Z 
10.38
+0.87%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.92bn
FY2016FY2025
Net income
−CN¥241.0m
FY2016FY2025
Free cash flow
CN¥423.8m
FY2016FY2025
Shareholders' equity
CN¥2.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.92bn | CN¥2.54bn | CN¥3.09bn | CN¥2.75bn | CN¥2.96bn | CN¥2.74bn | CN¥2.71bn | CN¥3.02bn | CN¥3.26bn | CN¥3.25bn |
| Gross profit | CN¥670.9m | CN¥1.04bn | CN¥1.35bn | CN¥1.14bn | CN¥1.23bn | CN¥1.11bn | CN¥947.4m | CN¥1.08bn | CN¥1.16bn | CN¥1.20bn |
| Research and development | CN¥29.9m | CN¥45.0m | CN¥50.6m | CN¥47.3m | CN¥43.8m | CN¥34.3m | CN¥47.2m | CN¥40.4m | CN¥38.8m | CN¥38.2m |
| Operating income | −CN¥247.8m | −CN¥180.5m | −CN¥98.3m | −CN¥348.3m | CN¥32.9m | CN¥49.7m | CN¥100.6m | CN¥302.4m | CN¥271.3m | CN¥382.8m |
| Net income | −CN¥241.0m | −CN¥215.7m | −CN¥93.3m | −CN¥374.3m | CN¥34.1m | CN¥27.9m | CN¥22.5m | CN¥136.9m | CN¥226.5m | CN¥305.2m |
| Diluted earnings per share | -0.60 | -0.54 | -0.23 | -0.96 | 0.09 | 0.07 | -14.29 | -150.66 | 0.56 | 0.76 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.13bn | CN¥3.54bn | CN¥4.04bn | CN¥4.27bn | CN¥4.37bn | CN¥4.34bn | CN¥4.48bn | CN¥4.88bn | CN¥5.33bn | CN¥5.54bn |
| Cash and short-term investments | — | CN¥424.9m | CN¥579.0m | CN¥630.1m | CN¥1.04bn | CN¥1.05bn | CN¥963.8m | CN¥646.5m | CN¥785.0m | CN¥889.5m |
| Total liabilities | CN¥784.8m | CN¥883.6m | CN¥1.12bn | CN¥1.32bn | CN¥900.3m | CN¥729.8m | CN¥697.3m | CN¥904.0m | CN¥1.25bn | CN¥1.45bn |
| Debt | — | CN¥86.4m | CN¥86.1m | CN¥458.8m | CN¥111.5m | CN¥94.5m | — | CN¥79.1m | CN¥326.7m | CN¥346.9m |
| Shareholders' equity | CN¥2.35bn | CN¥2.65bn | CN¥2.91bn | CN¥2.94bn | CN¥3.46bn | CN¥3.60bn | CN¥3.78bn | CN¥3.96bn | CN¥4.08bn | CN¥4.09bn |
| Shares outstanding | 401m | 401m | 401m | 389m | 369m | 382m | — | — | 401m | 401m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥473.3m | CN¥206.9m | CN¥511.1m | −CN¥98.7m | CN¥222.5m | CN¥432.9m | CN¥111.2m | CN¥319.1m | CN¥260.2m | CN¥358.1m |
| Capital spending | −CN¥49.5m | −CN¥85.9m | −CN¥94.2m | −CN¥114.0m | −CN¥111.4m | −CN¥125.4m | −CN¥141.4m | −CN¥136.7m | −CN¥190.0m | −CN¥315.7m |
| Free cash flow | CN¥423.8m | CN¥121.1m | CN¥416.9m | −CN¥212.7m | CN¥111.1m | CN¥307.5m | −CN¥30.2m | CN¥182.4m | CN¥70.2m | CN¥42.4m |
| Dividends paid | −CN¥62.3m | −CN¥48.2m | −CN¥1.5m | −CN¥200.5m | −CN¥191.4m | −CN¥191.4m | −CN¥116.7m | −CN¥206.6m | −CN¥250.1m | −CN¥308.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥341.7m | CN¥426.8m | CN¥444.3m | CN¥398.6m | CN¥490.9m | CN¥589.7m | CN¥650.8m | CN¥513.1m |
| Gross profit | CN¥141.4m | CN¥200.1m | CN¥147.6m | CN¥141.4m | CN¥143.2m | CN¥238.6m | CN¥264.7m | CN¥190.2m |
| Operating income | −CN¥19.2m | CN¥11.7m | −CN¥68.8m | −CN¥128.4m | −CN¥54.6m | −CN¥37.3m | −CN¥49.1m | −CN¥113.9m |
