H 
5.14
+5.33%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.92bn
FY2016FY2025
Net income
−CN¥727.2m
FY2016FY2025
Free cash flow
−CN¥379.4m
FY2016FY2025
Shareholders' equity
CN¥2.03bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.92bn | CN¥4.34bn | CN¥5.20bn | CN¥4.14bn | CN¥3.37bn | CN¥2.29bn | CN¥2.02bn | CN¥2.13bn | CN¥1.98bn | CN¥1.87bn |
| Gross profit | −CN¥133.0m | CN¥27.4m | CN¥533.9m | CN¥472.5m | CN¥512.7m | CN¥367.0m | CN¥173.6m | CN¥129.7m | CN¥237.0m | CN¥242.6m |
| Research and development | CN¥92.5m | CN¥141,521 | CN¥1.9m | CN¥88.0m | CN¥49.6m | CN¥28.6m | CN¥748,369 | CN¥712,800 | CN¥736,554 | CN¥2.4m |
| Operating income | −CN¥406.6m | −CN¥461.0m | CN¥84.0m | CN¥145.1m | CN¥254.6m | CN¥132.7m | −CN¥6.7m | −CN¥294.2m | CN¥24.1m | CN¥18.6m |
| Net income | −CN¥727.2m | −CN¥353.7m | −CN¥19.3m | CN¥77.5m | CN¥210.8m | CN¥111.1m | CN¥19.9m | −CN¥332.6m | CN¥9.1m | CN¥9.5m |
| Diluted earnings per share | -0.67 | -0.33 | -0.02 | 0.09 | 0.24 | 0.13 | 0.02 | -0.39 | 0.01 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.23bn | CN¥6.56bn | CN¥6.98bn | CN¥7.39bn | CN¥4.62bn | CN¥2.46bn | CN¥2.13bn | CN¥1.97bn | CN¥2.33bn | CN¥2.39bn |
| Cash and short-term investments | — | CN¥498.1m | CN¥612.8m | CN¥1.83bn | CN¥725.6m | CN¥284.3m | CN¥316.2m | CN¥286.4m | CN¥238.1m | CN¥336.8m |
| Total liabilities | CN¥4.14bn | CN¥3.67bn | CN¥3.66bn | CN¥4.13bn | CN¥2.67bn | CN¥722.8m | CN¥510.1m | CN¥373.9m | CN¥388.6m | CN¥452.3m |
| Debt | CN¥1.36bn | CN¥1.51bn | CN¥2.12bn | CN¥2.39bn | CN¥1.62bn | CN¥180.3m | CN¥200.1m | CN¥100.0m | CN¥51.8m | CN¥99.7m |
| Shareholders' equity | CN¥2.03bn | CN¥2.75bn | CN¥3.11bn | CN¥3.12bn | CN¥1.88bn | CN¥1.71bn | CN¥1.59bn | CN¥1.57bn | CN¥1.91bn | CN¥1.90bn |
| Shares outstanding | 1,089m | 1,088m | 1,094m | 862m | 864m | 862m | 866m | 860m | 874m | 879m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥254.5m | −CN¥191.9m | −CN¥429.7m | −CN¥91.0m | −CN¥243.3m | CN¥72.8m | CN¥157.2m | CN¥100.3m | CN¥66.6m | CN¥92.5m |
| Capital spending | −CN¥125.0m | −CN¥547.0m | −CN¥471.1m | −CN¥1.04bn | −CN¥587.4m | −CN¥64.1m | −CN¥228.1m | −CN¥98.9m | −CN¥14.8m | −CN¥14.8m |
| Free cash flow | −CN¥379.4m | −CN¥738.8m | −CN¥900.8m | −CN¥1.13bn | −CN¥830.7m | CN¥8.8m | −CN¥71.0m | CN¥1.4m | CN¥51.8m | CN¥77.7m |
| Dividends paid | −CN¥69.7m | −CN¥61.4m | −CN¥51.9m | −CN¥46.4m | −CN¥38.7m | −CN¥10.4m | −CN¥1.3m | −CN¥609,027 | −CN¥5.2m | −CN¥32.6m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥431.7m | CN¥498.9m | CN¥578.2m | CN¥463.3m | CN¥714.0m | CN¥729.8m | CN¥1.01bn | CN¥878.7m |
| Gross profit | −CN¥94.7m | −CN¥92.1m | −CN¥64.8m | −CN¥10.0m | −CN¥47.2m | −CN¥32.1m | −CN¥43.7m | −CN¥195.4m |
