Z 
4.73
+10.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.55bn
FY2016FY2025
Net income
−CN¥927.5m
FY2016FY2025
Free cash flow
−CN¥264.2m
FY2016FY2025
Shareholders' equity
CN¥937.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.55bn | CN¥4.20bn | CN¥4.32bn | CN¥4.42bn | CN¥3.21bn | CN¥2.79bn | CN¥3.60bn | CN¥4.81bn | CN¥5.71bn | CN¥9.49bn |
| Gross profit | CN¥510.6m | CN¥1.02bn | CN¥1.32bn | CN¥1.58bn | CN¥1.07bn | CN¥243.9m | CN¥813.9m | CN¥1.66bn | CN¥2.00bn | CN¥1.26bn |
| Research and development | CN¥77.1m | CN¥73.4m | CN¥41.4m | CN¥12.7m | CN¥11.6m | CN¥9.8m | CN¥2.7m | CN¥2.2m | CN¥136,792 | CN¥4.9m |
| Operating income | −CN¥162.7m | CN¥501.1m | CN¥362.0m | CN¥513.6m | CN¥235.4m | −CN¥813.3m | −CN¥563.7m | CN¥569.6m | CN¥1.00bn | −CN¥478.8m |
| Net income | −CN¥927.5m | CN¥282.7m | CN¥32.0m | CN¥68.4m | −CN¥215.0m | −CN¥944.1m | −CN¥919.5m | CN¥168.6m | CN¥627.4m | −CN¥628.1m |
| Diluted earnings per share | -0.76 | 0.23 | 0.03 | 0.06 | -0.18 | -0.77 | -0.75 | 0.14 | 0.52 | -0.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥13.11bn | CN¥13.96bn | CN¥13.26bn | CN¥13.92bn | CN¥13.51bn | CN¥14.45bn | CN¥13.44bn | CN¥12.74bn | CN¥11.26bn | CN¥10.69bn |
| Cash and short-term investments | — | CN¥3.06bn | CN¥2.74bn | CN¥3.82bn | CN¥3.07bn | CN¥3.81bn | CN¥3.52bn | CN¥3.15bn | CN¥1.85bn | CN¥2.23bn |
| Total liabilities | CN¥10.74bn | CN¥10.80bn | CN¥10.46bn | CN¥11.23bn | CN¥10.99bn | CN¥11.89bn | CN¥9.62bn | CN¥8.36bn | CN¥6.86bn | CN¥6.98bn |
| Debt | CN¥65.1m | CN¥2.61bn | CN¥2.25bn | CN¥2.59bn | CN¥3.00bn | CN¥3.14bn | CN¥3.16bn | CN¥2.33bn | CN¥3.45bn | CN¥3.18bn |
| Shareholders' equity | CN¥937.8m | CN¥1.88bn | CN¥1.61bn | CN¥1.65bn | CN¥1.58bn | CN¥1.81bn | CN¥2.75bn | CN¥3.38bn | CN¥3.31bn | CN¥2.83bn |
| Shares outstanding | 1,218m | 1,226m | 1,229m | 1,221m | 1,219m | 1,219m | 1,221m | 1,222m | 1,218m | 1,253m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥139.0m | CN¥456.1m | CN¥244.0m | CN¥1.18bn | CN¥42.4m | −CN¥114.3m | −CN¥128.3m | CN¥739.7m | CN¥534.6m | CN¥888.1m |
| Capital spending | −CN¥403.2m | −CN¥548.5m | −CN¥391.5m | −CN¥99.2m | −CN¥64.4m | −CN¥7.3m | −CN¥141.1m | −CN¥26.9m | −CN¥495.6m | −CN¥192.7m |
| Free cash flow | −CN¥264.2m | −CN¥92.4m | −CN¥147.5m | CN¥1.08bn | −CN¥22.0m | −CN¥121.6m | −CN¥269.5m | CN¥712.8m | CN¥39.0m | CN¥695.5m |
| Dividends paid | −CN¥175.3m | −CN¥191.0m | −CN¥196.6m | −CN¥202.2m | −CN¥242.3m | −CN¥308.9m | −CN¥50.8m | −CN¥308.6m | −CN¥212.2m | −CN¥295.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥674.9m | CN¥732.7m | CN¥884.2m | CN¥830.4m | CN¥871.0m | CN¥966.7m | CN¥1.01bn | CN¥1.03bn |
| Gross profit | CN¥113.1m | CN¥68.9m | CN¥126.2m | CN¥97.8m | CN¥96.0m | CN¥190.7m | CN¥169.9m | CN¥297.4m |
| Operating income | −CN¥68.7m | −CN¥101.3m | −CN¥53.1m | −CN¥110.5m | −CN¥114.2m | CN¥11.5m | CN¥313.4m | CN¥73.0m |
