A 
4.26
-2.07%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.85bn
FY2016FY2025
Net income
−CN¥783.2m
FY2016FY2025
Free cash flow
−CN¥375.0m
FY2016FY2025
Shareholders' equity
CN¥1.52bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.85bn | CN¥4.17bn | CN¥4.81bn | CN¥6.50bn | CN¥5.13bn | CN¥4.02bn | CN¥2.85bn | CN¥2.72bn | CN¥2.63bn | CN¥2.50bn |
| Gross profit | CN¥383.6m | CN¥470.0m | CN¥519.6m | CN¥506.3m | CN¥426.7m | CN¥393.7m | CN¥282.0m | CN¥260.6m | CN¥236.0m | CN¥231.4m |
| Research and development | CN¥10.7m | CN¥10.1m | CN¥4.6m | CN¥1.8m | CN¥1.6m | — | — | CN¥128,662 | CN¥503,279 | CN¥401,568 |
| Operating income | CN¥251.3m | CN¥182.9m | CN¥251.6m | CN¥302.7m | CN¥266.9m | CN¥226.6m | CN¥162.3m | CN¥168.9m | CN¥161.8m | CN¥152.6m |
| Net income | −CN¥783.2m | CN¥130.2m | CN¥173.6m | CN¥181.6m | CN¥148.6m | CN¥127.5m | CN¥106.7m | CN¥121.1m | CN¥113.9m | CN¥107.8m |
| Diluted earnings per share | -1.28 | 0.21 | 0.28 | 0.29 | 0.23 | 0.25 | 0.23 | 0.24 | 0.19 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥9.08bn | CN¥10.15bn | CN¥10.86bn | CN¥9.62bn | CN¥8.25bn | CN¥5.48bn | CN¥4.94bn | CN¥4.10bn | CN¥3.51bn | CN¥3.38bn |
| Cash and short-term investments | — | CN¥849.4m | CN¥1.24bn | CN¥1.43bn | CN¥1.32bn | CN¥829.9m | CN¥783.9m | CN¥870.1m | CN¥763.7m | CN¥682.4m |
| Total liabilities | CN¥7.47bn | CN¥7.68bn | CN¥8.45bn | CN¥7.35bn | CN¥6.12bn | CN¥4.29bn | CN¥3.80bn | CN¥3.28bn | CN¥2.81bn | CN¥2.79bn |
| Debt | CN¥1.01bn | CN¥1.44bn | CN¥1.57bn | CN¥1.35bn | CN¥1.17bn | CN¥1.08bn | CN¥825.5m | CN¥238.0m | CN¥101.8m | CN¥122.3m |
| Shareholders' equity | CN¥1.52bn | CN¥2.35bn | CN¥2.28bn | CN¥2.17bn | CN¥2.05bn | CN¥1.13bn | CN¥1.09bn | CN¥778.0m | CN¥674.9m | CN¥575.4m |
| Shares outstanding | 612m | 620m | 619m | 619m | 636m | 516m | 466m | 499m | 612m | 612m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥319.3m | −CN¥192.7m | −CN¥56.4m | CN¥64.8m | −CN¥253.9m | −CN¥103.0m | −CN¥722.9m | −CN¥45.5m | CN¥118.9m | CN¥83.5m |
| Capital spending | −CN¥55.7m | −CN¥16.7m | −CN¥33.0m | −CN¥19.5m | −CN¥9.3m | −CN¥6.8m | −CN¥13.1m | −CN¥27.2m | −CN¥6.0m | −CN¥3.2m |
| Free cash flow | −CN¥375.0m | −CN¥209.4m | −CN¥89.4m | CN¥45.3m | −CN¥263.2m | −CN¥109.8m | −CN¥736.0m | −CN¥72.8m | CN¥112.9m | CN¥80.3m |
| Dividends paid | −CN¥123.0m | −CN¥126.5m | −CN¥170.8m | −CN¥61.9m | −CN¥29.9m | −CN¥49.9m | −CN¥77.6m | −CN¥24.8m | −CN¥21.0m | −CN¥29.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥428.4m | CN¥634.4m | CN¥827.4m | CN¥1.06bn | CN¥1.17bn | CN¥788.9m | CN¥1.33bn | CN¥1.05bn |
| Gross profit | CN¥41.1m | CN¥71.4m | CN¥50.6m | CN¥84.6m | CN¥185.2m | CN¥63.2m | CN¥212.0m | CN¥102.7m |
