S 
19.92
-0.05%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.67bn
FY2016FY2025
Net income
−CN¥120.1m
FY2016FY2025
Free cash flow
CN¥196.0m
FY2016FY2025
Shareholders' equity
CN¥2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.67bn | CN¥2.24bn | CN¥1.42bn | CN¥1.52bn | CN¥934.5m | CN¥353.7m | CN¥596.5m | CN¥717.1m | CN¥490.7m | CN¥585.3m |
| Gross profit | CN¥362.3m | CN¥228.4m | CN¥115.1m | CN¥183.0m | CN¥163.6m | −CN¥85.6m | CN¥102.6m | CN¥187.7m | CN¥186.9m | CN¥255.4m |
| Research and development | CN¥263.0m | CN¥189.4m | CN¥125.5m | CN¥86.4m | CN¥68.4m | CN¥80.6m | CN¥45.7m | CN¥58.9m | CN¥60.2m | CN¥37.0m |
| Operating income | −CN¥77.2m | −CN¥139.3m | −CN¥181.2m | −CN¥38.3m | −CN¥6.0m | −CN¥344.1m | CN¥27.7m | CN¥86.2m | CN¥92.4m | CN¥123.6m |
| Net income | −CN¥120.1m | −CN¥122.2m | −CN¥169.5m | −CN¥27.8m | CN¥25.5m | −CN¥284.8m | CN¥27.0m | CN¥82.5m | CN¥91.5m | CN¥126.3m |
| Diluted earnings per share | -0.71 | -0.77 | -0.88 | -0.30 | 0.20 | -2.52 | 0.24 | 0.70 | 1.08 | 0.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.51bn | CN¥4.34bn | CN¥3.82bn | CN¥3.02bn | CN¥2.09bn | CN¥1.42bn | CN¥1.53bn | CN¥1.74bn | CN¥1.12bn | CN¥900.8m |
| Cash and short-term investments | — | CN¥1.09bn | CN¥1.32bn | CN¥403.2m | CN¥297.4m | CN¥211.8m | CN¥206.8m | CN¥180.8m | CN¥138.1m | CN¥65.8m |
| Total liabilities | CN¥2.32bn | CN¥2.04bn | CN¥1.36bn | CN¥1.81bn | CN¥938.8m | CN¥603.2m | CN¥437.3m | CN¥663.9m | CN¥422.3m | CN¥292.2m |
| Debt | CN¥40.4m | CN¥239.7m | CN¥285.1m | CN¥519.9m | CN¥268.7m | CN¥234.1m | CN¥23.4m | CN¥55.6m | CN¥102.4m | CN¥2.0m |
| Shareholders' equity | CN¥2.19bn | CN¥2.30bn | CN¥2.45bn | CN¥1.20bn | CN¥1.16bn | CN¥814.3m | CN¥1.10bn | CN¥1.08bn | CN¥700.1m | CN¥608.6m |
| Shares outstanding | 170m | 158m | 194m | 92m | 129m | 113m | 113m | 118m | 85m | 170m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥379.3m | CN¥74.8m | −CN¥133.7m | −CN¥195.3m | −CN¥129.2m | −CN¥73.2m | −CN¥49.4m | −CN¥278.7m | CN¥142.0m | −CN¥48.2m |
| Capital spending | −CN¥183.3m | −CN¥113.0m | −CN¥193.6m | −CN¥232.8m | −CN¥52.3m | −CN¥69.4m | −CN¥97.5m | −CN¥20.8m | −CN¥51.3m | −CN¥25.6m |
| Free cash flow | CN¥196.0m | −CN¥38.2m | −CN¥327.2m | −CN¥428.1m | −CN¥181.5m | −CN¥142.6m | −CN¥146.9m | −CN¥299.5m | CN¥90.6m | −CN¥73.8m |
| Dividends paid | −CN¥5.7m | −CN¥19.9m | −CN¥16.8m | −CN¥11.2m | −CN¥9.6m | −CN¥2.9m | −CN¥9.2m | −CN¥9.3m | −CN¥47,278 | −CN¥220,215 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥796.4m | CN¥623.1m | CN¥998.2m | CN¥612.0m | CN¥589.7m | CN¥470.4m | CN¥930.7m | CN¥449.5m |
| Gross profit | CN¥96.7m | CN¥86.4m | CN¥131.4m | CN¥124.3m | CN¥45.9m | CN¥60.6m | CN¥77.0m | CN¥56.1m |
| Operating income | CN¥6.8m | CN¥3.4m | −CN¥28.4m | CN¥1.6m | −CN¥35.1m | −CN¥37.2m | −CN¥59.8m | −CN¥39.9m |
