A 
53.44
+10.00%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥555.7m
FY2016FY2025
Net income
−CN¥59.3m
FY2016FY2025
Free cash flow
CN¥66.2m
FY2016FY2025
Shareholders' equity
CN¥215.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥555.7m | CN¥202.4m | CN¥198.3m | CN¥236.9m | CN¥276.0m | CN¥311.9m | CN¥372.4m | CN¥417.1m | CN¥572.7m | CN¥562.0m |
| Gross profit | CN¥86.4m | CN¥43.4m | CN¥51.9m | CN¥83.3m | CN¥117.6m | CN¥146.9m | CN¥160.8m | CN¥209.8m | CN¥323.4m | CN¥325.1m |
| Research and development | CN¥6.4m | CN¥7.9m | CN¥11.0m | CN¥11.0m | CN¥14.4m | CN¥12.2m | CN¥17.4m | CN¥18.4m | CN¥20.3m | CN¥18.3m |
| Operating income | — | −CN¥102.1m | −CN¥125.0m | −CN¥98.9m | −CN¥72.8m | CN¥21.0m | −CN¥133.5m | −CN¥93.2m | CN¥71.0m | CN¥82.8m |
| Net income | −CN¥59.3m | −CN¥117.0m | −CN¥129.1m | −CN¥89.5m | −CN¥66.8m | CN¥16.7m | −CN¥124.5m | −CN¥86.1m | CN¥61.1m | CN¥75.5m |
| Diluted earnings per share | -0.23 | -0.45 | -0.48 | -0.34 | -0.23 | 0.06 | -0.44 | -0.23 | 0.24 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.30bn | CN¥587.3m | CN¥650.0m | CN¥791.6m | CN¥853.6m | CN¥836.6m | CN¥825.2m | CN¥949.4m | CN¥1.07bn | CN¥1.02bn |
| Cash and short-term investments | — | CN¥15.9m | CN¥20.0m | CN¥47.5m | CN¥90.9m | CN¥181.6m | CN¥91.2m | CN¥196.6m | CN¥334.7m | CN¥556.1m |
| Total liabilities | CN¥1.05bn | CN¥342.2m | CN¥287.5m | CN¥296.9m | CN¥255.7m | CN¥172.2m | CN¥179.2m | CN¥174.3m | CN¥187.7m | CN¥173.5m |
| Debt | CN¥151.9m | CN¥122.5m | CN¥127.9m | CN¥153.6m | CN¥116.8m | CN¥19.1m | — | CN¥2.9m | CN¥13.6m | CN¥4.4m |
| Shareholders' equity | CN¥215.8m | CN¥259.7m | CN¥376.7m | CN¥505.9m | CN¥599.4m | CN¥671.7m | CN¥655.0m | CN¥779.5m | CN¥884.3m | CN¥847.3m |
| Shares outstanding | 261m | 260m | 270m | 261m | 296m | 285m | 282m | 367m | 259m | 305m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥80.8m | −CN¥37.6m | −CN¥31.8m | −CN¥15.5m | −CN¥27.4m | CN¥42.0m | −CN¥20.5m | −CN¥79.4m | CN¥39.1m | CN¥128.6m |
| Capital spending | −CN¥14.7m | −CN¥4.3m | −CN¥5.0m | −CN¥35.1m | −CN¥23.0m | −CN¥13.1m | −CN¥36.5m | −CN¥142.4m | −CN¥138.5m | −CN¥29.0m |
| Free cash flow | CN¥66.2m | −CN¥41.9m | −CN¥36.8m | −CN¥50.6m | −CN¥50.4m | CN¥28.9m | −CN¥57.0m | −CN¥221.8m | −CN¥99.4m | CN¥99.6m |
| Dividends paid | −CN¥8.9m | −CN¥2.1m | −CN¥1.9m | −CN¥1.2m | −CN¥10.5m | −CN¥724,339 | −CN¥724,338 | −CN¥18.6m | −CN¥24.1m | −CN¥21.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥202.9m | CN¥116.1m | CN¥423.0m | CN¥51.7m | CN¥65.3m | CN¥40.7m | CN¥50.5m | CN¥49.4m |
| Gross profit | CN¥8.1m | CN¥16.2m | CN¥49.7m | CN¥10.9m | CN¥20.8m | CN¥5.3m | −CN¥11.1m | CN¥9.8m |
