T 
5.03
-1.95%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥725.6m
FY2016FY2025
Net income
−CN¥106.9m
FY2016FY2025
Free cash flow
CN¥204.8m
FY2016FY2025
Shareholders' equity
CN¥412.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥725.6m | CN¥801.5m | CN¥670.5m | CN¥944.9m | CN¥638.1m | CN¥582.5m | CN¥837.3m | CN¥1.05bn | CN¥947.3m | CN¥825.6m |
| Gross profit | CN¥58.5m | CN¥68.7m | −CN¥319.6m | CN¥85.6m | CN¥49.2m | CN¥61.9m | CN¥276.6m | CN¥322.2m | CN¥294.1m | CN¥249.2m |
| Research and development | CN¥13.9m | CN¥11.9m | CN¥13.9m | CN¥26.4m | CN¥10.4m | CN¥13.8m | CN¥26.3m | CN¥27.9m | CN¥15.3m | CN¥13.4m |
| Operating income | −CN¥98.0m | −CN¥89.7m | −CN¥547.4m | −CN¥284.5m | −CN¥240.6m | −CN¥167.2m | CN¥69.2m | CN¥148.2m | CN¥144.4m | CN¥163.9m |
| Net income | −CN¥106.9m | −CN¥107.4m | −CN¥461.6m | −CN¥279.4m | −CN¥214.7m | −CN¥157.4m | CN¥61.4m | CN¥91.7m | CN¥121.3m | CN¥109.9m |
| Diluted earnings per share | -0.37 | -0.37 | -1.59 | -2.89 | -0.74 | -0.65 | 0.25 | 0.38 | 0.50 | 0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.89bn | CN¥3.21bn | CN¥3.27bn | CN¥3.46bn | CN¥3.33bn | CN¥3.32bn | CN¥3.46bn | CN¥3.10bn | CN¥2.40bn | CN¥1.48bn |
| Cash and short-term investments | — | CN¥178.0m | CN¥161.9m | CN¥287.7m | CN¥305.7m | CN¥181.5m | CN¥320.7m | CN¥265.3m | CN¥272.1m | CN¥147.2m |
| Total liabilities | CN¥2.30bn | CN¥2.51bn | CN¥2.44bn | CN¥2.03bn | CN¥1.72bn | CN¥1.96bn | CN¥2.01bn | CN¥1.72bn | CN¥1.10bn | CN¥880.2m |
| Debt | CN¥692.1m | CN¥953.4m | CN¥1.04bn | CN¥1.05bn | CN¥745.8m | CN¥918.4m | CN¥848.0m | CN¥494.8m | CN¥437.4m | CN¥321.5m |
| Shareholders' equity | CN¥412.4m | CN¥518.7m | CN¥645.7m | CN¥1.14bn | CN¥1.42bn | CN¥1.24bn | CN¥1.41bn | CN¥1.35bn | CN¥1.29bn | CN¥600.6m |
| Shares outstanding | 290m | 290m | 290m | 97m | 290m | 242m | 242m | 242m | 242m | 181m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥258.3m | CN¥135.3m | −CN¥175.9m | CN¥105.5m | −CN¥223.3m | −CN¥86.5m | −CN¥303.1m | CN¥2.8m | −CN¥228.5m | CN¥129.1m |
| Capital spending | −CN¥53.5m | −CN¥54.0m | −CN¥84.5m | −CN¥83.3m | −CN¥6.9m | −CN¥77.9m | −CN¥9.3m | −CN¥36.6m | −CN¥195.7m | −CN¥6.4m |
| Free cash flow | CN¥204.8m | CN¥81.3m | −CN¥260.5m | CN¥22.2m | −CN¥230.3m | −CN¥164.4m | −CN¥312.4m | −CN¥33.8m | −CN¥424.2m | CN¥122.7m |
| Dividends paid | −CN¥50.1m | −CN¥43.3m | −CN¥43.8m | −CN¥56.3m | −CN¥50.1m | −CN¥60.2m | −CN¥41.0m | −CN¥68.0m | −CN¥24.7m | −CN¥34.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥196.8m | CN¥153.9m | CN¥190.0m | CN¥123.3m | CN¥187.0m | CN¥225.3m | CN¥177.0m | CN¥201.1m |
| Gross profit | −CN¥13.4m | CN¥10.0m | −CN¥71.4m | CN¥6.7m | CN¥28.7m | CN¥35.2m | −CN¥54.6m | CN¥50.1m |
| Operating income | −CN¥35.6m | −CN¥8.1m | −CN¥99.0m | −CN¥18.9m | CN¥8.4m | CN¥39.4m | −CN¥115.3m | CN¥14.7m |
