Z 
19.41
-4.10%
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¥940.2m
FY2016FY2025
Net income
−CN¥82.4m
FY2016FY2025
Free cash flow
−CN¥343.1m
FY2016FY2025
Shareholders' equity
CN¥1.81bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥940.2m | CN¥1.20bn | CN¥1.36bn | CN¥1.18bn | CN¥712.2m | CN¥881.7m | CN¥988.1m | CN¥856.8m | CN¥728.9m | CN¥684.5m |
| Gross profit | CN¥222.1m | CN¥194.2m | CN¥348.8m | CN¥266.1m | CN¥190.6m | CN¥293.6m | CN¥334.9m | CN¥275.1m | CN¥218.8m | CN¥213.4m |
| Research and development | CN¥86.8m | CN¥117.0m | CN¥81.7m | CN¥44.9m | CN¥37.3m | CN¥38.4m | CN¥37.2m | CN¥32.7m | CN¥31.1m | CN¥27.0m |
| Operating income | −CN¥75.4m | −CN¥101.7m | CN¥137.0m | CN¥120.6m | CN¥78.9m | CN¥133.8m | CN¥197.2m | CN¥133.0m | CN¥68.0m | CN¥79.4m |
| Net income | −CN¥82.4m | −CN¥100.7m | CN¥121.2m | CN¥104.4m | CN¥68.5m | CN¥114.5m | CN¥168.3m | CN¥109.3m | CN¥55.7m | CN¥66.7m |
| Diluted earnings per share | -0.73 | -0.93 | 0.88 | 0.91 | 0.59 | 1.23 | 1.98 | 0.97 | 0.50 | 0.59 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.34bn | CN¥3.56bn | CN¥3.34bn | CN¥2.47bn | CN¥2.25bn | CN¥2.08bn | CN¥1.11bn | CN¥1.09bn | CN¥1.17bn | CN¥1.03bn |
| Cash and short-term investments | — | CN¥563.2m | CN¥711.1m | CN¥531.6m | CN¥606.1m | CN¥989.4m | CN¥133.2m | CN¥112.0m | CN¥189.5m | CN¥73.2m |
| Total liabilities | CN¥1.53bn | CN¥1.68bn | CN¥1.33bn | CN¥631.6m | CN¥493.0m | CN¥351.8m | CN¥258.6m | CN¥382.9m | CN¥533.6m | CN¥599.7m |
| Debt | CN¥752.3m | CN¥781.0m | CN¥706.9m | CN¥122.8m | CN¥2.4m | CN¥10.0m | CN¥20.0m | CN¥98.5m | CN¥279.0m | CN¥330.0m |
| Shareholders' equity | CN¥1.81bn | CN¥1.87bn | CN¥2.02bn | CN¥1.84bn | CN¥1.76bn | CN¥1.73bn | CN¥848.0m | CN¥710.9m | CN¥632.1m | CN¥426.3m |
| Shares outstanding | 112m | 109m | 138m | 115m | 116m | 93m | 85m | 112m | 112m | 112m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥268.9m | −CN¥156.5m | −CN¥84.1m | −CN¥70.4m | −CN¥23.6m | CN¥146.9m | CN¥216.6m | CN¥143.6m | CN¥91.7m | CN¥54.4m |
| Capital spending | −CN¥74.3m | −CN¥211.6m | −CN¥227.5m | −CN¥87.8m | −CN¥122.0m | −CN¥61.1m | −CN¥57.8m | −CN¥29.5m | −CN¥28.2m | −CN¥40.1m |
| Free cash flow | −CN¥343.1m | −CN¥368.2m | −CN¥311.5m | −CN¥158.2m | −CN¥145.6m | CN¥85.8m | CN¥158.8m | CN¥114.2m | CN¥63.5m | CN¥14.2m |
| Dividends paid | −CN¥8.6m | −CN¥41.6m | −CN¥36.3m | −CN¥22.7m | −CN¥39.8m | −CN¥15.3m | −CN¥64.9m | −CN¥8.0m | −CN¥17.1m | −CN¥17.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥201.6m | CN¥264.6m | CN¥343.8m | CN¥180.5m | CN¥224.9m | CN¥190.9m | CN¥235.2m | CN¥314.8m |
| Gross profit | CN¥54.9m | CN¥56.4m | CN¥67.3m | CN¥62.5m | CN¥24.8m | CN¥67.5m | −CN¥65.6m | CN¥96.8m |
