F 
4.47
-1.32%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.53bn
FY2016FY2025
Net income
CN¥93.0m
FY2016FY2025
Free cash flow
−CN¥232.2m
FY2016FY2025
Shareholders' equity
CN¥16.12bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.53bn | CN¥3.87bn | CN¥5.13bn | CN¥5.32bn | CN¥4.65bn | CN¥3.54bn | CN¥6.75bn | CN¥11.65bn | CN¥8.35bn | CN¥2.40bn |
| Gross profit | CN¥431.3m | CN¥427.5m | CN¥923.8m | CN¥1.34bn | CN¥1.49bn | CN¥938.3m | CN¥2.83bn | CN¥8.70bn | CN¥6.37bn | CN¥568.3m |
| Research and development | CN¥65.6m | CN¥57.4m | CN¥90.5m | CN¥95.6m | CN¥69.6m | CN¥87.7m | CN¥53.5m | CN¥18.8m | CN¥15.3m | CN¥9.2m |
| Operating income | −CN¥39.4m | CN¥188.1m | CN¥518.8m | CN¥1.16bn | CN¥1.35bn | CN¥287.6m | CN¥2.37bn | CN¥7.33bn | CN¥4.89bn | CN¥109.7m |
| Net income | CN¥93.0m | CN¥186.0m | CN¥416.2m | CN¥839.9m | CN¥1.08bn | CN¥547.5m | CN¥2.02bn | CN¥5.59bn | CN¥3.62bn | CN¥67.4m |
| Diluted earnings per share | 0.02 | 0.05 | 0.10 | 0.22 | 0.29 | 0.14 | 0.53 | 1.50 | 0.98 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥20.44bn | CN¥20.37bn | CN¥21.71bn | CN¥20.18bn | CN¥18.50bn | CN¥19.24bn | CN¥18.48bn | CN¥16.09bn | CN¥13.95bn | CN¥8.06bn |
| Cash and short-term investments | — | CN¥6.47bn | CN¥6.78bn | CN¥4.70bn | CN¥8.40bn | CN¥9.84bn | CN¥11.47bn | CN¥3.46bn | CN¥1.93bn | CN¥1.63bn |
| Total liabilities | CN¥3.04bn | CN¥2.88bn | CN¥3.27bn | CN¥3.39bn | CN¥2.75bn | CN¥2.69bn | CN¥2.61bn | CN¥2.58bn | CN¥3.76bn | CN¥2.00bn |
| Debt | CN¥624.6m | CN¥540.8m | CN¥1.08bn | CN¥842.7m | CN¥665.3m | CN¥470.4m | CN¥837.0m | CN¥671.6m | CN¥844.5m | CN¥947.7m |
| Shareholders' equity | CN¥16.12bn | CN¥16.17bn | CN¥17.07bn | CN¥15.68bn | CN¥14.76bn | CN¥15.58bn | CN¥15.03bn | CN¥12.63bn | CN¥9.70bn | CN¥5.84bn |
| Shares outstanding | 3,777m | 4,026m | 3,978m | 3,806m | 3,788m | 3,803m | 3,797m | 3,731m | 3,683m | 3,585m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥199.7m | CN¥639.3m | CN¥856.0m | CN¥236.1m | −CN¥37.8m | CN¥579.2m | CN¥4.40bn | CN¥5.71bn | CN¥3.46bn | CN¥315.2m |
| Capital spending | −CN¥32.6m | −CN¥120.1m | −CN¥166.8m | −CN¥152.9m | −CN¥154.3m | −CN¥200.6m | −CN¥85.8m | −CN¥123.0m | −CN¥75.9m | −CN¥21.0m |
| Free cash flow | −CN¥232.2m | CN¥519.2m | CN¥689.2m | CN¥83.2m | −CN¥192.1m | CN¥378.6m | CN¥4.31bn | CN¥5.59bn | CN¥3.38bn | CN¥294.2m |
| Dividends paid | −CN¥103.3m | −CN¥161.2m | −CN¥29.8m | −CN¥34.2m | −CN¥1.90bn | −CN¥50.8m | −CN¥29.7m | −CN¥3.43bn | −CN¥76.6m | −CN¥118.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥977.8m | CN¥992.8m | CN¥904.6m | CN¥931.6m | CN¥840.0m | CN¥850.3m | CN¥721.2m | CN¥799.0m |
| Gross profit | CN¥144.7m | CN¥93.9m | CN¥164.8m | CN¥78.4m | CN¥68.4m | CN¥112.1m | −CN¥134.4m | CN¥90.0m |
| Operating income | CN¥6.6m | −CN¥36.2m | CN¥49.7m | −CN¥56.5m | CN¥47.3m | CN¥5.8m | −CN¥126.8m | CN¥85.4m |
