H 
11.17
+2.57%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.36bn
FY2016FY2025
Net income
−CN¥950.0m
FY2016FY2025
Free cash flow
−CN¥296.0m
FY2016FY2025
Shareholders' equity
CN¥560.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.36bn | CN¥1.30bn | CN¥1.57bn | CN¥2.41bn | CN¥2.65bn | CN¥2.45bn | CN¥2.91bn | CN¥3.17bn | CN¥2.96bn | CN¥2.18bn |
| Gross profit | CN¥12.3m | −CN¥22.1m | CN¥183.4m | CN¥728.4m | CN¥769.1m | CN¥273.4m | CN¥668.3m | CN¥707.9m | CN¥863.9m | CN¥822.7m |
| Research and development | CN¥66.9m | CN¥59.8m | CN¥78.0m | CN¥76.0m | CN¥77.3m | CN¥64.3m | CN¥56.5m | CN¥115.7m | CN¥109.5m | CN¥92.5m |
| Operating income | −CN¥628.7m | −CN¥752.3m | −CN¥491.6m | CN¥40.0m | CN¥54.4m | −CN¥214.9m | CN¥265.3m | −CN¥238.7m | CN¥289.7m | CN¥323.1m |
| Net income | −CN¥950.0m | −CN¥983.2m | −CN¥798.5m | CN¥30.8m | CN¥43.0m | −CN¥980.4m | CN¥39.1m | −CN¥237.6m | CN¥51.4m | CN¥267.8m |
| Diluted earnings per share | -0.68 | -0.71 | -0.57 | 0.02 | 0.03 | -0.79 | 0.03 | -0.16 | 0.04 | 0.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.34bn | CN¥7.78bn | CN¥9.00bn | CN¥9.64bn | CN¥10.70bn | CN¥9.97bn | CN¥10.89bn | CN¥11.14bn | CN¥10.42bn | CN¥8.71bn |
| Cash and short-term investments | — | CN¥319.3m | CN¥680.4m | CN¥884.8m | CN¥1.93bn | CN¥1.36bn | CN¥1.00bn | CN¥900.9m | CN¥853.4m | CN¥419.4m |
| Total liabilities | CN¥6.71bn | CN¥6.26bn | CN¥6.51bn | CN¥6.34bn | CN¥7.44bn | CN¥6.75bn | CN¥6.69bn | CN¥6.61bn | CN¥5.64bn | CN¥3.85bn |
| Debt | — | CN¥2.91bn | CN¥3.05bn | CN¥4.42bn | CN¥5.74bn | CN¥3.95bn | CN¥4.53bn | CN¥4.54bn | CN¥3.75bn | CN¥2.61bn |
| Shareholders' equity | CN¥560.1m | CN¥1.51bn | CN¥2.49bn | CN¥3.29bn | CN¥3.26bn | CN¥3.22bn | CN¥4.20bn | CN¥4.54bn | CN¥4.78bn | CN¥4.86bn |
| Shares outstanding | 1,392m | 1,392m | 1,391m | 1,392m | 1,395m | 1,240m | 1,417m | 1,479m | 1,418m | 1,427m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥150.7m | CN¥41.3m | CN¥438.8m | CN¥705.7m | CN¥978.6m | CN¥429.5m | CN¥277.2m | CN¥292.5m | CN¥26.3m | CN¥208.8m |
| Capital spending | −CN¥145.4m | −CN¥144.4m | −CN¥230.0m | −CN¥249.7m | −CN¥616.7m | −CN¥483.2m | −CN¥1.24bn | −CN¥826.2m | −CN¥1.27bn | −CN¥1.01bn |
| Free cash flow | −CN¥296.0m | −CN¥103.1m | CN¥208.8m | CN¥456.0m | CN¥361.9m | −CN¥53.8m | −CN¥965.4m | −CN¥533.7m | −CN¥1.24bn | −CN¥797.3m |
| Dividends paid | −CN¥225.9m | −CN¥127.7m | −CN¥189.1m | −CN¥222.6m | −CN¥325.9m | −CN¥210.0m | −CN¥365.5m | −CN¥313.3m | −CN¥229.0m | −CN¥179.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥412.0m | CN¥395.5m | CN¥348.8m | CN¥303.4m | CN¥379.4m | CN¥319.9m | CN¥362.2m | CN¥289.0m |
| Gross profit | CN¥81.4m | CN¥48.0m | −CN¥34.2m | CN¥285,725 | −CN¥14.5m | CN¥25.5m | −CN¥118.9m | CN¥22.3m |
| Operating income | CN¥188,814 | −CN¥16.3m | −CN¥66.5m | −CN¥124.5m | −CN¥114.4m | −CN¥101.6m | −CN¥324.3m | −CN¥101.6m |
| Net income | −CN¥125.7m | −CN¥96.5m | −CN¥427.3m | −CN¥223.5m | −CN¥131.8m | −CN¥167.4m | −CN¥557.9m | −CN¥176.9m |
