Z 
4.96
-2.36%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥462.8m
FY2016FY2025
Net income
−CN¥238.7m
FY2016FY2025
Free cash flow
−CN¥49.2m
FY2016FY2025
Shareholders' equity
CN¥1.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥462.8m | CN¥484.0m | CN¥645.0m | CN¥549.5m | CN¥629.8m | CN¥346.8m | CN¥516.0m | CN¥607.4m | CN¥938.9m | CN¥978.7m |
| Gross profit | CN¥212.7m | CN¥231.3m | CN¥356.9m | CN¥316.0m | CN¥397.2m | CN¥188.8m | CN¥320.9m | CN¥428.9m | CN¥723.5m | CN¥747.5m |
| Research and development | CN¥25.2m | CN¥57.6m | CN¥64.4m | CN¥59.6m | CN¥102.2m | CN¥27.8m | CN¥27.0m | CN¥26.6m | CN¥29.2m | CN¥29.0m |
| Operating income | −CN¥6.1m | −CN¥110.6m | CN¥22.0m | CN¥55.6m | CN¥54.9m | −CN¥199.4m | −CN¥11.4m | −CN¥130.3m | CN¥178.1m | CN¥239.1m |
| Net income | −CN¥238.7m | −CN¥123.4m | CN¥25.4m | CN¥44.8m | CN¥35.7m | −CN¥179.4m | CN¥7.9m | −CN¥126.5m | CN¥146.4m | CN¥275.7m |
| Diluted earnings per share | -0.52 | -0.37 | 0.08 | 0.14 | 0.11 | -20.95 | 0.01 | -0.39 | 0.43 | 0.93 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.87bn | CN¥2.11bn | CN¥2.17bn | CN¥1.96bn | CN¥1.59bn | CN¥1.67bn | CN¥1.59bn | CN¥1.65bn | CN¥1.87bn | CN¥1.84bn |
| Cash and short-term investments | — | CN¥189.6m | CN¥369.2m | CN¥554.3m | CN¥243.6m | CN¥356.8m | CN¥483.5m | CN¥145.2m | CN¥438.4m | CN¥484.9m |
| Total liabilities | CN¥521.0m | CN¥516.6m | CN¥440.9m | CN¥241.0m | CN¥232.9m | CN¥366.8m | CN¥100.3m | CN¥167.4m | CN¥212.1m | CN¥247.9m |
| Debt | CN¥108.6m | CN¥242.2m | CN¥156.7m | CN¥39.7m | CN¥37.6m | CN¥8.0m | — | — | — | — |
| Shareholders' equity | CN¥1.35bn | CN¥1.59bn | CN¥1.72bn | CN¥1.71bn | CN¥1.35bn | CN¥1.31bn | CN¥1.49bn | CN¥1.48bn | CN¥1.66bn | CN¥1.59bn |
| Shares outstanding | 455m | 337m | 317m | 309m | 311m | 9m | 593m | 323m | 340m | 296m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥44.9m | CN¥25.7m | CN¥41.5m | CN¥115.7m | CN¥100.8m | CN¥44.1m | CN¥59.5m | CN¥100.4m | CN¥45.6m | CN¥294.3m |
| Capital spending | −CN¥94.2m | −CN¥128.1m | −CN¥219.8m | −CN¥148.7m | −CN¥153.4m | −CN¥17.2m | −CN¥20.3m | −CN¥58.4m | −CN¥114.0m | −CN¥39.9m |
| Free cash flow | −CN¥49.2m | −CN¥102.4m | −CN¥178.3m | −CN¥33.0m | −CN¥52.7m | CN¥26.9m | CN¥39.1m | CN¥42.0m | −CN¥68.4m | CN¥254.4m |
| Dividends paid | −CN¥7.9m | −CN¥14.5m | −CN¥13.8m | — | — | −CN¥3.5m | −CN¥3.5m | −CN¥49.6m | −CN¥83.3m | −CN¥59.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥98.0m | CN¥98.5m | CN¥112.2m | CN¥114.5m | CN¥134.4m | CN¥101.7m | CN¥124.6m | CN¥122.5m |
| Gross profit | CN¥49.8m | CN¥50.0m | CN¥24.8m | CN¥48.1m | CN¥80.9m | CN¥59.0m | CN¥51.3m | CN¥60.7m |
| Operating income | −CN¥24.4m | CN¥6.8m | −CN¥33.7m | CN¥4.0m | CN¥12.5m | CN¥9.1m | −CN¥90.3m | CN¥513,952 |
| Net income | CN¥45.6m | −CN¥26.1m | −CN¥266.4m | CN¥5.8m | CN¥13.0m | CN¥8.9m | −CN¥92.7m | −CN¥6.0m |
| Diluted earnings per share | 0.10 | -0.06 | -0.58 | 0.01 | 0.03 | 0.02 | -0.28 | -0.02 |
