F 
11.63
+2.11%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.00bn
FY2016FY2025
Net income
−CN¥232.6m
FY2016FY2025
Free cash flow
CN¥313.3m
FY2016FY2025
Shareholders' equity
CN¥2.67bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.00bn | CN¥3.61bn | CN¥3.18bn | CN¥3.45bn | CN¥3.75bn | CN¥4.10bn | CN¥3.90bn | CN¥3.82bn | CN¥2.80bn | CN¥2.35bn |
| Gross profit | CN¥1.14bn | CN¥1.60bn | CN¥1.29bn | CN¥1.26bn | CN¥1.35bn | CN¥1.64bn | CN¥1.56bn | CN¥1.84bn | CN¥1.38bn | CN¥1.13bn |
| Research and development | CN¥387.7m | CN¥412.7m | CN¥555.8m | CN¥566.3m | CN¥561.8m | CN¥489.4m | CN¥323.4m | CN¥289.0m | CN¥269.7m | CN¥205.7m |
| Operating income | −CN¥55.8m | CN¥412.5m | −CN¥377.4m | −CN¥311.6m | −CN¥113.7m | CN¥569.9m | CN¥305.1m | CN¥824.3m | CN¥525.2m | CN¥354.9m |
| Net income | −CN¥232.6m | CN¥206.9m | −CN¥322.6m | −CN¥374.8m | −CN¥232.4m | CN¥489.2m | CN¥39.8m | CN¥601.2m | CN¥448.9m | CN¥402.3m |
| Diluted earnings per share | -0.56 | 0.46 | -0.72 | -0.82 | -0.51 | 1.10 | 0.10 | 1.33 | 1.01 | 0.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.49bn | CN¥9.41bn | CN¥9.72bn | CN¥10.29bn | CN¥10.30bn | CN¥9.37bn | CN¥8.52bn | CN¥7.89bn | CN¥6.38bn | CN¥5.41bn |
| Cash and short-term investments | — | CN¥1.41bn | CN¥1.26bn | CN¥1.46bn | CN¥1.42bn | CN¥1.48bn | CN¥1.17bn | CN¥1.15bn | CN¥1.01bn | CN¥921.3m |
| Total liabilities | CN¥5.60bn | CN¥6.01bn | CN¥6.55bn | CN¥6.74bn | CN¥6.39bn | CN¥5.18bn | CN¥4.59bn | CN¥3.98bn | CN¥2.91bn | CN¥2.38bn |
| Debt | CN¥2.39bn | CN¥2.88bn | CN¥3.32bn | CN¥3.79bn | CN¥3.75bn | CN¥3.03bn | CN¥2.71bn | CN¥2.16bn | CN¥1.65bn | CN¥1.19bn |
| Shareholders' equity | CN¥2.67bn | CN¥3.12bn | CN¥2.91bn | CN¥3.23bn | CN¥3.52bn | CN¥3.77bn | CN¥3.33bn | CN¥3.50bn | CN¥3.14bn | CN¥2.74bn |
| Shares outstanding | 418m | 452m | 447m | 456m | 456m | 445m | 414m | 451m | 446m | 451m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥352.6m | CN¥688.2m | CN¥275.6m | −CN¥12.0m | −CN¥366.1m | CN¥638.6m | CN¥504.7m | CN¥481.7m | CN¥60.5m | CN¥119.5m |
| Capital spending | −CN¥39.3m | −CN¥110.0m | −CN¥119.6m | −CN¥131.9m | −CN¥168.7m | −CN¥626.8m | −CN¥646.8m | −CN¥233.6m | −CN¥127.0m | −CN¥210.3m |
| Free cash flow | CN¥313.3m | CN¥578.1m | CN¥156.0m | −CN¥143.9m | −CN¥534.9m | CN¥11.8m | −CN¥142.1m | CN¥248.1m | −CN¥66.5m | −CN¥90.8m |
| Dividends paid | −CN¥235.2m | −CN¥150.3m | −CN¥168.1m | −CN¥188.5m | −CN¥8.9m | −CN¥139.3m | −CN¥223.1m | −CN¥167.5m | −CN¥133.8m | −CN¥84.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥833.3m | CN¥410.5m | CN¥947.3m | CN¥755.0m | CN¥747.2m | CN¥547.3m | CN¥1.31bn | CN¥894.7m |
| Gross profit | CN¥331.5m | CN¥158.5m | CN¥329.6m | CN¥306.9m | CN¥268.3m | CN¥238.3m | CN¥581.5m | CN¥401.0m |
| Operating income | CN¥18.6m | −CN¥63.8m | −CN¥38.5m | −CN¥13.5m | −CN¥19.0m | −CN¥29.4m | CN¥142.4m | CN¥124.3m |
