T 
12.03
-1.80%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥84.13bn
FY2016FY2025
Net income
−CN¥9.55bn
FY2016FY2025
Free cash flow
−CN¥11.68bn
FY2016FY2025
Shareholders' equity
CN¥38.88bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥84.13bn | CN¥91.99bn | CN¥139.10bn | CN¥142.42bn | CN¥64.83bn | CN¥44.20bn | CN¥37.56bn | CN¥27.54bn | CN¥26.09bn | CN¥20.88bn |
| Research and development | CN¥1.11bn | CN¥1.53bn | CN¥1.19bn | CN¥1.46bn | CN¥1.03bn | CN¥1.04bn | CN¥1.00bn | CN¥597.6m | CN¥510.0m | CN¥361.7m |
| Operating income | −CN¥3.81bn | −CN¥8.67bn | CN¥22.29bn | CN¥39.57bn | CN¥10.71bn | CN¥4.71bn | CN¥3.39bn | CN¥2.56bn | CN¥2.56bn | CN¥1.28bn |
| Net income | −CN¥9.55bn | −CN¥7.04bn | CN¥13.57bn | CN¥25.73bn | CN¥8.11bn | CN¥3.61bn | CN¥2.63bn | CN¥2.02bn | CN¥2.01bn | CN¥1.02bn |
| Diluted earnings per share | -2.17 | -1.57 | 3.02 | 5.60 | 1.80 | 0.80 | 0.68 | 0.52 | 0.52 | 0.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥187.78bn | CN¥195.92bn | CN¥164.36bn | CN¥145.24bn | CN¥88.25bn | CN¥64.25bn | CN¥46.82bn | CN¥38.48bn | CN¥25.55bn | CN¥21.40bn |
| Cash and short-term investments | — | CN¥29.32bn | CN¥29.48bn | CN¥41.14bn | CN¥3.01bn | CN¥7.80bn | CN¥2.69bn | CN¥3.41bn | CN¥2.92bn | CN¥3.65bn |
| Total liabilities | CN¥136.39bn | CN¥138.00bn | CN¥90.53bn | CN¥72.00bn | CN¥46.59bn | CN¥32.71bn | CN¥28.73bn | CN¥23.26bn | CN¥11.84bn | CN¥9.60bn |
| Debt | — | CN¥87.67bn | CN¥45.80bn | CN¥31.87bn | CN¥28.78bn | CN¥22.07bn | CN¥21.27bn | CN¥16.17bn | CN¥7.55bn | CN¥6.08bn |
| Shareholders' equity | CN¥38.88bn | CN¥48.46bn | CN¥61.53bn | CN¥60.80bn | CN¥37.50bn | CN¥30.54bn | CN¥17.58bn | CN¥14.74bn | CN¥13.34bn | CN¥11.68bn |
| Shares outstanding | 4,400m | 4,480m | 4,502m | 4,597m | 4,502m | 4,502m | 3,883m | 3,882m | 3,883m | 3,385m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.38bn | CN¥1.14bn | CN¥30.68bn | CN¥43.82bn | CN¥7.62bn | CN¥3.02bn | CN¥2.36bn | CN¥3.10bn | CN¥2.92bn | CN¥2.43bn |
| Capital spending | −CN¥13.06bn | −CN¥28.39bn | −CN¥36.45bn | −CN¥15.22bn | −CN¥13.98bn | −CN¥5.49bn | −CN¥4.21bn | −CN¥7.12bn | −CN¥4.33bn | −CN¥3.56bn |
| Free cash flow | −CN¥11.68bn | −CN¥27.24bn | −CN¥5.77bn | CN¥28.60bn | −CN¥6.36bn | −CN¥2.46bn | −CN¥1.85bn | −CN¥4.02bn | −CN¥1.41bn | −CN¥1.13bn |
| Dividends paid | −CN¥2.18bn | −CN¥5.63bn | −CN¥13.82bn | −CN¥4.11bn | −CN¥1.08bn | −CN¥797.5m | −CN¥621.2m | −CN¥923.6m | −CN¥635.4m | −CN¥383.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥22.23bn | CN¥12.13bn | CN¥19.53bn | CN¥24.09bn | CN¥24.58bn | CN¥15.93bn | CN¥23.72bn | CN¥24.48bn |
| Operating income | −CN¥1.81bn | −CN¥1.92bn | −CN¥1.19bn | CN¥346.3m | −CN¥2.67bn | −CN¥2.71bn | −CN¥3.22bn | −CN¥1.00bn |
