L 
1.02
-9.73%
Close of 9 Nov 2026, in HKD
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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¥7.34bn
FY2016FY2025
Net income
−CN¥5.55bn
FY2016FY2025
Free cash flow
CN¥1.78bn
FY2016FY2025
Shareholders' equity
CN¥16.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.34bn | CN¥23.26bn | CN¥47.17bn | CN¥48.44bn | CN¥91.11bn | CN¥82.72bn | CN¥66.89bn | CN¥51.36bn | CN¥32.22bn | CN¥23.90bn |
| Gross profit | −CN¥8.15bn | −CN¥5.08bn | −CN¥4.51bn | −CN¥5.57bn | CN¥19.94bn | CN¥24.83bn | CN¥21.10bn | CN¥17.32bn | CN¥11.08bn | CN¥7.63bn |
| Operating income | −CN¥9.32bn | −CN¥6.46bn | −CN¥5.82bn | −CN¥7.92bn | CN¥18.75bn | CN¥25.08bn | CN¥18.32bn | CN¥14.66bn | CN¥9.18bn | CN¥6.05bn |
| Net income | −CN¥5.55bn | −CN¥6.30bn | −CN¥8.93bn | −CN¥9.92bn | CN¥11.66bn | CN¥15.15bn | CN¥13.11bn | CN¥9.65bn | CN¥7.60bn | CN¥5.22bn |
| Diluted earnings per share | -1.00 | -1.14 | -1.62 | -1.85 | 2.17 | 2.75 | 2.36 | 1.73 | 1.35 | 0.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥218.93bn | CN¥212.59bn | CN¥289.06bn | CN¥323.90bn | CN¥332.72bn | CN¥283.39bn | CN¥239.75bn | CN¥197.95bn | CN¥130.19bn | CN¥100.67bn |
| Cash and short-term investments | CN¥9.28bn | CN¥8.65bn | CN¥15.33bn | CN¥16.41bn | CN¥43.19bn | CN¥47.76bn | CN¥46.23bn | CN¥41.25bn | CN¥23.13bn | CN¥15.78bn |
| Total liabilities | CN¥197.69bn | CN¥187.78bn | CN¥250.96bn | CN¥263.54bn | CN¥253.86bn | CN¥212.79bn | CN¥189.71bn | CN¥155.19bn | CN¥98.58bn | CN¥70.70bn |
| Debt | CN¥106.53bn | CN¥107.03bn | CN¥109.74bn | CN¥100.19bn | CN¥93.87bn | CN¥80.14bn | CN¥69.79bn | CN¥59.04bn | CN¥40.84bn | CN¥33.19bn |
| Shareholders' equity | CN¥16.40bn | CN¥20.24bn | CN¥31.98bn | CN¥42.81bn | CN¥55.74bn | CN¥49.35bn | CN¥39.79bn | CN¥34.04bn | CN¥27.12bn | CN¥22.61bn |
| Shares outstanding | 5,530m | 5,527m | 5,527m | 5,370m | 5,368m | 5,508m | 5,560m | 5,565m | 5,611m | 5,551m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.79bn | CN¥210.4m | CN¥7.19bn | −CN¥13.81bn | CN¥5.53bn | CN¥1.43bn | CN¥6.83bn | CN¥5.32bn | CN¥13.40bn | CN¥5.62bn |
| Capital spending | −CN¥11.5m | −CN¥5.5m | −CN¥64.0m | −CN¥163.5m | −CN¥252.0m | −CN¥81.7m | −CN¥90.0m | −CN¥60.5m | −CN¥42.2m | −CN¥78.8m |
| Free cash flow | CN¥1.78bn | CN¥204.9m | CN¥7.12bn | −CN¥13.97bn | CN¥5.27bn | CN¥1.35bn | CN¥6.74bn | CN¥5.26bn | CN¥13.36bn | CN¥5.54bn |
| Dividends paid | — | — | — | −CN¥441.0m | −CN¥2.29bn | −CN¥4.73bn | −CN¥1.14bn | −CN¥1.76bn | −CN¥764.0m | −CN¥808.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.73bn | CN¥3.38bn | CN¥3.96bn | CN¥9.21bn | CN¥14.05bn | CN¥33.31bn | CN¥16.13bn | CN¥33.74bn |
| Gross profit | −CN¥262.6m | −CN¥6.56bn | −CN¥1.59bn | −CN¥3.40bn | −CN¥1.67bn | −CN¥3.64bn | −CN¥1.01bn | −CN¥7.61bn |
| Operating income | −CN¥835.2m | −CN¥4.13bn | −CN¥1.59bn | −CN¥3.99bn | −CN¥2.34bn | −CN¥3.68bn | −CN¥2.06bn | −CN¥9.38bn |
