S 
31.38
-1.63%
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¥1.56bn
FY2016FY2025
Net income
−CN¥553.3m
FY2016FY2025
Free cash flow
−CN¥492.1m
FY2016FY2025
Shareholders' equity
CN¥128.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.56bn | CN¥2.51bn | CN¥1.89bn | CN¥1.02bn | CN¥134.4m | CN¥328,165 | CN¥2.6m | CN¥2.9m | CN¥6.0m | CN¥98.1m |
| Gross profit | CN¥1.56bn | CN¥2.39bn | CN¥1.78bn | CN¥984.5m | CN¥118.6m | −CN¥2.8m | −CN¥4.0m | −CN¥61,675 | CN¥1.4m | CN¥75.8m |
| Research and development | CN¥837.9m | CN¥911.2m | CN¥1.15bn | CN¥886.0m | CN¥732.7m | CN¥610.3m | CN¥516.2m | CN¥434.8m | CN¥189.2m | CN¥104.9m |
| Operating income | −CN¥469.0m | CN¥568.4m | CN¥6.4m | −CN¥435.6m | −CN¥839.7m | −CN¥699.5m | −CN¥787.3m | −CN¥459.6m | −CN¥145.1m | −CN¥74.4m |
| Net income | −CN¥553.3m | CN¥112.0m | −CN¥396.0m | −CN¥519.0m | −CN¥866.9m | −CN¥712.5m | −CN¥794.7m | −CN¥453.3m | −CN¥141.3m | −CN¥12.1m |
| Diluted earnings per share | -1.20 | 0.21 | -0.91 | -1.20 | -1.98 | -2.16 | -2.05 | -0.98 | -0.31 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.82bn | CN¥3.28bn | CN¥2.72bn | CN¥2.74bn | CN¥1.37bn | CN¥1.66bn | CN¥808.2m | CN¥539.8m | CN¥486.9m | CN¥421.7m |
| Cash and short-term investments | — | CN¥314.9m | CN¥293.4m | CN¥971.9m | CN¥349.5m | CN¥950.3m | CN¥163.8m | CN¥6.9m | CN¥60.9m | CN¥42.2m |
| Total liabilities | CN¥3.70bn | CN¥3.15bn | CN¥3.32bn | CN¥2.98bn | CN¥1.60bn | CN¥1.08bn | CN¥773.4m | CN¥563.6m | CN¥319.1m | CN¥341.3m |
| Debt | CN¥797.4m | CN¥2.02bn | CN¥2.75bn | CN¥1.66bn | CN¥1.08bn | CN¥581.3m | CN¥337.1m | CN¥115.6m | CN¥125.6m | CN¥126.0m |
| Shareholders' equity | CN¥128.3m | CN¥140.9m | −CN¥599.5m | −CN¥236.7m | −CN¥226.5m | CN¥590.8m | CN¥36.3m | −CN¥22.4m | CN¥175.4m | CN¥83.4m |
| Shares outstanding | 462m | 543m | 433m | 432m | 438m | 330m | 388m | 462m | 462m | 462m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥275.6m | CN¥125.1m | −CN¥380.8m | −CN¥427.9m | −CN¥862.8m | −CN¥537.4m | −CN¥485.1m | −CN¥88.0m | −CN¥93.3m | −CN¥40.3m |
| Capital spending | −CN¥216.5m | −CN¥375.6m | −CN¥505.4m | −CN¥554.8m | −CN¥193.9m | −CN¥117.3m | −CN¥128.4m | −CN¥102.7m | −CN¥68.9m | −CN¥137.2m |
| Free cash flow | −CN¥492.1m | −CN¥250.5m | −CN¥886.2m | −CN¥982.7m | −CN¥1.06bn | −CN¥654.7m | −CN¥613.5m | −CN¥190.7m | −CN¥162.2m | −CN¥177.5m |
| Dividends paid | −CN¥111.8m | −CN¥106.1m | −CN¥117.2m | −CN¥84.5m | −CN¥32.3m | −CN¥23.0m | −CN¥11.8m | −CN¥6.2m | −CN¥6.1m | −CN¥4.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥336.2m | CN¥323.2m | CN¥248.3m | CN¥339.9m | CN¥452.3m | CN¥519.7m | CN¥575.7m | CN¥632.3m |
| Gross profit | CN¥306.0m | CN¥289.5m | CN¥325.8m | CN¥327.9m | CN¥413.3m | CN¥493.1m | CN¥526.5m | CN¥610.2m |
