S 
1.90
-0.52%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥411.4m
FY2016FY2025
Net income
−CN¥123.2m
FY2016FY2025
Free cash flow
CN¥15.5m
FY2016FY2025
Shareholders' equity
CN¥457.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥411.4m | CN¥397.6m | CN¥472.6m | CN¥461.8m | CN¥559.4m | CN¥633.0m | CN¥1.26bn | CN¥1.37bn | CN¥1.77bn | CN¥934.6m |
| Gross profit | CN¥99.1m | CN¥97.2m | CN¥89.0m | CN¥76.2m | CN¥65.6m | CN¥50.2m | CN¥354.0m | CN¥318.9m | CN¥508.6m | CN¥324.6m |
| Research and development | CN¥50.4m | CN¥39.9m | CN¥36.7m | CN¥53.4m | CN¥57.1m | CN¥68.8m | CN¥43.7m | CN¥63.8m | CN¥63.3m | CN¥42.9m |
| Operating income | — | −CN¥80.6m | −CN¥160.1m | −CN¥244.7m | −CN¥675.7m | −CN¥301.8m | CN¥207.0m | −CN¥564.6m | CN¥191.8m | CN¥141.0m |
| Net income | −CN¥123.2m | −CN¥94.2m | −CN¥199.8m | −CN¥412.1m | −CN¥866.4m | −CN¥413.3m | −CN¥20.1m | −CN¥551.3m | CN¥106.3m | CN¥86.3m |
| Diluted earnings per share | -0.08 | -0.06 | -0.13 | -0.12 | -0.91 | -0.43 | -0.02 | -0.57 | 0.11 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.39bn | CN¥1.50bn | CN¥1.51bn | CN¥1.92bn | CN¥2.38bn | CN¥2.97bn | CN¥3.34bn | CN¥4.32bn | CN¥4.25bn | CN¥2.85bn |
| Cash and short-term investments | — | CN¥158.2m | CN¥95.8m | CN¥231.2m | CN¥98.1m | CN¥110.7m | CN¥167.6m | CN¥370.7m | CN¥352.1m | CN¥630.8m |
| Total liabilities | CN¥834.1m | CN¥856.4m | CN¥832.6m | CN¥1.06bn | CN¥2.74bn | CN¥2.45bn | CN¥2.39bn | CN¥3.30bn | CN¥2.67bn | CN¥1.52bn |
| Debt | CN¥300.7m | CN¥489.9m | CN¥434.6m | CN¥149.4m | CN¥1.11bn | CN¥1.32bn | CN¥1.40bn | CN¥2.22bn | CN¥1.59bn | CN¥926.5m |
| Shareholders' equity | CN¥457.4m | CN¥562.4m | CN¥614.5m | CN¥811.8m | −CN¥406.9m | CN¥426.3m | CN¥837.6m | CN¥846.1m | CN¥1.40bn | CN¥1.27bn |
| Shares outstanding | 1,562m | 1,565m | 1,567m | 3,439m | 957m | 957m | 981m | 960m | 959m | 931m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥34.9m | CN¥2.3m | −CN¥104.8m | CN¥21.3m | CN¥6.0m | −CN¥10.8m | CN¥233.0m | −CN¥226.0m | −CN¥430.0m | −CN¥71.5m |
| Capital spending | −CN¥19.4m | −CN¥30.5m | −CN¥132.9m | −CN¥55.6m | −CN¥42.9m | −CN¥28.6m | −CN¥34.3m | −CN¥143.9m | −CN¥205.7m | −CN¥138.6m |
| Free cash flow | CN¥15.5m | −CN¥28.2m | −CN¥237.7m | −CN¥34.3m | −CN¥36.9m | −CN¥39.4m | CN¥198.7m | −CN¥369.9m | −CN¥635.7m | −CN¥210.1m |
| Dividends paid | −CN¥23.9m | −CN¥25.7m | −CN¥13.8m | −CN¥4.7m | −CN¥32.9m | −CN¥35.2m | −CN¥92.6m | −CN¥150.6m | −CN¥59.1m | −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¥67.5m | CN¥45.2m | CN¥207.0m | CN¥67.1m | CN¥96.4m | CN¥40.9m | CN¥163.1m | CN¥112.6m |
| Gross profit | CN¥19.5m | CN¥9.9m | CN¥50.0m | CN¥14.0m | CN¥25.5m | CN¥9.6m | CN¥36.4m | CN¥27.5m |
| Operating income | −CN¥17.3m | −CN¥23.0m | −CN¥10.2m | −CN¥28.4m | −CN¥85,972 | −CN¥26.3m | −CN¥46.3m | CN¥8.5m |
