K 
1.99
-0.50%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥376.7m
FY2016FY2025
Net income
−CN¥384.6m
FY2016FY2025
Free cash flow
−CN¥122.5m
FY2016FY2025
Shareholders' equity
CN¥3.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥376.7m | CN¥602.2m | CN¥246.3m | CN¥464.2m | CN¥1.29bn | CN¥1.02bn | CN¥2.01bn | CN¥2.29bn | CN¥1.82bn | CN¥1.31bn |
| Gross profit | −CN¥75.5m | −CN¥111.5m | −CN¥114.9m | −CN¥43.3m | CN¥221.3m | CN¥48.1m | CN¥748.5m | CN¥759.8m | CN¥693.1m | CN¥515.4m |
| Research and development | CN¥8.6m | CN¥7.2m | CN¥5.5m | CN¥16.6m | CN¥49.6m | CN¥42.3m | CN¥33.6m | CN¥21.1m | CN¥4.0m | CN¥33.9m |
| Operating income | −CN¥144.8m | −CN¥280.0m | −CN¥283.4m | −CN¥190.6m | CN¥27.4m | −CN¥189.6m | CN¥399.6m | CN¥479.9m | CN¥487.9m | CN¥344.5m |
| Net income | −CN¥384.6m | −CN¥333.6m | −CN¥297.1m | −CN¥191.9m | CN¥30.5m | −CN¥161.4m | CN¥390.0m | CN¥467.6m | CN¥466.3m | CN¥383.9m |
| Diluted earnings per share | -0.28 | -0.29 | -0.21 | -0.14 | 0.02 | -0.15 | 0.36 | 0.45 | 0.44 | 0.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.66bn | CN¥6.80bn | CN¥7.00bn | CN¥7.14bn | CN¥8.00bn | CN¥7.14bn | CN¥6.59bn | CN¥5.87bn | CN¥4.89bn | CN¥3.63bn |
| Cash and short-term investments | — | CN¥259.7m | CN¥178.0m | CN¥237.7m | CN¥900.1m | CN¥320.1m | CN¥269.6m | CN¥284.9m | CN¥129.5m | CN¥107.7m |
| Total liabilities | CN¥2.99bn | CN¥2.71bn | CN¥2.56bn | CN¥2.45bn | CN¥3.12bn | CN¥3.14bn | CN¥2.43bn | CN¥2.07bn | CN¥1.45bn | CN¥697.9m |
| Debt | CN¥958.3m | CN¥1.13bn | CN¥1.06bn | CN¥1.45bn | CN¥2.20bn | CN¥2.47bn | CN¥1.28bn | CN¥1.27bn | CN¥765.0m | CN¥472.9m |
| Shareholders' equity | CN¥3.61bn | CN¥4.01bn | CN¥4.35bn | CN¥4.64bn | CN¥4.84bn | CN¥3.95bn | CN¥4.11bn | CN¥3.74bn | CN¥3.39bn | CN¥2.92bn |
| Shares outstanding | 1,375m | 1,155m | 1,432m | 1,374m | 1,292m | 1,058m | 1,078m | 1,039m | 1,068m | 1,064m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥118.9m | CN¥68.2m | −CN¥94.1m | CN¥34.2m | −CN¥186.0m | −CN¥468.7m | CN¥209.7m | CN¥520.3m | CN¥232.3m | CN¥167.4m |
| Capital spending | −CN¥3.5m | −CN¥4.4m | −CN¥8.0m | −CN¥40.5m | −CN¥86.6m | −CN¥305.4m | −CN¥240.1m | −CN¥579.3m | −CN¥419.0m | −CN¥414.0m |
| Free cash flow | −CN¥122.5m | CN¥63.8m | −CN¥102.1m | −CN¥6.3m | −CN¥272.6m | −CN¥774.1m | −CN¥30.4m | −CN¥59.0m | −CN¥186.7m | −CN¥246.6m |
| Dividends paid | −CN¥49.3m | −CN¥58.4m | −CN¥76.4m | −CN¥84.9m | −CN¥80.8m | −CN¥97.2m | −CN¥20.7m | −CN¥63.3m | −CN¥31.7m | −CN¥33.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥163.4m | CN¥34.7m | CN¥99.0m | CN¥91.9m | CN¥128.7m | CN¥57.2m | CN¥108.5m | CN¥192.8m |
| Gross profit | −CN¥21.5m | −CN¥14.6m | −CN¥13.2m | −CN¥3.6m | −CN¥43.5m | −CN¥15.1m | −CN¥97.1m | CN¥992,806 |
| Operating income | −CN¥50.7m | −CN¥26.3m | −CN¥35.5m | −CN¥55.8m | −CN¥87.3m | −CN¥46.9m | −CN¥154.8m | −CN¥37.0m |
