Q 
24.93
-2.35%
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¥4.39bn
FY2017FY2025
Net income
−CN¥1.26bn
FY2017FY2025
Free cash flow
−CN¥304.3m
FY2017FY2025
Shareholders' equity
CN¥8.16bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.39bn | CN¥4.35bn | CN¥6.44bn | CN¥6.22bn | CN¥5.81bn | CN¥4.16bn | CN¥3.15bn | CN¥1.82bn | CN¥821.2m |
| Research and development | CN¥1.09bn | CN¥1.41bn | CN¥1.49bn | CN¥1.69bn | CN¥1.75bn | CN¥1.23bn | CN¥1.05bn | CN¥818.3m | CN¥540.8m |
| Operating income | −CN¥1.32bn | −CN¥1.36bn | CN¥25.8m | CN¥11.5m | −CN¥556.1m | −CN¥326.3m | −CN¥535.6m | −CN¥953.0m | −CN¥705.6m |
| Net income | −CN¥1.26bn | −CN¥1.38bn | CN¥71.8m | CN¥57.6m | −CN¥554.7m | −CN¥334.4m | −CN¥494.9m | −CN¥871.8m | −CN¥629.9m |
| Diluted earnings per share | -1.88 | -2.03 | 0.09 | 0.07 | -0.83 | -0.49 | -0.85 | -1.29 | -0.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥13.67bn | CN¥14.87bn | CN¥16.27bn | CN¥13.76bn | CN¥13.48bn | CN¥12.42bn | CN¥7.15bn | CN¥6.78bn | CN¥5.28bn |
| Cash and short-term investments | CN¥1.21bn | CN¥1.63bn | CN¥2.06bn | CN¥1.41bn | CN¥2.97bn | CN¥5.27bn | CN¥1.26bn | CN¥1.65bn | CN¥861.0m |
| Total liabilities | −CN¥8.16bn | CN¥6.08bn | CN¥6.08bn | CN¥3.79bn | CN¥3.57bn | CN¥2.40bn | CN¥2.11bn | CN¥2.50bn | CN¥1.98bn |
| Debt | CN¥557.5m | CN¥2.26bn | CN¥2.32bn | CN¥678.9m | CN¥514.4m | CN¥13.5m | CN¥539,243 | — | — |
| Shareholders' equity | CN¥8.16bn | CN¥8.77bn | CN¥10.16bn | CN¥9.95bn | CN¥9.90bn | CN¥10.01bn | CN¥5.02bn | CN¥4.30bn | CN¥3.25bn |
| Shares outstanding | 673m | 680m | 820m | 836m | 664m | 678m | 582m | 673m | 673m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥60.7m | −CN¥341.7m | −CN¥777.9m | −CN¥1.26bn | −CN¥1.30bn | −CN¥688.6m | −CN¥1.11bn | −CN¥956.4m | −CN¥515.7m |
| Capital spending | −CN¥243.6m | −CN¥209.6m | −CN¥112.3m | −CN¥187.1m | −CN¥250.0m | −CN¥298.1m | −CN¥283.0m | −CN¥99.8m | −CN¥62.7m |
| Free cash flow | −CN¥304.3m | −CN¥551.3m | −CN¥890.1m | −CN¥1.45bn | −CN¥1.55bn | −CN¥986.7m | −CN¥1.40bn | −CN¥1.06bn | −CN¥578.4m |
| Dividends paid | −CN¥66.4m | −CN¥55.1m | −CN¥30.7m | −CN¥16.7m | −CN¥30.1m | −CN¥25.4m | −CN¥2.1m | — | −CN¥41,731 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥780.1m | CN¥716.6m | CN¥1.55bn | CN¥1.10bn | CN¥1.06bn | CN¥686.1m | CN¥1.64bn | CN¥927.5m |
| Operating income | −CN¥382.7m | −CN¥271.4m | −CN¥682.2m | CN¥142.4m | −CN¥337.4m | −CN¥424.1m | −CN¥222.5m | −CN¥354.8m |
| Net income | −CN¥23.2m | −CN¥388.1m | −CN¥645.5m | CN¥152.9m | −CN¥352.2m | −CN¥417.7m | −CN¥203.4m | −CN¥355.6m |
| Diluted earnings per share | -0.03 | -0.58 | -0.96 | 0.23 | -0.52 | -0.62 | -0.30 | -0.52 |
| Cash from operations | — | — | — | CN¥102.0m | −CN¥379.0m | −CN¥755.0m | — | −CN¥544.0m |
| Capital spending | −CN¥62.0m | −CN¥5.0m | −CN¥129.0m | −CN¥20.0m | −CN¥48.0m | −CN¥45.0m | −CN¥14.0m | −CN¥45.0m |
| Free cash flow | — | — | — | CN¥82.0m | −CN¥427.0m | −CN¥800.0m | — | −CN¥589.0m |
| Total assets | CN¥13.64bn | CN¥13.41bn | CN¥13.67bn | CN¥14.72bn | CN¥14.43bn | CN¥14.42bn | CN¥14.87bn | CN¥14.78bn |
| Cash and short-term investments | — | — | CN¥1.21bn | CN¥1.21bn | CN¥1.14bn | CN¥1.10bn | CN¥1.63bn | CN¥714.1m |
| Debt | CN¥742.0m | CN¥713.0m | CN¥557.5m | CN¥2.36bn | CN¥2.88bn | CN¥2.68bn | CN¥2.06bn | CN¥2.31bn |
| Shareholders' equity | CN¥7.04bn | CN¥7.06bn | CN¥8.16bn | CN¥8.14bn | CN¥8.00bn | CN¥8.35bn | CN¥8.77bn | CN¥9.01bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -30.0% | -31.4% | 0.4% | 0.2% | -9.6% | -7.8% |
| Net margin | -28.7% | -31.7% | 1.1% | 0.9% | -9.5% | -8.0% |
| Return on equity | -15.5% | -15.7% | 0.7% | 0.6% | -5.6% | -3.3% |
| Return on assets | -9.2% | -9.3% | 0.4% | 0.4% | -4.1% | -2.7% |
| Free cash flow yield | 0.9% | -0.7% | -2.8% | -4.5% | -5.5% | -2.0% |
| Revenue growth | 1.0% | -32.5% | 3.5% | 7.1% | 39.6% | 31.9% |
| Earnings growth | -8.5% | -2022.5% | 24.5% | -110.4% | 65.9% | -32.4% |
| Current ratio | 1.62x | 1.61x | 1.95x | 2.54x | 2.79x | 3.88x |
| Debt to equity | 0.07x | 0.23x | 0.18x | 0.02x | 0.01x | 0.01x |
| Equity ratio | 59.7% | 59.0% | 62.5% | 72.3% | 73.4% | 80.5% |
| Interest coverage | -18.14x | -19.30x | 0.50x | 0.34x | -11.46x | -63.95x |
| R&D as a share of sales | 24.8% | 32.5% | 23.1% | 27.2% | 30.1% | 29.5% |
| Buybacks as a share of market value | 1.0% | 17.1% | 1.8% | -25.8% | 2.0% | -16.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.0% | 1.1% | — |
| Operating income | — | 32.2% | — |
| Net income | — | 30.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -19.0 | -13.2 | 458.4 | — | -105.3 | -255.7 |
| Price to sales | 5.5 | 4.2 | 5.1 | 8.8 | 10.1 | 20.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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