S 
24.80
+1.72%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥470.1m
FY2016FY2025
Net income
−CN¥168.0m
FY2016FY2025
Free cash flow
−CN¥60.5m
FY2016FY2025
Shareholders' equity
CN¥666.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥470.1m | CN¥577.0m | CN¥469.8m | CN¥306.5m | CN¥433.3m | CN¥474.3m | CN¥557.8m | CN¥408.2m | CN¥233.3m | CN¥171.6m |
| Gross profit | −CN¥4.2m | CN¥114.9m | CN¥48.2m | CN¥56.6m | CN¥143.0m | CN¥146.5m | CN¥167.2m | CN¥115.8m | CN¥65.0m | CN¥49.2m |
| Research and development | CN¥42.8m | CN¥48.3m | CN¥46.1m | CN¥46.3m | CN¥44.5m | CN¥27.2m | CN¥42.5m | CN¥26.7m | CN¥13.5m | — |
| Operating income | −CN¥165.2m | CN¥1.9m | −CN¥63.3m | −CN¥54.8m | CN¥45.7m | CN¥97.5m | CN¥103.6m | CN¥55.9m | CN¥33.5m | CN¥22.3m |
| Net income | −CN¥168.0m | CN¥7.1m | −CN¥37.7m | −CN¥41.4m | CN¥48.0m | CN¥84.8m | CN¥91.7m | CN¥50.5m | CN¥30.7m | CN¥20.5m |
| Diluted earnings per share | -0.73 | 0.03 | -0.16 | -0.19 | 0.19 | 0.49 | 0.80 | 0.37 | 0.32 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.52bn | CN¥1.53bn | CN¥1.50bn | CN¥1.38bn | CN¥1.33bn | CN¥794.8m | CN¥817.8m | CN¥492.8m | CN¥336.4m | CN¥178.1m |
| Cash and short-term investments | — | CN¥68.0m | CN¥148.4m | CN¥224.4m | CN¥347.9m | CN¥223.7m | CN¥237.3m | CN¥84.9m | CN¥121.5m | CN¥19.4m |
| Total liabilities | CN¥854.1m | CN¥690.2m | CN¥661.3m | CN¥504.0m | CN¥398.9m | CN¥188.2m | CN¥298.1m | CN¥204.8m | CN¥98.8m | CN¥85.3m |
| Debt | CN¥64.9m | CN¥327.5m | CN¥373.9m | CN¥286.4m | CN¥159.8m | CN¥89.1m | CN¥30.0m | CN¥43.6m | CN¥24.2m | CN¥14.3m |
| Shareholders' equity | CN¥666.1m | CN¥843.7m | CN¥837.9m | CN¥875.4m | CN¥932.3m | CN¥603.6m | CN¥518.9m | CN¥288.0m | CN¥237.5m | CN¥92.8m |
| Shares outstanding | 232m | 243m | 240m | 218m | 251m | 175m | 115m | 135m | 95m | 114m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥13.1m | CN¥4.0m | CN¥1.8m | −CN¥96.9m | −CN¥51.9m | CN¥48.5m | CN¥95.4m | −CN¥4.7m | CN¥8.6m | −CN¥27.4m |
| Capital spending | −CN¥47.4m | −CN¥44.5m | −CN¥82.0m | −CN¥101.9m | −CN¥266.5m | −CN¥98.7m | −CN¥76.7m | −CN¥45.5m | −CN¥38.1m | −CN¥4.0m |
| Free cash flow | −CN¥60.5m | −CN¥40.5m | −CN¥80.2m | −CN¥198.8m | −CN¥318.4m | −CN¥50.2m | CN¥18.7m | −CN¥50.3m | −CN¥29.6m | −CN¥31.5m |
| Dividends paid | −CN¥23.4m | −CN¥11.3m | −CN¥11.6m | −CN¥15.6m | −CN¥5.5m | −CN¥2.9m | −CN¥1.9m | −CN¥1.6m | −CN¥1.2m | −CN¥635,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥163.3m | CN¥139.8m | CN¥142.6m | CN¥140.8m | CN¥122.3m | CN¥64.4m | CN¥217.7m | CN¥89.6m |
| Gross profit | −CN¥3.8m | CN¥27.4m | CN¥5.1m | CN¥5.5m | −CN¥18.9m | CN¥4.1m | CN¥41.9m | CN¥24.0m |
| Operating income | −CN¥35.1m | CN¥1.6m | −CN¥32.9m | −CN¥31.9m | −CN¥43.7m | −CN¥8.9m | −CN¥9.1m | CN¥505,786 |
