C 
7.03
+0.14%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥686.0m
FY2016FY2025
Net income
−CN¥245.6m
FY2016FY2025
Free cash flow
−CN¥56.6m
FY2016FY2025
Shareholders' equity
CN¥1.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥686.0m | CN¥775.7m | CN¥894.5m | CN¥837.2m | CN¥1.10bn | CN¥877.6m | CN¥771.3m | CN¥697.8m | CN¥602.9m | CN¥450.4m |
| Gross profit | CN¥213.0m | CN¥279.6m | CN¥378.8m | CN¥386.2m | CN¥525.9m | CN¥356.9m | CN¥351.2m | CN¥288.2m | CN¥271.3m | CN¥204.7m |
| Research and development | CN¥47.9m | CN¥41.6m | CN¥28.9m | CN¥28.4m | CN¥30.0m | CN¥22.4m | CN¥21.3m | CN¥17.1m | CN¥19.3m | CN¥19.3m |
| Operating income | −CN¥94.3m | −CN¥47.6m | −CN¥29.6m | CN¥46.0m | CN¥204.7m | CN¥45.9m | CN¥123.4m | CN¥55.1m | CN¥74.1m | CN¥47.1m |
| Net income | −CN¥245.6m | −CN¥59.7m | −CN¥65.5m | CN¥34.5m | CN¥147.5m | CN¥6.4m | CN¥69.2m | CN¥32.1m | CN¥52.9m | CN¥40.9m |
| Diluted earnings per share | -0.47 | -0.10 | -0.11 | 0.07 | 0.30 | 0.01 | 0.16 | 0.06 | 0.15 | 0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.31bn | CN¥2.41bn | CN¥2.48bn | CN¥2.71bn | CN¥2.43bn | CN¥2.29bn | CN¥2.08bn | CN¥2.12bn | CN¥1.57bn | CN¥922.4m |
| Cash and short-term investments | — | CN¥313.2m | CN¥361.2m | CN¥649.3m | CN¥356.2m | CN¥371.5m | CN¥283.8m | CN¥268.9m | CN¥179.6m | CN¥240.9m |
| Total liabilities | CN¥1.00bn | CN¥846.2m | CN¥820.1m | CN¥939.6m | CN¥1.05bn | CN¥1.25bn | CN¥1.01bn | CN¥1.08bn | CN¥646.6m | CN¥113.5m |
| Debt | CN¥247.7m | CN¥502.8m | CN¥459.8m | CN¥597.3m | CN¥649.7m | CN¥796.2m | CN¥725.8m | CN¥714.8m | CN¥339.5m | CN¥2.2m |
| Shareholders' equity | CN¥1.22bn | CN¥1.48bn | CN¥1.58bn | CN¥1.71bn | CN¥1.24bn | CN¥864.7m | CN¥872.1m | CN¥809.7m | CN¥793.4m | CN¥751.2m |
| Shares outstanding | 517m | 587m | 573m | 528m | 500m | 460m | 429m | 504m | 344m | 419m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥10.4m | CN¥73.0m | CN¥140.2m | CN¥204.7m | CN¥289.5m | CN¥166.3m | CN¥152.8m | CN¥124.0m | CN¥66.5m | CN¥72.1m |
| Capital spending | −CN¥46.2m | −CN¥122.0m | −CN¥149.2m | −CN¥196.1m | −CN¥296.7m | −CN¥167.8m | −CN¥134.2m | −CN¥260.8m | −CN¥334.7m | −CN¥97.6m |
| Free cash flow | −CN¥56.6m | −CN¥49.0m | −CN¥9.0m | CN¥8.5m | −CN¥7.3m | −CN¥1.5m | CN¥18.6m | −CN¥136.9m | −CN¥268.3m | −CN¥25.5m |
| Dividends paid | −CN¥19.8m | −CN¥16.7m | −CN¥10.7m | −CN¥30.7m | −CN¥38.0m | −CN¥15.4m | −CN¥6.7m | −CN¥44.0m | −CN¥24.9m | −CN¥10.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥174.5m | CN¥163.1m | CN¥141.2m | CN¥178.3m | CN¥185.4m | CN¥181.0m | CN¥93.1m | CN¥217.0m |
| Gross profit | CN¥67.7m | CN¥54.9m | CN¥16.3m | CN¥85.1m | CN¥43.4m | CN¥68.1m | −CN¥15.6m | CN¥90.0m |
| Operating income | −CN¥7.7m | −CN¥15.0m | −CN¥65.5m | −CN¥31.4m | −CN¥43.7m | −CN¥9.6m | −CN¥101.3m | CN¥2.9m |
