D 
4.43
+1.37%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥410.2m
FY2016FY2025
Net income
−CN¥228.1m
FY2016FY2025
Free cash flow
−CN¥130.2m
FY2016FY2025
Shareholders' equity
CN¥288.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥410.2m | CN¥91.6m | CN¥159.3m | CN¥195.8m | CN¥166.2m | CN¥572.0m | CN¥1.23bn | CN¥1.26bn | CN¥1.04bn | CN¥510.9m |
| Gross profit | CN¥46.0m | −CN¥25.4m | CN¥37.4m | CN¥56.1m | −CN¥137.4m | CN¥192.1m | CN¥310.0m | CN¥365.3m | CN¥331.0m | CN¥164.7m |
| Research and development | CN¥7.9m | — | CN¥4.1m | CN¥7.7m | CN¥26.0m | CN¥27.8m | CN¥41.3m | CN¥49.4m | CN¥3.7m | CN¥17.1m |
| Operating income | −CN¥213.4m | −CN¥778.9m | −CN¥147.6m | −CN¥180.7m | −CN¥558.0m | CN¥4.2m | CN¥63.9m | CN¥171.5m | CN¥220.1m | CN¥105.5m |
| Net income | −CN¥228.1m | −CN¥813.3m | −CN¥182.6m | −CN¥228.0m | −CN¥592.8m | −CN¥51.9m | CN¥97.4m | CN¥99.9m | CN¥170.7m | CN¥71.9m |
| Diluted earnings per share | -0.39 | -3.65 | -0.45 | -0.57 | -1.52 | -0.09 | 0.25 | 0.56 | 0.43 | 0.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.76bn | CN¥1.17bn | CN¥2.31bn | CN¥2.47bn | CN¥2.66bn | CN¥3.68bn | CN¥3.73bn | CN¥3.44bn | CN¥2.61bn | CN¥1.51bn |
| Cash and short-term investments | CN¥263.0m | CN¥469.0m | CN¥19.5m | CN¥47.5m | CN¥54.9m | CN¥173.0m | CN¥301.9m | CN¥301.7m | CN¥130.5m | CN¥224.0m |
| Total liabilities | CN¥1.34bn | CN¥660.3m | CN¥2.00bn | CN¥2.19bn | CN¥2.13bn | CN¥2.51bn | CN¥2.47bn | CN¥2.26bn | CN¥1.54bn | CN¥673.8m |
| Debt | CN¥332.1m | CN¥35.0m | CN¥754.6m | CN¥1.09bn | CN¥1.02bn | CN¥1.19bn | CN¥985.4m | CN¥654.9m | CN¥261.9m | CN¥128.0m |
| Shareholders' equity | CN¥288.6m | CN¥515.6m | CN¥326.8m | CN¥277.9m | CN¥505.8m | CN¥1.11bn | CN¥1.16bn | CN¥1.07bn | CN¥987.3m | CN¥833.2m |
| Shares outstanding | 584m | 223m | 403m | 401m | 391m | 558m | 393m | 178m | 393m | 422m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥71.3m | −CN¥30.4m | −CN¥54.2m | CN¥20.0m | CN¥272.7m | −CN¥130.5m | CN¥18.4m | CN¥145.6m | −CN¥65.8m | CN¥30.5m |
| Capital spending | −CN¥58.9m | −CN¥19.0m | −CN¥14.7m | −CN¥26.7m | −CN¥34.9m | −CN¥9.8m | −CN¥72.0m | −CN¥43.6m | −CN¥12.7m | −CN¥7.7m |
| Free cash flow | −CN¥130.2m | −CN¥49.4m | −CN¥68.9m | −CN¥6.7m | CN¥237.8m | −CN¥140.3m | −CN¥53.6m | CN¥101.9m | −CN¥78.6m | CN¥22.8m |
| Dividends paid | −CN¥16.4m | −CN¥498,936 | −CN¥6.5m | −CN¥22.9m | −CN¥41.2m | −CN¥34.7m | −CN¥10.1m | −CN¥54.2m | −CN¥30.7m | −CN¥17.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥228.9m | CN¥148.4m | CN¥220.9m | CN¥167.8m | CN¥13.0m | CN¥8.4m | CN¥22.0m | CN¥31.1m |
| Gross profit | CN¥41.5m | CN¥22.7m | CN¥34.1m | CN¥10.8m | −CN¥1.1m | CN¥2.1m | −CN¥24.4m | CN¥3.8m |
| Operating income | CN¥6.8m | −CN¥10.2m | −CN¥174.2m | −CN¥2.5m | −CN¥24.4m | −CN¥6.6m | −CN¥730.7m | −CN¥16.7m |