| Net income | CN¥162.1m | CN¥8.9m | −CN¥20.1m | CN¥58.7m | CN¥47.6m | CN¥6.9m | −CN¥70.6m | CN¥84.5m |
| Diluted earnings per share | 0.04 | 0.00 | -0.01 | 0.02 | 0.01 | 0.00 | -0.02 | 0.02 |
| Cash from operations | — | — | — | −CN¥213.0m | −CN¥85.0m | −CN¥204.0m | CN¥94.0m | CN¥251.0m |
| Capital spending | −CN¥15.0m | −CN¥494.0m | −CN¥6.0m | −CN¥7.0m | — | −CN¥18.0m | −CN¥9.0m | −CN¥37.0m |
| Free cash flow | — | — | — | −CN¥220.0m | — | −CN¥222.0m | CN¥85.0m | CN¥214.0m |
| Total assets | CN¥21.37bn | CN¥20.78bn | CN¥20.44bn | CN¥20.55bn | CN¥20.46bn | CN¥20.39bn | CN¥20.37bn | CN¥21.28bn |
| Cash and short-term investments | — | — | — | CN¥6.23bn | CN¥5.96bn | CN¥5.86bn | CN¥6.47bn | CN¥7.06bn |
| Debt | CN¥222.5m | CN¥222.5m | CN¥624.6m | CN¥1.03bn | CN¥1.22bn | CN¥1.41bn | CN¥540.8m | CN¥559.5m |
| Shareholders' equity | CN¥16.57bn | CN¥16.34bn | CN¥16.12bn | CN¥16.19bn | CN¥16.21bn | CN¥16.17bn | CN¥16.17bn | CN¥17.06bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.2% | 11.0% | 18.0% | 25.1% | 32.1% | 26.5% |
| Operating margin | -1.1% | 4.9% | 10.1% | 21.9% | 29.0% | 8.1% |
| Net margin | 2.6% | 4.8% | 8.1% | 15.8% | 23.3% | 15.5% |
| Return on equity | 0.6% | 1.2% | 2.4% | 5.4% | 7.3% | 3.5% |
| Return on assets | 0.5% | 0.9% | 1.9% | 4.2% | 5.9% | 2.8% |
| Free cash flow yield | -0.8% | 3.5% | 4.7% | 1.9% | 0.6% | 3.8% |
| Revenue growth | -8.9% | -24.5% | -3.5% | 14.4% | 31.4% | -47.6% |
| Earnings growth | -50.0% | -55.3% | -50.4% | -22.6% | 98.1% | -72.8% |
| Current ratio | 4.92x | 3.77x | 4.89x | 3.72x | 5.84x | 7.26x |
| Debt to equity | 0.04x | 0.03x | 0.06x | 0.05x | 0.06x | -0.00x |
| Equity ratio | 78.9% | 79.4% | 78.7% | 77.7% | 79.8% | 81.0% |
| Interest coverage | -1.43x | 5.64x | 14.64x | 31.28x | 48.01x | 6.53x |
| R&D as a share of sales | 1.9% | 1.5% | 1.8% | 1.8% | 1.5% | 2.5% |
| Buybacks as a share of market value | 6.2% | -1.2% | -4.5% | -0.5% | 0.4% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.8% | -0.1% | 4.2% |
| Net income | -52.0% | -29.8% | 11.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.6% | 17.5% | 21.3% | 42.7% |
| Operating margin | 2.0% | 10.3% | 13.3% | 31.6% |
| Net margin | 3.8% | 8.6% | 12.2% | 25.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 231.0 | 104.5 | 50.1 | 27.7 | 37.8 | 49.1 | 11.7 | 2.6 | 6.8 | 113.1 |
| Price to sales | 6.1 | 5.0 | 4.1 | 4.4 | 8.8 | 7.6 | 3.5 | 1.2 | 2.9 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 16 Jul 2025.
| FY2025 | FY2024 | FY2021 | FY2018 | FY2017 | FY2014 | FY2013 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.032 | 0.50 | 0.911 | 0.011 | 0.024 | 0.12 | 0.049 |
- 7-for-5 split · 4 Jun 2020
- 1.49-for-1 split · 28 Jun 2019
- 6-for-5 split · 19 Mar 2013
- 2-for-1 split · 14 Jul 2009
- 2-for-1 split · 25 Jan 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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