A 
7.28
+2.97%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.55bn
FY2016FY2025
Net income
−CN¥745.5m
FY2016FY2025
Free cash flow
−CN¥764.8m
FY2016FY2025
Shareholders' equity
CN¥13.25bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.55bn | CN¥8.31bn | CN¥12.57bn | CN¥19.31bn | CN¥23.52bn | CN¥21.81bn | CN¥33.98bn | CN¥27.94bn | CN¥29.75bn | CN¥25.61bn |
| Gross profit | CN¥1.06bn | CN¥1.95bn | CN¥3.64bn | CN¥5.03bn | CN¥5.93bn | CN¥5.25bn | CN¥5.35bn | CN¥5.65bn | CN¥4.71bn | CN¥4.33bn |
| Research and development | CN¥655.4m | CN¥867.5m | CN¥911.8m | CN¥920.9m | CN¥851.8m | CN¥930.3m | CN¥792.5m | CN¥622.7m | CN¥252.8m | CN¥372.0m |
| Operating income | −CN¥971.0m | CN¥63.3m | CN¥837.6m | CN¥2.44bn | CN¥2.81bn | CN¥2.41bn | CN¥2.54bn | CN¥3.40bn | CN¥3.04bn | CN¥2.57bn |
| Net income | −CN¥745.5m | CN¥16.0m | CN¥202.7m | CN¥1.08bn | CN¥1.02bn | CN¥1.03bn | CN¥1.43bn | CN¥1.62bn | CN¥1.56bn | CN¥1.54bn |
| Diluted earnings per share | -0.40 | 0.01 | 0.11 | 0.58 | 0.51 | 0.54 | 0.77 | 0.88 | 0.77 | 0.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥19.91bn | CN¥21.36bn | CN¥22.69bn | CN¥23.68bn | CN¥22.80bn | CN¥24.14bn | CN¥23.13bn | CN¥21.46bn | CN¥19.50bn | CN¥17.76bn |
| Cash and short-term investments | — | CN¥7.60bn | CN¥8.27bn | CN¥8.76bn | CN¥9.24bn | CN¥11.98bn | CN¥11.49bn | CN¥11.39bn | CN¥12.07bn | CN¥8.61bn |
| Total liabilities | CN¥3.83bn | CN¥4.26bn | CN¥5.25bn | CN¥5.96bn | CN¥6.04bn | CN¥8.33bn | CN¥8.72bn | CN¥7.85bn | CN¥7.21bn | CN¥6.72bn |
| Debt | CN¥10.0m | CN¥464.0m | CN¥556.9m | CN¥380.0m | CN¥1.15bn | CN¥2.76bn | CN¥3.14bn | CN¥2.27bn | CN¥2.22bn | CN¥2.12bn |
| Shareholders' equity | CN¥13.25bn | CN¥14.00bn | CN¥14.05bn | CN¥14.15bn | CN¥13.35bn | CN¥12.58bn | CN¥11.92bn | CN¥11.12bn | CN¥10.25bn | CN¥9.19bn |
| Shares outstanding | 1,853m | 1,853m | 1,853m | 1,853m | 2,006m | 1,911m | 1,845m | 1,830m | 2,024m | 1,884m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥389.1m | −CN¥167.0m | CN¥875.0m | CN¥1.86bn | CN¥1.87bn | CN¥3.12bn | CN¥1.50bn | CN¥1.99bn | CN¥3.03bn | CN¥2.99bn |
| Capital spending | −CN¥375.7m | −CN¥597.2m | −CN¥644.4m | −CN¥575.6m | −CN¥818.3m | −CN¥1.02bn | −CN¥649.0m | −CN¥945.2m | −CN¥624.7m | −CN¥399.4m |
| Free cash flow | −CN¥764.8m | −CN¥764.2m | CN¥230.6m | CN¥1.29bn | CN¥1.06bn | CN¥2.10bn | CN¥850.3m | CN¥1.04bn | CN¥2.41bn | CN¥2.59bn |
| Dividends paid | −CN¥22.0m | −CN¥14.7m | −CN¥347.7m | −CN¥330.0m | −CN¥311.3m | −CN¥426.5m | −CN¥819.5m | −CN¥801.1m | −CN¥476.4m | −CN¥475.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.20bn | CN¥947.7m | CN¥1.96bn | CN¥1.11bn | CN¥1.31bn | CN¥1.17bn | CN¥2.53bn | CN¥1.56bn |
| Gross profit | CN¥270.8m | CN¥123.1m | CN¥272.5m | CN¥189.2m | CN¥399.4m | CN¥187.9m | CN¥492.4m | CN¥304.1m |
| Operating income | −CN¥139.1m | −CN¥389.7m | −CN¥238.4m | −CN¥288.2m | CN¥31.6m | −CN¥417.9m | CN¥59.0m | CN¥53.3m |
