B 
7.54
+0.40%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.41bn
FY2016FY2025
Net income
−CN¥438.1m
FY2016FY2025
Free cash flow
−CN¥1.79bn
FY2016FY2025
Shareholders' equity
CN¥6.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.41bn | CN¥4.13bn | CN¥2.90bn | CN¥2.35bn | CN¥3.16bn | CN¥2.64bn | CN¥2.72bn | CN¥2.73bn | CN¥2.63bn | CN¥1.58bn |
| Gross profit | CN¥169.1m | −CN¥334.1m | −CN¥569.4m | −CN¥54.8m | CN¥204.9m | CN¥43.6m | −CN¥500.0m | CN¥747.4m | CN¥818.4m | CN¥349.1m |
| Research and development | CN¥127.6m | CN¥221.9m | CN¥185.3m | CN¥149.0m | CN¥132.4m | CN¥77.8m | CN¥138.0m | CN¥103.6m | CN¥87.2m | CN¥39.3m |
| Operating income | −CN¥585.7m | −CN¥820.0m | −CN¥994.3m | −CN¥436.7m | −CN¥215.5m | CN¥88.5m | −CN¥987.2m | CN¥396.3m | CN¥493.1m | CN¥47.1m |
| Net income | −CN¥438.1m | −CN¥611.2m | −CN¥845.7m | −CN¥147.0m | CN¥93.6m | CN¥18.2m | −CN¥1.05bn | CN¥243.9m | CN¥502.1m | CN¥267.2m |
| Diluted earnings per share | -0.27 | -0.38 | -0.52 | -0.12 | 0.08 | 0.01 | -0.98 | 0.23 | 0.61 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.07bn | CN¥12.66bn | CN¥11.37bn | CN¥11.08bn | CN¥11.69bn | CN¥11.03bn | CN¥11.57bn | CN¥12.90bn | CN¥9.90bn | CN¥6.88bn |
| Cash and short-term investments | CN¥610.5m | CN¥1.06bn | CN¥2.05bn | CN¥1.25bn | CN¥1.15bn | CN¥2.10bn | CN¥1.59bn | CN¥956.9m | CN¥744.3m | CN¥327.4m |
| Total liabilities | CN¥7.29bn | CN¥5.73bn | CN¥3.84bn | CN¥4.80bn | CN¥5.26bn | CN¥4.73bn | CN¥6.76bn | CN¥6.99bn | CN¥5.98bn | CN¥3.43bn |
| Debt | CN¥5.52bn | CN¥3.00bn | CN¥1.80bn | CN¥2.47bn | CN¥2.41bn | CN¥2.00bn | CN¥2.98bn | CN¥3.90bn | CN¥3.98bn | CN¥1.73bn |
| Shareholders' equity | CN¥6.56bn | CN¥6.93bn | CN¥7.53bn | CN¥6.28bn | CN¥6.43bn | CN¥6.31bn | CN¥4.81bn | CN¥5.91bn | CN¥3.92bn | CN¥3.46bn |
| Shares outstanding | 1,617m | 1,617m | 1,617m | 1,240m | 1,240m | 1,240m | 1,072m | 1,082m | 819m | 835m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥643.9m | CN¥111.9m | CN¥105.1m | CN¥732.6m | CN¥248.8m | −CN¥110.2m | CN¥414.1m | CN¥691.0m | CN¥513.7m | CN¥316.9m |
| Capital spending | −CN¥1.15bn | −CN¥2.13bn | −CN¥501.6m | −CN¥859.9m | −CN¥1.16bn | −CN¥384.6m | −CN¥237.3m | −CN¥719.9m | −CN¥2.07bn | −CN¥446.6m |
| Free cash flow | −CN¥1.79bn | −CN¥2.02bn | −CN¥396.5m | −CN¥127.3m | −CN¥914.5m | −CN¥494.8m | CN¥176.8m | −CN¥28.9m | −CN¥1.56bn | −CN¥129.7m |
| Dividends paid | −CN¥118.1m | −CN¥95.1m | −CN¥51.9m | −CN¥122.7m | −CN¥111.7m | −CN¥255.2m | −CN¥271.2m | −CN¥261.6m | −CN¥223.3m | −CN¥112.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.96bn | CN¥2.22bn | CN¥1.28bn | CN¥1.59bn | CN¥1.47bn | CN¥1.06bn | CN¥1.17bn | CN¥1.06bn |
| Gross profit | CN¥19.2m | CN¥250.3m | CN¥39.0m | CN¥85.7m | −CN¥6.4m | CN¥61.8m | −CN¥332.6m | CN¥125.6m |
| Operating income | CN¥29.6m | CN¥145.2m | −CN¥285.0m | −CN¥95.7m | −CN¥158.1m | −CN¥96.3m | −CN¥482.1m | −CN¥147.7m |
