S 
3.16
+4.29%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥15.36bn
FY2016FY2025
Net income
−CN¥284.5m
FY2016FY2025
Free cash flow
CN¥1.48bn
FY2016FY2025
Shareholders' equity
CN¥3.86bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥15.36bn | CN¥16.14bn | CN¥17.20bn | CN¥15.59bn | CN¥12.61bn | CN¥12.32bn | CN¥10.90bn | CN¥11.14bn | CN¥9.65bn | CN¥6.98bn |
| Gross profit | CN¥1.14bn | CN¥1.22bn | CN¥1.64bn | CN¥1.73bn | CN¥1.39bn | CN¥1.75bn | CN¥2.00bn | CN¥1.91bn | CN¥1.60bn | CN¥1.51bn |
| Research and development | CN¥27.3m | CN¥19.2m | CN¥26.5m | CN¥13.1m | CN¥18.1m | CN¥18.9m | CN¥9.1m | CN¥4.0m | CN¥606,452 | CN¥606,452 |
| Operating income | CN¥705.4m | −CN¥115.1m | CN¥193.2m | CN¥37.9m | CN¥78.8m | −CN¥782.6m | CN¥63.4m | CN¥188.9m | CN¥28.8m | CN¥483.2m |
| Net income | −CN¥284.5m | −CN¥339.7m | CN¥78.0m | CN¥65.6m | CN¥45.4m | −CN¥691.2m | CN¥34.6m | CN¥45.7m | CN¥16.6m | CN¥387.5m |
| Diluted earnings per share | -0.15 | -0.18 | 0.04 | 0.07 | 0.01 | -0.46 | 0.02 | 0.03 | 0.01 | 0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥24.50bn | CN¥26.93bn | CN¥28.94bn | CN¥31.08bn | CN¥32.48bn | CN¥27.87bn | CN¥29.51bn | CN¥28.84bn | CN¥25.70bn | CN¥21.55bn |
| Cash and short-term investments | — | CN¥2.87bn | CN¥3.31bn | CN¥4.19bn | CN¥5.43bn | CN¥2.95bn | CN¥2.62bn | CN¥3.39bn | CN¥2.61bn | CN¥2.22bn |
| Total liabilities | CN¥19.94bn | CN¥22.18bn | CN¥24.85bn | CN¥26.98bn | CN¥28.25bn | CN¥24.65bn | CN¥25.19bn | CN¥24.40bn | CN¥21.36bn | CN¥17.20bn |
| Debt | CN¥11.71bn | CN¥14.86bn | CN¥19.90bn | CN¥22.44bn | CN¥23.81bn | CN¥20.79bn | CN¥21.42bn | CN¥20.39bn | CN¥17.63bn | CN¥14.78bn |
| Shareholders' equity | CN¥3.86bn | CN¥4.16bn | CN¥3.68bn | CN¥3.64bn | CN¥3.59bn | CN¥3.02bn | CN¥3.79bn | CN¥3.78bn | CN¥3.71bn | CN¥3.71bn |
| Shares outstanding | 1,929m | 1,929m | 1,999m | 882m | 3,147m | 1,507m | 1,912m | 1,818m | 1,483m | 1,517m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.87bn | CN¥1.50bn | CN¥2.51bn | CN¥2.30bn | CN¥2.60bn | CN¥509.1m | CN¥761.2m | CN¥792.5m | CN¥1.12bn | CN¥255.4m |
| Capital spending | −CN¥392.5m | −CN¥387.6m | −CN¥430.8m | −CN¥449.6m | −CN¥925.5m | −CN¥941.1m | −CN¥1.38bn | −CN¥1.77bn | −CN¥2.65bn | −CN¥2.40bn |
| Free cash flow | CN¥1.48bn | CN¥1.11bn | CN¥2.08bn | CN¥1.85bn | CN¥1.67bn | −CN¥432.0m | −CN¥614.9m | −CN¥980.4m | −CN¥1.53bn | −CN¥2.15bn |
| Dividends paid | −CN¥478.2m | −CN¥814.4m | −CN¥765.7m | −CN¥27.6m | −CN¥820.0m | −CN¥894.6m | −CN¥21.7m | −CN¥784.4m | −CN¥755.3m | −CN¥671.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.54bn | CN¥4.81bn | CN¥3.90bn | CN¥3.24bn | CN¥2.72bn | CN¥5.50bn | CN¥4.24bn | CN¥3.51bn |
| Gross profit | CN¥272.0m | CN¥427.4m | CN¥253.3m | CN¥153.5m | CN¥237.4m | CN¥493.0m | CN¥223.1m | CN¥293.0m |
| Operating income | CN¥153.7m | CN¥350.6m | CN¥127.2m | −CN¥64.7m | −CN¥57.7m | CN¥235.4m | −CN¥206.1m | −CN¥83.0m |
| Net income | −CN¥17.8m | CN¥125.7m | −CN¥275.3m | −CN¥84.1m | −CN¥41.7m | CN¥116.5m | −CN¥329.7m | −CN¥64.3m |
