J 
9.60
-3.52%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.62bn
FY2016FY2025
Net income
−CN¥194.9m
FY2016FY2025
Free cash flow
−CN¥83.6m
FY2016FY2025
Shareholders' equity
CN¥1.08bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.62bn | CN¥3.00bn | CN¥3.74bn | CN¥3.21bn | CN¥3.16bn | CN¥3.01bn | CN¥2.03bn | CN¥1.28bn | CN¥1.01bn | CN¥766.5m |
| Gross profit | CN¥283.0m | CN¥627.5m | CN¥926.3m | CN¥745.2m | CN¥906.0m | CN¥962.6m | CN¥648.6m | CN¥417.4m | CN¥331.3m | CN¥243.1m |
| Research and development | CN¥62.2m | CN¥102.9m | CN¥126.8m | CN¥123.5m | CN¥121.3m | CN¥93.7m | CN¥78.1m | CN¥55.0m | CN¥36.7m | CN¥25.8m |
| Operating income | CN¥36.0m | CN¥133.4m | CN¥372.8m | −CN¥252.7m | CN¥300.4m | CN¥518.4m | CN¥309.9m | CN¥172.7m | CN¥165.5m | CN¥118.1m |
| Net income | −CN¥194.9m | CN¥108.9m | CN¥389.9m | −CN¥298.5m | CN¥256.9m | CN¥425.8m | CN¥261.3m | CN¥152.7m | CN¥137.5m | CN¥109.4m |
| Diluted earnings per share | -1.07 | 0.62 | 2.22 | -1.85 | 1.44 | 2.40 | 1.48 | 0.87 | 0.77 | 0.81 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.97bn | CN¥3.74bn | CN¥4.62bn | CN¥4.47bn | CN¥4.68bn | CN¥3.91bn | CN¥2.86bn | CN¥2.15bn | CN¥1.71bn | CN¥849.3m |
| Cash and short-term investments | — | CN¥681.4m | CN¥1.19bn | CN¥1.11bn | CN¥996.9m | CN¥643.7m | CN¥598.9m | CN¥592.6m | CN¥633.3m | CN¥249.3m |
| Total liabilities | CN¥1.88bn | CN¥2.43bn | CN¥3.03bn | CN¥2.99bn | CN¥2.77bn | CN¥2.10bn | CN¥1.47bn | CN¥986.4m | CN¥640.5m | CN¥405.2m |
| Debt | CN¥647.7m | CN¥660.5m | CN¥772.1m | CN¥658.5m | CN¥750.0m | CN¥146.4m | CN¥111.0m | CN¥67.6m | CN¥8.6m | CN¥131.8m |
| Shareholders' equity | CN¥1.08bn | CN¥1.31bn | CN¥1.53bn | CN¥1.41bn | CN¥1.84bn | CN¥1.65bn | CN¥1.31bn | CN¥1.10bn | CN¥995.0m | CN¥444.1m |
| Shares outstanding | 182m | 175m | 176m | 161m | 178m | 177m | 176m | 175m | 178m | 135m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥65.6m | CN¥34.6m | CN¥423.9m | CN¥522.9m | −CN¥17.9m | CN¥239.3m | CN¥323.7m | CN¥204.5m | CN¥33.2m | CN¥170.3m |
| Capital spending | −CN¥18.0m | −CN¥44.7m | −CN¥101.4m | −CN¥227.3m | −CN¥379.0m | −CN¥343.2m | −CN¥369.3m | −CN¥303.4m | −CN¥248.5m | −CN¥78.7m |
| Free cash flow | −CN¥83.6m | −CN¥10.1m | CN¥322.5m | CN¥295.6m | −CN¥396.9m | −CN¥103.9m | −CN¥45.7m | −CN¥98.9m | −CN¥215.3m | CN¥91.5m |
| Dividends paid | −CN¥42.2m | −CN¥320.3m | −CN¥277.1m | −CN¥77.7m | −CN¥128.2m | −CN¥80.8m | −CN¥46.9m | −CN¥51.2m | −CN¥33.1m | −CN¥20.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥207.9m | CN¥227.8m | CN¥340.8m | CN¥416.3m | CN¥465.7m | CN¥402.1m | CN¥743.4m | CN¥815.0m |
| Gross profit | CN¥37.8m | CN¥33.9m | CN¥57.3m | CN¥77.2m | CN¥95.7m | CN¥52.7m | CN¥112.6m | CN¥188.6m |
| Operating income | −CN¥30.7m | −CN¥14.2m | −CN¥24.7m | −CN¥60.3m | CN¥19.4m | CN¥13.3m | −CN¥68.3m | CN¥71.0m |
