S 
4.25
-0.70%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥47.34bn
FY2016FY2025
Net income
−CN¥2.22bn
FY2016FY2025
Free cash flow
CN¥81.2m
FY2016FY2025
Shareholders' equity
CN¥10.51bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥47.34bn | CN¥52.93bn | CN¥54.27bn | CN¥87.45bn | CN¥80.78bn | CN¥54.16bn | CN¥53.23bn | CN¥59.96bn | CN¥55.24bn | CN¥53.87bn |
| Gross profit | CN¥4.21bn | CN¥915.9m | CN¥2.04bn | CN¥6.72bn | CN¥7.81bn | CN¥6.32bn | CN¥6.45bn | CN¥6.82bn | CN¥5.88bn | CN¥4.85bn |
| Research and development | CN¥628.9m | CN¥772.0m | CN¥885.4m | CN¥999.6m | CN¥968.9m | CN¥854.0m | CN¥739.0m | CN¥614.4m | CN¥499.1m | CN¥323.6m |
| Operating income | −CN¥932.9m | −CN¥3.13bn | −CN¥2.15bn | CN¥2.68bn | CN¥9.59bn | CN¥2.18bn | CN¥2.01bn | CN¥2.46bn | CN¥2.03bn | CN¥1.18bn |
| Net income | −CN¥2.22bn | −CN¥2.84bn | −CN¥1.85bn | CN¥1.31bn | CN¥2.15bn | CN¥306.9m | CN¥476.3m | CN¥911.1m | CN¥648.0m | CN¥187.3m |
| Diluted earnings per share | -0.62 | -0.79 | -0.48 | 0.48 | 0.77 | 0.11 | 0.17 | 0.35 | 0.22 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥50.15bn | CN¥51.16bn | CN¥53.92bn | CN¥70.26bn | CN¥57.97bn | CN¥55.94bn | CN¥52.67bn | CN¥50.33bn | CN¥55.76bn | CN¥50.01bn |
| Cash and short-term investments | — | CN¥3.15bn | CN¥1.91bn | CN¥4.59bn | CN¥2.98bn | CN¥6.93bn | CN¥7.99bn | CN¥8.72bn | CN¥9.44bn | CN¥7.33bn |
| Total liabilities | CN¥34.28bn | CN¥32.87bn | CN¥32.32bn | CN¥43.71bn | CN¥38.04bn | CN¥27.94bn | CN¥27.39bn | CN¥26.33bn | CN¥34.72bn | CN¥29.95bn |
| Debt | CN¥21.70bn | CN¥17.02bn | CN¥20.93bn | CN¥19.86bn | CN¥20.26bn | CN¥14.58bn | CN¥15.80bn | CN¥14.71bn | CN¥14.42bn | CN¥20.20bn |
| Shareholders' equity | CN¥10.51bn | CN¥12.58bn | CN¥15.52bn | CN¥18.14bn | CN¥12.25bn | CN¥12.96bn | CN¥13.12bn | CN¥11.24bn | CN¥10.81bn | CN¥11.17bn |
| Shares outstanding | 3,587m | 3,589m | 3,827m | 2,725m | 2,815m | 2,709m | 2,773m | 2,618m | 2,906m | 2,536m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.66bn | CN¥1.16bn | CN¥1.70bn | CN¥3.41bn | CN¥1.37bn | CN¥2.58bn | CN¥1.61bn | CN¥2.36bn | CN¥875.2m | CN¥1.92bn |
| Capital spending | −CN¥1.58bn | −CN¥2.27bn | −CN¥4.28bn | −CN¥8.33bn | −CN¥8.66bn | −CN¥4.82bn | −CN¥4.28bn | −CN¥3.13bn | −CN¥2.63bn | −CN¥2.39bn |
| Free cash flow | CN¥81.2m | −CN¥1.11bn | −CN¥2.57bn | −CN¥4.93bn | −CN¥7.28bn | −CN¥2.25bn | −CN¥2.67bn | −CN¥765.4m | −CN¥1.75bn | −CN¥472.2m |
| Dividends paid | −CN¥692.2m | −CN¥694.0m | −CN¥1.29bn | −CN¥221.1m | −CN¥110.6m | −CN¥451.6m | −CN¥942.8m | −CN¥910.4m | −CN¥867.0m | −CN¥763.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥13.84bn | CN¥9.70bn | CN¥11.62bn | CN¥11.36bn | CN¥13.55bn | CN¥10.80bn | CN¥13.43bn | CN¥13.63bn |
| Gross profit | CN¥1.06bn | CN¥568.3m | CN¥343.4m | CN¥383.0m | CN¥301.8m | CN¥330.2m | CN¥4.6m | CN¥281.1m |
