H 
4.24
+0.47%
Close of 9 Nov 2026, in CNY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥741.3m
FY2016FY2025
Net income
−CN¥154.4m
FY2016FY2025
Free cash flow
−CN¥109.7m
FY2016FY2025
Shareholders' equity
CN¥48.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥741.3m | CN¥1.22bn | CN¥2.07bn | CN¥3.22bn | CN¥1.04bn | CN¥1.40bn | CN¥1.40bn | CN¥1.18bn | CN¥596.9m | CN¥769.4m |
| Gross profit | CN¥113.9m | CN¥65.5m | CN¥226.6m | CN¥323.2m | CN¥196.7m | CN¥174.7m | CN¥255.0m | CN¥361.5m | CN¥231.4m | CN¥226.1m |
| Research and development | CN¥64.6m | CN¥118.0m | CN¥122.6m | CN¥109.1m | CN¥65.0m | CN¥71.0m | CN¥62.5m | CN¥49.6m | CN¥28.7m | CN¥28.5m |
| Operating income | −CN¥61.8m | −CN¥418.9m | −CN¥258.1m | CN¥54.9m | CN¥61.6m | CN¥54.2m | −CN¥685.2m | CN¥214.7m | CN¥156.9m | CN¥137.4m |
| Net income | −CN¥154.4m | −CN¥401.4m | −CN¥118.0m | CN¥8.6m | CN¥29.3m | CN¥23.6m | −CN¥625.5m | CN¥150.1m | CN¥108.5m | CN¥106.4m |
| Diluted earnings per share | -0.31 | -0.80 | -0.22 | 0.02 | 0.06 | 0.05 | -1.36 | 0.32 | 0.26 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥2.27bn | CN¥2.82bn | CN¥4.05bn | CN¥4.33bn | CN¥3.20bn | CN¥2.78bn | CN¥2.74bn | CN¥2.70bn | CN¥2.23bn | CN¥1.84bn |
| Cash and short-term investments | — | CN¥244.3m | CN¥523.1m | CN¥860.3m | CN¥402.2m | CN¥320.3m | CN¥557.7m | CN¥353.5m | CN¥132.8m | CN¥311.1m |
| Total liabilities | CN¥2.20bn | CN¥2.66bn | CN¥3.45bn | CN¥3.61bn | CN¥2.52bn | CN¥2.14bn | CN¥2.28bn | CN¥1.59bn | CN¥1.27bn | CN¥969.6m |
| Debt | — | CN¥567.5m | CN¥652.9m | CN¥569.1m | CN¥574.4m | CN¥729.9m | CN¥913.0m | CN¥623.0m | CN¥558.0m | CN¥349.8m |
| Shareholders' equity | CN¥48.2m | CN¥139.2m | CN¥539.9m | CN¥659.3m | CN¥649.5m | CN¥620.3m | CN¥450.9m | CN¥1.10bn | CN¥958.5m | CN¥875.3m |
| Shares outstanding | 495m | 499m | 534m | 469m | 509m | 494m | 459m | 471m | 418m | 437m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥108.8m | −CN¥159.9m | −CN¥202.1m | CN¥202.1m | CN¥336.3m | −CN¥218.4m | −CN¥102.0m | CN¥335.2m | −CN¥281.1m | −CN¥57.4m |
| Capital spending | −CN¥901,949 | −CN¥4.8m | −CN¥24.4m | −CN¥88.1m | −CN¥86.3m | −CN¥23.6m | −CN¥10.1m | −CN¥70.9m | −CN¥43.7m | −CN¥2.9m |
| Free cash flow | −CN¥109.7m | −CN¥164.7m | −CN¥226.5m | CN¥113.9m | CN¥250.1m | −CN¥242.1m | −CN¥112.0m | CN¥264.3m | −CN¥324.8m | −CN¥60.3m |
| Dividends paid | −CN¥23.3m | −CN¥24.9m | −CN¥29.6m | −CN¥28.3m | −CN¥33.7m | −CN¥44.7m | −CN¥30.1m | −CN¥38.8m | −CN¥52.3m | −CN¥24.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥49.9m | CN¥88.0m | CN¥125.7m | CN¥100.8m | CN¥196.8m | CN¥318.0m | CN¥440.3m | CN¥215.5m |
| Gross profit | −CN¥2.6m | CN¥12.6m | CN¥7.9m | CN¥15.5m | CN¥46.4m | CN¥44.2m | CN¥11.0m | CN¥15.4m |
