Z 
6.98
-1.83%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥518.6m
FY2016FY2025
Net income
−CN¥218.3m
FY2016FY2025
Free cash flow
−CN¥11.7m
FY2016FY2025
Shareholders' equity
CN¥400.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥518.6m | CN¥518.5m | CN¥825.0m | CN¥664.3m | CN¥625.1m | CN¥605.5m | CN¥498.9m | CN¥383.4m | CN¥283.6m | CN¥255.6m |
| Gross profit | CN¥18.0m | CN¥57.7m | CN¥167.1m | CN¥70.7m | CN¥126.6m | CN¥133.7m | CN¥124.0m | CN¥100.3m | CN¥84.3m | CN¥81.5m |
| Research and development | CN¥29.3m | CN¥29.7m | CN¥28.9m | CN¥35.2m | CN¥18.3m | CN¥17.8m | CN¥15.1m | CN¥13.9m | CN¥7.8m | CN¥8.8m |
| Operating income | −CN¥188.3m | −CN¥161.5m | CN¥59.9m | −CN¥123.2m | CN¥27.4m | CN¥42.3m | CN¥27.0m | CN¥36.3m | CN¥41.1m | CN¥40.2m |
| Net income | −CN¥218.3m | −CN¥139.8m | CN¥20.7m | −CN¥102.4m | CN¥12.6m | CN¥24.2m | CN¥21.2m | CN¥25.3m | CN¥30.7m | CN¥36.7m |
| Diluted earnings per share | -1.06 | -0.75 | 0.11 | -0.55 | 0.06 | 0.13 | 0.14 | 0.15 | 0.18 | 0.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.52bn | CN¥1.82bn | CN¥1.82bn | CN¥1.81bn | CN¥1.69bn | CN¥1.35bn | CN¥1.01bn | CN¥850.8m | CN¥596.3m | CN¥432.3m |
| Cash and short-term investments | — | CN¥105.8m | CN¥130.6m | CN¥116.3m | CN¥225.4m | CN¥228.7m | CN¥183.6m | CN¥156.7m | CN¥142.8m | CN¥58.3m |
| Total liabilities | CN¥1.11bn | CN¥1.39bn | CN¥1.26bn | CN¥1.27bn | CN¥1.11bn | CN¥817.9m | CN¥555.1m | CN¥389.7m | CN¥154.2m | CN¥182.6m |
| Debt | CN¥178.1m | CN¥758.5m | CN¥887.8m | CN¥704.9m | CN¥612.5m | CN¥457.3m | CN¥294.6m | CN¥195.0m | CN¥46.0m | CN¥70.0m |
| Shareholders' equity | CN¥400.0m | CN¥422.8m | CN¥556.0m | CN¥533.2m | CN¥548.8m | CN¥524.4m | CN¥452.7m | CN¥457.5m | CN¥438.1m | CN¥247.0m |
| Shares outstanding | 206m | 186m | 186m | 185m | 211m | 181m | 149m | 170m | 166m | 130m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥34.3m | CN¥14.5m | CN¥38.2m | −CN¥188.1m | CN¥59.2m | CN¥30.3m | CN¥101.8m | −CN¥32.7m | −CN¥19.3m | CN¥26.2m |
| Capital spending | −CN¥46.0m | −CN¥64.9m | −CN¥69.3m | −CN¥102.5m | −CN¥198.7m | −CN¥169.2m | −CN¥98.0m | −CN¥67.3m | −CN¥40.2m | −CN¥5.8m |
| Free cash flow | −CN¥11.7m | −CN¥50.4m | −CN¥31.1m | −CN¥290.6m | −CN¥139.5m | −CN¥138.9m | CN¥3.9m | −CN¥100.0m | −CN¥59.4m | CN¥20.3m |
| Dividends paid | −CN¥26.9m | −CN¥36.1m | −CN¥27.0m | −CN¥62,920 | −CN¥7.4m | −CN¥15.7m | −CN¥6.1m | −CN¥9.5m | −CN¥10.5m | −CN¥11.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥126.8m | CN¥80.9m | CN¥128.9m | CN¥151.6m | CN¥163.8m | CN¥74.3m | CN¥204.2m | CN¥154.3m |
| Gross profit | CN¥11.4m | CN¥9.8m | −CN¥8.8m | CN¥9.7m | CN¥8.2m | CN¥9.0m | CN¥18.5m | CN¥19.1m |
| Operating income | −CN¥14.3m | −CN¥7.3m | −CN¥58.2m | −CN¥27.2m | −CN¥39.1m | CN¥361,965 | −CN¥95.9m | −CN¥17.9m |
