N 
14.80
+5.56%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.82bn
FY2016FY2025
Net income
−CN¥58.6m
FY2016FY2025
Free cash flow
−CN¥463.8m
FY2016FY2025
Shareholders' equity
CN¥759.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.82bn | CN¥2.28bn | CN¥2.78bn | CN¥2.97bn | CN¥1.71bn | CN¥972.3m | CN¥827.2m | CN¥582.2m | CN¥361.8m | CN¥262.9m |
| Gross profit | CN¥196.2m | CN¥333.7m | CN¥208.8m | CN¥341.8m | CN¥136.2m | CN¥165.8m | CN¥154.6m | CN¥160.5m | CN¥146.1m | CN¥123.6m |
| Research and development | CN¥10.5m | CN¥60.6m | CN¥62.9m | CN¥75.3m | CN¥30.8m | CN¥34.1m | CN¥22.4m | CN¥20.5m | CN¥10.9m | CN¥16.7m |
| Operating income | −CN¥15.8m | −CN¥240.7m | −CN¥148.5m | CN¥197.4m | CN¥31.3m | CN¥78.0m | CN¥90.7m | CN¥107.2m | CN¥98.5m | CN¥83.1m |
| Net income | −CN¥58.6m | −CN¥306.8m | −CN¥202.9m | CN¥151.8m | CN¥30.0m | CN¥57.8m | CN¥75.7m | CN¥89.5m | CN¥83.5m | CN¥69.8m |
| Diluted earnings per share | -0.22 | -1.29 | -0.84 | 0.64 | 0.12 | 0.24 | 0.39 | 0.49 | 0.46 | 0.98 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.75bn | CN¥2.14bn | CN¥2.11bn | CN¥2.27bn | CN¥1.72bn | CN¥1.47bn | CN¥1.11bn | CN¥577.5m | CN¥374.8m | CN¥321.5m |
| Cash and short-term investments | — | CN¥542.5m | CN¥557.9m | CN¥437.5m | CN¥143.2m | CN¥79.6m | CN¥53.3m | CN¥30.7m | CN¥57.2m | CN¥84.1m |
| Total liabilities | CN¥987.9m | CN¥1.66bn | CN¥1.38bn | CN¥1.27bn | CN¥857.5m | CN¥636.9m | CN¥680.2m | CN¥204.0m | CN¥67.3m | CN¥85.8m |
| Debt | CN¥130.1m | CN¥1.17bn | CN¥943.8m | CN¥1.08bn | CN¥706.7m | CN¥489.6m | CN¥508.0m | CN¥160.0m | CN¥10.8m | CN¥56.0m |
| Shareholders' equity | CN¥759.5m | CN¥402.2m | CN¥728.9m | CN¥1.00bn | CN¥866.3m | CN¥834.5m | CN¥425.9m | CN¥373.5m | CN¥307.5m | CN¥235.7m |
| Shares outstanding | 271m | 238m | 242m | 236m | 251m | 244m | 193m | 183m | 183m | 71m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥127.0m | −CN¥111.8m | CN¥429.3m | CN¥122.7m | CN¥98.7m | −CN¥5.0m | CN¥75.1m | CN¥49.1m | CN¥101.5m | CN¥18.7m |
| Capital spending | −CN¥336.8m | −CN¥242.0m | −CN¥118.6m | −CN¥144.9m | −CN¥156.3m | −CN¥281.4m | −CN¥418.4m | −CN¥167.6m | −CN¥33.0m | −CN¥58.3m |
| Free cash flow | −CN¥463.8m | −CN¥353.7m | CN¥310.6m | −CN¥22.2m | −CN¥57.7m | −CN¥286.4m | −CN¥343.3m | −CN¥118.4m | CN¥68.5m | −CN¥39.6m |
| Dividends paid | −CN¥29.7m | −CN¥31.6m | −CN¥20.9m | −CN¥34.4m | −CN¥30.3m | −CN¥31.2m | −CN¥23.4m | −CN¥26.5m | −CN¥14.2m | −CN¥8.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.12bn | CN¥930.4m | CN¥775.6m | CN¥697.7m | CN¥806.7m | CN¥535.6m | CN¥759.9m | CN¥153.7m |
| Gross profit | CN¥133.1m | CN¥108.4m | CN¥20.0m | CN¥61.0m | −CN¥26.8m | CN¥9.3m | −CN¥14.8m | −CN¥40.0m |
| Operating income | CN¥85.4m | CN¥93.1m | CN¥8.5m | −CN¥3.0m | CN¥3.1m | −CN¥35.7m | −CN¥121.3m | −CN¥51.5m |