| Net income | −CN¥776.0m | −CN¥3.47bn | −CN¥2.07bn | −CN¥4.76bn | −CN¥1.54bn | −CN¥7.02bn | −CN¥2.23bn | −CN¥9.29bn |
| Diluted earnings per share | -0.14 | -0.63 | -0.38 | -0.86 | -0.28 | -1.27 | -0.40 | -1.73 |
| Cash from operations | — | CN¥220.0m | CN¥1.77bn | CN¥1.28bn | −CN¥1.07bn | CN¥10.61bn | −CN¥2.24bn | −CN¥7.25bn |
| Capital spending | — | −CN¥10.0m | −CN¥1.0m | −CN¥4.0m | −CN¥1.0m | −CN¥60.0m | −CN¥14.0m | −CN¥93.0m |
| Free cash flow | — | CN¥210.0m | CN¥1.76bn | CN¥1.27bn | −CN¥1.07bn | CN¥10.54bn | −CN¥2.26bn | −CN¥7.35bn |
| Total assets | CN¥215.01bn | CN¥218.93bn | CN¥241.15bn | CN¥212.59bn | CN¥226.49bn | CN¥248.38bn | CN¥313.44bn | CN¥323.90bn |
| Cash and short-term investments | CN¥8.33bn | CN¥9.28bn | CN¥10.42bn | CN¥8.65bn | CN¥9.50bn | CN¥13.17bn | CN¥16.66bn | CN¥16.41bn |
| Debt | CN¥87.63bn | CN¥106.53bn | CN¥121.86bn | CN¥106.60bn | CN¥107.32bn | CN¥89.90bn | CN¥117.69bn | CN¥90.50bn |
| Shareholders' equity | CN¥17.39bn | CN¥16.40bn | CN¥22.26bn | CN¥20.24bn | CN¥25.75bn | CN¥27.48bn | CN¥39.34bn | CN¥42.81bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -111.1% | -21.8% | -9.6% | -11.5% | 21.9% | 30.0% |
| Operating margin | -127.1% | -27.9% | -11.6% | -14.1% | 20.6% | 25.3% |
| Net margin | -75.6% | -27.1% | -18.9% | -20.5% | 12.8% | 18.3% |
| Return on equity | -33.8% | -31.1% | -32.5% | -23.2% | 20.9% | 30.7% |
| Return on assets | -2.5% | -3.0% | -3.6% | -3.1% | 3.5% | 5.3% |
| Free cash flow yield | 23.5% | 3.3% | 110.2% | -183.5% | 77.7% | 19.8% |
| Revenue growth | -72.9% | -50.7% | 13.3% | -46.8% | 10.1% | 23.7% |
| Earnings growth | -24.3% | -29.5% | 4.8% | -185.1% | -23.0% | 15.5% |
| Current ratio | 0.14x | 1.00x | 1.18x | 1.19x | 1.44x | 1.60x |
| Debt to equity | 6.49x | 5.27x | 3.27x | 2.11x | 1.69x | 1.74x |
| Equity ratio | 7.5% | 9.5% | 11.1% | 13.2% | 16.8% | 17.4% |
| Interest coverage | -25.16x | -5.88x | -3.36x | -3.20x | 12.61x | 8.76x |
| Buybacks as a share of market value | -0.1% | 0.0% | -2.9% | -0.0% | 2.5% | 0.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -46.7% | -38.4% | -8.0% |
| Operating income | 5.6% | — | — |
| Net income | -17.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -43.2% | -18.5% | 7.2% | 17.0% |
| Operating margin | -51.6% | -23.4% | 4.8% | 13.5% |
| Net margin | -38.7% | -24.3% | -1.3% | 7.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.5 | -0.8 | -0.3 | -0.6 | 1.2 | 1.9 | 2.3 | 2.4 | 2.5 | 1.3 |
| Price to sales | 1.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.4 | 0.5 | 0.5 | 0.6 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 12 Nov 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.011 | 0.88 | 0.78 | 0.37 | 0.25 | 0.14 | 0.11 | 0.11 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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