A 
4.34
-0.91%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.31bn
FY2016FY2025
Net income
−CN¥159.5m
FY2016FY2025
Free cash flow
−CN¥128.4m
FY2016FY2025
Shareholders' equity
CN¥1.88bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.31bn | CN¥1.20bn | CN¥1.28bn | CN¥2.00bn | CN¥2.07bn | CN¥2.00bn | CN¥1.66bn | CN¥1.81bn | CN¥1.21bn | CN¥661.6m |
| Gross profit | CN¥386.2m | CN¥135.8m | CN¥278.5m | CN¥599.7m | CN¥571.9m | CN¥520.4m | CN¥470.1m | CN¥485.5m | CN¥300.5m | CN¥176.3m |
| Research and development | CN¥116.7m | CN¥123.3m | CN¥120.0m | CN¥132.8m | CN¥124.9m | CN¥119.9m | CN¥106.8m | CN¥107.3m | CN¥80.1m | CN¥60.6m |
| Operating income | −CN¥49.7m | −CN¥279.2m | −CN¥62.5m | CN¥252.4m | CN¥221.2m | CN¥205.2m | CN¥170.9m | CN¥222.9m | CN¥77.7m | CN¥36.7m |
| Net income | −CN¥159.5m | −CN¥257.7m | −CN¥82.3m | CN¥202.9m | CN¥181.8m | CN¥161.0m | CN¥81.6m | CN¥160.6m | CN¥73.2m | CN¥16.2m |
| Diluted earnings per share | -0.17 | -0.28 | -0.09 | 0.21 | 0.19 | 0.16 | 0.09 | 0.17 | 0.07 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.87bn | CN¥4.02bn | CN¥4.15bn | CN¥4.01bn | CN¥3.81bn | CN¥3.96bn | CN¥3.58bn | CN¥3.63bn | CN¥3.18bn | CN¥1.90bn |
| Cash and short-term investments | — | CN¥375.7m | CN¥262.6m | CN¥451.8m | CN¥622.7m | CN¥666.3m | CN¥440.5m | CN¥595.4m | CN¥927.7m | CN¥101.9m |
| Total liabilities | CN¥1.88bn | CN¥1.88bn | CN¥1.72bn | CN¥1.50bn | CN¥1.52bn | CN¥1.80bn | CN¥1.50bn | CN¥1.56bn | CN¥1.23bn | CN¥843.6m |
| Debt | CN¥168.5m | CN¥1.18bn | CN¥1.08bn | CN¥871.5m | CN¥855.1m | CN¥1.09bn | CN¥857.4m | CN¥963.4m | CN¥696.0m | CN¥461.9m |
| Shareholders' equity | CN¥1.88bn | CN¥2.01bn | CN¥2.27bn | CN¥2.39bn | CN¥2.17bn | CN¥2.05bn | CN¥1.97bn | CN¥1.99bn | CN¥1.91bn | CN¥1.01bn |
| Shares outstanding | 956m | 930m | 955m | 954m | 954m | 1,032m | 959m | 964m | 1,016m | 795m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥908,737 | CN¥200.5m | −CN¥25.9m | CN¥81.1m | CN¥422.7m | CN¥338.1m | CN¥94.1m | CN¥307.9m | CN¥285.3m | CN¥21.1m |
| Capital spending | −CN¥129.3m | −CN¥143.0m | −CN¥232.3m | −CN¥190.0m | −CN¥91.2m | −CN¥93.9m | −CN¥103.2m | −CN¥311.1m | −CN¥171.6m | −CN¥103.2m |
| Free cash flow | −CN¥128.4m | CN¥57.5m | −CN¥258.1m | −CN¥108.9m | CN¥331.5m | CN¥244.2m | −CN¥9.0m | −CN¥3.3m | CN¥113.7m | −CN¥82.1m |
| Dividends paid | −CN¥40.8m | −CN¥82.5m | −CN¥80.1m | −CN¥38.4m | −CN¥47.7m | −CN¥47.8m | −CN¥96.3m | −CN¥118.2m | −CN¥46.4m | −CN¥26.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥293.2m | CN¥303.6m | CN¥310.8m | CN¥334.7m | CN¥346.0m | CN¥315.7m | CN¥262.2m | CN¥350.8m |
| Gross profit | CN¥2.5m | CN¥16.7m | CN¥34.6m | CN¥86.2m | CN¥54.1m | CN¥65.7m | −CN¥16.0m | CN¥59.6m |
| Operating income | −CN¥64.7m | −CN¥45.3m | −CN¥35.4m | −CN¥2.4m | CN¥15.6m | −CN¥16.4m | −CN¥230.9m | −CN¥5.7m |
