S 
25.12
+0.36%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥823.8m
FY2016FY2025
Net income
CN¥1.47bn
FY2016FY2025
Free cash flow
−CN¥111.7m
FY2016FY2025
Shareholders' equity
CN¥6.73bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥823.8m | CN¥1.20bn | CN¥1.30bn | CN¥785.8m | CN¥928.5m | CN¥765.0m | CN¥718.0m | CN¥712.5m | CN¥600.5m | CN¥337.0m |
| Gross profit | CN¥140.4m | CN¥385.6m | CN¥360.8m | CN¥221.3m | CN¥416.4m | CN¥342.7m | CN¥315.1m | CN¥289.1m | CN¥218.2m | CN¥145.6m |
| Research and development | CN¥248.4m | CN¥454.8m | CN¥356.7m | CN¥345.9m | CN¥266.4m | CN¥195.4m | CN¥110.5m | CN¥54.3m | CN¥48.3m | CN¥28.0m |
| Operating income | −CN¥790.3m | −CN¥254.3m | CN¥31.7m | −CN¥171.6m | CN¥197.5m | CN¥241.6m | CN¥142.1m | CN¥126.2m | CN¥70.0m | CN¥71.4m |
| Net income | CN¥1.47bn | −CN¥170.0m | CN¥103.6m | −CN¥73.4m | CN¥205.7m | CN¥201.1m | CN¥115.4m | CN¥94.6m | CN¥48.4m | CN¥59.1m |
| Diluted earnings per share | 2.01 | -0.23 | 0.14 | -0.10 | 0.28 | 0.31 | 0.18 | 0.18 | 0.09 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.94bn | CN¥7.01bn | CN¥7.26bn | CN¥6.98bn | CN¥7.24bn | CN¥4.92bn | CN¥4.17bn | CN¥3.28bn | CN¥3.10bn | CN¥1.78bn |
| Cash and short-term investments | CN¥2.24bn | CN¥623.3m | CN¥947.6m | CN¥1.52bn | CN¥2.84bn | CN¥965.0m | CN¥705.3m | CN¥533.1m | CN¥1.12bn | CN¥216.6m |
| Total liabilities | CN¥1.80bn | CN¥1.62bn | CN¥1.63bn | CN¥1.47bn | CN¥1.56bn | CN¥1.34bn | CN¥806.8m | CN¥1.39bn | CN¥1.35bn | CN¥367.2m |
| Debt | — | CN¥986.2m | CN¥1.05bn | CN¥643.8m | CN¥526.5m | CN¥497.5m | CN¥318.6m | CN¥958.8m | CN¥1.05bn | CN¥51.7m |
| Shareholders' equity | CN¥6.73bn | CN¥4.92bn | CN¥5.16bn | CN¥4.98bn | CN¥5.08bn | CN¥3.08bn | CN¥2.81bn | CN¥1.51bn | CN¥1.40bn | CN¥1.36bn |
| Shares outstanding | 732m | 732m | 732m | 743m | 731m | 641m | 636m | 528m | 529m | 512m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥23.6m | CN¥355.6m | CN¥144.4m | −CN¥73.8m | CN¥103.6m | CN¥255.4m | CN¥189.1m | CN¥28.1m | CN¥76.3m | CN¥32.7m |
| Capital spending | −CN¥135.3m | −CN¥483.0m | −CN¥591.8m | −CN¥1.32bn | −CN¥694.0m | −CN¥347.2m | −CN¥669.7m | −CN¥432.8m | −CN¥161.1m | −CN¥95.2m |
| Free cash flow | −CN¥111.7m | −CN¥127.4m | −CN¥447.4m | −CN¥1.39bn | −CN¥590.4m | −CN¥91.8m | −CN¥480.6m | −CN¥404.8m | −CN¥84.8m | −CN¥62.5m |
| Dividends paid | −CN¥28.9m | −CN¥55.1m | −CN¥18.9m | −CN¥25.7m | −CN¥47.5m | −CN¥19.2m | −CN¥83.6m | −CN¥70.3m | −CN¥24.8m | −CN¥11.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥79.8m | CN¥98.5m | CN¥142.2m | CN¥111.8m | CN¥306.1m | CN¥264.0m | CN¥379.5m | CN¥273.9m |
| Gross profit | −CN¥550,425 | CN¥16.3m | −CN¥6.0m | CN¥33.2m | CN¥105.4m | CN¥113.4m | CN¥133.7m | CN¥65.2m |
| Operating income | −CN¥120.1m | −CN¥99.7m | −CN¥125.6m | −CN¥615.8m | −CN¥42.9m | −CN¥5.2m | −CN¥82.7m | −CN¥95.4m |
