B 
10.40
-1.70%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.34bn
FY2016FY2025
Net income
−CN¥227.9m
FY2016FY2025
Free cash flow
−CN¥351.0m
FY2016FY2025
Shareholders' equity
CN¥4.46bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.34bn | CN¥1.52bn | CN¥1.24bn | CN¥1.12bn | CN¥1.16bn | CN¥1.13bn | CN¥982.4m | CN¥954.5m | CN¥884.0m | CN¥813.4m |
| Gross profit | CN¥324.8m | CN¥550.7m | CN¥517.2m | CN¥491.3m | CN¥522.2m | CN¥555.6m | CN¥456.3m | CN¥409.8m | CN¥360.1m | CN¥309.3m |
| Research and development | CN¥244.9m | CN¥171.7m | CN¥157.6m | CN¥137.8m | CN¥111.5m | CN¥86.4m | CN¥70.2m | CN¥61.9m | CN¥61.5m | CN¥65.5m |
| Operating income | −CN¥370.8m | CN¥163.3m | CN¥213.3m | CN¥192.5m | CN¥208.7m | CN¥264.0m | CN¥188.9m | CN¥177.2m | CN¥116.8m | CN¥49.3m |
| Net income | −CN¥227.9m | CN¥157.4m | CN¥188.5m | CN¥175.4m | CN¥183.2m | CN¥220.7m | CN¥168.9m | CN¥153.3m | CN¥109.1m | CN¥71.5m |
| Diluted earnings per share | -0.32 | 0.22 | 0.27 | 0.25 | 0.35 | 0.42 | 0.31 | 0.28 | 0.19 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.76bn | CN¥5.47bn | CN¥5.40bn | CN¥5.26bn | CN¥2.88bn | CN¥2.86bn | CN¥2.57bn | CN¥2.44bn | CN¥2.32bn | CN¥2.20bn |
| Cash and short-term investments | CN¥3.27bn | CN¥3.59bn | CN¥3.44bn | CN¥3.34bn | CN¥1.13bn | CN¥1.17bn | CN¥736.2m | CN¥349.8m | CN¥538.3m | CN¥750.5m |
| Total liabilities | CN¥1.18bn | CN¥592.5m | CN¥575.7m | CN¥552.0m | CN¥372.9m | CN¥480.2m | CN¥382.6m | CN¥421.9m | CN¥420.0m | CN¥345.5m |
| Debt | CN¥438.3m | CN¥26.5m | CN¥17.6m | CN¥22.6m | CN¥19.0m | CN¥82.9m | CN¥434,349 | CN¥4.2m | CN¥4.2m | CN¥4.2m |
| Shareholders' equity | CN¥4.46bn | CN¥4.77bn | CN¥4.71bn | CN¥4.61bn | CN¥2.40bn | CN¥2.28bn | CN¥2.09bn | CN¥1.96bn | CN¥1.84bn | CN¥1.79bn |
| Shares outstanding | 702m | 706m | 695m | 704m | 524m | 522m | 541m | 543m | 564m | 555m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥252.0m | CN¥218.3m | CN¥208.2m | CN¥185.4m | CN¥89.7m | CN¥520.0m | CN¥94.8m | CN¥75.5m | −CN¥77.7m | CN¥102.7m |
| Capital spending | −CN¥99.0m | −CN¥38.6m | −CN¥17.1m | −CN¥14.0m | −CN¥11.9m | −CN¥23.1m | −CN¥41.4m | −CN¥42.6m | −CN¥50.9m | −CN¥21.4m |
| Free cash flow | −CN¥351.0m | CN¥179.6m | CN¥191.1m | CN¥171.4m | CN¥77.9m | CN¥496.9m | CN¥53.4m | CN¥32.9m | −CN¥128.6m | CN¥81.4m |
| Dividends paid | −CN¥91.4m | −CN¥91.4m | −CN¥84.4m | −CN¥70.3m | −CN¥69.7m | −CN¥26.8m | −CN¥54.0m | −CN¥27.0m | −CN¥57.9m | −CN¥23.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥468.1m | CN¥406.6m | CN¥158.5m | CN¥345.2m | CN¥470.1m | CN¥373.3m | CN¥431.3m | CN¥393.0m |
| Gross profit | CN¥117.3m | CN¥100.9m | −CN¥36.4m | CN¥91.8m | CN¥155.0m | CN¥140.9m | CN¥131.7m | CN¥142.9m |
| Operating income | −CN¥56.1m | −CN¥18.0m | −CN¥298.4m | −CN¥79.2m | CN¥19.2m | CN¥38.9m | CN¥24.1m | CN¥37.3m |
