S 
5.03
+0.80%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥22.13bn
FY2016FY2025
Net income
−CN¥132.4m
FY2016FY2025
Free cash flow
−CN¥627.3m
FY2016FY2025
Shareholders' equity
CN¥4.69bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥22.13bn | CN¥21.99bn | CN¥22.37bn | CN¥24.99bn | CN¥23.62bn | CN¥23.87bn | CN¥23.40bn | CN¥22.20bn | CN¥22.22bn | CN¥13.83bn |
| Gross profit | CN¥2.50bn | CN¥2.16bn | CN¥1.96bn | CN¥3.23bn | CN¥1.98bn | CN¥2.86bn | CN¥3.23bn | CN¥2.86bn | CN¥2.93bn | CN¥2.26bn |
| Research and development | CN¥65.3m | CN¥64.3m | CN¥62.7m | CN¥50.1m | CN¥59.4m | CN¥56.1m | CN¥43.4m | CN¥41.4m | CN¥51.6m | CN¥36.9m |
| Operating income | CN¥454.8m | CN¥126.9m | −CN¥79.3m | CN¥1.18bn | CN¥155.3m | CN¥1.04bn | CN¥737.9m | CN¥551.6m | CN¥541.3m | CN¥598.6m |
| Net income | −CN¥132.4m | CN¥216.1m | CN¥225.6m | CN¥502.8m | CN¥302.8m | CN¥404.6m | CN¥366.0m | CN¥304.1m | CN¥280.4m | CN¥256.5m |
| Diluted earnings per share | -0.14 | 0.22 | 0.24 | 0.55 | 0.31 | 0.43 | 0.39 | 0.32 | 0.30 | 0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.66bn | CN¥14.89bn | CN¥15.32bn | CN¥15.79bn | CN¥14.98bn | CN¥14.78bn | CN¥13.73bn | CN¥11.55bn | CN¥11.28bn | CN¥11.56bn |
| Cash and short-term investments | — | CN¥3.97bn | CN¥3.62bn | CN¥3.86bn | CN¥3.52bn | CN¥3.71bn | CN¥2.97bn | CN¥3.00bn | CN¥3.17bn | CN¥3.32bn |
| Total liabilities | CN¥8.57bn | CN¥8.17bn | CN¥8.57bn | CN¥8.66bn | CN¥8.27bn | CN¥7.56bn | CN¥7.20bn | CN¥5.81bn | CN¥5.78bn | CN¥6.42bn |
| Debt | CN¥119.2m | CN¥3.37bn | CN¥3.05bn | CN¥3.29bn | CN¥3.59bn | CN¥2.91bn | CN¥3.21bn | CN¥2.65bn | CN¥2.62bn | CN¥3.16bn |
| Shareholders' equity | CN¥4.69bn | CN¥4.90bn | CN¥4.95bn | CN¥4.85bn | CN¥4.40bn | CN¥4.33bn | CN¥4.02bn | CN¥3.81bn | CN¥3.55bn | CN¥3.20bn |
| Shares outstanding | 947m | 967m | 951m | 911m | 975m | 950m | 941m | 940m | 921m | 988m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥188.6m | CN¥788.5m | CN¥379.6m | CN¥1.98bn | CN¥552.9m | CN¥2.21bn | CN¥973.0m | CN¥431.8m | CN¥551.4m | CN¥1.16bn |
| Capital spending | −CN¥438.6m | −CN¥385.1m | −CN¥650.9m | −CN¥738.0m | −CN¥1.03bn | −CN¥1.12bn | −CN¥1.66bn | −CN¥319.2m | −CN¥230.9m | −CN¥112.6m |
| Free cash flow | −CN¥627.3m | CN¥403.4m | −CN¥271.4m | CN¥1.24bn | −CN¥475.4m | CN¥1.10bn | −CN¥685.2m | CN¥112.6m | CN¥320.5m | CN¥1.05bn |
| Dividends paid | −CN¥188.6m | −CN¥204.4m | −CN¥342.6m | −CN¥93.8m | −CN¥83.1m | −CN¥112.5m | −CN¥93.8m | −CN¥135.6m | −CN¥215.3m | −CN¥350.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.65bn | CN¥6.17bn | CN¥5.28bn | CN¥4.78bn | CN¥5.92bn | CN¥6.15bn | CN¥5.60bn | CN¥4.78bn |
| Gross profit | CN¥921.9m | CN¥500.3m | CN¥640.2m | CN¥418.9m | CN¥553.0m | CN¥884.7m | CN¥409.3m | CN¥527.8m |
| Operating income | CN¥433.6m | CN¥23.6m | CN¥52.1m | −CN¥109.5m | −CN¥93.1m | CN¥357.9m | −CN¥305.1m | CN¥125.6m |
