S 
17.56
+0.06%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥220.2m
FY2016FY2025
Net income
−CN¥77.8m
FY2016FY2025
Free cash flow
−CN¥202.3m
FY2016FY2025
Shareholders' equity
CN¥820.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥220.2m | CN¥324.8m | CN¥364.2m | CN¥549.0m | CN¥584.3m | CN¥425.2m | CN¥661.5m | CN¥806.1m | CN¥1.39bn | CN¥1.40bn |
| Gross profit | CN¥170.2m | CN¥262.5m | CN¥289.6m | CN¥447.2m | CN¥467.9m | CN¥347.6m | CN¥580.6m | CN¥731.3m | CN¥1.31bn | CN¥1.33bn |
| Research and development | CN¥84.9m | CN¥107.1m | CN¥412.3m | CN¥362.8m | CN¥362.5m | CN¥243.7m | CN¥160.7m | CN¥121.4m | CN¥92.1m | CN¥75.3m |
| Operating income | — | −CN¥34.1m | −CN¥366.2m | −CN¥243.0m | −CN¥213.2m | −CN¥155.3m | CN¥20.3m | CN¥149.7m | CN¥302.8m | CN¥295.2m |
| Net income | −CN¥77.8m | −CN¥144.8m | −CN¥398.9m | −CN¥197.0m | −CN¥137.4m | −CN¥133.0m | CN¥27.3m | CN¥134.1m | CN¥263.0m | CN¥257.3m |
| Diluted earnings per share | -0.14 | -0.28 | -0.84 | -0.38 | -0.28 | -0.27 | 0.06 | 0.27 | 0.54 | 0.53 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.27bn | CN¥1.15bn | CN¥1.33bn | CN¥1.67bn | CN¥1.83bn | CN¥1.86bn | CN¥1.86bn | CN¥2.77bn | CN¥2.63bn | CN¥2.35bn |
| Cash and short-term investments | — | CN¥53.9m | CN¥85.2m | CN¥265.0m | CN¥466.5m | CN¥601.8m | CN¥627.6m | CN¥365.2m | CN¥401.2m | CN¥349.7m |
| Total liabilities | CN¥459.5m | CN¥232.8m | CN¥311.6m | CN¥315.5m | CN¥276.2m | CN¥268.7m | CN¥227.2m | CN¥314.3m | CN¥419.1m | CN¥432.3m |
| Debt | — | CN¥30.1m | CN¥41.0m | CN¥29.0m | CN¥7.6m | CN¥55.8m | CN¥3.6m | CN¥3.5m | CN¥3.6m | CN¥60.0m |
| Shareholders' equity | CN¥820.8m | CN¥929.2m | CN¥1.02bn | CN¥1.35bn | CN¥1.55bn | CN¥1.59bn | CN¥1.64bn | CN¥2.46bn | CN¥2.21bn | CN¥1.90bn |
| Shares outstanding | 549m | 526m | 477m | 514m | 497m | 497m | 450m | 489m | 483m | 489m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥125.7m | −CN¥63.7m | −CN¥227.5m | −CN¥175.6m | −CN¥162.1m | −CN¥114.6m | CN¥44.3m | CN¥165.1m | CN¥273.6m | CN¥212.6m |
| Capital spending | −CN¥76.6m | −CN¥23.5m | −CN¥32.2m | −CN¥56.5m | −CN¥56.2m | −CN¥48.9m | −CN¥59.9m | −CN¥95.5m | −CN¥46.6m | −CN¥26.4m |
| Free cash flow | −CN¥202.3m | −CN¥87.2m | −CN¥259.6m | −CN¥232.1m | −CN¥218.3m | −CN¥163.5m | −CN¥15.6m | CN¥69.6m | CN¥227.1m | CN¥186.1m |
| Dividends paid | −CN¥1.1m | −CN¥543,156 | −CN¥1.0m | — | −CN¥320,132 | −CN¥854,769 | −CN¥314.2m | −CN¥119.3m | −CN¥85.7m | −CN¥67.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥46.0m | CN¥46.9m | CN¥39.7m | CN¥54.9m | CN¥62.4m | CN¥63.2m | CN¥63.8m | CN¥78.6m |
| Gross profit | CN¥32.1m | CN¥36.7m | CN¥28.6m | CN¥43.7m | CN¥48.4m | CN¥49.5m | CN¥49.0m | CN¥63.4m |
| Operating income | −CN¥24.9m | −CN¥5.5m | −CN¥44.7m | −CN¥8.5m | −CN¥24.7m | −CN¥4.0m | −CN¥25.0m | −CN¥6.0m |
