P 
19.02
-0.89%
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¥2.85bn
FY2016FY2025
Net income
−CN¥776.8m
FY2016FY2025
Free cash flow
−CN¥666.6m
FY2016FY2025
Shareholders' equity
CN¥3.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.85bn | CN¥3.60bn | CN¥3.15bn | CN¥3.05bn | CN¥2.08bn | CN¥1.40bn | CN¥986.4m | CN¥674.1m | CN¥369.1m | CN¥263.3m |
| Gross profit | CN¥649.8m | CN¥1.11bn | CN¥1.05bn | CN¥1.07bn | CN¥750.1m | CN¥511.5m | CN¥335.6m | CN¥186.8m | CN¥144.0m | CN¥99.3m |
| Research and development | CN¥333.6m | CN¥383.2m | CN¥224.1m | CN¥192.6m | CN¥144.4m | CN¥95.5m | CN¥59.1m | CN¥36.5m | CN¥13.4m | CN¥12.6m |
| Operating income | — | −CN¥13.4m | CN¥412.2m | CN¥293.2m | CN¥262.4m | CN¥190.7m | CN¥137.0m | CN¥53.9m | CN¥65.8m | CN¥44.9m |
| Net income | −CN¥776.8m | CN¥23.6m | CN¥377.3m | CN¥282.4m | CN¥281.8m | CN¥260.6m | CN¥110.3m | CN¥32.4m | CN¥49.3m | CN¥45.3m |
| Diluted earnings per share | -2.04 | 0.06 | 0.98 | 0.74 | 0.73 | 1.01 | 0.43 | 0.16 | 0.31 | 0.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.05bn | CN¥13.57bn | CN¥11.92bn | CN¥9.84bn | CN¥7.93bn | CN¥5.96bn | CN¥3.26bn | CN¥1.45bn | CN¥998.8m | CN¥620.3m |
| Cash and short-term investments | — | CN¥873.6m | CN¥886.6m | CN¥1.03bn | CN¥1.52bn | CN¥1.50bn | CN¥463.1m | CN¥92.3m | CN¥90.5m | CN¥43.3m |
| Total liabilities | CN¥10.21bn | CN¥8.65bn | CN¥6.85bn | CN¥5.13bn | CN¥3.64bn | CN¥2.80bn | CN¥1.76bn | CN¥1.01bn | CN¥585.1m | CN¥327.2m |
| Debt | CN¥2.17bn | CN¥4.65bn | CN¥3.68bn | CN¥3.05bn | CN¥2.19bn | CN¥1.91bn | CN¥1.07bn | CN¥506.6m | CN¥350.0m | CN¥139.1m |
| Shareholders' equity | CN¥3.50bn | CN¥4.83bn | CN¥4.89bn | CN¥4.46bn | CN¥4.07bn | CN¥3.14bn | CN¥1.48bn | CN¥435.7m | CN¥405.1m | CN¥293.0m |
| Shares outstanding | 382m | 382m | 383m | 382m | 385m | 257m | 257m | 207m | 160m | 156m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥429.7m | −CN¥463.1m | −CN¥811.2m | −CN¥807.9m | −CN¥190.7m | −CN¥280.9m | −CN¥110.9m | −CN¥52.8m | −CN¥68.2m | −CN¥18.4m |
| Capital spending | −CN¥236.9m | −CN¥801.3m | −CN¥648.6m | −CN¥630.2m | −CN¥921.8m | −CN¥583.5m | −CN¥240.0m | −CN¥82.2m | −CN¥31.0m | −CN¥13.1m |
| Free cash flow | −CN¥666.6m | −CN¥1.26bn | −CN¥1.46bn | −CN¥1.44bn | −CN¥1.11bn | −CN¥864.4m | −CN¥351.0m | −CN¥135.1m | −CN¥99.2m | −CN¥31.6m |
| Dividends paid | −CN¥317.4m | −CN¥259.2m | −CN¥197.8m | −CN¥106.8m | −CN¥58.4m | −CN¥22.1m | −CN¥9.7m | −CN¥27.9m | −CN¥26.8m | −CN¥7.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥399.1m | CN¥620.7m | CN¥488.0m | CN¥758.9m | CN¥880.0m | CN¥727.7m | CN¥965.4m | CN¥1.11bn |
| Gross profit | CN¥54.6m | CN¥168.0m | −CN¥99.0m | CN¥266.1m | CN¥234.1m | CN¥246.7m | CN¥172.1m | CN¥420.6m |
