L 
7.16
-1.65%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥729.9m
FY2016FY2025
Net income
−CN¥171.4m
FY2016FY2025
Free cash flow
−CN¥60.3m
FY2016FY2025
Shareholders' equity
CN¥1.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥729.9m | CN¥787.9m | CN¥722.7m | CN¥756.7m | CN¥967.8m | CN¥1.01bn | CN¥1.38bn | CN¥668.7m | CN¥973.2m | CN¥362.8m |
| Gross profit | CN¥58.3m | CN¥89.0m | CN¥123.5m | CN¥84.2m | CN¥166.9m | CN¥186.7m | CN¥445.4m | CN¥173.2m | CN¥192.5m | CN¥73.8m |
| Research and development | CN¥30.6m | CN¥27.3m | CN¥23.5m | CN¥29.0m | CN¥39.3m | CN¥34.0m | CN¥47.0m | CN¥19.7m | CN¥24.4m | CN¥10.9m |
| Operating income | −CN¥68.1m | CN¥37.1m | CN¥5.8m | −CN¥332.0m | −CN¥514.5m | −CN¥893.8m | CN¥145.9m | CN¥48.0m | CN¥88.8m | CN¥35.4m |
| Net income | −CN¥171.4m | CN¥25.9m | CN¥7.5m | −CN¥327.6m | −CN¥547.1m | −CN¥913.2m | CN¥122.0m | CN¥41.4m | CN¥80.4m | CN¥35.5m |
| Diluted earnings per share | -0.36 | 0.06 | 0.02 | -0.91 | -1.48 | -3.12 | 0.28 | 0.08 | 0.31 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.12bn | CN¥2.15bn | CN¥2.33bn | CN¥1.74bn | CN¥2.25bn | CN¥2.68bn | CN¥3.70bn | CN¥1.39bn | CN¥1.38bn | CN¥611.4m |
| Cash and short-term investments | — | CN¥370.6m | CN¥851.7m | CN¥171.5m | CN¥258.4m | CN¥326.7m | CN¥619.5m | CN¥124.8m | CN¥271.5m | CN¥180.1m |
| Total liabilities | CN¥830.8m | CN¥684.1m | CN¥864.2m | CN¥1.16bn | CN¥1.33bn | CN¥1.17bn | CN¥1.30bn | CN¥930.9m | CN¥957.2m | CN¥343.8m |
| Debt | — | CN¥166.3m | CN¥246.4m | CN¥347.6m | CN¥435.8m | CN¥385.2m | CN¥377.7m | CN¥214.5m | CN¥84.0m | CN¥22.0m |
| Shareholders' equity | CN¥1.29bn | CN¥1.46bn | CN¥1.45bn | CN¥562.4m | CN¥889.9m | CN¥1.48bn | CN¥2.40bn | CN¥458.1m | CN¥427.1m | CN¥267.6m |
| Shares outstanding | 476m | 460m | 476m | 360m | 370m | 293m | 443m | 521m | 262m | 199m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥44.4m | CN¥23.9m | CN¥56.6m | CN¥119.2m | −CN¥74.3m | −CN¥38.2m | CN¥201.2m | −CN¥241.3m | CN¥13.1m | CN¥80.1m |
| Capital spending | −CN¥104.7m | −CN¥409.2m | −CN¥101.4m | −CN¥32.6m | −CN¥74.9m | −CN¥131.9m | −CN¥102.8m | −CN¥34.1m | −CN¥60.9m | −CN¥17.4m |
| Free cash flow | −CN¥60.3m | −CN¥385.3m | −CN¥44.9m | CN¥86.6m | −CN¥149.2m | −CN¥170.2m | CN¥98.4m | −CN¥275.4m | −CN¥47.8m | CN¥62.7m |
| Dividends paid | −CN¥5.3m | −CN¥7.2m | −CN¥15.7m | −CN¥17.5m | −CN¥19.2m | −CN¥42.2m | −CN¥16.2m | −CN¥19.9m | −CN¥6.9m | −CN¥1.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥217.7m | CN¥141.1m | CN¥157.7m | CN¥196.5m | CN¥198.6m | CN¥177.1m | CN¥261.8m | CN¥221.7m |
| Gross profit | CN¥21.4m | CN¥9.9m | CN¥18.0m | CN¥14.9m | CN¥9.7m | CN¥15.6m | CN¥11.7m | CN¥38.3m |
| Operating income | −CN¥10.0m | −CN¥16.0m | −CN¥27.0m | CN¥1.4m | −CN¥39.7m | −CN¥20.8m | CN¥31.7m | CN¥22.2m |