| Diluted earnings per share | -0.09 | -0.07 | -0.31 | -0.16 | -0.09 | -0.12 | -0.40 | -0.13 |
| Cash from operations | — | — | — | −CN¥35.0m | −CN¥13.0m | −CN¥85.0m | — | CN¥63.0m |
| Capital spending | −CN¥65.0m | −CN¥42.0m | — | −CN¥66.0m | −CN¥38.0m | −CN¥45.0m | −CN¥46.0m | −CN¥48.0m |
| Free cash flow | — | — | — | −CN¥101.0m | −CN¥51.0m | −CN¥130.0m | — | CN¥15.0m |
| Total assets | CN¥7.42bn | CN¥7.20bn | CN¥7.34bn | CN¥7.77bn | CN¥7.78bn | CN¥7.78bn | CN¥7.78bn | CN¥8.34bn |
| Cash and short-term investments | — | — | — | CN¥341.3m | CN¥322.9m | CN¥353.1m | CN¥319.3m | CN¥326.8m |
| Debt | — | — | — | CN¥3.49bn | CN¥2.54bn | CN¥2.89bn | CN¥2.83bn | CN¥2.99bn |
| Shareholders' equity | CN¥338.0m | CN¥463.6m | CN¥560.1m | CN¥987.4m | CN¥1.21bn | CN¥1.34bn | CN¥1.51bn | CN¥2.07bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 0.9% | -1.7% | 11.6% | 30.2% | 29.0% | 11.2% | — |
| Operating margin | -46.3% | -57.8% | -31.2% | 1.7% | 2.1% | -8.8% | — |
| Net margin | -70.0% | -75.6% | -50.7% | 1.3% | 1.6% | -40.0% | — |
| Return on equity | -169.6% | -65.1% | -32.0% | 0.9% | 1.3% | -30.5% | — |
| Return on assets | -12.9% | -12.6% | -8.9% | 0.3% | 0.4% | -9.8% | — |
| Free cash flow yield | -0.0% | 0.9% | 3.4% | 4.9% | 8.1% | 5.2% | — |
| Revenue growth | 4.2% | -17.4% | -34.7% | -9.1% | 8.2% | -15.9% | — |
| Earnings growth | -3.4% | 23.1% | -2690.9% | -28.4% | -104.4% | -2609.9% | — |
| Current ratio | 0.33x | 0.40x | 0.57x | 0.55x | 0.58x | 0.61x | — |
| Debt to equity | — | 1.87x | 1.23x | 1.34x | 1.56x | 1.08x | 1.03x |
| Equity ratio | 7.6% | 19.4% | 27.7% | 34.2% | 30.5% | 32.3% | — |
| Interest coverage | -2.00x | -2.46x | -1.38x | 0.11x | 0.16x | -0.67x | — |
| R&D as a share of sales | 4.9% | 4.6% | 5.0% | 3.2% | 2.9% | 2.6% | — |
| Buybacks as a share of market value | -0.0% | -0.1% | 0.1% | 0.2% | -12.5% | 12.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.4% | -11.2% | -2.9% |
| Operating income | — | 23.9% | — |
| Net income | — | -0.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.4% | 13.6% | 16.6% | 22.9% |
| Operating margin | -52.0% | -27.6% | -17.0% | -4.2% |
| Net margin | -72.7% | -40.7% | -31.0% | -13.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.4 | -5.9 | -6.5 | 218.6 | 329.5 | -4.2 | 105.6 | -19.0 | 241.8 | 52.9 |
| Price to sales | 5.9 | 4.5 | 3.3 | 2.8 | 5.3 | 1.7 | 1.4 | 1.4 | 4.2 | 6.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Jun 2017.
| FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2010 | FY2007 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.028 | 0.028 | 0.022 | 0.028 | 0.022 | 0.016 | 0.016 | 0.033 |
- 9-for-5 split · 8 Jun 2017
- 17-for-10 split · 24 May 2012
- 1-to-1 reverse split · 27 Apr 2006
- 1-to-1 reverse split · 18 Nov 2005
- 2-for-1 split · 8 Sept 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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