H 
Hangzhou Changchuan Technology Co 300604.SZ · CNY
Information Technology · Semiconductors & Semiconductor Equipment · Shenzhen · 🇨🇳 China
177.68
-1.81%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.29bn
FY2016FY2025
Net income
CN¥1.33bn
FY2016FY2025
Free cash flow
CN¥6.9m
FY2016FY2025
Shareholders' equity
CN¥4.73bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.29bn | CN¥3.64bn | CN¥1.78bn | CN¥2.58bn | CN¥1.51bn | CN¥803.8m | CN¥398.8m | CN¥216.1m | CN¥179.8m | CN¥124.1m |
| Gross profit | CN¥2.91bn | CN¥1.85bn | CN¥951.7m | CN¥1.41bn | CN¥783.3m | CN¥390.8m | CN¥200.7m | CN¥119.1m | CN¥101.9m | CN¥73.5m |
| Research and development | CN¥936.1m | CN¥656.3m | CN¥585.3m | CN¥645.3m | CN¥330.4m | CN¥187.3m | CN¥107.0m | CN¥61.7m | CN¥36.9m | CN¥25.0m |
| Operating income | CN¥1.51bn | CN¥484.2m | −CN¥58.1m | CN¥498.6m | CN¥224.9m | CN¥72.9m | CN¥3.9m | CN¥34.2m | CN¥53.9m | CN¥28.0m |
| Net income | CN¥1.33bn | CN¥458.4m | CN¥45.2m | CN¥461.2m | CN¥218.2m | CN¥84.9m | CN¥11.9m | CN¥36.5m | CN¥50.3m | CN¥41.4m |
| Diluted earnings per share | 2.10 | 0.73 | 0.07 | 0.71 | 0.37 | 0.15 | 0.01 | 0.07 | 0.10 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥10.92bn | CN¥7.26bn | CN¥5.90bn | CN¥4.69bn | CN¥3.32bn | CN¥1.88bn | CN¥1.32bn | CN¥678.4m | CN¥539.5m | CN¥276.6m |
| Cash and short-term investments | — | CN¥1.02bn | CN¥836.5m | CN¥787.1m | CN¥818.7m | CN¥423.6m | CN¥154.1m | CN¥179.9m | CN¥250.3m | CN¥95.9m |
| Total liabilities | CN¥5.57bn | CN¥3.61bn | CN¥2.43bn | CN¥1.84bn | CN¥995.5m | CN¥604.2m | CN¥324.6m | CN¥207.8m | CN¥120.2m | CN¥52.6m |
| Debt | — | CN¥1.48bn | CN¥1.09bn | CN¥299.9m | CN¥443.5m | CN¥259.5m | CN¥109.0m | CN¥20.0m | CN¥21.1m | CN¥11.6m |
| Shareholders' equity | CN¥4.73bn | CN¥3.29bn | CN¥2.88bn | CN¥2.28bn | CN¥1.77bn | CN¥1.09bn | CN¥996.6m | CN¥470.6m | CN¥419.3m | CN¥224.0m |
| Shares outstanding | 634m | 627m | 623m | 651m | 592m | 574m | 847m | 522m | 522m | 372m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥562.4m | CN¥625.6m | −CN¥741.5m | CN¥123.5m | −CN¥9.6m | CN¥44.6m | −CN¥42.9m | CN¥12.4m | CN¥14.7m | CN¥16.7m |
| Capital spending | −CN¥555.5m | −CN¥294.1m | −CN¥331.7m | −CN¥222.2m | −CN¥164.1m | −CN¥19.6m | −CN¥24.2m | −CN¥62.7m | −CN¥40.9m | −CN¥12.9m |
| Free cash flow | CN¥6.9m | CN¥331.5m | −CN¥1.07bn | −CN¥98.6m | −CN¥173.7m | CN¥25.0m | −CN¥67.1m | −CN¥50.3m | −CN¥26.2m | CN¥3.8m |
| Dividends paid | −CN¥118.5m | −CN¥97.2m | −CN¥85.3m | −CN¥60.4m | −CN¥36.1m | −CN¥2.6m | −CN¥14.8m | −CN¥11.8m | −CN¥10.0m | −CN¥10.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.08bn | CN¥1.38bn | CN¥1.51bn | CN¥1.61bn | CN¥1.35bn | CN¥815.3m | CN¥1.11bn | CN¥1.01bn |
| Gross profit | CN¥1.14bn | CN¥783.1m | CN¥854.5m | CN¥868.6m | CN¥689.8m | CN¥430.1m | CN¥430.4m | CN¥616.1m |
| Operating income | CN¥699.0m | CN¥431.5m | CN¥515.3m | CN¥386.9m | CN¥309.9m | CN¥115.8m | CN¥100.2m | CN¥163.3m |
