H 
14.04
-1.89%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥7.43bn
FY2016FY2025
Net income
CN¥186.8m
FY2016FY2025
Free cash flow
−CN¥404.1m
FY2016FY2025
Shareholders' equity
CN¥12.36bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.43bn | CN¥7.30bn | CN¥11.86bn | CN¥21.91bn | CN¥10.92bn | CN¥3.01bn | CN¥806.2m | CN¥684.1m | CN¥633.0m | CN¥297.5m |
| Gross profit | CN¥2.10bn | −CN¥1.41bn | CN¥1.62bn | CN¥4.35bn | CN¥2.15bn | CN¥825.0m | CN¥312.8m | CN¥324.2m | CN¥299.7m | CN¥96.5m |
| Research and development | CN¥375.9m | CN¥339.3m | CN¥610.7m | CN¥974.4m | CN¥386.7m | CN¥128.5m | CN¥41.3m | CN¥26.6m | CN¥25.2m | CN¥13.4m |
| Operating income | CN¥56.1m | −CN¥3.15bn | CN¥698.2m | CN¥3.41bn | CN¥1.95bn | CN¥612.8m | CN¥214.5m | CN¥233.9m | CN¥221.7m | CN¥59.7m |
| Net income | CN¥186.8m | −CN¥2.70bn | CN¥740.6m | CN¥3.03bn | CN¥1.71bn | CN¥531.3m | CN¥185.3m | CN¥200.8m | CN¥189.4m | CN¥51.2m |
| Diluted earnings per share | 0.28 | -3.99 | 1.28 | 5.28 | 3.15 | 2.32 | 0.81 | 1.17 | 1.11 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥26.81bn | CN¥29.22bn | CN¥29.38bn | CN¥21.03bn | CN¥14.49bn | CN¥4.90bn | CN¥2.76bn | CN¥1.75bn | CN¥870.6m | CN¥475.7m |
| Cash and short-term investments | — | CN¥9.63bn | CN¥7.79bn | CN¥7.22bn | CN¥3.83bn | CN¥561.4m | CN¥605.5m | CN¥937.5m | CN¥83.1m | CN¥25.9m |
| Total liabilities | CN¥14.45bn | CN¥17.34bn | CN¥17.36bn | CN¥8.50bn | CN¥7.05bn | CN¥2.24bn | CN¥1.06bn | CN¥203.6m | CN¥391.0m | CN¥135.5m |
| Debt | CN¥286.7m | CN¥10.96bn | CN¥1.52bn | CN¥213.6m | CN¥317.9m | CN¥330.1m | CN¥177.1m | CN¥36.4m | — | CN¥7.1m |
| Shareholders' equity | CN¥12.36bn | CN¥11.88bn | CN¥12.02bn | CN¥12.54bn | CN¥7.44bn | CN¥2.66bn | CN¥1.71bn | CN¥1.54bn | CN¥479.6m | CN¥340.3m |
| Shares outstanding | 675m | 676m | 578m | 574m | 543m | 229m | 229m | 171m | 170m | 675m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥250.8m | −CN¥907.4m | CN¥491.1m | CN¥2.96bn | CN¥916.4m | CN¥82.6m | −CN¥91.1m | −CN¥3.9m | CN¥96.8m | CN¥7.6m |
| Capital spending | −CN¥654.9m | −CN¥1.69bn | −CN¥3.67bn | −CN¥956.3m | −CN¥849.5m | −CN¥701.4m | −CN¥456.0m | −CN¥12.7m | −CN¥6.0m | −CN¥10.4m |
| Free cash flow | −CN¥404.1m | −CN¥2.59bn | −CN¥3.18bn | CN¥2.00bn | CN¥66.9m | −CN¥618.9m | −CN¥547.1m | −CN¥16.5m | CN¥90.8m | −CN¥2.8m |
| Dividends paid | −CN¥90.1m | −CN¥13.6m | −CN¥1.34bn | −CN¥550.5m | −CN¥159.6m | −CN¥57.1m | −CN¥20.2m | −CN¥50.0m | −CN¥40.6m | −CN¥40.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.34bn | CN¥1.94bn | CN¥1.74bn | CN¥2.46bn | CN¥1.57bn | CN¥1.66bn | CN¥1.97bn | CN¥1.32bn |
| Gross profit | −CN¥59.9m | CN¥282.9m | −CN¥48.8m | CN¥779.7m | −CN¥76.1m | CN¥85.0m | −CN¥1.04bn | CN¥293.5m |
| Operating income | −CN¥323.2m | CN¥83.8m | −CN¥292.7m | CN¥608.6m | −CN¥326.2m | −CN¥66.0m | −CN¥1.13bn | CN¥92.0m |
