Z 
8.53
-1.39%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥14.62bn
FY2016FY2025
Net income
CN¥146.9m
FY2016FY2025
Free cash flow
−CN¥71.2m
FY2016FY2025
Shareholders' equity
CN¥12.46bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥14.62bn | CN¥14.67bn | CN¥14.63bn | CN¥21.80bn | CN¥18.98bn | CN¥12.53bn | CN¥12.01bn | CN¥11.00bn | CN¥7.28bn | CN¥6.80bn |
| Gross profit | CN¥2.49bn | CN¥1.56bn | CN¥1.71bn | CN¥5.22bn | CN¥4.80bn | CN¥1.78bn | CN¥2.00bn | CN¥2.63bn | CN¥1.30bn | CN¥884.6m |
| Research and development | CN¥508.9m | CN¥575.0m | CN¥604.7m | CN¥782.9m | CN¥571.8m | CN¥353.1m | CN¥354.3m | CN¥308.4m | CN¥198.5m | CN¥169.8m |
| Operating income | CN¥305.5m | CN¥159.0m | CN¥336.4m | CN¥3.53bn | CN¥3.22bn | CN¥811.1m | CN¥651.7m | CN¥1.43bn | CN¥355.2m | CN¥61.8m |
| Net income | CN¥146.9m | CN¥51.4m | CN¥134.1m | CN¥2.95bn | CN¥2.65bn | CN¥584.0m | CN¥461.0m | CN¥1.23bn | CN¥532.7m | CN¥77.6m |
| Diluted earnings per share | 0.11 | 0.04 | 0.10 | 2.58 | 2.32 | 0.51 | 0.67 | 1.75 | 0.67 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥21.99bn | CN¥22.61bn | CN¥21.82bn | CN¥19.25bn | CN¥17.20bn | CN¥12.46bn | CN¥10.89bn | CN¥10.11bn | CN¥9.06bn | CN¥7.99bn |
| Cash and short-term investments | — | CN¥2.54bn | CN¥4.29bn | CN¥3.59bn | CN¥2.36bn | CN¥1.60bn | CN¥1.48bn | CN¥1.07bn | CN¥787.1m | CN¥645.5m |
| Total liabilities | CN¥8.41bn | CN¥9.00bn | CN¥7.91bn | CN¥6.71bn | CN¥7.36bn | CN¥5.22bn | CN¥4.50bn | CN¥3.84bn | CN¥4.15bn | CN¥3.56bn |
| Debt | CN¥1.93bn | CN¥2.87bn | CN¥2.69bn | CN¥2.06bn | CN¥2.15bn | CN¥1.87bn | CN¥1.96bn | CN¥1.41bn | CN¥1.56bn | CN¥1.42bn |
| Shareholders' equity | CN¥12.46bn | CN¥12.45bn | CN¥12.62bn | CN¥11.55bn | CN¥8.94bn | CN¥6.50bn | CN¥5.70bn | CN¥5.65bn | CN¥4.50bn | CN¥4.02bn |
| Shares outstanding | 1,350m | 1,319m | 1,350m | 1,146m | 1,146m | 1,144m | 686m | 706m | 795m | 679m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥901.8m | CN¥546.7m | CN¥297.2m | CN¥2.91bn | CN¥2.88bn | CN¥1.09bn | CN¥871.7m | CN¥1.03bn | CN¥378.6m | CN¥620.1m |
| Capital spending | −CN¥973.0m | −CN¥1.61bn | −CN¥1.51bn | −CN¥1.38bn | −CN¥848.6m | −CN¥738.9m | −CN¥834.9m | −CN¥542.3m | −CN¥794.5m | −CN¥512.9m |
| Free cash flow | −CN¥71.2m | −CN¥1.06bn | −CN¥1.21bn | CN¥1.53bn | CN¥2.03bn | CN¥354.4m | CN¥36.9m | CN¥483.0m | −CN¥415.9m | CN¥107.2m |
| Dividends paid | −CN¥223.3m | −CN¥296.0m | −CN¥994.6m | −CN¥409.2m | −CN¥204.6m | −CN¥141.0m | −CN¥373.8m | −CN¥222.5m | −CN¥140.9m | −CN¥100.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.48bn | CN¥4.08bn | CN¥2.93bn | CN¥3.64bn | CN¥4.44bn | CN¥3.62bn | CN¥2.84bn | CN¥3.34bn |
| Gross profit | CN¥689.0m | CN¥541.7m | CN¥448.1m | CN¥394.5m | CN¥444.3m | CN¥355.4m | CN¥377.2m | CN¥322.9m |
| Operating income | CN¥286.2m | CN¥189.8m | CN¥111.8m | CN¥36.5m | CN¥112.7m | CN¥62.8m | −CN¥35.6m | CN¥14.3m |
