S 
32.72
+4.20%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.85bn
FY2016FY2025
Net income
−CN¥126.6m
FY2016FY2025
Free cash flow
−CN¥4.42bn
FY2016FY2025
Shareholders' equity
CN¥8.14bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.85bn | CN¥581.4m | CN¥964.6m | CN¥1.16bn | CN¥879.9m | CN¥931.5m | CN¥1.87bn | CN¥2.68bn | CN¥2.10bn | CN¥3.19bn |
| Gross profit | CN¥365.2m | CN¥224.8m | CN¥430.3m | CN¥626.7m | CN¥494.7m | CN¥415.8m | CN¥951.2m | CN¥1.47bn | CN¥1.32bn | CN¥1.02bn |
| Research and development | CN¥227.0m | CN¥184.5m | CN¥163.1m | CN¥108.1m | CN¥45.6m | CN¥48.6m | CN¥6.3m | CN¥4.2m | CN¥4.2m | CN¥4.2m |
| Operating income | — | CN¥22.9m | CN¥178.1m | CN¥511.1m | CN¥494.9m | CN¥422.8m | CN¥736.6m | CN¥1.30bn | CN¥2.23bn | CN¥913.7m |
| Net income | −CN¥126.6m | CN¥107.5m | CN¥151.1m | CN¥423.6m | CN¥376.5m | CN¥315.3m | CN¥572.8m | CN¥972.1m | CN¥1.70bn | CN¥718.4m |
| Diluted earnings per share | -0.14 | 0.12 | 0.16 | 0.46 | 0.41 | 0.35 | 0.65 | 1.01 | 1.75 | 0.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥11.82bn | CN¥10.00bn | CN¥10.59bn | CN¥9.76bn | CN¥9.17bn | CN¥7.71bn | CN¥7.29bn | CN¥8.01bn | CN¥8.81bn | CN¥7.77bn |
| Cash and short-term investments | — | CN¥3.68bn | CN¥3.73bn | CN¥4.08bn | CN¥4.24bn | CN¥2.97bn | CN¥4.28bn | CN¥4.23bn | CN¥3.67bn | CN¥2.89bn |
| Total liabilities | CN¥3.35bn | CN¥1.29bn | CN¥1.78bn | CN¥1.38bn | CN¥1.54bn | CN¥1.04bn | CN¥1.01bn | CN¥1.83bn | CN¥2.94bn | CN¥3.41bn |
| Debt | CN¥361.3m | CN¥386.5m | CN¥621.9m | CN¥259.3m | CN¥100.5m | CN¥11.5m | CN¥30.4m | CN¥2.0m | — | — |
| Shareholders' equity | CN¥8.14bn | CN¥8.20bn | CN¥8.37bn | CN¥8.31bn | CN¥7.62bn | CN¥6.67bn | CN¥6.27bn | CN¥6.18bn | CN¥5.87bn | CN¥4.36bn |
| Shares outstanding | 911m | 914m | 931m | 931m | 910m | 910m | 886m | 967m | 969m | 968m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥4.13bn | −CN¥216.7m | −CN¥177.5m | −CN¥670.6m | CN¥358.9m | CN¥500.1m | CN¥120.0m | CN¥563.1m | CN¥730.1m | CN¥2.65bn |
| Capital spending | −CN¥290.8m | −CN¥91.3m | −CN¥693.5m | −CN¥174.7m | −CN¥108.1m | −CN¥18.0m | −CN¥24.4m | −CN¥66.4m | −CN¥50.5m | −CN¥1.2m |
| Free cash flow | −CN¥4.42bn | −CN¥307.9m | −CN¥871.1m | −CN¥845.2m | CN¥250.9m | CN¥482.2m | CN¥95.6m | CN¥496.7m | CN¥679.6m | CN¥2.65bn |
| Dividends paid | −CN¥72.4m | −CN¥61.7m | −CN¥143.3m | −CN¥113.5m | −CN¥95.6m | −CN¥908,697 | −CN¥149.3m | −CN¥510.4m | −CN¥217.7m | −CN¥75.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥611.5m | CN¥535.2m | CN¥783.2m | CN¥369.7m | CN¥506.6m | CN¥192.4m | CN¥273.8m | CN¥106.6m |
| Gross profit | CN¥130.0m | CN¥99.0m | CN¥85.2m | CN¥87.7m | CN¥121.3m | CN¥69.9m | CN¥42.4m | CN¥62.3m |
| Operating income | −CN¥171.1m | −CN¥64.3m | −CN¥132.1m | −CN¥46.1m | CN¥71.2m | −CN¥54.5m | CN¥152.0m | CN¥12.4m |