| Net income | −CN¥28.3m | −CN¥8.4m | −CN¥47.1m | −CN¥6.1m | −CN¥22.3m | −CN¥2.3m | −CN¥135.5m | −CN¥5.9m |
| Diluted earnings per share | -0.05 | -0.02 | -0.09 | -0.01 | -0.04 | -0.00 | -0.26 | -0.01 |
| Cash from operations | — | — | — | −CN¥39.0m | −CN¥52.0m | −CN¥15.0m | −CN¥38.0m | −CN¥1.0m |
| Capital spending | −CN¥13.0m | −CN¥14.0m | −CN¥53.0m | −CN¥15.0m | −CN¥4.0m | −CN¥2.0m | −CN¥8.0m | −CN¥4.0m |
| Free cash flow | — | — | — | −CN¥54.0m | −CN¥56.0m | −CN¥17.0m | −CN¥46.0m | −CN¥5.0m |
| Total assets | CN¥1.30bn | CN¥1.28bn | CN¥1.27bn | CN¥1.26bn | CN¥1.24bn | CN¥1.16bn | CN¥1.15bn | CN¥1.28bn |
| Cash and short-term investments | — | — | — | CN¥158.0m | CN¥173.2m | CN¥89.4m | CN¥53.9m | CN¥42.7m |
| Debt | CN¥80.1m | CN¥68.9m | — | CN¥41.7m | CN¥20.0m | CN¥20.0m | CN¥30.0m | CN¥57,756 |
| Shareholders' equity | CN¥807.2m | CN¥809.8m | CN¥820.8m | CN¥870.6m | CN¥1.05bn | CN¥953.4m | CN¥929.2m | CN¥1.03bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 77.3% | 80.8% | 79.5% | 81.5% | 80.1% | 81.7% | — |
| Operating margin | -36.3% | -10.5% | -100.5% | -44.3% | -36.5% | -36.5% | — |
| Net margin | -35.3% | -44.6% | -109.5% | -35.9% | -23.5% | -31.3% | — |
| Return on equity | -9.5% | -15.6% | -39.1% | -14.6% | -8.9% | -8.4% | — |
| Return on assets | -6.1% | -12.6% | -29.9% | -11.8% | -7.5% | -7.2% | — |
| Free cash flow yield | -0.4% | -0.4% | -2.0% | -1.1% | -1.0% | -0.6% | — |
| Revenue growth | -32.2% | -10.8% | -33.7% | -6.0% | 37.4% | -35.7% | — |
| Earnings growth | -46.3% | -63.7% | 102.5% | 43.4% | 3.3% | -587.3% | — |
| Current ratio | 1.44x | 1.15x | 1.15x | 2.28x | 3.50x | 4.29x | — |
| Debt to equity | — | 0.03x | 0.04x | 0.02x | 0.00x | 0.03x | 0.01x |
| Equity ratio | 64.8% | 80.8% | 76.6% | 81.1% | 84.9% | 85.5% | — |
| Interest coverage | -9.41x | -47.83x | -272.15x | -512.98x | -253.44x | -132.25x | — |
| R&D as a share of sales | 38.6% | 33.0% | 113.2% | 66.1% | 62.0% | 57.3% | — |
| Buybacks as a share of market value | -4.3% | -10.5% | 7.3% | -3.4% | -0.1% | -10.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -26.2% | -12.3% | -15.9% |
| Net income | -26.6% | -10.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 79.4% | 80.2% | 80.4% | 89.3% |
| Net margin | -40.8% | -56.1% | -44.1% | -2.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -192.9 | -26.9 | -12.1 | -35.5 | -63.5 | -33.7 | 183.2 | 40.4 | 25.3 | 33.7 |
| Price to sales | 68.1 | 12.0 | 13.3 | 12.7 | 14.9 | 10.6 | 7.6 | 6.7 | 4.8 | 6.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 May 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.668 | 0.25 | 0.18 | 0.143 | 0.153 | 0.051 | 0.113 | 0.071 |
- 1.4-for-1 split · 5 May 2016
- 7-for-5 split · 9 Apr 2015
- 9-for-5 split · 3 Jun 2013
- 2-for-1 split · 27 Apr 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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