N 
10.48
-1.50%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.54bn
FY2016FY2025
Net income
−CN¥45.3m
FY2016FY2025
Free cash flow
CN¥2.9m
FY2016FY2025
Shareholders' equity
CN¥2.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.54bn | CN¥2.36bn | CN¥1.68bn | CN¥2.63bn | CN¥2.61bn | CN¥2.01bn | CN¥1.67bn | CN¥1.35bn | CN¥1.26bn | CN¥1.09bn |
| Gross profit | CN¥1.37bn | CN¥1.25bn | CN¥743.5m | CN¥1.64bn | CN¥1.60bn | CN¥1.41bn | CN¥1.20bn | CN¥1.03bn | CN¥893.1m | CN¥848.7m |
| Research and development | CN¥553.7m | CN¥608.4m | CN¥629.1m | CN¥598.8m | CN¥503.3m | CN¥357.2m | CN¥311.3m | CN¥270.9m | CN¥240.1m | CN¥176.0m |
| Operating income | CN¥48.7m | −CN¥353.0m | −CN¥1.04bn | CN¥28.0m | CN¥383.3m | CN¥335.8m | CN¥238.9m | CN¥189.8m | CN¥182.3m | CN¥178.5m |
| Net income | −CN¥45.3m | −CN¥364.8m | −CN¥977.1m | CN¥28.6m | CN¥344.5m | CN¥301.1m | CN¥226.5m | CN¥168.1m | CN¥152.4m | CN¥220.1m |
| Diluted earnings per share | -0.06 | -0.47 | -1.22 | 0.04 | 0.43 | 0.39 | 0.26 | 0.20 | 0.22 | 0.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.78bn | CN¥4.61bn | CN¥4.16bn | CN¥4.90bn | CN¥4.77bn | CN¥4.37bn | CN¥4.08bn | CN¥3.83bn | CN¥3.76bn | CN¥2.71bn |
| Cash and short-term investments | — | CN¥621.5m | CN¥744.1m | CN¥924.4m | CN¥1.20bn | CN¥1.71bn | CN¥1.67bn | CN¥1.23bn | CN¥1.74bn | CN¥948.0m |
| Total liabilities | CN¥2.17bn | CN¥2.07bn | CN¥1.41bn | CN¥1.25bn | CN¥1.13bn | CN¥877.9m | CN¥700.0m | CN¥723.7m | CN¥895.6m | CN¥792.2m |
| Debt | — | CN¥672.3m | CN¥342.0m | CN¥109.9m | CN¥104.5m | CN¥32.6m | CN¥134.7m | CN¥238.5m | CN¥227.1m | CN¥171.9m |
| Shareholders' equity | CN¥2.61bn | CN¥2.55bn | CN¥2.74bn | CN¥3.66bn | CN¥3.64bn | CN¥3.50bn | CN¥3.38bn | CN¥3.11bn | CN¥2.87bn | CN¥1.92bn |
| Shares outstanding | 800m | 774m | 804m | 753m | 796m | 765m | 886m | 840m | 693m | 749m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥215.6m | CN¥135.9m | −CN¥202.3m | CN¥59.9m | CN¥75.9m | CN¥446.1m | CN¥346.0m | CN¥85.5m | CN¥75.9m | CN¥93.6m |
| Capital spending | −CN¥212.7m | −CN¥194.8m | −CN¥241.7m | −CN¥249.7m | −CN¥176.7m | −CN¥170.7m | −CN¥174.9m | −CN¥116.2m | −CN¥121.7m | −CN¥98.7m |
| Free cash flow | CN¥2.9m | −CN¥58.9m | −CN¥444.0m | −CN¥189.8m | −CN¥100.9m | CN¥275.4m | CN¥171.1m | −CN¥30.7m | −CN¥45.8m | −CN¥5.1m |
| Dividends paid | −CN¥3.4m | −CN¥10.3m | −CN¥6.3m | −CN¥52.4m | −CN¥60.4m | −CN¥47.6m | −CN¥48.0m | −CN¥57.3m | −CN¥51.7m | −CN¥43.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥448.1m | CN¥364.5m | CN¥1.26bn | CN¥479.5m | CN¥437.0m | CN¥363.5m | CN¥1.08bn | CN¥473.7m |
| Gross profit | CN¥282.4m | CN¥162.6m | CN¥596.6m | CN¥297.8m | CN¥272.4m | CN¥202.6m | CN¥494.7m | CN¥282.8m |
| Operating income | −CN¥11.5m | −CN¥124.1m | CN¥250.1m | −CN¥12.2m | −CN¥51.8m | −CN¥90.9m | −CN¥45.5m | −CN¥60.3m |