| Operating income | −CN¥39.2m | −CN¥19.9m | −CN¥44.5m | −CN¥10.6m | −CN¥28.3m | −CN¥32.9m | −CN¥241.2m | −CN¥37.0m |
| Net income | −CN¥82.2m | −CN¥47.8m | −CN¥39.0m | −CN¥63.3m | −CN¥21.1m | −CN¥31.0m | −CN¥231.2m | −CN¥36.1m |
| Diluted earnings per share | -0.17 | -0.10 | -0.08 | -0.13 | -0.04 | -0.06 | -0.46 | -0.07 |
| Cash from operations | — | — | — | CN¥15.0m | CN¥21.0m | −CN¥85.0m | — | −CN¥13.0m |
| Total assets | CN¥1.89bn | CN¥2.18bn | CN¥2.27bn | CN¥2.49bn | CN¥2.62bn | CN¥2.62bn | CN¥2.82bn | CN¥3.26bn |
| Cash and short-term investments | — | — | — | CN¥89.6m | CN¥113.5m | CN¥205.8m | CN¥244.3m | CN¥170.5m |
| Debt | — | — | — | CN¥645.3m | CN¥578.8m | CN¥549.5m | CN¥566.1m | CN¥599.9m |
| Shareholders' equity | −CN¥82.4m | CN¥390,977 | CN¥48.2m | CN¥23.8m | CN¥87.5m | CN¥108.2m | CN¥139.2m | CN¥370.4m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 15.4% | 5.4% | 11.0% | 10.0% | 18.9% | 12.4% | — |
| Operating margin | -21.5% | -34.4% | -4.1% | 1.7% | 6.4% | 4.8% | — |
| Net margin | -20.8% | -33.0% | -5.7% | 0.3% | 2.8% | 1.7% | — |
| Return on equity | -320.3% | -288.4% | -21.8% | 1.3% | 4.5% | 3.8% | — |
| Return on assets | -6.8% | -14.2% | -2.9% | 0.2% | 0.9% | 0.9% | — |
| Free cash flow yield | -5.9% | -8.5% | -9.1% | 16.9% | 22.6% | -10.7% | — |
| Revenue growth | -39.1% | -41.2% | -35.7% | 209.2% | -25.9% | 0.6% | — |
| Earnings growth | -61.5% | 240.3% | -1473.5% | -70.7% | 24.0% | -103.8% | — |
| Current ratio | 0.74x | 0.82x | 0.95x | 0.96x | 0.94x | 0.93x | — |
| Debt to equity | — | 4.07x | 1.20x | 0.83x | -0.23x | 1.18x | 2.03x |
| Equity ratio | 2.1% | 4.9% | 13.3% | 15.2% | 20.3% | 22.3% | — |
| Interest coverage | -7.02x | -12.07x | -2.48x | 1.54x | 1.82x | 1.46x | — |
| R&D as a share of sales | 8.7% | 9.7% | 5.9% | 3.4% | 6.2% | 5.1% | — |
| Buybacks as a share of market value | 0.8% | 6.6% | -13.9% | 7.8% | -2.9% | -7.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -38.7% | -12.0% | 5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.2% | 10.1% | 11.4% | 16.6% |
| Operating margin | -24.5% | -9.4% | -5.9% | -4.8% |
| Net margin | -28.4% | -9.2% | -6.3% | -5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.4 | -5.5 | -40.3 | — | 273.4 | 258.5 | -7.4 | 23.7 | 31.0 | 30.7 |
| Price to sales | 3.8 | 1.8 | 2.3 | 1.5 | 7.7 | 4.3 | 3.3 | 3.0 | 5.6 | 4.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 31 May 2019.
| FY2019 | FY2018 | FY2017 | |
|---|---|---|---|
| Paid in the year | 0.069 | 0.009 | 0.058 |
- 7-for-5 split · 31 May 2019
- 7-for-5 split · 25 Jun 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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