J 
1.67
-0.60%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥6.93bn
FY2016FY2025
Net income
−CN¥294.3m
FY2016FY2025
Free cash flow
−CN¥512.0m
FY2016FY2025
Shareholders' equity
CN¥12.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.93bn | CN¥9.89bn | CN¥11.56bn | CN¥15.44bn | CN¥15.49bn | CN¥14.95bn | CN¥21.15bn | CN¥22.68bn | CN¥25.44bn | CN¥27.16bn |
| Gross profit | CN¥958.4m | CN¥114.0m | CN¥1.55bn | CN¥1.75bn | CN¥1.39bn | CN¥1.20bn | CN¥1.78bn | CN¥1.89bn | CN¥1.82bn | CN¥1.86bn |
| Research and development | CN¥263.8m | CN¥337.0m | CN¥377.5m | CN¥408.7m | CN¥383.8m | CN¥310.0m | CN¥303.6m | CN¥249.5m | CN¥226.1m | CN¥189.7m |
| Operating income | −CN¥159.4m | −CN¥4.20bn | CN¥215.5m | CN¥244.2m | −CN¥294.5m | −CN¥511.7m | CN¥124.3m | CN¥50.9m | CN¥99.3m | CN¥927.2m |
| Net income | −CN¥294.3m | −CN¥4.23bn | CN¥182.3m | CN¥221.4m | −CN¥165.6m | −CN¥776.2m | CN¥62.6m | −CN¥68.0m | CN¥754.9m | CN¥1.22bn |
| Diluted earnings per share | -0.07 | -0.96 | 0.04 | 0.05 | -0.04 | -0.19 | 0.02 | -0.02 | 0.20 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥18.94bn | CN¥21.17bn | CN¥26.44bn | CN¥27.67bn | CN¥28.30bn | CN¥30.02bn | CN¥31.20bn | CN¥31.71bn | CN¥31.39bn | CN¥26.91bn |
| Cash and short-term investments | — | CN¥5.61bn | CN¥6.78bn | CN¥5.49bn | CN¥6.65bn | CN¥7.14bn | CN¥7.32bn | CN¥6.22bn | CN¥6.56bn | CN¥6.06bn |
| Total liabilities | CN¥6.82bn | CN¥8.66bn | CN¥9.40bn | CN¥10.64bn | CN¥11.43bn | CN¥12.83bn | CN¥13.11bn | CN¥13.59bn | CN¥12.38bn | CN¥12.76bn |
| Debt | CN¥339.7m | CN¥1.46bn | CN¥1.96bn | CN¥2.55bn | CN¥4.63bn | CN¥5.51bn | CN¥5.27bn | CN¥5.79bn | CN¥4.93bn | CN¥5.03bn |
| Shareholders' equity | CN¥12.22bn | CN¥12.61bn | CN¥17.10bn | CN¥17.03bn | CN¥16.91bn | CN¥17.08bn | CN¥17.98bn | CN¥17.95bn | CN¥18.80bn | CN¥13.95bn |
| Shares outstanding | 4,361m | 4,392m | 4,392m | 4,392m | 4,392m | 4,029m | 2,560m | 3,300m | 3,863m | 3,804m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥120.4m | CN¥115.5m | CN¥1.87bn | −CN¥312.1m | CN¥1.15bn | CN¥148.2m | CN¥1.89bn | CN¥511.0m | −CN¥2.66bn | CN¥1.13bn |
| Capital spending | −CN¥632.3m | −CN¥649.3m | −CN¥1.87bn | −CN¥578.4m | −CN¥646.1m | −CN¥603.5m | −CN¥811.9m | −CN¥912.2m | −CN¥1.39bn | −CN¥1.26bn |
| Free cash flow | −CN¥512.0m | −CN¥533.8m | CN¥126,100 | −CN¥890.5m | CN¥506.1m | −CN¥455.3m | CN¥1.07bn | −CN¥401.3m | −CN¥4.05bn | −CN¥138.7m |
| Dividends paid | −CN¥70.8m | −CN¥183.2m | −CN¥224.5m | −CN¥159.7m | −CN¥192.7m | −CN¥131.7m | −CN¥43.9m | −CN¥945.1m | −CN¥398.1m | −CN¥176.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.06bn | CN¥1.35bn | CN¥2.41bn | CN¥1.31bn | CN¥1.58bn | CN¥1.63bn | CN¥2.64bn | CN¥2.04bn |
| Gross profit | CN¥101.5m | CN¥144.5m | CN¥356.0m | CN¥152.8m | CN¥183.6m | CN¥242.1m | −CN¥875.6m | CN¥314.7m |
| Operating income | −CN¥134.3m | −CN¥105.7m | CN¥13.7m | −CN¥134.1m | −CN¥69.4m | CN¥10.4m | −CN¥4.23bn | −CN¥19.9m |
