Z 
4.92
+10.07%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.37bn
FY2016FY2025
Net income
−CN¥141.7m
FY2016FY2025
Free cash flow
−CN¥88.2m
FY2016FY2025
Shareholders' equity
CN¥50.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.37bn | CN¥1.36bn | CN¥1.91bn | CN¥2.22bn | CN¥5.04bn | CN¥4.89bn | CN¥3.73bn | CN¥2.81bn | CN¥1.53bn | CN¥2.11bn |
| Gross profit | CN¥116.2m | −CN¥77.2m | CN¥26.5m | CN¥197.3m | CN¥547.0m | CN¥480.9m | CN¥409.9m | CN¥321.5m | CN¥208.4m | CN¥229.2m |
| Research and development | CN¥1.5m | CN¥2.9m | CN¥4.8m | CN¥9.3m | CN¥4.6m | CN¥2.1m | CN¥6.5m | CN¥645,474 | CN¥1.1m | — |
| Operating income | CN¥8.4m | −CN¥345.0m | −CN¥434.8m | −CN¥228.4m | CN¥133.6m | CN¥163.2m | CN¥123.8m | CN¥120.8m | CN¥56.1m | CN¥96.8m |
| Net income | −CN¥141.7m | −CN¥483.9m | −CN¥531.6m | −CN¥213.6m | CN¥93.4m | CN¥107.8m | CN¥71.4m | CN¥69.8m | CN¥43.9m | CN¥90.7m |
| Diluted earnings per share | -0.19 | -0.69 | -0.76 | -0.33 | 0.14 | 0.17 | 0.17 | 0.11 | 0.08 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥7.31bn | CN¥7.30bn | CN¥8.23bn | CN¥8.88bn | CN¥9.81bn | CN¥7.17bn | CN¥6.59bn | CN¥5.55bn | CN¥3.85bn | CN¥3.61bn |
| Cash and short-term investments | — | CN¥197.3m | CN¥403.0m | CN¥673.2m | CN¥919.8m | CN¥851.6m | CN¥629.4m | CN¥442.7m | CN¥280.3m | CN¥1.20bn |
| Total liabilities | CN¥6.99bn | CN¥6.63bn | CN¥6.93bn | CN¥6.98bn | CN¥7.59bn | CN¥5.39bn | CN¥5.00bn | CN¥4.02bn | CN¥2.57bn | CN¥2.39bn |
| Debt | CN¥825.4m | CN¥2.16bn | CN¥1.86bn | CN¥2.05bn | CN¥1.90bn | CN¥1.31bn | CN¥1.70bn | CN¥1.51bn | CN¥1.10bn | CN¥761.5m |
| Shareholders' equity | CN¥50.5m | CN¥374.7m | CN¥973.1m | CN¥1.57bn | CN¥1.89bn | CN¥1.49bn | CN¥1.39bn | CN¥1.34bn | CN¥1.26bn | CN¥1.22bn |
| Shares outstanding | 743m | 706m | 700m | 655m | 664m | 617m | 431m | 640m | 558m | 574m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥34.5m | −CN¥439.7m | −CN¥296.8m | CN¥280.5m | CN¥103.7m | CN¥287.4m | CN¥423.2m | CN¥52.2m | −CN¥486.3m | CN¥120.3m |
| Capital spending | −CN¥53.7m | −CN¥37.3m | −CN¥140.3m | −CN¥258.0m | −CN¥85.5m | −CN¥54.6m | −CN¥101.7m | −CN¥94.2m | −CN¥219.3m | −CN¥37.6m |
| Free cash flow | −CN¥88.2m | −CN¥477.0m | −CN¥437.1m | CN¥22.5m | CN¥18.3m | CN¥232.8m | CN¥321.5m | −CN¥42.0m | −CN¥705.6m | CN¥82.7m |
| Dividends paid | −CN¥57.2m | −CN¥110.9m | −CN¥199.6m | −CN¥16.8m | −CN¥16.8m | −CN¥11.2m | −CN¥12.0m | −CN¥113.0m | −CN¥63.7m | −CN¥63.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥109.8m | CN¥110.0m | CN¥723.1m | CN¥307.5m | CN¥197.2m | CN¥147.0m | CN¥537.8m | CN¥271.0m |
| Gross profit | −CN¥31.6m | CN¥3.8m | CN¥62.0m | CN¥38.2m | −CN¥1.9m | CN¥18.0m | −CN¥136.0m | CN¥30.6m |
| Operating income | −CN¥63.7m | −CN¥18.6m | CN¥21.8m | −CN¥9.0m | −CN¥42.0m | CN¥32.0m | −CN¥356.6m | −CN¥7.3m |
