Z 
9.52
-1.96%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.37bn
FY2016FY2025
Net income
−CN¥960.3m
FY2016FY2025
Free cash flow
−CN¥192.5m
FY2016FY2025
Shareholders' equity
CN¥2.63bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.37bn | CN¥2.96bn | CN¥2.85bn | CN¥3.56bn | CN¥4.11bn | CN¥2.32bn | CN¥1.93bn | CN¥1.73bn | CN¥1.47bn | CN¥1.23bn |
| Gross profit | CN¥526.6m | CN¥527.3m | CN¥527.2m | CN¥751.8m | CN¥1.35bn | CN¥699.5m | CN¥470.8m | CN¥392.4m | CN¥301.7m | CN¥308.3m |
| Research and development | CN¥140.3m | CN¥109.5m | CN¥118.4m | CN¥129.5m | CN¥131.9m | CN¥95.6m | CN¥84.6m | CN¥47.2m | CN¥36.9m | CN¥29.2m |
| Operating income | CN¥68.9m | CN¥115.4m | CN¥220.6m | CN¥427.3m | CN¥955.8m | CN¥444.6m | CN¥92.1m | CN¥78.8m | CN¥116.5m | CN¥175.3m |
| Net income | −CN¥960.3m | CN¥103.4m | CN¥183.8m | CN¥365.3m | CN¥824.5m | CN¥393.2m | CN¥165.8m | CN¥107.5m | CN¥91.1m | CN¥149.5m |
| Diluted earnings per share | -1.68 | 0.20 | 0.30 | 0.64 | 1.69 | 0.78 | 0.33 | 0.20 | 0.18 | 0.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.29bn | CN¥7.20bn | CN¥6.28bn | CN¥6.05bn | CN¥3.32bn | CN¥2.42bn | CN¥2.05bn | CN¥2.08bn | CN¥1.81bn | CN¥1.41bn |
| Cash and short-term investments | CN¥1.28bn | CN¥1.36bn | CN¥1.32bn | CN¥1.73bn | CN¥528.4m | CN¥305.1m | CN¥252.8m | CN¥291.0m | CN¥188.3m | CN¥288.5m |
| Total liabilities | CN¥3.20bn | CN¥3.29bn | CN¥2.11bn | CN¥2.03bn | CN¥948.9m | CN¥806.5m | CN¥835.1m | CN¥942.3m | CN¥708.9m | CN¥352.0m |
| Debt | CN¥2.33bn | CN¥1.32bn | CN¥778.3m | CN¥736.0m | CN¥200.4m | CN¥354.6m | CN¥480.8m | CN¥436.0m | CN¥380.5m | CN¥161.0m |
| Shareholders' equity | CN¥2.63bn | CN¥3.64bn | CN¥4.06bn | CN¥4.01bn | CN¥2.37bn | CN¥1.61bn | CN¥1.23bn | CN¥1.14bn | CN¥1.10bn | CN¥1.05bn |
| Shares outstanding | 572m | 516m | 607m | 572m | 487m | 503m | 498m | 543m | 507m | 502m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥303.0m | CN¥378.4m | CN¥626.9m | CN¥505.5m | CN¥841.2m | CN¥402.5m | CN¥203.9m | CN¥74.3m | CN¥130.6m | CN¥134.1m |
| Capital spending | −CN¥495.5m | −CN¥419.7m | −CN¥980.8m | −CN¥1.08bn | −CN¥267.0m | −CN¥178.7m | −CN¥179.4m | −CN¥152.4m | −CN¥280.0m | −CN¥167.9m |
| Free cash flow | −CN¥192.5m | −CN¥41.3m | −CN¥353.9m | −CN¥577.5m | CN¥574.3m | CN¥223.7m | CN¥24.5m | −CN¥78.0m | −CN¥149.4m | −CN¥33.8m |
| Dividends paid | −CN¥35.8m | −CN¥140.4m | −CN¥144.4m | −CN¥247.6m | −CN¥138.6m | −CN¥52.0m | −CN¥38.0m | −CN¥49.2m | −CN¥72.7m | −CN¥27.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥987.0m | CN¥980.5m | CN¥893.7m | CN¥860.9m | CN¥847.2m | CN¥776.0m | CN¥839.9m | CN¥737.0m |
| Gross profit | CN¥150.4m | CN¥153.9m | CN¥125.7m | CN¥193.1m | CN¥123.4m | CN¥154.5m | CN¥145.3m | CN¥142.7m |
| Operating income | CN¥35.4m | CN¥56.8m | −CN¥1.01bn | CN¥52.2m | CN¥35.9m | CN¥26.1m | −CN¥16.4m | CN¥48.7m |
