C 
26.88
+2.60%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.66bn
FY2016FY2025
Net income
−CN¥671.0m
FY2016FY2025
Free cash flow
−CN¥270.2m
FY2016FY2025
Shareholders' equity
CN¥295.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.66bn | CN¥1.16bn | CN¥1.41bn | CN¥1.18bn | CN¥1.19bn | CN¥975.9m | CN¥705.4m | CN¥885.5m | CN¥716.8m | CN¥601.5m |
| Gross profit | CN¥599.3m | CN¥381.4m | CN¥629.6m | CN¥588.4m | CN¥842.3m | CN¥611.7m | CN¥302.3m | CN¥352.1m | CN¥356.8m | CN¥290.7m |
| Research and development | CN¥71.7m | CN¥61.6m | CN¥86.3m | CN¥133.2m | CN¥115.1m | CN¥102.4m | CN¥69.2m | CN¥105.9m | CN¥110.4m | CN¥93.1m |
| Operating income | −CN¥637.2m | −CN¥255.3m | CN¥54.5m | −CN¥360.3m | CN¥130.4m | CN¥58.4m | −CN¥581.1m | −CN¥1.52bn | CN¥93.3m | CN¥18.5m |
| Net income | −CN¥671.0m | −CN¥242.9m | CN¥89.4m | −CN¥362.0m | CN¥98.8m | CN¥48.9m | −CN¥603.3m | −CN¥1.51bn | CN¥77.5m | CN¥35.0m |
| Diluted earnings per share | -0.92 | -0.33 | 0.10 | -0.49 | 0.13 | 0.07 | -0.82 | -1.95 | 0.11 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.56bn | CN¥1.63bn | CN¥1.84bn | CN¥1.87bn | CN¥2.20bn | CN¥2.00bn | CN¥1.80bn | CN¥2.59bn | CN¥2.96bn | CN¥2.85bn |
| Cash and short-term investments | — | CN¥285.1m | CN¥340.8m | CN¥611.9m | CN¥891.7m | CN¥899.0m | CN¥612.0m | CN¥701.2m | CN¥759.5m | CN¥1.42bn |
| Total liabilities | CN¥1.18bn | CN¥628.5m | CN¥570.0m | CN¥655.9m | CN¥576.8m | CN¥543.4m | CN¥384.5m | CN¥414.4m | CN¥290.5m | CN¥307.8m |
| Debt | CN¥59.0m | CN¥319.2m | CN¥257.4m | CN¥274.4m | CN¥249.8m | CN¥140.6m | CN¥31.4m | CN¥100.0m | CN¥30.0m | CN¥94.0m |
| Shareholders' equity | CN¥295.6m | CN¥985.5m | CN¥1.25bn | CN¥1.15bn | CN¥1.56bn | CN¥1.45bn | CN¥1.42bn | CN¥2.18bn | CN¥2.66bn | CN¥2.54bn |
| Shares outstanding | 729m | 729m | 854m | 734m | 738m | 748m | 735m | 772m | 716m | 712m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥203.7m | −CN¥52.5m | −CN¥10.1m | CN¥12.9m | CN¥31.2m | CN¥198.9m | CN¥34.2m | −CN¥89.4m | CN¥239.3m | CN¥200.0m |
| Capital spending | −CN¥66.4m | −CN¥95.2m | −CN¥115.3m | −CN¥145.7m | −CN¥90.2m | −CN¥51.1m | −CN¥95.6m | −CN¥193.0m | −CN¥608.7m | −CN¥213.5m |
| Free cash flow | −CN¥270.2m | −CN¥147.7m | −CN¥125.4m | −CN¥132.8m | −CN¥59.1m | CN¥147.8m | −CN¥61.4m | −CN¥282.4m | −CN¥369.5m | −CN¥13.5m |
| Dividends paid | −CN¥10.5m | −CN¥10.8m | −CN¥9.3m | −CN¥10.3m | −CN¥5.8m | −CN¥2.2m | −CN¥3.1m | −CN¥14.6m | −CN¥16.5m | −CN¥8.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥267.7m | CN¥310.3m | CN¥645.5m | CN¥454.6m | CN¥323.4m | CN¥233.1m | CN¥351.1m | CN¥345.8m |
| Gross profit | CN¥140.9m | CN¥145.7m | CN¥249.4m | CN¥172.6m | CN¥106.7m | CN¥69.5m | CN¥137.0m | CN¥135.0m |
| Operating income | CN¥9.5m | −CN¥64.4m | −CN¥82.4m | −CN¥272.6m | −CN¥137.2m | −CN¥85.4m | −CN¥57.1m | −CN¥38.3m |