| Operating income | −CN¥143.8m | −CN¥122.5m | −CN¥369.2m | −CN¥159.5m | −CN¥75.3m | CN¥53.1m | CN¥38.3m | CN¥52.9m |
| Net income | −CN¥190.0m | −CN¥175.7m | −CN¥302.6m | −CN¥216.9m | −CN¥97.5m | CN¥63.8m | −CN¥38.0m | CN¥24.2m |
| Diluted earnings per share | -0.41 | -0.38 | -0.65 | -0.47 | -0.21 | 0.14 | -0.07 | 0.04 |
| Cash from operations | — | — | — | −CN¥100.0m | −CN¥99.0m | −CN¥106.0m | −CN¥63.0m | CN¥59.0m |
| Capital spending | −CN¥12.0m | −CN¥86.0m | −CN¥50.0m | −CN¥56.0m | −CN¥60.0m | −CN¥48.0m | −CN¥122.0m | −CN¥93.0m |
| Free cash flow | — | — | — | −CN¥156.0m | −CN¥159.0m | −CN¥154.0m | −CN¥185.0m | −CN¥34.0m |
| Total assets | CN¥3.96bn | CN¥4.53bn | CN¥3.82bn | CN¥3.76bn | CN¥3.53bn | CN¥3.45bn | CN¥3.28bn | CN¥3.16bn |
| Cash and short-term investments | — | — | — | CN¥594.6m | CN¥352.5m | CN¥312.9m | CN¥314.9m | CN¥390.5m |
| Debt | CN¥832.2m | CN¥878.2m | CN¥797.4m | CN¥2.57bn | CN¥2.23bn | CN¥2.14bn | CN¥1.96bn | CN¥2.31bn |
| Shareholders' equity | CN¥633.4m | CN¥847.6m | CN¥128.3m | −CN¥724.1m | CN¥110.8m | CN¥204.3m | CN¥140.9m | −CN¥428.5m |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 95.2% | 94.3% | 96.2% | 88.2% | -851.1% |
| Operating margin | -30.1% | 22.6% | 0.3% | -42.6% | -624.8% | -213149.8% |
| Net margin | -35.5% | 4.5% | -21.0% | -50.7% | -645.0% | -217117.8% |
| Return on equity | -431.3% | 79.5% | 66.1% | 219.3% | 382.7% | -120.6% |
| Return on assets | -14.5% | 3.4% | -14.6% | -19.0% | -63.1% | -42.8% |
| Free cash flow yield | -0.4% | 2.6% | 0.8% | 0.8% | -4.3% | -3.6% |
| Revenue growth | -37.9% | 33.1% | 84.5% | 661.3% | 40852.8% | -87.6% |
| Earnings growth | -594.2% | -128.3% | -23.7% | -40.1% | 21.7% | -10.3% |
| Current ratio | 0.69x | 0.73x | 0.52x | 1.12x | 0.88x | 2.32x |
| Debt to equity | 6.22x | 13.94x | -4.42x | -5.23x | -4.32x | 0.96x |
| Equity ratio | 3.4% | 4.3% | -22.1% | -8.6% | -16.5% | 35.5% |
| Interest coverage | -5.59x | 5.40x | 0.06x | -5.16x | -24.90x | -38.46x |
| R&D as a share of sales | 53.7% | 36.3% | 60.8% | 86.6% | 545.2% | 185975.6% |
| Buybacks as a share of market value | 14.8% | -25.3% | -0.3% | 1.5% | -33.0% | 15.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.1% | 443.8% | — |
| Operating income | 2.5% | -7.7% | — |
| Net income | 2.2% | -4.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 97.0% | 96.2% | 96.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -36.2 | 175.6 | -58.9 | -50.4 | -29.6 | -21.1 |
| Price to sales | 12.8 | 7.8 | 12.4 | 25.6 | 190.6 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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