J 
7.54
-2.08%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.07bn
FY2016FY2025
Net income
−CN¥218.6m
FY2016FY2025
Free cash flow
CN¥29.2m
FY2016FY2025
Shareholders' equity
CN¥85.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.07bn | CN¥2.12bn | CN¥3.03bn | CN¥3.96bn | CN¥3.33bn | CN¥1.65bn | CN¥1.84bn | CN¥2.20bn | CN¥2.06bn | CN¥787.0m |
| Gross profit | CN¥140.8m | CN¥76.1m | CN¥109.2m | CN¥173.0m | CN¥442.7m | −CN¥75.9m | CN¥314.1m | CN¥339.6m | CN¥371.8m | CN¥112.8m |
| Research and development | CN¥88.4m | CN¥87.9m | CN¥171.5m | CN¥214.0m | CN¥185.3m | CN¥111.2m | CN¥102.3m | CN¥94.3m | CN¥91.3m | CN¥27.1m |
| Operating income | −CN¥69.8m | −CN¥114.8m | −CN¥337.4m | −CN¥468.0m | CN¥8.8m | −CN¥780.7m | CN¥26.4m | CN¥66.7m | CN¥149.5m | CN¥31.6m |
| Net income | −CN¥218.6m | −CN¥191.6m | −CN¥519.1m | −CN¥460.4m | CN¥14.0m | −CN¥745.0m | CN¥30.4m | CN¥53.3m | CN¥118.8m | CN¥33.6m |
| Diluted earnings per share | -0.79 | -0.71 | -2.23 | -2.17 | 0.07 | -3.51 | 0.14 | 0.25 | 0.56 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.54bn | CN¥2.72bn | CN¥3.91bn | CN¥4.23bn | CN¥4.43bn | CN¥2.54bn | CN¥3.34bn | CN¥3.61bn | CN¥3.44bn | CN¥2.16bn |
| Cash and short-term investments | — | CN¥232.7m | CN¥589.9m | CN¥55.9m | CN¥112.2m | CN¥64.4m | CN¥268.8m | CN¥356.7m | CN¥372.7m | CN¥225.6m |
| Total liabilities | CN¥2.52bn | CN¥2.67bn | CN¥3.64bn | CN¥4.00bn | CN¥3.72bn | CN¥1.85bn | CN¥1.89bn | CN¥2.18bn | CN¥2.03bn | CN¥876.6m |
| Debt | CN¥84.8m | CN¥493.5m | CN¥640.0m | CN¥528.6m | CN¥364.7m | CN¥516.3m | CN¥412.8m | CN¥610.5m | CN¥385.6m | CN¥125.3m |
| Shareholders' equity | CN¥85.8m | CN¥53.4m | CN¥262.8m | CN¥232.2m | CN¥705.0m | CN¥693.6m | CN¥1.45bn | CN¥1.43bn | CN¥1.42bn | CN¥1.29bn |
| Shares outstanding | 276m | 269m | 232m | 212m | 212m | 212m | 212m | 212m | 212m | 190m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥35.8m | −CN¥172.8m | −CN¥97.4m | CN¥10.7m | CN¥172.0m | −CN¥129.0m | CN¥321.0m | CN¥41.6m | −CN¥99.8m | CN¥1.8m |
| Capital spending | −CN¥6.5m | −CN¥11.8m | −CN¥57.6m | −CN¥12.6m | −CN¥122.5m | −CN¥49.0m | −CN¥67.8m | −CN¥186.5m | −CN¥174.7m | −CN¥29.9m |
| Free cash flow | CN¥29.2m | −CN¥184.7m | −CN¥154.9m | −CN¥1.9m | CN¥49.5m | −CN¥177.9m | CN¥253.2m | −CN¥144.8m | −CN¥274.5m | −CN¥28.1m |
| Dividends paid | −CN¥11.0m | −CN¥17.0m | −CN¥18.6m | −CN¥19.9m | −CN¥33.5m | −CN¥10.6m | −CN¥21.2m | −CN¥70.8m | −CN¥14.5m | −CN¥2.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥510.1m | CN¥370.8m | CN¥682.3m | CN¥590.2m | CN¥382.7m | CN¥416.5m | CN¥536.2m | CN¥458.3m |
| Gross profit | CN¥41.4m | CN¥48.0m | CN¥38.9m | CN¥77.1m | −CN¥17.5m | CN¥42.2m | −CN¥15.8m | CN¥40.9m |
| Operating income | −CN¥13.3m | CN¥2.4m | −CN¥23.8m | −CN¥40.0m | −CN¥99.8m | CN¥15.2m | −CN¥47.0m | −CN¥34.5m |
