S 
3.43
+2.69%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥396.6m
FY2016FY2025
Net income
−CN¥150.3m
FY2016FY2025
Free cash flow
−CN¥21.1m
FY2016FY2025
Shareholders' equity
CN¥91.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥396.6m | CN¥505.1m | CN¥543.9m | CN¥728.4m | CN¥1.59bn | CN¥1.30bn | CN¥1.62bn | CN¥1.57bn | CN¥1.75bn | CN¥1.60bn |
| Gross profit | CN¥92.6m | CN¥127.3m | CN¥74.4m | CN¥54.3m | CN¥152.6m | CN¥258.0m | CN¥293.7m | CN¥245.4m | CN¥384.4m | CN¥225.9m |
| Research and development | CN¥32.8m | CN¥44.1m | CN¥57.8m | CN¥69.0m | CN¥69.1m | CN¥98.6m | CN¥108.0m | CN¥100.4m | CN¥87.4m | CN¥94.3m |
| Operating income | −CN¥57.2m | −CN¥17.0m | −CN¥116.0m | −CN¥233.2m | −CN¥182.2m | −CN¥8.6m | −CN¥406.6m | −CN¥101.7m | CN¥118.7m | −CN¥40.0m |
| Net income | −CN¥150.3m | −CN¥41.7m | −CN¥142.3m | −CN¥224.9m | −CN¥282.0m | −CN¥37.8m | −CN¥429.5m | −CN¥156.9m | CN¥36.2m | −CN¥62.7m |
| Diluted earnings per share | -0.18 | -0.05 | -0.18 | -0.28 | -0.35 | -0.05 | -0.54 | -0.20 | 0.05 | -0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥831.5m | CN¥767.9m | CN¥819.4m | CN¥995.3m | CN¥1.34bn | CN¥2.74bn | CN¥3.26bn | CN¥3.49bn | CN¥3.81bn | CN¥3.79bn |
| Cash and short-term investments | — | CN¥75.0m | CN¥30.8m | CN¥77.5m | CN¥211.3m | CN¥240.4m | CN¥391.3m | CN¥324.2m | CN¥488.5m | CN¥457.6m |
| Total liabilities | CN¥739.4m | CN¥736.2m | CN¥767.2m | CN¥802.6m | CN¥925.1m | CN¥1.58bn | CN¥2.07bn | CN¥1.87bn | CN¥1.34bn | CN¥1.44bn |
| Debt | — | CN¥87.5m | CN¥165.7m | CN¥313.4m | CN¥476.3m | CN¥801.2m | CN¥1.05bn | CN¥800.9m | CN¥550.9m | CN¥657.9m |
| Shareholders' equity | CN¥91.4m | CN¥30.8m | CN¥51.6m | CN¥192.0m | CN¥416.9m | CN¥1.16bn | CN¥1.19bn | CN¥1.62bn | CN¥2.17bn | CN¥2.13bn |
| Shares outstanding | 831m | 792m | 789m | 791m | 795m | 788m | 791m | 795m | 785m | 482m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥11.5m | CN¥8.2m | −CN¥18.8m | −CN¥95.9m | −CN¥98.8m | CN¥146.7m | CN¥123.2m | −CN¥187.6m | CN¥205.6m | −CN¥4.0m |
| Capital spending | −CN¥9.6m | −CN¥8.6m | −CN¥3.8m | −CN¥16.0m | −CN¥59.1m | −CN¥64.6m | −CN¥65.4m | −CN¥104.7m | −CN¥106.2m | −CN¥165.9m |
| Free cash flow | −CN¥21.1m | −CN¥444,424 | −CN¥22.6m | −CN¥111.9m | −CN¥157.9m | CN¥82.2m | CN¥57.8m | −CN¥292.3m | CN¥99.4m | −CN¥169.9m |
| Dividends paid | −CN¥25.5m | −CN¥20.9m | −CN¥25.6m | −CN¥17.3m | −CN¥28.5m | −CN¥46.6m | −CN¥52.0m | −CN¥40.5m | −CN¥26.9m | −CN¥42.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥113.9m | CN¥106.3m | CN¥84.8m | CN¥98.8m | CN¥95.1m | CN¥117.9m | CN¥126.8m | CN¥108.2m |
| Gross profit | CN¥26.0m | CN¥24.7m | CN¥20.5m | CN¥31.6m | CN¥12.5m | CN¥28.0m | CN¥28.7m | CN¥32.4m |
| Operating income | −CN¥11.7m | −CN¥7.1m | −CN¥8.3m | −CN¥33.3m | −CN¥24.3m | −CN¥24.2m | CN¥1.2m | −CN¥18.0m |
