B 
12.65
+2.93%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥3.61bn
FY2016FY2025
Net income
CN¥6.6m
FY2016FY2025
Free cash flow
−CN¥616.0m
FY2016FY2025
Shareholders' equity
CN¥4.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.61bn | CN¥3.27bn | CN¥2.91bn | CN¥2.90bn | CN¥3.52bn | CN¥2.79bn | CN¥2.67bn | CN¥1.95bn | CN¥1.76bn | CN¥1.35bn |
| Gross profit | CN¥522.6m | CN¥206.8m | CN¥252.1m | CN¥449.4m | CN¥635.4m | CN¥568.8m | CN¥527.9m | CN¥357.5m | CN¥297.6m | CN¥223.4m |
| Research and development | CN¥153.5m | CN¥141.8m | CN¥132.9m | CN¥130.9m | CN¥142.8m | CN¥119.7m | CN¥108.1m | CN¥94.0m | CN¥82.0m | CN¥64.0m |
| Operating income | CN¥133.9m | −CN¥199.7m | −CN¥586.9m | CN¥94.7m | CN¥269.8m | CN¥284.0m | CN¥227.1m | CN¥134.5m | CN¥70.1m | CN¥44.0m |
| Net income | CN¥6.6m | −CN¥236.0m | −CN¥565.8m | CN¥80.9m | CN¥241.9m | CN¥246.7m | CN¥201.6m | CN¥124.7m | CN¥65.2m | CN¥53.4m |
| Diluted earnings per share | 0.01 | -0.36 | -0.83 | 0.16 | 0.48 | 0.62 | 0.44 | 0.30 | 0.20 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥10.16bn | CN¥9.04bn | CN¥7.97bn | CN¥6.92bn | CN¥6.55bn | CN¥5.56bn | CN¥4.48bn | CN¥3.83bn | CN¥2.37bn | CN¥1.92bn |
| Cash and short-term investments | — | CN¥814.3m | CN¥415.4m | CN¥483.9m | CN¥606.9m | CN¥919.3m | CN¥504.0m | CN¥307.9m | CN¥158.0m | CN¥97.2m |
| Total liabilities | CN¥5.83bn | CN¥4.78bn | CN¥3.41bn | CN¥3.24bn | CN¥2.92bn | CN¥2.06bn | CN¥2.02bn | CN¥1.55bn | CN¥1.38bn | CN¥988.4m |
| Debt | CN¥1.64bn | CN¥2.52bn | CN¥1.82bn | CN¥1.70bn | CN¥1.14bn | CN¥820.0m | CN¥755.3m | CN¥447.8m | CN¥373.8m | CN¥291.8m |
| Shareholders' equity | CN¥4.32bn | CN¥4.26bn | CN¥4.56bn | CN¥3.68bn | CN¥3.62bn | CN¥3.50bn | CN¥2.47bn | CN¥2.27bn | CN¥990.4m | CN¥934.3m |
| Shares outstanding | 630m | 652m | 682m | 503m | 507m | 395m | 459m | 422m | 328m | 328m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥440.4m | CN¥164.2m | CN¥31.5m | CN¥203.5m | CN¥272.9m | CN¥71.1m | CN¥236.3m | CN¥173.7m | CN¥154.5m | CN¥47.9m |
| Capital spending | −CN¥1.06bn | −CN¥1.10bn | −CN¥996.2m | −CN¥791.9m | −CN¥639.1m | −CN¥306.1m | −CN¥182.8m | −CN¥158.7m | −CN¥151.3m | −CN¥192.9m |
| Free cash flow | −CN¥616.0m | −CN¥934.5m | −CN¥964.7m | −CN¥588.5m | −CN¥366.1m | −CN¥235.0m | CN¥53.5m | CN¥15.0m | CN¥3.3m | −CN¥145.0m |
| Dividends paid | −CN¥91.2m | −CN¥93.2m | −CN¥82.6m | −CN¥65.1m | −CN¥30.3m | −CN¥22.1m | −CN¥22.5m | −CN¥33.2m | −CN¥26.0m | −CN¥19.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.05bn | CN¥817.9m | CN¥1.02bn | CN¥887.3m | CN¥882.1m | CN¥822.9m | CN¥928.1m | CN¥825.5m |
| Gross profit | CN¥168.6m | CN¥126.8m | CN¥158.3m | CN¥138.4m | CN¥106.6m | CN¥108.6m | −CN¥99.5m | CN¥104.6m |
| Operating income | CN¥41.5m | CN¥41.6m | CN¥30.0m | CN¥16.8m | CN¥7.5m | CN¥29.9m | −CN¥254.0m | −CN¥8.7m |