| Net income | −CN¥83.7m | −CN¥51.9m | −CN¥195.2m | −CN¥55.2m | −CN¥88.7m | −CN¥45.5m | −CN¥208.1m | −CN¥38.2m |
| Diluted earnings per share | -0.06 | -0.04 | -0.14 | -0.04 | -0.06 | -0.03 | -0.18 | -0.03 |
| Cash from operations | — | — | — | −CN¥32.0m | −CN¥9.0m | −CN¥12.0m | −CN¥16.0m | CN¥84.0m |
| Capital spending | −CN¥1.0m | — | −CN¥1.0m | — | — | — | −CN¥1.0m | −CN¥1.0m |
| Free cash flow | — | — | — | — | — | — | −CN¥17.0m | CN¥83.0m |
| Total assets | CN¥7.50bn | CN¥6.61bn | CN¥6.66bn | CN¥6.73bn | CN¥7.01bn | CN¥6.73bn | CN¥6.80bn | CN¥6.89bn |
| Cash and short-term investments | — | — | — | CN¥319.6m | CN¥497.6m | CN¥219.7m | CN¥259.7m | CN¥138.5m |
| Debt | CN¥1.09bn | CN¥933.2m | CN¥958.3m | CN¥419.4m | CN¥948.0m | CN¥1.22bn | CN¥1.13bn | CN¥965.8m |
| Shareholders' equity | CN¥3.48bn | CN¥3.56bn | CN¥3.61bn | CN¥3.81bn | CN¥3.87bn | CN¥3.96bn | CN¥4.01bn | CN¥4.22bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -20.0% | -18.5% | -46.7% | -9.3% | 17.2% | 4.7% |
| Operating margin | -80.7% | -33.6% | -83.9% | -21.9% | 8.2% | -8.1% |
| Net margin | -102.1% | -55.4% | -120.6% | -41.3% | 2.4% | -15.8% |
| Return on equity | -10.6% | -8.3% | -6.8% | -4.1% | 0.6% | -4.1% |
| Return on assets | -5.8% | -4.9% | -4.2% | -2.7% | 0.4% | -2.3% |
| Free cash flow yield | -4.1% | 3.1% | -2.9% | 2.6% | -3.7% | -7.5% |
| Revenue growth | -37.4% | 144.5% | -46.9% | -63.9% | 25.7% | -49.2% |
| Earnings growth | 15.3% | 12.3% | 54.8% | -730.1% | -118.9% | -141.4% |
| Current ratio | 2.57x | 2.37x | 2.59x | 2.24x | 1.97x | 1.66x |
| Debt to equity | 0.27x | 0.28x | 0.49x | 0.31x | 0.45x | 0.61x |
| Equity ratio | 54.2% | 58.9% | 62.1% | 65.1% | 60.4% | 55.4% |
| Interest coverage | -3.74x | -2.55x | -2.65x | -1.13x | 1.37x | -0.69x |
| R&D as a share of sales | 2.3% | 1.2% | 2.2% | 3.6% | 3.9% | 4.1% |
| Buybacks as a share of market value | -19.1% | 19.3% | -4.2% | -6.3% | -22.2% | 1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.7% | -18.1% | -9.6% |
| Operating income | -8.7% | -5.2% | — |
| Net income | 26.1% | 19.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -19.1% | -20.4% | -1.9% | 24.6% |
| Operating margin | -43.4% | -53.2% | -26.5% | 7.1% |
| Net margin | -73.4% | -71.5% | -33.5% | 5.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.1 | -7.2 | -12.8 | -20.9 | 160.8 | -23.8 | 12.1 | 9.1 | 16.9 | 26.0 |
| Price to sales | 12.3 | 4.0 | 15.4 | 8.6 | 3.8 | 3.8 | 2.4 | 1.9 | 4.3 | 7.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Aug 2019.
| FY2019 | FY2018 | FY2002 | FY2001 | |
|---|---|---|---|---|
| Paid in the year | 0.02 | 0.11 | 0.037 | 0.042 |
- 1.444-for-1 split · 8 Aug 2006
- 8-for-5 split · 27 Aug 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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