| Net income | CN¥57.1m | CN¥49.6m | −CN¥300.5m | −CN¥8.0m | CN¥10.3m | CN¥165.7m | −CN¥165.3m | CN¥128.0m |
| Diluted earnings per share | 0.06 | 0.05 | -0.32 | -0.01 | 0.01 | 0.17 | -0.17 | 0.13 |
| Cash from operations | — | — | — | CN¥879.0m | CN¥520.0m | −CN¥418.0m | −CN¥155.0m | CN¥870.0m |
| Capital spending | −CN¥137.0m | −CN¥82.0m | −CN¥37.0m | −CN¥130.0m | −CN¥124.0m | −CN¥145.0m | −CN¥112.0m | −CN¥100.0m |
| Free cash flow | — | — | — | CN¥749.0m | CN¥396.0m | −CN¥563.0m | −CN¥267.0m | CN¥770.0m |
| Total assets | CN¥14.10bn | CN¥14.51bn | CN¥14.66bn | CN¥13.79bn | CN¥14.40bn | CN¥15.14bn | CN¥14.89bn | CN¥13.82bn |
| Cash and short-term investments | — | — | — | CN¥3.15bn | CN¥2.89bn | CN¥2.80bn | CN¥3.46bn | CN¥3.45bn |
| Debt | CN¥119.2m | CN¥119.2m | CN¥119.2m | CN¥2.48bn | CN¥2.91bn | CN¥3.21bn | CN¥2.99bn | CN¥2.11bn |
| Shareholders' equity | CN¥4.70bn | CN¥4.69bn | CN¥4.69bn | CN¥5.01bn | CN¥5.18bn | CN¥5.06bn | CN¥4.90bn | CN¥5.16bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.3% | 9.8% | 8.7% | 12.9% | 8.4% | 12.0% |
| Operating margin | -1.7% | 1.2% | 0.4% | 5.0% | 1.1% | 4.7% |
| Net margin | -0.6% | 1.0% | 1.0% | 2.0% | 1.3% | 1.7% |
| Return on equity | -2.8% | 4.4% | 4.6% | 10.4% | 6.9% | 9.3% |
| Return on assets | -0.9% | 1.5% | 1.5% | 3.2% | 2.0% | 2.7% |
| Free cash flow yield | 4.9% | 22.6% | 20.2% | 55.5% | 30.2% | 65.3% |
| Revenue growth | 0.7% | -1.7% | -10.5% | 5.8% | -1.0% | 2.0% |
| Earnings growth | -161.3% | -4.2% | -55.1% | 66.0% | -25.2% | 10.5% |
| Current ratio | 1.14x | 1.15x | 1.14x | 1.35x | 1.32x | 1.44x |
| Debt to equity | 0.03x | 0.61x | 0.54x | 0.54x | 0.68x | 0.56x |
| Equity ratio | 32.0% | 32.9% | 32.3% | 30.7% | 29.4% | 29.3% |
| Interest coverage | -2.75x | 1.62x | 0.50x | 9.08x | 2.05x | 9.14x |
| R&D as a share of sales | 0.3% | 0.3% | 0.3% | 0.2% | 0.3% | 0.2% |
| Buybacks as a share of market value | 2.1% | -1.7% | -4.4% | 6.6% | -2.7% | -1.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.0% | -1.5% | 6.1% |
| Operating income | -27.1% | -15.3% | 6.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.6% | 10.8% | 10.6% | 11.9% |
| Operating margin | 1.3% | 1.8% | 2.1% | 2.4% |
| Net margin | 0.2% | 0.9% | 1.1% | 1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -45.8 | 31.1 | 28.7 | 14.4 | 26.1 | 24.1 | 20.5 | 23.0 | 26.7 | 44.1 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 8 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.07 | 0.073 | 0.161 | 0.10 | 0.13 | 0.12 | 0.10 | 0.03 |
- 11-for-10 split · 5 Jun 2013
- 3-for-2 split · 25 Jun 2012
- 11-for-10 split · 18 Jun 2007
- 1-to-1 reverse split · 15 Dec 2005
- 6-for-5 split · 8 Jun 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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