Z 
61.46
-1.93%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.83bn
FY2016FY2025
Net income
CN¥31.3m
FY2016FY2025
Free cash flow
−CN¥473.5m
FY2016FY2025
Shareholders' equity
CN¥376.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.83bn | CN¥1.27bn | CN¥2.67bn | CN¥3.21bn | CN¥1.92bn | CN¥1.23bn | CN¥1.08bn | CN¥1.04bn | CN¥882.6m | CN¥506.2m |
| Gross profit | CN¥1.14bn | −CN¥101.1m | CN¥126.0m | CN¥163.5m | CN¥274.6m | CN¥162.1m | CN¥174.0m | CN¥142.1m | CN¥112.4m | CN¥108.8m |
| Research and development | CN¥172.4m | CN¥58.5m | CN¥42.4m | CN¥91.9m | CN¥56.5m | CN¥42.7m | CN¥28.8m | CN¥25.9m | CN¥16.3m | CN¥16.6m |
| Operating income | CN¥510.3m | −CN¥396.5m | −CN¥36.0m | −CN¥15.6m | CN¥105.3m | CN¥41.3m | CN¥75.1m | CN¥78.0m | CN¥64.7m | CN¥59.2m |
| Net income | CN¥31.3m | −CN¥366.9m | −CN¥7.5m | −CN¥32.4m | CN¥102.1m | CN¥37.2m | CN¥62.2m | CN¥53.7m | CN¥51.0m | CN¥42.9m |
| Diluted earnings per share | 0.41 | -4.76 | -0.10 | -0.42 | 1.33 | 0.51 | 0.85 | 0.73 | 0.70 | 0.58 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.13bn | CN¥5.96bn | CN¥3.54bn | CN¥2.98bn | CN¥2.46bn | CN¥2.03bn | CN¥1.56bn | CN¥1.44bn | CN¥1.33bn | CN¥1.00bn |
| Cash and short-term investments | — | CN¥330.0m | CN¥160.6m | CN¥229.4m | CN¥336.7m | CN¥297.2m | CN¥214.9m | CN¥251.8m | CN¥328.3m | CN¥114.5m |
| Total liabilities | CN¥5.57bn | CN¥4.68bn | CN¥2.16bn | CN¥1.90bn | CN¥1.53bn | CN¥1.17bn | CN¥749.5m | CN¥664.9m | CN¥589.1m | CN¥351.1m |
| Debt | CN¥1.87bn | CN¥3.08bn | CN¥1.76bn | CN¥1.46bn | CN¥1.20bn | CN¥1.04bn | CN¥568.7m | CN¥546.4m | CN¥469.8m | CN¥300.4m |
| Shareholders' equity | CN¥376.3m | CN¥613.8m | CN¥1.05bn | CN¥1.05bn | CN¥903.7m | CN¥827.4m | CN¥779.6m | CN¥749.7m | CN¥719.8m | CN¥633.8m |
| Shares outstanding | 77m | 77m | 77m | 77m | 77m | 73m | 73m | 73m | 73m | 73m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥257.0m | −CN¥81.9m | CN¥317.7m | −CN¥297.7m | CN¥39.1m | −CN¥72.3m | CN¥133.4m | −CN¥57.9m | CN¥155.8m | CN¥50.1m |
| Capital spending | −CN¥730.5m | −CN¥1.67bn | −CN¥849.2m | −CN¥302.2m | −CN¥256.7m | −CN¥214.9m | −CN¥169.4m | −CN¥75.1m | −CN¥46.5m | −CN¥21.4m |
| Free cash flow | −CN¥473.5m | −CN¥1.76bn | −CN¥531.5m | −CN¥599.9m | −CN¥217.6m | −CN¥287.1m | −CN¥36.0m | −CN¥133.1m | CN¥109.2m | CN¥28.7m |
| Dividends paid | −CN¥194.4m | −CN¥124.5m | −CN¥92.0m | −CN¥20.5m | −CN¥11.1m | −CN¥18.7m | −CN¥16.7m | −CN¥32.1m | −CN¥34.7m | −CN¥16.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.73bn | CN¥551.5m | CN¥1.83bn | CN¥1.71bn | CN¥831.3m | CN¥467.0m | CN¥235.2m | CN¥279.1m |
| Gross profit | CN¥497.9m | CN¥40.9m | CN¥548.0m | CN¥243.0m | CN¥33.2m | −CN¥1.1m | −CN¥82.7m | −CN¥19.5m |
| Operating income | CN¥373.7m | −CN¥22.0m | CN¥413.4m | CN¥141.1m | −CN¥11.2m | −CN¥64.1m | −CN¥211.5m | −CN¥70.5m |
