W 
9.88
-1.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥428.0m
FY2016FY2025
Net income
−CN¥232.1m
FY2016FY2025
Free cash flow
CN¥7.6m
FY2016FY2025
Shareholders' equity
CN¥31.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥428.0m | CN¥600.2m | CN¥1.27bn | CN¥1.80bn | CN¥1.81bn | CN¥1.49bn | CN¥1.24bn | CN¥959.7m | CN¥818.0m | CN¥696.3m |
| Gross profit | −CN¥42.7m | −CN¥2.6m | CN¥189.5m | CN¥306.2m | CN¥366.2m | CN¥336.4m | CN¥300.4m | CN¥235.7m | CN¥243.3m | CN¥228.6m |
| Research and development | CN¥17.6m | CN¥32.9m | CN¥57.6m | CN¥66.0m | CN¥63.2m | CN¥50.9m | CN¥48.6m | CN¥34.3m | CN¥26.4m | CN¥22.2m |
| Operating income | −CN¥195.2m | −CN¥431.0m | −CN¥15.8m | −CN¥70.8m | CN¥158.0m | −CN¥319.3m | CN¥111.9m | CN¥79.7m | CN¥97.5m | CN¥136.1m |
| Net income | −CN¥232.1m | −CN¥464.3m | −CN¥46.8m | −CN¥116.6m | CN¥121.8m | −CN¥335.6m | CN¥89.8m | CN¥43.3m | CN¥60.3m | CN¥88.7m |
| Diluted earnings per share | -0.70 | -1.39 | -0.14 | -0.35 | 0.37 | -1.01 | 0.27 | 0.13 | 0.19 | 0.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.14bn | CN¥2.73bn | CN¥3.27bn | CN¥3.19bn | CN¥3.62bn | CN¥3.84bn | CN¥3.32bn | CN¥2.65bn | CN¥2.19bn | CN¥1.62bn |
| Cash and short-term investments | — | CN¥280.4m | CN¥345.0m | CN¥336.8m | CN¥325.8m | CN¥325.9m | CN¥320.4m | CN¥227.4m | CN¥200.3m | CN¥145.8m |
| Total liabilities | CN¥2.05bn | CN¥2.43bn | CN¥2.49bn | CN¥2.35bn | CN¥2.48bn | CN¥2.84bn | CN¥1.99bn | CN¥1.40bn | CN¥1.01bn | CN¥774.9m |
| Debt | CN¥144.3m | CN¥655.8m | CN¥1.17bn | CN¥981.6m | CN¥672.9m | CN¥811.1m | CN¥543.4m | CN¥386.4m | CN¥361.5m | CN¥252.0m |
| Shareholders' equity | CN¥31.3m | CN¥240.1m | CN¥704.4m | CN¥751.2m | CN¥983.4m | CN¥861.6m | CN¥1.22bn | CN¥1.14bn | CN¥1.10bn | CN¥775.2m |
| Shares outstanding | 333m | 333m | 329m | 332m | 333m | 333m | 333m | 333m | 316m | 307m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥11.3m | −CN¥5.8m | CN¥132.7m | −CN¥57.9m | CN¥60.3m | CN¥106.7m | CN¥113.4m | CN¥117.6m | CN¥40.2m | −CN¥18.3m |
| Capital spending | −CN¥3.7m | −CN¥6.0m | −CN¥29.5m | −CN¥8.3m | −CN¥17.8m | −CN¥32.9m | −CN¥36.8m | −CN¥29.2m | −CN¥61.3m | −CN¥87.7m |
| Free cash flow | CN¥7.6m | −CN¥11.8m | CN¥103.2m | −CN¥66.2m | CN¥42.5m | CN¥73.8m | CN¥76.6m | CN¥88.4m | −CN¥21.2m | −CN¥106.0m |
| Dividends paid | −CN¥30.2m | −CN¥42.9m | −CN¥49.7m | −CN¥39.8m | −CN¥53.2m | −CN¥20.8m | −CN¥9.1m | −CN¥56.0m | −CN¥28.2m | −CN¥22.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥124.5m | CN¥51.8m | CN¥165.3m | CN¥48.0m | CN¥94.2m | CN¥120.6m | CN¥205.0m | CN¥88.9m |
| Gross profit | CN¥1.7m | −CN¥238,315 | −CN¥19.5m | −CN¥5.2m | −CN¥4.2m | −CN¥13.7m | −CN¥41.3m | CN¥19.5m |
| Operating income | −CN¥30.9m | −CN¥24.9m | −CN¥44.6m | −CN¥62.0m | −CN¥51.5m | −CN¥50.7m | −CN¥311.1m | −CN¥43.7m |