| Diluted earnings per share | -0.01 | 0.07 | -0.14 | -0.04 | -0.02 | 0.06 | -0.17 | -0.03 |
| Cash from operations | — | — | — | CN¥718.0m | CN¥67.0m | CN¥832.0m | CN¥674.0m | CN¥321.0m |
| Capital spending | −CN¥145.0m | −CN¥57.0m | −CN¥136.0m | −CN¥89.0m | −CN¥63.0m | −CN¥103.0m | −CN¥152.0m | −CN¥79.0m |
| Free cash flow | — | — | — | CN¥629.0m | CN¥4.0m | CN¥729.0m | CN¥522.0m | CN¥242.0m |
| Total assets | CN¥24.34bn | CN¥24.92bn | CN¥24.50bn | CN¥25.35bn | CN¥25.96bn | CN¥27.49bn | CN¥26.93bn | CN¥27.20bn |
| Cash and short-term investments | — | — | — | CN¥2.50bn | CN¥2.39bn | CN¥3.21bn | CN¥2.87bn | CN¥2.65bn |
| Debt | CN¥9.97bn | CN¥11.91bn | CN¥11.71bn | CN¥5.47bn | CN¥13.32bn | CN¥19.34bn | CN¥14.78bn | CN¥17.37bn |
| Shareholders' equity | CN¥3.98bn | CN¥4.00bn | CN¥3.86bn | CN¥4.18bn | CN¥4.26bn | CN¥4.29bn | CN¥4.16bn | CN¥3.50bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.3% | 7.5% | 9.5% | 11.1% | 11.0% | 14.2% |
| Operating margin | 4.1% | 3.8% | 6.1% | 6.4% | 8.0% | 1.9% |
| Net margin | -1.9% | -2.1% | 0.5% | 0.4% | 0.4% | -5.6% |
| Return on equity | -7.4% | -8.2% | 2.1% | 1.8% | 1.3% | -22.9% |
| Return on assets | -1.2% | -1.3% | 0.3% | 0.2% | 0.1% | -2.5% |
| Free cash flow yield | 32.2% | 26.9% | 40.5% | 85.6% | 30.7% | 26.4% |
| Revenue growth | -4.9% | -6.1% | 10.3% | 23.6% | 2.3% | 13.0% |
| Earnings growth | -16.2% | -535.6% | 18.9% | 44.6% | -106.6% | -2095.5% |
| Current ratio | 0.52x | 0.69x | 0.55x | 0.49x | 0.58x | 0.46x |
| Debt to equity | 3.03x | 3.55x | 5.39x | 6.14x | 6.61x | 6.89x |
| Equity ratio | 15.7% | 15.5% | 12.7% | 11.7% | 11.1% | 10.8% |
| Interest coverage | 1.14x | 0.84x | 1.23x | 1.05x | 1.09x | 0.23x |
| R&D as a share of sales | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% |
| Buybacks as a share of market value | 0.0% | 3.5% | -126.6% | 72.0% | -108.8% | 21.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.5% | 4.5% | 8.5% |
| Operating income | 165.0% | — | -0.7% |
| Net income | — | -16.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.5% | 8.9% | 9.9% | 13.0% |
| Operating margin | 1.9% | 1.3% | 0.1% | 1.2% |
| Net margin | -2.0% | -0.7% | -1.3% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.3 | -15.3 | 70.7 | 38.9 | 209.6 | -7.3 | 188.1 | 137.7 | — | 29.3 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.2 | 0.8 | 0.4 | 0.6 | 0.6 | 0.9 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2024.
| FY2024 | FY2022 | FY2019 | FY2016 | FY2015 | FY2001 | FY2000 | FY1998 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.145 | 0.014 | 0.014 | 0.107 | 0.071 | 0.008 | 0.006 | 0.013 |
- 7-for-5 split · 27 Jun 2024
- 17-for-10 split · 20 Apr 2015
- 1-to-1 reverse split · 5 Feb 2007
- 6-for-5 split · 31 May 1995
- 3-for-2 split · 26 Apr 1993
- 10-for-1 split · 10 Dec 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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