| Net income | −CN¥388.5m | −CN¥290.8m | −CN¥48.5m | CN¥532.1m | −CN¥234.9m | −CN¥61.9m | −CN¥1.07bn | −CN¥472.4m |
| Diluted earnings per share | -0.58 | -0.43 | -0.07 | 0.79 | -0.35 | -0.09 | -1.58 | -0.70 |
| Cash from operations | — | — | — | CN¥604.0m | CN¥212.0m | −CN¥573.0m | −CN¥1.06bn | CN¥14.0m |
| Capital spending | −CN¥456.0m | −CN¥464.0m | — | −CN¥172.0m | −CN¥272.0m | −CN¥294.0m | −CN¥177.0m | −CN¥337.0m |
| Free cash flow | — | — | — | CN¥432.0m | −CN¥60.0m | −CN¥867.0m | −CN¥1.24bn | −CN¥323.0m |
| Total assets | CN¥26.45bn | CN¥27.07bn | CN¥26.81bn | CN¥26.82bn | CN¥26.52bn | CN¥28.21bn | CN¥29.22bn | CN¥32.12bn |
| Cash and short-term investments | — | — | — | CN¥7.93bn | CN¥7.36bn | CN¥8.83bn | CN¥9.63bn | CN¥9.95bn |
| Debt | CN¥320.2m | CN¥334.7m | CN¥286.7m | CN¥8.38bn | CN¥1.77bn | CN¥10.37bn | CN¥10.89bn | CN¥2.14bn |
| Shareholders' equity | CN¥11.30bn | CN¥11.80bn | CN¥12.36bn | CN¥12.10bn | CN¥11.57bn | CN¥11.80bn | CN¥11.88bn | CN¥12.95bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 28.3% | -19.3% | 13.7% | 19.8% | 19.7% | 27.4% |
| Operating margin | 0.8% | -43.1% | 5.9% | 15.6% | 17.8% | 20.4% |
| Net margin | 2.5% | -36.9% | 6.2% | 13.8% | 15.7% | 17.6% |
| Return on equity | 1.5% | -22.7% | 6.2% | 24.2% | 23.0% | 20.0% |
| Return on assets | 0.7% | -9.2% | 2.5% | 14.4% | 11.8% | 10.8% |
| Free cash flow yield | 9.8% | 8.4% | 52.7% | 49.9% | 23.8% | 25.0% |
| Revenue growth | 1.7% | -38.4% | -45.9% | 100.7% | 262.5% | 273.5% |
| Earnings growth | -106.9% | -464.2% | -75.6% | 77.2% | 222.1% | 186.7% |
| Current ratio | 0.98x | 0.80x | 0.74x | 1.24x | 1.27x | 1.21x |
| Debt to equity | 0.02x | 0.92x | 0.12x | 0.01x | 0.03x | 0.12x |
| Equity ratio | 46.1% | 40.7% | 40.9% | 59.6% | 51.3% | 54.3% |
| Interest coverage | 0.37x | -14.32x | 6.04x | 24.36x | 59.60x | 23.07x |
| R&D as a share of sales | 5.1% | 4.6% | 5.1% | 4.4% | 3.5% | 4.3% |
| Buybacks as a share of market value | 0.2% | -17.1% | -0.6% | -5.6% | -137.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -30.3% | 19.8% | 48.4% |
| Operating income | -74.6% | -38.0% | 15.9% |
| Net income | -60.5% | -18.9% | 32.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.7% | 13.7% | 15.4% | 16.5% |
| Operating margin | -21.0% | 2.1% | 5.7% | 6.6% |
| Net margin | -17.0% | 2.6% | 5.6% | 6.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 110.2 | -4.1 | 26.0 | 14.3 | 27.1 | 30.5 | 12.3 |
| Price to sales | 2.8 | 1.5 | 1.6 | 2.0 | 4.3 | 5.4 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jun 2026.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.02 | 2.984 | 1.431 | 0.297 | 0.126 | 0.045 |
- 1.397-for-1 split · 7 Jul 2023
- 7-for-5 split · 2 Jun 2022
- 13-for-10 split · 20 May 2020
- 7-for-5 split · 10 Jul 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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