H 
3.67
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥371.2m
FY2016FY2025
Net income
−CN¥28.9m
FY2016FY2025
Free cash flow
CN¥81.0m
FY2016FY2025
Shareholders' equity
CN¥74.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥371.2m | CN¥175.2m | CN¥224.5m | CN¥416.4m | CN¥833.4m | CN¥807.9m | CN¥625.4m | CN¥706.0m | CN¥1.14bn | CN¥846.3m |
| Gross profit | CN¥140.8m | CN¥32.7m | CN¥60.6m | CN¥105.2m | CN¥164.7m | CN¥209.8m | CN¥52.3m | CN¥220.6m | CN¥199.4m | CN¥236.4m |
| Research and development | CN¥5.2m | CN¥5.4m | CN¥4.2m | CN¥5.7m | CN¥5.9m | CN¥4.4m | CN¥5.6m | CN¥3.7m | CN¥4.0m | CN¥3.8m |
| Operating income | CN¥19.4m | −CN¥114.7m | −CN¥122.7m | −CN¥123.0m | −CN¥55.1m | CN¥21.4m | −CN¥272.2m | CN¥78.5m | −CN¥113.9m | −CN¥25.5m |
| Net income | −CN¥28.9m | −CN¥136.1m | −CN¥149.2m | −CN¥118.4m | −CN¥60.1m | CN¥24.3m | −CN¥267.7m | CN¥40.5m | −CN¥106.2m | −CN¥35.3m |
| Diluted earnings per share | -0.12 | -0.46 | -0.31 | -0.27 | -0.10 | 0.04 | -0.61 | 0.09 | -0.49 | -0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥925.6m | CN¥886.4m | CN¥1.04bn | CN¥1.18bn | CN¥1.28bn | CN¥1.18bn | CN¥1.18bn | CN¥1.46bn | CN¥1.93bn | CN¥1.74bn |
| Cash and short-term investments | — | CN¥16.3m | CN¥39.7m | CN¥23.1m | CN¥91.3m | CN¥220.1m | CN¥131.6m | CN¥196.1m | CN¥503.6m | CN¥764.9m |
| Total liabilities | CN¥820.1m | CN¥747.6m | CN¥767.4m | CN¥770.7m | CN¥750.2m | CN¥617.5m | CN¥647.9m | CN¥665.1m | CN¥1.17bn | CN¥876.4m |
| Debt | CN¥12.8m | CN¥194.6m | CN¥323.6m | CN¥292.5m | CN¥329.8m | CN¥240.1m | CN¥280.7m | CN¥251.0m | CN¥688.0m | CN¥530.0m |
| Shareholders' equity | CN¥74.7m | CN¥108.4m | CN¥244.6m | CN¥375.1m | CN¥495.2m | CN¥555.3m | CN¥530.7m | CN¥798.4m | CN¥758.1m | CN¥864.0m |
| Shares outstanding | 244m | 299m | 481m | 439m | 574m | 639m | 440m | 443m | 218m | 374m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥88.6m | −CN¥18.3m | −CN¥38.5m | −CN¥39.9m | −CN¥206.1m | CN¥114.0m | −CN¥93.0m | −CN¥314.9m | −CN¥217.0m | CN¥82.5m |
| Capital spending | −CN¥7.6m | −CN¥7.8m | −CN¥3.3m | −CN¥7.1m | −CN¥22.0m | −CN¥9.2m | −CN¥10.2m | −CN¥31.3m | −CN¥51.5m | −CN¥20.1m |
| Free cash flow | CN¥81.0m | −CN¥26.1m | −CN¥41.8m | −CN¥46.9m | −CN¥228.1m | CN¥104.8m | −CN¥103.2m | −CN¥346.1m | −CN¥268.5m | CN¥62.4m |
| Dividends paid | −CN¥11.8m | −CN¥13.8m | −CN¥20.8m | −CN¥19.1m | −CN¥16.4m | −CN¥16.8m | −CN¥15.8m | −CN¥23.1m | −CN¥30.1m | −CN¥12.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥73.4m | CN¥99.6m | CN¥193.6m | CN¥88.4m | CN¥44.9m | CN¥44.3m | CN¥11.9m | CN¥41.8m |
| Gross profit | CN¥25.5m | CN¥37.6m | CN¥62.1m | CN¥45.7m | CN¥18.7m | CN¥14.4m | −CN¥30.2m | CN¥15.9m |
| Operating income | −CN¥5.6m | CN¥9.0m | CN¥12.6m | −CN¥2.2m | −CN¥5.5m | −CN¥7.0m | −CN¥94.4m | −CN¥14.1m |