| Net income | CN¥111.5m | −CN¥44.4m | CN¥56.7m | CN¥52.9m | −CN¥31.2m | −CN¥47.0m | −CN¥232.5m | −CN¥65.2m |
| Diluted earnings per share | 1.45 | -0.58 | 0.74 | 0.69 | -0.41 | -0.61 | -3.02 | -0.85 |
| Cash from operations | — | — | — | CN¥26.0m | −CN¥60.0m | CN¥112.0m | — | −CN¥238.0m |
| Capital spending | −CN¥63.0m | −CN¥208.0m | −CN¥304.0m | −CN¥21.0m | −CN¥35.0m | −CN¥439.0m | −CN¥191.0m | −CN¥548.0m |
| Free cash flow | — | — | — | CN¥5.0m | −CN¥95.0m | −CN¥327.0m | — | −CN¥786.0m |
| Total assets | CN¥7.84bn | CN¥7.64bn | CN¥7.13bn | CN¥7.00bn | CN¥6.50bn | CN¥6.27bn | CN¥5.96bn | CN¥5.36bn |
| Cash and short-term investments | — | — | — | CN¥557.4m | CN¥268.2m | CN¥230.5m | CN¥330.0m | CN¥280.9m |
| Debt | CN¥1.59bn | CN¥1.89bn | CN¥1.87bn | CN¥1.72bn | CN¥3.39bn | CN¥3.40bn | CN¥3.08bn | CN¥2.87bn |
| Shareholders' equity | CN¥451.1m | CN¥333.1m | CN¥376.3m | CN¥446.7m | CN¥395.6m | CN¥567.1m | CN¥613.8m | CN¥901.7m |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 23.6% | -7.9% | 4.7% | 5.1% | 14.3% | 13.2% |
| Operating margin | 8.7% | -23.9% | 1.7% | -0.5% | 7.6% | 5.6% |
| Net margin | 0.6% | -28.8% | -0.3% | -1.0% | 5.3% | 3.0% |
| Return on equity | 8.3% | -59.8% | -0.7% | -3.1% | 11.3% | 4.5% |
| Return on assets | 0.4% | -6.2% | -0.2% | -1.1% | 4.1% | 1.8% |
| Free cash flow yield | 19.0% | 30.6% | 22.4% | 0.1% | 5.7% | 2.9% |
| Revenue growth | 279.3% | -52.2% | -17.0% | 67.6% | 55.8% | 14.4% |
| Earnings growth | -108.5% | 4766.4% | -76.8% | -131.8% | 174.6% | -40.2% |
| Current ratio | 0.79x | 0.52x | 0.55x | 0.84x | 1.15x | 1.25x |
| Debt to equity | 4.96x | 5.01x | 1.67x | 1.26x | 1.26x | 1.26x |
| Equity ratio | 5.3% | 10.3% | 29.6% | 35.1% | 36.7% | 40.7% |
| Interest coverage | 2.98x | -3.30x | 0.56x | -0.28x | 3.51x | 2.30x |
| R&D as a share of sales | 3.6% | 4.6% | 1.6% | 2.9% | 3.0% | 3.5% |
| Buybacks as a share of market value | 0.3% | 0.1% | 0.4% | -1.1% | -4.3% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.6% | 31.5% | 25.2% |
| Operating income | — | 65.3% | 27.7% |
| Net income | — | -3.3% | -2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.0% | 11.1% | 11.7% | 12.5% |
| Operating margin | 1.9% | 0.5% | 1.4% | 2.8% |
| Net margin | -5.5% | -3.1% | -1.6% | 0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 236.4 | -10.2 | -284.4 | -81.6 | 31.2 | 36.7 | 32.2 | 31.8 | 50.3 | 104.2 |
| Price to sales | 1.5 | 3.0 | 0.8 | 0.8 | 1.7 | 1.1 | 1.9 | 1.6 | 2.9 | 8.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 23 May 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.279 | 0.152 | 0.255 | 0.228 | 0.214 | 0.208 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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