| Net income | −CN¥23.5m | −CN¥25.9m | −CN¥168.4m | −CN¥24.5m | −CN¥39.1m | −CN¥13.6m | −CN¥88.1m | CN¥3.0m |
| Diluted earnings per share | -0.05 | -0.05 | -0.33 | -0.05 | -0.08 | -0.03 | -0.15 | 0.01 |
| Cash from operations | — | — | — | CN¥3.0m | −CN¥70.0m | CN¥34.0m | — | CN¥3.0m |
| Capital spending | −CN¥12.0m | −CN¥20.0m | −CN¥4.0m | −CN¥13.0m | −CN¥12.0m | −CN¥15.0m | −CN¥21.0m | −CN¥19.0m |
| Free cash flow | — | — | — | −CN¥10.0m | −CN¥82.0m | CN¥19.0m | — | −CN¥16.0m |
| Total assets | CN¥2.21bn | CN¥2.27bn | CN¥2.31bn | CN¥2.50bn | CN¥2.53bn | CN¥2.59bn | CN¥2.41bn | CN¥2.43bn |
| Cash and short-term investments | — | — | — | CN¥335.6m | CN¥349.7m | CN¥534.1m | CN¥313.2m | CN¥290.6m |
| Debt | CN¥223.7m | CN¥233.9m | CN¥247.7m | CN¥442.1m | CN¥662.0m | CN¥657.2m | CN¥439.4m | CN¥423.4m |
| Shareholders' equity | CN¥1.09bn | CN¥1.11bn | CN¥1.22bn | CN¥1.40bn | CN¥1.42bn | CN¥1.46bn | CN¥1.48bn | CN¥1.57bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.0% | 36.0% | 42.3% | 46.1% | 47.9% | 40.7% |
| Operating margin | -31.1% | -5.8% | -2.8% | 8.4% | 19.4% | 5.2% |
| Net margin | -35.8% | -7.7% | -7.3% | 4.1% | 13.4% | 0.7% |
| Return on equity | -20.1% | -4.0% | -4.2% | 2.0% | 11.9% | 0.7% |
| Return on assets | -10.6% | -2.5% | -2.6% | 1.3% | 6.1% | 0.3% |
| Free cash flow yield | 0.9% | 4.3% | 6.5% | 9.8% | 15.1% | 9.4% |
| Revenue growth | -11.6% | -13.3% | 6.8% | -23.8% | 25.2% | 13.8% |
| Earnings growth | 311.3% | -8.8% | -290.0% | -76.6% | 2206.0% | -90.8% |
| Current ratio | 0.92x | 1.47x | 1.57x | 1.79x | 1.12x | 0.83x |
| Debt to equity | 0.20x | 0.30x | 0.25x | 0.32x | 0.48x | 0.68x |
| Equity ratio | 52.8% | 61.3% | 63.6% | 62.9% | 51.1% | 37.7% |
| Interest coverage | -10.32x | -2.06x | -1.07x | 2.36x | 5.47x | 1.14x |
| R&D as a share of sales | 7.0% | 5.4% | 3.2% | 3.4% | 2.7% | 2.6% |
| Buybacks as a share of market value | 11.8% | -2.5% | -8.5% | -5.6% | -8.7% | -7.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.4% | -4.8% | 4.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.7% | 39.4% | 41.4% | 42.7% |
| Operating margin | -9.7% | -3.9% | 2.4% | 6.0% |
| Net margin | -20.9% | -10.5% | -3.5% | 0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.2 | -66.7 | -70.1 | 134.1 | 44.5 | — | 243.5 | 152.5 | 68.6 | 136.4 |
| Price to sales | 6.9 | 5.1 | 5.1 | 5.5 | 6.0 | 5.1 | 21.9 | 7.0 | 6.0 | 12.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 7 Jun 2023.
| FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.09 | 0.034 | 0.015 | 0.036 | 0.029 | 0.046 | 0.054 |
- 7-for-5 split · 20 Jun 2022
- 2-for-1 split · 21 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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