| Net income | −CN¥101.8m | −CN¥57.6m | −CN¥152.6m | CN¥1.8m | CN¥4.1m | −CN¥12.8m | −CN¥201.0m | −CN¥4.7m |
| Diluted earnings per share | -0.11 | -0.06 | -0.16 | 0.00 | 0.00 | -0.01 | -0.22 | -0.01 |
| Cash from operations | — | — | — | CN¥19.0m | CN¥22.0m | −CN¥36.0m | — | CN¥19.0m |
| Capital spending | −CN¥53.0m | −CN¥54.0m | −CN¥51.0m | −CN¥23.0m | −CN¥25.0m | −CN¥28.0m | −CN¥53.0m | −CN¥28.0m |
| Free cash flow | — | — | — | −CN¥4.0m | −CN¥3.0m | −CN¥64.0m | — | −CN¥9.0m |
| Total assets | CN¥3.88bn | CN¥4.06bn | CN¥3.87bn | CN¥4.15bn | CN¥4.09bn | CN¥3.95bn | CN¥4.02bn | CN¥4.13bn |
| Cash and short-term investments | — | — | — | CN¥423.6m | CN¥353.0m | CN¥257.2m | CN¥375.7m | CN¥246.7m |
| Debt | CN¥220.5m | CN¥198.2m | CN¥168.5m | CN¥1.30bn | CN¥1.17bn | CN¥1.10bn | CN¥1.15bn | CN¥917.5m |
| Shareholders' equity | CN¥1.70bn | CN¥1.82bn | CN¥1.88bn | CN¥2.01bn | CN¥2.01bn | CN¥1.99bn | CN¥2.01bn | CN¥2.26bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.4% | 11.3% | 21.8% | 30.0% | 27.6% | 26.0% |
| Operating margin | -12.1% | -22.8% | -4.2% | 14.2% | 12.6% | 11.4% |
| Net margin | -12.2% | -21.4% | -6.4% | 10.1% | 8.8% | 8.0% |
| Return on equity | -8.5% | -12.8% | -3.6% | 8.5% | 8.4% | 7.9% |
| Return on assets | -4.1% | -6.4% | -2.0% | 5.1% | 4.8% | 4.1% |
| Free cash flow yield | 2.8% | 7.6% | 4.5% | 5.9% | 11.1% | 8.6% |
| Revenue growth | 8.7% | -6.0% | -36.1% | -3.4% | 3.4% | 20.4% |
| Earnings growth | -38.1% | 213.1% | -140.5% | 11.6% | 12.9% | 97.2% |
| Current ratio | 0.86x | 0.98x | 1.13x | 1.49x | 1.38x | 1.23x |
| Debt to equity | 0.09x | 0.57x | 0.46x | 0.36x | 0.39x | 0.52x |
| Equity ratio | 48.6% | 49.9% | 54.9% | 59.6% | 57.1% | 51.7% |
| Interest coverage | -3.99x | -7.80x | -1.50x | 7.04x | 6.18x | 5.50x |
| R&D as a share of sales | 8.9% | 10.3% | 9.4% | 6.6% | 6.0% | 6.0% |
| Buybacks as a share of market value | -2.7% | 2.6% | -0.1% | 0.1% | 7.5% | -7.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.2% | -8.2% | 7.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.8% | 24.2% | 25.3% | 26.1% |
| Operating margin | -13.1% | -2.4% | 2.9% | 5.5% |
| Net margin | -16.6% | -5.1% | 0.5% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -40.4 | -24.7 | -86.5 | 51.8 | 100.5 | 37.1 | 50.4 | 30.8 | 81.4 | 316.4 |
| Price to sales | 4.9 | 5.3 | 5.6 | 5.3 | 8.8 | 3.0 | 2.5 | 2.7 | 4.9 | 7.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Oct 2024.
| FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.08 | 0.027 | 0.01 |
- 3-for-2 split · 21 Jun 2018
- 13-for-10 split · 1 Jun 2016
- 13-for-10 split · 3 Jul 2015
- 13-for-10 split · 13 May 2014
- 8-for-5 split · 30 May 2013
- 8-for-5 split · 4 May 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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