S 
8.11
+3.31%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥472.5m
FY2016FY2025
Net income
−CN¥43.0m
FY2016FY2025
Free cash flow
CN¥60.0m
FY2016FY2025
Shareholders' equity
CN¥687.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥472.5m | CN¥551.4m | CN¥835.3m | CN¥802.5m | CN¥587.4m | CN¥545.1m | CN¥500.5m | CN¥429.8m | CN¥456.2m | CN¥331.4m |
| Gross profit | CN¥170.5m | CN¥142.3m | CN¥232.9m | CN¥255.3m | CN¥205.5m | CN¥204.2m | CN¥175.9m | CN¥181.3m | CN¥196.2m | CN¥148.9m |
| Research and development | CN¥32.9m | CN¥39.1m | CN¥57.5m | CN¥60.8m | CN¥50.0m | CN¥60.0m | CN¥53.2m | CN¥50.1m | CN¥35.6m | CN¥18.7m |
| Operating income | CN¥356,970 | −CN¥95.3m | −CN¥32.2m | CN¥40.6m | −CN¥8.8m | CN¥15.0m | −CN¥207.1m | −CN¥213.9m | CN¥31.1m | CN¥42.6m |
| Net income | −CN¥43.0m | −CN¥86.6m | −CN¥45.5m | CN¥21.2m | −CN¥9.5m | CN¥18.9m | −CN¥203.4m | −CN¥212.7m | CN¥25.6m | CN¥56.5m |
| Diluted earnings per share | -0.08 | -0.16 | -0.09 | 0.04 | -0.02 | 0.03 | -0.35 | -0.38 | 0.07 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.09bn | CN¥1.31bn | CN¥1.43bn | CN¥1.47bn | CN¥1.34bn | CN¥1.20bn | CN¥1.27bn | CN¥1.62bn | CN¥1.79bn | CN¥1.38bn |
| Cash and short-term investments | — | CN¥124.5m | CN¥103.5m | CN¥102.7m | CN¥104.6m | CN¥77.5m | CN¥129.5m | CN¥136.4m | CN¥104.1m | CN¥76.6m |
| Total liabilities | CN¥408.4m | CN¥622.1m | CN¥636.6m | CN¥625.4m | CN¥519.9m | CN¥358.0m | CN¥413.8m | CN¥440.9m | CN¥387.6m | CN¥268.3m |
| Debt | CN¥40.0m | CN¥216.2m | CN¥232.0m | CN¥119.4m | CN¥162.1m | CN¥98.7m | CN¥150.6m | CN¥165.2m | CN¥149.2m | CN¥49.3m |
| Shareholders' equity | CN¥687.2m | CN¥729.6m | CN¥816.2m | CN¥868.4m | CN¥845.4m | CN¥854.8m | CN¥859.7m | CN¥1.18bn | CN¥1.40bn | CN¥1.12bn |
| Shares outstanding | 539m | 537m | 533m | 536m | 532m | 546m | 575m | 566m | 387m | 515m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥65.2m | CN¥69.2m | −CN¥112.9m | CN¥9.2m | −CN¥18.0m | CN¥153,716 | CN¥48.4m | −CN¥32.5m | CN¥15.4m | −CN¥28.1m |
| Capital spending | −CN¥5.2m | −CN¥2.7m | −CN¥4.7m | −CN¥1.7m | −CN¥1.1m | −CN¥1.8m | −CN¥2.8m | −CN¥3.9m | −CN¥9.3m | −CN¥63.4m |
| Free cash flow | CN¥60.0m | CN¥66.5m | −CN¥117.7m | CN¥7.5m | −CN¥19.1m | −CN¥1.6m | CN¥45.6m | −CN¥36.4m | CN¥6.1m | −CN¥91.5m |
| Dividends paid | −CN¥5.4m | −CN¥6.8m | −CN¥6.0m | −CN¥7.3m | −CN¥5.5m | −CN¥6.5m | −CN¥8.6m | −CN¥13.6m | −CN¥14.3m | −CN¥9.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥127.8m | CN¥101.4m | CN¥131.8m | CN¥125.1m | CN¥127.5m | CN¥88.1m | CN¥190.4m | CN¥121.8m |
| Gross profit | CN¥57.3m | CN¥43.5m | CN¥42.7m | CN¥42.2m | CN¥49.0m | CN¥36.6m | CN¥2.3m | CN¥43.9m |
