J 
7.03
+3.69%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.72bn
FY2016FY2025
Net income
−CN¥44.9m
FY2016FY2025
Free cash flow
CN¥47.1m
FY2016FY2025
Shareholders' equity
CN¥470.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.72bn | CN¥1.25bn | CN¥1.61bn | CN¥795.9m | CN¥915.6m | CN¥750.5m | CN¥631.8m | CN¥547.4m | CN¥554.7m | CN¥518.7m |
| Gross profit | CN¥171.7m | −CN¥25.7m | CN¥191.4m | CN¥130.3m | CN¥174.5m | CN¥156.9m | CN¥115.2m | CN¥105.5m | CN¥107.3m | CN¥129.4m |
| Research and development | CN¥56.4m | CN¥44.1m | CN¥37.4m | CN¥27.7m | CN¥29.0m | CN¥26.3m | CN¥21.6m | CN¥20.0m | CN¥19.9m | CN¥18.4m |
| Operating income | −CN¥48.1m | −CN¥463.8m | CN¥73.1m | −CN¥61.4m | CN¥68.8m | CN¥67.0m | CN¥22.4m | CN¥25.4m | CN¥25.9m | CN¥32.6m |
| Net income | −CN¥44.9m | −CN¥189.1m | CN¥31.8m | −CN¥79.5m | CN¥57.0m | CN¥53.8m | CN¥14.4m | CN¥16.9m | CN¥24.0m | CN¥31.1m |
| Diluted earnings per share | -0.19 | -0.60 | 0.10 | -0.31 | 0.23 | 0.18 | 0.18 | 0.11 | 0.08 | 0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.49bn | CN¥2.44bn | CN¥2.35bn | CN¥1.21bn | CN¥1.31bn | CN¥1.17bn | CN¥878.3m | CN¥966.0m | CN¥961.1m | CN¥882.8m |
| Cash and short-term investments | — | CN¥181.3m | CN¥343.4m | CN¥150.0m | CN¥115.7m | CN¥119.9m | CN¥157.3m | CN¥143.3m | CN¥172.1m | CN¥154.9m |
| Total liabilities | CN¥2.12bn | CN¥2.00bn | CN¥1.45bn | CN¥524.7m | CN¥499.0m | CN¥412.5m | CN¥169.0m | CN¥266.8m | CN¥273.1m | CN¥207.1m |
| Debt | CN¥346.2m | CN¥757.0m | CN¥463.8m | CN¥282.0m | CN¥214.4m | CN¥150.5m | CN¥69.6m | CN¥159.6m | CN¥102.2m | CN¥49.2m |
| Shareholders' equity | CN¥470.3m | CN¥511.1m | CN¥734.3m | CN¥683.4m | CN¥810.1m | CN¥757.4m | CN¥709.3m | CN¥699.1m | CN¥688.0m | CN¥675.7m |
| Shares outstanding | 236m | 316m | 311m | 259m | 251m | 298m | 81m | 157m | 284m | 314m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥113.9m | CN¥81.9m | CN¥177.8m | CN¥53.7m | CN¥13.5m | CN¥51.1m | CN¥130.7m | −CN¥20.7m | CN¥79.2m | CN¥34.1m |
| Capital spending | −CN¥66.8m | −CN¥457.5m | −CN¥551.4m | −CN¥16.3m | −CN¥28.9m | −CN¥11.1m | −CN¥13.8m | −CN¥10.6m | −CN¥56.8m | −CN¥51.1m |
| Free cash flow | CN¥47.1m | −CN¥375.6m | −CN¥373.5m | CN¥37.5m | −CN¥15.3m | CN¥40.1m | CN¥116.9m | −CN¥31.3m | CN¥22.3m | −CN¥17.0m |
| Dividends paid | −CN¥31.6m | −CN¥40.2m | −CN¥15.4m | −CN¥17.2m | −CN¥16.6m | −CN¥4.4m | −CN¥5.1m | −CN¥15.4m | −CN¥14.3m | −CN¥6.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥332.7m | CN¥262.5m | CN¥114.9m | CN¥541.7m | CN¥711.5m | CN¥349.2m | CN¥215.3m | CN¥378.4m |
| Gross profit | CN¥9.9m | CN¥18.7m | CN¥13.8m | CN¥18.5m | CN¥32.4m | CN¥16.4m | −CN¥36.8m | −CN¥6.9m |
| Operating income | −CN¥23.2m | −CN¥8.8m | −CN¥20.9m | −CN¥12.1m | CN¥3.1m | −CN¥3.0m | −CN¥377.8m | −CN¥48.5m |