| Operating income | −CN¥148.1m | −CN¥150.1m | −CN¥118.8m | −CN¥77.7m | −CN¥161.0m | −CN¥137.3m | −CN¥112.8m | −CN¥373.9m |
| Net income | −CN¥55.1m | −CN¥179.8m | −CN¥147.9m | −CN¥369.6m | −CN¥142.1m | −CN¥108.3m | −CN¥107.2m | −CN¥263.8m |
| Diluted earnings per share | -0.05 | -0.17 | -0.14 | -0.34 | -0.13 | -0.10 | -0.10 | -0.24 |
| Cash from operations | — | — | — | — | −CN¥81.0m | CN¥75.0m | −CN¥245.0m | — |
| Capital spending | — | — | — | −CN¥30.0m | −CN¥48.0m | −CN¥9.0m | −CN¥35.0m | −CN¥315.0m |
| Free cash flow | — | — | — | — | −CN¥129.0m | CN¥66.0m | −CN¥280.0m | — |
| Total assets | CN¥5.51bn | CN¥5.69bn | CN¥5.81bn | CN¥6.23bn | CN¥6.49bn | CN¥6.64bn | CN¥6.69bn | CN¥6.56bn |
| Cash and short-term investments | — | — | — | — | CN¥645.8m | CN¥805.4m | CN¥681.3m | CN¥498.1m |
| Debt | CN¥766.2m | CN¥1.05bn | CN¥1.17bn | CN¥1.36bn | CN¥1.37bn | CN¥1.96bn | CN¥1.79bn | CN¥1.50bn |
| Shareholders' equity | CN¥1.64bn | CN¥1.70bn | CN¥1.88bn | CN¥2.03bn | CN¥2.39bn | CN¥2.54bn | CN¥2.61bn | CN¥2.75bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -4.6% | 0.6% | 10.3% | 11.4% | 15.2% | 16.0% |
| Operating margin | -22.3% | -8.3% | 1.1% | 5.2% | 8.9% | 6.4% |
| Net margin | -24.9% | -8.2% | -0.4% | 1.9% | 6.3% | 4.8% |
| Return on equity | -35.9% | -12.9% | -0.6% | 2.5% | 11.2% | 6.5% |
| Return on assets | -11.7% | -5.4% | -0.3% | 1.0% | 4.6% | 4.5% |
| Free cash flow yield | -2.2% | 6.2% | 0.7% | 20.8% | 7.5% | 3.0% |
| Revenue growth | -32.7% | -16.5% | 25.4% | 23.0% | 47.1% | 13.6% |
| Earnings growth | 105.6% | 1733.9% | -124.9% | -63.3% | 89.7% | 458.6% |
| Current ratio | 0.96x | 1.06x | 1.12x | 1.33x | 0.75x | 1.98x |
| Debt to equity | 0.67x | 0.55x | 0.68x | 0.80x | 0.88x | 0.08x |
| Equity ratio | 32.5% | 42.0% | 44.6% | 42.3% | 40.8% | 69.5% |
| Interest coverage | -8.32x | -4.56x | 0.68x | 3.88x | 6.36x | 9.88x |
| R&D as a share of sales | 3.2% | 0.0% | 0.0% | 2.1% | 1.5% | 1.3% |
| Buybacks as a share of market value | -0.2% | 0.6% | -26.9% | 0.2% | -0.2% | 0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.0% | 5.0% | 5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -1.5% | 5.4% | 8.0% | 8.4% |
| Operating margin | -12.0% | -3.8% | -1.1% | -1.5% |
| Net margin | -14.9% | -6.2% | -3.1% | -3.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.7 | -13.7 | -270.6 | 69.6 | 27.8 | 51.9 | 203.3 | -11.2 | — | — |
| Price to sales | 1.9 | 1.1 | 1.0 | 1.3 | 1.7 | 2.5 | 2.0 | 1.8 | 3.0 | 4.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 12 May 2005.
| FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.30 | 0.30 | 0.20 | 0.20 | 0.50 | 0.20 |
- 1-to-1 reverse split · 28 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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