H 
6.13
+7.92%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.11bn
FY2016FY2025
Net income
−CN¥2.02bn
FY2016FY2025
Free cash flow
−CN¥690.9m
FY2016FY2025
Shareholders' equity
CN¥3.67bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.11bn | CN¥4.93bn | CN¥5.81bn | CN¥8.59bn | CN¥7.91bn | CN¥6.83bn | CN¥5.90bn | CN¥7.86bn | CN¥6.83bn | CN¥5.18bn |
| Gross profit | −CN¥245.6m | CN¥509.6m | CN¥1.06bn | CN¥3.85bn | CN¥3.24bn | CN¥1.96bn | CN¥1.55bn | CN¥2.64bn | CN¥2.41bn | CN¥271.4m |
| Research and development | CN¥110.1m | CN¥154.0m | CN¥169.9m | CN¥193.3m | CN¥205.2m | CN¥154.1m | CN¥147.5m | CN¥148.2m | CN¥123.2m | CN¥37.0m |
| Operating income | −CN¥1.59bn | −CN¥705.5m | CN¥54.7m | CN¥2.27bn | CN¥1.59bn | −CN¥907.3m | CN¥93.4m | CN¥1.19bn | CN¥736.4m | −CN¥924.9m |
| Net income | −CN¥2.02bn | −CN¥1.09bn | −CN¥481.1m | CN¥1.55bn | CN¥1.29bn | −CN¥928.8m | CN¥76.9m | CN¥651.3m | CN¥480.4m | −CN¥1.96bn |
| Diluted earnings per share | -0.84 | -0.46 | -0.20 | 0.66 | 0.54 | -0.39 | 0.03 | 0.27 | 0.20 | -0.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥19.37bn | CN¥20.49bn | CN¥20.95bn | CN¥22.30bn | CN¥21.55bn | CN¥18.29bn | CN¥18.48bn | CN¥17.37bn | CN¥16.44bn | CN¥14.57bn |
| Cash and short-term investments | — | CN¥4.30bn | CN¥4.31bn | CN¥5.51bn | CN¥5.02bn | CN¥4.25bn | CN¥6.49bn | CN¥5.69bn | CN¥4.27bn | CN¥1.88bn |
| Total liabilities | CN¥15.06bn | CN¥14.12bn | CN¥13.55bn | CN¥13.64bn | CN¥13.87bn | CN¥12.23bn | CN¥11.26bn | CN¥8.81bn | CN¥9.44bn | CN¥7.93bn |
| Debt | CN¥608.6m | CN¥5.45bn | CN¥5.62bn | CN¥5.52bn | CN¥6.19bn | CN¥5.93bn | CN¥5.62bn | CN¥2.83bn | CN¥3.12bn | CN¥3.58bn |
| Shareholders' equity | CN¥3.67bn | CN¥5.67bn | CN¥6.73bn | CN¥7.95bn | CN¥7.27bn | CN¥6.30bn | CN¥7.36bn | CN¥8.52bn | CN¥7.04bn | CN¥6.61bn |
| Shares outstanding | 2,391m | 2,391m | 2,391m | 2,351m | 2,391m | 2,379m | 2,385m | 2,391m | 2,390m | 2,390m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥305.7m | −CN¥187.3m | CN¥477.6m | CN¥3.09bn | CN¥5.74bn | −CN¥277.3m | CN¥1.56bn | CN¥2.22bn | CN¥1.40bn | CN¥260.7m |
| Capital spending | −CN¥385.2m | −CN¥826.7m | −CN¥817.8m | −CN¥891.2m | −CN¥795.5m | −CN¥443.4m | −CN¥370.8m | −CN¥381.8m | −CN¥253.1m | −CN¥62.8m |
| Free cash flow | −CN¥690.9m | −CN¥1.01bn | −CN¥340.2m | CN¥2.20bn | CN¥4.95bn | −CN¥720.7m | CN¥1.19bn | CN¥1.84bn | CN¥1.14bn | CN¥197.9m |
| Dividends paid | −CN¥207.1m | −CN¥253.5m | −CN¥1.20bn | −CN¥836.8m | −CN¥227.8m | −CN¥296.4m | −CN¥196.0m | −CN¥299.4m | −CN¥177.7m | −CN¥145.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.17bn | CN¥989.5m | CN¥1.00bn | CN¥1.19bn | CN¥844.0m | CN¥1.08bn | CN¥1.06bn | CN¥1.27bn |
| Gross profit | CN¥196.6m | −CN¥37.3m | −CN¥262.5m | CN¥72.5m | −CN¥151.9m | CN¥93.9m | −CN¥7.1m | CN¥144.4m |
| Operating income | −CN¥82.0m | −CN¥282.2m | −CN¥545.7m | −CN¥235.9m | −CN¥473.6m | −CN¥280.6m | −CN¥251.2m | −CN¥237.7m |
