H 
5.35
-0.74%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥52.33bn
FY2016FY2025
Net income
CN¥24.1m
FY2016FY2025
Free cash flow
CN¥927.5m
FY2016FY2025
Shareholders' equity
CN¥19.42bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥52.33bn | CN¥63.66bn | CN¥55.83bn | CN¥43.32bn | CN¥49.96bn | CN¥32.89bn | CN¥26.74bn | CN¥26.45bn | CN¥27.86bn | CN¥19.66bn |
| Gross profit | CN¥2.19bn | CN¥94.0m | CN¥746.6m | CN¥1.10bn | CN¥2.67bn | CN¥1.95bn | CN¥1.67bn | CN¥3.31bn | CN¥2.97bn | CN¥1.73bn |
| Research and development | CN¥522.2m | CN¥510.0m | CN¥526.5m | CN¥535.1m | CN¥531.6m | CN¥460.9m | CN¥422.6m | CN¥374.0m | CN¥277.3m | CN¥298.3m |
| Operating income | −CN¥22.9m | −CN¥517.3m | CN¥299.7m | CN¥576.5m | CN¥2.18bn | CN¥1.45bn | CN¥1.23bn | CN¥2.68bn | CN¥2.22bn | CN¥879.7m |
| Net income | CN¥24.1m | −CN¥628.1m | CN¥182.2m | CN¥481.4m | CN¥1.64bn | CN¥1.14bn | CN¥917.8m | CN¥1.94bn | CN¥1.80bn | CN¥725.5m |
| Diluted earnings per share | 0.01 | -0.22 | 0.05 | 0.13 | 0.50 | 0.35 | 0.28 | 0.54 | 0.53 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥31.17bn | CN¥33.02bn | CN¥31.20bn | CN¥28.62bn | CN¥29.26bn | CN¥27.37bn | CN¥26.34bn | CN¥25.81bn | CN¥24.46bn | CN¥25.56bn |
| Cash and short-term investments | — | CN¥7.74bn | CN¥7.65bn | CN¥8.94bn | CN¥9.91bn | CN¥7.21bn | CN¥6.72bn | CN¥5.78bn | CN¥4.21bn | CN¥5.99bn |
| Total liabilities | CN¥11.49bn | CN¥13.42bn | CN¥10.99bn | CN¥8.42bn | CN¥8.71bn | CN¥7.47bn | CN¥7.17bn | CN¥7.11bn | CN¥7.72bn | CN¥10.57bn |
| Debt | CN¥22.2m | CN¥759.3m | CN¥1.81bn | CN¥556.4m | CN¥360.3m | CN¥69.0m | CN¥677.7m | CN¥704.4m | CN¥1.01bn | CN¥4.13bn |
| Shareholders' equity | CN¥19.42bn | CN¥19.40bn | CN¥20.20bn | CN¥20.18bn | CN¥20.55bn | CN¥19.69bn | CN¥18.96bn | CN¥18.49bn | CN¥16.55bn | CN¥14.84bn |
| Shares outstanding | 4,114m | 2,914m | 3,530m | 3,829m | 3,273m | 3,265m | 3,337m | 3,554m | 3,361m | 4,424m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥2.14bn | CN¥1.13bn | −CN¥2.74bn | −CN¥258.2m | CN¥2.37bn | CN¥2.28bn | CN¥1.25bn | CN¥2.44bn | CN¥1.78bn | CN¥3.28bn |
| Capital spending | −CN¥1.22bn | −CN¥1.33bn | −CN¥806.9m | −CN¥819.6m | −CN¥1.11bn | −CN¥850.9m | −CN¥828.8m | −CN¥453.1m | −CN¥455.9m | −CN¥865.8m |
| Free cash flow | CN¥927.5m | −CN¥198.7m | −CN¥3.55bn | −CN¥1.08bn | CN¥1.26bn | CN¥1.43bn | CN¥418.8m | CN¥1.98bn | CN¥1.33bn | CN¥2.41bn |
| Dividends paid | −CN¥55.3m | −CN¥192.4m | −CN¥181.4m | −CN¥844.3m | −CN¥675.4m | −CN¥405.3m | −CN¥405.3m | −CN¥40.3m | −CN¥77.5m | −CN¥190.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.92bn | CN¥7.69bn | CN¥6.80bn | CN¥15.85bn | CN¥15.24bn | CN¥14.44bn | CN¥15.40bn | CN¥14.71bn |
| Gross profit | CN¥236.6m | CN¥254.7m | CN¥196.0m | CN¥370.2m | CN¥150.8m | CN¥233.7m | CN¥34.7m | −CN¥247.0m |
| Operating income | CN¥15.6m | CN¥6.9m | −CN¥73.3m | CN¥211.0m | −CN¥63.9m | −CN¥23.1m | −CN¥145.1m | −CN¥397.0m |
