O 
197.08
+1.07%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.08bn
FY2016FY2025
Net income
−CN¥33.2m
FY2016FY2025
Free cash flow
−CN¥108.1m
FY2016FY2025
Shareholders' equity
CN¥632.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.08bn | CN¥1.45bn | CN¥1.01bn | CN¥935.7m | CN¥724.0m | CN¥415.4m | CN¥129.1m | CN¥147.1m | CN¥143.9m | CN¥137.7m |
| Gross profit | CN¥499.3m | CN¥384.0m | CN¥160.8m | CN¥178.5m | CN¥190.3m | CN¥101.0m | −CN¥14.5m | CN¥24.9m | CN¥43.5m | CN¥46.6m |
| Research and development | CN¥174.4m | CN¥127.6m | CN¥229.9m | CN¥108.6m | CN¥42.2m | CN¥8.1m | CN¥4.7m | CN¥5.7m | CN¥6.9m | CN¥5.8m |
| Operating income | CN¥126.8m | CN¥43.4m | −CN¥189.9m | −CN¥44.1m | CN¥68.3m | CN¥54.2m | −CN¥97.9m | CN¥7.6m | CN¥17.6m | CN¥26.8m |
| Net income | −CN¥33.2m | CN¥12.3m | −CN¥241.0m | −CN¥114.0m | CN¥4.2m | CN¥23.8m | −CN¥112.4m | CN¥1.2m | CN¥12.5m | CN¥31.3m |
| Diluted earnings per share | -0.24 | 0.09 | -1.75 | -0.84 | 0.03 | 0.17 | -0.83 | 0.01 | 0.09 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.41bn | CN¥4.07bn | CN¥3.34bn | CN¥2.94bn | CN¥2.51bn | CN¥2.14bn | CN¥492.5m | CN¥665.9m | CN¥662.2m | CN¥626.6m |
| Cash and short-term investments | CN¥129.6m | CN¥62.3m | CN¥124.1m | CN¥127.8m | CN¥170.1m | CN¥831.1m | CN¥2.8m | CN¥33.1m | CN¥24.9m | CN¥38.6m |
| Total liabilities | CN¥3.41bn | CN¥3.16bn | CN¥3.27bn | CN¥2.64bn | CN¥2.11bn | CN¥1.76bn | CN¥138.4m | CN¥199.0m | CN¥195.6m | CN¥169.6m |
| Debt | CN¥2.42bn | CN¥934.5m | CN¥1.11bn | CN¥1.40bn | CN¥923.9m | CN¥675.9m | CN¥55.0m | CN¥121.4m | CN¥116.7m | CN¥66.8m |
| Shareholders' equity | CN¥632.8m | CN¥616.3m | CN¥64.5m | CN¥298.6m | CN¥397.3m | CN¥377.8m | CN¥354.1m | CN¥466.9m | CN¥466.7m | CN¥457.1m |
| Shares outstanding | 138m | 138m | 138m | 136m | 137m | 136m | 136m | 137m | 137m | 136m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥26.7m | −CN¥158.8m | CN¥41.1m | −CN¥3.5m | −CN¥170.1m | −CN¥44.3m | CN¥34.0m | CN¥23.4m | −CN¥28.2m | −CN¥12.6m |
| Capital spending | −CN¥134.8m | −CN¥173.6m | −CN¥221.0m | −CN¥435.3m | −CN¥889.1m | −CN¥391.4m | −CN¥3.6m | −CN¥12.5m | −CN¥24.5m | −CN¥32.5m |
| Free cash flow | −CN¥108.1m | −CN¥332.4m | −CN¥179.8m | −CN¥438.7m | −CN¥1.06bn | −CN¥435.7m | CN¥30.4m | CN¥10.9m | −CN¥52.6m | −CN¥45.1m |
| Dividends paid | −CN¥36.8m | −CN¥50.0m | −CN¥52.2m | −CN¥53.3m | −CN¥19.9m | −CN¥15.5m | −CN¥181,499 | −CN¥8.2m | −CN¥7.4m | −CN¥9.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥624.9m | CN¥568.0m | CN¥636.5m | CN¥423.2m | CN¥548.4m | CN¥471.4m | CN¥499.7m | CN¥382.6m |
| Gross profit | CN¥184.6m | CN¥171.2m | CN¥153.3m | CN¥120.3m | CN¥125.9m | CN¥127.5m | CN¥155.9m | CN¥118.2m |
| Operating income | CN¥67.0m | CN¥51.5m | CN¥33.1m | −CN¥3.9m | CN¥31.9m | CN¥29.8m | CN¥75.4m | CN¥19.7m |
