A 
7.61
+1.60%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥722.0m
FY2016FY2025
Net income
−CN¥198.6m
FY2016FY2025
Free cash flow
−CN¥284.7m
FY2016FY2025
Shareholders' equity
CN¥1.96bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥722.0m | CN¥925.2m | CN¥1.47bn | CN¥1.19bn | CN¥1.21bn | CN¥1.04bn | CN¥914.1m | CN¥1.31bn | CN¥1.29bn | CN¥1.44bn |
| Gross profit | CN¥281.4m | CN¥311.6m | CN¥584.2m | CN¥306.1m | CN¥340.2m | CN¥278.6m | CN¥327.3m | CN¥668.4m | CN¥676.8m | CN¥789.2m |
| Research and development | CN¥17.4m | CN¥24.1m | CN¥25.2m | CN¥24.9m | CN¥30.5m | CN¥8.9m | CN¥17.2m | CN¥17.0m | CN¥18.6m | CN¥21.7m |
| Operating income | — | −CN¥255.4m | −CN¥5.0m | −CN¥172.0m | −CN¥167.5m | CN¥44.9m | −CN¥133.5m | CN¥165.8m | CN¥67.3m | CN¥74.0m |
| Net income | −CN¥198.6m | −CN¥257.6m | −CN¥22.1m | −CN¥187.1m | −CN¥166.4m | CN¥69.4m | −CN¥204.5m | CN¥101.9m | CN¥8.2m | CN¥17.0m |
| Diluted earnings per share | -0.29 | -0.39 | -0.02 | -0.27 | -0.24 | 0.13 | -0.32 | 0.17 | 0.01 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.06bn | CN¥3.20bn | CN¥3.48bn | CN¥3.39bn | CN¥3.87bn | CN¥3.86bn | CN¥3.64bn | CN¥3.19bn | CN¥3.13bn | CN¥3.27bn |
| Cash and short-term investments | — | CN¥366.7m | CN¥507.3m | CN¥510.6m | CN¥990.3m | CN¥1.35bn | CN¥1.34bn | CN¥795.4m | CN¥1.00bn | CN¥1.35bn |
| Total liabilities | CN¥1.10bn | CN¥1.01bn | CN¥945.0m | CN¥839.7m | CN¥1.12bn | CN¥956.0m | CN¥811.1m | CN¥847.2m | CN¥881.6m | CN¥1.03bn |
| Debt | CN¥103.8m | CN¥198.3m | CN¥109.8m | CN¥29.1m | CN¥140.9m | CN¥58.5m | CN¥35.9m | CN¥45.4m | CN¥68.0m | CN¥96.8m |
| Shareholders' equity | CN¥1.96bn | CN¥2.17bn | CN¥2.52bn | CN¥2.55bn | CN¥2.74bn | CN¥2.89bn | CN¥2.83bn | CN¥2.34bn | CN¥2.25bn | CN¥2.24bn |
| Shares outstanding | 695m | 669m | 969m | 699m | 689m | 550m | 641m | 583m | 556m | 597m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥218.9m | −CN¥304.0m | CN¥89.3m | −CN¥461.9m | −CN¥456.1m | −CN¥160.3m | −CN¥174.9m | −CN¥184.3m | −CN¥248.5m | −CN¥182.4m |
| Capital spending | −CN¥65.8m | −CN¥82.8m | −CN¥73.2m | −CN¥67.8m | −CN¥64.1m | −CN¥77.6m | −CN¥44.3m | −CN¥62.6m | −CN¥121.7m | −CN¥86.6m |
| Free cash flow | −CN¥284.7m | −CN¥386.7m | CN¥16.1m | −CN¥529.7m | −CN¥520.2m | −CN¥237.9m | −CN¥219.2m | −CN¥246.9m | −CN¥370.2m | −CN¥269.0m |
| Dividends paid | −CN¥6.7m | — | −CN¥1.1m | — | — | — | −CN¥9.9m | −CN¥5.6m | −CN¥5.6m | −CN¥16.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥45.8m | CN¥190.3m | CN¥94.1m | CN¥144.4m | CN¥187.5m | CN¥296.1m | CN¥119.3m | CN¥139.2m |
| Gross profit | CN¥18.6m | CN¥97.2m | CN¥9.7m | CN¥64.7m | CN¥83.5m | CN¥123.4m | −CN¥61,318 | CN¥22.8m |
| Operating income | −CN¥44.7m | −CN¥10.6m | −CN¥85.5m | −CN¥28.8m | −CN¥32.8m | −CN¥39.2m | −CN¥154.7m | −CN¥111.4m |
| Net income | −CN¥49.6m | −CN¥15.2m | −CN¥98.1m | −CN¥28.3m | −CN¥33.3m | −CN¥38.9m | −CN¥158.1m | −CN¥110.6m |