| Net income | −CN¥40.4m | −CN¥10.9m | −CN¥33.5m | CN¥2.2m | CN¥10.6m | CN¥27.3m | −CN¥286.9m | −CN¥4.3m |
| Diluted earnings per share | -0.06 | -0.02 | -0.05 | 0.00 | 0.02 | 0.04 | -0.44 | -0.01 |
| Cash from operations | — | — | — | CN¥39.0m | CN¥117.0m | CN¥59.0m | — | CN¥5.0m |
| Capital spending | −CN¥274.0m | −CN¥289.0m | −CN¥322.0m | −CN¥219.0m | −CN¥156.0m | −CN¥357.0m | −CN¥344.0m | −CN¥267.0m |
| Free cash flow | — | — | — | −CN¥180.0m | −CN¥39.0m | −CN¥298.0m | — | −CN¥262.0m |
| Total assets | CN¥11.01bn | CN¥10.45bn | CN¥10.16bn | CN¥9.92bn | CN¥9.63bn | CN¥9.31bn | CN¥9.04bn | CN¥8.65bn |
| Cash and short-term investments | — | — | — | CN¥907.9m | CN¥1.01bn | CN¥865.4m | CN¥814.3m | CN¥771.7m |
| Debt | CN¥1.51bn | CN¥1.67bn | CN¥1.64bn | CN¥2.08bn | CN¥2.88bn | CN¥2.80bn | CN¥2.51bn | CN¥2.80bn |
| Shareholders' equity | CN¥4.26bn | CN¥4.30bn | CN¥4.32bn | CN¥4.37bn | CN¥4.37bn | CN¥4.30bn | CN¥4.26bn | CN¥4.53bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.1% | 6.3% | 8.7% | 15.5% | 18.0% | 20.4% |
| Operating margin | 2.0% | -4.6% | -3.3% | 4.6% | 8.8% | 10.6% |
| Net margin | 0.2% | -7.2% | -19.4% | 2.8% | 6.9% | 8.9% |
| Return on equity | 0.2% | -5.5% | -12.4% | 2.2% | 6.7% | 7.0% |
| Return on assets | 0.1% | -2.6% | -7.1% | 1.2% | 3.7% | 4.4% |
| Free cash flow yield | 13.4% | 10.9% | 8.5% | 11.2% | 10.2% | 5.4% |
| Revenue growth | 10.6% | 12.1% | 0.5% | -17.7% | 26.4% | 4.4% |
| Earnings growth | -102.8% | -58.3% | -799.0% | -66.5% | -2.0% | 22.4% |
| Current ratio | 0.95x | 1.07x | 1.35x | 1.00x | 1.12x | 1.57x |
| Debt to equity | 0.38x | 0.59x | 0.40x | 0.46x | 0.25x | 0.24x |
| Equity ratio | 42.5% | 47.1% | 57.2% | 53.2% | 55.2% | 62.9% |
| Interest coverage | 1.14x | -2.42x | -2.02x | 2.69x | 6.71x | 6.98x |
| R&D as a share of sales | 4.2% | 4.3% | 4.6% | 4.5% | 4.1% | 4.3% |
| Buybacks as a share of market value | 3.3% | 4.4% | -35.5% | 0.8% | -28.5% | 14.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.6% | 5.3% | 12.3% |
| Operating income | 12.3% | -14.0% | 10.1% |
| Net income | -56.6% | -51.5% | -19.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.6% | 11.3% | 13.9% | 15.3% |
| Operating margin | -1.0% | -4.4% | -0.0% | 1.9% |
| Net margin | -3.3% | -5.6% | -1.2% | 1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | -23.3 | -12.6 | 76.0 | 36.1 | 20.1 | 28.0 | 24.5 | 73.7 | 99.2 |
| Price to sales | 2.2 | 1.7 | 2.5 | 2.1 | 2.5 | 1.8 | 2.1 | 1.6 | 2.7 | 3.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jun 2024.
| FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.02 | 0.06 | 0.05 | 0.051 | 0.034 | 0.031 | 0.026 |
- 7-for-5 split · 4 Jun 2020
- 7-for-5 split · 5 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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