 0.04 | 0.033 | 0.051 | 0.039 |
- 3-for-1 split · 4 Jun 2015
- 13-for-10 split · 29 May 2012
- 13-for-10 split · 12 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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