Y 
4.20
+9.95%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.48bn
FY2016FY2025
Net income
−CN¥485.7m
FY2016FY2025
Free cash flow
CN¥412.7m
FY2016FY2025
Shareholders' equity
CN¥2.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.48bn | CN¥6.67bn | CN¥7.46bn | CN¥7.54bn | CN¥6.10bn | CN¥4.72bn | CN¥5.73bn | CN¥5.40bn | CN¥4.42bn | CN¥3.38bn |
| Gross profit | −CN¥134.6m | −CN¥180.8m | CN¥186.4m | CN¥182.4m | CN¥296.6m | CN¥446.9m | CN¥737.0m | CN¥576.2m | CN¥320.3m | CN¥358.6m |
| Research and development | CN¥17.7m | CN¥18.1m | CN¥17.1m | CN¥14.4m | CN¥11.7m | CN¥7.2m | CN¥6.6m | CN¥5.8m | CN¥5.1m | CN¥7.0m |
| Operating income | −CN¥375.3m | −CN¥657.5m | CN¥140.1m | −CN¥192.8m | −CN¥7.8m | CN¥91.5m | CN¥301.1m | CN¥224.4m | −CN¥51.5m | −CN¥133.7m |
| Net income | −CN¥485.7m | −CN¥662.2m | CN¥147.0m | −CN¥181.0m | −CN¥29.7m | CN¥59.0m | CN¥240.0m | CN¥191.6m | −CN¥48.6m | CN¥48.5m |
| Diluted earnings per share | -0.40 | -0.63 | 0.15 | -0.16 | -0.03 | 0.22 | 0.25 | 0.16 | -0.06 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.31bn | CN¥9.84bn | CN¥9.86bn | CN¥9.40bn | CN¥6.26bn | CN¥5.29bn | CN¥5.91bn | CN¥5.36bn | CN¥5.27bn | CN¥6.41bn |
| Cash and short-term investments | — | CN¥351.7m | CN¥290.4m | CN¥822.7m | CN¥533.0m | CN¥510.4m | CN¥712.1m | CN¥400.3m | CN¥213.4m | CN¥257.4m |
| Total liabilities | CN¥5.71bn | CN¥6.75bn | CN¥6.46bn | CN¥6.15bn | CN¥2.82bn | CN¥1.79bn | CN¥2.48bn | CN¥2.18bn | CN¥2.29bn | CN¥3.38bn |
| Debt | CN¥920.0m | CN¥1.42bn | CN¥1.79bn | CN¥1.77bn | CN¥1.07bn | CN¥734.2m | CN¥1.08bn | CN¥874.6m | CN¥942.9m | CN¥902.8m |
| Shareholders' equity | CN¥2.54bn | CN¥3.02bn | CN¥3.33bn | CN¥3.18bn | CN¥3.37bn | CN¥3.42bn | CN¥3.36bn | CN¥3.11bn | CN¥2.92bn | CN¥2.97bn |
| Shares outstanding | 1,229m | 1,056m | 987m | 1,164m | 1,067m | 267m | 970m | 1,212m | 800m | 938m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥415.8m | CN¥323.8m | −CN¥765.4m | CN¥926.4m | CN¥258.2m | CN¥28.0m | −CN¥280.9m | CN¥517.7m | CN¥389.8m | CN¥628.4m |
| Capital spending | −CN¥3.1m | −CN¥66.2m | −CN¥573.5m | −CN¥1.08bn | −CN¥285.7m | −CN¥15.4m | −CN¥10.5m | −CN¥45.2m | −CN¥5.1m | −CN¥8.8m |
| Free cash flow | CN¥412.7m | CN¥257.6m | −CN¥1.34bn | −CN¥152.2m | −CN¥27.5m | CN¥12.6m | −CN¥291.4m | CN¥472.5m | CN¥384.7m | CN¥619.6m |
| Dividends paid | −CN¥41.4m | −CN¥147.8m | −CN¥84.5m | −CN¥60.4m | −CN¥21.7m | −CN¥44.2m | −CN¥45.5m | −CN¥48.5m | −CN¥42.4m | −CN¥75.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.36bn | CN¥1.49bn | CN¥1.53bn | CN¥1.39bn | CN¥1.29bn | CN¥1.28bn | CN¥1.53bn | CN¥1.57bn |
| Gross profit | −CN¥14.8m | −CN¥38.7m | −CN¥112.2m | CN¥2.1m | −CN¥2.5m | −CN¥22.2m | −CN¥172.2m | CN¥42.7m |
| Operating income | −CN¥105.5m | −CN¥83.0m | −CN¥200.2m | −CN¥20.9m | −CN¥71.6m | −CN¥91.3m | −CN¥347.1m | −CN¥77.0m |
