H 
8.48
-1.97%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.35bn
FY2016FY2025
Net income
−CN¥254.1m
FY2016FY2025
Free cash flow
−CN¥75,034
FY2016FY2025
Shareholders' equity
CN¥2.14bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.35bn | CN¥1.91bn | CN¥2.37bn | CN¥1.68bn | CN¥2.22bn | CN¥1.16bn | CN¥1.44bn | CN¥1.38bn | CN¥621.1m | CN¥515.2m |
| Gross profit | CN¥349.2m | CN¥303.7m | CN¥420.4m | CN¥345.9m | CN¥544.5m | CN¥370.9m | CN¥450.8m | CN¥474.6m | CN¥249.4m | CN¥184.4m |
| Research and development | CN¥154.1m | CN¥167.0m | CN¥172.2m | CN¥68.4m | CN¥137.5m | CN¥80.7m | CN¥88.5m | CN¥92.4m | CN¥45.0m | CN¥33.2m |
| Operating income | −CN¥154.8m | −CN¥427.5m | −CN¥205.4m | −CN¥488.6m | CN¥12.7m | CN¥27.9m | CN¥102.1m | CN¥112.0m | CN¥63.4m | CN¥31.2m |
| Net income | −CN¥254.1m | −CN¥393.1m | −CN¥179.8m | −CN¥428.9m | CN¥25.1m | CN¥30.1m | CN¥87.9m | CN¥101.0m | CN¥57.1m | CN¥48.2m |
| Diluted earnings per share | -0.62 | -1.03 | -0.51 | -1.28 | 0.08 | 0.09 | 0.33 | 0.37 | 0.25 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.73bn | CN¥6.25bn | CN¥7.02bn | CN¥5.66bn | CN¥4.90bn | CN¥3.49bn | CN¥3.14bn | CN¥2.77bn | CN¥2.30bn | CN¥912.6m |
| Cash and short-term investments | — | CN¥446.0m | CN¥662.1m | CN¥477.8m | CN¥521.7m | CN¥378.1m | CN¥278.8m | CN¥189.1m | CN¥207.3m | CN¥169.6m |
| Total liabilities | CN¥4.60bn | CN¥3.86bn | CN¥4.19bn | CN¥3.50bn | CN¥2.35bn | CN¥1.70bn | CN¥1.34bn | CN¥1.06bn | CN¥1.05bn | CN¥309.6m |
| Debt | CN¥200.6m | CN¥1.24bn | CN¥963.9m | CN¥1.27bn | CN¥748.9m | CN¥619.8m | CN¥417.9m | CN¥272.1m | CN¥75.3m | — |
| Shareholders' equity | CN¥2.14bn | CN¥2.39bn | CN¥2.77bn | CN¥2.08bn | CN¥2.53bn | CN¥1.75bn | CN¥1.76bn | CN¥1.67bn | CN¥1.21bn | CN¥580.3m |
| Shares outstanding | 410m | 380m | 354m | 335m | 330m | 352m | 269m | 273m | 225m | 202m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥46.6m | −CN¥460.0m | CN¥82.8m | −CN¥213.7m | −CN¥184.3m | CN¥140.5m | CN¥42.1m | −CN¥112.6m | −CN¥11.7m | −CN¥40.8m |
| Capital spending | −CN¥46.7m | −CN¥82.9m | −CN¥578.6m | −CN¥170.8m | −CN¥317.2m | −CN¥132.9m | −CN¥110.1m | −CN¥89.7m | −CN¥51.0m | −CN¥126.7m |
| Free cash flow | −CN¥75,034 | −CN¥542.9m | −CN¥495.8m | −CN¥384.5m | −CN¥501.5m | CN¥7.6m | −CN¥68.0m | −CN¥202.4m | −CN¥62.7m | −CN¥167.5m |
| Dividends paid | −CN¥33.8m | −CN¥37.5m | −CN¥34.7m | −CN¥47.7m | −CN¥5.1m | −CN¥7.7m | −CN¥33.7m | −CN¥19.5m | −CN¥10.6m | −CN¥20.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.14bn | CN¥888.6m | CN¥808.5m | CN¥583.7m | CN¥622.5m | CN¥333.9m | CN¥481.6m | CN¥257.2m |
| Gross profit | CN¥181.2m | CN¥226.2m | CN¥142.0m | CN¥102.8m | CN¥67.2m | CN¥37.2m | CN¥50.4m | CN¥15.7m |
| Operating income | CN¥44.8m | CN¥105.9m | CN¥6.0m | −CN¥65.6m | −CN¥81.4m | −CN¥78.4m | −CN¥253.2m | −CN¥120.6m |