| Net income | CN¥50.6m | −CN¥6.1m | −CN¥189.1m | −CN¥2.7m | −CN¥25.8m | −CN¥10.5m | −CN¥725.2m | −CN¥25.3m |
| Diluted earnings per share | 0.09 | -0.01 | -0.32 | -0.00 | -0.04 | -0.02 | -3.26 | -0.11 |
| Cash from operations | — | — | −CN¥7.0m | CN¥17.0m | −CN¥36.0m | −CN¥44.0m | −CN¥26.0m | −CN¥1.0m |
| Capital spending | −CN¥22.0m | −CN¥17.0m | −CN¥51.0m | −CN¥5.0m | — | — | −CN¥11.0m | — |
| Free cash flow | — | — | −CN¥58.0m | CN¥12.0m | — | — | −CN¥37.0m | — |
| Total assets | CN¥1.76bn | CN¥1.61bn | CN¥1.76bn | CN¥1.91bn | CN¥1.08bn | CN¥1.12bn | CN¥1.17bn | CN¥2.27bn |
| Cash and short-term investments | — | — | CN¥263.0m | CN¥226.5m | CN¥369.5m | CN¥424.4m | CN¥469.0m | CN¥13.1m |
| Debt | CN¥266.2m | CN¥50.0m | CN¥302.1m | CN¥267.9m | CN¥27.8m | CN¥33.0m | CN¥33.0m | CN¥294.0m |
| Shareholders' equity | CN¥289.2m | CN¥234.4m | CN¥288.6m | CN¥476.5m | CN¥479.3m | CN¥505.1m | CN¥515.6m | CN¥356.4m |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 11.2% | -27.8% | 23.5% | 28.7% | -82.7% | 33.6% | — |
| Operating margin | -46.3% | -849.9% | -92.7% | -92.3% | -335.7% | 0.7% | — |
| Net margin | -55.6% | -887.5% | -114.6% | -116.5% | -356.6% | -9.1% | — |
| Return on equity | -79.0% | -157.8% | -55.9% | -82.0% | -117.2% | -4.7% | — |
| Return on assets | -12.9% | -69.4% | -7.9% | -9.2% | -22.3% | -1.4% | — |
| Free cash flow yield | -0.5% | -1.2% | -2.3% | 2.7% | 18.4% | -5.1% | — |
| Revenue growth | 347.6% | -42.5% | -18.6% | 17.8% | -70.9% | -53.7% | — |
| Earnings growth | -72.0% | 345.4% | -19.9% | -61.5% | 1041.4% | -153.3% | — |
| Current ratio | 0.90x | 1.48x | 0.65x | 0.73x | 0.85x | 1.06x | — |
| Debt to equity | 1.05x | 0.06x | 2.30x | 3.91x | 2.01x | 0.90x | — |
| Equity ratio | 16.4% | 44.0% | 14.1% | 11.2% | 19.0% | 30.1% | — |
| Interest coverage | -10.72x | -20.19x | -2.68x | -2.69x | -9.52x | 0.06x | — |
| R&D as a share of sales | 1.9% | — | 2.6% | 3.9% | 15.7% | 4.9% | 3.3% |
| Buybacks as a share of market value | -162.4% | 44.7% | -0.3% | -2.6% | 30.0% | -42.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.0% | -6.4% | -2.7% |
| Operating income | 5.7% | — | — |
| Net income | 0.0% | 34.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.1% | 13.3% | 10.6% | 24.4% |
| Operating margin | -197.7% | -154.1% | -117.5% | -19.8% |
| Net margin | -207.5% | -169.4% | -131.4% | -25.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.5 | -2.8 | -6.8 | -3.9 | -1.3 | -32.5 | 15.7 | 8.0 | 16.1 | 70.5 |
| Price to sales | 8.6 | 24.4 | 7.8 | 4.5 | 4.5 | 3.0 | 1.2 | 0.6 | 2.7 | 9.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Jun 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.10 | 0.03 | 0.052 | 0.058 |
- 5-for-2 split · 25 May 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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