| Net income | −CN¥143.4m | −CN¥195.5m | −CN¥545.3m | −CN¥158.2m | −CN¥163.8m | −CN¥60.2m | CN¥269.7m | CN¥2.6m |
| Diluted earnings per share | -0.12 | -0.16 | -0.45 | -0.13 | -0.13 | -0.05 | 0.22 | 0.00 |
| Cash from operations | — | — | — | −CN¥15.0m | −CN¥86.0m | CN¥147.0m | CN¥124.0m | CN¥120.0m |
| Capital spending | −CN¥134.0m | −CN¥55.0m | −CN¥71.0m | −CN¥152.0m | −CN¥92.0m | −CN¥86.0m | −CN¥213.0m | −CN¥135.0m |
| Free cash flow | — | — | — | −CN¥167.0m | −CN¥178.0m | CN¥61.0m | −CN¥89.0m | −CN¥15.0m |
| Total assets | CN¥13.26bn | CN¥13.61bn | CN¥13.11bn | CN¥13.78bn | CN¥14.05bn | CN¥14.26bn | CN¥13.96bn | CN¥14.17bn |
| Cash and short-term investments | — | — | — | CN¥2.70bn | CN¥3.07bn | CN¥3.17bn | CN¥3.06bn | CN¥3.34bn |
| Debt | CN¥56.3m | CN¥60.7m | CN¥65.1m | CN¥6.36bn | CN¥2.93bn | CN¥2.83bn | CN¥2.61bn | CN¥2.69bn |
| Shareholders' equity | CN¥601.3m | CN¥735.9m | CN¥937.8m | CN¥1.53bn | CN¥1.68bn | CN¥1.83bn | CN¥1.88bn | CN¥1.65bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.4% | 24.1% | 30.6% | 35.7% | 33.4% | 8.7% |
| Operating margin | -13.9% | 17.0% | 13.0% | 16.4% | 13.0% | -16.9% |
| Net margin | -26.1% | 6.7% | 0.7% | 1.5% | -6.7% | -33.8% |
| Return on equity | -98.9% | 15.0% | 2.0% | 4.1% | -13.6% | -52.2% |
| Return on assets | -7.1% | 2.0% | 0.2% | 0.5% | -1.6% | -6.5% |
| Free cash flow yield | 7.8% | 14.4% | 9.1% | 18.4% | 1.5% | -1.5% |
| Revenue growth | -15.5% | -2.7% | -2.3% | 37.7% | 15.0% | -22.3% |
| Earnings growth | -428.1% | 783.9% | -53.2% | -131.8% | -77.2% | 2.7% |
| Current ratio | 0.41x | 0.45x | 0.45x | 0.50x | 0.48x | 0.55x |
| Debt to equity | 0.07x | 1.39x | 1.40x | 1.57x | 1.89x | 1.68x |
| Equity ratio | 7.2% | 13.5% | 12.1% | 11.8% | 11.7% | 12.5% |
| Interest coverage | -2.69x | 2.90x | 2.66x | 3.11x | 1.65x | -1.52x |
| R&D as a share of sales | 2.2% | 1.7% | 1.0% | 0.3% | 0.4% | 0.4% |
| Buybacks as a share of market value | 0.6% | 0.3% | -0.7% | -0.1% | -0.0% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.0% | 4.9% | -11.5% |
| Operating income | — | -27.5% | -10.2% |
| Net income | — | -0.4% | 5.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 26.8% | 25.5% | 20.1% |
| Operating margin | 4.4% | 7.4% | 2.8% | 1.2% |
| Net margin | -8.3% | -3.3% | -7.6% | -5.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.5 | 18.8 | 156.1 | 90.0 | -27.1 | -12.0 | -3.1 | 17.5 | 9.7 | -9.1 |
| Price to sales | 1.4 | 1.3 | 1.1 | 1.4 | 1.8 | 4.1 | 0.8 | 0.6 | 1.1 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Jul 2019.
| FY2019 | FY2013 | FY2012 | FY2009 | FY2007 | FY2005 | FY2001 | FY1998 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.042 | 0.108 | 0.083 | 0.083 | 0.083 | 0.083 | 0.021 | 0.031 |
- 6-for-5 split · 22 Jul 2019
- 1-to-1 reverse split · 22 Aug 2005
- 9-for-5 split · 23 May 2000
- 3-for-2 split · 4 Jun 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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