| Net income | −CN¥167.0m | −CN¥121.5m | −CN¥108.5m | −CN¥106.8m | −CN¥86.4m | CN¥7.4m | −CN¥4.18bn | −CN¥25.4m |
| Diluted earnings per share | -0.04 | -0.03 | -0.02 | -0.02 | -0.02 | 0.00 | -0.95 | -0.01 |
| Cash from operations | — | — | — | CN¥522.0m | −CN¥213.0m | −CN¥683.0m | CN¥1.37bn | CN¥366.0m |
| Capital spending | −CN¥42.0m | −CN¥85.0m | −CN¥134.0m | −CN¥130.0m | −CN¥182.0m | −CN¥184.0m | −CN¥375.0m | −CN¥108.0m |
| Free cash flow | — | — | — | CN¥392.0m | −CN¥395.0m | −CN¥867.0m | CN¥992.0m | CN¥258.0m |
| Total assets | CN¥17.80bn | CN¥18.14bn | CN¥18.94bn | CN¥20.16bn | CN¥21.66bn | CN¥22.48bn | CN¥21.17bn | CN¥25.51bn |
| Cash and short-term investments | — | — | — | CN¥5.06bn | CN¥6.03bn | CN¥6.54bn | CN¥5.61bn | CN¥4.71bn |
| Debt | CN¥545.5m | CN¥349.7m | CN¥339.7m | CN¥1.23bn | CN¥2.80bn | CN¥3.86bn | CN¥1.45bn | CN¥1.48bn |
| Shareholders' equity | CN¥11.93bn | CN¥12.10bn | CN¥12.22bn | CN¥12.33bn | CN¥12.49bn | CN¥12.61bn | CN¥12.61bn | CN¥16.93bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.8% | 1.2% | 13.4% | 11.3% | 9.0% | 8.0% |
| Operating margin | -2.3% | -42.4% | 1.9% | 1.6% | -1.9% | -4.6% |
| Net margin | -4.2% | -42.8% | 1.6% | 1.4% | -1.1% | -5.2% |
| Return on equity | -2.4% | -33.5% | 1.1% | 1.3% | -1.0% | -4.5% |
| Return on assets | -1.6% | -20.0% | 0.7% | 0.8% | -0.6% | -2.6% |
| Free cash flow yield | 8.9% | 9.0% | 43.8% | 3.1% | 21.1% | 9.6% |
| Revenue growth | -29.9% | -14.5% | -25.1% | -0.4% | 3.6% | -29.3% |
| Earnings growth | -93.0% | -2418.9% | -17.6% | -233.7% | -78.7% | -1340.0% |
| Current ratio | 1.71x | 1.77x | 2.17x | 1.88x | 1.81x | 2.57x |
| Debt to equity | 0.03x | 0.11x | 0.11x | 0.15x | 0.30x | 0.32x |
| Equity ratio | 64.5% | 59.6% | 64.7% | 61.5% | 59.8% | 56.9% |
| Interest coverage | -2.25x | -68.74x | 2.68x | 1.49x | -1.29x | -2.59x |
| R&D as a share of sales | 3.8% | 3.4% | 3.3% | 2.6% | 2.5% | 2.1% |
| Buybacks as a share of market value | 0.7% | 0.0% | 0.0% | 0.0% | -9.0% | -57.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -23.4% | -14.3% | -11.1% |
| Operating income | — | -20.8% | 6.4% |
| Net income | — | -17.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.4% | 10.0% | 9.4% | 8.4% |
| Operating margin | -25.9% | -8.9% | -6.3% | -1.9% |
| Net margin | -26.9% | -9.4% | -6.8% | -1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -49.6 | -3.0 | 68.4 | 57.7 | -79.0 | -15.7 | 133.3 | -162.6 | 34.4 | 28.6 |
| Price to sales | 2.1 | 1.3 | 1.1 | 0.8 | 0.8 | 0.8 | 0.4 | 0.5 | 1.0 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Aug 2024.
| FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.03 | 0.03 | 0.01 | 0.17 | 0.048 | 0.046 | 0.046 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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