K 
9.34
+1.85%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.50bn
FY2016FY2025
Net income
CN¥14.4m
FY2016FY2025
Free cash flow
−CN¥538.0m
FY2016FY2025
Shareholders' equity
CN¥2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.50bn | CN¥2.14bn | CN¥2.00bn | CN¥2.13bn | CN¥2.73bn | CN¥1.96bn | CN¥2.68bn | CN¥2.59bn | CN¥2.19bn | CN¥2.02bn |
| Gross profit | CN¥495.4m | CN¥364.0m | CN¥234.5m | CN¥129.6m | CN¥444.3m | CN¥287.0m | CN¥379.6m | CN¥613.5m | CN¥505.8m | CN¥544.2m |
| Research and development | CN¥197.3m | CN¥142.6m | CN¥143.9m | CN¥156.8m | CN¥138.4m | CN¥133.1m | CN¥160.8m | CN¥169.2m | CN¥84.5m | CN¥71.0m |
| Operating income | CN¥15.1m | −CN¥25.7m | −CN¥226.1m | −CN¥364.4m | CN¥95.7m | −CN¥41.7m | CN¥161.9m | CN¥195.0m | CN¥215.3m | CN¥260.7m |
| Net income | CN¥14.4m | CN¥12.5m | −CN¥326.5m | −CN¥377.8m | CN¥46.6m | −CN¥66.0m | CN¥71.4m | CN¥131.6m | CN¥130.1m | CN¥195.4m |
| Diluted earnings per share | 0.02 | 0.02 | -0.49 | -0.82 | 0.09 | -0.10 | 0.11 | 0.24 | 0.21 | 0.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.12bn | CN¥4.66bn | CN¥5.17bn | CN¥5.44bn | CN¥5.27bn | CN¥5.56bn | CN¥5.27bn | CN¥5.08bn | CN¥5.88bn | CN¥4.06bn |
| Cash and short-term investments | — | CN¥523.2m | CN¥965.9m | CN¥923.7m | CN¥385.0m | CN¥901.3m | CN¥830.4m | CN¥841.7m | CN¥1.89bn | CN¥1.71bn |
| Total liabilities | CN¥3.00bn | CN¥2.55bn | CN¥3.04bn | CN¥3.50bn | CN¥2.87bn | CN¥3.16bn | CN¥2.81bn | CN¥2.57bn | CN¥3.29bn | CN¥1.80bn |
| Debt | CN¥83.7m | CN¥975.2m | CN¥1.55bn | CN¥1.94bn | CN¥1.31bn | CN¥1.73bn | CN¥1.68bn | CN¥1.51bn | CN¥2.28bn | CN¥1.09bn |
| Shareholders' equity | CN¥2.19bn | CN¥2.16bn | CN¥2.08bn | CN¥1.89bn | CN¥2.32bn | CN¥2.34bn | CN¥2.39bn | CN¥2.38bn | CN¥2.27bn | CN¥2.18bn |
| Shares outstanding | 662m | 626m | 662m | 460m | 513m | 671m | 647m | 555m | 617m | 581m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥286.1m | CN¥42.3m | −CN¥15.4m | −CN¥132.6m | CN¥530.7m | CN¥496.6m | CN¥303.3m | CN¥290.5m | −CN¥362.3m | CN¥180.9m |
| Capital spending | −CN¥252.0m | −CN¥222.5m | −CN¥164.1m | −CN¥211.3m | −CN¥184.6m | −CN¥267.8m | −CN¥363.1m | −CN¥320.0m | −CN¥281.9m | −CN¥94.7m |
| Free cash flow | −CN¥538.0m | −CN¥180.2m | −CN¥179.5m | −CN¥343.9m | CN¥346.1m | CN¥228.8m | −CN¥59.8m | −CN¥29.5m | −CN¥644.3m | CN¥86.3m |
| Dividends paid | −CN¥79.3m | −CN¥50.5m | −CN¥61.3m | −CN¥71.0m | −CN¥61.6m | −CN¥84.8m | −CN¥28.8m | −CN¥116.1m | −CN¥122.0m | −CN¥71.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥815.0m | CN¥673.8m | CN¥623.5m | CN¥652.4m | CN¥659.7m | CN¥563.1m | CN¥546.3m | CN¥553.4m |
| Gross profit | CN¥155.6m | CN¥127.9m | CN¥137.2m | CN¥124.7m | CN¥119.0m | CN¥106.7m | CN¥89.6m | CN¥113.0m |
| Operating income | CN¥21.8m | CN¥13.9m | −CN¥10.8m | −CN¥3.0m | −CN¥6.4m | −CN¥7.2m | −CN¥11.7m | CN¥8.7m |
