S 
3.67
-4.92%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥357.7m
FY2016FY2025
Net income
−CN¥222.5m
FY2016FY2025
Free cash flow
CN¥18.5m
FY2016FY2025
Shareholders' equity
−CN¥167.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥357.7m | CN¥411.8m | CN¥543.1m | CN¥768.1m | CN¥856.6m | CN¥994.0m | CN¥866.4m | CN¥802.0m | CN¥784.5m | CN¥696.3m |
| Gross profit | CN¥112.6m | CN¥53.7m | CN¥30.0m | CN¥5.4m | CN¥79.0m | CN¥268.0m | CN¥150.4m | CN¥177.5m | CN¥193.0m | CN¥210.5m |
| Research and development | CN¥12.1m | CN¥13.0m | CN¥9.4m | CN¥26.5m | CN¥29.9m | CN¥21.8m | CN¥13.0m | CN¥19.5m | CN¥17.8m | CN¥14.4m |
| Operating income | −CN¥54.7m | −CN¥158.6m | −CN¥201.5m | −CN¥444.1m | −CN¥250.5m | CN¥88.2m | −CN¥26.4m | CN¥66.8m | CN¥69.2m | CN¥78.0m |
| Net income | −CN¥222.5m | −CN¥147.1m | −CN¥291.5m | −CN¥379.8m | −CN¥364.7m | CN¥49.1m | −CN¥97.4m | CN¥19.7m | CN¥26.4m | CN¥51.4m |
| Diluted earnings per share | -0.67 | -0.48 | -0.92 | -0.83 | -1.12 | 0.09 | -0.27 | 0.19 | 0.07 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.49bn | CN¥1.63bn | CN¥1.84bn | CN¥2.36bn | CN¥3.40bn | CN¥3.59bn | CN¥3.33bn | CN¥2.92bn | CN¥3.09bn | CN¥2.70bn |
| Cash and short-term investments | — | CN¥56.3m | CN¥64.1m | CN¥97.0m | CN¥87.0m | CN¥124.0m | CN¥77.0m | CN¥129.2m | CN¥281.7m | CN¥205.1m |
| Total liabilities | CN¥1.68bn | CN¥1.59bn | CN¥1.65bn | CN¥1.84bn | CN¥2.32bn | CN¥2.14bn | CN¥1.92bn | CN¥1.55bn | CN¥1.71bn | CN¥1.32bn |
| Debt | — | CN¥430.8m | CN¥493.7m | CN¥667.4m | CN¥1.17bn | CN¥1.02bn | CN¥854.2m | CN¥726.5m | CN¥1.01bn | CN¥612.6m |
| Shareholders' equity | −CN¥167.4m | CN¥55.1m | CN¥202.2m | CN¥523.3m | CN¥903.0m | CN¥1.27bn | CN¥1.24bn | CN¥1.34bn | CN¥1.35bn | CN¥1.35bn |
| Shares outstanding | 334m | 306m | 316m | 460m | 326m | 517m | 365m | 107m | 377m | 348m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥39.7m | CN¥45.1m | CN¥29.1m | CN¥32.0m | −CN¥82.2m | −CN¥51.7m | CN¥6.2m | CN¥76.0m | CN¥61.6m | CN¥109.8m |
| Capital spending | −CN¥21.2m | −CN¥3.8m | −CN¥28.7m | −CN¥23.4m | −CN¥61.7m | −CN¥87.0m | −CN¥110.2m | −CN¥169.6m | −CN¥365.2m | −CN¥309.0m |
| Free cash flow | CN¥18.5m | CN¥41.3m | CN¥406,189 | CN¥8.6m | −CN¥144.0m | −CN¥138.7m | −CN¥104.0m | −CN¥93.6m | −CN¥303.6m | −CN¥199.3m |
| Dividends paid | −CN¥23.3m | −CN¥26.7m | −CN¥40.6m | −CN¥47.7m | −CN¥48.0m | −CN¥37.4m | −CN¥6.4m | −CN¥74.8m | −CN¥72.9m | −CN¥66.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥83.9m | CN¥95.4m | CN¥86.9m | CN¥89.6m | CN¥89.8m | CN¥91.5m | CN¥123.5m | CN¥85.7m |
| Gross profit | CN¥11.8m | CN¥10.6m | CN¥3.6m | CN¥12.5m | CN¥4.7m | CN¥9.9m | CN¥23.4m | CN¥18.3m |
| Operating income | −CN¥5.5m | −CN¥5.2m | −CN¥19.3m | −CN¥36.7m | −CN¥12.7m | −CN¥13.2m | −CN¥61.6m | −CN¥32.3m |
