S 
4.61
-0.43%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.54bn
FY2016FY2025
Net income
−CN¥234.2m
FY2016FY2025
Free cash flow
−CN¥264.1m
FY2016FY2025
Shareholders' equity
CN¥509.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.54bn | CN¥2.46bn | CN¥2.54bn | CN¥2.09bn | CN¥2.58bn | CN¥2.66bn | CN¥2.29bn | CN¥2.39bn | CN¥2.04bn | CN¥1.64bn |
| Gross profit | CN¥63.0m | CN¥259.8m | CN¥329.5m | CN¥46.9m | CN¥150.0m | CN¥312.5m | CN¥368.4m | CN¥401.5m | CN¥354.0m | CN¥271.5m |
| Research and development | CN¥84.6m | CN¥99.0m | CN¥105.8m | CN¥100.6m | CN¥116.9m | CN¥92.2m | CN¥72.3m | CN¥85.4m | CN¥79.3m | CN¥70.4m |
| Operating income | −CN¥190.5m | CN¥16.1m | −CN¥60.0m | −CN¥327.3m | −CN¥380.9m | CN¥5.8m | CN¥88.8m | CN¥85.6m | CN¥70.2m | CN¥66.3m |
| Net income | −CN¥234.2m | CN¥8.6m | −CN¥128.4m | −CN¥342.9m | −CN¥372.5m | CN¥19.1m | CN¥37.3m | CN¥58.4m | CN¥57.6m | CN¥48.4m |
| Diluted earnings per share | -0.32 | 0.00 | -0.17 | -0.33 | -0.51 | 0.02 | 0.08 | 0.10 | 0.10 | 0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.78bn | CN¥4.54bn | CN¥5.24bn | CN¥5.25bn | CN¥5.19bn | CN¥5.27bn | CN¥3.99bn | CN¥3.99bn | CN¥3.56bn | CN¥2.93bn |
| Cash and short-term investments | — | CN¥357.8m | CN¥460.6m | CN¥359.0m | CN¥310.0m | CN¥714.1m | CN¥344.6m | CN¥458.7m | CN¥357.8m | CN¥219.1m |
| Total liabilities | CN¥3.24bn | CN¥3.77bn | CN¥4.47bn | CN¥4.34bn | CN¥3.93bn | CN¥3.65bn | CN¥2.82bn | CN¥2.86bn | CN¥2.48bn | CN¥1.89bn |
| Debt | CN¥582.4m | CN¥1.43bn | CN¥1.87bn | CN¥2.15bn | CN¥1.48bn | CN¥1.17bn | CN¥622.1m | CN¥793.8m | CN¥658.3m | CN¥220.0m |
| Shareholders' equity | CN¥509.0m | CN¥743.2m | CN¥734.6m | CN¥863.0m | CN¥1.22bn | CN¥1.59bn | CN¥1.14bn | CN¥1.11bn | CN¥1.06bn | CN¥1.02bn |
| Shares outstanding | 739m | 1,739m | 776m | 1,045m | 724m | 1,118m | 447m | 587m | 605m | 347m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥241.6m | CN¥351.6m | CN¥155.7m | −CN¥230.5m | −CN¥191.9m | −CN¥202.4m | CN¥96.5m | CN¥83.5m | CN¥28.9m | CN¥47.6m |
| Capital spending | −CN¥22.5m | −CN¥14.8m | −CN¥27.9m | −CN¥291.9m | −CN¥319.3m | −CN¥221.8m | −CN¥93.1m | −CN¥144.5m | −CN¥144.1m | −CN¥67.4m |
| Free cash flow | −CN¥264.1m | CN¥336.8m | CN¥127.8m | −CN¥522.5m | −CN¥511.1m | −CN¥424.2m | CN¥3.4m | −CN¥61.0m | −CN¥115.1m | −CN¥19.7m |
| Dividends paid | −CN¥64.2m | −CN¥66.3m | −CN¥81.3m | −CN¥73.1m | −CN¥54.9m | −CN¥38.9m | −CN¥7.9m | −CN¥42.7m | −CN¥39.3m | −CN¥20.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥234.4m | CN¥179.2m | CN¥355.4m | CN¥292.3m | CN¥466.9m | CN¥429.5m | CN¥749.9m | CN¥561.8m |
| Gross profit | CN¥26.3m | CN¥3.2m | −CN¥6.8m | −CN¥31.8m | CN¥57.6m | CN¥44.1m | CN¥55.4m | CN¥70.7m |
| Operating income | −CN¥12.5m | −CN¥23.7m | −CN¥48.1m | −CN¥107.3m | −CN¥432,052 | CN¥17.3m | CN¥9.1m | CN¥686,850 |