| Net income | CN¥611.1m | CN¥352.5m | CN¥466.0m | CN¥438.4m | CN¥316.0m | CN¥111.0m | CN¥101.0m | CN¥142.5m |
| Diluted earnings per share | 0.96 | 0.56 | 0.74 | 0.69 | 0.50 | 0.18 | 0.16 | 0.23 |
| Cash from operations | — | — | — | CN¥167.0m | −CN¥201.0m | CN¥121.0m | CN¥201.0m | CN¥346.0m |
| Capital spending | −CN¥202.0m | −CN¥113.0m | −CN¥193.0m | −CN¥102.0m | −CN¥136.0m | −CN¥123.0m | −CN¥127.0m | −CN¥61.0m |
| Free cash flow | — | — | — | CN¥65.0m | −CN¥337.0m | −CN¥2.0m | CN¥74.0m | CN¥285.0m |
| Total assets | CN¥13.33bn | CN¥11.29bn | CN¥10.92bn | CN¥9.60bn | CN¥8.89bn | CN¥7.76bn | CN¥7.26bn | CN¥6.90bn |
| Cash and short-term investments | — | — | — | CN¥1.39bn | CN¥1.31bn | CN¥1.29bn | CN¥1.02bn | CN¥1.04bn |
| Debt | CN¥1.73bn | CN¥1.30bn | CN¥1.08bn | CN¥1.82bn | CN¥1.87bn | CN¥1.68bn | CN¥1.18bn | CN¥854.2m |
| Shareholders' equity | CN¥5.63bn | CN¥5.09bn | CN¥4.73bn | CN¥4.30bn | CN¥3.78bn | CN¥3.46bn | CN¥3.29bn | CN¥3.30bn |
Financial ratios
Data as of 12 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 55.1% | 50.8% | 53.6% | 54.8% | 51.8% | 48.6% |
| Operating margin | 28.5% | 13.3% | -3.3% | 19.4% | 14.9% | 9.1% |
| Net margin | 25.2% | 12.6% | 2.5% | 17.9% | 14.4% | 10.6% |
| Return on equity | 28.1% | 13.9% | 1.6% | 20.3% | 12.3% | 7.8% |
| Return on assets | 12.2% | 6.3% | 0.8% | 9.8% | 6.6% | 4.5% |
| Free cash flow yield | 0.7% | 0.6% | -0.3% | 0.2% | 0.1% | 0.0% |
| Revenue growth | 45.3% | 105.2% | -31.1% | 70.5% | 88.0% | 101.5% |
| Earnings growth | 190.4% | 915.1% | -90.2% | 111.3% | 157.2% | 611.0% |
| Current ratio | 1.90x | 1.80x | 2.12x | 2.12x | 2.75x | 2.26x |
| Debt to equity | 0.23x | 0.36x | 0.36x | 0.08x | 0.03x | 0.13x |
| Equity ratio | 43.4% | 45.4% | 48.8% | 48.5% | 53.3% | 58.1% |
| Interest coverage | 28.31x | 15.06x | -2.55x | 52.88x | 35.89x | 22.91x |
| R&D as a share of sales | 17.7% | 18.0% | 33.0% | 25.0% | 21.9% | 23.3% |
| Buybacks as a share of market value | -1.1% | -0.6% | 4.3% | -9.9% | -3.2% | 32.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.1% | 45.8% | 48.5% |
| Operating income | 44.7% | 83.3% | 55.9% |
| Net income | 42.4% | 73.4% | 48.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 53.3% | 53.7% | 53.2% | 53.3% |
| Operating margin | 22.3% | 18.3% | 17.5% | 17.3% |
| Net margin | 20.0% | 17.3% | 16.7% | 16.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 48.2 | 60.3 | — | 63.0 | 156.1 | 107.2 | — | 121.3 | 93.9 |
| Price to sales | 12.1 | 7.6 | 13.3 | 11.3 | 22.5 | 11.3 | 26.6 | 20.5 | 26.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.053 | 0.028 | 0.022 |
- 19-for-10 split · 15 Jul 2021
- 19-for-10 split · 14 Jun 2019
- 19-for-10 split · 21 Jun 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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