| Operating income | −CN¥11.6m | −CN¥7.6m | CN¥8.2m | CN¥6.3m | −CN¥9.2m | −CN¥20.5m | −CN¥50.2m | −CN¥25.4m |
| Net income | −CN¥1.5m | −CN¥14.8m | −CN¥31.7m | CN¥1.7m | −CN¥11.8m | −CN¥21.3m | −CN¥63.6m | −CN¥25.3m |
| Diluted earnings per share | -0.01 | -0.06 | -0.12 | 0.01 | -0.05 | -0.08 | -0.24 | -0.10 |
| Cash from operations | — | — | — | −CN¥63.0m | −CN¥3.0m | −CN¥13.0m | — | — |
| Capital spending | −CN¥10.0m | −CN¥6.0m | −CN¥9.0m | −CN¥5.0m | — | — | −CN¥3.0m | — |
| Free cash flow | — | — | — | −CN¥68.0m | — | — | — | — |
| Total assets | CN¥1.10bn | CN¥1.22bn | CN¥1.30bn | CN¥1.18bn | CN¥572.7m | CN¥578.5m | CN¥587.3m | CN¥590.4m |
| Cash and short-term investments | — | — | — | CN¥30.4m | CN¥22.1m | CN¥18.6m | CN¥15.9m | CN¥9.0m |
| Debt | CN¥155.4m | CN¥151.9m | CN¥151.9m | CN¥326.0m | CN¥30.0m | CN¥60.1m | CN¥60.1m | CN¥45.1m |
| Shareholders' equity | CN¥199.0m | CN¥200.5m | CN¥215.8m | CN¥233.9m | CN¥226.6m | CN¥233.4m | CN¥259.7m | CN¥323.3m |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.5% | 21.5% | 26.2% | 35.2% | 42.6% | 47.1% |
| Operating margin | -5.0% | -50.4% | -63.0% | -41.8% | -26.4% | 6.7% |
| Net margin | -10.7% | -57.8% | -65.1% | -37.8% | -24.2% | 5.4% |
| Return on equity | -27.5% | -45.0% | -34.3% | -17.7% | -11.2% | 2.5% |
| Return on assets | -4.6% | -19.9% | -19.9% | -11.3% | -7.8% | 2.0% |
| Free cash flow yield | 0.8% | -0.3% | -0.2% | 0.2% | -0.0% | 0.4% |
| Revenue growth | 174.6% | 2.1% | -16.3% | -14.2% | -11.5% | -16.2% |
| Earnings growth | -49.3% | -9.4% | 44.2% | 34.0% | -499.9% | -113.4% |
| Current ratio | 0.95x | 0.83x | 1.03x | 1.57x | 2.46x | 3.03x |
| Debt to equity | 0.70x | 0.23x | 0.15x | 0.09x | 0.03x | 0.07x |
| Equity ratio | 16.6% | 44.2% | 58.0% | 63.9% | 70.2% | 80.3% |
| Interest coverage | -1.92x | -15.08x | -17.02x | -14.78x | -11.64x | 27.95x |
| R&D as a share of sales | 1.1% | 3.9% | 5.5% | 4.6% | 5.2% | 3.9% |
| Buybacks as a share of market value | -0.6% | 3.7% | -3.2% | 11.7% | -4.0% | -1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.9% | 12.2% | -0.5% |
| Net income | -12.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.1% | 22.2% | 29.7% | 44.0% |
| Net margin | -23.3% | -33.1% | -25.0% | -10.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -199.0 | -13.6 | -13.8 | -15.2 | -23.1 | 59.3 | -13.2 | -37.2 | 27.9 | 50.1 |
| Price to sales | 21.3 | 7.9 | 9.0 | 5.7 | 5.6 | 3.2 | 4.4 | 7.7 | 3.0 | 6.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Jun 2021.
| FY2021 | FY2018 | FY2017 | |
|---|---|---|---|
| Paid in the year | 0.04 | 0.071 | 0.092 |
- 6-for-5 split · 4 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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