| Net income | −CN¥151.4m | −CN¥97.3m | −CN¥303.9m | −CN¥18.3m | −CN¥71.9m | −CN¥91.6m | −CN¥351.3m | −CN¥78.2m |
| Diluted earnings per share | -0.12 | -0.08 | -0.25 | -0.01 | -0.06 | -0.07 | -0.33 | -0.07 |
| Cash from operations | — | — | — | CN¥227.0m | CN¥212.0m | CN¥115.0m | CN¥276.0m | −CN¥57.0m |
| Capital spending | — | — | — | — | −CN¥1.0m | — | −CN¥6.0m | −CN¥2.0m |
| Free cash flow | — | — | — | — | CN¥211.0m | — | CN¥270.0m | −CN¥59.0m |
| Total assets | CN¥8.25bn | CN¥8.48bn | CN¥8.31bn | CN¥8.59bn | CN¥8.79bn | CN¥9.25bn | CN¥9.84bn | CN¥10.43bn |
| Cash and short-term investments | — | — | — | CN¥544.2m | CN¥194.5m | CN¥176.8m | CN¥351.7m | CN¥343.9m |
| Debt | CN¥923.4m | CN¥920.0m | CN¥920.0m | CN¥1.18bn | CN¥1.33bn | CN¥1.30bn | CN¥1.42bn | CN¥1.56bn |
| Shareholders' equity | CN¥2.29bn | CN¥2.44bn | CN¥2.54bn | CN¥2.84bn | CN¥2.86bn | CN¥2.93bn | CN¥3.02bn | CN¥3.38bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.2% | -2.7% | 2.5% | 2.4% | 4.9% | 9.5% |
| Operating margin | -7.2% | -7.8% | 3.3% | -1.2% | 0.9% | 3.5% |
| Net margin | -8.9% | -9.9% | 2.0% | -2.4% | -0.5% | 1.3% |
| Return on equity | -19.1% | -21.9% | 4.4% | -5.7% | -0.9% | 1.7% |
| Return on assets | -5.8% | -6.7% | 1.5% | -1.9% | -0.5% | 1.1% |
| Free cash flow yield | 7.7% | 8.4% | -4.4% | 39.0% | 11.5% | 3.7% |
| Revenue growth | -17.8% | -10.5% | -1.1% | 23.6% | 29.3% | -17.6% |
| Earnings growth | -26.7% | -550.4% | -181.2% | 509.0% | -150.3% | -75.4% |
| Current ratio | 0.86x | 0.92x | 0.88x | 0.86x | 1.14x | 1.46x |
| Debt to equity | 0.36x | 0.47x | 0.54x | 0.47x | 0.22x | 0.15x |
| Equity ratio | 30.6% | 30.7% | 33.8% | 33.8% | 53.7% | 64.6% |
| Interest coverage | -5.19x | -3.86x | 2.36x | -0.96x | 1.10x | 2.24x |
| R&D as a share of sales | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% |
| Buybacks as a share of market value | -16.4% | -6.9% | 15.2% | -9.1% | -299.9% | 72.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.1% | 3.0% | 3.2% |
| Operating income | 24.9% | — | -7.5% |
| Net income | 39.0% | — | -5.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -2.6% | 0.2% | 2.1% | 4.3% |
| Operating margin | -8.5% | -4.0% | -2.6% | -2.4% |
| Net margin | -9.4% | -4.4% | -3.0% | -2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.8 | -6.0 | 31.3 | -22.3 | -147.9 | 18.8 | 14.2 | 16.9 | -69.9 | 111.9 |
| Price to sales | 0.9 | 0.6 | 0.6 | 0.5 | 0.7 | 0.2 | 0.6 | 0.6 | 0.8 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Jun 2024.
| FY2024 | FY2005 | |
|---|---|---|
| Paid in the year | 0.069 | 0.10 |
- 2-for-1 split · 29 Oct 2014
- 1-to-1 reverse split · 17 Jul 2006
- 11-for-10 split · 25 Jul 2005
- 3-for-2 split · 21 May 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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