| Net income | −CN¥52.7m | −CN¥37.0m | −CN¥74.4m | −CN¥57.5m | −CN¥53.4m | −CN¥46.8m | −CN¥313.0m | −CN¥52.7m |
| Diluted earnings per share | -0.16 | -0.11 | -0.22 | -0.17 | -0.16 | -0.14 | -0.94 | -0.16 |
| Cash from operations | — | — | — | CN¥11.0m | −CN¥32.0m | −CN¥57.0m | — | −CN¥27.0m |
| Capital spending | −CN¥2.0m | −CN¥2.0m | −CN¥2.0m | — | — | — | −CN¥1.0m | −CN¥2.0m |
| Free cash flow | — | — | — | — | — | — | — | −CN¥29.0m |
| Total assets | CN¥1.98bn | CN¥2.08bn | CN¥2.14bn | CN¥2.29bn | CN¥2.41bn | CN¥2.53bn | CN¥2.73bn | CN¥3.04bn |
| Cash and short-term investments | — | — | — | CN¥186.4m | CN¥224.3m | CN¥241.3m | CN¥280.4m | CN¥266.3m |
| Debt | CN¥115.1m | CN¥142.7m | CN¥144.3m | CN¥904.6m | CN¥834.0m | CN¥729.1m | CN¥655.8m | CN¥627.7m |
| Shareholders' equity | −CN¥58.4m | −CN¥5.7m | CN¥31.3m | CN¥82.4m | CN¥139.9m | CN¥193.3m | CN¥240.1m | CN¥553.1m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -10.0% | -0.4% | 15.0% | 17.0% | 20.2% | 22.6% |
| Operating margin | -45.3% | -71.8% | -1.1% | -3.9% | 11.7% | -21.5% |
| Net margin | -54.2% | -77.4% | -3.7% | -6.5% | 6.7% | -22.6% |
| Return on equity | -741.7% | -193.4% | -6.6% | -15.5% | 12.4% | -39.0% |
| Return on assets | -10.8% | -17.0% | -1.4% | -3.7% | 3.4% | -8.7% |
| Free cash flow yield | — | -0.2% | 3.9% | — | — | — |
| Revenue growth | -28.7% | -52.6% | -29.7% | -0.7% | 21.8% | 19.8% |
| Earnings growth | -50.0% | 892.6% | -59.9% | -195.7% | -136.3% | -473.6% |
| Current ratio | 0.70x | 0.89x | 1.10x | 1.29x | 1.21x | 1.16x |
| Debt to equity | 4.61x | 2.73x | 1.66x | 1.31x | 0.68x | 0.94x |
| Equity ratio | 1.5% | 8.8% | 21.5% | 23.6% | 27.1% | 22.5% |
| Interest coverage | -5.04x | -9.99x | -0.35x | -1.75x | 3.84x | -6.05x |
| R&D as a share of sales | 4.1% | 5.5% | 4.6% | 3.7% | 3.5% | 3.4% |
| Buybacks as a share of market value | -0.0% | -1.4% | 1.0% | 0.3% | 0.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -38.0% | -22.1% | -3.0% |
| Operating income | 40.2% | -9.4% | — |
| Net income | 25.8% | -7.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -4.4% | 11.0% | 15.6% | 20.2% |
| Operating margin | -60.9% | -17.4% | -11.8% | -3.2% |
| Net margin | -67.7% | -21.0% | -14.5% | -6.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.9 | -3.4 | -47.2 | -16.8 | 23.1 | -7.8 | 28.1 | 42.3 | 50.2 | 49.9 |
| Price to sales | 4.8 | 2.6 | 1.8 | 1.1 | 1.6 | 1.8 | 2.0 | 1.9 | 3.7 | 6.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 May 2020.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.063 | 0.027 | 0.027 | 0.049 | 0.039 | 0.026 |
- 8-for-5 split · 21 May 2020
- 8-for-5 split · 11 Jul 2019
- 3-for-2 split · 9 Jul 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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