| Net income | −CN¥16.5m | −CN¥6.0m | −CN¥152.3m | −CN¥27.3m | −CN¥23.4m | −CN¥15.3m | −CN¥73.5m | −CN¥18.5m |
| Diluted earnings per share | -0.08 | -0.03 | -0.74 | -0.13 | -0.11 | -0.07 | -0.40 | -0.10 |
| Cash from operations | — | — | — | CN¥10.0m | CN¥30.0m | −CN¥54.0m | — | CN¥23.0m |
| Capital spending | −CN¥6.0m | −CN¥6.0m | −CN¥5.0m | −CN¥20.0m | −CN¥2.0m | −CN¥18.0m | −CN¥11.0m | −CN¥8.0m |
| Free cash flow | — | — | — | −CN¥10.0m | CN¥28.0m | −CN¥72.0m | — | CN¥15.0m |
| Total assets | CN¥1.43bn | CN¥1.47bn | CN¥1.52bn | CN¥1.74bn | CN¥1.75bn | CN¥1.79bn | CN¥1.82bn | CN¥1.79bn |
| Cash and short-term investments | — | — | — | CN¥110.5m | CN¥107.2m | CN¥85.3m | CN¥105.8m | CN¥75.3m |
| Debt | CN¥141.8m | CN¥183.1m | CN¥178.1m | CN¥508.0m | CN¥737.6m | CN¥817.6m | CN¥758.3m | CN¥889.6m |
| Shareholders' equity | CN¥438.3m | CN¥394.5m | CN¥400.0m | CN¥552.3m | CN¥384.3m | CN¥408.4m | CN¥422.8m | CN¥492.4m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 11.1% | 20.3% | 10.6% | 20.2% | 22.1% |
| Operating margin | -36.3% | -24.2% | 7.5% | -13.0% | 5.2% | 7.3% |
| Net margin | -42.1% | -27.0% | 2.5% | -15.4% | 2.0% | 4.0% |
| Return on equity | -54.6% | -33.1% | 3.7% | -19.2% | 2.3% | 4.6% |
| Return on assets | -14.4% | -7.7% | 1.1% | -5.6% | 0.7% | 1.8% |
| Free cash flow yield | 5.7% | 6.3% | 8.5% | -6.8% | 17.9% | 16.2% |
| Revenue growth | 0.0% | -37.2% | 24.2% | 6.3% | 3.2% | 21.4% |
| Earnings growth | 56.2% | -776.3% | -120.2% | -911.5% | -47.8% | 13.9% |
| Current ratio | 0.84x | 1.01x | 1.20x | 1.37x | 1.27x | 1.50x |
| Debt to equity | 0.45x | 1.79x | 1.44x | 1.32x | 1.12x | 0.87x |
| Equity ratio | 26.3% | 23.2% | 30.5% | 29.4% | 32.5% | 38.9% |
| Interest coverage | -6.12x | -3.52x | 1.61x | -2.53x | 1.69x | 2.78x |
| R&D as a share of sales | 5.7% | 5.7% | 3.5% | 5.3% | 2.9% | 2.9% |
| Buybacks as a share of market value | -10.7% | -0.3% | -0.5% | 12.7% | -16.7% | -22.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.9% | -3.1% | 9.5% |
| Operating income | 15.2% | — | — |
| Net income | 28.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.3% | 12.4% | 15.3% | 19.1% |
| Operating margin | -33.7% | -16.4% | -9.1% | -3.3% |
| Net margin | -34.5% | -17.4% | -10.7% | -4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.2 | -8.3 | 77.5 | -13.2 | 163.6 | 58.8 | 53.4 | 46.0 | 68.9 |
| Price to sales | 3.9 | 2.2 | 1.9 | 2.0 | 3.3 | 2.3 | 2.3 | 3.0 | 7.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Jul 2024.
| FY2024 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|
| Paid in the year | 0.05 | 0.043 | 0.036 | 0.022 |
- 7-for-5 split · 3 Jun 2021
- 8-for-5 split · 6 Jul 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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