T 
16.55
+3.31%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.20bn
FY2016FY2025
Net income
−CN¥165.2m
FY2016FY2025
Free cash flow
−CN¥671.8m
FY2016FY2025
Shareholders' equity
CN¥7.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.20bn | CN¥3.07bn | CN¥3.68bn | CN¥4.51bn | CN¥4.08bn | CN¥3.16bn | CN¥2.78bn | CN¥2.61bn | CN¥2.18bn | CN¥1.69bn |
| Gross profit | CN¥620.6m | CN¥601.0m | CN¥740.5m | CN¥1.10bn | CN¥1.04bn | CN¥688.0m | CN¥637.3m | CN¥736.6m | CN¥476.7m | CN¥335.6m |
| Research and development | CN¥227.3m | CN¥258.1m | CN¥251.4m | CN¥321.7m | CN¥255.5m | CN¥173.4m | CN¥163.2m | CN¥158.6m | CN¥122.3m | CN¥92.4m |
| Operating income | CN¥59.9m | CN¥67.2m | CN¥358.2m | CN¥767.0m | CN¥455.3m | CN¥433.4m | CN¥200.7m | CN¥313.4m | CN¥175.9m | CN¥85.8m |
| Net income | −CN¥165.2m | CN¥88.7m | CN¥324.9m | CN¥669.4m | CN¥415.0m | CN¥381.2m | CN¥162.4m | CN¥283.5m | CN¥156.9m | CN¥110.3m |
| Diluted earnings per share | -0.14 | 0.07 | 0.26 | 0.54 | 0.42 | 0.39 | 0.17 | 0.28 | 0.16 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.64bn | CN¥11.64bn | CN¥11.59bn | CN¥10.89bn | CN¥8.25bn | CN¥7.50bn | CN¥6.72bn | CN¥5.94bn | CN¥5.46bn | CN¥4.77bn |
| Cash and short-term investments | — | CN¥2.32bn | CN¥3.06bn | CN¥2.91bn | CN¥573.4m | CN¥411.3m | CN¥681.5m | CN¥748.6m | CN¥833.6m | CN¥721.0m |
| Total liabilities | CN¥3.77bn | CN¥3.58bn | CN¥3.41bn | CN¥3.05bn | CN¥3.13bn | CN¥2.72bn | CN¥2.58bn | CN¥2.07bn | CN¥1.70bn | CN¥1.16bn |
| Debt | CN¥325.4m | CN¥944.5m | CN¥823.1m | CN¥445.7m | CN¥957.4m | CN¥1.31bn | CN¥1.23bn | CN¥751.2m | CN¥471.0m | CN¥419.0m |
| Shareholders' equity | CN¥7.79bn | CN¥7.98bn | CN¥8.13bn | CN¥7.80bn | CN¥5.04bn | CN¥4.72bn | CN¥4.07bn | CN¥3.83bn | CN¥3.73bn | CN¥3.61bn |
| Shares outstanding | 1,217m | 1,217m | 1,233m | 1,233m | 978m | 985m | 982m | 1,003m | 998m | 987m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥102.6m | CN¥195.4m | CN¥433.8m | CN¥755.1m | CN¥563.7m | −CN¥3.2m | −CN¥90.7m | CN¥92.3m | CN¥149.5m | −CN¥49.5m |
| Capital spending | −CN¥774.4m | −CN¥1.06bn | −CN¥519.8m | −CN¥611.8m | −CN¥503.9m | −CN¥280.4m | −CN¥241.4m | −CN¥335.8m | −CN¥263.2m | −CN¥204.2m |
| Free cash flow | −CN¥671.8m | −CN¥864.7m | −CN¥86.0m | CN¥143.3m | CN¥59.8m | −CN¥283.6m | −CN¥332.1m | −CN¥243.5m | −CN¥113.7m | −CN¥253.8m |
| Dividends paid | −CN¥35.1m | −CN¥101.5m | −CN¥61.7m | −CN¥76.1m | −CN¥93.2m | −CN¥49.1m | −CN¥89.9m | −CN¥71.5m | −CN¥18.8m | −CN¥5.6m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.09bn | CN¥949.0m | CN¥805.1m | CN¥741.3m | CN¥875.5m | CN¥869.5m | CN¥714.4m | CN¥510.3m |
| Gross profit | CN¥234.7m | CN¥218.7m | CN¥161.3m | CN¥133.1m | CN¥160.8m | CN¥179.3m | CN¥134.3m | CN¥70.3m |
| Operating income | CN¥53.7m | CN¥44.8m | CN¥17.4m | −CN¥40.5m | CN¥4.2m | CN¥4.7m | CN¥47.2m | −CN¥69.9m |
