M 
9.31
+1.20%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥770.5m
FY2016FY2025
Net income
−CN¥296.1m
FY2016FY2025
Free cash flow
−CN¥261.5m
FY2016FY2025
Shareholders' equity
CN¥1.11bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥770.5m | CN¥1.38bn | CN¥2.14bn | CN¥2.28bn | CN¥2.32bn | CN¥1.61bn | CN¥1.33bn | CN¥955.6m | CN¥700.2m | CN¥347.3m |
| Gross profit | CN¥288.6m | CN¥587.4m | CN¥1.00bn | CN¥1.02bn | CN¥1.07bn | CN¥831.5m | CN¥686.4m | CN¥500.7m | CN¥357.5m | CN¥167.7m |
| Research and development | CN¥81.3m | CN¥106.7m | CN¥114.7m | CN¥106.6m | CN¥74.0m | CN¥57.7m | CN¥45.1m | CN¥39.7m | CN¥24.6m | CN¥14.4m |
| Operating income | −CN¥317.0m | CN¥844,662 | CN¥272.6m | CN¥351.1m | CN¥429.4m | CN¥315.1m | CN¥269.3m | CN¥113.9m | CN¥182.0m | CN¥61.0m |
| Net income | −CN¥296.1m | CN¥11.2m | CN¥247.2m | CN¥314.5m | CN¥375.7m | CN¥275.2m | CN¥239.7m | CN¥92.3m | CN¥163.1m | CN¥56.5m |
| Diluted earnings per share | -0.76 | 0.03 | 0.59 | 0.75 | 0.92 | 0.76 | 0.56 | 0.24 | 0.42 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.09bn | CN¥2.48bn | CN¥3.33bn | CN¥3.20bn | CN¥2.40bn | CN¥2.17bn | CN¥1.16bn | CN¥858.5m | CN¥636.8m | CN¥304.4m |
| Cash and short-term investments | — | CN¥824.0m | CN¥1.76bn | CN¥1.76bn | CN¥1.19bn | CN¥1.11bn | CN¥314.1m | CN¥208.7m | CN¥229.2m | CN¥127.9m |
| Total liabilities | CN¥981.7m | CN¥1.07bn | CN¥1.69bn | CN¥1.56bn | CN¥922.0m | CN¥820.7m | CN¥574.9m | CN¥450.7m | CN¥361.1m | CN¥191.8m |
| Debt | CN¥527.1m | CN¥496.3m | CN¥703.2m | CN¥734.2m | CN¥12.9m | CN¥60.1m | CN¥29.8m | CN¥33.0m | CN¥37.5m | CN¥38,600 |
| Shareholders' equity | CN¥1.11bn | CN¥1.42bn | CN¥1.65bn | CN¥1.65bn | CN¥1.48bn | CN¥1.35bn | CN¥581.9m | CN¥407.8m | CN¥275.7m | CN¥112.6m |
| Shares outstanding | 389m | 355m | 416m | 418m | 410m | 363m | 426m | 389m | 389m | 389m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥200.8m | −CN¥53.8m | CN¥444.7m | CN¥259.3m | CN¥607.0m | CN¥426.7m | CN¥405.0m | CN¥242.2m | CN¥289.7m | CN¥137.3m |
| Capital spending | −CN¥60.7m | −CN¥146.2m | −CN¥195.0m | −CN¥220.9m | −CN¥179.3m | −CN¥172.2m | −CN¥214.7m | −CN¥245.2m | −CN¥183.4m | −CN¥35.0m |
| Free cash flow | −CN¥261.5m | −CN¥200.0m | CN¥249.8m | CN¥38.4m | CN¥427.7m | CN¥254.5m | CN¥190.3m | −CN¥3.0m | CN¥106.4m | CN¥102.3m |
| Dividends paid | −CN¥5.3m | −CN¥254.1m | −CN¥256.1m | −CN¥243.0m | −CN¥243.0m | −CN¥1.9m | −CN¥65.6m | −CN¥138.0m | −CN¥7,176 | −CN¥2.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥117.0m | CN¥154.2m | CN¥193.5m | CN¥202.6m | CN¥211.8m | CN¥162.6m | CN¥363.2m | CN¥315.6m |
| Gross profit | CN¥36.2m | CN¥50.0m | CN¥62.4m | CN¥80.4m | CN¥80.4m | CN¥65.3m | CN¥141.1m | CN¥121.2m |
| Operating income | −CN¥83.0m | −CN¥56.7m | −CN¥74.7m | −CN¥68.1m | −CN¥84.3m | −CN¥60.0m | −CN¥5.6m | −CN¥32.3m |
