N 
2.75
-1.79%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥444.5m
FY2016FY2025
Net income
−CN¥90.4m
FY2016FY2025
Free cash flow
−CN¥644.6m
FY2016FY2025
Shareholders' equity
CN¥1.21bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥444.5m | CN¥345.3m | CN¥285.7m | CN¥681.1m | CN¥248.7m | CN¥119.1m | CN¥265.8m | CN¥552.1m | CN¥1.25bn | CN¥2.79bn |
| Gross profit | CN¥39.1m | −CN¥133.3m | −CN¥133.7m | CN¥46.4m | −CN¥138.4m | CN¥11.4m | −CN¥6.9m | CN¥46.6m | CN¥84.4m | CN¥98.8m |
| Research and development | CN¥38.5m | CN¥12.5m | CN¥13.9m | CN¥25.5m | CN¥20.5m | CN¥964,883 | CN¥1.6m | CN¥711,509 | CN¥1.5m | CN¥22.4m |
| Operating income | −CN¥202.0m | −CN¥433.7m | −CN¥372.9m | −CN¥74.2m | −CN¥187.1m | CN¥2.7m | −CN¥57.6m | CN¥9.6m | CN¥57.9m | −CN¥135.6m |
| Net income | −CN¥90.4m | −CN¥538.9m | −CN¥464.7m | −CN¥141.5m | −CN¥166.1m | CN¥20.9m | −CN¥45.0m | CN¥9.4m | CN¥38.2m | −CN¥192.0m |
| Diluted earnings per share | -0.13 | -0.79 | -0.68 | -0.21 | -0.24 | 0.03 | -0.07 | 0.01 | 0.06 | -0.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.49bn | CN¥2.17bn | CN¥2.96bn | CN¥3.28bn | CN¥3.47bn | CN¥3.33bn | CN¥2.25bn | CN¥2.18bn | CN¥2.30bn | CN¥3.35bn |
| Cash and short-term investments | — | CN¥8.6m | CN¥24.4m | CN¥89.5m | CN¥111.0m | CN¥207.2m | CN¥168.1m | CN¥74.7m | CN¥314.5m | CN¥386.4m |
| Total liabilities | CN¥1.15bn | CN¥1.93bn | CN¥2.58bn | CN¥2.38bn | CN¥2.24bn | CN¥2.06bn | CN¥1.32bn | CN¥1.19bn | CN¥1.28bn | CN¥2.44bn |
| Debt | — | CN¥227.9m | CN¥559.3m | CN¥984.7m | CN¥916.5m | CN¥1.03bn | CN¥434.1m | CN¥370.6m | CN¥510.0m | CN¥1.08bn |
| Shareholders' equity | CN¥1.21bn | CN¥71.8m | CN¥167.9m | CN¥629.3m | CN¥913.4m | CN¥956.2m | CN¥899.6m | CN¥870.7m | CN¥862.8m | CN¥796.8m |
| Shares outstanding | 689m | 684m | 686m | 661m | 680m | 662m | 669m | 710m | 589m | 690m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥373.4m | −CN¥85.2m | CN¥23.2m | CN¥53.1m | −CN¥7.8m | −CN¥41.1m | −CN¥47.8m | −CN¥180.3m | CN¥115.7m | −CN¥191.1m |
| Capital spending | −CN¥271.2m | −CN¥6.2m | −CN¥57.7m | −CN¥59.3m | −CN¥250.6m | −CN¥732.9m | −CN¥499.3m | −CN¥73.5m | −CN¥27.6m | −CN¥9.4m |
| Free cash flow | −CN¥644.6m | −CN¥91.4m | −CN¥34.5m | −CN¥6.2m | −CN¥258.3m | −CN¥774.0m | −CN¥547.1m | −CN¥253.8m | CN¥88.1m | −CN¥200.4m |
| Dividends paid | −CN¥1.7m | −CN¥3.7m | −CN¥23.3m | −CN¥53.1m | −CN¥55.3m | −CN¥46.7m | −CN¥44.8m | −CN¥20.6m | −CN¥35.4m | −CN¥77.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥156.7m | CN¥117.7m | CN¥117.1m | CN¥111.8m | CN¥121.8m | CN¥93.8m | CN¥160.8m | CN¥71.0m |
| Gross profit | −CN¥25.7m | CN¥9.1m | −CN¥6.3m | CN¥9.2m | −CN¥64.7m | −CN¥26.9m | −CN¥132.7m | CN¥55.8m |
| Operating income | −CN¥49.2m | −CN¥11.7m | −CN¥44.9m | −CN¥87.0m | −CN¥87.3m | −CN¥69.8m | −CN¥46.7m | −CN¥27.1m |
