S 
17.57
+1.80%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥823.6m
FY2016FY2025
Net income
−CN¥192.6m
FY2016FY2025
Free cash flow
−CN¥64.9m
FY2016FY2025
Shareholders' equity
CN¥1.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥823.6m | CN¥925.5m | CN¥900.3m | CN¥1.28bn | CN¥1.23bn | CN¥1.25bn | CN¥2.65bn | CN¥1.89bn | CN¥1.84bn | CN¥1.80bn |
| Gross profit | CN¥92.8m | CN¥21.6m | CN¥30.5m | CN¥177.6m | −CN¥1.8m | CN¥206.1m | CN¥199.6m | CN¥236.8m | CN¥198.4m | CN¥204.4m |
| Research and development | CN¥46.5m | CN¥49.3m | CN¥49.3m | CN¥65.4m | CN¥61.2m | CN¥60.6m | CN¥57.0m | CN¥34.9m | CN¥28.3m | CN¥37.7m |
| Operating income | −CN¥98.7m | −CN¥191.5m | −CN¥216.8m | −CN¥29.7m | −CN¥301.4m | CN¥37.7m | −CN¥96.0m | CN¥21.8m | CN¥23.0m | CN¥15.2m |
| Net income | −CN¥192.6m | −CN¥187.2m | −CN¥195.4m | −CN¥40.0m | −CN¥257.9m | CN¥27.6m | −CN¥81.8m | CN¥23.0m | CN¥15.8m | CN¥29.7m |
| Diluted earnings per share | -0.30 | -0.29 | -0.31 | -0.06 | -0.40 | 0.04 | -0.13 | 0.04 | 0.02 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.12bn | CN¥2.99bn | CN¥3.14bn | CN¥3.15bn | CN¥3.67bn | CN¥3.93bn | CN¥4.58bn | CN¥4.50bn | CN¥4.35bn | CN¥4.36bn |
| Cash and short-term investments | — | CN¥257.7m | CN¥333.2m | CN¥503.0m | CN¥717.1m | CN¥632.2m | CN¥566.6m | CN¥1.08bn | CN¥1.07bn | CN¥1.32bn |
| Total liabilities | CN¥1.55bn | CN¥1.50bn | CN¥1.45bn | CN¥1.23bn | CN¥1.50bn | CN¥1.48bn | CN¥1.99bn | CN¥1.79bn | CN¥1.67bn | CN¥1.70bn |
| Debt | CN¥140.0m | CN¥448.0m | CN¥447.0m | CN¥364.0m | CN¥382.8m | CN¥446.0m | CN¥367.0m | CN¥536.0m | CN¥514.0m | CN¥580.8m |
| Shareholders' equity | CN¥1.29bn | CN¥1.46bn | CN¥1.65bn | CN¥1.86bn | CN¥1.89bn | CN¥2.15bn | CN¥2.09bn | CN¥2.21bn | CN¥2.18bn | CN¥2.19bn |
| Shares outstanding | 638m | 638m | 638m | 638m | 638m | 640m | 637m | 640m | 635m | 636m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥47.1m | −CN¥62.3m | −CN¥117.4m | CN¥20.6m | CN¥192.3m | CN¥7.3m | −CN¥137.2m | CN¥146.1m | −CN¥105.8m | −CN¥111.6m |
| Capital spending | −CN¥17.9m | −CN¥26.9m | −CN¥106.6m | −CN¥69.0m | −CN¥33.9m | −CN¥27.7m | −CN¥70.1m | −CN¥142.0m | −CN¥68.7m | −CN¥53.6m |
| Free cash flow | −CN¥64.9m | −CN¥89.2m | −CN¥224.1m | −CN¥48.3m | CN¥158.4m | −CN¥20.4m | −CN¥207.3m | CN¥4.1m | −CN¥174.6m | −CN¥165.2m |
| Dividends paid | −CN¥9.8m | −CN¥11.1m | −CN¥10.6m | −CN¥20.0m | −CN¥9.3m | −CN¥1.2m | −CN¥31.9m | −CN¥15.7m | −CN¥18.5m | −CN¥82.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥142.3m | CN¥119.9m | CN¥314.1m | CN¥181.8m | CN¥169.4m | CN¥158.2m | CN¥331.7m | CN¥217.7m |
| Gross profit | CN¥4.1m | CN¥19.1m | CN¥48.7m | CN¥22.8m | CN¥2.3m | CN¥14.3m | −CN¥42.1m | CN¥18.8m |
| Operating income | −CN¥33.2m | −CN¥22.6m | −CN¥9.1m | −CN¥22.5m | −CN¥55.6m | −CN¥25.3m | −CN¥110.2m | −CN¥29.3m |