| Net income | −CN¥124.4m | −CN¥26.1m | −CN¥41.9m | −CN¥11.6m | −CN¥102.7m | CN¥14.6m | −CN¥397.9m | −CN¥7.6m |
| Diluted earnings per share | -0.17 | -0.04 | -0.06 | -0.02 | -0.14 | 0.02 | -0.56 | -0.01 |
| Cash from operations | — | — | — | −CN¥3.0m | −CN¥137.0m | CN¥71.0m | — | −CN¥4.0m |
| Capital spending | — | −CN¥1.0m | −CN¥30.0m | — | −CN¥20.0m | −CN¥2.0m | −CN¥4.0m | −CN¥7.0m |
| Free cash flow | — | — | — | — | −CN¥157.0m | CN¥69.0m | — | −CN¥11.0m |
| Total assets | CN¥7.51bn | CN¥7.22bn | CN¥7.31bn | CN¥7.41bn | CN¥7.16bn | CN¥7.10bn | CN¥7.30bn | CN¥7.83bn |
| Cash and short-term investments | — | — | — | CN¥72.4m | CN¥101.7m | CN¥144.4m | CN¥197.3m | CN¥175.9m |
| Debt | CN¥787.5m | CN¥743.4m | CN¥825.4m | CN¥1.55bn | CN¥2.19bn | CN¥2.21bn | CN¥2.16bn | CN¥2.07bn |
| Shareholders' equity | −CN¥102.5m | CN¥25.8m | CN¥50.5m | CN¥279.8m | CN¥288.0m | CN¥382.4m | CN¥374.7m | CN¥890.5m |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 8.5% | -5.7% | 1.4% | 8.9% | 10.9% | 9.8% |
| Operating margin | 4.1% | -25.3% | -22.8% | -4.1% | 5.2% | 6.2% |
| Net margin | -10.3% | -35.5% | -27.9% | -9.6% | 1.9% | 2.2% |
| Return on equity | -280.5% | -129.2% | -54.6% | -13.6% | 4.9% | 7.2% |
| Return on assets | -1.9% | -6.6% | -6.5% | -2.4% | 1.0% | 1.5% |
| Free cash flow yield | 0.5% | -10.7% | -4.2% | 15.5% | 5.4% | 10.4% |
| Revenue growth | 0.9% | -28.5% | -14.2% | -55.9% | 2.9% | 31.2% |
| Earnings growth | -70.7% | -9.0% | 148.9% | -328.7% | -13.4% | 50.9% |
| Current ratio | 0.61x | 0.68x | 0.77x | 0.90x | 0.96x | 1.08x |
| Debt to equity | 16.35x | 5.77x | 1.91x | 1.31x | 0.84x | 0.69x |
| Equity ratio | 0.7% | 5.1% | 11.8% | 17.7% | 19.3% | 20.8% |
| Interest coverage | 0.26x | -1.71x | -2.87x | -0.67x | 1.98x | 2.12x |
| R&D as a share of sales | 0.1% | 0.2% | 0.3% | 0.4% | 0.1% | 0.0% |
| Buybacks as a share of market value | -5.2% | -0.9% | -6.7% | 1.3% | -7.6% | -43.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.8% | -22.4% | -5.4% |
| Operating income | — | -44.7% | -22.6% |
| Net income | -12.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 1.4% | 3.8% | 7.7% | 9.3% |
| Operating margin | -12.3% | -14.6% | -4.2% | -0.7% |
| Net margin | -22.9% | -20.0% | -7.0% | -2.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -30.0 | -5.3 | -4.6 | -13.1 | 33.1 | 21.9 | 28.3 | 51.1 | 133.1 | 95.2 |
| Price to sales | 3.1 | 1.9 | 1.3 | 1.3 | 0.6 | 0.5 | 0.5 | 1.3 | 3.8 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Jul 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.024 | 0.03 | 0.02 | 0.021 | 0.014 | 0.025 | 0.024 |
- 7-for-5 split · 12 Jul 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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