S 
34.88
-2.49%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥8.72bn
FY2016FY2025
Net income
−CN¥820.9m
FY2016FY2025
Free cash flow
−CN¥1.32bn
FY2016FY2025
Shareholders' equity
CN¥4.99bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.72bn | CN¥7.61bn | CN¥16.97bn | CN¥22.56bn | CN¥4.95bn | CN¥942.1m | CN¥1.05bn | CN¥1.05bn | CN¥854.9m | CN¥561.7m |
| Gross profit | CN¥801.3m | −CN¥790.5m | −CN¥913.1m | CN¥4.30bn | CN¥1.43bn | CN¥97.6m | CN¥224.3m | CN¥213.4m | CN¥202.3m | CN¥163.3m |
| Research and development | CN¥176.5m | CN¥248.3m | CN¥552.3m | CN¥432.4m | CN¥163.8m | CN¥51.5m | CN¥49.1m | CN¥44.5m | CN¥38.3m | CN¥28.0m |
| Operating income | −CN¥393.4m | −CN¥1.58bn | −CN¥1.93bn | CN¥2.83bn | CN¥966.6m | −CN¥31.1m | CN¥117.0m | CN¥112.7m | CN¥106.4m | CN¥92.3m |
| Net income | −CN¥820.9m | −CN¥1.34bn | −CN¥1.64bn | CN¥2.38bn | CN¥825.4m | −CN¥28.4m | CN¥100.1m | CN¥98.1m | CN¥92.7m | CN¥75.6m |
| Diluted earnings per share | -2.86 | -4.93 | -5.89 | 7.95 | 3.09 | -0.13 | 0.46 | 0.59 | 0.56 | 0.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥16.82bn | CN¥17.81bn | CN¥20.73bn | CN¥29.09bn | CN¥8.95bn | CN¥3.78bn | CN¥1.71bn | CN¥1.02bn | CN¥896.1m | CN¥611.5m |
| Cash and short-term investments | — | CN¥3.20bn | CN¥4.55bn | CN¥3.51bn | CN¥1.92bn | CN¥1.17bn | CN¥300.2m | CN¥102.3m | CN¥16.8m | CN¥41.2m |
| Total liabilities | CN¥10.75bn | CN¥10.93bn | CN¥12.02bn | CN¥18.43bn | CN¥4.95bn | CN¥1.59bn | CN¥721.0m | CN¥521.1m | CN¥497.0m | CN¥305.0m |
| Debt | CN¥2.01bn | CN¥8.15bn | CN¥6.91bn | CN¥9.18bn | CN¥1.36bn | CN¥325.1m | CN¥130.1m | CN¥92.5m | CN¥278.4m | CN¥96.4m |
| Shareholders' equity | CN¥4.99bn | CN¥5.55bn | CN¥7.12bn | CN¥8.81bn | CN¥3.06bn | CN¥2.11bn | CN¥947.9m | CN¥497.3m | CN¥399.2m | CN¥306.4m |
| Shares outstanding | 287m | 271m | 278m | 299m | 267m | 218m | 219m | 166m | 166m | 167m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥767.7m | CN¥143.1m | CN¥5.99bn | −CN¥6.14bn | −CN¥644.1m | CN¥95.6m | CN¥288.7m | CN¥167.1m | −CN¥203.1m | CN¥38.6m |
| Capital spending | −CN¥555.1m | −CN¥476.7m | −CN¥1.63bn | −CN¥2.56bn | −CN¥798.6m | −CN¥759.7m | −CN¥354.4m | −CN¥51.2m | −CN¥50.8m | −CN¥147.2m |
| Free cash flow | −CN¥1.32bn | −CN¥333.6m | CN¥4.37bn | −CN¥8.69bn | −CN¥1.44bn | −CN¥664.1m | −CN¥65.7m | CN¥115.9m | −CN¥253.9m | −CN¥108.7m |
| Dividends paid | −CN¥129.0m | −CN¥165.8m | −CN¥439.6m | −CN¥281.2m | −CN¥35.8m | −CN¥9.0m | −CN¥42.7m | −CN¥8.2m | −CN¥7.3m | −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¥6.06bn | CN¥4.34bn | CN¥2.68bn | CN¥2.15bn | CN¥1.88bn | CN¥2.00bn | CN¥1.08bn | CN¥2.19bn |
| Gross profit | CN¥589.6m | CN¥589.1m | CN¥138.1m | CN¥207.6m | −CN¥238.3m | CN¥6.1m | −CN¥589.7m | CN¥45.1m |
| Operating income | CN¥472.5m | CN¥490.7m | −CN¥3.3m | −CN¥197.7m | −CN¥269.2m | −CN¥190.0m | −CN¥735.6m | −CN¥308.5m |
