J 
24.06
+1.31%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥502.5m
FY2016FY2025
Net income
−CN¥121.9m
FY2016FY2025
Free cash flow
−CN¥45.0m
FY2016FY2025
Shareholders' equity
CN¥2.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥502.5m | CN¥353.3m | CN¥312.7m | CN¥400.6m | CN¥729.2m | CN¥640.9m | CN¥546.0m | CN¥425.8m | CN¥386.1m | CN¥368.3m |
| Gross profit | CN¥256.2m | CN¥151.4m | CN¥111.2m | CN¥236.1m | CN¥458.0m | CN¥412.1m | CN¥343.3m | CN¥301.5m | CN¥276.2m | CN¥207.6m |
| Research and development | CN¥227.0m | CN¥205.2m | CN¥255.0m | CN¥132.4m | CN¥149.9m | CN¥159.9m | CN¥136.3m | CN¥107.2m | CN¥120.8m | CN¥114.1m |
| Operating income | −CN¥138.0m | −CN¥171.8m | −CN¥256.5m | CN¥67.9m | CN¥248.1m | CN¥168.7m | CN¥119.2m | CN¥110.3m | CN¥69.8m | CN¥29.7m |
| Net income | −CN¥121.9m | −CN¥123.9m | −CN¥189.8m | CN¥85.6m | CN¥235.0m | CN¥167.3m | CN¥115.1m | CN¥102.6m | CN¥67.4m | CN¥37.0m |
| Diluted earnings per share | -0.19 | -0.21 | -0.29 | 0.15 | 0.36 | 0.31 | 0.26 | 0.25 | 0.16 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.91bn | CN¥3.66bn | CN¥3.48bn | CN¥3.37bn | CN¥3.25bn | CN¥1.89bn | CN¥1.66bn | CN¥1.03bn | CN¥786.2m | CN¥630.8m |
| Cash and short-term investments | — | CN¥1.42bn | CN¥1.41bn | CN¥1.44bn | CN¥1.49bn | CN¥463.7m | CN¥551.0m | CN¥155.6m | CN¥95.0m | CN¥99.2m |
| Total liabilities | CN¥1.56bn | CN¥1.25bn | CN¥984.2m | CN¥676.3m | CN¥640.4m | CN¥515.5m | CN¥446.3m | CN¥415.2m | CN¥271.5m | CN¥184.1m |
| Debt | — | CN¥833.7m | CN¥594.6m | CN¥179.7m | CN¥1.6m | CN¥2.3m | CN¥60.0m | CN¥152.0m | CN¥65.5m | — |
| Shareholders' equity | CN¥2.31bn | CN¥2.37bn | CN¥2.50bn | CN¥2.69bn | CN¥2.61bn | CN¥1.38bn | CN¥1.22bn | CN¥612.9m | CN¥510.9m | CN¥443.4m |
| Shares outstanding | 627m | 594m | 646m | 561m | 658m | 545m | 437m | 403m | 411m | 627m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥43.7m | −CN¥107.5m | −CN¥304.0m | −CN¥9.7m | CN¥222.4m | CN¥75.8m | −CN¥5.9m | −CN¥40.1m | −CN¥47.0m | −CN¥87.3m |
| Capital spending | −CN¥88.7m | −CN¥157.3m | −CN¥106.1m | −CN¥194.1m | −CN¥167.5m | −CN¥94.5m | −CN¥6.9m | −CN¥3.7m | −CN¥7.7m | −CN¥5.2m |
| Free cash flow | −CN¥45.0m | −CN¥264.8m | −CN¥410.0m | −CN¥203.7m | CN¥54.9m | −CN¥18.7m | −CN¥12.8m | −CN¥43.8m | −CN¥54.7m | −CN¥92.6m |
| Dividends paid | −CN¥25.2m | −CN¥19.3m | −CN¥21.9m | −CN¥23.6m | −CN¥17.1m | −CN¥13.5m | −CN¥4.6m | −CN¥4.6m | −CN¥1.6m | −CN¥4.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥109.6m | CN¥43.6m | CN¥197.9m | CN¥131.1m | CN¥48.0m | CN¥125.5m | CN¥177.0m | CN¥70.1m |
| Gross profit | CN¥13.0m | CN¥11.9m | CN¥41.3m | CN¥50.1m | CN¥27.4m | CN¥47.2m | CN¥43.9m | CN¥44.5m |
| Operating income | −CN¥68.3m | −CN¥56.9m | −CN¥52.6m | −CN¥41.1m | −CN¥66.1m | −CN¥2.0m | −CN¥33.9m | −CN¥64.8m |
| Net income | −CN¥60.4m | −CN¥44.2m | −CN¥73.8m | −CN¥19.5m | −CN¥41.9m | CN¥13.2m | −CN¥32.6m | −CN¥39.2m |
