L 
1.47
-1.34%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥15.66bn
FY2016FY2025
Net income
−CN¥1.56bn
FY2016FY2025
Free cash flow
−CN¥635.5m
FY2016FY2025
Shareholders' equity
CN¥4.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥15.66bn | CN¥18.10bn | CN¥20.32bn | CN¥21.56bn | CN¥26.15bn | CN¥20.30bn | CN¥21.12bn | CN¥20.78bn | CN¥17.99bn | CN¥14.46bn |
| Gross profit | −CN¥362.3m | −CN¥1.13bn | −CN¥258.1m | −CN¥460.0m | CN¥1.85bn | CN¥1.32bn | CN¥1.48bn | CN¥2.64bn | CN¥2.65bn | CN¥1.08bn |
| Research and development | CN¥13.2m | CN¥9.9m | CN¥9.7m | CN¥7.6m | CN¥12.0m | CN¥9.3m | CN¥9.8m | CN¥10.3m | CN¥8.9m | CN¥227.7m |
| Operating income | −CN¥1.51bn | −CN¥2.07bn | −CN¥902.8m | −CN¥943.9m | CN¥1.27bn | CN¥812.0m | CN¥680.6m | CN¥1.66bn | CN¥1.73bn | CN¥583.7m |
| Net income | −CN¥1.56bn | −CN¥1.68bn | −CN¥681.2m | −CN¥833.7m | CN¥918.7m | CN¥558.1m | CN¥427.7m | CN¥1.20bn | CN¥1.21bn | CN¥133.9m |
| Diluted earnings per share | -0.54 | -0.60 | -0.24 | -0.34 | 0.30 | 0.17 | 0.14 | 0.43 | 0.45 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥15.45bn | CN¥15.25bn | CN¥16.46bn | CN¥16.63bn | CN¥17.61bn | CN¥16.00bn | CN¥15.90bn | CN¥15.99bn | CN¥14.77bn | CN¥15.40bn |
| Cash and short-term investments | — | CN¥1.33bn | CN¥2.91bn | CN¥2.83bn | CN¥4.24bn | CN¥3.40bn | CN¥2.58bn | CN¥3.08bn | CN¥2.04bn | CN¥2.44bn |
| Total liabilities | CN¥11.43bn | CN¥9.63bn | CN¥9.04bn | CN¥8.48bn | CN¥8.36bn | CN¥7.72bn | CN¥8.15bn | CN¥8.55bn | CN¥8.38bn | CN¥10.18bn |
| Debt | CN¥2.27bn | CN¥3.50bn | CN¥1.91bn | CN¥1.90bn | CN¥2.16bn | CN¥1.95bn | CN¥2.12bn | CN¥3.38bn | CN¥3.63bn | CN¥4.74bn |
| Shareholders' equity | CN¥4.02bn | CN¥5.63bn | CN¥7.42bn | CN¥8.15bn | CN¥9.25bn | CN¥8.28bn | CN¥7.75bn | CN¥7.45bn | CN¥6.39bn | CN¥5.22bn |
| Shares outstanding | 2,863m | 2,818m | 2,787m | 2,449m | 3,065m | 3,333m | 2,968m | 2,810m | 2,671m | 4,059m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥162.6m | −CN¥980.0m | CN¥1.71bn | −CN¥785.3m | CN¥645.1m | CN¥1.69bn | CN¥1.16bn | CN¥1.73bn | CN¥1.30bn | CN¥692.4m |
| Capital spending | −CN¥472.8m | −CN¥905.6m | −CN¥584.6m | −CN¥218.8m | −CN¥258.0m | −CN¥375.1m | −CN¥82.2m | −CN¥79.3m | −CN¥243.6m | −CN¥2.04bn |
| Free cash flow | −CN¥635.5m | −CN¥1.89bn | CN¥1.13bn | −CN¥1.00bn | CN¥387.1m | CN¥1.32bn | CN¥1.07bn | CN¥1.65bn | CN¥1.06bn | −CN¥1.35bn |
| Dividends paid | −CN¥108.9m | −CN¥68.7m | −CN¥63.6m | −CN¥322.8m | −CN¥171.1m | −CN¥135.8m | −CN¥121.9m | −CN¥325.6m | −CN¥268.6m | −CN¥294.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.07bn | CN¥3.75bn | CN¥3.90bn | CN¥4.38bn | CN¥3.50bn | CN¥3.88bn | CN¥4.21bn | CN¥3.69bn |
| Gross profit | −CN¥204.7m | −CN¥341.7m | −CN¥517.3m | −CN¥130.2m | −CN¥190.8m | −CN¥129.7m | −CN¥232.5m | −CN¥669.8m |
| Operating income | −CN¥308.3m | −CN¥441.8m | −CN¥678.5m | −CN¥261.6m | −CN¥318.3m | −CN¥249.3m | −CN¥358.9m | −CN¥825.0m |