| Net income | CN¥2.9m | CN¥9.6m | −CN¥76.5m | CN¥214.8m | −CN¥79.2m | −CN¥35.0m | −CN¥181.4m | −CN¥410.3m |
| Diluted earnings per share | 0.00 | 0.00 | -0.02 | 0.05 | -0.02 | -0.01 | -0.06 | -0.14 |
| Cash from operations | — | — | — | CN¥2.45bn | CN¥1.57bn | −CN¥1.85bn | — | CN¥1.88bn |
| Capital spending | −CN¥138.0m | −CN¥485.0m | −CN¥576.0m | −CN¥176.0m | −CN¥369.0m | −CN¥94.0m | −CN¥164.0m | −CN¥566.0m |
| Free cash flow | — | — | — | CN¥2.27bn | CN¥1.20bn | −CN¥1.95bn | — | CN¥1.31bn |
| Total assets | CN¥30.59bn | CN¥29.68bn | CN¥31.17bn | CN¥33.67bn | CN¥32.32bn | CN¥31.77bn | CN¥33.02bn | CN¥32.08bn |
| Cash and short-term investments | — | — | — | CN¥9.84bn | CN¥6.99bn | CN¥5.59bn | CN¥7.74bn | CN¥6.35bn |
| Debt | CN¥77.8m | CN¥129.5m | CN¥22.2m | CN¥6.39bn | CN¥663.0m | CN¥752.4m | CN¥655.7m | CN¥918.2m |
| Shareholders' equity | CN¥19.42bn | CN¥19.44bn | CN¥19.42bn | CN¥19.50bn | CN¥19.29bn | CN¥19.37bn | CN¥19.40bn | CN¥19.57bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.2% | 0.1% | 1.3% | 2.5% | 5.3% | 5.9% |
| Operating margin | -0.0% | -0.8% | 0.5% | 1.3% | 4.4% | 4.4% |
| Net margin | 0.0% | -1.0% | 0.3% | 1.1% | 3.3% | 3.5% |
| Return on equity | 0.1% | -3.2% | 0.9% | 2.4% | 8.0% | 5.8% |
| Return on assets | 0.1% | -1.9% | 0.6% | 1.7% | 5.6% | 4.2% |
| Free cash flow yield | 13.1% | 13.5% | -8.8% | 2.3% | 17.0% | 15.3% |
| Revenue growth | -17.8% | 14.0% | 28.9% | -13.3% | 51.9% | 23.0% |
| Earnings growth | -103.8% | -444.7% | -62.1% | -70.7% | 44.4% | 23.8% |
| Current ratio | 1.34x | 1.33x | 1.54x | 1.78x | 1.83x | 2.10x |
| Debt to equity | 0.00x | 0.03x | 0.08x | -0.05x | 0.01x | 0.00x |
| Equity ratio | 62.3% | 58.8% | 64.7% | 70.5% | 70.2% | 71.9% |
| Interest coverage | -0.40x | -7.45x | 3.22x | 11.99x | 62.35x | 26.86x |
| R&D as a share of sales | 1.0% | 0.8% | 0.9% | 1.2% | 1.1% | 1.4% |
| Buybacks as a share of market value | -41.2% | 17.4% | 7.8% | -17.0% | -0.2% | 2.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.5% | 9.7% | 9.1% |
| Operating income | — | — | -35.4% |
| Net income | -63.1% | -53.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.0% | 1.9% | 2.9% | 4.3% |
| Operating margin | -0.5% | 0.2% | 1.3% | 2.2% |
| Net margin | -0.5% | 0.0% | 1.0% | 1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | -22.2 | 103.2 | 32.9 | 10.2 | 15.2 | 17.8 | 8.3 | 9.9 | 39.4 |
| Price to sales | 0.6 | 0.2 | 0.3 | 0.4 | 0.3 | 0.5 | 0.6 | 0.6 | 0.6 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2026.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.005 | 0.05 | 0.05 | 0.25 | 0.20 | 0.12 | 0.12 | 0.004 |
- 13-for-10 split · 16 Jul 2018
- 13-for-10 split · 28 May 2008
- 1-to-1 reverse split · 19 Jan 2006
- 3-for-2 split · 21 Oct 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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