A 
1.88
0.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥29.99bn
FY2016FY2025
Net income
−CN¥497.0m
FY2016FY2025
Free cash flow
−CN¥176.3m
FY2016FY2025
Shareholders' equity
CN¥2.13bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥29.99bn | CN¥29.64bn | CN¥42.15bn | CN¥39.23bn | CN¥52.57bn | CN¥31.90bn | CN¥29.84bn | CN¥33.18bn | CN¥27.03bn | CN¥22.04bn |
| Gross profit | CN¥3.52bn | −CN¥1.89bn | CN¥705.4m | −CN¥423.9m | CN¥4.23bn | CN¥3.01bn | CN¥2.86bn | CN¥4.10bn | CN¥3.81bn | CN¥2.00bn |
| Research and development | CN¥1.12bn | CN¥1.01bn | CN¥1.25bn | CN¥1.12bn | CN¥1.39bn | CN¥851.9m | CN¥483.6m | CN¥2.5m | CN¥3.7m | CN¥625.6m |
| Operating income | −CN¥12.1m | −CN¥4.53bn | −CN¥1.63bn | −CN¥2.66bn | CN¥993.9m | CN¥296.7m | CN¥382.0m | CN¥1.94bn | CN¥2.60bn | CN¥92.0m |
| Net income | −CN¥497.0m | −CN¥3.27bn | −CN¥1.55bn | −CN¥3.00bn | CN¥964.4m | CN¥228.4m | CN¥256.4m | CN¥1.86bn | CN¥1.60bn | CN¥123.2m |
| Diluted earnings per share | -0.17 | -1.14 | -0.54 | -1.05 | 0.34 | 0.10 | 0.09 | 0.78 | 0.67 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥45.23bn | CN¥42.16bn | CN¥43.51bn | CN¥42.63bn | CN¥45.77bn | CN¥40.51bn | CN¥38.23bn | CN¥34.28bn | CN¥33.15bn | CN¥32.41bn |
| Cash and short-term investments | — | CN¥5.12bn | CN¥7.62bn | CN¥6.53bn | CN¥8.24bn | CN¥8.36bn | CN¥8.67bn | CN¥6.86bn | CN¥5.10bn | CN¥5.15bn |
| Total liabilities | CN¥41.38bn | CN¥37.74bn | CN¥36.10bn | CN¥34.52bn | CN¥34.14bn | CN¥29.66bn | CN¥27.53bn | CN¥25.53bn | CN¥26.40bn | CN¥26.88bn |
| Debt | CN¥1.19bn | CN¥6.26bn | CN¥6.09bn | CN¥10.10bn | CN¥8.39bn | CN¥8.12bn | CN¥7.68bn | CN¥7.58bn | CN¥8.26bn | CN¥9.92bn |
| Shareholders' equity | CN¥2.13bn | CN¥2.65bn | CN¥5.90bn | CN¥7.46bn | CN¥10.84bn | CN¥9.96bn | CN¥9.88bn | CN¥8.33bn | CN¥6.45bn | CN¥4.84bn |
| Shares outstanding | 2,895m | 2,865m | 2,868m | 2,869m | 2,871m | 2,309m | 2,863m | 2,389m | 2,390m | 2,490m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥472.1m | −CN¥1.31bn | CN¥2.54bn | −CN¥173.5m | CN¥4.24bn | CN¥1.71bn | CN¥808.5m | CN¥4.65bn | CN¥3.81bn | CN¥1.41bn |
| Capital spending | −CN¥648.5m | −CN¥1.18bn | −CN¥1.28bn | −CN¥949.5m | −CN¥3.29bn | −CN¥1.71bn | −CN¥639.8m | −CN¥592.7m | −CN¥934.3m | −CN¥604.7m |
| Free cash flow | −CN¥176.3m | −CN¥2.49bn | CN¥1.25bn | −CN¥1.12bn | CN¥954.3m | CN¥464,000 | CN¥168.6m | CN¥4.06bn | CN¥2.87bn | CN¥802.0m |
| Dividends paid | −CN¥655.0m | −CN¥807.0m | −CN¥664.1m | −CN¥316.0m | −CN¥143.6m | −CN¥143.6m | −CN¥239.4m | −CN¥929.9m | −CN¥1.05bn | −CN¥901.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.86bn | CN¥7.06bn | CN¥6.70bn | CN¥7.78bn | CN¥8.07bn | CN¥7.44bn | CN¥5.47bn | CN¥6.52bn |
| Gross profit | CN¥31.3m | −CN¥164.0m | −CN¥360.8m | CN¥655.1m | CN¥1.01bn | CN¥479.6m | −CN¥945.8m | −CN¥550.4m |
| Operating income | −CN¥445.3m | −CN¥611.5m | −CN¥817.0m | CN¥45.3m | CN¥203.7m | CN¥22.8m | −CN¥1.30bn | −CN¥1.30bn |