| Net income | −CN¥35.5m | −CN¥39.2m | −CN¥126.4m | −CN¥36.6m | −CN¥32.1m | −CN¥27.4m | −CN¥49.8m | −CN¥32.3m |
| Diluted earnings per share | -0.11 | -0.12 | -0.38 | -0.11 | -0.10 | -0.08 | -0.16 | -0.11 |
| Cash from operations | — | — | — | CN¥13.0m | −CN¥1.0m | CN¥12.0m | — | CN¥14.0m |
| Capital spending | — | −CN¥1.0m | −CN¥9.0m | −CN¥10.0m | — | — | −CN¥2.0m | −CN¥1.0m |
| Free cash flow | — | — | — | CN¥3.0m | — | — | — | CN¥13.0m |
| Total assets | CN¥1.45bn | CN¥1.49bn | CN¥1.49bn | CN¥1.54bn | CN¥1.59bn | CN¥1.60bn | CN¥1.63bn | CN¥1.69bn |
| Cash and short-term investments | — | — | — | CN¥41.2m | CN¥61.4m | CN¥52.1m | CN¥56.3m | CN¥33.9m |
| Debt | — | — | — | CN¥439.8m | CN¥410.5m | CN¥330.7m | CN¥430.8m | CN¥430.6m |
| Shareholders' equity | −CN¥242.1m | −CN¥206.6m | −CN¥167.4m | −CN¥40.9m | −CN¥4.4m | CN¥27.7m | CN¥55.1m | CN¥104.9m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 8.5% | 13.0% | 5.5% | 0.7% | 9.2% | 27.0% | — |
| Operating margin | -30.4% | -17.7% | -37.1% | -42.8% | -29.3% | 18.2% | — |
| Net margin | -62.2% | -35.7% | -53.7% | -49.4% | -42.6% | 4.9% | — |
| Return on equity | 132.9% | -266.9% | -144.2% | -72.6% | -40.4% | 3.9% | — |
| Return on assets | -14.9% | -9.0% | -15.8% | -16.1% | -10.7% | 1.4% | — |
| Free cash flow yield | 4.5% | 3.9% | 4.5% | 3.0% | -1.6% | 1.7% | — |
| Revenue growth | -13.1% | -24.2% | -29.3% | -10.3% | -13.8% | 14.7% | — |
| Earnings growth | 51.3% | -49.6% | -23.2% | 4.1% | -843.6% | -150.3% | — |
| Current ratio | 0.17x | 0.22x | 0.23x | 0.37x | 0.52x | 0.58x | — |
| Debt to equity | — | 7.82x | 2.25x | 1.23x | 0.94x | 0.53x | 0.54x |
| Equity ratio | -11.2% | 3.4% | 11.0% | 22.2% | 26.6% | 35.3% | — |
| Interest coverage | -0.94x | -0.95x | -2.70x | -3.26x | -2.28x | 1.90x | — |
| R&D as a share of sales | 3.4% | 3.2% | 1.7% | 3.4% | 3.5% | 2.2% | — |
| Buybacks as a share of market value | -9.2% | 2.9% | 31.4% | -41.0% | 36.9% | -41.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -22.5% | -18.5% | -6.8% |
| Operating income | -50.2% | — | — |
| Net income | -16.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.6% | 9.7% | 14.0% | 19.0% |
| Operating margin | -27.7% | -41.3% | -26.0% | -10.0% |
| Net margin | -48.0% | -50.0% | -34.5% | -16.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -8.9 | -7.1 | -7.2 | -4.6 | 61.2 | -31.0 | 31.1 | 137.3 | 131.0 |
| Price to sales | 4.4 | 3.2 | 3.8 | 3.6 | 2.0 | 3.0 | 3.5 | 0.8 | 4.6 | 9.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 0.02 | 0.08 | 0.077 | 0.077 |
- 13-for-5 split · 25 May 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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