| Net income | CN¥227.0m | −CN¥16.9m | −CN¥145.3m | −CN¥22.1m | CN¥61.3m | −CN¥20.5m | CN¥139.2m | CN¥39.1m |
| Diluted earnings per share | 0.25 | -0.02 | -0.16 | -0.02 | 0.07 | -0.02 | 0.15 | 0.04 |
| Cash from operations | — | — | — | −CN¥655.0m | −CN¥1.74bn | −CN¥1.55bn | — | CN¥2.0m |
| Capital spending | −CN¥47.0m | −CN¥49.0m | −CN¥80.0m | −CN¥30.0m | −CN¥97.0m | −CN¥82.0m | −CN¥17.0m | −CN¥15.0m |
| Free cash flow | — | — | — | −CN¥685.0m | −CN¥1.84bn | −CN¥1.63bn | — | −CN¥13.0m |
| Total assets | CN¥12.80bn | CN¥12.26bn | CN¥11.82bn | CN¥12.05bn | CN¥11.53bn | CN¥10.27bn | CN¥10.00bn | CN¥10.38bn |
| Cash and short-term investments | — | — | — | CN¥2.01bn | CN¥2.13bn | CN¥2.52bn | CN¥3.68bn | CN¥3.64bn |
| Debt | CN¥439.5m | CN¥390.0m | CN¥361.3m | CN¥2.23bn | CN¥767.5m | CN¥444.9m | CN¥372.3m | CN¥375.6m |
| Shareholders' equity | CN¥8.41bn | CN¥8.13bn | CN¥8.14bn | CN¥8.15bn | CN¥8.18bn | CN¥8.18bn | CN¥8.20bn | CN¥8.32bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.7% | 38.7% | 44.6% | 54.1% | 56.2% | 44.6% |
| Operating margin | -9.4% | 3.9% | 18.5% | 44.2% | 56.2% | 45.4% |
| Net margin | -6.8% | 18.5% | 15.7% | 36.6% | 42.8% | 33.8% |
| Return on equity | -1.6% | 1.3% | 1.8% | 5.1% | 4.9% | 4.7% |
| Return on assets | -1.1% | 1.1% | 1.4% | 4.3% | 4.1% | 4.1% |
| Free cash flow yield | -8.6% | -0.3% | 1.1% | -1.1% | 1.1% | 1.2% |
| Revenue growth | 218.5% | -39.7% | -16.7% | 31.6% | -5.5% | -50.2% |
| Earnings growth | -217.7% | -28.9% | -64.3% | 12.5% | 19.4% | -45.0% |
| Current ratio | 2.83x | 7.24x | 5.13x | 6.58x | 5.15x | 5.80x |
| Debt to equity | 0.04x | 0.05x | 0.07x | 0.03x | 0.01x | 0.00x |
| Equity ratio | 68.9% | 82.0% | 79.0% | 85.2% | 83.1% | 86.4% |
| Interest coverage | -3.02x | 1.15x | 12.33x | 103.65x | 178.71x | 320.75x |
| R&D as a share of sales | 12.3% | 31.7% | 16.9% | 9.3% | 5.2% | 5.2% |
| Buybacks as a share of market value | 0.3% | 1.8% | 0.0% | -2.2% | -0.1% | -2.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.0% | 14.7% | -2.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.3% | 36.2% | 40.2% | 42.6% |
| Net margin | -0.8% | 12.2% | 19.6% | 29.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -126.7 | 124.2 | 106.3 | 39.0 | 80.5 | 58.2 | 24.2 | 7.5 | 6.4 | 13.9 |
| Price to sales | 8.7 | 23.0 | 16.6 | 14.3 | 34.4 | 19.7 | 7.4 | 2.7 | 5.2 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 11 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.043 | 0.05 | 0.137 | 0.122 | 0.105 | 0.163 | 0.528 | 0.225 |
- 6-for-5 split · 27 Jul 2020
- 9-for-5 split · 8 Jun 2009
- 1-to-1 reverse split · 26 Jul 2006
- 7-for-5 split · 17 May 2000
- 6-for-5 split · 3 Apr 1998
- 13-for-10 split · 15 Dec 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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