F 
8.30
+0.24%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥13.89bn
FY2016FY2025
Net income
−CN¥48.5m
FY2016FY2025
Free cash flow
CN¥206.7m
FY2016FY2025
Shareholders' equity
CN¥1.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥13.89bn | CN¥10.64bn | CN¥10.64bn | CN¥16.55bn | CN¥18.63bn | CN¥13.03bn | CN¥11.38bn | CN¥10.99bn | CN¥8.20bn | CN¥7.10bn |
| Gross profit | CN¥1.11bn | CN¥486.4m | CN¥575.9m | CN¥341.5m | CN¥386.0m | CN¥620.8m | CN¥826.5m | CN¥698.6m | CN¥496.6m | CN¥423.6m |
| Research and development | CN¥247.7m | CN¥269.2m | CN¥265.9m | CN¥247.3m | CN¥234.4m | CN¥240.3m | CN¥370.1m | CN¥350.0m | CN¥225.3m | CN¥160.7m |
| Operating income | CN¥460.0m | −CN¥420.4m | −CN¥241.5m | −CN¥257.5m | −CN¥322.9m | CN¥23.9m | CN¥28.7m | CN¥5.3m | −CN¥139.2m | −CN¥5.7m |
| Net income | −CN¥48.5m | −CN¥384.2m | −CN¥286.3m | −CN¥313.8m | −CN¥233.8m | CN¥9.9m | CN¥44.1m | CN¥41.7m | −CN¥112.5m | CN¥63.8m |
| Diluted earnings per share | -0.08 | -0.65 | -0.48 | -0.53 | -0.47 | 0.02 | 0.11 | 0.10 | -0.23 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.90bn | CN¥7.74bn | CN¥7.79bn | CN¥8.97bn | CN¥12.26bn | CN¥8.21bn | CN¥7.49bn | CN¥7.64bn | CN¥5.34bn | CN¥5.20bn |
| Cash and short-term investments | — | CN¥1.43bn | CN¥2.05bn | CN¥1.56bn | CN¥2.55bn | CN¥1.63bn | CN¥1.76bn | CN¥1.07bn | CN¥714.4m | CN¥635.7m |
| Total liabilities | CN¥7.23bn | CN¥6.00bn | CN¥5.66bn | CN¥6.54bn | CN¥8.77bn | CN¥5.40bn | CN¥4.63bn | CN¥5.53bn | CN¥3.22bn | CN¥2.85bn |
| Debt | CN¥402.0m | CN¥2.38bn | CN¥2.26bn | CN¥3.15bn | CN¥2.26bn | CN¥1.20bn | CN¥1.15bn | CN¥1.14bn | CN¥657.0m | CN¥441.1m |
| Shareholders' equity | CN¥1.60bn | CN¥1.66bn | CN¥2.04bn | CN¥2.35bn | CN¥2.91bn | CN¥2.11bn | CN¥2.10bn | CN¥2.05bn | CN¥2.05bn | CN¥2.22bn |
| Shares outstanding | 593m | 593m | 593m | 593m | 502m | 454m | 399m | 411m | 483m | 416m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥417.0m | −CN¥366.5m | CN¥523.6m | −CN¥445.0m | CN¥75.3m | CN¥257.8m | CN¥138.6m | −CN¥280.1m | CN¥59.5m | CN¥75.4m |
| Capital spending | −CN¥210.3m | −CN¥143.4m | −CN¥127.7m | −CN¥261.1m | −CN¥315.2m | −CN¥188.1m | −CN¥117.8m | −CN¥134.6m | −CN¥184.8m | −CN¥104.5m |
| Free cash flow | CN¥206.7m | −CN¥509.9m | CN¥395.9m | −CN¥706.1m | −CN¥239.9m | CN¥69.7m | CN¥20.8m | −CN¥414.7m | −CN¥125.3m | −CN¥29.1m |
| Dividends paid | −CN¥95.9m | −CN¥87.3m | −CN¥83.5m | −CN¥82.4m | −CN¥71.9m | −CN¥47.8m | −CN¥55.2m | −CN¥67.9m | −CN¥36.1m | −CN¥74.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.97bn | CN¥3.96bn | CN¥4.55bn | CN¥4.00bn | CN¥3.33bn | CN¥2.01bn | CN¥2.80bn | CN¥2.53bn |
| Gross profit | CN¥216.4m | CN¥243.4m | CN¥413.4m | CN¥274.5m | CN¥252.8m | CN¥142.6m | CN¥34.8m | CN¥204.1m |
| Operating income | CN¥59.2m | CN¥87.3m | CN¥226.9m | CN¥94.1m | CN¥65.7m | −CN¥27.2m | −CN¥267.0m | −CN¥38.2m |
