T 
5.47
-1.62%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥386.4m
FY2016FY2025
Net income
−CN¥99.0m
FY2016FY2025
Free cash flow
−CN¥119.5m
FY2016FY2025
Shareholders' equity
CN¥136.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥386.4m | CN¥269.4m | CN¥308.4m | CN¥243.9m | CN¥401.8m | CN¥248.4m | CN¥705.5m | CN¥595.8m | CN¥638.4m | CN¥521.1m |
| Gross profit | CN¥19.6m | −CN¥49.1m | CN¥2.3m | −CN¥14.1m | −CN¥31.7m | −CN¥31.3m | CN¥173.1m | CN¥128.7m | CN¥154.7m | CN¥136.6m |
| Research and development | CN¥24.1m | CN¥27.0m | CN¥32.8m | CN¥33.7m | CN¥32.3m | CN¥29.1m | CN¥34.9m | CN¥28.1m | CN¥37.3m | CN¥31.4m |
| Operating income | −CN¥93.9m | −CN¥155.6m | −CN¥42.3m | −CN¥158.1m | −CN¥202.3m | −CN¥315.2m | CN¥26.6m | −CN¥38.8m | CN¥40.5m | CN¥44.3m |
| Net income | −CN¥99.0m | −CN¥175.1m | −CN¥55.8m | −CN¥158.7m | −CN¥185.5m | −CN¥277.5m | CN¥12.1m | −CN¥58.5m | CN¥25.3m | CN¥33.2m |
| Diluted earnings per share | -0.41 | -0.56 | -0.22 | -0.61 | -0.71 | -1.07 | 0.05 | -0.22 | 0.10 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥1.12bn | CN¥1.16bn | CN¥1.30bn | CN¥1.08bn | CN¥1.33bn | CN¥1.40bn | CN¥1.72bn | CN¥1.62bn | CN¥1.47bn | CN¥1.55bn |
| Cash and short-term investments | — | CN¥47.7m | CN¥116.1m | CN¥73.1m | CN¥131.0m | CN¥91.1m | CN¥163.2m | CN¥182.3m | CN¥223.8m | CN¥240.9m |
| Total liabilities | CN¥891.2m | CN¥877.2m | CN¥833.0m | CN¥562.3m | CN¥668.9m | CN¥524.8m | CN¥605.1m | CN¥518.1m | CN¥331.7m | CN¥442.0m |
| Debt | CN¥91.7m | CN¥208.0m | CN¥182.5m | CN¥128.3m | CN¥120.5m | CN¥139.8m | CN¥123.5m | CN¥45.0m | CN¥205.3m | CN¥285.1m |
| Shareholders' equity | CN¥136.8m | CN¥243.7m | CN¥419.2m | CN¥468.0m | CN¥618.1m | CN¥786.1m | CN¥1.04bn | CN¥1.03bn | CN¥1.08bn | CN¥1.07bn |
| Shares outstanding | 239m | 311m | 259m | 260m | 260m | 260m | 260m | 262m | 261m | 260m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥92.3m | −CN¥57.3m | CN¥17.3m | −CN¥16.0m | CN¥25.2m | −CN¥83.9m | −CN¥102.4m | −CN¥134.2m | −CN¥104.0m | CN¥110.8m |
| Capital spending | −CN¥27.2m | −CN¥56.4m | −CN¥98.7m | −CN¥27.4m | −CN¥8.9m | −CN¥64.4m | −CN¥61.2m | −CN¥61.5m | −CN¥116.2m | −CN¥87.3m |
| Free cash flow | −CN¥119.5m | −CN¥113.7m | −CN¥81.4m | −CN¥43.3m | CN¥16.3m | −CN¥148.2m | −CN¥163.7m | −CN¥195.8m | −CN¥220.3m | CN¥23.5m |
| Dividends paid | −CN¥16.8m | −CN¥11.9m | −CN¥13.0m | −CN¥9.4m | −CN¥12.1m | −CN¥20.3m | −CN¥4.4m | −CN¥813,197 | −CN¥12.0m | −CN¥310,531 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥94.7m | CN¥103.1m | CN¥153.2m | CN¥146.4m | CN¥86.6m | CN¥68.5m | CN¥75.9m | CN¥96.5m |
| Gross profit | CN¥10.3m | CN¥18.4m | −CN¥1.5m | CN¥38.2m | −CN¥11.4m | −CN¥5.8m | −CN¥29.2m | CN¥1.4m |
| Operating income | −CN¥18.8m | −CN¥13.4m | −CN¥19.8m | −CN¥23.0m | CN¥10.0m | −CN¥29.9m | −CN¥82.3m | −CN¥29.4m |