| Cash from operations | — | — | — | CN¥8.0m | CN¥55.0m | −CN¥3.0m | — | CN¥21.0m |
| Capital spending | −CN¥25.0m | −CN¥31.0m | −CN¥13.0m | −CN¥34.0m | −CN¥27.0m | −CN¥18.0m | −CN¥11.0m | −CN¥15.0m |
| Free cash flow | — | — | — | −CN¥26.0m | CN¥28.0m | −CN¥21.0m | — | CN¥6.0m |
| Total assets | CN¥1.81bn | CN¥1.77bn | CN¥1.87bn | CN¥2.13bn | CN¥2.10bn | CN¥2.11bn | CN¥2.11bn | CN¥2.12bn |
| Cash and short-term investments | — | — | — | CN¥223.1m | CN¥189.1m | CN¥185.0m | CN¥189.6m | CN¥199.0m |
| Debt | CN¥62.8m | CN¥108.3m | CN¥108.6m | CN¥160.5m | CN¥250.1m | CN¥221.0m | CN¥216.8m | CN¥186.4m |
| Shareholders' equity | CN¥1.37bn | CN¥1.33bn | CN¥1.35bn | CN¥1.62bn | CN¥1.61bn | CN¥1.60bn | CN¥1.59bn | CN¥1.69bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2015 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 46.0% | 47.8% | 55.3% | 57.5% | 63.1% | 54.4% | — | — | — |
| Operating margin | -50.1% | -22.1% | 5.5% | 10.1% | 8.1% | -15.0% | — | — | — |
| Net margin | -51.6% | -25.5% | 3.9% | 8.1% | 5.7% | -51.7% | — | — | — |
| Return on equity | -17.7% | -7.8% | 1.5% | 2.6% | 2.6% | -13.7% | — | — | — |
| Return on assets | -12.8% | -5.9% | 1.2% | 2.3% | 2.2% | -10.7% | — | — | — |
| Free cash flow yield | 5.3% | 8.0% | 14.4% | 14.9% | 14.3% | 124.9% | — | — | — |
| Revenue growth | -4.4% | -25.0% | 17.4% | -12.7% | 81.6% | -32.8% | — | — | — |
| Earnings growth | 93.4% | -585.8% | -43.2% | 25.5% | -119.9% | -2382.8% | — | — | — |
| Current ratio | 0.94x | 0.97x | 1.50x | 3.54x | 2.84x | 1.79x | — | — | — |
| Debt to equity | 0.08x | 0.14x | 0.08x | — | — | — | 0.06x | 0.51x | 0.65x |
| Equity ratio | 72.2% | 75.5% | 79.2% | 87.2% | 85.3% | 78.1% | — | — | — |
| Interest coverage | -29.21x | -12.54x | 5.94x | 20.21x | 24.07x | -275.41x | — | — | — |
| R&D as a share of sales | 5.4% | 11.9% | 10.0% | 10.8% | 16.2% | 8.0% | — | — | — |
| Buybacks as a share of market value | -35.3% | -6.2% | -2.6% | 0.6% | -3528.8% | 98.6% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.6% | 5.9% | -6.7% |
| Operating income | — | -50.2% | — |
| Net income | — | 5.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.9% | 52.2% | 54.6% | 65.0% |
| Operating margin | -12.3% | -1.8% | -5.9% | 4.2% |
| Net margin | -38.3% | -13.6% | -14.0% | 0.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -14.0 | -18.3 | 167.3 | 62.9 | 82.6 | -0.4 | — | -17.5 | 26.6 | 24.9 |
| Price to sales | 7.2 | 4.7 | 6.6 | 5.1 | 4.7 | 0.2 | 10.0 | 3.6 | 4.2 | 7.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jun 2024.
| FY2024 | FY2023 | FY2020 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.021 | 0.037 | 0.011 | 0.154 | 0.258 | 0.181 | 0.159 |
- 13-for-10 split · 8 Jun 2018
- 7-for-5 split · 8 Jun 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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