| Net income | −CN¥48.6m | CN¥50.7m | −CN¥242.4m | −CN¥80.2m | −CN¥17.8m | −CN¥97.6m | −CN¥251.6m | −CN¥113.1m |
| Diluted earnings per share | -0.03 | 0.03 | -0.15 | -0.05 | -0.01 | -0.06 | -0.16 | -0.07 |
| Cash from operations | — | — | −CN¥105.0m | −CN¥327.0m | CN¥50.0m | −CN¥261.0m | CN¥198.0m | CN¥57.0m |
| Capital spending | −CN¥127.0m | −CN¥186.0m | −CN¥314.0m | −CN¥161.0m | −CN¥344.0m | −CN¥330.0m | −CN¥472.0m | −CN¥797.0m |
| Free cash flow | — | — | −CN¥419.0m | −CN¥488.0m | −CN¥294.0m | −CN¥591.0m | −CN¥274.0m | −CN¥740.0m |
| Total assets | CN¥15.42bn | CN¥14.16bn | CN¥14.07bn | CN¥13.69bn | CN¥13.50bn | CN¥12.89bn | CN¥12.66bn | CN¥12.05bn |
| Cash and short-term investments | — | — | CN¥610.5m | CN¥661.3m | CN¥985.7m | CN¥884.6m | CN¥1.06bn | CN¥1.16bn |
| Debt | CN¥2.72bn | CN¥2.44bn | CN¥5.50bn | CN¥3.22bn | CN¥3.24bn | CN¥3.20bn | CN¥2.98bn | CN¥2.80bn |
| Shareholders' equity | CN¥6.60bn | CN¥6.63bn | CN¥6.56bn | CN¥6.79bn | CN¥6.85bn | CN¥6.85bn | CN¥6.93bn | CN¥7.17bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.1% | -8.1% | -19.6% | -2.3% | 6.5% | 1.7% |
| Operating margin | -10.8% | -19.9% | -34.2% | -18.5% | -6.8% | 3.3% |
| Net margin | -8.1% | -14.8% | -29.1% | -6.2% | 3.0% | 0.7% |
| Return on equity | -6.7% | -8.8% | -11.2% | -2.3% | 1.5% | 0.3% |
| Return on assets | -3.1% | -4.8% | -7.4% | -1.3% | 0.8% | 0.2% |
| Free cash flow yield | 2.9% | 13.0% | 3.5% | 12.0% | 10.6% | 2.1% |
| Revenue growth | 31.0% | 42.1% | 23.3% | -25.4% | 19.4% | -2.7% |
| Earnings growth | -28.3% | -27.7% | 475.2% | -257.0% | 413.3% | -101.7% |
| Current ratio | 0.91x | 0.99x | 1.66x | 1.20x | 1.23x | 1.57x |
| Debt to equity | 0.84x | 0.43x | 0.24x | 0.39x | 0.37x | 0.32x |
| Equity ratio | 46.7% | 54.8% | 66.2% | 56.7% | 55.0% | 57.2% |
| Interest coverage | -4.72x | -8.08x | -9.45x | -4.57x | -1.88x | 1.05x |
| R&D as a share of sales | 2.4% | 5.4% | 6.4% | 6.3% | 4.2% | 2.9% |
| Buybacks as a share of market value | 0.0% | 0.0% | -30.4% | 0.0% | 0.0% | -15.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.9% | 15.4% | 18.9% |
| Operating income | 10.3% | — | 11.4% |
| Net income | 43.9% | — | 16.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -1.7% | -5.3% | -2.6% | 3.2% |
| Operating margin | -14.7% | -19.2% | -14.4% | -10.3% |
| Net margin | -11.0% | -13.8% | -9.4% | -6.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.4 | -21.9 | -14.0 | -54.4 | 159.8 | — | -7.2 | 32.1 | 26.6 | 28.1 |
| Price to sales | 2.4 | 3.2 | 4.1 | 3.4 | 4.7 | 5.7 | 2.8 | 2.9 | 5.1 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2013 | |
|---|---|---|---|---|
| Paid in the year | 0.045 | 0.095 | 0.05 | 0.03 |
- 3-for-2 split · 4 Jun 2015
- 3-for-2 split · 4 Jul 2014
- 3-for-2 split · 4 Jul 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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