| Diluted earnings per share | -0.07 | -0.02 | -0.14 | -0.04 | -0.05 | -0.06 | -0.24 | -0.17 |
| Cash from operations | — | — | — | CN¥1.0m | −CN¥47.0m | −CN¥71.0m | — | −CN¥65.0m |
| Capital spending | −CN¥2.0m | −CN¥6.0m | −CN¥15.0m | −CN¥7.0m | −CN¥24.0m | −CN¥18.0m | −CN¥27.0m | −CN¥16.0m |
| Free cash flow | — | — | — | −CN¥6.0m | −CN¥71.0m | −CN¥89.0m | — | −CN¥81.0m |
| Total assets | CN¥2.88bn | CN¥3.01bn | CN¥3.06bn | CN¥3.19bn | CN¥3.08bn | CN¥3.10bn | CN¥3.20bn | CN¥3.31bn |
| Cash and short-term investments | — | — | — | CN¥366.8m | CN¥264.8m | CN¥301.5m | CN¥366.7m | CN¥353.4m |
| Debt | CN¥102.8m | CN¥104.3m | CN¥103.8m | CN¥354.8m | CN¥264.7m | CN¥224.7m | CN¥198.3m | CN¥116.7m |
| Shareholders' equity | CN¥1.89bn | CN¥1.95bn | CN¥1.96bn | CN¥2.07bn | CN¥2.10bn | CN¥2.13bn | CN¥2.17bn | CN¥2.42bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 39.0% | 33.7% | 39.8% | 25.8% | 28.1% | 26.8% | — | — | — |
| Operating margin | -25.9% | -27.1% | 0.3% | -14.0% | -13.5% | 4.3% | — | — | — |
| Net margin | -27.5% | -27.8% | -1.5% | -15.8% | -13.7% | 6.7% | — | — | — |
| Return on equity | -10.1% | -11.9% | -0.9% | -7.4% | -6.1% | 2.4% | — | — | — |
| Return on assets | -6.5% | -8.1% | -0.6% | -5.5% | -4.3% | 1.8% | — | — | — |
| Free cash flow yield | -3.0% | -4.6% | 2.3% | -7.8% | -7.8% | -2.1% | — | — | — |
| Revenue growth | -22.0% | -37.0% | 23.9% | -2.1% | 16.7% | 13.5% | — | — | — |
| Earnings growth | -22.9% | 1067.2% | -88.2% | 12.4% | -339.8% | -133.9% | — | — | — |
| Current ratio | 2.22x | 2.27x | 2.79x | 3.14x | 2.75x | 3.19x | — | — | — |
| Debt to equity | 0.05x | 0.09x | — | 0.01x | 0.03x | — | — | 0.11x | 0.06x |
| Equity ratio | 64.1% | 68.0% | 72.5% | 75.0% | 70.8% | 75.0% | — | — | — |
| Interest coverage | -25.76x | -161.48x | 4.57x | -528.11x | -832.66x | — | -1165.28x | — | — |
| R&D as a share of sales | 2.4% | 2.6% | 1.7% | 2.1% | 2.5% | 0.9% | — | — | — |
| Buybacks as a share of market value | -3.9% | 31.0% | -38.6% | -1.5% | -25.3% | 14.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.2% | -7.0% | -8.4% |
| Net income | 2.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.0% | 34.5% | 32.1% | 42.2% |
| Net margin | -27.7% | -15.5% | -11.6% | -6.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.9 | -34.5 | -813.5 | -99.9 | -70.0 | 153.8 | -19.5 | 26.2 | — | 322.3 |
| Price to sales | 9.3 | 9.6 | 12.2 | 15.8 | 9.6 | 10.3 | 4.4 | 2.0 | 3.3 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Jul 2019.
| FY2019 | FY2018 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2002 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.01 | 0.03 | 0.05 | 0.08 | 0.31 | 0.18 | 0.013 |
- 2-for-1 split · 17 May 2010
- 1-to-1 reverse split · 4 Jul 2006
- 17-for-10 split · 16 Jun 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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