| Net income | −CN¥27.7m | CN¥46.8m | CN¥6.0m | −CN¥5.3m | −CN¥11.7m | −CN¥47.6m | −CN¥145.9m | −CN¥55.4m |
| Diluted earnings per share | -0.10 | 0.17 | 0.02 | -0.02 | -0.04 | -0.18 | -0.61 | -0.23 |
| Cash from operations | — | — | — | −CN¥107.0m | CN¥218.0m | −CN¥127.0m | — | CN¥233.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | — | −CN¥333.0m | −CN¥18.0m | −CN¥8.0m | −CN¥9.0m | −CN¥6.0m |
| Free cash flow | — | — | — | −CN¥440.0m | CN¥200.0m | −CN¥135.0m | — | CN¥227.0m |
| Total assets | CN¥2.22bn | CN¥2.11bn | CN¥1.75bn | CN¥1.75bn | CN¥1.77bn | CN¥2.06bn | CN¥2.14bn | CN¥2.56bn |
| Cash and short-term investments | — | — | — | CN¥166.6m | CN¥650.9m | CN¥362.8m | CN¥542.5m | CN¥703.0m |
| Debt | CN¥232.3m | CN¥214.0m | CN¥130.1m | CN¥694.2m | CN¥878.9m | CN¥1.00bn | CN¥1.12bn | CN¥1.11bn |
| Shareholders' equity | CN¥778.1m | CN¥805.9m | CN¥759.5m | CN¥753.2m | CN¥342.8m | CN¥354.3m | CN¥402.2m | CN¥530.4m |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 7.0% | 14.6% | 7.5% | 11.5% | 7.9% | 17.1% |
| Operating margin | -0.5% | -10.6% | -5.3% | 6.7% | 3.2% | 8.0% |
| Net margin | -2.1% | -13.5% | -7.3% | 5.1% | 1.8% | 5.9% |
| Return on equity | -7.7% | -76.3% | -27.8% | 15.1% | 3.5% | 6.9% |
| Return on assets | -3.4% | -14.4% | -9.6% | 6.7% | 1.7% | 3.9% |
| Free cash flow yield | 5.6% | 4.0% | 16.4% | 8.2% | 7.3% | 8.2% |
| Revenue growth | 23.5% | -17.9% | -6.3% | 73.0% | 76.3% | 17.5% |
| Earnings growth | -80.9% | 51.2% | -233.7% | 405.4% | -48.0% | -23.7% |
| Current ratio | 0.86x | 1.06x | 1.20x | 1.50x | 1.02x | 1.42x |
| Debt to equity | 0.17x | 2.79x | 1.23x | 0.99x | 0.76x | 0.59x |
| Equity ratio | 43.5% | 18.8% | 34.5% | 44.1% | 50.3% | 56.7% |
| Interest coverage | -0.35x | -4.48x | -3.58x | 5.36x | 2.17x | 6.98x |
| R&D as a share of sales | 0.4% | 2.7% | 2.3% | 2.5% | 1.8% | 3.5% |
| Buybacks as a share of market value | -13.8% | 1.4% | -2.2% | 5.9% | -3.1% | -26.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.7% | 23.7% | 29.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.4% | 10.0% | 10.2% | 13.0% |
| Operating margin | -5.0% | -1.9% | -0.7% | 2.1% |
| Net margin | -7.2% | -3.8% | -2.4% | 0.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -55.6 | -5.6 | -12.2 | 20.6 | 85.5 | 43.4 |
| Price to sales | 1.2 | 0.8 | 0.9 | 1.1 | 1.5 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 May 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|
| Paid in the year | 0.12 | 0.057 | 0.042 | 0.127 |
- 7-for-5 split · 19 May 2023
- 13-for-10 split · 30 May 2022
- 13-for-10 split · 13 Jul 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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