| Net income | CN¥36.9m | CN¥46.4m | −CN¥135.9m | CN¥65.3m | CN¥62.4m | −CN¥40.3m | −CN¥250.2m | −CN¥40.6m |
| Diluted earnings per share | 0.06 | 0.08 | -0.23 | 0.11 | 0.11 | -0.07 | -0.42 | -0.07 |
| Cash from operations | — | — | — | −CN¥63.0m | CN¥377.0m | −CN¥429.0m | CN¥326.0m | −CN¥150.0m |
| Capital spending | −CN¥43.0m | −CN¥33.0m | −CN¥74.0m | −CN¥54.0m | −CN¥46.0m | −CN¥34.0m | −CN¥79.0m | −CN¥19.0m |
| Free cash flow | — | — | — | −CN¥117.0m | CN¥331.0m | −CN¥463.0m | CN¥247.0m | −CN¥169.0m |
| Total assets | CN¥9.17bn | CN¥8.99bn | CN¥8.90bn | CN¥8.53bn | CN¥8.56bn | CN¥7.76bn | CN¥7.74bn | CN¥7.83bn |
| Cash and short-term investments | — | — | — | CN¥1.33bn | CN¥1.70bn | CN¥1.36bn | CN¥1.43bn | CN¥1.52bn |
| Debt | CN¥840.7m | CN¥853.2m | CN¥402.0m | CN¥3.66bn | CN¥2.77bn | CN¥2.62bn | CN¥2.23bn | CN¥2.35bn |
| Shareholders' equity | CN¥1.72bn | CN¥1.65bn | CN¥1.60bn | CN¥1.73bn | CN¥1.67bn | CN¥1.62bn | CN¥1.66bn | CN¥1.91bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.0% | 4.6% | 5.4% | 2.1% | 2.1% | 4.8% |
| Operating margin | 0.5% | -2.6% | -1.2% | -2.0% | -1.3% | 0.5% |
| Net margin | -0.3% | -3.6% | -2.7% | -1.9% | -1.3% | 0.1% |
| Return on equity | -3.0% | -23.2% | -14.0% | -13.4% | -8.0% | 0.5% |
| Return on assets | -0.5% | -5.0% | -3.7% | -3.5% | -1.9% | 0.1% |
| Free cash flow yield | 10.9% | -3.9% | 11.4% | -3.2% | 8.0% | 10.2% |
| Revenue growth | 30.5% | -0.0% | -35.7% | -11.2% | 43.0% | 14.6% |
| Earnings growth | -87.4% | 34.2% | -8.8% | 34.2% | -2450.5% | -77.4% |
| Current ratio | 1.03x | 0.97x | 1.08x | 1.13x | 1.12x | 1.14x |
| Debt to equity | 0.25x | 1.34x | 1.03x | 1.32x | 0.66x | 0.55x |
| Equity ratio | 18.0% | 21.4% | 26.2% | 26.2% | 23.7% | 25.7% |
| Interest coverage | 0.61x | -2.55x | -1.07x | -2.58x | -1.97x | 0.76x |
| R&D as a share of sales | 1.8% | 2.5% | 2.5% | 1.5% | 1.3% | 1.8% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | -18.2% | -10.6% | -13.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.7% | 1.3% | 8.4% |
| Operating income | — | 80.7% | 14.6% |
| Net income | -46.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.5% | 4.9% | 4.2% | 5.0% |
| Operating margin | 0.2% | -0.9% | -0.9% | -0.6% |
| Net margin | -1.8% | -2.0% | -1.5% | -0.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -163.1 | -13.8 | -15.3 | -11.1 | -22.0 | 453.5 | 58.0 | 42.9 | -38.1 | 76.6 |
| Price to sales | 0.6 | 0.5 | 0.4 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.5 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 31 Jul 2025.
| FY2025 | FY2017 | FY2015 | FY2002 | FY2001 | |
|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.02 | 0.07 | 0.043 | 0.102 |
- 1.177-for-1 split · 23 Aug 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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