| Operating income | −CN¥110.9m | −CN¥29.6m | −CN¥504.0m | CN¥48.1m | CN¥79.0m | CN¥18.8m | −CN¥250.9m | CN¥134.3m |
| Net income | −CN¥207.9m | −CN¥78.9m | −CN¥743.7m | CN¥45.4m | CN¥20.3m | CN¥19.0m | −CN¥169.3m | CN¥119.1m |
| Diluted earnings per share | -0.54 | -0.21 | -1.95 | 0.12 | 0.05 | 0.05 | -0.44 | 0.31 |
| Cash from operations | — | — | — | CN¥60.0m | −CN¥500.0m | −CN¥56.0m | — | CN¥84.0m |
| Capital spending | −CN¥64.0m | −CN¥72.0m | — | −CN¥56.0m | −CN¥127.0m | −CN¥82.0m | −CN¥444.0m | −CN¥31.0m |
| Free cash flow | — | — | — | CN¥4.0m | −CN¥627.0m | −CN¥138.0m | — | CN¥53.0m |
| Total assets | CN¥13.72bn | CN¥14.02bn | CN¥14.05bn | CN¥14.80bn | CN¥14.58bn | CN¥13.79bn | CN¥13.57bn | CN¥13.79bn |
| Cash and short-term investments | — | — | — | CN¥736.8m | CN¥965.1m | CN¥878.1m | CN¥873.6m | CN¥743.9m |
| Debt | CN¥1.74bn | CN¥2.24bn | CN¥2.17bn | CN¥4.46bn | CN¥5.33bn | CN¥4.91bn | CN¥4.64bn | CN¥4.80bn |
| Shareholders' equity | CN¥3.22bn | CN¥3.47bn | CN¥3.50bn | CN¥5.03bn | CN¥5.01bn | CN¥4.80bn | CN¥4.83bn | CN¥5.00bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 22.8% | 30.7% | 33.4% | 35.1% | 36.0% | 36.6% |
| Operating margin | -18.2% | -0.4% | 13.1% | 9.6% | 12.6% | 13.6% |
| Net margin | -27.2% | 0.7% | 12.0% | 9.3% | 13.5% | 18.7% |
| Return on equity | -22.2% | 0.5% | 7.7% | 6.3% | 6.9% | 8.3% |
| Return on assets | -5.5% | 0.2% | 3.2% | 2.9% | 3.6% | 4.4% |
| Free cash flow yield | -2.3% | 4.0% | -1.9% | -2.1% | 8.5% | 5.3% |
| Revenue growth | -20.8% | 14.4% | 3.3% | 46.3% | 49.2% | 41.6% |
| Earnings growth | -3392.0% | -93.7% | 33.6% | 0.2% | 8.1% | 136.4% |
| Current ratio | 1.23x | 1.22x | 1.51x | 1.52x | 1.73x | 2.07x |
| Debt to equity | 0.62x | 0.96x | 0.75x | 0.62x | 0.48x | 0.56x |
| Equity ratio | 24.9% | 35.6% | 41.0% | 45.3% | 51.3% | 52.8% |
| Interest coverage | -1.92x | -0.07x | 24.96x | 2.52x | 3.32x | 2.90x |
| R&D as a share of sales | 11.7% | 10.6% | 7.1% | 6.3% | 6.9% | 6.8% |
| Buybacks as a share of market value | -0.0% | 0.5% | -0.3% | 0.7% | -49.7% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.2% | 15.4% | 30.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.2% | 30.6% | 31.8% | 32.1% |
| Net margin | -11.7% | -0.7% | 2.8% | 3.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.4 | 406.0 | 26.1 | 42.7 | 54.8 | 32.3 | 63.2 | 80.9 | 54.7 |
| Price to sales | 4.2 | 2.7 | 3.1 | 4.0 | 7.4 | 6.0 | 7.1 | 3.9 | 7.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 15 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.193 | 0.132 | 0.136 | 0.071 | 0.032 | 0.059 | 0.055 |
- 6-for-5 split · 5 Jun 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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