| Net income | −CN¥493.5m | −CN¥687.5m | −CN¥555.3m | CN¥20.3m | CN¥19.8m | CN¥18.3m | −CN¥1.10bn | −CN¥912.6m |
| Diluted earnings per share | -0.17 | -0.24 | -0.19 | 0.01 | 0.01 | 0.01 | -0.38 | -0.32 |
| Cash from operations | — | — | — | CN¥953.0m | CN¥20.0m | CN¥107.0m | — | −CN¥1.62bn |
| Capital spending | −CN¥79.0m | −CN¥178.0m | −CN¥34.0m | −CN¥81.0m | −CN¥194.0m | −CN¥337.0m | −CN¥576.0m | −CN¥249.0m |
| Free cash flow | — | — | — | CN¥872.0m | −CN¥174.0m | −CN¥230.0m | — | −CN¥1.87bn |
| Total assets | CN¥45.07bn | CN¥46.68bn | CN¥45.23bn | CN¥46.57bn | CN¥46.06bn | CN¥44.82bn | CN¥42.16bn | CN¥43.01bn |
| Cash and short-term investments | — | — | — | CN¥5.96bn | CN¥6.08bn | CN¥6.27bn | CN¥5.12bn | CN¥5.76bn |
| Debt | CN¥2.13bn | CN¥1.50bn | CN¥1.19bn | CN¥12.59bn | CN¥7.96bn | CN¥8.22bn | CN¥6.18bn | CN¥6.85bn |
| Shareholders' equity | CN¥965.3m | CN¥1.46bn | CN¥2.13bn | CN¥2.73bn | CN¥2.70bn | CN¥2.68bn | CN¥2.65bn | CN¥3.75bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.7% | -6.4% | 1.7% | -1.1% | 8.1% | 9.4% |
| Operating margin | -0.0% | -12.6% | -3.6% | -6.5% | 3.2% | 3.3% |
| Net margin | -1.7% | -11.0% | -3.7% | -7.6% | 1.8% | 0.7% |
| Return on equity | -23.3% | -123.6% | -26.3% | -40.2% | 8.9% | 2.3% |
| Return on assets | -1.1% | -7.8% | -3.6% | -7.0% | 2.1% | 0.6% |
| Free cash flow yield | 21.5% | -2.4% | 74.0% | 15.0% | 145.7% | 82.5% |
| Revenue growth | 1.2% | -29.7% | 7.4% | -25.4% | 64.8% | 6.9% |
| Earnings growth | -84.8% | 110.5% | -48.2% | -411.2% | 322.2% | -10.9% |
| Current ratio | 0.57x | 0.48x | 0.61x | 0.68x | 0.74x | 0.82x |
| Debt to equity | 0.56x | 2.33x | 1.34x | 0.91x | 0.40x | 0.61x |
| Equity ratio | 4.7% | 6.3% | 13.6% | 17.5% | 23.7% | 24.6% |
| Interest coverage | -0.01x | -4.74x | -2.20x | -3.60x | 2.30x | 1.29x |
| R&D as a share of sales | 3.7% | 3.4% | 3.0% | 2.8% | 2.6% | 2.7% |
| Buybacks as a share of market value | -1.0% | 0.1% | 0.0% | 0.1% | -24.3% | 19.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.6% | -1.2% | 3.9% |
| Operating income | -83.4% | — | -41.5% |
| Net income | -45.1% | — | -15.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.7% | 1.4% | 4.1% | 5.9% |
| Operating margin | -7.6% | -6.3% | -3.3% | -1.4% |
| Net margin | -6.3% | -5.9% | -3.2% | -1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.2 | -1.6 | -3.9 | -2.0 | 8.9 | 25.8 | 28.5 | 3.9 | 7.0 | 60.4 |
| Price to sales | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Aug 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2011 | FY2008 | FY2007 | FY2006 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.11 | 0.05 | 0.05 | 0.10 | 0.02 | 0.10 | 0.10 | 0.10 |
- 1-to-1 reverse split · 25 May 2006
- 3-for-2 split · 15 Jun 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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