| Net income | −CN¥273.7m | −CN¥369.2m | −CN¥894.0m | −CN¥270.6m | −CN¥542.3m | −CN¥309.1m | −CN¥305.3m | −CN¥296.1m |
| Diluted earnings per share | -0.11 | -0.15 | -0.37 | -0.11 | -0.23 | -0.13 | -0.13 | -0.12 |
| Cash from operations | — | — | — | CN¥8.0m | CN¥183.0m | −CN¥81.0m | −CN¥506.0m | −CN¥181.0m |
| Capital spending | −CN¥14.0m | −CN¥41.0m | −CN¥255.0m | −CN¥12.0m | −CN¥62.0m | −CN¥55.0m | −CN¥509.0m | −CN¥167.0m |
| Free cash flow | — | — | — | −CN¥4.0m | CN¥121.0m | −CN¥136.0m | −CN¥1.01bn | −CN¥348.0m |
| Total assets | CN¥19.34bn | CN¥19.96bn | CN¥19.37bn | CN¥19.72bn | CN¥20.51bn | CN¥20.74bn | CN¥20.49bn | CN¥21.66bn |
| Cash and short-term investments | — | — | — | CN¥3.85bn | CN¥4.48bn | CN¥4.58bn | CN¥4.30bn | CN¥5.00bn |
| Debt | CN¥689.7m | CN¥767.6m | CN¥608.6m | CN¥5.87bn | CN¥5.92bn | CN¥6.87bn | CN¥5.45bn | CN¥5.01bn |
| Shareholders' equity | CN¥3.09bn | CN¥3.34bn | CN¥3.67bn | CN¥4.58bn | CN¥4.85bn | CN¥5.38bn | CN¥5.67bn | CN¥6.01bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -6.0% | 10.3% | 18.2% | 44.9% | 41.0% | 28.7% |
| Operating margin | -38.8% | -14.3% | 0.9% | 26.5% | 20.1% | -13.3% |
| Net margin | -49.0% | -22.1% | -8.3% | 18.1% | 16.3% | -13.6% |
| Return on equity | -54.9% | -19.3% | -7.2% | 19.5% | 17.7% | -14.7% |
| Return on assets | -10.4% | -5.3% | -2.3% | 7.0% | 6.0% | -5.1% |
| Free cash flow yield | 0.5% | 3.8% | 7.7% | 24.0% | 38.8% | 1.0% |
| Revenue growth | -16.6% | -15.2% | -32.3% | 8.6% | 15.9% | 15.6% |
| Earnings growth | 84.8% | 126.8% | -130.9% | 20.6% | -238.8% | -1308.4% |
| Current ratio | 0.40x | 0.47x | 0.49x | 0.66x | 0.56x | 0.76x |
| Debt to equity | 0.17x | 0.96x | 0.83x | 0.68x | 0.83x | 1.66x |
| Equity ratio | 19.0% | 27.7% | 32.1% | 35.7% | 33.7% | 34.5% |
| Interest coverage | -5.67x | -2.62x | 0.21x | 7.80x | 4.02x | -2.19x |
| R&D as a share of sales | 2.7% | 3.1% | 2.9% | 2.3% | 2.6% | 2.3% |
| Buybacks as a share of market value | -0.0% | 0.0% | -1.7% | 1.6% | -0.5% | 0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.8% | -9.6% | -1.2% |
| Operating income | — | 11.9% | 2.6% |
| Net income | — | 16.8% | 4.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.9% | 22.1% | 27.2% | 25.2% |
| Operating margin | -25.4% | 0.1% | 1.9% | 0.8% |
| Net margin | -34.4% | -8.7% | -4.4% | -5.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.3 | -6.4 | -18.9 | 7.0 | 7.9 | -14.3 | 127.2 | 13.5 | 23.3 | -6.9 |
| Price to sales | 4.1 | 1.4 | 1.6 | 1.3 | 1.3 | 1.9 | 1.7 | 1.1 | 1.6 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Apr 2023.
| FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.43 | 0.35 | 0.01 | 0.082 | 0.061 | 0.015 | 0.15 | 0.225 |
- 2-for-1 split · 17 Jun 2013
- 1-to-1 reverse split · 12 Jul 2006
- 9-for-5 split · 8 Sept 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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