S 
10.60
-2.39%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.79bn
FY2016FY2025
Net income
−CN¥74.3m
FY2016FY2025
Free cash flow
−CN¥829.0m
FY2016FY2025
Shareholders' equity
CN¥3.15bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.79bn | CN¥3.41bn | CN¥3.03bn | CN¥2.94bn | CN¥2.91bn | CN¥2.28bn | CN¥2.55bn | CN¥2.69bn | CN¥4.62bn | CN¥4.08bn |
| Gross profit | CN¥132.2m | CN¥274.8m | CN¥181.2m | CN¥290.3m | CN¥331.0m | CN¥187.9m | CN¥238.7m | −CN¥87.8m | CN¥1.15bn | CN¥626.6m |
| Research and development | CN¥14.9m | CN¥1.5m | CN¥1.8m | CN¥2.7m | CN¥89,765 | CN¥252,074 | CN¥86,615 | CN¥344,842 | CN¥11.4m | CN¥6.3m |
| Operating income | −CN¥55.3m | CN¥92.9m | −CN¥76.8m | CN¥139.9m | CN¥306.4m | −CN¥2.15bn | CN¥176.2m | −CN¥2.63bn | CN¥582.2m | CN¥226.4m |
| Net income | −CN¥74.3m | CN¥36.1m | −CN¥95.8m | CN¥60.2m | CN¥305.8m | −CN¥2.25bn | CN¥84.5m | −CN¥2.67bn | CN¥206.2m | CN¥128.4m |
| Diluted earnings per share | -0.03 | 0.02 | -0.05 | 0.03 | 0.15 | -1.10 | 0.04 | -1.33 | 0.10 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.62bn | CN¥2.28bn | CN¥2.14bn | CN¥2.35bn | CN¥2.26bn | CN¥2.33bn | CN¥4.65bn | CN¥4.80bn | CN¥9.52bn | CN¥10.28bn |
| Cash and short-term investments | CN¥1.44bn | CN¥327.6m | CN¥175.4m | CN¥329.1m | CN¥232.3m | CN¥180.7m | CN¥290.1m | CN¥504.7m | CN¥738.3m | CN¥1.87bn |
| Total liabilities | CN¥454.5m | CN¥1.89bn | CN¥1.82bn | CN¥1.94bn | CN¥1.91bn | CN¥2.28bn | CN¥2.36bn | CN¥2.54bn | CN¥3.72bn | CN¥4.84bn |
| Debt | — | CN¥680.6m | CN¥714.6m | CN¥731.4m | CN¥789.3m | CN¥819.0m | CN¥906.0m | CN¥926.0m | CN¥2.49bn | CN¥3.03bn |
| Shareholders' equity | CN¥3.15bn | CN¥389.8m | CN¥319.7m | CN¥413.1m | CN¥348.8m | CN¥48.5m | CN¥2.30bn | CN¥2.22bn | CN¥4.93bn | CN¥4.72bn |
| Shares outstanding | 2,642m | 2,031m | 2,034m | 2,031m | 2,030m | 2,033m | 2,034m | 2,003m | 2,032m | 2,024m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥746.5m | CN¥251.1m | −CN¥35.3m | CN¥339.6m | CN¥132.4m | −CN¥23.9m | CN¥62.0m | CN¥29.3m | −CN¥273.3m | CN¥1.12bn |
| Capital spending | −CN¥82.4m | −CN¥57.4m | −CN¥11.5m | −CN¥86.2m | −CN¥95.1m | −CN¥67.7m | −CN¥82.4m | −CN¥16.0m | −CN¥206.5m | −CN¥319.9m |
| Free cash flow | −CN¥829.0m | CN¥193.6m | −CN¥46.8m | CN¥253.4m | CN¥37.3m | −CN¥91.6m | −CN¥20.4m | CN¥13.3m | −CN¥479.8m | CN¥804.2m |
| Dividends paid | −CN¥244.0m | −CN¥30.4m | −CN¥33.9m | −CN¥32.0m | −CN¥37.1m | −CN¥40.6m | −CN¥39.9m | −CN¥41.5m | −CN¥145.6m | −CN¥162.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥998.3m | CN¥734.8m | CN¥971.4m | CN¥1.01bn | CN¥989.4m | CN¥821.6m | CN¥990.2m | CN¥657.4m |
| Gross profit | CN¥40.2m | CN¥7.3m | CN¥34.5m | CN¥83.2m | CN¥16.9m | CN¥12.9m | CN¥42.5m | CN¥57.4m |
| Operating income | CN¥3.7m | −CN¥31.1m | −CN¥39.0m | CN¥27.9m | −CN¥30.8m | −CN¥24.6m | CN¥26.6m | −CN¥37.2m |
| Net income | CN¥8.6m | −CN¥33.7m | −CN¥27.6m | CN¥28.3m | −CN¥39.1m | −CN¥35.9m | CN¥14.8m | −CN¥37.0m |