| Net income | −CN¥11.9m | CN¥14.1m | −CN¥1.01bn | CN¥23.8m | CN¥16.7m | CN¥9.6m | −CN¥15.4m | CN¥43.6m |
| Diluted earnings per share | -0.02 | 0.02 | -1.77 | 0.04 | 0.03 | 0.02 | -0.03 | 0.08 |
| Cash from operations | — | — | CN¥16.0m | CN¥163.0m | CN¥114.0m | CN¥10.0m | CN¥131.0m | CN¥25.0m |
| Capital spending | −CN¥1.0m | −CN¥151.0m | −CN¥122.0m | −CN¥149.0m | −CN¥78.0m | −CN¥145.0m | −CN¥61.0m | −CN¥78.0m |
| Free cash flow | — | — | −CN¥106.0m | CN¥14.0m | CN¥36.0m | −CN¥135.0m | CN¥70.0m | −CN¥53.0m |
| Total assets | CN¥6.68bn | CN¥6.50bn | CN¥6.29bn | CN¥7.29bn | CN¥7.23bn | CN¥7.35bn | CN¥7.20bn | CN¥6.77bn |
| Cash and short-term investments | — | — | CN¥1.28bn | CN¥1.34bn | CN¥1.33bn | CN¥1.51bn | CN¥1.36bn | CN¥1.49bn |
| Debt | CN¥661.4m | CN¥839.5m | CN¥2.03bn | CN¥1.44bn | CN¥1.50bn | CN¥1.62bn | CN¥1.31bn | CN¥1.23bn |
| Shareholders' equity | CN¥2.58bn | CN¥2.59bn | CN¥2.63bn | CN¥3.61bn | CN¥3.61bn | CN¥3.65bn | CN¥3.64bn | CN¥3.93bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.6% | 17.8% | 18.5% | 21.1% | 32.7% | 30.1% |
| Operating margin | 2.0% | 4.8% | 8.0% | 12.1% | 23.5% | 20.0% |
| Net margin | -28.5% | 3.5% | 6.4% | 10.2% | 20.0% | 16.9% |
| Return on equity | -36.5% | 2.8% | 4.5% | 9.1% | 34.8% | 24.4% |
| Return on assets | -15.3% | 1.4% | 2.9% | 6.0% | 24.9% | 16.3% |
| Free cash flow yield | 11.2% | 12.4% | 21.2% | 22.3% | 18.2% | 9.3% |
| Revenue growth | 13.7% | 4.0% | -20.0% | -13.4% | 77.2% | 20.4% |
| Earnings growth | -1028.6% | -43.7% | -49.7% | -55.7% | 109.7% | 137.2% |
| Current ratio | 1.36x | 1.49x | 2.09x | 2.02x | 2.26x | 2.07x |
| Debt to equity | 0.77x | 0.36x | 0.20x | 0.19x | 0.07x | 0.19x |
| Equity ratio | 41.8% | 50.5% | 64.7% | 66.2% | 71.4% | 66.7% |
| Interest coverage | 1.61x | 4.80x | 8.92x | 23.10x | 66.33x | 21.04x |
| R&D as a share of sales | 4.2% | 3.7% | 4.2% | 3.6% | 3.2% | 4.1% |
| Buybacks as a share of market value | -11.0% | 15.1% | -6.3% | -17.3% | 3.2% | -1.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.9% | 7.7% | 14.4% |
| Operating income | -45.6% | -31.1% | -4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.6% | 18.3% | 22.8% | 22.9% |
| Operating margin | 2.9% | 6.5% | 11.6% | 10.6% |
| Net margin | -13.5% | -2.4% | 4.7% | 5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.3 | 51.2 | 35.7 | 18.5 | 15.5 | 20.4 | 24.3 | 36.2 | 78.6 | 69.5 |
| Price to sales | 1.8 | 1.8 | 2.3 | 1.9 | 3.1 | 3.5 | 2.1 | 2.3 | 4.9 | 8.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 3 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.08 | 0.185 | 0.20 | 0.42 | 0.286 | 0.107 | 0.077 |
- 7-for-5 split · 27 Apr 2021
- 7-for-5 split · 28 May 2019
- 11-for-5 split · 26 Apr 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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