| Net income | CN¥3.9m | CN¥21.1m | CN¥6.5m | CN¥2.7m | CN¥2.0m | CN¥3.2m | CN¥6.9m | CN¥2.4m |
| Diluted earnings per share | 0.01 | 0.03 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Cash from operations | — | — | — | −CN¥2.0m | −CN¥96.0m | −CN¥109.0m | — | CN¥71.0m |
| Capital spending | −CN¥66.0m | −CN¥77.0m | −CN¥60.0m | −CN¥50.0m | −CN¥85.0m | −CN¥56.0m | −CN¥81.0m | −CN¥46.0m |
| Free cash flow | — | — | — | −CN¥52.0m | −CN¥181.0m | −CN¥165.0m | — | CN¥25.0m |
| Total assets | CN¥5.40bn | CN¥5.33bn | CN¥5.12bn | CN¥4.97bn | CN¥4.64bn | CN¥4.63bn | CN¥4.66bn | CN¥4.65bn |
| Cash and short-term investments | — | — | — | CN¥381.3m | CN¥269.7m | CN¥411.3m | CN¥523.2m | CN¥557.0m |
| Debt | CN¥99.8m | CN¥114.2m | CN¥83.7m | CN¥1.39bn | CN¥994.0m | CN¥977.8m | CN¥967.1m | CN¥1.01bn |
| Shareholders' equity | CN¥2.48bn | CN¥2.20bn | CN¥2.19bn | CN¥2.18bn | CN¥2.18bn | CN¥2.17bn | CN¥2.16bn | CN¥2.15bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.8% | 17.0% | 11.7% | 6.1% | 16.3% | 14.6% |
| Operating margin | 0.7% | -1.2% | -11.3% | -14.6% | 3.5% | -2.1% |
| Net margin | 0.6% | 0.6% | -16.3% | -17.7% | 1.7% | -3.4% |
| Return on equity | 0.7% | 0.6% | -15.7% | -20.0% | 2.0% | -2.8% |
| Return on assets | 0.3% | 0.3% | -6.3% | -6.9% | 0.9% | -1.2% |
| Free cash flow yield | -0.5% | 3.7% | 2.0% | 1.5% | 12.2% | 10.0% |
| Revenue growth | 16.9% | 6.9% | -6.2% | -22.0% | 39.4% | -26.8% |
| Earnings growth | 14.7% | -103.8% | -13.6% | -911.2% | -170.6% | -192.4% |
| Current ratio | 1.06x | 0.99x | 1.07x | 0.98x | 1.11x | 0.98x |
| Debt to equity | 0.04x | 0.45x | 0.74x | 0.94x | 0.46x | 0.66x |
| Equity ratio | 42.8% | 46.4% | 40.2% | 34.8% | 44.1% | 42.1% |
| Interest coverage | 0.32x | -0.37x | -2.87x | -3.13x | 0.93x | -0.40x |
| R&D as a share of sales | 7.9% | 6.7% | 7.2% | 7.4% | 5.1% | 6.8% |
| Buybacks as a share of market value | -5.7% | 5.5% | -43.8% | 10.2% | 23.6% | -3.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.4% | 5.0% | 5.0% |
| Operating income | — | — | -21.1% |
| Net income | — | — | -20.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.5% | 14.0% | 14.5% | 18.1% |
| Operating margin | -0.2% | -6.9% | -4.1% | 1.8% |
| Net margin | 0.6% | -7.7% | -5.2% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | — | -18.7 | -9.0 | 98.2 | -98.1 | 83.0 | 46.0 | 46.6 | 52.2 |
| Price to sales | 3.9 | 3.1 | 3.1 | 1.6 | 1.7 | 3.3 | 2.2 | 2.3 | 2.8 | 5.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.046 | 0.077 | 0.054 | 0.031 | 0.015 | 0.02 | 0.01 |
- 13-for-10 split · 20 Jun 2018
- 5-for-2 split · 15 May 2015
- 1.489-for-1 split · 16 Jul 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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