| Net income | −CN¥76.9m | −CN¥53.2m | −CN¥77.8m | −CN¥94.7m | −CN¥69.4m | −CN¥54.2m | −CN¥3.9m | −CN¥25.9m |
| Diluted earnings per share | -0.20 | -0.14 | -0.20 | -0.24 | -0.18 | -0.14 | -0.01 | -0.07 |
| Cash from operations | — | — | — | −CN¥57.0m | −CN¥57.0m | −CN¥82.0m | CN¥51.0m | −CN¥38.0m |
| Capital spending | −CN¥17.0m | −CN¥18.0m | −CN¥6.0m | −CN¥26.0m | −CN¥19.0m | −CN¥7.0m | −CN¥52.0m | −CN¥13.0m |
| Free cash flow | — | — | — | −CN¥83.0m | −CN¥76.0m | −CN¥89.0m | −CN¥1.0m | −CN¥51.0m |
| Total assets | CN¥2.03bn | CN¥2.04bn | CN¥2.09bn | CN¥2.18bn | CN¥2.25bn | CN¥2.34bn | CN¥2.48bn | CN¥2.42bn |
| Cash and short-term investments | — | — | — | CN¥532.5m | CN¥625.0m | CN¥732.7m | CN¥824.0m | CN¥851.6m |
| Debt | CN¥546.4m | CN¥536.7m | CN¥527.1m | CN¥55.1m | CN¥563.1m | CN¥538.8m | CN¥496.1m | CN¥487.1m |
| Shareholders' equity | CN¥979.5m | CN¥1.05bn | CN¥1.11bn | CN¥1.20bn | CN¥1.29bn | CN¥1.36bn | CN¥1.42bn | CN¥1.42bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 37.5% | 42.7% | 46.9% | 44.9% | 46.1% | 51.5% | — |
| Operating margin | -40.7% | 0.5% | 13.3% | 15.8% | 18.8% | 20.0% | — |
| Net margin | -38.4% | 0.8% | 11.6% | 13.8% | 16.2% | 17.0% | — |
| Return on equity | -26.8% | 0.8% | 15.0% | 19.1% | 25.4% | 20.5% | — |
| Return on assets | -14.2% | 0.4% | 7.4% | 9.8% | 15.7% | 12.7% | — |
| Free cash flow yield | -3.8% | 2.8% | 16.3% | 12.2% | 20.4% | 17.5% | — |
| Revenue growth | -44.0% | -35.7% | -6.0% | -1.8% | 43.6% | 21.7% | — |
| Earnings growth | -2755.3% | -95.5% | -21.4% | -16.3% | 36.5% | 14.8% | — |
| Current ratio | 2.02x | 2.44x | 1.93x | 2.34x | 1.76x | 1.81x | — |
| Debt to equity | 0.48x | 0.35x | 0.42x | 0.44x | — | 0.04x | 0.05x |
| Equity ratio | 53.0% | 57.1% | 49.5% | 51.4% | 61.6% | 62.1% | — |
| Interest coverage | -8.17x | 1.03x | 25.63x | 37.33x | 266.58x | 126.35x | — |
| R&D as a share of sales | 10.6% | 7.8% | 5.4% | 4.7% | 3.2% | 3.6% | — |
| Buybacks as a share of market value | -9.6% | 14.7% | 0.4% | -1.9% | -13.0% | 14.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -30.3% | -13.7% | 15.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.8% | 44.2% | 45.8% | 47.1% |
| Operating margin | -14.7% | 4.7% | 10.0% | 12.1% |
| Net margin | -13.3% | 4.2% | 8.8% | 10.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -15.5 | 436.0 | 27.3 | 33.6 | 53.6 | 64.6 |
| Price to sales | 6.0 | 3.5 | 3.2 | 4.6 | 8.7 | 11.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 May 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|
| Paid in the year | 0.60 | 0.60 | 0.60 | 0.60 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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