| Net income | −CN¥68.2m | −CN¥64.3m | CN¥160.6m | −CN¥80.0m | −CN¥106.9m | −CN¥64.1m | −CN¥59.4m | −CN¥54.6m |
| Diluted earnings per share | -0.10 | -0.09 | 0.23 | -0.12 | -0.16 | -0.09 | -0.09 | -0.08 |
| Cash from operations | — | — | — | −CN¥47.0m | −CN¥122.0m | −CN¥65.0m | −CN¥79.0m | CN¥4.0m |
| Capital spending | −CN¥25.0m | −CN¥25.0m | −CN¥225.0m | −CN¥10.0m | −CN¥30.0m | −CN¥4.0m | −CN¥3.0m | — |
| Free cash flow | — | — | — | −CN¥57.0m | −CN¥152.0m | −CN¥69.0m | −CN¥82.0m | — |
| Total assets | CN¥2.34bn | CN¥2.41bn | CN¥2.49bn | CN¥2.23bn | CN¥2.32bn | CN¥2.16bn | CN¥2.17bn | CN¥2.21bn |
| Cash and short-term investments | — | — | — | CN¥8.4m | CN¥76.6m | CN¥14.1m | CN¥8.6m | CN¥96.8m |
| Debt | — | — | — | CN¥219.6m | CN¥475.9m | CN¥260.5m | CN¥226.6m | CN¥227.7m |
| Shareholders' equity | CN¥1.08bn | CN¥1.14bn | CN¥1.21bn | −CN¥179.2m | −CN¥99.2m | CN¥7.7m | CN¥71.8m | −CN¥349.8m |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | -20.0% | -38.6% | -46.8% | 6.8% | -55.7% | 9.6% | — |
| Operating margin | -45.4% | -125.6% | -130.5% | -10.8% | -75.2% | 16.9% | — |
| Net margin | -20.3% | -156.1% | -162.7% | -20.8% | -66.8% | 17.6% | — |
| Return on equity | -7.5% | -750.6% | -276.8% | -22.5% | -18.2% | 2.2% | — |
| Return on assets | -3.6% | -24.9% | -15.7% | -4.3% | -4.8% | 0.6% | — |
| Free cash flow yield | -4.6% | -3.6% | 3.7% | 5.3% | 11.1% | 32.4% | — |
| Revenue growth | 28.7% | 20.9% | -58.1% | 173.9% | 108.8% | -55.2% | — |
| Earnings growth | -83.2% | 16.0% | 228.5% | -14.8% | -894.4% | -146.5% | — |
| Current ratio | 2.77x | 0.11x | 0.11x | 0.16x | 0.28x | 0.63x | — |
| Debt to equity | — | 3.16x | 3.32x | 0.97x | 0.96x | 1.08x | 0.48x |
| Equity ratio | 48.5% | 3.3% | 5.7% | 19.2% | 26.4% | 28.7% | — |
| Interest coverage | -7.35x | -2.98x | -2.61x | -0.80x | -6.12x | 0.90x | — |
| R&D as a share of sales | 8.7% | 3.6% | 4.9% | 3.7% | 8.2% | 0.8% | — |
| Buybacks as a share of market value | -0.8% | 0.3% | -3.8% | 2.8% | -2.6% | 1.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.3% | 30.1% | -8.5% |
| Operating income | 39.6% | — | — |
| Net income | -13.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -11.9% | -10.3% | -14.5% | 0.1% |
| Operating margin | -80.5% | -61.6% | -59.6% | -17.1% |
| Net margin | -79.7% | -70.3% | -65.0% | -18.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -31.6 | -3.1 | -5.0 | -31.6 | -55.0 | 232.3 | -57.6 | 368.0 | 246.8 | -43.6 |
| Price to sales | 6.4 | 4.8 | 8.1 | 6.6 | 36.7 | 40.8 | 9.7 | 6.3 | 7.6 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Jun 2001.
| FY2001 | |
|---|---|
| Paid in the year | 0.11 |
- 5-for-2 split · 12 Oct 2015
- 1-to-1 reverse split · 27 Feb 2006
- 8-for-5 split · 20 Sept 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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