V 
19.06
+1.33%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.09bn
FY2016FY2025
Net income
−CN¥181.1m
FY2016FY2025
Free cash flow
CN¥16.7m
FY2016FY2025
Shareholders' equity
CN¥1.76bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.09bn | CN¥930.2m | CN¥909.0m | CN¥873.1m | CN¥944.9m | CN¥1.66bn | CN¥3.35bn | CN¥692.3m | CN¥628.6m | CN¥635.7m |
| Gross profit | CN¥354.8m | CN¥229.9m | CN¥269.0m | CN¥420.2m | CN¥451.9m | CN¥1.01bn | CN¥1.54bn | CN¥240.1m | CN¥243.0m | CN¥247.6m |
| Research and development | CN¥228.0m | CN¥300.0m | CN¥336.5m | CN¥247.8m | CN¥234.9m | CN¥153.5m | CN¥146.3m | CN¥85.7m | CN¥76.5m | CN¥45.8m |
| Operating income | −CN¥178.1m | −CN¥382.4m | −CN¥395.3m | −CN¥49.8m | CN¥27.3m | CN¥690.3m | CN¥1.02bn | CN¥3.1m | CN¥38.2m | CN¥53.4m |
| Net income | −CN¥181.1m | −CN¥386.1m | −CN¥385.5m | −CN¥29.0m | CN¥42.6m | CN¥602.9m | CN¥871.5m | CN¥6.6m | CN¥37.9m | CN¥69.3m |
| Diluted earnings per share | -0.85 | -1.81 | -1.81 | -0.14 | 0.21 | 3.08 | 4.57 | 0.03 | 0.21 | 0.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.72bn | CN¥2.93bn | CN¥3.26bn | CN¥3.42bn | CN¥3.32bn | CN¥2.81bn | CN¥3.02bn | CN¥1.25bn | CN¥1.12bn | CN¥1.09bn |
| Cash and short-term investments | — | CN¥371.0m | CN¥537.3m | CN¥799.8m | CN¥1.11bn | CN¥671.9m | CN¥562.3m | CN¥212.8m | CN¥199.1m | CN¥324.9m |
| Total liabilities | CN¥938.5m | CN¥1.01bn | CN¥945.4m | CN¥720.6m | CN¥592.3m | CN¥673.6m | CN¥1.37bn | CN¥489.6m | CN¥359.2m | CN¥347.4m |
| Debt | — | CN¥132.2m | CN¥99.0m | CN¥20.2m | CN¥23.8m | CN¥52.3m | CN¥54.1m | CN¥120.9m | CN¥89.0m | CN¥30.0m |
| Shareholders' equity | CN¥1.76bn | CN¥1.91bn | CN¥2.31bn | CN¥2.69bn | CN¥2.72bn | CN¥2.13bn | CN¥1.65bn | CN¥757.9m | CN¥757.5m | CN¥743.9m |
| Shares outstanding | 213m | 213m | 213m | 213m | 205m | 196m | 191m | 214m | 183m | 177m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥33.4m | −CN¥209.1m | −CN¥261.9m | −CN¥74.1m | CN¥229.8m | CN¥400.3m | CN¥470.8m | −CN¥24.7m | −CN¥77.5m | −CN¥12.1m |
| Capital spending | −CN¥16.7m | −CN¥17.3m | −CN¥23.2m | −CN¥141.0m | −CN¥60.3m | −CN¥78.4m | −CN¥21.0m | −CN¥26.4m | −CN¥39.0m | −CN¥23.0m |
| Free cash flow | CN¥16.7m | −CN¥226.4m | −CN¥285.1m | −CN¥215.1m | CN¥169.5m | CN¥321.8m | CN¥449.8m | −CN¥51.1m | −CN¥116.5m | −CN¥35.1m |
| Dividends paid | −CN¥6.4m | −CN¥5.1m | −CN¥452,812 | −CN¥8.5m | −CN¥120.7m | −CN¥175.9m | −CN¥1.4m | −CN¥13.5m | −CN¥28.4m | −CN¥4.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥250.2m | CN¥237.8m | CN¥402.9m | CN¥270.0m | CN¥231.4m | CN¥189.7m | CN¥305.5m | CN¥246.9m |
| Gross profit | CN¥79.9m | CN¥69.3m | CN¥133.1m | CN¥89.4m | CN¥71.5m | CN¥60.8m | CN¥66.4m | CN¥57.3m |
| Operating income | −CN¥13.0m | −CN¥24.4m | −CN¥36.5m | −CN¥12.2m | −CN¥45.8m | −CN¥48.5m | −CN¥152.1m | −CN¥85.5m |
