W 
6.97
+4.50%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.16bn
FY2016FY2025
Net income
−CN¥152.6m
FY2016FY2025
Free cash flow
CN¥49.1m
FY2016FY2025
Shareholders' equity
CN¥1.90bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.16bn | CN¥1.24bn | CN¥1.42bn | CN¥1.06bn | CN¥1.26bn | CN¥1.00bn | CN¥858.6m | CN¥651.8m | CN¥593.2m | CN¥524.4m |
| Gross profit | CN¥508.8m | CN¥536.9m | CN¥710.1m | CN¥587.5m | CN¥792.9m | CN¥657.7m | CN¥580.8m | CN¥449.7m | CN¥431.7m | CN¥379.4m |
| Research and development | CN¥59.7m | CN¥107.4m | CN¥130.2m | CN¥104.8m | CN¥94.3m | CN¥74.3m | CN¥65.9m | CN¥42.0m | CN¥35.1m | CN¥28.0m |
| Operating income | −CN¥90.1m | −CN¥265.2m | CN¥7.4m | −CN¥126.6m | CN¥217.5m | CN¥191.1m | CN¥132.5m | CN¥135.4m | CN¥129.7m | CN¥122.7m |
| Net income | −CN¥152.6m | −CN¥211.9m | CN¥23.3m | −CN¥144.3m | CN¥195.9m | CN¥170.8m | CN¥120.2m | CN¥115.5m | CN¥108.9m | CN¥106.3m |
| Diluted earnings per share | -0.30 | -0.42 | 0.06 | -0.28 | 0.43 | 0.38 | 0.31 | 0.31 | 0.26 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.08bn | CN¥3.29bn | CN¥3.34bn | CN¥3.47bn | CN¥2.39bn | CN¥2.22bn | CN¥1.47bn | CN¥1.06bn | CN¥1.01bn | CN¥875.3m |
| Cash and short-term investments | — | CN¥549.4m | CN¥716.2m | CN¥984.0m | CN¥382.3m | CN¥791.9m | CN¥418.8m | CN¥225.7m | CN¥242.3m | CN¥291.9m |
| Total liabilities | CN¥1.16bn | CN¥1.57bn | CN¥1.26bn | CN¥1.35bn | CN¥1.05bn | CN¥903.8m | CN¥348.4m | CN¥216.7m | CN¥277.7m | CN¥254.5m |
| Debt | — | CN¥800.5m | CN¥453.1m | CN¥543.9m | CN¥426.4m | CN¥326.5m | CN¥58.4m | CN¥18.6m | CN¥77.0m | CN¥104.5m |
| Shareholders' equity | CN¥1.90bn | CN¥1.68bn | CN¥2.03bn | CN¥2.06bn | CN¥1.33bn | CN¥1.32bn | CN¥1.12bn | CN¥839.3m | CN¥724.2m | CN¥619.7m |
| Shares outstanding | 511m | 508m | 398m | 522m | 456m | 452m | 388m | 368m | 417m | 657m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥74.9m | −CN¥162.9m | CN¥25.0m | −CN¥144.9m | −CN¥44.8m | CN¥206.5m | CN¥89.7m | CN¥62.2m | CN¥39.8m | CN¥87.4m |
| Capital spending | −CN¥25.8m | −CN¥118.4m | −CN¥137.4m | −CN¥87.7m | −CN¥199.3m | −CN¥113.1m | −CN¥21.3m | −CN¥17.4m | −CN¥64.5m | −CN¥52.2m |
| Free cash flow | CN¥49.1m | −CN¥281.3m | −CN¥112.4m | −CN¥232.5m | −CN¥244.0m | CN¥93.5m | CN¥68.4m | CN¥44.8m | −CN¥24.7m | CN¥35.2m |
| Dividends paid | −CN¥9.1m | −CN¥66.6m | −CN¥59.0m | −CN¥88.2m | −CN¥68.6m | −CN¥63.9m | −CN¥42.6m | −CN¥1.9m | −CN¥4.3m | −CN¥5.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥96.9m | CN¥44.3m | CN¥569.6m | CN¥260.1m | CN¥224.0m | CN¥106.7m | CN¥487.8m | CN¥295.9m |
| Gross profit | CN¥35.7m | CN¥20.0m | CN¥257.5m | CN¥112.0m | CN¥90.1m | CN¥49.2m | CN¥185.0m | CN¥129.8m |
| Operating income | −CN¥91.3m | −CN¥109.3m | CN¥43.8m | CN¥3.0m | −CN¥19.0m | −CN¥68.3m | −CN¥52.6m | −CN¥90.3m |