| Net income | −CN¥22.9m | −CN¥26.0m | −CN¥58.3m | −CN¥32.0m | −CN¥7.4m | −CN¥25.5m | −CN¥59.6m | −CN¥810,398 |
| Diluted earnings per share | -0.01 | -0.02 | -0.04 | -0.02 | -0.00 | -0.02 | -0.04 | -0.00 |
| Cash from operations | — | — | — | CN¥8.0m | −CN¥28.0m | −CN¥23.0m | — | −CN¥5.0m |
| Capital spending | −CN¥5.0m | −CN¥6.0m | −CN¥3.0m | −CN¥4.0m | −CN¥2.0m | −CN¥9.0m | −CN¥9.0m | −CN¥7.0m |
| Free cash flow | — | — | — | CN¥4.0m | −CN¥30.0m | −CN¥32.0m | — | −CN¥12.0m |
| Total assets | CN¥1.28bn | CN¥1.32bn | CN¥1.39bn | CN¥1.37bn | CN¥1.39bn | CN¥1.37bn | CN¥1.50bn | CN¥1.45bn |
| Cash and short-term investments | — | — | — | CN¥97.0m | CN¥82.3m | CN¥84.9m | CN¥158.2m | CN¥79.5m |
| Debt | CN¥296.2m | CN¥300.8m | CN¥300.7m | CN¥211.2m | CN¥490.7m | CN¥482.0m | CN¥488.8m | CN¥485.2m |
| Shareholders' equity | CN¥409.2m | CN¥431.9m | CN¥457.4m | CN¥508.8m | CN¥530.2m | CN¥537.0m | CN¥562.4m | CN¥585.9m |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.1% | 24.5% | 18.8% | 16.5% | 11.7% | 7.9% |
| Operating margin | -14.5% | -13.4% | -33.9% | -53.0% | -120.8% | -50.3% |
| Net margin | -30.0% | -23.7% | -42.3% | -89.2% | -154.9% | -65.3% |
| Return on equity | -26.9% | -16.7% | -32.5% | -50.8% | 212.9% | -96.9% |
| Return on assets | -8.9% | -6.3% | -13.2% | -21.4% | -36.5% | -13.9% |
| Free cash flow yield | 1.7% | 1.0% | 0.9% | 1.1% | 2.5% | 0.9% |
| Revenue growth | 3.5% | -15.9% | 2.3% | -17.4% | -11.6% | -49.6% |
| Earnings growth | 30.8% | -52.9% | -51.5% | -52.4% | 109.6% | 1952.2% |
| Current ratio | 0.91x | 1.08x | 1.32x | 1.00x | 0.52x | 0.70x |
| Debt to equity | 0.66x | 0.87x | 0.70x | 0.14x | -2.23x | 3.10x |
| Equity ratio | 33.0% | 37.4% | 40.7% | 42.2% | -17.1% | 14.4% |
| Interest coverage | -2.37x | -1.97x | -4.23x | -1.60x | -3.09x | -2.05x |
| R&D as a share of sales | 12.3% | 10.0% | 7.8% | 11.6% | 10.2% | 10.9% |
| Buybacks as a share of market value | 0.2% | 0.2% | 54.4% | -259.3% | -0.0% | 2.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.8% | -8.3% | -2.8% |
| Net income | -33.1% | -21.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.3% | 20.7% | 16.3% | 25.0% |
| Net margin | -26.9% | -47.6% | -71.8% | -27.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.2 | -52.5 | -19.5 | -20.8 | -2.5 | -6.2 | -168.7 | -4.6 | 34.4 | 61.8 |
| Price to sales | 9.9 | 12.4 | 8.3 | 18.5 | 3.8 | 4.0 | 2.7 | 1.8 | 2.1 | 5.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jul 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|
| Paid in the year | 0.022 | 0.019 | 0.038 | 0.019 | 0.008 |
- 1.008-for-1 split · 20 Dec 2022
- 8-for-5 split · 10 May 2017
- 2-for-1 split · 27 May 2016
- 2-for-1 split · 14 May 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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