| Net income | −CN¥6.1m | −CN¥26.1m | −CN¥64.9m | −CN¥15.8m | −CN¥49.1m | −CN¥51.2m | −CN¥148.7m | −CN¥87.7m |
| Diluted earnings per share | -0.03 | -0.12 | -0.30 | -0.07 | -0.23 | -0.24 | -0.70 | -0.41 |
| Cash from operations | — | — | — | CN¥1.0m | −CN¥75.0m | −CN¥36.0m | — | −CN¥75.0m |
| Capital spending | −CN¥11.0m | −CN¥4.0m | −CN¥3.0m | −CN¥2.0m | −CN¥9.0m | −CN¥1.0m | −CN¥5.0m | −CN¥3.0m |
| Free cash flow | — | — | — | −CN¥1.0m | −CN¥84.0m | −CN¥37.0m | — | −CN¥78.0m |
| Total assets | CN¥2.64bn | CN¥2.67bn | CN¥2.72bn | CN¥2.77bn | CN¥2.82bn | CN¥2.94bn | CN¥2.93bn | CN¥3.11bn |
| Cash and short-term investments | — | — | — | CN¥310.8m | CN¥328.6m | CN¥367.0m | CN¥371.0m | CN¥410.0m |
| Debt | — | — | — | CN¥339.9m | CN¥210.0m | CN¥162.5m | CN¥112.5m | CN¥179.5m |
| Shareholders' equity | CN¥1.73bn | CN¥1.74bn | CN¥1.76bn | CN¥1.80bn | CN¥1.81bn | CN¥1.86bn | CN¥1.91bn | CN¥2.07bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 32.4% | 24.7% | 29.6% | 48.1% | 47.8% | 60.8% | — | — |
| Operating margin | -14.9% | -40.9% | -43.7% | -6.0% | 2.7% | 41.6% | — | — |
| Net margin | -16.6% | -41.5% | -42.4% | -3.3% | 4.5% | 36.3% | — | — |
| Return on equity | -10.3% | -20.2% | -16.7% | -1.1% | 1.6% | 28.3% | — | — |
| Return on assets | -6.7% | -13.2% | -11.8% | -0.8% | 1.3% | 21.5% | — | — |
| Free cash flow yield | 1.2% | -4.5% | -5.5% | 1.6% | 7.0% | 12.1% | — | — |
| Revenue growth | 17.6% | 2.3% | 4.1% | -7.6% | -43.2% | -50.4% | — | — |
| Earnings growth | -53.1% | 0.1% | 1230.0% | -168.1% | -92.9% | -30.8% | — | — |
| Current ratio | 1.90x | 2.01x | 2.62x | 3.68x | 4.76x | 3.68x | — | — |
| Debt to equity | — | 0.06x | 0.02x | 0.00x | 0.00x | — | 0.16x | 0.12x |
| Equity ratio | 64.8% | 65.2% | 70.7% | 78.6% | 81.9% | 75.9% | — | — |
| Interest coverage | -24.60x | -48.81x | -214.05x | -51.92x | 15.43x | 320.78x | — | — |
| R&D as a share of sales | 20.8% | 32.2% | 37.0% | 28.4% | 24.9% | 9.2% | — | — |
| Buybacks as a share of market value | -0.0% | -0.0% | 0.0% | -3.8% | -4.8% | -2.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.8% | -8.0% | 7.9% |
| Operating income | 52.9% | — | — |
| Net income | 84.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.9% | 33.5% | 42.7% | 42.5% |
| Operating margin | -27.7% | -26.4% | -4.5% | 7.1% |
| Net margin | -28.0% | -25.8% | -5.2% | 5.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -35.7 | -19.0 | -16.4 | -131.9 | 194.3 | 14.9 | 10.3 | 260.7 | 69.1 | 80.7 |
| Price to sales | 5.9 | 7.9 | 6.9 | 4.4 | 8.8 | 5.4 | 2.7 | 2.5 | 4.2 | 8.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 May 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.04 | 0.61 | 0.889 | 0.007 | 0.039 | 0.139 |
- 9-for-5 split · 19 May 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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