| Net income | −CN¥47.9m | −CN¥30.7m | −CN¥33.4m | −CN¥24.7m | −CN¥12.6m | −CN¥28.4m | −CN¥96.3m | −CN¥29.8m |
| Diluted earnings per share | -0.20 | -0.13 | -0.14 | -0.10 | -0.05 | -0.12 | -0.31 | -0.10 |
| Cash from operations | — | — | — | −CN¥32.0m | CN¥6.0m | −CN¥44.0m | — | −CN¥11.0m |
| Capital spending | −CN¥3.0m | — | −CN¥19.0m | −CN¥4.0m | −CN¥1.0m | −CN¥1.0m | −CN¥24.0m | −CN¥27.0m |
| Free cash flow | — | — | — | −CN¥36.0m | CN¥5.0m | −CN¥45.0m | — | −CN¥38.0m |
| Total assets | CN¥971.6m | CN¥1.08bn | CN¥1.12bn | CN¥1.24bn | CN¥1.07bn | CN¥1.18bn | CN¥1.16bn | CN¥1.18bn |
| Cash and short-term investments | — | — | — | CN¥109.2m | CN¥113.8m | CN¥60.9m | CN¥47.7m | CN¥71.6m |
| Debt | CN¥90.0m | CN¥78.9m | CN¥91.7m | CN¥164.7m | CN¥181.1m | CN¥211.1m | CN¥188.3m | CN¥290.4m |
| Shareholders' equity | CN¥58.1m | CN¥104.7m | CN¥136.8m | CN¥172.8m | CN¥199.7m | CN¥213.7m | CN¥243.7m | CN¥344.1m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.5% | -18.2% | 0.7% | -5.8% | -7.9% | -12.6% |
| Operating margin | -16.5% | -57.4% | -13.3% | -59.1% | -50.3% | -121.3% |
| Net margin | -25.6% | -65.0% | -18.1% | -65.1% | -46.2% | -111.7% |
| Return on equity | -72.4% | -71.8% | -13.3% | -33.9% | -30.0% | -35.3% |
| Return on assets | -8.8% | -15.1% | -4.3% | -14.8% | -13.9% | -19.8% |
| Free cash flow yield | -5.0% | -0.1% | 8.2% | 0.8% | 2.4% | -1.4% |
| Revenue growth | 43.4% | -12.6% | 26.4% | -39.3% | 61.8% | -64.8% |
| Earnings growth | -43.5% | 213.8% | -64.8% | -14.4% | -33.2% | -2395.7% |
| Current ratio | 1.01x | 0.78x | 0.97x | 1.02x | 1.24x | 1.81x |
| Debt to equity | 0.67x | 0.77x | 0.43x | 0.24x | 0.17x | 0.34x |
| Equity ratio | 12.2% | 21.0% | 32.3% | 43.5% | 46.4% | 56.1% |
| Interest coverage | -4.09x | -10.91x | -3.09x | -10.44x | -13.45x | -22.06x |
| R&D as a share of sales | 6.2% | 10.0% | 10.6% | 13.8% | 8.0% | 11.7% |
| Buybacks as a share of market value | 23.1% | -19.9% | 0.1% | 0.1% | -0.1% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.6% | 9.2% | -4.1% |
| Operating income | -15.9% | -21.5% | — |
| Net income | -14.6% | -18.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -4.5% | -3.4% | -5.6% | 12.9% |
| Operating margin | -38.1% | -37.2% | -52.1% | -16.4% |
| Net margin | -41.8% | -40.4% | -51.2% | -17.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.8 | -13.7 | -49.9 | -14.1 | -17.7 | -12.2 | 308.2 | -55.2 | 150.8 | 166.9 |
| Price to sales | 3.3 | 8.9 | 9.0 | 9.2 | 8.2 | 13.6 | 5.3 | 5.4 | 6.0 | 10.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2017.
| FY2017 | FY2015 | |
|---|---|---|
| Paid in the year | 0.046 | 0.308 |
- 13-for-10 split · 25 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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