| Operating income | −CN¥24.5m | −CN¥15.3m | CN¥13.1m | −CN¥47.1m | −CN¥23.8m | −CN¥7.5m | −CN¥173.2m | CN¥17.6m |
| Net income | −CN¥83.2m | −CN¥35.2m | −CN¥10.0m | −CN¥42.2m | −CN¥23.3m | −CN¥6.9m | −CN¥145.8m | CN¥12.7m |
| Diluted earnings per share | -0.74 | -0.31 | -0.09 | -0.38 | -0.21 | -0.06 | -1.34 | 0.12 |
| Cash from operations | — | — | — | −CN¥14.0m | −CN¥102.0m | −CN¥134.0m | — | — |
| Capital spending | −CN¥9.0m | −CN¥6.0m | −CN¥10.0m | −CN¥18.0m | −CN¥13.0m | −CN¥32.0m | −CN¥59.0m | −CN¥50.0m |
| Free cash flow | — | — | — | −CN¥32.0m | −CN¥115.0m | −CN¥166.0m | — | — |
| Total assets | CN¥3.07bn | CN¥3.24bn | CN¥3.34bn | CN¥3.39bn | CN¥3.54bn | CN¥3.49bn | CN¥3.56bn | CN¥3.52bn |
| Cash and short-term investments | — | — | — | CN¥376.4m | CN¥328.2m | CN¥353.6m | CN¥563.2m | CN¥294.0m |
| Debt | CN¥782.8m | CN¥777.8m | CN¥752.3m | CN¥411.5m | CN¥969.0m | CN¥862.1m | CN¥776.2m | CN¥998.3m |
| Shareholders' equity | CN¥1.70bn | CN¥1.77bn | CN¥1.81bn | CN¥1.81bn | CN¥1.85bn | CN¥1.87bn | CN¥1.87bn | CN¥2.02bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 23.6% | 16.2% | 25.7% | 22.6% | 26.8% | 33.3% | — |
| Operating margin | -7.6% | -9.6% | 10.2% | 9.8% | 10.9% | 14.9% | — |
| Net margin | -8.8% | -8.4% | 8.9% | 8.9% | 9.6% | 13.0% | — |
| Return on equity | -4.6% | -5.4% | 6.0% | 5.7% | 3.9% | 6.6% | — |
| Return on assets | -2.5% | -2.8% | 3.6% | 4.2% | 3.0% | 5.5% | — |
| Free cash flow yield | -8.2% | 2.4% | 4.9% | 0.7% | 4.0% | 10.6% | — |
| Revenue growth | -21.5% | -11.7% | 15.0% | 65.6% | -19.2% | -10.8% | — |
| Earnings growth | -18.1% | -183.0% | 16.1% | 52.5% | -40.2% | -32.0% | — |
| Current ratio | 1.73x | 1.67x | 2.50x | 2.09x | 2.61x | 4.41x | — |
| Debt to equity | 0.42x | 0.41x | 0.35x | 0.06x | — | 0.01x | 0.02x |
| Equity ratio | 54.1% | 52.7% | 60.3% | 74.4% | 78.1% | 83.1% | — |
| Interest coverage | -4.11x | -40.98x | 33.67x | 88.74x | 101.19x | 115.42x | — |
| R&D as a share of sales | 9.2% | 9.8% | 6.0% | 3.8% | 5.2% | 4.4% | — |
| Buybacks as a share of market value | -3.4% | 21.6% | -20.7% | 1.1% | -24.6% | -9.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.3% | 1.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.5% | 22.1% | 24.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -24.3 | -21.3 | 30.2 | 22.0 | 46.8 | 28.9 |
| Price to sales | 2.1 | 1.8 | 2.7 | 1.9 | 4.5 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 4 Jul 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|
| Paid in the year | 0.327 | 0.29 | 0.20 | 0.35 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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