B 
4.04
-1.46%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥430.9m
FY2016FY2025
Net income
−CN¥317.9m
FY2016FY2025
Free cash flow
−CN¥425.8m
FY2016FY2025
Shareholders' equity
CN¥66.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥430.9m | CN¥584.1m | CN¥850.3m | CN¥1.36bn | CN¥1.04bn | CN¥1.22bn | CN¥1.24bn | CN¥909.6m | CN¥1.22bn | CN¥1.28bn |
| Gross profit | CN¥59.2m | CN¥39.7m | CN¥162.8m | CN¥364.4m | CN¥287.5m | CN¥360.4m | CN¥400.4m | CN¥252.0m | CN¥377.7m | CN¥407.7m |
| Research and development | CN¥55.1m | CN¥84.8m | CN¥119.0m | CN¥93.0m | CN¥104.4m | CN¥81.0m | CN¥76.1m | CN¥72.4m | CN¥114.2m | CN¥86.8m |
| Operating income | — | −CN¥374.1m | −CN¥231.7m | CN¥47.0m | −CN¥146.9m | −CN¥50.7m | CN¥9.5m | −CN¥223.2m | CN¥58.3m | CN¥75.0m |
| Net income | −CN¥317.9m | −CN¥415.4m | −CN¥275.8m | −CN¥16.6m | −CN¥142.4m | −CN¥41.9m | CN¥11.1m | −CN¥280.2m | CN¥20.0m | CN¥27.2m |
| Diluted earnings per share | -0.52 | -0.71 | -0.51 | -0.03 | -0.27 | -0.08 | 0.02 | -0.38 | 0.04 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.38bn | CN¥1.76bn | CN¥2.12bn | CN¥2.60bn | CN¥2.56bn | CN¥2.56bn | CN¥2.59bn | CN¥2.58bn | CN¥2.90bn | CN¥2.68bn |
| Cash and short-term investments | — | CN¥137.4m | CN¥127.8m | CN¥225.3m | CN¥134.1m | CN¥174.8m | CN¥115.3m | CN¥149.6m | CN¥374.3m | CN¥227.7m |
| Total liabilities | CN¥1.32bn | CN¥1.40bn | CN¥1.51bn | CN¥1.70bn | CN¥1.65bn | CN¥1.51bn | CN¥1.52bn | CN¥1.51bn | CN¥1.51bn | CN¥1.82bn |
| Debt | CN¥120.1m | CN¥352.8m | CN¥459.0m | CN¥631.4m | CN¥667.7m | CN¥628.6m | CN¥645.6m | CN¥677.0m | CN¥632.8m | CN¥718.3m |
| Shareholders' equity | CN¥66.6m | CN¥362.8m | CN¥603.3m | CN¥879.5m | CN¥895.0m | CN¥1.04bn | CN¥1.05bn | CN¥1.07bn | CN¥1.39bn | CN¥859.3m |
| Shares outstanding | 609m | 582m | 540m | 608m | 527m | 540m | 547m | 745m | 524m | 395m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥419.4m | −CN¥161.6m | CN¥67.1m | CN¥121.9m | CN¥13.6m | CN¥138.3m | CN¥134.9m | −CN¥63.8m | −CN¥73.8m | CN¥222.2m |
| Capital spending | −CN¥6.3m | −CN¥46.8m | −CN¥60.6m | −CN¥73.9m | −CN¥78.4m | −CN¥67.2m | −CN¥95.9m | −CN¥154.4m | −CN¥136.8m | −CN¥77.7m |
| Free cash flow | −CN¥425.8m | −CN¥208.4m | CN¥6.6m | CN¥48.0m | −CN¥64.8m | CN¥71.0m | CN¥39.0m | −CN¥218.2m | −CN¥210.6m | CN¥144.5m |
| Dividends paid | −CN¥6.3m | −CN¥18.0m | −CN¥21.9m | −CN¥28.9m | −CN¥22.6m | −CN¥41.9m | −CN¥37.0m | −CN¥37.2m | −CN¥34.6m | −CN¥55.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥139.2m | CN¥79.6m | CN¥135.4m | CN¥94.6m | CN¥111.4m | CN¥89.4m | CN¥132.1m | CN¥161.5m |
| Gross profit | CN¥38.6m | CN¥10.1m | CN¥17.1m | CN¥21.8m | CN¥12.6m | CN¥7.7m | −CN¥95.7m | CN¥57.6m |
| Operating income | −CN¥1.6m | −CN¥29.4m | −CN¥52.1m | −CN¥64.9m | −CN¥33.0m | −CN¥50.7m | −CN¥244.9m | −CN¥54.3m |
| Net income | −CN¥18.9m | −CN¥35.2m | −CN¥162.4m | −CN¥64.1m | −CN¥41.9m | −CN¥49.5m | −CN¥258.5m | −CN¥52.6m |
