A 
4.14
+6.15%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥462.3m
FY2016FY2025
Net income
−CN¥1.38bn
FY2016FY2025
Free cash flow
−CN¥59.0m
FY2016FY2025
Shareholders' equity
−CN¥68.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥462.3m | CN¥2.05bn | CN¥3.11bn | CN¥3.11bn | CN¥4.72bn | CN¥3.51bn | CN¥2.42bn | CN¥1.66bn | CN¥1.36bn | CN¥1.07bn |
| Gross profit | −CN¥1.5m | CN¥395.3m | CN¥949.1m | CN¥980.3m | CN¥1.12bn | CN¥1.14bn | CN¥783.3m | CN¥486.8m | CN¥419.9m | CN¥389.3m |
| Research and development | CN¥14.1m | CN¥70.4m | CN¥94.6m | CN¥98.1m | CN¥118.1m | CN¥96.4m | CN¥64.5m | CN¥47.2m | CN¥45.1m | CN¥48.1m |
| Operating income | −CN¥257.1m | −CN¥236.3m | CN¥161.8m | CN¥107.1m | −CN¥599.5m | CN¥358.6m | CN¥174.9m | CN¥100.9m | CN¥125.5m | CN¥129.0m |
| Net income | −CN¥1.38bn | −CN¥329.3m | CN¥60.2m | CN¥105.7m | −CN¥544.0m | CN¥324.7m | CN¥114.2m | CN¥58.7m | CN¥113.7m | CN¥122.4m |
| Diluted earnings per share | -3.28 | -1.04 | 0.14 | 0.24 | -1.30 | 0.77 | 0.29 | 0.13 | 0.28 | 0.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.01bn | CN¥6.34bn | CN¥6.41bn | CN¥6.58bn | CN¥7.18bn | CN¥5.19bn | CN¥3.18bn | CN¥2.54bn | CN¥2.06bn | CN¥1.26bn |
| Cash and short-term investments | — | CN¥582.6m | CN¥469.0m | CN¥298.2m | CN¥1.03bn | CN¥1.38bn | CN¥703.1m | CN¥663.3m | CN¥538.7m | CN¥206.6m |
| Total liabilities | CN¥4.08bn | CN¥5.03bn | CN¥4.67bn | CN¥4.86bn | CN¥5.56bn | CN¥3.15bn | CN¥1.81bn | CN¥1.23bn | CN¥775.7m | CN¥668.9m |
| Debt | CN¥604.6m | CN¥2.26bn | CN¥1.62bn | CN¥2.10bn | CN¥1.63bn | CN¥774.0m | CN¥352.0m | CN¥445.9m | CN¥247.5m | CN¥277.5m |
| Shareholders' equity | −CN¥68.7m | CN¥1.31bn | CN¥1.74bn | CN¥1.73bn | CN¥1.62bn | CN¥2.05bn | CN¥1.37bn | CN¥1.31bn | CN¥1.29bn | CN¥593.8m |
| Shares outstanding | 421m | 316m | 441m | 450m | 418m | 423m | 401m | 435m | 405m | 307m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥40.8m | −CN¥419.0m | CN¥437.6m | CN¥324.3m | −CN¥1.03bn | CN¥253.0m | CN¥426.9m | CN¥80.0m | −CN¥96.7m | CN¥131.1m |
| Capital spending | −CN¥18.2m | −CN¥167.0m | −CN¥262.6m | −CN¥453.8m | −CN¥1.08bn | −CN¥241.5m | −CN¥269.7m | −CN¥191.3m | −CN¥107.7m | −CN¥168.8m |
| Free cash flow | −CN¥59.0m | −CN¥586.0m | CN¥175.0m | −CN¥129.5m | −CN¥2.11bn | CN¥11.6m | CN¥157.3m | −CN¥111.3m | −CN¥204.3m | −CN¥37.7m |
| Dividends paid | −CN¥81.5m | −CN¥98.6m | −CN¥98.2m | −CN¥57.9m | −CN¥94.8m | −CN¥34.6m | −CN¥17.7m | −CN¥50.3m | −CN¥13.8m | −CN¥10.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥92.7m | CN¥35.7m | CN¥65.2m | CN¥122.7m | CN¥165.4m | CN¥103.8m | CN¥328.0m | CN¥681.8m |
| Gross profit | CN¥18.5m | CN¥6.9m | −CN¥1.8m | −CN¥8.8m | CN¥9.9m | −CN¥6.1m | −CN¥4.0m | CN¥168.1m |
| Operating income | −CN¥67.3m | −CN¥75.8m | −CN¥56.6m | −CN¥128.6m | −CN¥125.2m | −CN¥116.4m | −CN¥244.4m | CN¥21.2m |