| Net income | −CN¥40.1m | −CN¥240.5m | −CN¥41.8m | −CN¥222.5m | CN¥4.7m | CN¥4.6m | CN¥48.0m | −CN¥35.5m |
| Diluted earnings per share | -0.03 | -0.20 | -0.03 | -0.18 | 0.00 | 0.00 | 0.04 | -0.03 |
| Cash from operations | — | — | — | — | CN¥9.0m | −CN¥43.0m | −CN¥12.0m | CN¥235.0m |
| Capital spending | −CN¥71.0m | −CN¥72.0m | −CN¥134.0m | −CN¥94.0m | −CN¥140.0m | −CN¥267.0m | −CN¥272.0m | −CN¥267.0m |
| Free cash flow | — | — | — | — | −CN¥131.0m | −CN¥310.0m | −CN¥284.0m | −CN¥32.0m |
| Total assets | CN¥11.35bn | CN¥11.24bn | CN¥11.38bn | CN¥11.64bn | CN¥11.61bn | CN¥11.75bn | CN¥11.52bn | CN¥11.64bn |
| Cash and short-term investments | — | — | — | — | CN¥1.65bn | CN¥1.86bn | CN¥2.11bn | CN¥2.32bn |
| Debt | CN¥239.6m | CN¥403.3m | CN¥326.9m | CN¥325.4m | CN¥1.45bn | CN¥1.16bn | CN¥983.1m | CN¥940.7m |
| Shareholders' equity | CN¥7.47bn | CN¥7.51bn | CN¥7.76bn | CN¥7.79bn | CN¥8.02bn | CN¥8.02bn | CN¥8.03bn | CN¥7.98bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.6% | 19.6% | 20.1% | 24.3% | 25.5% | 21.8% |
| Operating margin | 1.9% | 2.2% | 9.7% | 17.0% | 11.1% | 13.7% |
| Net margin | -5.2% | 2.9% | 8.8% | 14.9% | 10.2% | 12.1% |
| Return on equity | -2.1% | 1.1% | 4.0% | 8.6% | 8.2% | 8.1% |
| Return on assets | -1.4% | 0.8% | 2.8% | 6.1% | 5.0% | 5.1% |
| Free cash flow yield | 2.5% | 3.6% | 2.7% | 3.9% | 3.8% | 1.0% |
| Revenue growth | 4.2% | -16.6% | -18.3% | 10.4% | 29.4% | 13.5% |
| Earnings growth | -286.2% | -72.7% | -51.5% | 61.3% | 8.9% | 134.7% |
| Current ratio | 1.77x | 1.85x | 2.10x | 2.37x | 1.51x | 1.43x |
| Debt to equity | 0.04x | 0.12x | 0.09x | 0.06x | 0.19x | 0.23x |
| Equity ratio | 67.0% | 68.5% | 70.1% | 71.6% | 61.0% | 62.9% |
| Interest coverage | 3.93x | 5.03x | 47.48x | 16.37x | 7.68x | 7.82x |
| R&D as a share of sales | 7.1% | 8.4% | 6.8% | 7.1% | 6.3% | 5.5% |
| Buybacks as a share of market value | 0.0% | 1.3% | 0.0% | -26.1% | 0.7% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.8% | 0.3% | 9.1% |
| Operating income | -57.3% | -32.7% | 12.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.5% | 21.2% | 22.1% | 22.4% |
| Operating margin | 2.0% | 8.7% | 9.9% | 9.1% |
| Net margin | -1.2% | 6.3% | 7.9% | 7.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -96.7 | 97.4 | 32.8 | 19.4 | 38.3 | 26.2 | 48.6 | 19.5 | 58.6 | 77.9 |
| Price to sales | 5.0 | 2.8 | 2.9 | 2.9 | 3.9 | 3.2 | 2.8 | 2.1 | 4.2 | 5.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 30 May 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.022 | 0.08 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.042 |
- 6-for-5 split · 25 Jun 2018
- 6-for-5 split · 13 Jun 2008
- 1-to-1 reverse split · 22 May 2006
- 8-for-5 split · 17 Jun 2005
- 3-for-2 split · 12 Oct 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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