H 
1.97
-2.48%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.66bn
FY2016FY2025
Net income
−CN¥894.6m
FY2016FY2025
Free cash flow
CN¥143.0m
FY2016FY2025
Shareholders' equity
CN¥119.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.66bn | CN¥2.65bn | CN¥2.95bn | CN¥2.96bn | CN¥2.43bn | CN¥1.30bn | CN¥1.89bn | CN¥2.01bn | CN¥2.11bn | CN¥1.26bn |
| Gross profit | −CN¥33.7m | CN¥113.3m | CN¥207.0m | CN¥629.7m | CN¥572.6m | −CN¥189.8m | CN¥416.0m | CN¥426.4m | CN¥471.1m | CN¥342.0m |
| Research and development | CN¥77.1m | CN¥113.1m | CN¥116.1m | CN¥97.9m | CN¥74.9m | CN¥52.4m | CN¥133.1m | CN¥98.8m | CN¥30.9m | CN¥55.7m |
| Operating income | −CN¥418.3m | −CN¥1.14bn | −CN¥762.6m | CN¥35.0m | CN¥107.5m | −CN¥765.3m | CN¥130.6m | CN¥106.1m | CN¥154.6m | CN¥97.7m |
| Net income | −CN¥894.6m | −CN¥631.2m | −CN¥643.4m | CN¥7.2m | CN¥106.2m | −CN¥775.8m | CN¥63.9m | CN¥51.0m | CN¥131.3m | CN¥87.8m |
| Diluted earnings per share | -1.00 | -0.58 | -0.56 | 0.01 | 0.09 | -1.01 | 0.08 | 0.07 | 0.14 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.21bn | CN¥5.42bn | CN¥9.69bn | CN¥7.27bn | CN¥5.10bn | CN¥4.15bn | CN¥4.62bn | CN¥4.68bn | CN¥3.95bn | CN¥2.01bn |
| Cash and short-term investments | — | CN¥191.0m | CN¥1.57bn | CN¥1.71bn | CN¥720.7m | CN¥358.6m | CN¥183.0m | CN¥302.2m | CN¥365.8m | CN¥299.9m |
| Total liabilities | CN¥5.10bn | CN¥4.75bn | CN¥7.38bn | CN¥4.28bn | CN¥2.77bn | CN¥2.91bn | CN¥2.62bn | CN¥2.74bn | CN¥2.03bn | CN¥1.13bn |
| Debt | CN¥970.5m | CN¥1.67bn | CN¥3.44bn | CN¥2.21bn | CN¥904.4m | CN¥984.0m | CN¥952.0m | CN¥1.16bn | CN¥493.7m | CN¥52.0m |
| Shareholders' equity | CN¥119.8m | CN¥1.12bn | CN¥1.84bn | CN¥2.37bn | CN¥2.34bn | CN¥1.24bn | CN¥2.00bn | CN¥1.94bn | CN¥1.92bn | CN¥879.0m |
| Shares outstanding | 895m | 1,093m | 1,159m | 1,072m | 1,168m | 765m | 819m | 740m | 926m | 683m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥147.0m | CN¥363.6m | −CN¥2.04bn | −CN¥239.3m | −CN¥220.1m | CN¥226.6m | CN¥208.9m | −CN¥181.9m | CN¥89.1m | CN¥42.4m |
| Capital spending | −CN¥4.0m | −CN¥125.9m | −CN¥385.7m | −CN¥592.0m | −CN¥170.0m | −CN¥135.2m | −CN¥134.2m | −CN¥204.7m | −CN¥181.4m | −CN¥142.9m |
| Free cash flow | CN¥143.0m | CN¥237.7m | −CN¥2.43bn | −CN¥831.3m | −CN¥390.1m | CN¥91.4m | CN¥74.6m | −CN¥386.6m | −CN¥92.2m | −CN¥100.5m |
| Dividends paid | −CN¥63.3m | −CN¥114.0m | −CN¥126.7m | −CN¥56.1m | −CN¥51.5m | −CN¥13.3m | −CN¥11.6m | −CN¥82.0m | −CN¥50.6m | −CN¥45.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥499.1m | CN¥288.4m | CN¥554.1m | CN¥373.8m | CN¥395.3m | CN¥340.0m | CN¥487.3m | CN¥720.5m |
| Gross profit | CN¥3.8m | CN¥15.4m | −CN¥35.3m | −CN¥33.3m | CN¥4.7m | CN¥30.2m | −CN¥67.4m | CN¥81.4m |
| Operating income | −CN¥50.7m | −CN¥46.8m | −CN¥183.9m | −CN¥116.2m | −CN¥99.8m | −CN¥35.1m | −CN¥855.2m | −CN¥47.4m |
