S 
5.04
+1.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥451.4m
FY2016FY2025
Net income
−CN¥6.2m
FY2016FY2025
Free cash flow
−CN¥89.8m
FY2016FY2025
Shareholders' equity
CN¥56.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥451.4m | CN¥386.9m | CN¥270.6m | CN¥327.9m | CN¥280.1m | CN¥388.7m | CN¥542.3m | CN¥705.7m | CN¥871.7m | CN¥1.58bn |
| Gross profit | CN¥21.6m | −CN¥43.2m | −CN¥103.3m | CN¥18.7m | CN¥18.6m | CN¥31.8m | CN¥30.0m | CN¥18.4m | CN¥31.1m | CN¥18.8m |
| Research and development | CN¥1.2m | CN¥2.6m | CN¥601,671 | — | — | — | — | CN¥414,886 | CN¥898,980 | CN¥797,028 |
| Operating income | CN¥25.4m | −CN¥133.4m | −CN¥171.8m | −CN¥41.7m | −CN¥41.8m | CN¥66.4m | CN¥57.6m | −CN¥134.9m | CN¥32.4m | CN¥29.0m |
| Net income | −CN¥6.2m | −CN¥186.2m | −CN¥199.7m | −CN¥36.7m | −CN¥44.7m | CN¥41.6m | CN¥48.3m | −CN¥115.0m | CN¥7.6m | CN¥32.9m |
| Diluted earnings per share | -0.01 | -0.36 | -0.39 | -0.07 | -0.09 | 0.08 | 0.09 | -0.22 | 0.01 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥823.0m | CN¥861.6m | CN¥977.2m | CN¥1.07bn | CN¥911.7m | CN¥854.0m | CN¥951.2m | CN¥1.15bn | CN¥1.71bn | CN¥2.12bn |
| Cash and short-term investments | — | CN¥34.7m | CN¥39.5m | CN¥84.0m | CN¥168.9m | CN¥195.1m | CN¥247.8m | CN¥165.9m | CN¥132.3m | CN¥509.8m |
| Total liabilities | CN¥766.9m | CN¥800.5m | CN¥731.5m | CN¥625.7m | CN¥429.8m | CN¥327.3m | CN¥466.1m | CN¥713.5m | CN¥1.14bn | CN¥1.55bn |
| Debt | CN¥305.6m | CN¥219.4m | CN¥494.7m | CN¥332.4m | CN¥251.4m | CN¥196.0m | CN¥290.0m | CN¥200.0m | CN¥237.0m | CN¥232.0m |
| Shareholders' equity | CN¥56.1m | CN¥61.1m | CN¥245.7m | CN¥444.8m | CN¥481.9m | CN¥526.6m | CN¥485.0m | CN¥436.8m | CN¥559.2m | CN¥551.4m |
| Shares outstanding | 515m | 514m | 514m | 526m | 513m | 516m | 516m | 516m | 514m | 513m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥85.3m | −CN¥37.6m | −CN¥144.7m | −CN¥24.5m | −CN¥85.3m | CN¥81.1m | −CN¥194.0m | −CN¥28.1m | −CN¥34.4m | −CN¥135.5m |
| Capital spending | −CN¥4.5m | −CN¥26.5m | −CN¥51.8m | −CN¥233.4m | −CN¥74.7m | −CN¥4.8m | −CN¥8.2m | −CN¥34.0m | −CN¥21.3m | −CN¥1.9m |
| Free cash flow | −CN¥89.8m | −CN¥64.1m | −CN¥196.5m | −CN¥257.9m | −CN¥160.0m | CN¥76.4m | −CN¥202.2m | −CN¥62.1m | −CN¥55.8m | −CN¥137.4m |
| Dividends paid | −CN¥23.4m | −CN¥23.2m | −CN¥20.2m | −CN¥19.5m | −CN¥8.3m | −CN¥17.0m | −CN¥15.0m | −CN¥16.0m | −CN¥24.6m | −CN¥6.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥117.2m | CN¥124.1m | CN¥125.8m | CN¥175.2m | CN¥57.9m | CN¥92.4m | CN¥138.5m | CN¥82.2m |
| Gross profit | CN¥4.3m | CN¥23.4m | CN¥9.6m | CN¥2.4m | CN¥12.2m | −CN¥2.6m | −CN¥35.1m | −CN¥7.3m |
| Operating income | −CN¥13.9m | CN¥5.9m | −CN¥15.0m | −CN¥13.2m | −CN¥15.6m | CN¥99.0m | −CN¥80.5m | −CN¥24.5m |
| Net income | CN¥2.3m | CN¥90,278 | −CN¥75.1m | −CN¥13.2m | −CN¥16.7m | CN¥98.8m | −CN¥98.5m | −CN¥38.2m |