| Diluted earnings per share | -0.10 | -0.07 | -0.12 | -0.03 | -0.07 | 0.02 | -0.05 | -0.07 |
| Cash from operations | — | — | — | −CN¥23.0m | −CN¥65.0m | −CN¥50.0m | CN¥118.0m | −CN¥95.0m |
| Capital spending | −CN¥9.0m | −CN¥44.0m | −CN¥32.0m | −CN¥12.0m | −CN¥25.0m | −CN¥17.0m | −CN¥31.0m | −CN¥78.0m |
| Free cash flow | — | — | — | −CN¥35.0m | −CN¥90.0m | −CN¥67.0m | CN¥87.0m | −CN¥173.0m |
| Total assets | CN¥3.91bn | CN¥3.96bn | CN¥3.91bn | CN¥3.86bn | CN¥3.82bn | CN¥3.73bn | CN¥3.66bn | CN¥3.60bn |
| Cash and short-term investments | — | — | — | CN¥1.29bn | CN¥1.33bn | CN¥1.36bn | CN¥1.42bn | CN¥1.29bn |
| Debt | — | — | — | CN¥1.05bn | CN¥874.9m | CN¥775.0m | CN¥828.9m | CN¥834.8m |
| Shareholders' equity | CN¥2.21bn | CN¥2.27bn | CN¥2.31bn | CN¥2.34bn | CN¥2.35bn | CN¥2.37bn | CN¥2.37bn | CN¥2.41bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 51.0% | 42.9% | 35.5% | 58.9% | 62.8% | 64.3% | — | — | — |
| Operating margin | -27.5% | -48.6% | -82.0% | 16.9% | 34.0% | 26.3% | — | — | — |
| Net margin | -24.3% | -35.1% | -60.7% | 21.4% | 32.2% | 26.1% | — | — | — |
| Return on equity | -5.3% | -5.2% | -7.6% | 3.2% | 9.0% | 12.1% | — | — | — |
| Return on assets | -3.1% | -3.4% | -5.5% | 2.5% | 7.2% | 8.8% | — | — | — |
| Free cash flow yield | 0.8% | 0.3% | -1.2% | 1.2% | 2.2% | 1.2% | — | — | — |
| Revenue growth | 42.2% | 13.0% | -21.9% | -45.1% | 13.8% | 17.4% | — | — | — |
| Earnings growth | -1.6% | -34.7% | -321.7% | -63.6% | 40.5% | 45.3% | — | — | — |
| Current ratio | 1.94x | 2.52x | 2.94x | 4.59x | 5.11x | 3.62x | — | — | — |
| Debt to equity | — | 0.35x | 0.24x | 0.07x | — | — | 0.05x | 0.25x | 0.13x |
| Equity ratio | 59.1% | 64.9% | 71.7% | 79.9% | 80.3% | 72.8% | — | — | — |
| Interest coverage | -5.82x | -8.08x | -26.14x | 11.68x | 68.72x | 184.96x | — | — | — |
| R&D as a share of sales | 45.2% | 58.1% | 81.5% | 33.0% | 20.6% | 25.0% | — | — | — |
| Buybacks as a share of market value | -5.6% | 8.0% | -15.1% | 14.7% | -20.8% | -24.6% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.8% | -4.7% | 13.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 47.6% | 48.1% | 55.3% | 59.5% |
| Operating margin | -36.2% | -31.8% | -2.8% | 5.5% |
| Net margin | -28.7% | -22.3% | 1.8% | 8.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -214.5 | -100.8 | -51.3 | 86.4 | 48.0 | 55.1 | 50.0 |
| Price to sales | 52.0 | 35.4 | 31.1 | 18.5 | 15.5 | 14.4 | 10.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Jun 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|
| Paid in the year | 0.014 | 0.06 | 0.027 | 0.018 |
- 8-for-5 split · 24 Jun 2022
- 8-for-5 split · 3 Jun 2021
- 8-for-5 split · 8 Jun 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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