| Net income | −CN¥34.7m | −CN¥22.2m | −CN¥83.3m | −CN¥36.1m | −CN¥47.0m | −CN¥26.2m | −CN¥104.0m | −CN¥26.3m |
| Diluted earnings per share | -0.05 | -0.03 | -0.13 | -0.06 | -0.07 | -0.04 | -0.16 | -0.04 |
| Cash from operations | — | — | — | −CN¥23.0m | −CN¥29.0m | −CN¥91.0m | CN¥114.0m | −CN¥35.0m |
| Capital spending | −CN¥1.0m | −CN¥30.0m | — | −CN¥1.0m | −CN¥2.0m | −CN¥12.0m | — | −CN¥14.0m |
| Free cash flow | — | — | — | −CN¥24.0m | −CN¥31.0m | −CN¥103.0m | — | −CN¥49.0m |
| Total assets | CN¥2.99bn | CN¥3.04bn | CN¥3.12bn | CN¥2.89bn | CN¥2.87bn | CN¥2.90bn | CN¥2.99bn | CN¥2.99bn |
| Cash and short-term investments | — | — | — | CN¥123.3m | CN¥131.7m | CN¥152.0m | CN¥257.7m | CN¥104.1m |
| Debt | CN¥165.0m | CN¥165.0m | CN¥140.0m | CN¥331.5m | CN¥464.7m | CN¥447.5m | CN¥448.0m | CN¥412.0m |
| Shareholders' equity | CN¥1.24bn | CN¥1.27bn | CN¥1.29bn | CN¥1.36bn | CN¥1.39bn | CN¥1.44bn | CN¥1.46bn | CN¥1.57bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.3% | 2.3% | 3.4% | 13.9% | -0.2% | 16.5% |
| Operating margin | -12.0% | -20.7% | -24.1% | -2.3% | -24.6% | 3.0% |
| Net margin | -23.4% | -20.2% | -21.7% | -3.1% | -21.0% | 2.2% |
| Return on equity | -14.9% | -12.8% | -11.9% | -2.1% | -13.6% | 1.3% |
| Return on assets | -6.2% | -6.3% | -6.2% | -1.3% | -7.0% | 0.7% |
| Free cash flow yield | -0.2% | -0.3% | -0.1% | 0.7% | 1.7% | 0.3% |
| Revenue growth | -11.0% | 2.8% | -29.4% | 4.0% | -1.8% | -52.9% |
| Earnings growth | 2.9% | -4.2% | 388.9% | -84.5% | -1034.1% | -133.8% |
| Current ratio | 1.42x | 1.37x | 1.45x | 1.62x | 1.76x | 1.94x |
| Debt to equity | 0.11x | 0.31x | 0.20x | 0.16x | 0.20x | 0.21x |
| Equity ratio | 41.5% | 48.9% | 52.5% | 59.1% | 51.5% | 54.7% |
| Interest coverage | -9.47x | -16.34x | -18.55x | -2.51x | -24.71x | 2.71x |
| R&D as a share of sales | 5.7% | 5.3% | 5.5% | 5.1% | 5.0% | 4.9% |
| Buybacks as a share of market value | -0.0% | 0.0% | -0.0% | 0.0% | 0.3% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.6% | -8.0% | -5.8% |
| Operating income | 49.2% | — | — |
| Net income | 68.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.5% | 8.2% | 8.2% | 9.8% |
| Operating margin | -16.6% | -13.7% | -12.5% | -5.0% |
| Net margin | -21.7% | -15.7% | -13.2% | -5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -162.3 | -35.8 | -31.9 | -139.7 | -34.1 | 226.2 | -71.3 | 211.1 | — | 450.5 |
| Price to sales | 37.9 | 7.2 | 6.9 | 4.4 | 7.2 | 5.0 | 2.2 | 2.6 | 4.5 | 7.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jul 2019.
| FY2019 | FY2016 | FY2014 | FY2011 | FY2008 | FY2005 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.10 | 0.05 | 0.05 | 0.075 | 0.05 |
- 2-for-1 split · 23 Apr 2014
- 1-to-1 reverse split · 16 May 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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