| Net income | −CN¥114.4m | −CN¥262.5m | −CN¥287.8m | −CN¥155.6m | CN¥12.9m | −CN¥314.9m | CN¥34.8m | CN¥51.5m |
| Diluted earnings per share | -0.06 | -0.14 | -0.16 | -0.08 | 0.01 | -0.17 | 0.02 | 0.03 |
| Cash from operations | — | — | — | −CN¥92.0m | −CN¥81.0m | −CN¥984.0m | CN¥1.22bn | −CN¥162.0m |
| Capital spending | −CN¥30.0m | −CN¥36.0m | −CN¥158.0m | −CN¥58.0m | −CN¥81.0m | −CN¥75.0m | −CN¥295.0m | −CN¥111.0m |
| Free cash flow | — | — | — | −CN¥150.0m | −CN¥162.0m | −CN¥1.06bn | CN¥927.0m | −CN¥273.0m |
| Total assets | CN¥18.77bn | CN¥19.28bn | CN¥19.91bn | CN¥20.12bn | CN¥20.31bn | CN¥20.58bn | CN¥21.36bn | CN¥21.22bn |
| Cash and short-term investments | — | — | — | CN¥6.28bn | CN¥6.32bn | CN¥6.59bn | CN¥7.60bn | CN¥6.74bn |
| Debt | — | CN¥9.9m | CN¥10.0m | CN¥410.6m | CN¥303.8m | CN¥483.6m | CN¥376.4m | CN¥400.6m |
| Shareholders' equity | CN¥12.86bn | CN¥12.98bn | CN¥13.25bn | CN¥13.51bn | CN¥13.70bn | CN¥13.69bn | CN¥14.00bn | CN¥13.96bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.1% | 23.5% | 28.9% | 26.0% | 25.2% | 24.1% |
| Operating margin | -17.5% | 0.8% | 6.7% | 12.6% | 11.9% | 11.1% |
| Net margin | -13.4% | 0.2% | 1.6% | 5.6% | 4.4% | 4.7% |
| Return on equity | -5.6% | 0.1% | 1.4% | 7.6% | 7.7% | 8.2% |
| Return on assets | -3.7% | 0.1% | 0.9% | 4.6% | 4.5% | 4.3% |
| Free cash flow yield | -0.1% | 3.5% | 12.5% | 20.1% | 20.5% | 33.1% |
| Revenue growth | -33.2% | -33.9% | -34.9% | -17.9% | 7.8% | -35.8% |
| Earnings growth | -4772.7% | -92.1% | -81.2% | 5.2% | -0.9% | -27.6% |
| Current ratio | 3.30x | 3.33x | 2.97x | 2.83x | 2.66x | 2.15x |
| Debt to equity | 0.00x | 0.03x | 0.03x | 0.02x | 0.10x | 0.03x |
| Equity ratio | 66.6% | 65.6% | 61.9% | 59.7% | 58.5% | 52.1% |
| Interest coverage | -52.63x | 2.23x | 18.49x | 60.23x | 14.96x | 10.82x |
| R&D as a share of sales | 11.8% | 10.4% | 7.3% | 4.8% | 3.6% | 4.3% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 7.6% | -4.9% | -3.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -34.0% | -23.9% | -13.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.7% | 25.5% | 25.1% | 20.4% |
| Operating margin | -6.5% | 5.2% | 8.3% | 9.3% |
| Net margin | -5.3% | 1.2% | 2.9% | 4.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.1 | — | 97.3 | 17.9 | 26.2 | 23.3 | 29.9 | 25.9 | 28.0 | 24.5 |
| Price to sales | 3.9 | 2.0 | 1.6 | 1.0 | 1.1 | 1.1 | 1.3 | 1.5 | 1.5 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 19 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.004 | 0.033 | 0.175 | 0.166 | 0.168 | 0.231 | 0.44 | 0.42 |
- 2-for-1 split · 31 May 2016
- 3-for-2 split · 27 May 2009
- 2-for-1 split · 9 May 2008
- 1-to-1 reverse split · 16 May 2006
- 19-for-10 split · 17 Jun 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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