M 
6.03
-5.78%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥389.1m
FY2016FY2025
Net income
−CN¥819.6m
FY2016FY2025
Free cash flow
−CN¥256.9m
FY2016FY2025
Shareholders' equity
CN¥145.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥389.1m | CN¥277.1m | CN¥1.65bn | CN¥944.3m | CN¥322.5m | CN¥501.6m | CN¥537.1m | CN¥389.3m | CN¥331.1m | CN¥281.6m |
| Research and development | CN¥13.5m | CN¥37.6m | CN¥65.1m | CN¥32.6m | CN¥17.5m | CN¥18.5m | CN¥18.4m | CN¥17.4m | CN¥11.0m | CN¥9.8m |
| Operating income | — | −CN¥1.51bn | CN¥31.3m | −CN¥200.0m | −CN¥159.7m | CN¥49.9m | CN¥89.3m | CN¥49.3m | CN¥68.3m | CN¥64.7m |
| Net income | −CN¥819.6m | −CN¥1.16bn | CN¥28.3m | −CN¥228.8m | −CN¥138.1m | CN¥39.9m | CN¥75.9m | CN¥42.1m | CN¥62.1m | CN¥58.6m |
| Diluted earnings per share | -1.89 | -3.14 | 0.06 | -0.74 | -0.40 | 0.13 | 0.16 | 0.13 | 0.20 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.86bn | CN¥3.53bn | CN¥4.58bn | CN¥3.18bn | CN¥1.07bn | CN¥1.03bn | CN¥1.04bn | CN¥993.6m | CN¥717.3m | CN¥621.7m |
| Cash and short-term investments | — | CN¥260.9m | CN¥110.0m | CN¥50.9m | CN¥149.8m | CN¥42.7m | CN¥93.2m | CN¥63.2m | CN¥347.8m | CN¥134.0m |
| Total liabilities | CN¥2.76bn | CN¥2.60bn | CN¥3.83bn | CN¥2.46bn | CN¥121.9m | CN¥250.0m | CN¥299.8m | CN¥317.7m | CN¥92.5m | CN¥40.2m |
| Debt | — | CN¥442.5m | CN¥435.8m | CN¥299.1m | CN¥66.9m | CN¥155.0m | CN¥124.7m | CN¥54.7m | CN¥14.2m | — |
| Shareholders' equity | CN¥145.8m | CN¥984.2m | CN¥744.6m | CN¥716.4m | CN¥945.2m | CN¥780.1m | CN¥740.2m | CN¥675.9m | CN¥624.7m | CN¥581.4m |
| Shares outstanding | 434m | 370m | 455m | 309m | 345m | 317m | 481m | 313m | 314m | 296m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥76.5m | −CN¥217.4m | CN¥389.9m | CN¥166.1m | −CN¥16.0m | CN¥74.8m | CN¥64.1m | CN¥27.7m | CN¥73.4m | CN¥60.4m |
| Capital spending | −CN¥180.4m | −CN¥613.1m | −CN¥553.5m | −CN¥382.5m | −CN¥53.3m | −CN¥50.8m | −CN¥14.6m | −CN¥93.8m | −CN¥75.0m | −CN¥47.9m |
| Free cash flow | −CN¥256.9m | −CN¥830.5m | −CN¥163.6m | −CN¥216.4m | −CN¥69.3m | CN¥24.1m | CN¥49.5m | −CN¥66.1m | −CN¥1.6m | CN¥12.5m |
| Dividends paid | −CN¥14.7m | −CN¥71.4m | −CN¥21.7m | −CN¥10.1m | −CN¥19.9m | −CN¥7.5m | −CN¥2.8m | −CN¥19.5m | −CN¥18.0m | −CN¥20.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥64.4m | CN¥103.7m | CN¥162.3m | CN¥85.9m | CN¥80.7m | CN¥60.3m | −CN¥209.3m | CN¥37.5m |
| Operating income | −CN¥95.1m | −CN¥54.4m | −CN¥64.2m | −CN¥144.3m | −CN¥95.4m | −CN¥90.5m | −CN¥1.27bn | −CN¥65.4m |
| Net income | −CN¥146.3m | −CN¥74.3m | −CN¥462.8m | −CN¥143.3m | −CN¥112.9m | −CN¥99.5m | −CN¥919.1m | −CN¥90.9m |