| Net income | CN¥2.75bn | −CN¥49.1m | −CN¥102.4m | CN¥1.58bn | −CN¥3.3m | CN¥2.6m | −CN¥52.2m | −CN¥75.1m |
| Diluted earnings per share | 3.76 | -0.07 | -0.14 | 2.15 | -0.00 | 0.00 | -0.07 | -0.10 |
| Cash from operations | — | — | −CN¥38.0m | −CN¥113.0m | CN¥71.0m | CN¥93.0m | CN¥174.0m | CN¥39.0m |
| Capital spending | −CN¥27.0m | −CN¥30.0m | −CN¥110.0m | −CN¥52.0m | −CN¥74.0m | −CN¥119.0m | −CN¥74.0m | −CN¥172.0m |
| Free cash flow | — | — | −CN¥148.0m | −CN¥165.0m | −CN¥3.0m | −CN¥26.0m | CN¥100.0m | −CN¥133.0m |
| Total assets | CN¥11.60bn | CN¥8.77bn | CN¥8.94bn | CN¥8.92bn | CN¥7.56bn | CN¥7.35bn | CN¥7.01bn | CN¥7.22bn |
| Cash and short-term investments | — | — | CN¥2.24bn | CN¥2.27bn | CN¥1.04bn | CN¥851.1m | CN¥623.3m | CN¥719.7m |
| Debt | CN¥734.1m | CN¥739.7m | CN¥1.24bn | CN¥370.6m | CN¥733.1m | CN¥973.0m | CN¥730.3m | CN¥898.3m |
| Shareholders' equity | CN¥9.04bn | CN¥6.62bn | CN¥6.73bn | CN¥6.80bn | CN¥5.09bn | CN¥5.04bn | CN¥4.92bn | CN¥5.03bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.0% | 32.0% | 27.8% | 28.2% | 44.8% | 44.8% |
| Operating margin | -95.9% | -21.1% | 2.4% | -21.8% | 21.3% | 31.6% |
| Net margin | 178.9% | -14.1% | 8.0% | -9.3% | 22.2% | 26.3% |
| Return on equity | 21.9% | -3.5% | 2.0% | -1.5% | 4.0% | 6.5% |
| Return on assets | 16.5% | -2.4% | 1.4% | -1.1% | 2.8% | 4.1% |
| Free cash flow yield | 0.6% | 3.1% | 2.7% | 4.6% | 3.0% | 2.6% |
| Revenue growth | -31.6% | -7.3% | 65.4% | -15.4% | 21.4% | 6.6% |
| Earnings growth | -966.8% | -264.1% | -241.2% | -135.7% | 2.3% | 74.2% |
| Current ratio | 3.87x | 3.11x | 3.11x | 3.92x | 3.63x | 3.17x |
| Debt to equity | 0.18x | 0.15x | 0.14x | 0.05x | 0.01x | 0.05x |
| Equity ratio | 75.3% | 70.2% | 71.1% | 71.4% | 70.2% | 62.6% |
| Interest coverage | -25.99x | -6.81x | 1.72x | -9.78x | 9.16x | 16.23x |
| R&D as a share of sales | 30.2% | 37.8% | 27.4% | 44.0% | 28.7% | 25.5% |
| Buybacks as a share of market value | -0.0% | 0.0% | 1.5% | -1.7% | -14.0% | -0.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 1.5% | 17.0% |
| Operating income | 66.4% | — | — |
| Net income | — | 48.9% | 40.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.9% | 26.9% | 32.1% | 34.9% |
| Operating margin | -51.5% | -28.8% | -12.8% | -3.6% |
| Net margin | 64.3% | 32.4% | 30.0% | 25.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.8 | -74.0 | 169.9 | -149.8 | 87.3 | 75.9 | 135.6 | 65.0 | 172.9 | 154.8 |
| Price to sales | 49.7 | 10.4 | 13.5 | 14.0 | 19.3 | 20.0 | 21.8 | 8.6 | 13.9 | 27.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Apr 2024.
| FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.035 | 0.035 | 0.035 | 0.03 | 0.053 | 0.018 | 0.018 | 0.021 |
- 19-for-10 split · 4 Jul 2019
- 3-for-2 split · 7 Jun 2018
- 2-for-1 split · 6 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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