| Diluted earnings per share | 0.00 | -0.01 | -0.01 | 0.01 | -0.01 | -0.01 | 0.01 | -0.02 |
| Cash from operations | — | — | −CN¥258.0m | −CN¥253.0m | CN¥185.0m | −CN¥191.0m | CN¥43.0m | — |
| Capital spending | −CN¥106.0m | −CN¥35.0m | −CN¥33.0m | −CN¥12.0m | −CN¥22.0m | −CN¥13.0m | −CN¥17.0m | −CN¥29.0m |
| Free cash flow | — | — | −CN¥291.0m | −CN¥265.0m | CN¥163.0m | −CN¥204.0m | CN¥26.0m | — |
| Total assets | CN¥3.71bn | CN¥3.65bn | CN¥3.62bn | CN¥3.72bn | CN¥5.26bn | CN¥2.14bn | CN¥2.28bn | CN¥2.15bn |
| Cash and short-term investments | — | — | CN¥1.44bn | CN¥1.29bn | CN¥3.10bn | CN¥109.9m | CN¥327.6m | CN¥286.1m |
| Debt | — | — | — | — | CN¥1.33bn | CN¥1.33bn | CN¥680.5m | CN¥710.1m |
| Shareholders' equity | CN¥3.13bn | CN¥3.11bn | CN¥3.15bn | CN¥3.18bn | CN¥3.15bn | CN¥356.7m | CN¥389.8m | CN¥376.8m |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 8.1% | 6.0% | 9.9% | 11.4% | 8.2% | — |
| Operating margin | -1.5% | 2.7% | -2.5% | 4.8% | 10.5% | -94.3% | — |
| Net margin | -2.0% | 1.1% | -3.2% | 2.0% | 10.5% | -98.5% | — |
| Return on equity | -2.4% | 9.3% | -30.0% | 14.6% | 87.7% | -4632.6% | — |
| Return on assets | -2.1% | 1.6% | -4.5% | 2.6% | 13.5% | -96.5% | — |
| Free cash flow yield | -2.1% | 1.3% | -0.1% | 1.8% | 0.9% | 0.2% | — |
| Revenue growth | 11.2% | 12.7% | 2.9% | 1.1% | 27.5% | -10.4% | — |
| Earnings growth | -305.8% | -137.7% | -259.3% | -80.3% | -113.6% | -2758.3% | — |
| Current ratio | 5.46x | 0.61x | 0.53x | 0.56x | 0.53x | 0.36x | — |
| Debt to equity | — | 1.75x | 2.23x | 1.76x | 2.25x | 16.89x | 0.37x |
| Equity ratio | 87.0% | 17.1% | 14.9% | 17.6% | 15.4% | 2.1% | — |
| Interest coverage | -2.61x | 1.60x | -1.28x | 2.04x | 4.12x | -22.59x | — |
| R&D as a share of sales | 0.4% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | — |
| Buybacks as a share of market value | -30.1% | 0.2% | -0.2% | -0.0% | 0.2% | 0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.8% | 10.7% | -1.4% |
| Operating income | — | -51.9% | 11.7% |
| Net income | — | -49.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.7% | 6.7% | 7.6% | 10.2% |
| Operating margin | 0.5% | 0.8% | -9.5% | -9.3% |
| Net margin | -0.5% | -0.6% | -11.0% | -11.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -454.7 | 428.5 | -108.9 | 96.9 | 21.2 | -2.0 | 63.3 | -1.5 | 51.1 | 100.2 |
| Price to sales | 8.9 | 4.5 | 3.5 | 2.0 | 2.2 | 2.0 | 2.1 | 1.5 | 2.3 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 Jul 2008.
| FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.60 | 0.345 | 0.025 | 0.025 | 0.025 | 0.023 | 0.023 |
- 2-for-1 split · 3 Jul 2008
- 1-to-1 reverse split · 27 Dec 2005
- 2-for-1 split · 3 Dec 2004
- 8-for-5 split · 11 May 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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