| Net income | CN¥157.9m | CN¥96.3m | CN¥75.5m | CN¥2.3m | CN¥35.9m | CN¥33.1m | −CN¥85.6m | CN¥5.8m |
| Diluted earnings per share | 0.12 | 0.07 | 0.06 | 0.00 | 0.03 | 0.02 | -0.06 | 0.00 |
| Cash from operations | — | — | — | CN¥248.0m | CN¥518.0m | −CN¥295.0m | — | CN¥324.0m |
| Capital spending | −CN¥74.0m | −CN¥145.0m | −CN¥198.0m | −CN¥233.0m | −CN¥197.0m | −CN¥343.0m | −CN¥633.0m | −CN¥523.0m |
| Free cash flow | — | — | — | CN¥15.0m | CN¥321.0m | −CN¥638.0m | — | −CN¥199.0m |
| Total assets | CN¥22.36bn | CN¥22.49bn | CN¥21.99bn | CN¥21.88bn | CN¥22.17bn | CN¥22.50bn | CN¥22.61bn | CN¥22.06bn |
| Cash and short-term investments | — | — | — | CN¥2.39bn | CN¥2.23bn | CN¥1.95bn | CN¥2.54bn | CN¥3.55bn |
| Debt | CN¥1.89bn | CN¥2.02bn | CN¥1.93bn | CN¥2.09bn | CN¥2.82bn | CN¥2.90bn | CN¥2.86bn | CN¥2.96bn |
| Shareholders' equity | CN¥12.57bn | CN¥12.55bn | CN¥12.46bn | CN¥12.44bn | CN¥12.43bn | CN¥12.48bn | CN¥12.45bn | CN¥12.67bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.0% | 10.6% | 11.7% | 23.9% | 25.3% | 14.2% |
| Operating margin | 2.1% | 1.1% | 2.3% | 16.2% | 17.0% | 6.5% |
| Net margin | 1.0% | 0.4% | 0.9% | 13.6% | 14.0% | 4.7% |
| Return on equity | 1.2% | 0.4% | 1.1% | 25.6% | 29.7% | 9.0% |
| Return on assets | 0.7% | 0.2% | 0.6% | 15.4% | 15.4% | 4.7% |
| Free cash flow yield | 13.3% | 15.6% | 12.8% | 35.8% | 31.1% | 15.3% |
| Revenue growth | -0.3% | 0.2% | -32.9% | 14.9% | 51.4% | 4.4% |
| Earnings growth | 185.7% | -61.7% | -95.5% | 11.3% | 354.6% | 26.7% |
| Current ratio | 1.32x | 1.32x | 1.70x | 1.80x | 1.56x | 1.34x |
| Debt to equity | 0.15x | 0.23x | 0.22x | 0.18x | 0.21x | 0.27x |
| Equity ratio | 56.7% | 55.0% | 57.8% | 60.0% | 52.0% | 52.2% |
| Interest coverage | 6.14x | 1.86x | 4.95x | 52.59x | 38.92x | 11.66x |
| R&D as a share of sales | 3.5% | 3.9% | 4.1% | 3.6% | 3.0% | 2.8% |
| Buybacks as a share of market value | -2.3% | 2.3% | -17.8% | -0.0% | -0.1% | -66.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.5% | 3.1% | 7.1% |
| Operating income | -55.8% | -17.7% | — |
| Net income | -63.2% | -24.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.8% | 16.7% | 18.1% | 17.7% |
| Operating margin | 1.6% | 6.6% | 8.6% | 7.5% |
| Net margin | 0.7% | 5.0% | 6.7% | 6.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 105.4 | 225.2 | 91.8 | 5.9 | 7.7 | 15.2 | 10.5 | 4.4 | 9.8 | 64.1 |
| Price to sales | 1.1 | 0.8 | 0.8 | 0.8 | 1.1 | 0.7 | 0.4 | 0.5 | 0.7 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 24 years. Last went ex-dividend on 11 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.10 | 0.75 | 0.50 | 0.179 | 0.143 | 0.379 |
- 7-for-5 split · 27 Apr 2022
- 11-for-5 split · 30 Apr 2010
- 1-to-1 reverse split · 11 Apr 2006
- 17-for-10 split · 1 Jun 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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