| Net income | −CN¥81.0m | −CN¥36.9m | −CN¥759.4m | −CN¥57.3m | −CN¥46.0m | −CN¥31.8m | −CN¥450.7m | −CN¥47.1m |
| Diluted earnings per share | -0.09 | -0.04 | -0.85 | -0.06 | -0.05 | -0.04 | -0.41 | -0.04 |
| Cash from operations | — | — | — | −CN¥63.0m | CN¥76.0m | CN¥90.0m | — | CN¥134.0m |
| Capital spending | — | — | — | — | — | −CN¥3.0m | −CN¥1.0m | — |
| Free cash flow | — | — | — | — | — | CN¥87.0m | — | — |
| Total assets | CN¥4.09bn | CN¥4.20bn | CN¥4.21bn | CN¥4.87bn | CN¥5.05bn | CN¥5.27bn | CN¥5.42bn | CN¥6.83bn |
| Cash and short-term investments | — | — | — | CN¥115.0m | CN¥139.3m | CN¥158.7m | CN¥191.0m | CN¥261.2m |
| Debt | CN¥890.4m | CN¥901.7m | CN¥970.5m | CN¥1.86bn | CN¥1.89bn | CN¥1.51bn | CN¥1.67bn | CN¥1.77bn |
| Shareholders' equity | CN¥2.4m | CN¥82.9m | CN¥119.8m | CN¥986.1m | CN¥1.04bn | CN¥1.09bn | CN¥1.12bn | CN¥1.64bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -2.0% | 4.3% | 7.0% | 21.3% | 23.6% | -14.6% |
| Operating margin | -46.7% | -36.4% | -25.8% | 3.4% | 6.5% | -58.9% |
| Net margin | -53.8% | -23.8% | -21.8% | 0.2% | 4.4% | -59.7% |
| Return on equity | -747.1% | -56.3% | -35.0% | 0.3% | 4.5% | -62.4% |
| Return on assets | -21.2% | -11.7% | -6.6% | 0.1% | 2.1% | -18.7% |
| Free cash flow yield | 6.5% | 17.3% | -55.2% | 12.7% | -1.7% | 18.3% |
| Revenue growth | -37.2% | -10.3% | -0.2% | 21.9% | 87.0% | -31.4% |
| Earnings growth | 41.7% | -1.9% | -9044.4% | -93.2% | -113.7% | -1314.7% |
| Current ratio | 0.38x | 0.48x | 0.88x | 1.16x | 1.10x | 0.76x |
| Debt to equity | 8.10x | 1.49x | 1.87x | 0.78x | 0.35x | 0.79x |
| Equity ratio | 2.8% | 20.7% | 19.0% | 32.6% | 45.8% | 30.0% |
| Interest coverage | -2.74x | -6.81x | -6.41x | 1.47x | 2.70x | -10.01x |
| R&D as a share of sales | 4.6% | 4.3% | 3.9% | 3.3% | 3.1% | 4.0% |
| Buybacks as a share of market value | 18.1% | 5.7% | -8.1% | 8.2% | -52.7% | 6.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.5% | 5.1% | 4.1% |
| Operating income | — | -11.4% | — |
| Net income | — | 2.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 1.8% | 9.0% | 9.3% | 14.6% |
| Operating margin | -36.1% | -22.4% | -21.1% | -10.6% |
| Net margin | -35.4% | -21.1% | -20.3% | -10.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.6 | -4.9 | -6.8 | — | 88.5 | -6.1 | 94.9 | 93.8 | 61.0 | 76.7 |
| Price to sales | 1.4 | 1.2 | 1.5 | 1.8 | 3.9 | 3.6 | 3.2 | 2.4 | 3.8 | 5.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Jul 2020.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|
| Paid in the year | 0.016 | 0.014 | 0.04 | 0.06 | 0.064 |
- 7-for-5 split · 26 Sept 2019
- 9-for-5 split · 13 Jul 2018
- 5-for-2 split · 24 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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