| Net income | −CN¥72.1m | −CN¥58.1m | −CN¥79.0m | CN¥6.4m | −CN¥14.2m | −CN¥65.8m | −CN¥55.8m | −CN¥78.9m |
| Diluted earnings per share | -0.14 | -0.11 | -0.15 | 0.01 | -0.03 | -0.13 | -0.11 | -0.16 |
| Cash from operations | — | — | — | CN¥37.0m | CN¥8.0m | −CN¥85.0m | — | −CN¥74.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | −CN¥5.0m | — | −CN¥1.0m | −CN¥17.0m | −CN¥16.0m | −CN¥12.0m |
| Free cash flow | — | — | — | — | CN¥7.0m | −CN¥102.0m | — | −CN¥86.0m |
| Total assets | CN¥3.00bn | CN¥3.11bn | CN¥3.08bn | CN¥3.15bn | CN¥3.16bn | CN¥3.15bn | CN¥3.29bn | CN¥3.48bn |
| Cash and short-term investments | — | — | — | CN¥428.2m | CN¥453.5m | CN¥461.9m | CN¥549.4m | CN¥561.6m |
| Debt | — | — | — | CN¥389.3m | CN¥379.5m | CN¥424.3m | CN¥766.2m | CN¥949.9m |
| Shareholders' equity | CN¥1.78bn | CN¥1.84bn | CN¥1.90bn | CN¥1.98bn | CN¥1.97bn | CN¥1.99bn | CN¥1.68bn | CN¥1.74bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 43.8% | 43.3% | 50.1% | 55.6% | 62.7% | 65.6% | — |
| Operating margin | -12.8% | -17.8% | 2.7% | -11.3% | 17.8% | 18.9% | — |
| Net margin | -13.2% | -17.1% | 1.6% | -13.7% | 15.5% | 17.0% | — |
| Return on equity | -8.0% | -12.6% | 1.2% | -7.0% | 14.7% | 13.0% | — |
| Return on assets | -4.9% | -6.4% | 0.7% | -4.2% | 8.2% | 7.7% | — |
| Free cash flow yield | 2.4% | -1.1% | 5.1% | -1.4% | 4.2% | 8.8% | — |
| Revenue growth | -6.4% | -12.5% | 34.1% | -16.4% | 26.1% | 16.7% | — |
| Earnings growth | -28.0% | -1008.2% | -116.2% | -173.7% | 14.7% | 42.1% | — |
| Current ratio | 1.68x | 1.75x | 2.42x | 2.39x | 2.19x | 2.93x | — |
| Debt to equity | — | 0.46x | 0.22x | 0.25x | 0.31x | 0.25x | 0.11x |
| Equity ratio | 61.5% | 51.1% | 60.8% | 59.4% | 55.7% | 59.3% | — |
| Interest coverage | -11.39x | -6.12x | 1.43x | -4.18x | 25.61x | 230.58x | — |
| R&D as a share of sales | 5.1% | 8.7% | 9.2% | 9.9% | 7.5% | 7.4% | — |
| Buybacks as a share of market value | -0.6% | -27.7% | 23.8% | -14.4% | -0.9% | -16.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.2% | 3.0% | 9.3% |
| Operating income | -10.7% | — | — |
| Net income | 1.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.6% | 48.1% | 53.1% | 58.3% |
| Operating margin | -14.8% | -9.7% | -0.9% | 5.5% |
| Net margin | -15.2% | -10.0% | -1.7% | 4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -21.6 | -12.7 | 135.3 | -27.0 | 41.5 | 40.1 | 53.5 |
| Price to sales | 2.8 | 2.2 | 2.2 | 3.7 | 6.4 | 6.8 | 7.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 7 Jun 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.10 | 0.176 | 0.163 | 0.15 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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