| Net income | −CN¥22.6m | −CN¥20.6m | −CN¥63.6m | −CN¥32.6m | −CN¥30.2m | −CN¥24.0m | −CN¥4.3m | −CN¥18.0m |
| Diluted earnings per share | -0.03 | -0.02 | -0.08 | -0.04 | -0.04 | -0.03 | -0.01 | -0.02 |
| Cash from operations | — | — | — | −CN¥4.0m | CN¥3.0m | −CN¥25.0m | — | −CN¥6.0m |
| Capital spending | −CN¥3.0m | −CN¥3.0m | −CN¥2.0m | −CN¥2.0m | −CN¥1.0m | −CN¥2.0m | — | −CN¥3.0m |
| Free cash flow | — | — | — | −CN¥6.0m | CN¥2.0m | −CN¥27.0m | — | −CN¥9.0m |
| Total assets | CN¥805.7m | CN¥817.8m | CN¥831.5m | CN¥873.7m | CN¥899.8m | CN¥694.4m | CN¥767.9m | CN¥727.1m |
| Cash and short-term investments | — | — | — | CN¥11.4m | CN¥14.9m | CN¥14.4m | CN¥75.0m | CN¥27.4m |
| Debt | — | — | — | CN¥84.7m | CN¥85.8m | CN¥86.8m | CN¥87.5m | CN¥104.8m |
| Shareholders' equity | CN¥51.2m | CN¥72.6m | CN¥91.4m | CN¥164.5m | CN¥191.5m | CN¥12.5m | CN¥30.8m | CN¥14.2m |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 23.3% | 25.2% | 13.7% | 7.5% | 9.6% | 19.8% | — |
| Operating margin | -33.5% | -3.3% | -21.1% | -28.5% | -8.9% | 3.8% | — |
| Net margin | -37.9% | -8.3% | -26.2% | -30.9% | -17.7% | -2.9% | — |
| Return on equity | -164.4% | -135.4% | -275.8% | -117.1% | -67.6% | -3.3% | — |
| Return on assets | -18.1% | -5.4% | -17.4% | -22.6% | -21.0% | -1.4% | — |
| Free cash flow yield | -0.1% | 0.6% | -0.5% | -2.8% | -1.4% | 7.5% | — |
| Revenue growth | -21.5% | -7.1% | -25.3% | -54.1% | 21.9% | -19.4% | — |
| Earnings growth | 260.2% | -70.7% | -36.7% | -20.2% | 645.1% | -91.2% | — |
| Current ratio | 0.30x | 0.43x | 0.38x | 0.52x | 0.72x | 0.83x | — |
| Debt to equity | — | 2.84x | 3.21x | 1.49x | 1.14x | 0.56x | 0.85x |
| Equity ratio | 11.0% | 4.0% | 6.3% | 19.3% | 31.1% | 42.2% | — |
| Interest coverage | -5.46x | -0.58x | -4.66x | -8.20x | -3.76x | 0.77x | — |
| R&D as a share of sales | 8.3% | 8.7% | 10.6% | 9.5% | 4.4% | 7.6% | — |
| Buybacks as a share of market value | -5.0% | -0.3% | 0.2% | 0.6% | -0.9% | 0.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.3% | -21.2% | -12.0% |
| Operating income | -37.4% | 46.3% | — |
| Net income | -12.6% | 31.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.4% | 16.0% | 15.0% | 17.4% |
| Operating margin | -8.2% | -19.5% | -12.1% | -7.0% |
| Net margin | -21.3% | -25.7% | -17.4% | -10.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.1 | -33.0 | -9.3 | -6.5 | -10.5 | -95.8 | -6.9 | -18.4 | 132.9 | -66.2 |
| Price to sales | 5.0 | 2.7 | 2.4 | 2.0 | 1.9 | 2.8 | 1.8 | 1.8 | 2.8 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Apr 2016.
| FY2016 | FY2015 | FY2014 | FY2012 | |
|---|---|---|---|---|
| Paid in the year | 0.01 | 0.009 | 0.014 | 0.036 |
- 11-for-5 split · 12 May 2015
- 5-for-2 split · 26 Sept 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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