| Net income | −CN¥56.2m | −CN¥36.4m | −CN¥153.5m | −CN¥51.6m | CN¥6.6m | CN¥3.5m | −CN¥54.7m | CN¥58.6m |
| Diluted earnings per share | -0.31 | -0.20 | -0.84 | -0.28 | 0.04 | 0.02 | -0.31 | 0.34 |
| Cash from operations | — | — | — | CN¥98.0m | CN¥1.0m | −CN¥100.0m | — | CN¥126.0m |
| Capital spending | −CN¥2.0m | −CN¥1.0m | −CN¥1.0m | −CN¥4.0m | −CN¥2.0m | −CN¥9.0m | −CN¥11.0m | −CN¥3.0m |
| Free cash flow | — | — | — | CN¥94.0m | −CN¥1.0m | −CN¥109.0m | — | CN¥123.0m |
| Total assets | CN¥2.61bn | CN¥2.73bn | CN¥2.97bn | CN¥3.26bn | CN¥3.32bn | CN¥3.44bn | CN¥3.74bn | CN¥3.88bn |
| Cash and short-term investments | — | — | — | CN¥569.2m | CN¥475.0m | CN¥531.6m | CN¥681.4m | CN¥622.6m |
| Debt | CN¥649.2m | CN¥655.7m | CN¥647.7m | CN¥211.1m | CN¥633.0m | CN¥634.0m | CN¥660.5m | CN¥1.10bn |
| Shareholders' equity | CN¥991.5m | CN¥1.05bn | CN¥1.08bn | CN¥1.24bn | CN¥1.29bn | CN¥1.32bn | CN¥1.31bn | CN¥1.37bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.4% | 20.9% | 24.8% | 23.2% | 28.7% | 32.0% |
| Operating margin | -10.5% | 5.0% | 10.6% | -7.9% | 9.5% | 17.4% |
| Net margin | -12.0% | 3.6% | 10.4% | -9.3% | 8.1% | 14.1% |
| Return on equity | -18.0% | 8.3% | 25.4% | -21.1% | 13.9% | 25.8% |
| Return on assets | -6.6% | 2.9% | 8.4% | -6.7% | 5.5% | 10.9% |
| Free cash flow yield | -2.5% | 4.4% | 29.1% | 45.4% | 19.8% | 32.0% |
| Revenue growth | -45.8% | -19.7% | 16.5% | 1.6% | 4.8% | 48.6% |
| Earnings growth | -279.1% | -72.1% | -230.6% | -216.2% | -39.7% | 63.0% |
| Current ratio | 1.39x | 1.30x | 1.33x | 1.30x | 1.59x | 1.44x |
| Debt to equity | 0.60x | 0.50x | 1.00x | 0.46x | 0.39x | 0.07x |
| Equity ratio | 36.5% | 35.1% | 33.2% | 31.7% | 39.4% | 42.1% |
| Interest coverage | -5.41x | 4.24x | 10.48x | -9.68x | 20.80x | 64.09x |
| R&D as a share of sales | 3.8% | 3.4% | 3.4% | 3.8% | 3.8% | 3.1% |
| Buybacks as a share of market value | -4.4% | 0.7% | -9.3% | 9.5% | -0.2% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.3% | -11.6% | 9.5% |
| Operating income | — | -41.3% | -9.9% |
| Net income | -13.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 22.3% | 25.1% | 26.8% |
| Operating margin | 3.7% | 2.5% | 6.2% | 8.4% |
| Net margin | -1.9% | 0.0% | 3.9% | 6.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.6 | 29.5 | 13.4 | -25.5 | 25.8 | 26.0 | 15.7 | 13.9 | 25.2 |
| Price to sales | 1.6 | 1.1 | 1.4 | 2.4 | 2.1 | 3.7 | 2.0 | 1.7 | 3.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 13 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.19 | 1.78 | 2.00 | 0.569 | 0.722 | 0.455 | 0.264 | 0.282 |
- 13-for-10 split · 21 Jun 2023
- 13-for-10 split · 6 Jul 2022
- 13-for-10 split · 4 Jun 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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