| Net income | CN¥190.5m | CN¥264.9m | −CN¥276.8m | −CN¥153.4m | −CN¥223.7m | −CN¥167.1m | −CN¥516.0m | −CN¥305.8m |
| Diluted earnings per share | 0.66 | 0.92 | -0.96 | -0.53 | -0.78 | -0.58 | -1.90 | -1.13 |
| Cash from operations | — | — | — | −CN¥278.0m | CN¥157.0m | −CN¥918.0m | CN¥383.0m | CN¥206.0m |
| Capital spending | −CN¥103.0m | −CN¥167.0m | −CN¥109.0m | −CN¥174.0m | −CN¥136.0m | −CN¥134.0m | −CN¥11.0m | −CN¥47.0m |
| Free cash flow | — | — | — | −CN¥452.0m | CN¥21.0m | −CN¥1.05bn | CN¥372.0m | CN¥159.0m |
| Total assets | CN¥21.83bn | CN¥18.60bn | CN¥16.82bn | CN¥16.91bn | CN¥16.98bn | CN¥17.49bn | CN¥17.81bn | CN¥19.39bn |
| Cash and short-term investments | — | — | — | CN¥1.73bn | CN¥2.24bn | CN¥2.34bn | CN¥3.20bn | CN¥3.02bn |
| Debt | CN¥2.10bn | CN¥1.55bn | CN¥2.01bn | CN¥5.01bn | CN¥4.43bn | CN¥7.22bn | CN¥7.26bn | CN¥3.00bn |
| Shareholders' equity | CN¥5.42bn | CN¥5.22bn | CN¥4.99bn | CN¥5.20bn | CN¥5.17bn | CN¥5.39bn | CN¥5.55bn | CN¥6.08bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 1.3% | -10.4% | -5.4% | 19.1% | 28.8% | 10.4% |
| Operating margin | -4.5% | -20.8% | -11.3% | 12.6% | 19.5% | -3.3% |
| Net margin | -9.4% | -17.6% | -9.6% | 10.6% | 16.7% | -3.0% |
| Return on equity | -16.4% | -24.1% | -23.0% | 27.0% | 27.0% | -1.3% |
| Return on assets | -4.9% | -7.5% | -7.9% | 8.2% | 9.2% | -0.8% |
| Free cash flow yield | -1.9% | 5.8% | 69.2% | -30.2% | 1.5% | 9.9% |
| Revenue growth | 14.5% | -55.1% | -24.8% | 355.3% | 425.9% | -10.6% |
| Earnings growth | -38.6% | -18.2% | -168.7% | 188.4% | -3006.2% | -128.4% |
| Current ratio | 0.89x | 0.88x | 1.18x | 1.29x | 1.21x | 1.35x |
| Debt to equity | 0.40x | 1.31x | 0.80x | 0.95x | 0.38x | 0.15x |
| Equity ratio | 29.7% | 31.1% | 34.4% | 30.3% | 34.2% | 55.8% |
| Interest coverage | -2.03x | -7.17x | -6.35x | 10.80x | 21.75x | -2.32x |
| R&D as a share of sales | 2.0% | 3.3% | 3.3% | 1.9% | 3.3% | 5.5% |
| Buybacks as a share of market value | -5.9% | 2.4% | 7.1% | -12.2% | -22.5% | 0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -27.2% | 56.0% | 39.5% |
| Operating income | — | 66.1% | — |
| Net income | — | 96.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.1% | 6.1% | 8.0% | 8.9% |
| Operating margin | -12.1% | -1.9% | -0.2% | 0.6% |
| Net margin | -13.2% | -2.5% | -1.0% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -15.4 | -7.5 | -10.4 | 18.0 | 55.1 | -445.1 | 48.1 |
| Price to sales | 1.4 | 1.3 | 1.0 | 1.9 | 9.2 | 13.4 | 4.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 31 May 2023.
| FY2023 | FY2022 | FY2019 | |
|---|---|---|---|
| Paid in the year | 1.00 | 0.625 | 0.193 |
- 8-for-5 split · 31 May 2023
- 9-for-5 split · 17 May 2022
- 9-for-5 split · 26 May 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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