L 
4.68
-2.50%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥544.3m
FY2016FY2025
Net income
−CN¥61.2m
FY2016FY2025
Free cash flow
−CN¥69.0m
FY2016FY2025
Shareholders' equity
CN¥388.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥544.3m | CN¥631.8m | CN¥558.2m | CN¥780.2m | CN¥1.09bn | CN¥928.8m | CN¥943.8m | CN¥1.19bn | CN¥1.13bn | CN¥776.7m |
| Gross profit | CN¥36.2m | CN¥42.2m | CN¥23.2m | CN¥6.3m | CN¥153.5m | CN¥115.4m | CN¥161.6m | CN¥182.1m | CN¥205.7m | CN¥139.8m |
| Research and development | CN¥7.7m | CN¥10.1m | CN¥9.1m | CN¥13.1m | CN¥10.6m | CN¥22.0m | CN¥13.4m | CN¥39.0m | CN¥36.5m | CN¥27.7m |
| Operating income | −CN¥27.1m | −CN¥65.5m | −CN¥105.2m | −CN¥151.1m | CN¥7.7m | −CN¥86.1m | −CN¥38.1m | −CN¥188.9m | CN¥14.8m | CN¥15.4m |
| Net income | −CN¥61.2m | −CN¥49.8m | −CN¥100.2m | −CN¥118.8m | CN¥11.9m | −CN¥60.7m | CN¥10.8m | −CN¥100.5m | CN¥22.8m | CN¥15.7m |
| Diluted earnings per share | -0.22 | -0.18 | -0.35 | -0.41 | 0.04 | -0.21 | 0.04 | -0.34 | 0.06 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥982.3m | CN¥1.05bn | CN¥1.27bn | CN¥1.48bn | CN¥1.64bn | CN¥1.54bn | CN¥1.64bn | CN¥1.75bn | CN¥1.83bn | CN¥1.68bn |
| Cash and short-term investments | — | CN¥54.1m | CN¥162.1m | CN¥212.3m | CN¥193.8m | CN¥221.9m | CN¥293.7m | CN¥318.4m | CN¥175.0m | CN¥181.2m |
| Total liabilities | CN¥581.6m | CN¥589.8m | CN¥746.8m | CN¥825.6m | CN¥851.1m | CN¥783.1m | CN¥819.0m | CN¥911.8m | CN¥879.3m | CN¥750.7m |
| Debt | CN¥20.9m | CN¥449.8m | CN¥559.7m | CN¥556.4m | CN¥523.6m | CN¥493.8m | CN¥492.9m | CN¥564.8m | CN¥615.0m | CN¥527.5m |
| Shareholders' equity | CN¥388.0m | CN¥447.8m | CN¥508.0m | CN¥639.3m | CN¥766.3m | CN¥754.6m | CN¥816.0m | CN¥839.1m | CN¥949.0m | CN¥926.4m |
| Shares outstanding | 284m | 284m | 285m | 289m | 290m | 290m | 292m | 295m | 396m | 412m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥62.6m | CN¥31.2m | CN¥10.5m | −CN¥97.8m | CN¥18.0m | −CN¥20.8m | CN¥137.7m | CN¥255.1m | −CN¥57.1m | CN¥20.8m |
| Capital spending | −CN¥6.3m | −CN¥12.1m | −CN¥26.0m | −CN¥24.1m | −CN¥22.8m | −CN¥11.1m | −CN¥51.0m | −CN¥32.3m | −CN¥34.0m | −CN¥48.3m |
| Free cash flow | −CN¥69.0m | CN¥19.1m | −CN¥15.5m | −CN¥121.9m | −CN¥4.8m | −CN¥31.9m | CN¥86.7m | CN¥222.8m | −CN¥91.0m | −CN¥27.5m |
| Dividends paid | −CN¥31.9m | −CN¥26.6m | −CN¥27.3m | −CN¥6.7m | −CN¥31.8m | −CN¥36.1m | −CN¥30.7m | −CN¥37.4m | −CN¥29.7m | −CN¥29.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥201.1m | CN¥119.2m | CN¥139.0m | CN¥145.9m | CN¥168.4m | CN¥90.5m | CN¥163.1m | CN¥159.2m |
| Gross profit | CN¥24.4m | CN¥15.2m | CN¥4.4m | CN¥13.5m | CN¥12.9m | CN¥4.9m | CN¥6.2m | CN¥12.7m |
| Operating income | CN¥11.7m | CN¥1.2m | −CN¥13.4m | −CN¥3.3m | −CN¥7.6m | −CN¥15.5m | −CN¥38.5m | −CN¥11.7m |