| Net income | −CN¥13.4m | −CN¥72.7m | −CN¥170.3m | −CN¥11.8m | −CN¥30.0m | −CN¥20.5m | CN¥89.2m | CN¥72.1m |
| Diluted earnings per share | -0.03 | -0.17 | -0.41 | -0.03 | -0.07 | -0.05 | 0.20 | 0.16 |
| Cash from operations | — | — | — | CN¥41.0m | −CN¥37.0m | −CN¥76.0m | CN¥612.0m | CN¥161.0m |
| Capital spending | −CN¥3.0m | −CN¥4.0m | −CN¥5.0m | −CN¥7.0m | −CN¥12.0m | −CN¥13.0m | −CN¥38.0m | −CN¥19.0m |
| Free cash flow | — | — | — | CN¥34.0m | −CN¥49.0m | −CN¥89.0m | CN¥574.0m | CN¥142.0m |
| Total assets | CN¥8.69bn | CN¥8.67bn | CN¥8.49bn | CN¥8.78bn | CN¥8.90bn | CN¥9.25bn | CN¥9.41bn | CN¥9.39bn |
| Cash and short-term investments | — | — | — | CN¥933.0m | CN¥1.01bn | CN¥1.32bn | CN¥1.41bn | CN¥1.01bn |
| Debt | CN¥2.38bn | CN¥2.46bn | CN¥2.39bn | CN¥782.1m | CN¥2.83bn | CN¥3.35bn | CN¥2.88bn | CN¥3.03bn |
| Shareholders' equity | CN¥2.58bn | CN¥2.59bn | CN¥2.67bn | CN¥2.85bn | CN¥2.96bn | CN¥3.10bn | CN¥3.12bn | CN¥3.03bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 38.1% | 44.4% | 40.6% | 36.7% | 36.0% | 40.0% |
| Operating margin | -4.4% | 11.9% | -6.1% | -8.7% | -2.8% | 16.3% |
| Net margin | -7.8% | 5.7% | -10.1% | -10.9% | -6.2% | 11.9% |
| Return on equity | -8.7% | 6.6% | -11.1% | -11.6% | -6.6% | 13.0% |
| Return on assets | -2.7% | 2.2% | -3.3% | -3.6% | -2.3% | 5.2% |
| Free cash flow yield | 7.5% | 14.1% | 7.0% | 2.1% | -3.4% | 22.6% |
| Revenue growth | -17.1% | 13.6% | -7.8% | -8.0% | -8.6% | 5.3% |
| Earnings growth | -212.5% | -164.1% | -13.9% | 61.3% | -147.5% | 1128.8% |
| Current ratio | 1.25x | 1.17x | 1.12x | 1.13x | 1.21x | 1.51x |
| Debt to equity | 0.90x | 0.92x | 1.14x | 1.01x | 1.07x | 0.81x |
| Equity ratio | 31.4% | 33.1% | 29.9% | 31.4% | 34.1% | 40.2% |
| Interest coverage | -0.97x | 2.53x | -1.08x | -1.49x | -0.58x | 6.23x |
| R&D as a share of sales | 12.9% | 11.4% | 17.5% | 16.4% | 15.0% | 11.9% |
| Buybacks as a share of market value | 7.6% | -1.0% | 2.0% | -0.0% | -2.5% | -7.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.6% | -6.1% | 5.0% |
| Operating income | -43.6% | — | — |
| Net income | -14.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.6% | 40.1% | 39.3% | 42.1% |
| Operating margin | 5.4% | -2.5% | 0.6% | 6.7% |
| Net margin | -0.4% | -5.5% | -2.2% | 3.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -28.5 | 33.3 | -22.0 | -41.3 | -55.5 | 10.6 | 173.7 | 19.3 | 35.4 | 34.3 |
| Price to sales | 2.2 | 1.9 | 2.2 | 4.5 | 3.4 | 1.3 | 1.8 | 3.0 | 5.7 | 5.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 23 May 2025.
| FY2025 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.25 | 0.02 | 0.50 | 0.18 | 0.15 | 0.10 | 0.045 | 0.04 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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