| Net income | CN¥2.8m | −CN¥45.8m | −CN¥150.5m | −CN¥294.0m | −CN¥138.5m | −CN¥87.9m | −CN¥54.8m | −CN¥38.0m |
| Diluted earnings per share | 0.00 | -0.06 | -0.21 | -0.40 | -0.19 | -0.12 | -0.08 | -0.05 |
| Cash from operations | — | — | — | −CN¥68.0m | −CN¥40.0m | −CN¥63.0m | CN¥2.0m | CN¥9.0m |
| Capital spending | −CN¥16.0m | −CN¥26.0m | −CN¥33.0m | −CN¥1.0m | −CN¥12.0m | −CN¥18.0m | −CN¥20.0m | −CN¥23.0m |
| Free cash flow | — | — | — | −CN¥69.0m | −CN¥52.0m | −CN¥81.0m | −CN¥18.0m | −CN¥14.0m |
| Total assets | CN¥1.39bn | CN¥1.42bn | CN¥1.56bn | CN¥1.63bn | CN¥1.48bn | CN¥1.55bn | CN¥1.63bn | CN¥1.71bn |
| Cash and short-term investments | — | — | — | CN¥294.4m | CN¥216.1m | CN¥214.1m | CN¥285.1m | CN¥215.4m |
| Debt | CN¥40.0m | CN¥59.0m | CN¥59.0m | CN¥330.4m | CN¥266.0m | CN¥318.1m | CN¥306.1m | CN¥323.0m |
| Shareholders' equity | CN¥263.4m | CN¥252.4m | CN¥295.6m | CN¥472.8m | CN¥765.5m | CN¥900.3m | CN¥985.5m | CN¥1.04bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.2% | 32.9% | 44.7% | 49.9% | 70.9% | 62.7% |
| Operating margin | -38.5% | -22.0% | 3.9% | -30.5% | 11.0% | 6.0% |
| Net margin | -40.5% | -21.0% | 6.3% | -30.7% | 8.3% | 5.0% |
| Return on equity | -226.9% | -24.6% | 7.2% | -31.4% | 6.3% | 3.4% |
| Return on assets | -42.9% | -14.9% | 4.9% | -19.4% | 4.5% | 2.4% |
| Free cash flow yield | -0.8% | 0.2% | 0.5% | 0.9% | 0.7% | 1.4% |
| Revenue growth | 42.9% | -17.7% | 19.4% | -0.8% | 21.8% | 38.4% |
| Earnings growth | 176.2% | -371.6% | -124.7% | -466.4% | 101.9% | -108.1% |
| Current ratio | 0.74x | 1.29x | 1.41x | 1.72x | 2.43x | 2.52x |
| Debt to equity | 0.20x | 0.31x | 0.19x | 0.23x | 0.16x | 0.09x |
| Equity ratio | 18.9% | 60.3% | 67.8% | 61.7% | 71.2% | 72.5% |
| Interest coverage | -52.55x | -19.94x | 5.84x | -30.90x | 17.40x | 20.81x |
| R&D as a share of sales | 4.3% | 5.3% | 6.1% | 11.3% | 9.7% | 10.5% |
| Buybacks as a share of market value | 0.1% | 14.6% | -16.3% | 0.5% | 1.4% | -1.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.0% | 11.2% | 15.6% |
| Operating income | 20.9% | — | — |
| Net income | 22.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.8% | 40.7% | 48.3% | 47.3% |
| Operating margin | -31.7% | -22.2% | -13.3% | -27.4% |
| Net margin | -32.5% | -22.0% | -13.7% | -27.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -27.3 | -73.7 | 245.6 | -20.1 | 110.8 | 117.9 | -5.0 | -2.5 | 85.3 | 320.9 |
| Price to sales | 11.1 | 15.4 | 15.6 | 6.2 | 9.2 | 5.9 | 4.3 | 4.2 | 9.2 | 18.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Jun 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|
| Paid in the year | 0.014 | 0.016 | 0.04 | 0.016 |
- 2.501-for-1 split · 1 Aug 2017
- 1.986-for-1 split · 7 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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