| Net income | −CN¥27.6m | −CN¥4.8m | −CN¥46.3m | −CN¥1.7m | CN¥2.0m | CN¥1.1m | −CN¥161.5m | −CN¥15.2m |
| Diluted earnings per share | -0.12 | -0.02 | -0.20 | -0.01 | 0.01 | 0.00 | -0.51 | -0.05 |
| Cash from operations | — | — | — | CN¥16.0m | CN¥179.0m | CN¥2.0m | — | CN¥38.0m |
| Capital spending | −CN¥10.0m | −CN¥1.0m | −CN¥39.0m | −CN¥6.0m | −CN¥5.0m | −CN¥14.0m | −CN¥51.0m | −CN¥135.0m |
| Free cash flow | — | — | — | CN¥10.0m | CN¥174.0m | −CN¥12.0m | — | −CN¥97.0m |
| Total assets | CN¥2.47bn | CN¥2.52bn | CN¥2.49bn | CN¥2.78bn | CN¥2.64bn | CN¥2.45bn | CN¥2.44bn | CN¥2.57bn |
| Cash and short-term investments | — | — | — | CN¥310.1m | CN¥260.3m | CN¥142.5m | CN¥181.3m | CN¥138.9m |
| Debt | CN¥289.2m | CN¥349.0m | CN¥346.2m | CN¥785.9m | CN¥755.2m | CN¥783.0m | CN¥744.3m | CN¥827.0m |
| Shareholders' equity | CN¥439.6m | CN¥464.4m | CN¥470.3m | CN¥512.1m | CN¥513.7m | CN¥512.0m | CN¥511.1m | CN¥666.7m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.0% | -2.1% | 11.9% | 16.4% | 19.1% | 20.9% |
| Operating margin | -2.8% | -37.2% | 4.7% | -7.7% | 8.4% | 9.1% |
| Net margin | -2.6% | -15.2% | 2.0% | -10.0% | 6.2% | 7.2% |
| Return on equity | -9.5% | -37.0% | 4.3% | -11.6% | 7.0% | 7.1% |
| Return on assets | -1.8% | -7.7% | 1.4% | -6.6% | 4.3% | 4.6% |
| Free cash flow yield | 9.0% | 20.0% | 27.4% | 3.2% | 2.0% | 2.4% |
| Revenue growth | 37.7% | -22.3% | 101.7% | -13.1% | 22.0% | 18.8% |
| Earnings growth | -76.3% | -694.1% | -140.1% | -239.6% | 5.9% | 274.3% |
| Current ratio | 0.60x | 0.57x | 0.76x | 1.43x | 1.41x | 1.55x |
| Debt to equity | 0.74x | 1.46x | 0.63x | 0.41x | 0.26x | 0.17x |
| Equity ratio | 18.9% | 20.9% | 31.2% | 56.5% | 61.9% | 64.7% |
| Interest coverage | -1.43x | -14.00x | 5.01x | -6.00x | 9.06x | 21.09x |
| R&D as a share of sales | 3.3% | 3.5% | 2.3% | 3.5% | 3.2% | 3.5% |
| Buybacks as a share of market value | 25.3% | -1.6% | -20.1% | -3.1% | 15.6% | -266.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 29.2% | 18.0% | 12.1% |
| Operating income | -7.8% | — | — |
| Net income | -17.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.9% | 8.7% | 11.4% | 14.2% |
| Operating margin | -17.3% | -9.3% | -5.2% | -2.1% |
| Net margin | -7.9% | -5.2% | -2.4% | -0.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -49.0 | -10.1 | 109.0 | -30.1 | 59.1 | 46.0 | 51.5 | 51.9 | 93.7 | 205.1 |
| Price to sales | 1.3 | 1.5 | 2.2 | 3.0 | 3.7 | 3.3 | 1.2 | 1.6 | 4.1 | 12.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2024.
| FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.034 | 0.061 | 0.058 | 0.015 | 0.018 | 0.025 | 0.033 |
- 13-for-10 split · 24 Jun 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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