| Operating income | CN¥13.5m | CN¥44.0m | CN¥23.5m | CN¥48.4m | CN¥109.9m | CN¥57.2m | CN¥44.2m | CN¥35.2m |
| Net income | CN¥4.9m | CN¥57.4m | −CN¥920.3m | CN¥24.5m | CN¥79.5m | CN¥33.0m | CN¥29.8m | CN¥24.8m |
| Diluted earnings per share | 0.01 | 0.09 | -1.50 | 0.04 | 0.13 | 0.05 | 0.05 | 0.04 |
| Cash from operations | — | — | — | −CN¥127.0m | CN¥251.0m | −CN¥419.0m | — | −CN¥219.0m |
| Capital spending | −CN¥1.0m | −CN¥4.0m | −CN¥35.0m | −CN¥7.0m | — | −CN¥12.0m | −CN¥9.0m | — |
| Free cash flow | — | — | — | −CN¥134.0m | — | −CN¥431.0m | — | — |
| Total assets | CN¥8.06bn | CN¥8.27bn | CN¥9.08bn | CN¥10.02bn | CN¥10.00bn | CN¥9.93bn | CN¥10.15bn | CN¥10.33bn |
| Cash and short-term investments | — | — | — | CN¥767.9m | CN¥694.7m | CN¥509.5m | CN¥849.4m | CN¥710.0m |
| Debt | CN¥951.4m | CN¥1.03bn | CN¥1.01bn | CN¥777.0m | CN¥1.51bn | CN¥1.47bn | CN¥1.43bn | CN¥1.56bn |
| Shareholders' equity | CN¥1.58bn | CN¥1.57bn | CN¥1.52bn | CN¥2.42bn | CN¥2.39bn | CN¥2.35bn | CN¥2.35bn | CN¥2.32bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 10.0% | 11.3% | 10.8% | 7.8% | 8.3% | 9.8% | — |
| Operating margin | -20.0% | 6.1% | 6.7% | 4.7% | 5.2% | 5.4% | — |
| Net margin | -20.4% | 3.1% | 3.6% | 2.8% | 2.9% | 3.2% | — |
| Return on equity | -51.7% | 5.5% | 7.6% | 8.4% | 7.2% | 11.3% | — |
| Return on assets | -8.6% | 1.3% | 1.6% | 1.9% | 1.8% | 2.3% | — |
| Free cash flow yield | -9.6% | -6.3% | -0.8% | 3.0% | -8.6% | -4.1% | — |
| Revenue growth | -7.8% | -13.3% | -25.9% | 26.8% | 27.7% | 40.8% | — |
| Earnings growth | -701.4% | -25.0% | -4.4% | 22.2% | 16.5% | 19.5% | — |
| Current ratio | 0.92x | 1.06x | 1.03x | 1.14x | 1.23x | 1.15x | — |
| Debt to equity | 0.67x | 0.61x | 0.76x | 0.58x | 0.53x | 0.95x | — |
| Equity ratio | 16.7% | 23.2% | 21.0% | 22.6% | 24.9% | 20.6% | — |
| Interest coverage | -8.39x | 2.33x | 2.98x | 3.84x | 3.83x | 3.48x | — |
| R&D as a share of sales | 0.3% | 0.2% | 0.1% | 0.0% | 0.0% | — | 0.0% |
| Buybacks as a share of market value | 1.2% | -0.1% | 0.0% | 2.7% | -23.2% | -10.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.0% | -0.8% | 3.7% |
| Operating income | -6.0% | 2.1% | 8.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.6% | 9.7% | 9.5% | 9.4% |
| Operating margin | 5.4% | 5.1% | 5.2% | 5.3% |
| Net margin | -8.1% | -1.5% | -0.1% | 1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | 26.8 | 29.8 | 25.7 | 34.1 | 41.9 | 75.9 |
| Price to sales | 1.2 | 0.8 | 1.1 | 0.7 | 1.0 | 1.3 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 17 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.065 | 0.085 | 0.10 | 0.10 | 0.06 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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