| Net income | CN¥26.9m | CN¥83.0m | −CN¥65.8m | −CN¥49.6m | −CN¥67.0m | −CN¥71.7m | −CN¥251.9m | −CN¥105.0m |
| Diluted earnings per share | 0.07 | 0.20 | -0.16 | -0.12 | -0.16 | -0.18 | -0.66 | -0.28 |
| Cash from operations | — | — | — | CN¥50.0m | −CN¥32.0m | −CN¥34.0m | −CN¥22.0m | −CN¥85.0m |
| Capital spending | −CN¥7.0m | −CN¥14.0m | −CN¥8.0m | −CN¥13.0m | −CN¥11.0m | −CN¥12.0m | −CN¥14.0m | −CN¥18.0m |
| Free cash flow | — | — | — | CN¥37.0m | −CN¥43.0m | −CN¥46.0m | −CN¥36.0m | −CN¥103.0m |
| Total assets | CN¥7.18bn | CN¥7.03bn | CN¥6.73bn | CN¥7.00bn | CN¥6.75bn | CN¥6.69bn | CN¥6.25bn | CN¥6.60bn |
| Cash and short-term investments | — | — | — | CN¥408.6m | CN¥425.5m | CN¥479.5m | CN¥446.0m | CN¥514.1m |
| Debt | CN¥202.1m | CN¥183.8m | CN¥200.6m | CN¥1.14bn | CN¥1.06bn | CN¥1.10bn | CN¥1.15bn | CN¥1.19bn |
| Shareholders' equity | CN¥2.25bn | CN¥2.23bn | CN¥2.14bn | CN¥2.20bn | CN¥2.25bn | CN¥2.31bn | CN¥2.39bn | CN¥2.63bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.9% | 15.9% | 17.7% | 20.6% | 24.5% | 31.9% |
| Operating margin | -11.3% | -20.1% | -7.1% | -26.3% | 0.6% | 4.4% |
| Net margin | -10.8% | -20.6% | -7.6% | -25.5% | 1.1% | 2.6% |
| Return on equity | -11.9% | -16.5% | -6.5% | -20.6% | 1.0% | 1.7% |
| Return on assets | -3.8% | -6.3% | -2.6% | -7.6% | 0.5% | 0.9% |
| Free cash flow yield | 2.0% | -8.8% | 16.6% | -1.1% | 3.6% | 6.9% |
| Revenue growth | 23.0% | -19.4% | 41.0% | -24.5% | 91.4% | -19.2% |
| Earnings growth | -35.4% | 118.6% | -58.1% | -1808.3% | -16.5% | -65.8% |
| Current ratio | 1.07x | 1.13x | 1.18x | 1.21x | 1.44x | 1.29x |
| Debt to equity | 0.09x | 0.48x | 0.31x | 0.57x | 0.25x | 0.36x |
| Equity ratio | 31.8% | 38.2% | 39.5% | 36.7% | 51.6% | 50.0% |
| Interest coverage | -6.15x | -9.04x | -4.97x | -8.63x | 0.33x | 2.21x |
| R&D as a share of sales | 6.6% | 8.7% | 7.3% | 4.1% | 6.2% | 6.9% |
| Buybacks as a share of market value | -7.6% | -7.6% | -5.7% | -1.5% | 6.2% | -30.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.8% | 15.1% | 18.8% |
| Operating income | -31.8% | — | — |
| Net income | -16.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.3% | 17.1% | 20.0% | 24.0% |
| Operating margin | -13.7% | -15.4% | -10.6% | -5.5% |
| Net margin | -15.2% | -15.1% | -10.3% | -5.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.3 | -7.6 | -22.8 | -9.0 | 294.6 | 133.1 | 33.9 | 35.4 | 56.4 | 104.5 |
| Price to sales | 2.1 | 1.6 | 1.7 | 2.3 | 3.3 | 3.4 | 2.1 | 2.6 | 5.2 | 9.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jun 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.02 | 0.03 | 0.05 | 0.05 | 0.05 | 0.20 |
- 2-for-1 split · 12 May 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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