S 
4.75
-2.06%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥760.2m
FY2016FY2025
Net income
−CN¥167.0m
FY2016FY2025
Free cash flow
−CN¥62.6m
FY2016FY2025
Shareholders' equity
CN¥1.17bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥760.2m | CN¥1.46bn | CN¥2.00bn | CN¥2.15bn | CN¥2.71bn | CN¥4.19bn | CN¥3.94bn | CN¥3.03bn | CN¥264.0m | CN¥233.3m |
| Gross profit | CN¥140.0m | CN¥212.8m | CN¥79.5m | CN¥399.4m | CN¥598.2m | CN¥1.23bn | CN¥1.47bn | CN¥1.18bn | CN¥84.3m | CN¥72.5m |
| Research and development | CN¥18.6m | CN¥32.3m | CN¥74.3m | CN¥75.5m | CN¥100.0m | CN¥148.8m | CN¥145.8m | CN¥113.2m | CN¥11.0m | CN¥10.9m |
| Operating income | −CN¥47.4m | −CN¥144.0m | −CN¥1.61bn | −CN¥946.2m | CN¥269.6m | CN¥659.7m | CN¥675.6m | CN¥516.6m | CN¥33.4m | CN¥26.1m |
| Net income | −CN¥167.0m | −CN¥120.0m | −CN¥1.70bn | −CN¥981.4m | CN¥208.9m | CN¥577.4m | CN¥593.0m | CN¥450.5m | CN¥27.6m | CN¥24.8m |
| Diluted earnings per share | -0.33 | -0.24 | -3.41 | -1.99 | 0.41 | 1.18 | 1.20 | 0.97 | 0.11 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.40bn | CN¥2.85bn | CN¥3.27bn | CN¥5.73bn | CN¥7.79bn | CN¥8.09bn | CN¥7.84bn | CN¥6.85bn | CN¥726.1m | CN¥618.8m |
| Cash and short-term investments | — | CN¥360.4m | CN¥474.1m | CN¥1.15bn | CN¥1.16bn | CN¥1.08bn | CN¥791.0m | CN¥839.2m | CN¥187.8m | CN¥164.8m |
| Total liabilities | CN¥1.23bn | CN¥1.50bn | CN¥1.81bn | CN¥2.54bn | CN¥3.61bn | CN¥4.05bn | CN¥4.38bn | CN¥3.97bn | CN¥241.1m | CN¥161.1m |
| Debt | — | CN¥171.2m | CN¥171.5m | CN¥658.0m | CN¥709.1m | CN¥791.5m | CN¥1.25bn | CN¥1.00bn | CN¥136.1m | CN¥30.0m |
| Shareholders' equity | CN¥1.17bn | CN¥1.35bn | CN¥1.46bn | CN¥3.19bn | CN¥4.18bn | CN¥4.04bn | CN¥3.46bn | CN¥2.88bn | CN¥485.1m | CN¥457.7m |
| Shares outstanding | 499m | 506m | 497m | 494m | 504m | 490m | 492m | 463m | 250m | 303m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥32.1m | −CN¥105.2m | −CN¥42.5m | CN¥171.9m | CN¥655.9m | CN¥701.2m | −CN¥175.7m | −CN¥483.8m | CN¥24.5m | CN¥53.0m |
| Capital spending | −CN¥30.5m | −CN¥31.5m | −CN¥52.1m | −CN¥32.4m | −CN¥18.5m | −CN¥34.6m | −CN¥205.8m | −CN¥108.7m | −CN¥27.3m | −CN¥41.7m |
| Free cash flow | −CN¥62.6m | −CN¥136.6m | −CN¥94.5m | CN¥139.6m | CN¥637.4m | CN¥666.6m | −CN¥381.5m | −CN¥592.5m | −CN¥2.8m | CN¥11.3m |
| Dividends paid | −CN¥5.6m | −CN¥6.8m | −CN¥15.9m | −CN¥17.2m | −CN¥52.3m | −CN¥44.9m | −CN¥66.4m | −CN¥20.9m | −CN¥5.6m | −CN¥10.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥97.0m | CN¥107.3m | CN¥123.0m | CN¥138.3m | CN¥331.5m | CN¥167.5m | CN¥399.4m | CN¥423.7m |
| Gross profit | CN¥12.2m | CN¥10.7m | CN¥29.0m | CN¥23.4m | CN¥64.2m | CN¥23.4m | CN¥14.3m | CN¥82.6m |
| Operating income | −CN¥24.9m | −CN¥16.1m | −CN¥40.3m | CN¥1.0m | CN¥20.5m | −CN¥15.7m | −CN¥157.3m | CN¥1.3m |