| Net income | −CN¥2.67bn | −CN¥2.44bn | −CN¥4.28bn | −CN¥314.8m | −CN¥2.36bn | −CN¥2.59bn | −CN¥3.07bn | −CN¥843.8m |
| Diluted earnings per share | -0.61 | -0.56 | -0.97 | -0.07 | -0.54 | -0.59 | -0.68 | -0.19 |
| Cash from operations | — | — | — | CN¥4.85bn | −CN¥327.0m | −CN¥1.35bn | — | CN¥2.03bn |
| Capital spending | −CN¥862.0m | −CN¥1.75bn | −CN¥5.13bn | −CN¥3.40bn | −CN¥2.07bn | −CN¥2.45bn | −CN¥7.79bn | −CN¥5.82bn |
| Free cash flow | — | — | — | CN¥1.45bn | −CN¥2.40bn | −CN¥3.80bn | — | −CN¥3.80bn |
| Total assets | CN¥179.68bn | CN¥186.99bn | CN¥187.78bn | CN¥201.32bn | CN¥201.93bn | CN¥209.05bn | CN¥195.92bn | CN¥197.91bn |
| Cash and short-term investments | — | — | — | CN¥34.77bn | CN¥33.23bn | CN¥40.00bn | CN¥29.32bn | CN¥31.09bn |
| Debt | CN¥62.37bn | CN¥63.32bn | CN¥67.70bn | CN¥31.54bn | CN¥70.71bn | CN¥74.49bn | CN¥68.18bn | CN¥62.50bn |
| Shareholders' equity | CN¥33.75bn | CN¥36.44bn | CN¥38.88bn | CN¥43.71bn | CN¥43.95bn | CN¥46.32bn | CN¥48.46bn | CN¥51.53bn |
Financial ratios
Data as of 12 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -4.5% | -9.4% | 16.0% | 27.8% | 16.5% | 10.7% |
| Net margin | -11.4% | -7.7% | 9.8% | 18.1% | 12.5% | 8.2% |
| Return on equity | -24.6% | -14.5% | 22.1% | 42.3% | 21.6% | 11.8% |
| Return on assets | -5.1% | -3.6% | 8.3% | 17.7% | 9.2% | 5.6% |
| Free cash flow yield | 29.7% | 59.7% | 134.9% | 116.2% | 43.4% | 17.1% |
| Revenue growth | -8.6% | -33.9% | -2.3% | 119.7% | 46.7% | 17.7% |
| Earnings growth | 35.7% | -151.9% | -47.3% | 217.3% | 124.8% | 36.9% |
| Current ratio | 1.19x | 1.17x | 1.61x | 2.08x | 1.01x | 1.14x |
| Debt to equity | 1.74x | 1.41x | 0.67x | 0.46x | 0.35x | 0.24x |
| Equity ratio | 20.7% | 24.7% | 37.4% | 41.9% | 42.5% | 47.5% |
| Interest coverage | -1.48x | -3.70x | 14.52x | 25.04x | 14.88x | 6.66x |
| R&D as a share of sales | 1.3% | 1.7% | 0.9% | 1.0% | 1.6% | 2.3% |
| Buybacks as a share of market value | 1.8% | 0.5% | 2.1% | -2.1% | 0.0% | -15.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.1% | 13.7% | 16.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -7.1% | 10.8% | 11.4% | 10.8% |
| Net margin | -9.4% | 5.0% | 6.1% | 6.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.4 | -14.1 | 8.3 | 6.9 | 25.0 | 48.0 | 19.4 | 15.9 | 23.4 | 21.1 |
| Price to sales | 1.1 | 1.1 | 0.8 | 1.3 | 3.1 | 3.9 | 1.4 | 1.2 | 1.8 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Jun 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.905 | 2.858 | 0.912 | 0.241 | 0.186 | 0.16 | 0.16 | 0.08 |
- 2-for-1 split · 22 May 2007
- 1-to-1 reverse split · 3 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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