| Net income | CN¥5.8m | CN¥1.2m | −CN¥32.1m | −CN¥4.9m | −CN¥8.7m | −CN¥15.5m | −CN¥29.7m | −CN¥3.6m |
| Diluted earnings per share | 0.02 | 0.00 | -0.11 | -0.02 | -0.03 | -0.05 | -0.10 | -0.01 |
| Cash from operations | — | — | — | CN¥2.0m | CN¥32.0m | −CN¥48.0m | — | CN¥33.0m |
| Capital spending | −CN¥2.0m | — | — | −CN¥3.0m | −CN¥5.0m | −CN¥3.0m | −CN¥3.0m | — |
| Free cash flow | — | — | — | −CN¥1.0m | CN¥27.0m | −CN¥51.0m | — | — |
| Total assets | CN¥1.03bn | CN¥1.03bn | CN¥982.3m | CN¥1.03bn | CN¥1.01bn | CN¥1.04bn | CN¥1.05bn | CN¥1.14bn |
| Cash and short-term investments | — | — | — | CN¥50.6m | CN¥33.5m | CN¥34.4m | CN¥54.1m | CN¥56.7m |
| Debt | CN¥16.0m | CN¥19.4m | CN¥20.9m | CN¥432.8m | CN¥426.1m | CN¥441.4m | CN¥449.8m | CN¥495.2m |
| Shareholders' equity | CN¥409.0m | CN¥389.4m | CN¥388.0m | CN¥418.6m | CN¥423.5m | CN¥432.2m | CN¥447.8m | CN¥477.8m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.6% | 6.7% | 4.2% | 0.8% | 14.1% | 12.4% |
| Operating margin | -9.7% | -4.3% | -11.8% | -15.3% | 3.7% | -4.4% |
| Net margin | -11.2% | -7.9% | -18.0% | -15.2% | 1.1% | -6.5% |
| Return on equity | -15.8% | -11.1% | -19.7% | -18.6% | 1.6% | -8.0% |
| Return on assets | -6.2% | -4.7% | -7.9% | -8.0% | 0.7% | -3.9% |
| Free cash flow yield | -4.3% | 3.3% | 2.8% | -5.5% | 3.1% | -0.7% |
| Revenue growth | -13.9% | 13.2% | -28.5% | -28.3% | 17.2% | -1.6% |
| Earnings growth | 22.8% | -50.3% | -15.6% | -1095.9% | -119.6% | -663.6% |
| Current ratio | 1.03x | 1.08x | 1.09x | 1.18x | 1.33x | 1.41x |
| Debt to equity | 0.05x | 1.00x | 1.11x | 0.87x | 0.68x | 0.65x |
| Equity ratio | 39.5% | 42.6% | 40.1% | 43.3% | 46.7% | 48.9% |
| Interest coverage | -2.70x | -0.94x | -2.31x | -3.65x | 1.25x | -1.19x |
| R&D as a share of sales | 1.4% | 1.6% | 1.6% | 1.7% | 1.0% | 2.4% |
| Buybacks as a share of market value | 0.0% | 0.1% | 1.6% | 0.4% | -0.0% | 0.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.3% | -10.1% | -3.8% |
| Operating income | -43.6% | -20.7% | -3.4% |
| Net income | -19.8% | 0.2% | 7.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.7% | 4.3% | 8.3% | 12.5% |
| Operating margin | -7.9% | -13.9% | -9.4% | -7.1% |
| Net margin | -9.4% | -13.1% | -8.4% | -4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.6 | -27.6 | -18.3 | -13.0 | 183.4 | -31.7 | 143.4 | -11.3 | 113.2 | 319.4 |
| Price to sales | 3.3 | 2.2 | 3.3 | 2.0 | 2.0 | 2.1 | 1.6 | 0.9 | 2.3 | 6.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 May 2022.
| FY2022 | FY2018 | FY2015 | |
|---|---|---|---|
| Paid in the year | 0.03 | 0.01 | 0.053 |
- 13-for-10 split · 27 May 2022
- 3-for-2 split · 6 Jun 2019
- 3-for-2 split · 9 Jun 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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