| Diluted earnings per share | 0.00 | 0.00 | -0.15 | -0.03 | -0.03 | 0.19 | -0.19 | -0.07 |
| Cash from operations | — | — | — | −CN¥58.0m | CN¥6.0m | −CN¥42.0m | −CN¥33.0m | −CN¥19.0m |
| Capital spending | — | — | −CN¥1.0m | — | — | −CN¥2.0m | −CN¥3.0m | — |
| Free cash flow | — | — | — | — | — | −CN¥44.0m | −CN¥36.0m | — |
| Total assets | CN¥876.2m | CN¥897.8m | CN¥823.0m | CN¥968.0m | CN¥959.4m | CN¥1.01bn | CN¥861.6m | CN¥1.02bn |
| Cash and short-term investments | — | — | — | CN¥22.5m | CN¥50.1m | CN¥62.9m | CN¥34.7m | CN¥80.0m |
| Debt | CN¥377.4m | CN¥390.4m | CN¥305.6m | CN¥386.2m | CN¥139.0m | CN¥207.5m | CN¥208.5m | CN¥440.5m |
| Shareholders' equity | CN¥58.6m | CN¥56.3m | CN¥56.1m | CN¥130.6m | CN¥143.6m | CN¥160.1m | CN¥61.1m | CN¥159.2m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 4.8% | -11.2% | -38.2% | 5.7% | 6.7% | 8.2% | — | — | — |
| Operating margin | 5.7% | -34.5% | -63.4% | -6.6% | -14.9% | 19.3% | — | — | — |
| Net margin | -1.4% | -48.1% | -73.8% | -11.2% | -16.0% | 10.7% | — | — | — |
| Return on equity | -11.1% | -304.8% | -81.3% | -8.3% | -9.3% | 7.9% | — | — | — |
| Return on assets | -0.8% | -21.6% | -20.4% | -3.4% | -4.9% | 4.9% | — | — | — |
| Free cash flow yield | -3.1% | -0.4% | -3.5% | 7.7% | -0.4% | 3.3% | — | — | — |
| Revenue growth | 16.7% | 43.0% | -17.5% | 17.1% | -27.9% | -28.3% | — | — | — |
| Earnings growth | -96.7% | -6.8% | 443.6% | -17.9% | -207.5% | -13.8% | — | — | — |
| Current ratio | 0.61x | 0.37x | 0.84x | 0.92x | 1.35x | 1.22x | — | — | — |
| Debt to equity | 5.45x | 3.41x | 1.94x | 0.70x | 0.52x | 0.37x | — | — | — |
| Equity ratio | 6.8% | 7.1% | 25.1% | 41.6% | 52.9% | 61.7% | — | — | — |
| Interest coverage | 1.07x | -5.47x | -8.16x | -1.14x | -5.65x | 4.68x | — | — | — |
| R&D as a share of sales | 0.3% | 0.7% | 0.2% | — | — | — | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -0.1% | -0.0% | 2.3% | -2.5% | 0.5% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.2% | 3.0% | -15.0% |
| Operating income | — | -17.5% | — |
| Net income | -44.7% | — | -28.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -2.6% | -7.4% | -2.6% | 1.0% |
| Operating margin | -12.9% | -22.4% | -14.1% | -6.9% |
| Net margin | -23.0% | -29.8% | -20.5% | -7.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -489.3 | -9.0 | -11.9 | -63.5 | -66.5 | 48.5 | 44.0 | -16.1 | 377.8 | 116.6 |
| Price to sales | 6.7 | 4.3 | 8.8 | 7.1 | 10.6 | 5.2 | 3.9 | 2.6 | 3.3 | 2.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jun 2008.
| FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.006 | 0.005 | 0.011 | 0.014 | 0.012 | 0.011 | 0.02 | 0.042 |
- 21-for-20 split · 17 Jun 2008
- 21-for-20 split · 20 Jun 2007
- 13-for-10 split · 17 Oct 2006
- 1-to-1 reverse split · 9 Oct 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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