| Net income | −CN¥75.3m | −CN¥23.6m | −CN¥173.5m | CN¥2.1m | CN¥17.2m | −CN¥12.9m | −CN¥136.2m | CN¥4.4m |
| Diluted earnings per share | -0.15 | -0.05 | -0.35 | 0.00 | 0.03 | -0.03 | -0.27 | 0.01 |
| Cash from operations | — | — | — | −CN¥17.0m | CN¥61.0m | −CN¥60.0m | — | −CN¥70.0m |
| Capital spending | −CN¥32.0m | −CN¥3.0m | −CN¥1.0m | −CN¥8.0m | −CN¥5.0m | −CN¥15.0m | −CN¥28.0m | −CN¥2.0m |
| Free cash flow | — | — | — | −CN¥25.0m | CN¥56.0m | −CN¥75.0m | — | −CN¥72.0m |
| Total assets | CN¥2.34bn | CN¥2.38bn | CN¥2.40bn | CN¥2.71bn | CN¥2.76bn | CN¥2.76bn | CN¥2.85bn | CN¥3.37bn |
| Cash and short-term investments | — | — | — | CN¥130.1m | CN¥149.9m | CN¥249.4m | CN¥360.4m | CN¥352.3m |
| Debt | — | — | — | CN¥191.3m | CN¥100.5m | CN¥105.2m | CN¥157.8m | CN¥171.6m |
| Shareholders' equity | CN¥1.08bn | CN¥1.15bn | CN¥1.17bn | CN¥1.35bn | CN¥1.34bn | CN¥1.33bn | CN¥1.35bn | CN¥1.49bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 18.4% | 14.6% | 4.0% | 18.6% | 22.1% | 29.2% | — |
| Operating margin | -21.4% | -9.9% | -80.6% | -44.1% | 10.1% | 17.4% | — |
| Net margin | -22.0% | -8.2% | -84.7% | -45.7% | 7.7% | 13.8% | — |
| Return on equity | -14.2% | -8.9% | -116.1% | -30.8% | 5.0% | 14.3% | — |
| Return on assets | -7.0% | -4.2% | -51.9% | -17.1% | 2.7% | 7.1% | — |
| Free cash flow yield | -0.1% | -2.8% | 0.4% | 7.9% | 25.5% | 28.7% | — |
| Revenue growth | -47.8% | -27.3% | -6.7% | -20.8% | -35.4% | 6.4% | — |
| Earnings growth | 39.2% | -92.9% | 72.8% | -569.8% | -63.8% | -2.6% | — |
| Current ratio | 1.24x | 1.32x | 1.34x | 1.73x | 1.51x | 1.47x | — |
| Debt to equity | — | 0.12x | 0.11x | 0.21x | 0.16x | 0.17x | 0.36x |
| Equity ratio | 49.0% | 47.3% | 44.7% | 55.6% | 53.7% | 49.9% | — |
| Interest coverage | -25.88x | -17.59x | -118.81x | -33.15x | 6.22x | 9.95x | — |
| R&D as a share of sales | 2.4% | 2.2% | 3.7% | 3.5% | 3.7% | 3.5% | — |
| Buybacks as a share of market value | 1.3% | -1.8% | -0.6% | 2.1% | -2.9% | 0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -29.2% | -28.9% | 9.2% |
| Operating income | -63.1% | — | — |
| Net income | -44.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.9% | 13.1% | 20.0% | 26.4% |
| Operating margin | -8.6% | -43.2% | -13.7% | -2.5% |
| Net margin | -13.0% | -46.6% | -16.4% | -4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -25.1 | -29.2 | -2.8 | -4.7 | 35.0 | 10.7 | 11.0 | 10.7 | 86.5 | 151.4 |
| Price to sales | 5.5 | 2.4 | 2.4 | 2.1 | 2.7 | 1.5 | 1.6 | 1.6 | 9.1 | 16.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.032 | 0.035 | 0.105 | 0.09 | 0.134 | 0.018 | 0.031 | 0.031 |
- 17-for-10 split · 11 Apr 2019
- 1.599-for-1 split · 4 Jun 2018
- 6-for-5 split · 20 May 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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