| Net income | −CN¥43.9m | −CN¥10.5m | −CN¥105.3m | −CN¥12.4m | −CN¥3.0m | CN¥13.8m | −CN¥113.7m | CN¥159,085 |
| Diluted earnings per share | -0.15 | -0.04 | -0.36 | -0.04 | -0.01 | 0.05 | -0.39 | 0.00 |
| Cash from operations | — | — | — | CN¥63.0m | CN¥42.0m | CN¥46.0m | CN¥27.0m | CN¥47.0m |
| Capital spending | −CN¥2.0m | −CN¥2.0m | −CN¥19.0m | −CN¥8.0m | −CN¥17.0m | −CN¥8.0m | −CN¥1.0m | −CN¥17.0m |
| Free cash flow | — | — | — | CN¥55.0m | CN¥25.0m | CN¥38.0m | CN¥26.0m | CN¥30.0m |
| Total assets | CN¥2.86bn | CN¥2.87bn | CN¥2.89bn | CN¥2.99bn | CN¥3.04bn | CN¥3.05bn | CN¥3.21bn | CN¥3.28bn |
| Cash and short-term investments | — | — | — | CN¥145.9m | CN¥157.7m | CN¥154.7m | CN¥178.0m | CN¥165.3m |
| Debt | CN¥688.8m | CN¥694.9m | CN¥692.1m | CN¥820.5m | CN¥829.9m | CN¥848.0m | CN¥842.3m | CN¥905.7m |
| Shareholders' equity | CN¥338.8m | CN¥382.5m | CN¥412.4m | CN¥517.7m | CN¥529.6m | CN¥532.5m | CN¥518.7m | CN¥648.3m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.1% | 8.6% | -47.7% | 9.1% | 7.7% | 10.6% |
| Operating margin | -5.9% | -5.9% | -81.6% | -26.0% | -28.5% | -16.6% |
| Net margin | -14.7% | -13.4% | -68.9% | -29.6% | -33.7% | -27.0% |
| Return on equity | -25.9% | -20.7% | -71.5% | -24.5% | -15.1% | -12.7% |
| Return on assets | -3.7% | -3.3% | -14.1% | -8.1% | -6.5% | -4.7% |
| Free cash flow yield | 20.1% | 12.2% | -5.9% | 36.6% | -14.0% | -0.7% |
| Revenue growth | -9.5% | 19.5% | -29.0% | 48.1% | 9.5% | -30.4% |
| Earnings growth | -0.4% | -76.7% | 65.2% | 30.1% | 36.4% | -356.3% |
| Current ratio | 0.85x | 1.08x | 1.31x | 1.69x | 1.56x | 1.39x |
| Debt to equity | 1.68x | 1.62x | 1.54x | 0.69x | 0.50x | 0.63x |
| Equity ratio | 14.3% | 16.1% | 19.7% | 32.9% | 42.6% | 37.4% |
| Interest coverage | -0.80x | -1.19x | -17.53x | -7.58x | -3.37x | -1.51x |
| R&D as a share of sales | 1.9% | 1.5% | 2.1% | 2.8% | 1.6% | 2.4% |
| Buybacks as a share of market value | -0.2% | 0.2% | -199.9% | 66.7% | -19.8% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.4% | 4.5% | -1.2% |
| Operating income | -29.9% | -10.1% | — |
| Net income | -27.4% | -7.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.3% | -3.4% | 0.1% | 15.8% |
| Operating margin | -12.3% | -32.4% | -32.7% | -8.9% |
| Net margin | -14.0% | -30.4% | -30.4% | -9.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.3 | -21.7 | -4.8 | -2.4 | -17.3 | -13.1 | 34.5 | 24.5 | 39.6 |
| Price to sales | 3.1 | 2.9 | 3.3 | 0.7 | 5.8 | 3.5 | 2.5 | 2.1 | 5.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Jun 2018.
| FY2018 | |
|---|---|
| Paid in the year | 0.143 |
- 7-for-5 split · 8 Jun 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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