| Operating income | CN¥13.1m | CN¥6.5m | −CN¥2.3m | CN¥2.0m | −CN¥3.7m | −CN¥10.2m | −CN¥81.8m | −CN¥15.5m |
| Net income | CN¥7.2m | CN¥5.2m | −CN¥33.5m | CN¥5.8m | −CN¥4.2m | −CN¥11.1m | −CN¥67.0m | −CN¥22.3m |
| Diluted earnings per share | 0.01 | 0.01 | -0.06 | 0.01 | -0.01 | -0.02 | -0.12 | -0.04 |
| Cash from operations | — | — | — | −CN¥9.0m | CN¥24.0m | CN¥16.0m | — | CN¥14.0m |
| Capital spending | — | — | −CN¥4.0m | — | — | — | −CN¥1.0m | — |
| Total assets | CN¥1.08bn | CN¥1.08bn | CN¥1.09bn | CN¥1.27bn | CN¥1.28bn | CN¥1.29bn | CN¥1.31bn | CN¥1.36bn |
| Cash and short-term investments | — | — | — | CN¥145.9m | CN¥153.8m | CN¥125.1m | CN¥124.5m | CN¥77.5m |
| Debt | CN¥52.4m | CN¥50.0m | CN¥40.0m | CN¥150.2m | CN¥165.7m | CN¥200.0m | CN¥213.3m | CN¥221.0m |
| Shareholders' equity | CN¥700.2m | CN¥693.1m | CN¥687.2m | CN¥720.8m | CN¥714.8m | CN¥719.1m | CN¥729.6m | CN¥797.5m |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.1% | 25.8% | 27.9% | 31.8% | 35.0% | 37.5% |
| Operating margin | -6.9% | -15.9% | -3.9% | 5.0% | -1.5% | 4.4% |
| Net margin | -9.1% | -15.7% | -5.4% | 2.6% | -1.6% | 3.5% |
| Return on equity | -6.3% | -11.9% | -5.6% | 2.4% | -1.1% | 2.2% |
| Return on assets | -3.9% | -6.6% | -3.2% | 1.4% | -0.7% | 1.6% |
| Free cash flow yield | 1.9% | 1.9% | -2.9% | 0.3% | -0.5% | 0.1% |
| Revenue growth | -14.3% | -34.0% | 4.1% | 36.6% | 7.8% | 8.9% |
| Earnings growth | -50.4% | 90.3% | -314.5% | -322.8% | -150.3% | -109.3% |
| Current ratio | 2.06x | 1.56x | 1.69x | 1.74x | 1.77x | 2.19x |
| Debt to equity | 0.06x | 0.29x | 0.28x | 0.13x | 0.19x | 0.12x |
| Equity ratio | 63.0% | 55.6% | 57.0% | 59.1% | 63.0% | 71.4% |
| Interest coverage | -5.16x | -11.39x | -4.18x | 4.65x | -1.18x | 2.51x |
| R&D as a share of sales | 7.0% | 7.1% | 6.9% | 7.6% | 8.5% | 11.0% |
| Buybacks as a share of market value | -0.4% | -0.7% | 0.4% | -0.7% | 2.6% | 5.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.2% | -2.8% | 7.3% |
| Operating income | -79.4% | -52.7% | -34.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.5% | 30.1% | 31.9% | 34.9% |
| Operating margin | -9.3% | -3.3% | -2.1% | -7.0% |
| Net margin | -12.7% | -5.8% | -3.8% | -7.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -126.2 | -46.2 | -84.2 | 114.4 | -398.8 | 172.4 | -16.6 | -13.6 | 166.8 | 156.0 |
| Price to sales | 11.5 | 7.3 | 4.6 | 3.0 | 6.5 | 6.0 | 6.7 | 6.7 | 9.3 | 26.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jun 2018.
| FY2018 | FY2017 | FY2016 | |
|---|---|---|---|
| Paid in the year | 0.01 | 0.017 | 0.019 |
- 9-for-5 split · 12 Jul 2017
- 3-for-1 split · 28 Apr 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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