| Net income | −CN¥75.7m | −CN¥15.9m | −CN¥200.7m | −CN¥78.5m | CN¥16.2m | CN¥35.1m | CN¥41.6m | CN¥31.0m |
| Diluted earnings per share | -0.11 | -0.02 | -0.29 | -0.11 | 0.02 | 0.05 | 0.06 | 0.04 |
| Cash from operations | — | — | CN¥148.0m | −CN¥66.0m | −CN¥126.0m | −CN¥208.0m | CN¥192.0m | CN¥26.0m |
| Capital spending | −CN¥40.0m | −CN¥10.0m | −CN¥45.0m | −CN¥12.0m | −CN¥8.0m | −CN¥32.0m | −CN¥1.0m | −CN¥4.0m |
| Free cash flow | — | — | CN¥103.0m | −CN¥78.0m | −CN¥134.0m | −CN¥240.0m | CN¥191.0m | CN¥22.0m |
| Total assets | CN¥5.24bn | CN¥5.40bn | CN¥5.76bn | CN¥5.70bn | CN¥5.52bn | CN¥5.40bn | CN¥5.47bn | CN¥5.33bn |
| Cash and short-term investments | — | — | CN¥3.27bn | CN¥3.12bn | CN¥3.14bn | CN¥3.35bn | CN¥3.59bn | CN¥3.37bn |
| Debt | — | — | CN¥424.7m | CN¥214.9m | CN¥7.9m | CN¥68.6m | CN¥5.4m | CN¥77.3m |
| Shareholders' equity | CN¥4.34bn | CN¥4.44bn | CN¥4.46bn | CN¥4.68bn | CN¥4.73bn | CN¥4.80bn | CN¥4.77bn | CN¥4.74bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.2% | 36.1% | 41.8% | 43.8% | 45.2% | 49.1% |
| Operating margin | -27.7% | 10.7% | 17.2% | 17.2% | 18.1% | 23.3% |
| Net margin | -17.0% | 10.3% | 15.2% | 15.6% | 15.8% | 19.5% |
| Return on equity | -5.1% | 3.3% | 4.0% | 3.8% | 7.6% | 9.7% |
| Return on assets | -4.0% | 2.9% | 3.5% | 3.3% | 6.4% | 7.7% |
| Free cash flow yield | -2.1% | 3.4% | 3.1% | 2.7% | 1.8% | 9.8% |
| Revenue growth | -12.1% | 23.3% | 10.3% | -3.0% | 2.1% | 15.2% |
| Earnings growth | -244.8% | -16.5% | 7.5% | -4.3% | -17.0% | 30.7% |
| Current ratio | 4.01x | 8.32x | 8.38x | 8.67x | 5.67x | 4.16x |
| Debt to equity | 0.10x | 0.00x | 0.00x | 0.00x | 0.00x | 0.03x |
| Equity ratio | 77.4% | 87.2% | 87.3% | 87.5% | 83.3% | 79.8% |
| Interest coverage | -168.89x | 74.01x | 125.66x | 105.10x | 106.66x | 79.28x |
| R&D as a share of sales | 18.3% | 11.3% | 12.7% | 12.3% | 9.6% | 7.6% |
| Buybacks as a share of market value | 0.5% | -1.5% | 1.2% | -34.2% | -0.5% | 3.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | 3.4% | 5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.6% | 36.1% | 39.4% | 39.8% |
| Operating margin | -7.2% | 3.8% | 8.9% | 10.2% |
| Net margin | -2.5% | 5.6% | 9.3% | 10.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -48.0 | 67.7 | 63.0 | 78.4 | 68.1 | 23.9 | 33.1 | 30.7 | 82.3 | 100.4 |
| Price to sales | 8.2 | 7.0 | 9.6 | 12.3 | 10.8 | 4.7 | 5.7 | 4.9 | 10.2 | 8.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 16 May 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.13 | 0.13 | 0.12 | 0.10 | 0.13 | 0.05 | 0.10 | 0.05 |
- 7-for-5 split · 2 Jun 2017
- 8-for-5 split · 27 Jun 2016
- 3-for-2 split · 6 Jun 2008
- 1-to-1 reverse split · 11 Apr 2006
- 13-for-10 split · 14 Jun 2004
- 2-for-1 split · 7 Apr 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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