H 
34.06
+2.59%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥391.8m
FY2016FY2025
Net income
−CN¥27.4m
FY2016FY2025
Free cash flow
−CN¥35.4m
FY2016FY2025
Shareholders' equity
CN¥40.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥391.8m | CN¥383.8m | CN¥388.6m | CN¥367.8m | CN¥387.1m | CN¥411.2m | CN¥697.3m | CN¥853.2m | CN¥651.5m | CN¥561.6m |
| Gross profit | CN¥30.4m | CN¥15.1m | CN¥21.5m | CN¥27.4m | CN¥33.0m | CN¥19.9m | CN¥51.1m | CN¥154.1m | CN¥151.0m | CN¥119.3m |
| Research and development | CN¥16.5m | CN¥18.6m | CN¥23.9m | CN¥19.6m | CN¥22.0m | CN¥34.8m | CN¥39.4m | CN¥52.6m | CN¥35.0m | CN¥36.7m |
| Operating income | −CN¥22.9m | −CN¥16.2m | CN¥25.4m | −CN¥10.6m | CN¥15.1m | −CN¥192.2m | −CN¥266.4m | CN¥41.6m | CN¥53.4m | CN¥36.1m |
| Net income | −CN¥27.4m | −CN¥24.3m | CN¥23.6m | −CN¥21.7m | CN¥14.8m | −CN¥189.4m | −CN¥292.5m | CN¥21.2m | CN¥42.3m | CN¥35.3m |
| Diluted earnings per share | -0.22 | -0.19 | 0.19 | -0.18 | 0.14 | -1.52 | -2.31 | 0.18 | 0.33 | 0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥342.9m | CN¥329.1m | CN¥341.2m | CN¥333.9m | CN¥411.4m | CN¥402.9m | CN¥813.6m | CN¥1.11bn | CN¥1.37bn | CN¥618.5m |
| Cash and short-term investments | — | CN¥8.4m | CN¥4.4m | CN¥16.8m | CN¥23.2m | CN¥995,587 | CN¥112.7m | CN¥336.7m | CN¥112.3m | CN¥137.2m |
| Total liabilities | CN¥291.3m | CN¥261.2m | CN¥249.0m | CN¥265.2m | CN¥328.3m | CN¥338.6m | CN¥527.9m | CN¥524.1m | CN¥805.9m | CN¥103.6m |
| Debt | — | CN¥220.2m | CN¥215.2m | CN¥155.2m | CN¥140.2m | CN¥200.3m | CN¥348.6m | CN¥454.6m | CN¥280.6m | CN¥40.0m |
| Shareholders' equity | CN¥40.6m | CN¥67.9m | CN¥92.3m | CN¥68.6m | CN¥83.1m | CN¥66.7m | CN¥256.1m | CN¥558.5m | CN¥547.3m | CN¥514.9m |
| Shares outstanding | 126m | 127m | 127m | 120m | 107m | 125m | 127m | 118m | 130m | 129m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥15.2m | −CN¥1.2m | −CN¥34.6m | −CN¥35.0m | −CN¥71.3m | CN¥44.1m | −CN¥45.0m | −CN¥50.8m | CN¥11.4m | CN¥43.6m |
| Capital spending | −CN¥20.2m | −CN¥1.8m | −CN¥7.8m | −CN¥457,132 | −CN¥4.3m | −CN¥3.3m | −CN¥5.7m | −CN¥56.7m | −CN¥97.0m | −CN¥32.6m |
| Free cash flow | −CN¥35.4m | −CN¥2.9m | −CN¥42.4m | −CN¥35.5m | −CN¥75.6m | CN¥40.8m | −CN¥50.7m | −CN¥107.5m | −CN¥85.6m | CN¥11.0m |
| Dividends paid | −CN¥7.6m | −CN¥8.1m | −CN¥8.3m | −CN¥6.9m | −CN¥9.0m | −CN¥10.6m | −CN¥9.9m | −CN¥32.0m | −CN¥16.1m | −CN¥12.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥105.5m | CN¥87.0m | CN¥81.2m | CN¥113.5m | CN¥113.2m | CN¥83.9m | CN¥136.3m | CN¥94.4m |
| Gross profit | CN¥6.9m | −CN¥978,680 | CN¥86,299 | CN¥336,191 | CN¥5.8m | CN¥4.4m | CN¥6.8m | −CN¥72,693 |