| Net income | −CN¥48.6m | CN¥3.0m | −CN¥135.3m | −CN¥108.9m | −CN¥2.7m | CN¥12.8m | −CN¥8.4m | CN¥2.9m |
| Diluted earnings per share | -0.07 | 0.00 | -0.18 | -0.15 | -0.00 | 0.02 | -0.00 | 0.00 |
| Cash from operations | — | — | — | CN¥57.0m | CN¥40.0m | −CN¥113.0m | — | CN¥211.0m |
| Capital spending | — | −CN¥6.0m | −CN¥15.0m | — | −CN¥5.0m | −CN¥1.0m | −CN¥13.0m | — |
| Free cash flow | — | — | — | — | CN¥35.0m | −CN¥114.0m | — | — |
| Total assets | CN¥3.32bn | CN¥3.39bn | CN¥3.78bn | CN¥4.04bn | CN¥4.17bn | CN¥4.04bn | CN¥4.54bn | CN¥4.40bn |
| Cash and short-term investments | — | — | — | CN¥203.3m | CN¥235.0m | CN¥159.7m | CN¥357.8m | CN¥125.5m |
| Debt | CN¥543.5m | CN¥567.7m | CN¥582.4m | CN¥958.6m | CN¥1.37bn | CN¥1.33bn | CN¥1.43bn | CN¥1.57bn |
| Shareholders' equity | CN¥463.5m | CN¥512.1m | CN¥509.0m | CN¥644.3m | CN¥753.2m | CN¥755.9m | CN¥743.2m | CN¥751.5m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 4.1% | 10.6% | 13.0% | 2.2% | 5.8% | 11.8% |
| Operating margin | -11.7% | 3.3% | -2.4% | -15.7% | -14.8% | 1.6% |
| Net margin | -15.2% | 0.3% | -5.1% | -16.4% | -14.4% | 0.7% |
| Return on equity | -46.0% | 1.2% | -17.5% | -39.7% | -30.5% | 1.2% |
| Return on assets | -6.2% | 0.2% | -2.4% | -6.5% | -7.2% | 0.4% |
| Free cash flow yield | -5.7% | 4.0% | 4.5% | 1.1% | 3.4% | 0.3% |
| Revenue growth | -37.2% | -3.1% | 21.7% | -19.1% | -3.0% | 16.2% |
| Earnings growth | -2828.2% | -106.7% | -62.6% | -7.9% | -2049.5% | -48.8% |
| Current ratio | 0.94x | 1.00x | 0.96x | 0.90x | 1.07x | 1.22x |
| Debt to equity | 1.14x | 1.92x | 2.54x | 2.43x | 1.21x | 0.79x |
| Equity ratio | 13.5% | 16.4% | 14.0% | 16.4% | 23.5% | 30.2% |
| Interest coverage | -2.83x | 1.16x | -0.76x | -5.32x | -11.07x | 1.14x |
| R&D as a share of sales | 5.5% | 4.0% | 4.2% | 4.8% | 4.5% | 3.5% |
| Buybacks as a share of market value | 57.5% | -124.3% | 25.8% | -44.4% | 35.3% | -149.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.5% | -10.3% | -0.5% |
| Operating income | -16.5% | — | — |
| Net income | -11.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.1% | 8.1% | 8.4% | 11.8% |
| Operating margin | -4.4% | -6.5% | -6.8% | -2.3% |
| Net margin | -5.6% | -8.1% | -7.6% | -3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -26.4 | — | -23.1 | -9.8 | -7.9 | 255.1 | 62.1 | 58.8 | 61.5 | 56.4 |
| Price to sales | 4.0 | 2.0 | 1.2 | 1.6 | 1.1 | 1.8 | 1.0 | 1.4 | 1.7 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Aug 2021.
| FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.016 | 0.016 | 0.033 | 0.03 | 0.033 |
- 13-for-10 split · 21 Aug 2019
- 13-for-10 split · 28 Jun 2018
- 9-for-5 split · 17 Aug 2017
- 3-for-2 split · 25 Jul 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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