| Net income | −CN¥39.6m | CN¥3.2m | −CN¥102.1m | −CN¥27.9m | −CN¥33.1m | −CN¥4.9m | −CN¥8.2m | CN¥1.9m |
| Diluted earnings per share | -0.17 | 0.01 | -0.44 | -0.12 | -0.14 | -0.02 | -0.03 | 0.01 |
| Cash from operations | — | — | — | −CN¥22.0m | −CN¥36.0m | CN¥18.0m | −CN¥8.0m | −CN¥10.0m |
| Capital spending | −CN¥5.0m | −CN¥4.0m | −CN¥17.0m | −CN¥11.0m | −CN¥5.0m | −CN¥12.0m | −CN¥13.0m | −CN¥8.0m |
| Free cash flow | — | — | — | −CN¥33.0m | −CN¥41.0m | CN¥6.0m | −CN¥21.0m | −CN¥18.0m |
| Total assets | CN¥1.65bn | CN¥1.63bn | CN¥1.52bn | CN¥1.54bn | CN¥1.57bn | CN¥1.53bn | CN¥1.53bn | CN¥1.52bn |
| Cash and short-term investments | — | — | — | CN¥41.0m | CN¥75.8m | CN¥98.9m | CN¥68.0m | CN¥56.7m |
| Debt | CN¥96.0m | CN¥69.7m | CN¥64.9m | CN¥348.4m | CN¥362.9m | CN¥335.8m | CN¥314.0m | CN¥277.4m |
| Shareholders' equity | CN¥629.7m | CN¥669.3m | CN¥666.1m | CN¥767.4m | CN¥794.7m | CN¥838.9m | CN¥843.7m | CN¥852.0m |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -0.9% | 19.9% | 10.3% | 18.5% | 33.0% | 30.9% |
| Operating margin | -35.2% | 2.6% | -10.6% | -16.5% | 11.3% | 20.2% |
| Net margin | -35.7% | 1.2% | -8.0% | -13.5% | 11.1% | 17.9% |
| Return on equity | -25.2% | 0.8% | -4.5% | -4.7% | 5.1% | 14.1% |
| Return on assets | -11.1% | 0.5% | -2.5% | -3.0% | 3.6% | 10.7% |
| Free cash flow yield | 0.5% | 0.7% | 1.2% | 0.1% | 2.9% | 2.8% |
| Revenue growth | -18.5% | 22.8% | 53.3% | -29.3% | -8.6% | -15.0% |
| Earnings growth | -2472.6% | -118.8% | -8.8% | -186.2% | -43.5% | -7.5% |
| Current ratio | 1.00x | 1.61x | 1.61x | 2.31x | 3.43x | 5.41x |
| Debt to equity | 0.10x | 0.37x | 0.41x | 0.29x | 0.15x | 0.15x |
| Equity ratio | 44.0% | 55.1% | 55.9% | 63.4% | 70.0% | 76.0% |
| Interest coverage | -11.00x | 1.12x | -4.21x | -5.64x | 15.36x | 655.35x |
| R&D as a share of sales | 9.1% | 8.4% | 9.8% | 15.1% | 10.3% | 5.7% |
| Buybacks as a share of market value | 4.7% | -1.2% | -10.3% | 13.3% | -43.7% | -52.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.3% | -0.2% | 16.0% |
| Operating income | 44.5% | — | — |
| Net income | 59.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.6% | 11.8% | 18.5% | 22.2% |
| Operating margin | -15.6% | -15.4% | -5.1% | 2.1% |
| Net margin | -15.4% | -13.2% | -3.9% | 2.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -38.6 | 403.7 | -100.9 | -46.4 | 89.8 |
| Price to sales | 13.8 | 5.0 | 8.1 | 6.3 | 9.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 13 Jun 2025.
| FY2025 | FY2022 | |
|---|---|---|
| Paid in the year | 0.05 | 0.10 |
- 3-for-2 split · 9 Jun 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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