C 
5.24
+0.19%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥42.24bn
FY2016FY2025
Net income
−CN¥103.0m
FY2016FY2025
Free cash flow
CN¥1.89bn
FY2016FY2025
Shareholders' equity
CN¥10.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥42.24bn | CN¥49.67bn | CN¥37.69bn | CN¥15.37bn | CN¥15.33bn | CN¥15.74bn | CN¥13.80bn | CN¥13.19bn | CN¥10.82bn | CN¥8.88bn |
| Gross profit | CN¥1.86bn | CN¥1.59bn | CN¥748.8m | CN¥220.3m | CN¥592.5m | CN¥568.8m | CN¥856.9m | CN¥355.9m | CN¥472.8m | CN¥512.0m |
| Research and development | CN¥36.1m | CN¥13.3m | CN¥19.9m | CN¥25.1m | CN¥27.4m | CN¥30.1m | CN¥32.3m | CN¥17.4m | CN¥13.4m | CN¥14.7m |
| Operating income | −CN¥37.1m | CN¥825.4m | CN¥1.02bn | −CN¥345.4m | CN¥356.0m | CN¥259.7m | CN¥296.0m | CN¥3.7m | −CN¥482.4m | −CN¥342.8m |
| Net income | −CN¥103.0m | CN¥103.4m | CN¥297.1m | CN¥76.4m | CN¥150.8m | CN¥71.1m | CN¥135.1m | CN¥234.9m | −CN¥264.0m | CN¥61.3m |
| Diluted earnings per share | -0.02 | 0.02 | 0.07 | 0.02 | 0.04 | 0.02 | 0.03 | 0.06 | -0.07 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥33.83bn | CN¥36.07bn | CN¥33.95bn | CN¥22.53bn | CN¥19.48bn | CN¥17.74bn | CN¥16.83bn | CN¥14.93bn | CN¥13.37bn | CN¥13.69bn |
| Cash and short-term investments | — | CN¥5.69bn | CN¥3.51bn | CN¥5.68bn | CN¥2.99bn | CN¥3.68bn | CN¥3.83bn | CN¥3.27bn | CN¥1.98bn | CN¥2.19bn |
| Total liabilities | CN¥23.78bn | CN¥24.77bn | CN¥22.32bn | CN¥12.61bn | CN¥9.54bn | CN¥7.61bn | CN¥6.78bn | CN¥4.93bn | CN¥5.42bn | CN¥5.50bn |
| Debt | CN¥5.11bn | CN¥15.63bn | CN¥13.86bn | CN¥9.03bn | CN¥6.68bn | CN¥4.65bn | CN¥4.28bn | CN¥3.22bn | CN¥4.21bn | CN¥3.95bn |
| Shareholders' equity | CN¥10.10bn | CN¥9.85bn | CN¥9.83bn | CN¥9.61bn | CN¥9.59bn | CN¥9.78bn | CN¥9.73bn | CN¥9.80bn | CN¥7.78bn | CN¥8.03bn |
| Shares outstanding | 4,279m | 4,279m | 4,279m | 4,279m | 4,289m | 4,276m | 4,340m | 4,237m | 4,046m | 3,908m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥2.50bn | CN¥1.51bn | CN¥1.23bn | CN¥1.16bn | CN¥266.2m | CN¥469.5m | CN¥924.4m | CN¥555.4m | −CN¥77.0m | CN¥536.4m |
| Capital spending | −CN¥615.5m | −CN¥871.2m | −CN¥993.6m | −CN¥1.00bn | −CN¥619.2m | −CN¥788.3m | −CN¥588.5m | −CN¥506.5m | −CN¥661.4m | −CN¥584.2m |
| Free cash flow | CN¥1.89bn | CN¥642.0m | CN¥237.7m | CN¥157.0m | −CN¥353.0m | −CN¥318.7m | CN¥335.9m | CN¥48.9m | −CN¥738.4m | −CN¥47.8m |
| Dividends paid | −CN¥646.6m | −CN¥700.9m | −CN¥712.0m | −CN¥45.4m | −CN¥24.0m | −CN¥15.0m | −CN¥47.1m | −CN¥164.0m | −CN¥169.5m | −CN¥159.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.58bn | CN¥6.54bn | CN¥11.66bn | CN¥11.11bn | CN¥12.82bn | CN¥10.04bn | CN¥16.77bn | CN¥13.69bn |
| Gross profit | CN¥384.8m | CN¥126.8m | CN¥148.3m | CN¥146.6m | CN¥131.6m | CN¥448.5m | CN¥646.1m | CN¥400.7m |