| Net income | −CN¥328.6m | −CN¥479.6m | −CN¥713.6m | −CN¥265.5m | −CN¥326.3m | −CN¥251.9m | −CN¥315.1m | −CN¥841.4m |
| Diluted earnings per share | -0.11 | -0.17 | -0.25 | -0.09 | -0.11 | -0.09 | -0.11 | -0.30 |
| Cash from operations | — | — | — | −CN¥98.0m | CN¥237.0m | −CN¥133.0m | −CN¥591.0m | −CN¥3.0m |
| Capital spending | −CN¥32.0m | −CN¥81.0m | −CN¥80.0m | −CN¥157.0m | −CN¥119.0m | −CN¥115.0m | −CN¥456.0m | −CN¥148.0m |
| Free cash flow | — | — | — | −CN¥255.0m | CN¥118.0m | −CN¥248.0m | −CN¥1.05bn | −CN¥151.0m |
| Total assets | CN¥15.18bn | CN¥15.33bn | CN¥15.45bn | CN¥15.12bn | CN¥15.10bn | CN¥15.20bn | CN¥15.25bn | CN¥15.28bn |
| Cash and short-term investments | — | — | — | CN¥1.20bn | CN¥1.37bn | CN¥1.44bn | CN¥1.33bn | CN¥1.83bn |
| Debt | CN¥1.33bn | CN¥1.95bn | CN¥2.27bn | CN¥3.78bn | CN¥3.35bn | CN¥3.94bn | CN¥3.44bn | CN¥5.66bn |
| Shareholders' equity | CN¥3.28bn | CN¥3.59bn | CN¥4.02bn | CN¥4.76bn | CN¥5.04bn | CN¥5.36bn | CN¥5.63bn | CN¥6.00bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -2.3% | -6.3% | -1.3% | -2.1% | 7.1% | 6.5% |
| Operating margin | -9.6% | -11.5% | -4.0% | -4.6% | 5.1% | 4.3% |
| Net margin | -9.9% | -9.3% | -3.4% | -3.9% | 3.5% | 2.7% |
| Return on equity | -38.7% | -29.8% | -9.2% | -10.2% | 9.9% | 6.7% |
| Return on assets | -10.1% | -11.0% | -4.1% | -5.0% | 5.2% | 3.5% |
| Free cash flow yield | 6.5% | -1.6% | 49.4% | -13.9% | 17.6% | 37.2% |
| Revenue growth | -13.5% | -10.9% | -5.7% | -17.6% | 28.9% | -3.9% |
| Earnings growth | -7.2% | 146.4% | -18.3% | -190.7% | 64.6% | 30.5% |
| Current ratio | 0.37x | 0.57x | 0.73x | 0.87x | 1.06x | 0.98x |
| Debt to equity | 0.57x | 0.61x | 0.25x | 0.19x | 0.23x | 0.23x |
| Equity ratio | 26.0% | 36.9% | 45.1% | 49.0% | 52.5% | 51.7% |
| Interest coverage | -14.50x | -27.97x | -7.34x | -9.94x | 11.32x | 8.19x |
| R&D as a share of sales | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.6% | -1.1% | -13.8% | 20.1% | 8.0% | -12.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.1% | -5.1% | 2.3% |
| Operating income | 17.0% | — | 7.3% |
| Net income | 23.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -4.4% | -2.9% | 0.8% | 4.4% |
| Operating margin | -10.6% | -7.2% | -2.7% | 0.3% |
| Net margin | -9.6% | -6.3% | -2.7% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.0 | -3.0 | -8.8 | -6.3 | 8.9 | 15.0 | 19.1 | 6.3 | 10.3 | 74.9 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.7 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Apr 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.097 | 0.06 | 0.049 | 0.044 | 0.045 | 0.016 | 0.009 | 0.027 |
- 11-for-10 split · 20 Jun 2018
- 1.29-for-1 split · 24 Apr 2008
- 1-to-1 reverse split · 22 Feb 2006
- 13-for-10 split · 17 Apr 2003
- 13-for-10 split · 15 Oct 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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