B 
38.39
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.71bn
FY2016FY2025
Net income
−CN¥616.7m
FY2016FY2025
Free cash flow
−CN¥569.1m
FY2016FY2025
Shareholders' equity
CN¥8.49bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.71bn | CN¥3.87bn | CN¥4.35bn | CN¥7.05bn | CN¥6.77bn | CN¥8.40bn | CN¥2.80bn | CN¥2.54bn | CN¥2.10bn | CN¥1.71bn |
| Gross profit | CN¥1.39bn | CN¥1.50bn | CN¥2.15bn | CN¥3.53bn | CN¥3.92bn | CN¥5.01bn | CN¥1.50bn | CN¥1.40bn | CN¥1.19bn | CN¥1.02bn |
| Research and development | CN¥456.9m | CN¥606.2m | CN¥528.9m | CN¥535.8m | CN¥487.1m | CN¥619.6m | CN¥317.3m | CN¥260.9m | CN¥174.3m | CN¥178.2m |
| Operating income | −CN¥170.0m | −CN¥874.8m | CN¥150.6m | CN¥1.09bn | CN¥1.82bn | CN¥2.50bn | CN¥330.1m | CN¥478.4m | CN¥504.1m | CN¥286.4m |
| Net income | −CN¥616.7m | −CN¥902.7m | CN¥92.9m | CN¥802.8m | CN¥1.46bn | CN¥2.09bn | CN¥276.3m | CN¥386.6m | CN¥398.1m | CN¥332.7m |
| Diluted earnings per share | -1.48 | -2.19 | 0.22 | 1.93 | 3.53 | 5.25 | 0.69 | 0.96 | 1.02 | 0.92 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.75bn | CN¥12.54bn | CN¥13.61bn | CN¥14.39bn | CN¥14.25bn | CN¥11.35bn | CN¥5.97bn | CN¥5.13bn | CN¥5.11bn | CN¥4.23bn |
| Cash and short-term investments | — | CN¥4.31bn | CN¥5.49bn | CN¥6.39bn | CN¥8.64bn | CN¥5.43bn | CN¥1.22bn | CN¥1.53bn | CN¥2.70bn | CN¥748.6m |
| Total liabilities | CN¥3.14bn | CN¥3.27bn | CN¥3.61bn | CN¥4.16bn | CN¥4.81bn | CN¥5.32bn | CN¥1.52bn | CN¥1.00bn | CN¥853.9m | CN¥777.5m |
| Debt | CN¥442.8m | CN¥413.7m | CN¥283.4m | CN¥136.7m | CN¥721.4m | CN¥1.37bn | CN¥301.4m | CN¥31.1m | CN¥8.0m | CN¥3.0m |
| Shareholders' equity | CN¥8.49bn | CN¥9.13bn | CN¥9.86bn | CN¥10.08bn | CN¥9.32bn | CN¥5.91bn | CN¥4.37bn | CN¥4.05bn | CN¥4.15bn | CN¥3.36bn |
| Shares outstanding | 416m | 412m | 415m | 415m | 413m | 398m | 401m | 401m | 392m | 360m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥63.2m | CN¥95.7m | CN¥408.8m | CN¥130.9m | CN¥2.48bn | CN¥3.60bn | CN¥224.3m | CN¥14.7m | CN¥243.7m | CN¥234.1m |
| Capital spending | −CN¥505.9m | −CN¥529.5m | −CN¥1.24bn | −CN¥1.27bn | −CN¥383.5m | −CN¥301.2m | −CN¥626.4m | −CN¥678.1m | −CN¥291.3m | −CN¥246.0m |
| Free cash flow | −CN¥569.1m | −CN¥433.8m | −CN¥827.6m | −CN¥1.14bn | CN¥2.09bn | CN¥3.30bn | −CN¥402.2m | −CN¥663.4m | −CN¥47.7m | −CN¥11.9m |
| Dividends paid | −CN¥17.3m | −CN¥50.4m | −CN¥416.7m | −CN¥143.5m | −CN¥144.9m | −CN¥40.0m | −CN¥40.0m | −CN¥200.3m | −CN¥108.5m | −CN¥82.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥979.9m | CN¥808.7m | CN¥1.03bn | CN¥1.04bn | CN¥959.6m | CN¥671.9m | CN¥1.04bn | CN¥954.5m |
| Gross profit | CN¥421.4m | CN¥321.1m | CN¥244.1m | CN¥420.4m | CN¥428.7m | CN¥292.6m | CN¥225.3m | CN¥396.4m |
| Operating income | CN¥107.4m | CN¥6.8m | −CN¥225.7m | −CN¥42.9m | CN¥55.4m | −CN¥66.2m | −CN¥755.1m | −CN¥148.1m |