| Net income | −CN¥24.6m | CN¥15.4m | −CN¥24.2m | −CN¥33.0m | CN¥14.4m | CN¥9.6m | CN¥37.6m | CN¥10.1m |
| Diluted earnings per share | -0.18 | 0.11 | -0.18 | -0.24 | 0.10 | 0.07 | 0.27 | 0.07 |
| Cash from operations | — | — | −CN¥4.0m | −CN¥10.0m | CN¥7.0m | CN¥34.0m | −CN¥72.0m | CN¥64.0m |
| Capital spending | −CN¥65.0m | −CN¥115.0m | −CN¥68.0m | −CN¥28.0m | −CN¥13.0m | −CN¥24.0m | −CN¥45.0m | −CN¥27.0m |
| Free cash flow | — | — | −CN¥72.0m | −CN¥38.0m | −CN¥6.0m | CN¥10.0m | −CN¥117.0m | CN¥37.0m |
| Total assets | CN¥4.77bn | CN¥4.81bn | CN¥4.41bn | CN¥4.36bn | CN¥4.20bn | CN¥4.19bn | CN¥4.07bn | CN¥3.97bn |
| Cash and short-term investments | — | — | CN¥129.6m | CN¥119.3m | CN¥61.6m | CN¥164.9m | CN¥62.3m | CN¥164.8m |
| Debt | CN¥237.5m | CN¥327.9m | CN¥1.71bn | CN¥1.35bn | CN¥835.8m | CN¥928.3m | CN¥932.9m | CN¥1.04bn |
| Shareholders' equity | CN¥778.0m | CN¥721.7m | CN¥632.8m | CN¥633.5m | CN¥653.4m | CN¥625.9m | CN¥616.3m | CN¥585.8m |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.0% | 26.4% | 15.9% | 19.1% | 26.3% | 24.3% |
| Operating margin | 6.1% | 11.0% | -18.7% | -4.7% | 9.4% | 16.4% |
| Net margin | -1.6% | 0.8% | -23.8% | -12.2% | 0.6% | 5.7% |
| Return on equity | -5.2% | 2.0% | -373.7% | -38.2% | 1.1% | 6.3% |
| Return on assets | -0.8% | 0.3% | -7.2% | -3.9% | 0.2% | 1.1% |
| Free cash flow yield | 0.4% | 0.0% | 0.6% | 1.1% | 1.7% | 0.8% |
| Revenue growth | 42.9% | 43.8% | 8.1% | 29.2% | 74.3% | 221.7% |
| Earnings growth | -370.9% | -105.1% | 111.5% | -2797.1% | -82.3% | -121.2% |
| Current ratio | 0.75x | 0.93x | 0.61x | 0.95x | 1.28x | 2.04x |
| Debt to equity | 2.70x | 1.51x | 17.11x | 4.17x | 2.31x | 1.79x |
| Equity ratio | 14.4% | 15.1% | 1.9% | 10.2% | 15.8% | 17.6% |
| Interest coverage | 1.19x | 1.37x | -1.72x | -0.44x | 1.13x | 2.56x |
| R&D as a share of sales | 8.4% | 8.8% | 22.7% | 11.6% | 5.8% | 1.9% |
| Buybacks as a share of market value | 0.1% | -0.1% | -1.1% | 0.6% | -0.7% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 30.5% | 38.0% | 32.0% |
| Operating income | — | 18.6% | 17.2% |
| Net income | -33.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.0% | 22.3% | 22.9% | 22.8% |
| Operating margin | 4.8% | -1.2% | 0.9% | 0.5% |
| Net margin | -0.6% | -6.9% | -5.3% | -5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -210.9 | — | -11.6 | -21.6 | — | 190.6 | -16.2 | — | 147.3 | 110.1 |
| Price to sales | 3.4 | 5.2 | 2.8 | 2.6 | 4.6 | 10.9 | 14.1 | 7.2 | 12.8 | 25.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 0.001 | 0.009 | 0.021 | 0.042 |
- 3-for-2 split · 23 Jun 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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