| Operating income | CN¥159.6m | −CN¥151.3m | −CN¥183.6m | −CN¥287.5m | −CN¥185.6m | −CN¥75.7m | CN¥171.6m | −CN¥251.0m |
| Net income | CN¥2.1m | −CN¥132.6m | CN¥172.1m | −CN¥99.1m | −CN¥67.7m | −CN¥108.4m | CN¥563.9m | −CN¥164.0m |
| Diluted earnings per share | 0.00 | -0.03 | 0.04 | -0.02 | -0.02 | -0.03 | 0.13 | -0.04 |
| Cash from operations | — | — | — | −CN¥344.0m | CN¥1.53bn | CN¥444.0m | — | CN¥1.32bn |
| Capital spending | −CN¥16.0m | −CN¥133.0m | −CN¥244.0m | −CN¥176.0m | −CN¥37.0m | −CN¥156.0m | −CN¥325.0m | −CN¥255.0m |
| Free cash flow | — | — | — | −CN¥520.0m | CN¥1.50bn | CN¥288.0m | — | CN¥1.06bn |
| Total assets | CN¥32.67bn | CN¥33.89bn | CN¥33.83bn | CN¥35.53bn | CN¥36.30bn | CN¥37.40bn | CN¥36.07bn | CN¥36.23bn |
| Cash and short-term investments | — | — | — | CN¥5.24bn | CN¥7.28bn | CN¥6.82bn | CN¥5.69bn | CN¥5.40bn |
| Debt | CN¥5.92bn | CN¥7.13bn | CN¥5.11bn | CN¥9.73bn | CN¥13.68bn | CN¥15.22bn | CN¥13.94bn | CN¥14.63bn |
| Shareholders' equity | CN¥9.85bn | CN¥9.92bn | CN¥10.10bn | CN¥10.04bn | CN¥9.74bn | CN¥9.76bn | CN¥9.85bn | CN¥9.28bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.4% | 3.2% | 2.0% | 1.4% | 3.9% | 3.6% |
| Operating margin | -0.1% | 1.7% | 2.7% | -2.2% | 2.3% | 1.6% |
| Net margin | -0.2% | 0.2% | 0.8% | 0.5% | 1.0% | 0.5% |
| Return on equity | -1.0% | 1.1% | 3.0% | 0.8% | 1.6% | 0.7% |
| Return on assets | -0.3% | 0.3% | 0.9% | 0.3% | 0.8% | 0.4% |
| Free cash flow yield | 11.1% | 8.5% | 7.9% | 7.7% | 3.2% | 4.5% |
| Revenue growth | -15.0% | 31.8% | 145.2% | 0.3% | -2.6% | 14.1% |
| Earnings growth | -199.7% | -65.2% | 288.9% | -49.3% | 112.0% | -47.4% |
| Current ratio | 0.92x | 1.02x | 0.89x | 1.48x | 1.27x | 1.92x |
| Debt to equity | 0.51x | 1.42x | 1.25x | 0.61x | 0.49x | 0.47x |
| Equity ratio | 29.8% | 27.3% | 28.9% | 42.6% | 49.2% | 55.1% |
| Interest coverage | -0.05x | 1.06x | 1.31x | -1.13x | 1.34x | 1.16x |
| R&D as a share of sales | 0.1% | 0.0% | 0.1% | 0.2% | 0.2% | 0.2% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.2% | -0.3% | 1.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 40.1% | 21.8% | 17.5% |
| Operating income | -52.4% | — | -29.1% |
| Net income | — | — | -20.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.8% | 3.1% | 3.2% | 3.3% |
| Operating margin | 0.9% | 1.0% | 1.2% | 0.2% |
| Net margin | 0.0% | 0.3% | 0.3% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -243.0 | 223.9 | 61.1 | 245.3 | 150.2 | 289.8 | 158.0 | 81.0 | -85.2 | 443.7 |
| Price to sales | 0.6 | 0.5 | 0.5 | 1.2 | 1.5 | 1.3 | 1.6 | 1.4 | 2.1 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 15 Jul 2025.
| FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.011 | 0.021 | 0.011 | 0.006 | 0.004 | 0.011 | 0.002 | 0.02 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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