| Diluted earnings per share | -0.34 | -0.17 | -1.07 | -0.33 | -0.26 | -0.23 | -2.48 | -0.25 |
| Cash from operations | — | — | — | −CN¥84.0m | −CN¥12.0m | −CN¥4.0m | — | −CN¥84.0m |
| Capital spending | — | — | −CN¥2.0m | — | −CN¥156.0m | −CN¥20.0m | −CN¥185.0m | −CN¥143.0m |
| Free cash flow | — | — | — | — | −CN¥168.0m | −CN¥24.0m | — | −CN¥227.0m |
| Total assets | CN¥2.82bn | CN¥3.39bn | CN¥2.86bn | CN¥3.32bn | CN¥3.47bn | CN¥3.56bn | CN¥3.53bn | CN¥5.07bn |
| Cash and short-term investments | — | — | — | CN¥49.0m | CN¥130.2m | CN¥267.5m | CN¥260.9m | CN¥285.1m |
| Debt | CN¥200.0m | — | — | CN¥375.4m | CN¥330.8m | CN¥329.9m | CN¥441.9m | CN¥448.6m |
| Shareholders' equity | −CN¥74.8m | CN¥71.5m | CN¥145.8m | CN¥642.5m | CN¥785.8m | CN¥884.2m | CN¥984.2m | CN¥1.90bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -190.6% | -435.6% | 4.3% | -21.2% | -42.3% | 11.0% | — |
| Net margin | -210.6% | -419.3% | 1.7% | -24.2% | -42.8% | 8.0% | — |
| Return on equity | -562.1% | -118.1% | 3.8% | -31.9% | -14.6% | 5.1% | — |
| Return on assets | -28.7% | -32.9% | 0.6% | -7.2% | -12.9% | 3.9% | — |
| Free cash flow yield | 3.3% | 14.8% | 28.8% | 24.6% | 1.5% | 5.5% | — |
| Revenue growth | 40.4% | -83.2% | 75.2% | 192.8% | -35.7% | -6.6% | — |
| Earnings growth | -29.5% | -4208.1% | -112.4% | 65.7% | -445.9% | -47.4% | — |
| Current ratio | 0.17x | 0.36x | 0.47x | 0.52x | 8.24x | 2.59x | — |
| Debt to equity | — | 0.45x | 0.58x | 0.34x | 0.06x | 0.20x | 0.17x |
| Equity ratio | 5.1% | 27.9% | 16.3% | 22.5% | 88.6% | 75.7% | — |
| Interest coverage | -10.53x | -19.63x | 1.70x | -15.05x | -35.87x | 7.67x | — |
| R&D as a share of sales | 3.5% | 13.6% | 3.9% | 3.5% | 5.4% | 3.7% | — |
| Buybacks as a share of market value | -17.3% | 18.7% | -47.1% | 10.2% | -8.7% | 34.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -25.6% | -5.0% | 2.3% |
| Net income | 53.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Net margin | -297.5% | -66.8% | -55.8% | -33.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.4 | -7.3 | 288.1 | -38.1 | -49.4 | 82.7 | 64.4 | 58.5 | 57.1 | 120.9 |
| Price to sales | 9.2 | 30.7 | 4.9 | 9.2 | 21.1 | 6.6 | 9.1 | 6.3 | 10.7 | 25.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Jul 2021.
| FY2021 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 0.058 | 0.063 | 0.061 | 0.068 |
- 7-for-5 split · 15 Jul 2019
- 11-for-5 split · 7 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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