| Net income | −CN¥18.2m | −CN¥30.7m | −CN¥111.5m | −CN¥214,168 | −CN¥36.9m | −CN¥22.8m | CN¥20.3m | CN¥22.2m |
| Diluted earnings per share | -0.04 | -0.06 | -0.23 | -0.00 | -0.08 | -0.05 | 0.04 | 0.05 |
| Cash from operations | — | — | — | CN¥58.0m | CN¥30.0m | −CN¥47.0m | — | −CN¥46.0m |
| Capital spending | −CN¥6.0m | −CN¥65.0m | −CN¥10.0m | −CN¥20.0m | −CN¥51.0m | −CN¥22.0m | −CN¥91.0m | −CN¥118.0m |
| Free cash flow | — | — | — | CN¥38.0m | −CN¥21.0m | −CN¥69.0m | — | −CN¥164.0m |
| Total assets | CN¥2.02bn | CN¥2.07bn | CN¥2.12bn | CN¥2.17bn | CN¥2.09bn | CN¥2.10bn | CN¥2.15bn | CN¥2.23bn |
| Cash and short-term investments | — | — | — | CN¥319.1m | CN¥252.9m | CN¥286.4m | CN¥370.6m | CN¥409.9m |
| Debt | CN¥50.2m | CN¥12.0m | — | CN¥177.9m | CN¥114.6m | CN¥123.4m | CN¥133.2m | CN¥131.4m |
| Shareholders' equity | CN¥1.24bn | CN¥1.26bn | CN¥1.29bn | CN¥1.40bn | CN¥1.40bn | CN¥1.44bn | CN¥1.46bn | CN¥1.44bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 8.0% | 11.3% | 17.1% | 11.1% | 17.2% | 18.6% | — |
| Operating margin | -22.6% | 6.0% | 6.4% | -39.0% | -53.2% | -88.8% | — |
| Net margin | -23.5% | 3.3% | 1.0% | -43.3% | -56.5% | -90.7% | — |
| Return on equity | -13.3% | 1.8% | 0.5% | -58.2% | -61.5% | -61.7% | — |
| Return on assets | -8.1% | 1.2% | 0.3% | -18.8% | -24.3% | -34.0% | — |
| Free cash flow yield | 4.2% | 12.8% | 4.5% | 5.7% | 0.0% | 4.3% | — |
| Revenue growth | -7.4% | 9.0% | -4.5% | -21.8% | -3.8% | -27.2% | — |
| Earnings growth | -762.6% | 247.2% | -102.3% | -40.1% | -40.1% | -848.4% | — |
| Current ratio | 1.54x | 1.82x | 2.13x | 1.16x | 1.34x | 1.51x | — |
| Debt to equity | — | 0.09x | 0.15x | 0.34x | 0.29x | 0.22x | 0.19x |
| Equity ratio | 60.9% | 68.2% | 62.0% | 32.3% | 39.5% | 55.2% | — |
| Interest coverage | -21.40x | 4.45x | 3.02x | -9.42x | -17.13x | -35.78x | — |
| R&D as a share of sales | 4.2% | 3.5% | 3.3% | 3.8% | 4.1% | 3.4% | — |
| Buybacks as a share of market value | -3.4% | 3.3% | -32.2% | 2.7% | -26.5% | 33.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.2% | -6.2% | 10.1% |
| Operating income | -41.0% | -40.2% | — |
| Net income | -19.4% | -28.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.7% | 11.8% | 14.3% | 19.3% |
| Operating margin | -2.0% | -11.9% | -35.5% | -16.5% |
| Net margin | -9.6% | -15.5% | -38.7% | -18.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -27.0 | 198.2 | — | -10.3 | -7.2 | -3.9 | 42.6 | 117.9 | 46.1 |
| Price to sales | 6.3 | 6.5 | 6.6 | 4.4 | 4.1 | 3.5 | 3.8 | 7.3 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jul 2020.
| FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|
| Paid in the year | 0.10 | 0.039 | 0.039 | 0.016 |
- 3-for-2 split · 13 Jul 2020
- 17-for-10 split · 28 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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