| Net income | −CN¥7.8m | CN¥25.4m | −CN¥31.6m | −CN¥117.4m | −CN¥48.0m | −CN¥44.1m | −CN¥79.8m | −CN¥116.1m |
| Diluted earnings per share | -0.02 | 0.06 | -0.08 | -0.29 | -0.12 | -0.11 | -0.20 | -0.29 |
| Cash from operations | — | — | — | CN¥5.0m | CN¥54.0m | CN¥93.0m | CN¥151.0m | −CN¥45.0m |
| Capital spending | −CN¥3.0m | −CN¥3.0m | −CN¥14.0m | −CN¥13.0m | −CN¥13.0m | −CN¥8.0m | −CN¥51.0m | −CN¥13.0m |
| Free cash flow | — | — | — | −CN¥8.0m | CN¥41.0m | CN¥85.0m | CN¥100.0m | −CN¥58.0m |
| Total assets | CN¥3.02bn | CN¥3.10bn | CN¥3.13bn | CN¥3.12bn | CN¥3.28bn | CN¥3.43bn | CN¥3.54bn | CN¥3.71bn |
| Cash and short-term investments | — | — | — | CN¥443.4m | CN¥479.8m | CN¥526.9m | CN¥424.9m | CN¥365.9m |
| Debt | — | — | — | CN¥243.1m | CN¥87.7m | CN¥87.7m | CN¥23.6m | — |
| Shareholders' equity | CN¥2.36bn | CN¥2.37bn | CN¥2.35bn | CN¥2.38bn | CN¥2.50bn | CN¥2.60bn | CN¥2.65bn | CN¥2.73bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 34.9% | 40.8% | 43.8% | 41.4% | 41.6% | 40.5% | — | — | — |
| Operating margin | -12.4% | -6.5% | -2.3% | -11.9% | 1.6% | 2.2% | — | — | — |
| Net margin | -12.5% | -8.5% | -3.0% | -13.6% | 1.2% | 1.0% | — | — | — |
| Return on equity | -10.3% | -8.1% | -3.2% | -12.8% | 1.0% | 0.8% | — | — | — |
| Return on assets | -7.7% | -6.1% | -2.3% | -8.8% | 0.8% | 0.6% | — | — | — |
| Free cash flow yield | 12.1% | 6.8% | 14.0% | 0.4% | 8.4% | 13.5% | — | — | — |
| Revenue growth | -24.2% | -17.7% | 12.1% | -6.9% | 8.1% | 0.9% | — | — | — |
| Earnings growth | 11.7% | 131.3% | -75.1% | -1199.3% | 21.9% | 24.2% | — | — | — |
| Current ratio | 2.46x | 2.64x | 2.40x | 2.20x | 3.50x | 4.16x | — | — | — |
| Debt to equity | — | 0.01x | 0.00x | 0.08x | — | — | 0.08x | 0.08x | 0.09x |
| Equity ratio | 74.9% | 74.9% | 72.0% | 68.8% | 79.2% | 83.0% | — | — | — |
| Interest coverage | -30.75x | -10.50x | -3.11x | -16.59x | 4.00x | 8.30x | — | — | — |
| R&D as a share of sales | 1.6% | 1.8% | 1.6% | 1.7% | 1.5% | 1.3% | — | — | — |
| Buybacks as a share of market value | 0.1% | -0.0% | -3.0% | -5.4% | 3.2% | 24334.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.3% | -6.8% | -5.3% |
| Operating income | -10.7% | — | — |
| Net income | -13.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.3% | 40.8% | 40.9% | 38.2% |
| Operating margin | -9.6% | -8.5% | -5.0% | 2.4% |
| Net margin | -10.2% | -9.0% | -5.4% | 0.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -14.9 | -13.2 | -25.1 | -6.7 | 102.3 | 98.3 | -0.6 | -0.1 | 25.6 | 30.1 |
| Price to sales | 1.9 | 1.1 | 0.8 | 0.9 | 1.2 | 1.0 | -0.0 | — | 1.8 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 26 May 2025.
| FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.12 | 0.50 | 0.50 | 0.50 | 0.30 | 0.50 | 0.60 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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