| Net income | CN¥17.9m | CN¥5.4m | −CN¥57.5m | CN¥3.3m | −CN¥31.8m | −CN¥34.1m | −CN¥50.5m | −CN¥38.0m |
| Diluted earnings per share | 0.11 | 0.03 | -0.34 | 0.02 | -0.19 | -0.20 | -0.32 | -0.24 |
| Cash from operations | — | — | — | CN¥332.0m | CN¥86.0m | −CN¥133.0m | — | −CN¥35.0m |
| Capital spending | −CN¥116.0m | −CN¥37.0m | −CN¥30.0m | −CN¥74.0m | −CN¥60.0m | −CN¥17.0m | −CN¥28.0m | −CN¥27.0m |
| Free cash flow | — | — | — | CN¥258.0m | CN¥26.0m | −CN¥150.0m | — | −CN¥62.0m |
| Total assets | CN¥4.72bn | CN¥4.42bn | CN¥4.51bn | CN¥4.36bn | CN¥4.38bn | CN¥4.32bn | CN¥4.34bn | CN¥4.39bn |
| Cash and short-term investments | — | — | — | CN¥1.16bn | CN¥1.10bn | CN¥1.10bn | CN¥1.09bn | CN¥1.29bn |
| Debt | CN¥56.1m | CN¥49.0m | CN¥40.4m | CN¥915.8m | CN¥371.4m | CN¥296.4m | CN¥187.2m | CN¥514.6m |
| Shareholders' equity | CN¥2.24bn | CN¥2.21bn | CN¥2.19bn | CN¥2.25bn | CN¥2.24bn | CN¥2.27bn | CN¥2.30bn | CN¥2.35bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.6% | 10.2% | 8.1% | 12.1% | 17.5% | -24.2% |
| Operating margin | -3.9% | -4.8% | -10.9% | -1.2% | 0.9% | -95.3% |
| Net margin | -4.5% | -5.5% | -12.0% | -1.8% | 2.7% | -80.5% |
| Return on equity | -5.5% | -5.3% | -6.9% | -2.3% | 2.2% | -35.0% |
| Return on assets | -2.7% | -2.8% | -4.4% | -0.9% | 1.2% | -20.1% |
| Free cash flow yield | 14.7% | 5.3% | 1.4% | 1.8% | -2.6% | -0.1% |
| Revenue growth | 19.4% | 57.8% | -6.5% | 62.1% | 164.2% | -40.7% |
| Earnings growth | -1.7% | -27.9% | 509.3% | -209.2% | -108.9% | -1153.1% |
| Current ratio | 1.58x | 1.75x | 2.38x | 1.40x | 1.91x | 1.84x |
| Debt to equity | 0.02x | 0.08x | 0.10x | 0.34x | 0.15x | 0.24x |
| Equity ratio | 48.5% | 53.0% | 64.3% | 39.8% | 55.2% | 57.4% |
| Interest coverage | -8.81x | -3.89x | -7.08x | -1.11x | 0.62x | -64.30x |
| R&D as a share of sales | 9.8% | 8.5% | 8.9% | 5.7% | 7.3% | 22.8% |
| Buybacks as a share of market value | -7.7% | 18.5% | -110.8% | 29.0% | -14.3% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.8% | 49.8% | 22.7% |
| Operating income | 26.3% | -25.8% | — |
| Net income | 62.8% | -15.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.0% | 11.3% | 10.6% | 15.6% |
| Operating margin | -4.4% | -5.6% | -8.6% | -3.1% |
| Net margin | -4.9% | -5.6% | -7.7% | -2.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -36.4 | -20.6 | -31.0 | -125.0 | 326.0 | -7.9 | 94.9 | 52.0 |
| Price to sales | 1.6 | 1.1 | 3.7 | 2.3 | 8.9 | 6.4 | 4.3 | 6.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Jun 2020.
| FY2020 | FY2019 | FY2018 | |
|---|---|---|---|
| Paid in the year | 0.025 | 0.08 | 0.08 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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