| Net income | −CN¥12.2m | −CN¥21.4m | −CN¥81.0m | −CN¥40.3m | −CN¥99.7m | CN¥2.3m | −CN¥79.1m | −CN¥51.7m |
| Diluted earnings per share | -0.04 | -0.08 | -0.29 | -0.15 | -0.36 | 0.01 | -0.29 | -0.19 |
| Cash from operations | — | — | — | CN¥31.0m | −CN¥39.0m | CN¥57.0m | — | −CN¥19.0m |
| Capital spending | — | — | −CN¥1.0m | −CN¥2.0m | −CN¥1.0m | — | −CN¥1.0m | −CN¥1.0m |
| Free cash flow | — | — | — | CN¥29.0m | −CN¥40.0m | — | — | −CN¥20.0m |
| Total assets | CN¥2.25bn | CN¥2.39bn | CN¥2.54bn | CN¥2.49bn | CN¥2.48bn | CN¥2.54bn | CN¥2.72bn | CN¥2.79bn |
| Cash and short-term investments | — | — | — | CN¥112.8m | CN¥61.1m | CN¥221.8m | CN¥232.7m | CN¥203.1m |
| Debt | CN¥85.8m | CN¥91.8m | CN¥84.8m | CN¥470.7m | CN¥215.0m | CN¥262.1m | CN¥324.5m | CN¥267.6m |
| Shareholders' equity | CN¥52.2m | CN¥64.4m | CN¥85.8m | −CN¥84.3m | −CN¥44.0m | CN¥55.7m | CN¥53.4m | CN¥150.3m |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.8% | 3.6% | 3.6% | 4.4% | 13.3% | -4.6% |
| Operating margin | -8.1% | -5.2% | -11.1% | -9.4% | 2.1% | -45.1% |
| Net margin | -10.6% | -9.0% | -17.1% | -11.6% | 0.4% | -45.2% |
| Return on equity | -254.7% | -358.8% | -197.5% | -198.3% | 2.0% | -107.4% |
| Return on assets | -8.6% | -7.0% | -13.3% | -10.9% | 0.3% | -29.3% |
| Free cash flow yield | 1.9% | -7.3% | -2.1% | 1.3% | 16.9% | -4.6% |
| Revenue growth | -2.4% | -29.9% | -23.6% | 19.0% | 102.3% | -10.5% |
| Earnings growth | 14.1% | -63.1% | 12.7% | -3392.2% | -101.9% | -2547.8% |
| Current ratio | 0.89x | 0.86x | 0.96x | 0.90x | 0.94x | 0.85x |
| Debt to equity | 0.99x | 6.08x | 1.54x | 1.37x | 0.30x | 1.02x |
| Equity ratio | 3.4% | 2.0% | 6.7% | 5.5% | 15.9% | 27.3% |
| Interest coverage | -2.35x | -1.34x | -4.14x | -4.49x | 1.09x | -19.27x |
| R&D as a share of sales | 4.3% | 4.1% | 5.7% | 5.4% | 5.6% | 6.8% |
| Buybacks as a share of market value | -2.6% | -15.6% | -9.5% | 0.1% | -0.0% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.4% | 4.7% | 18.1% |
| Operating income | -47.0% | -38.3% | -3.2% |
| Net income | -22.0% | -21.7% | 11.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.2% | 4.5% | 5.4% | 8.6% |
| Operating margin | -4.4% | -8.9% | -10.9% | -6.8% |
| Net margin | -9.8% | -12.4% | -13.1% | -8.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.5 | -13.3 | -5.5 | -4.8 | 294.7 | -3.9 | 88.2 | 55.9 | 57.6 | 167.0 |
| Price to sales | 1.6 | 1.2 | 0.9 | 0.6 | 1.2 | 1.8 | 1.5 | 1.4 | 3.3 | 7.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Jul 2020.
| FY2020 | FY2019 | FY2018 | FY2014 | FY2013 | |
|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.10 | 0.111 | 0.011 | 0.056 |
- 9-for-5 split · 16 Jul 2018
- 2-for-1 split · 19 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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