| Operating income | −CN¥917,886 | −CN¥8.4m | −CN¥7.4m | −CN¥10.9m | −CN¥6.0m | −CN¥113,665 | −CN¥6.0m | −CN¥5.4m |
| Net income | −CN¥3.6m | −CN¥9.2m | −CN¥10.8m | −CN¥9.7m | −CN¥5.1m | −CN¥1.8m | −CN¥8.2m | −CN¥7.4m |
| Diluted earnings per share | -0.03 | -0.07 | -0.09 | -0.08 | -0.04 | -0.01 | -0.06 | -0.06 |
| Cash from operations | — | — | — | −CN¥17.0m | −CN¥31.0m | CN¥6.0m | — | CN¥3.0m |
| Capital spending | — | — | — | — | −CN¥19.0m | — | — | — |
| Free cash flow | — | — | — | — | −CN¥50.0m | — | — | — |
| Total assets | CN¥332.4m | CN¥341.7m | CN¥342.9m | CN¥391.9m | CN¥403.6m | CN¥345.5m | CN¥329.1m | CN¥319.5m |
| Cash and short-term investments | — | — | — | CN¥12.3m | CN¥27.7m | CN¥25.9m | CN¥8.4m | CN¥6.2m |
| Debt | — | — | — | CN¥296.6m | CN¥280.1m | CN¥239.0m | CN¥220.2m | CN¥220.0m |
| Shareholders' equity | CN¥54.2m | CN¥31.4m | CN¥40.6m | CN¥51.4m | CN¥61.1m | CN¥66.1m | CN¥67.9m | CN¥76.1m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 7.8% | 3.9% | 5.5% | 7.5% | 8.5% | 4.8% | — |
| Operating margin | -5.8% | -4.2% | 8.5% | -2.8% | 6.6% | -44.2% | — |
| Net margin | -7.0% | -6.3% | 6.1% | -5.9% | 3.8% | -46.1% | — |
| Return on equity | -67.4% | -35.8% | 25.6% | -31.6% | 17.8% | -284.0% | — |
| Return on assets | -8.0% | -7.4% | 6.9% | -6.5% | 3.6% | -47.0% | — |
| Free cash flow yield | 0.1% | 0.0% | -0.7% | -0.9% | -2.0% | 1.2% | — |
| Revenue growth | 2.1% | -1.2% | 5.6% | -5.0% | -5.9% | -41.0% | — |
| Earnings growth | 12.4% | -202.9% | -209.2% | -246.2% | -107.8% | -35.3% | — |
| Current ratio | 0.66x | 0.71x | 0.73x | 0.63x | 0.80x | 0.74x | — |
| Debt to equity | — | 3.24x | 2.33x | 2.26x | 1.69x | 3.00x | 1.36x |
| Equity ratio | 11.8% | 20.6% | 27.0% | 20.6% | 20.2% | 16.6% | — |
| Interest coverage | -2.82x | -1.97x | 3.48x | -0.92x | 2.38x | -17.47x | — |
| R&D as a share of sales | 4.2% | 4.9% | 6.1% | 5.3% | 5.7% | 8.5% | — |
| Buybacks as a share of market value | 0.3% | -0.0% | -5.2% | -12.1% | 14.1% | 1.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | -1.0% | -3.2% |
| Operating income | 29.1% | -34.7% | — |
| Net income | 8.1% | -32.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.9% | 6.2% | 6.3% | 13.3% |
| Operating margin | -5.0% | -1.6% | -8.6% | -5.2% |
| Net margin | -6.7% | -3.2% | -9.6% | -6.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -149.1 | -46.9 | 67.7 | -51.3 | 72.9 | -6.6 | -5.1 | 79.4 | 68.5 | 114.4 |
| Price to sales | 10.4 | 3.0 | 4.1 | 3.0 | 2.8 | 3.0 | 2.2 | 2.0 | 4.5 | 7.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 0.078 | 0.079 | 0.079 | 0.079 |
- 19-for-10 split · 28 May 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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