| Net income | −CN¥30.8m | −CN¥98.2m | CN¥150.8m | −CN¥24.6m | −CN¥69.6m | −CN¥101.9m | −CN¥38.8m | −CN¥71.4m |
| Diluted earnings per share | -0.04 | -0.12 | 0.19 | -0.03 | -0.09 | -0.13 | -0.05 | -0.09 |
| Cash from operations | — | — | — | −CN¥12.0m | CN¥30.0m | CN¥51.0m | CN¥46.0m | CN¥47.0m |
| Capital spending | −CN¥49.0m | −CN¥39.0m | −CN¥47.0m | −CN¥56.0m | −CN¥68.0m | −CN¥39.0m | −CN¥58.0m | −CN¥49.0m |
| Free cash flow | — | — | — | −CN¥68.0m | −CN¥38.0m | CN¥12.0m | −CN¥12.0m | −CN¥2.0m |
| Total assets | CN¥4.53bn | CN¥4.54bn | CN¥4.78bn | CN¥4.38bn | CN¥4.30bn | CN¥4.38bn | CN¥4.61bn | CN¥4.26bn |
| Cash and short-term investments | — | — | — | CN¥363.2m | CN¥423.9m | CN¥514.6m | CN¥621.5m | CN¥720.0m |
| Debt | — | — | — | CN¥457.0m | CN¥348.6m | CN¥483.2m | CN¥428.7m | CN¥487.4m |
| Shareholders' equity | CN¥2.54bn | CN¥2.56bn | CN¥2.61bn | CN¥2.46bn | CN¥2.41bn | CN¥2.47bn | CN¥2.55bn | CN¥2.44bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 53.9% | 53.1% | 44.2% | 62.2% | 61.2% | 70.3% | — |
| Operating margin | 0.1% | -14.8% | -61.7% | 0.9% | 14.6% | 16.7% | — |
| Net margin | -1.8% | -15.5% | -58.1% | 1.1% | 13.2% | 15.0% | — |
| Return on equity | -1.7% | -14.3% | -35.6% | 0.8% | 9.5% | 8.6% | — |
| Return on assets | -0.9% | -7.9% | -23.5% | 0.6% | 7.2% | 6.9% | — |
| Free cash flow yield | 6.2% | 4.9% | 0.6% | 4.7% | 3.7% | 9.3% | — |
| Revenue growth | 7.8% | 40.3% | -36.1% | 0.8% | 29.8% | 20.3% | — |
| Earnings growth | -87.6% | -62.7% | -3516.6% | -91.7% | 14.4% | 32.9% | — |
| Current ratio | 1.51x | 1.49x | 1.91x | 2.87x | 3.17x | 3.84x | — |
| Debt to equity | — | 0.17x | 0.11x | 0.01x | 0.01x | 0.01x | 0.04x |
| Equity ratio | 54.7% | 55.2% | 66.1% | 74.6% | 76.3% | 79.9% | — |
| Interest coverage | 0.16x | -13.17x | -119.19x | 4.57x | 88.59x | 123.20x | — |
| R&D as a share of sales | 21.8% | 25.8% | 37.4% | 22.8% | 19.3% | 17.8% | — |
| Buybacks as a share of market value | -3.3% | 3.6% | -6.8% | 5.4% | -4.1% | 13.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.1% | 4.8% | 11.2% |
| Operating income | 20.3% | -32.0% | -8.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 53.5% | 54.3% | 57.9% | 63.1% |
| Operating margin | -6.2% | -14.3% | -4.3% | 1.5% |
| Net margin | -8.4% | -14.8% | -5.2% | 1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -132.2 | -15.3 | -7.8 | 268.7 | 36.6 | 38.8 | 70.9 | 43.3 | 41.4 | 57.8 |
| Price to sales | 2.4 | 2.4 | 4.5 | 2.9 | 4.8 | 5.8 | 9.6 | 5.4 | 5.0 | 11.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Jul 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.008 | 0.067 | 0.078 | 0.06 | 0.06 | 0.06 | 0.06 | 0.055 |
- 2-for-1 split · 23 May 2017
- 5-for-2 split · 28 May 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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