| Operating income | CN¥527.8m | CN¥23.1m | −CN¥415.2m | −CN¥331.1m | −CN¥524.1m | −CN¥508.9m | −CN¥2.30bn | −CN¥563.4m |
| Net income | −CN¥65.2m | −CN¥215.8m | −CN¥892.1m | −CN¥445.3m | −CN¥489.6m | −CN¥396.2m | −CN¥2.32bn | −CN¥528.6m |
| Diluted earnings per share | -0.02 | -0.06 | -0.25 | -0.12 | -0.14 | -0.11 | -0.65 | -0.15 |
| Cash from operations | — | — | — | CN¥778.0m | CN¥554.0m | CN¥378.0m | — | CN¥92.0m |
| Capital spending | −CN¥231.0m | −CN¥268.0m | −CN¥292.0m | −CN¥245.0m | −CN¥390.0m | −CN¥653.0m | −CN¥575.0m | −CN¥341.0m |
| Free cash flow | — | — | — | CN¥533.0m | CN¥164.0m | −CN¥275.0m | — | −CN¥249.0m |
| Total assets | CN¥52.04bn | CN¥51.53bn | CN¥50.15bn | CN¥51.78bn | CN¥54.28bn | CN¥53.15bn | CN¥51.16bn | CN¥53.87bn |
| Cash and short-term investments | — | — | — | CN¥4.29bn | CN¥6.08bn | CN¥4.40bn | CN¥3.15bn | CN¥2.52bn |
| Debt | CN¥21.08bn | CN¥21.54bn | CN¥21.70bn | CN¥6.99bn | CN¥23.08bn | CN¥26.74bn | CN¥16.84bn | CN¥15.34bn |
| Shareholders' equity | CN¥10.18bn | CN¥10.16bn | CN¥10.51bn | CN¥11.35bn | CN¥11.86bn | CN¥12.21bn | CN¥12.58bn | CN¥15.08bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.9% | 1.7% | 3.8% | 7.7% | 9.7% | 11.7% |
| Operating margin | -2.0% | -5.9% | -4.0% | 3.1% | 11.9% | 4.0% |
| Net margin | -4.7% | -5.4% | -3.4% | 1.5% | 2.7% | 0.6% |
| Return on equity | -21.2% | -22.5% | -11.9% | 7.2% | 17.6% | 2.4% |
| Return on assets | -4.4% | -5.5% | -3.4% | 1.9% | 3.7% | 0.5% |
| Free cash flow yield | 18.0% | 19.1% | 31.2% | 86.0% | 71.1% | 54.5% |
| Revenue growth | -10.6% | -2.5% | -37.9% | 8.3% | 49.1% | 1.8% |
| Earnings growth | -21.6% | 53.5% | -241.0% | -39.2% | 601.8% | -35.6% |
| Current ratio | 1.30x | 0.94x | 0.84x | 1.20x | 0.81x | 1.14x |
| Debt to equity | 2.06x | 1.34x | 1.34x | 1.07x | 1.45x | 0.71x |
| Equity ratio | 21.0% | 24.6% | 28.8% | 25.8% | 21.1% | 23.2% |
| Interest coverage | -1.47x | -4.55x | -3.87x | 3.21x | 15.91x | 3.47x |
| R&D as a share of sales | 1.3% | 1.5% | 1.6% | 1.1% | 1.2% | 1.6% |
| Buybacks as a share of market value | 0.1% | 6.2% | -40.5% | 3.2% | -3.9% | 2.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.5% | -2.7% | 0.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.1% | 5.7% | 7.4% | 8.7% |
| Operating margin | -4.1% | -1.5% | 2.2% | 2.7% |
| Net margin | -5.0% | -2.3% | -0.8% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.3 | -5.1 | -9.2 | 13.7 | 11.2 | 46.5 | 30.9 | 15.1 | 29.1 | 121.6 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 7 Jul 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.08 | 0.04 | 0.16 | 0.115 | 0.077 | 0.069 | 0.085 |
- 13-for-10 split · 8 Jul 2019
- 1-to-1 reverse split · 12 Aug 2005
- 3-for-2 split · 9 May 2005
- 3-for-2 split · 26 Apr 2004
- 3-for-2 split · 16 Sept 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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