| Net income | −CN¥8.5m | CN¥922,209 | −CN¥22.7m | CN¥8.9m | −CN¥9.3m | −CN¥6.5m | −CN¥126.0m | −CN¥14.7m |
| Diluted earnings per share | -0.03 | 0.00 | -0.09 | 0.04 | -0.04 | -0.03 | -0.42 | -0.05 |
| Cash from operations | — | — | — | CN¥5.0m | CN¥19.0m | −CN¥4.0m | — | −CN¥20.0m |
| Capital spending | — | — | −CN¥2.0m | −CN¥2.0m | — | −CN¥2.0m | −CN¥3.0m | −CN¥3.0m |
| Free cash flow | — | — | — | CN¥3.0m | — | −CN¥6.0m | — | −CN¥23.0m |
| Total assets | CN¥883.0m | CN¥916.0m | CN¥925.6m | CN¥919.2m | CN¥865.0m | CN¥875.0m | CN¥886.4m | CN¥964.8m |
| Cash and short-term investments | — | — | — | CN¥30.8m | CN¥4.1m | CN¥6.1m | CN¥16.3m | CN¥15.6m |
| Debt | CN¥9.7m | CN¥12.7m | CN¥12.8m | CN¥141.2m | CN¥136.1m | CN¥186.0m | CN¥186.0m | CN¥207.6m |
| Shareholders' equity | CN¥69.6m | CN¥78.0m | CN¥74.7m | CN¥101.5m | CN¥92.6m | CN¥101.9m | CN¥108.4m | CN¥234.5m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 37.9% | 18.7% | 27.0% | 25.3% | 19.8% | 26.0% |
| Operating margin | -2.2% | -53.9% | -54.7% | -29.5% | -6.5% | 4.6% |
| Net margin | -7.8% | -77.7% | -66.4% | -28.4% | -7.2% | 3.0% |
| Return on equity | -38.6% | -125.6% | -61.0% | -31.6% | -12.1% | 4.4% |
| Return on assets | -3.1% | -15.4% | -14.3% | -10.0% | -4.7% | 2.1% |
| Free cash flow yield | 10.4% | -0.9% | -1.9% | -2.0% | -8.4% | 5.1% |
| Revenue growth | 111.9% | -22.0% | -46.1% | -50.0% | 3.2% | 29.2% |
| Earnings growth | -78.8% | -8.7% | 26.0% | 96.9% | -347.4% | -109.1% |
| Current ratio | 0.71x | 0.81x | 1.03x | 0.96x | 1.27x | 1.19x |
| Debt to equity | 0.17x | 1.72x | 1.29x | 0.74x | 0.66x | 0.43x |
| Equity ratio | 8.1% | 12.2% | 23.4% | 31.7% | 38.8% | 47.1% |
| Interest coverage | -0.52x | -5.81x | -5.90x | -5.46x | -3.19x | 2.21x |
| R&D as a share of sales | 1.4% | 3.1% | 1.9% | 1.4% | 0.7% | 0.5% |
| Buybacks as a share of market value | 18.5% | 37.9% | -9.6% | 23.5% | 10.2% | -45.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.8% | -14.4% | -1.7% |
| Operating income | — | -1.9% | — |
| Net income | -37.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.8% | 28.6% | 25.2% | 24.3% |
| Operating margin | -17.4% | -28.7% | -13.2% | -11.1% |
| Net margin | -30.2% | -36.4% | -16.6% | -12.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -53.4 | -16.8 | -32.8 | -59.3 | -173.5 | 229.3 | -9.7 | 51.8 | -16.8 | -131.0 |
| Price to sales | 4.2 | 13.0 | 21.8 | 16.9 | 12.5 | 6.9 | 4.2 | 3.0 | 1.6 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 May 2014.
| FY2014 | FY2013 | FY2011 | FY2008 | FY2007 | FY2005 | FY2004 | FY2003 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.037 | 0.053 | 0.053 | 0.033 | 0.047 | 0.04 |
- 3-for-2 split · 23 May 2011
- 1-to-1 reverse split · 15 Feb 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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