| Net income | −CN¥126.0m | −CN¥97.6m | −CN¥1.07bn | −CN¥119.8m | −CN¥99.0m | −CN¥92.6m | −CN¥310.7m | CN¥534,632 |
| Diluted earnings per share | -0.30 | -0.23 | -2.54 | -0.28 | -0.24 | -0.22 | -0.98 | 0.00 |
| Cash from operations | — | — | — | CN¥99.0m | CN¥53.0m | −CN¥249.0m | — | −CN¥3.0m |
| Capital spending | — | −CN¥3.0m | −CN¥4.0m | −CN¥1.0m | −CN¥5.0m | −CN¥5.0m | −CN¥75.0m | −CN¥26.0m |
| Free cash flow | — | — | — | CN¥98.0m | CN¥48.0m | −CN¥254.0m | — | −CN¥29.0m |
| Total assets | CN¥3.75bn | CN¥3.89bn | CN¥4.01bn | CN¥5.38bn | CN¥5.64bn | CN¥5.90bn | CN¥6.34bn | CN¥6.59bn |
| Cash and short-term investments | — | — | — | CN¥141.9m | CN¥212.3m | CN¥300.9m | CN¥582.6m | CN¥418.0m |
| Debt | CN¥121.0m | CN¥577.3m | CN¥604.6m | CN¥1.95bn | CN¥2.43bn | CN¥2.38bn | CN¥2.25bn | CN¥2.95bn |
| Shareholders' equity | −CN¥292.3m | −CN¥166.3m | −CN¥68.7m | CN¥998.0m | CN¥1.12bn | CN¥1.22bn | CN¥1.31bn | CN¥1.65bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -0.3% | 19.3% | 30.5% | 31.5% | 23.8% | 32.4% |
| Operating margin | -200.1% | -11.5% | 5.2% | 6.6% | -12.7% | 11.5% |
| Net margin | -298.7% | -16.0% | 1.9% | 3.4% | -11.5% | 9.3% |
| Return on equity | 2008.9% | -25.1% | 3.5% | 6.1% | -33.6% | 15.9% |
| Return on assets | -34.4% | -5.2% | 0.9% | 1.6% | -7.6% | 6.3% |
| Free cash flow yield | -1.3% | -19.2% | 38.2% | 41.6% | 3.3% | 28.1% |
| Revenue growth | -77.5% | -34.0% | 0.1% | -34.1% | 34.5% | 44.6% |
| Earnings growth | 319.3% | -647.2% | -43.1% | -119.4% | -267.5% | 184.4% |
| Current ratio | 0.29x | 0.61x | 0.69x | 0.73x | 0.87x | 1.34x |
| Debt to equity | -8.80x | 1.72x | 0.93x | 1.21x | 1.00x | 0.35x |
| Equity ratio | -1.7% | 20.7% | 27.2% | 26.2% | 22.6% | 39.4% |
| Interest coverage | -5.74x | -2.04x | 1.43x | 2.01x | -5.90x | 9.02x |
| R&D as a share of sales | 3.1% | 3.4% | 3.0% | 3.2% | 2.5% | 2.8% |
| Buybacks as a share of market value | -33.3% | 28.4% | 2.0% | -7.7% | 1.4% | -5.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -47.0% | -33.3% | -6.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.7% | 26.6% | 27.0% | 28.8% |
| Operating margin | -19.6% | -2.6% | -2.7% | 0.8% |
| Net margin | -68.0% | -17.7% | -10.4% | -5.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.1 | -6.2 | 62.0 | 49.0 | -13.6 | 26.5 | 37.2 | 47.0 | 38.8 |
| Price to sales | 6.2 | 1.0 | 1.2 | 1.7 | 1.6 | 2.5 | 1.8 | 1.7 | 3.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2024.
| FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.044 | 0.075 | 0.219 | 0.086 | 0.044 | 0.086 |
- 1.45-for-1 split · 8 Jun 2022
- 1.45-for-1 split · 16 Jul 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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