| Net income | CN¥56.9m | −CN¥9.5m | −CN¥595.3m | −CN¥27.2m | CN¥58.5m | −CN¥52.7m | −CN¥778.5m | −CN¥142.4m |
| Diluted earnings per share | 0.14 | -0.02 | -1.43 | -0.07 | 0.14 | -0.13 | -1.89 | -0.35 |
| Cash from operations | — | — | — | −CN¥3.0m | −CN¥16.0m | −CN¥397.0m | CN¥238.0m | −CN¥25.0m |
| Capital spending | −CN¥63.0m | −CN¥173.0m | −CN¥230.0m | −CN¥23.0m | −CN¥81.0m | −CN¥170.0m | −CN¥165.0m | −CN¥168.0m |
| Free cash flow | — | — | — | −CN¥26.0m | −CN¥97.0m | −CN¥567.0m | CN¥73.0m | −CN¥193.0m |
| Total assets | CN¥11.22bn | CN¥11.35bn | CN¥11.75bn | CN¥12.30bn | CN¥12.49bn | CN¥12.60bn | CN¥12.54bn | CN¥13.28bn |
| Cash and short-term investments | — | — | — | CN¥3.70bn | CN¥4.06bn | CN¥4.31bn | CN¥4.31bn | CN¥4.71bn |
| Debt | CN¥416.8m | CN¥416.8m | CN¥442.8m | CN¥221.4m | CN¥579.9m | CN¥867.2m | CN¥364.0m | CN¥347.5m |
| Shareholders' equity | CN¥8.52bn | CN¥8.43bn | CN¥8.49bn | CN¥9.24bn | CN¥9.25bn | CN¥9.10bn | CN¥9.13bn | CN¥9.83bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 37.6% | 38.9% | 49.4% | 50.0% | 57.9% | 59.7% | — |
| Operating margin | -4.6% | -22.6% | 3.5% | 15.4% | 26.9% | 29.7% | — |
| Net margin | -16.6% | -23.3% | 2.1% | 11.4% | 21.6% | 24.9% | — |
| Return on equity | -7.3% | -9.9% | 0.9% | 8.0% | 15.7% | 35.4% | — |
| Return on assets | -5.2% | -7.2% | 0.7% | 5.6% | 10.3% | 18.4% | — |
| Free cash flow yield | 2.4% | 3.4% | 8.8% | 7.5% | 15.3% | 21.7% | — |
| Revenue growth | -4.2% | -11.1% | -38.3% | 4.2% | -19.4% | 199.9% | — |
| Earnings growth | -31.7% | -1071.7% | -88.4% | -45.1% | -30.1% | 656.4% | — |
| Current ratio | 2.42x | 2.42x | 2.41x | 2.47x | 3.26x | 2.19x | — |
| Debt to equity | 0.05x | 0.04x | 0.02x | — | 0.07x | 0.21x | 0.07x |
| Equity ratio | 72.3% | 72.8% | 72.4% | 70.0% | 65.4% | 52.1% | — |
| Interest coverage | -4.72x | -15.54x | 1.59x | 10.24x | 16.75x | 27.04x | — |
| R&D as a share of sales | 12.3% | 15.7% | 12.2% | 7.6% | 7.2% | 7.4% | — |
| Buybacks as a share of market value | -1.0% | 0.5% | 0.1% | -0.3% | -3.9% | 0.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.3% | -15.1% | 10.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.2% | 45.2% | 51.3% | 52.4% |
| Operating margin | -13.8% | 1.0% | 13.2% | 14.4% |
| Net margin | -20.1% | -3.3% | 8.6% | 10.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -30.6 | -19.2 | 214.2 | 26.7 | 24.8 | 24.5 | 99.6 | 62.3 | 204.6 |
| Price to sales | 5.1 | 4.5 | 4.6 | 3.0 | 5.4 | 6.1 | 9.8 | 9.5 | 38.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 4 Jul 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 1.00 | 0.35 | 0.35 | 0.101 | 0.10 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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