| Diluted earnings per share | -0.03 | -0.06 | -0.27 | -0.11 | -0.07 | -0.08 | -0.44 | -0.09 |
| Cash from operations | — | — | — | −CN¥99.0m | −CN¥144.0m | −CN¥143.0m | −CN¥139.0m | −CN¥28.0m |
| Capital spending | −CN¥7.0m | −CN¥1.0m | — | −CN¥2.0m | −CN¥2.0m | −CN¥4.0m | −CN¥23.0m | −CN¥4.0m |
| Free cash flow | — | — | — | −CN¥101.0m | −CN¥146.0m | −CN¥147.0m | −CN¥162.0m | −CN¥32.0m |
| Total assets | CN¥1.33bn | CN¥1.33bn | CN¥1.38bn | CN¥1.56bn | CN¥1.60bn | CN¥1.91bn | CN¥1.76bn | CN¥1.98bn |
| Cash and short-term investments | — | — | — | CN¥170.7m | CN¥142.1m | CN¥259.9m | CN¥137.4m | CN¥142.8m |
| Debt | CN¥79.3m | CN¥119.6m | CN¥120.1m | CN¥157.9m | CN¥211.0m | CN¥290.5m | CN¥345.4m | CN¥332.4m |
| Shareholders' equity | CN¥38.6m | CN¥31.3m | CN¥66.6m | CN¥207.3m | CN¥271.4m | CN¥313.3m | CN¥362.8m | CN¥446.3m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 13.7% | 6.8% | 19.1% | 26.9% | 27.6% | 29.6% | — |
| Operating margin | -66.2% | -64.1% | -26.9% | 3.5% | -9.4% | 0.3% | — |
| Net margin | -73.8% | -71.1% | -32.4% | -1.2% | -13.7% | -3.4% | — |
| Return on equity | -477.1% | -114.5% | -45.7% | -1.9% | -15.9% | -4.0% | — |
| Return on assets | -23.1% | -23.6% | -13.0% | -0.6% | -5.6% | -1.6% | — |
| Free cash flow yield | — | -6.3% | 2.8% | 4.6% | 0.6% | 5.8% | 5.6% |
| Revenue growth | -26.2% | -31.3% | -37.3% | 30.2% | -14.3% | -2.3% | — |
| Earnings growth | -23.5% | 50.6% | 1560.2% | -88.3% | 239.7% | -478.6% | — |
| Current ratio | 0.65x | 0.72x | 0.87x | 1.01x | 0.96x | 1.13x | — |
| Debt to equity | 1.80x | 0.95x | 0.74x | 0.71x | 0.62x | 0.55x | — |
| Equity ratio | 4.8% | 20.6% | 28.4% | 33.9% | 35.0% | 40.5% | — |
| Interest coverage | -5.95x | -7.38x | -4.67x | 0.91x | -2.00x | 0.07x | — |
| R&D as a share of sales | 12.8% | 14.5% | 14.0% | 6.9% | 10.0% | 6.7% | — |
| Buybacks as a share of market value | -4.7% | -7.7% | 11.1% | -15.2% | 2.3% | 1.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -31.8% | -18.7% | -9.1% |
| Net income | 167.5% | 50.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.7% | 19.4% | 23.3% | 27.2% |
| Net margin | -72.2% | -31.8% | -22.1% | -12.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.0 | -7.9 | -11.5 | -211.1 | -29.0 | -85.2 | 233.6 | -10.9 | 170.9 | 143.9 |
| Price to sales | 7.4 | 5.6 | 3.7 | 2.6 | 4.0 | 2.9 | 2.1 | 3.4 | 2.8 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2016.
| FY2016 | FY2014 | FY2011 | FY2010 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.035 | 0.03 | 0.028 | 0.028 | 0.014 | 0.014 | 0.042 |
- 3-for-2 split · 17 Jul 2014
- 6-for-5 split · 5 Jul 2011
- 2-for-1 split · 25 Jun 2007
- 1-to-1 reverse split · 9 Feb 2006
- 6-for-5 split · 14 Jul 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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