R 
0.78
-1.89%
Close of 9 Nov 2026, in HKD
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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¥13.83bn
FY2017FY2025
Net income
−CN¥6.74bn
FY2017FY2025
Free cash flow
−CN¥506.1m
FY2017FY2025
Shareholders' equity
CN¥7.92bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥13.83bn | CN¥21.21bn | CN¥29.33bn | CN¥30.24bn | CN¥40.03bn | CN¥34.88bn | CN¥25.96bn | CN¥15.97bn | CN¥11.78bn |
| Gross profit | −CN¥1.60bn | −CN¥4.97bn | CN¥2.17bn | CN¥4.43bn | CN¥7.75bn | CN¥7.71bn | CN¥5.66bn | CN¥4.83bn | CN¥3.79bn |
| Operating income | −CN¥2.59bn | −CN¥6.12bn | CN¥699.6m | CN¥2.91bn | CN¥5.12bn | CN¥5.37bn | CN¥4.89bn | CN¥3.52bn | CN¥2.77bn |
| Net income | −CN¥6.74bn | −CN¥7.80bn | −CN¥497.7m | CN¥1.46bn | CN¥3.27bn | CN¥3.13bn | CN¥2.51bn | CN¥2.01bn | CN¥2.03bn |
| Diluted earnings per share | -1.67 | -1.93 | -0.12 | 0.36 | 0.81 | 0.77 | 0.62 | 0.50 | 0.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥77.92bn | CN¥82.76bn | CN¥129.78bn | CN¥161.68bn | CN¥191.65bn | CN¥185.66bn | CN¥149.34bn | CN¥120.61bn | CN¥86.76bn |
| Cash and short-term investments | CN¥1.09bn | CN¥1.57bn | CN¥4.83bn | CN¥12.32bn | CN¥11.30bn | CN¥20.77bn | CN¥9.22bn | CN¥11.15bn | CN¥3.57bn |
| Total liabilities | CN¥62.21bn | CN¥62.10bn | CN¥93.83bn | CN¥126.09bn | CN¥154.08bn | CN¥149.55bn | CN¥127.97bn | CN¥103.08bn | CN¥72.16bn |
| Debt | CN¥23.48bn | CN¥25.54bn | CN¥29.43bn | CN¥37.83bn | CN¥52.81bn | CN¥53.80bn | CN¥49.10bn | CN¥43.20bn | CN¥34.06bn |
| Shareholders' equity | CN¥7.92bn | CN¥12.70bn | CN¥23.95bn | CN¥24.53bn | CN¥23.64bn | CN¥21.56bn | CN¥16.83bn | CN¥14.32bn | CN¥12.31bn |
| Shares outstanding | 4,045m | 4,045m | 4,045m | 4,045m | 4,045m | 4,045m | 4,045m | 4,045m | 4,045m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥495.8m | CN¥2.57bn | CN¥6.94bn | CN¥8.35bn | CN¥2.77bn | CN¥2.65bn | −CN¥5.70bn | CN¥1.43bn | −CN¥7.76bn |
| Capital spending | −CN¥10.3m | −CN¥91.5m | −CN¥167.7m | −CN¥67.2m | −CN¥867.5m | −CN¥30.8m | −CN¥47.1m | −CN¥33.5m | −CN¥86.5m |
| Free cash flow | −CN¥506.1m | CN¥2.48bn | CN¥6.77bn | CN¥8.28bn | CN¥1.90bn | CN¥2.62bn | −CN¥5.74bn | CN¥1.40bn | −CN¥7.84bn |
| Dividends paid | — | — | — | −CN¥479.7m | −CN¥1.09bn | −CN¥707.1m | −CN¥707.1m | −CN¥707.1m | −CN¥707.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.51bn | CN¥1.51bn | CN¥3.89bn | CN¥3.89bn | CN¥3.21bn | CN¥3.21bn | CN¥3.59bn | CN¥4.19bn |
| Gross profit | CN¥365.3m | CN¥365.3m | −CN¥1.21bn | −CN¥1.21bn | CN¥425.0m | CN¥425.0m | −CN¥2.52bn | −CN¥2.94bn |
| Operating income | CN¥201.6m | CN¥201.6m | −CN¥1.53bn | −CN¥1.53bn | CN¥195.6m | CN¥195.6m | −CN¥2.81bn | −CN¥3.28bn |
| Net income | CN¥43.3m | CN¥43.3m | −CN¥3.34bn | −CN¥3.34bn | −CN¥116.5m | −CN¥116.5m | −CN¥3.03bn | −CN¥3.54bn |
| Diluted earnings per share | 0.01 | 0.01 | -0.83 | -0.83 | -0.03 | -0.03 | -0.75 | -0.88 |
| Cash from operations | — | — | CN¥264.0m | CN¥264.0m | CN¥67.0m | CN¥67.0m | CN¥490.0m | CN¥572.0m |
| Capital spending | — | — | −CN¥7.0m | −CN¥7.0m | −CN¥12.0m | −CN¥12.0m | −CN¥9.0m | −CN¥11.0m |
| Free cash flow | — | — | CN¥257.0m | CN¥257.0m | CN¥55.0m | CN¥55.0m | CN¥481.0m | CN¥561.0m |
| Total assets | CN¥77.83bn | CN¥77.83bn | CN¥77.88bn | CN¥77.88bn | CN¥91.83bn | CN¥91.83bn | CN¥82.76bn | CN¥96.66bn |
| Cash and short-term investments | CN¥994.0m | CN¥994.0m | CN¥1.09bn | CN¥817.7m | CN¥1.15bn | CN¥1.15bn | CN¥1.57bn | CN¥1.83bn |
| Debt | CN¥14.60bn | CN¥14.60bn | CN¥23.47bn | CN¥18.37bn | CN¥28.81bn | CN¥11.81bn | CN¥25.54bn | CN¥12.75bn |
| Shareholders' equity | CN¥8.00bn | CN¥8.00bn | CN¥7.91bn | CN¥7.91bn | CN¥14.60bn | CN¥14.60bn | CN¥12.70bn | CN¥14.83bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -11.6% | -23.4% | 7.4% | 14.7% | 19.4% | 22.1% |
| Operating margin | -42.1% | -29.3% | 2.9% | 11.2% | 17.0% | 20.2% |
| Net margin | -48.7% | -36.8% | -1.7% | 4.8% | 8.2% | 9.0% |
| Return on equity | -85.1% | -61.4% | -2.4% | 6.9% | 13.9% | 14.5% |
| Return on assets | -8.7% | -9.4% | -0.4% | 1.1% | 1.7% | 1.7% |
| Free cash flow yield | -12.1% | 77.3% | 206.2% | 209.0% | 90.3% | 66.6% |
| Revenue growth | -44.2% | -27.7% | -3.0% | -11.8% | 14.8% | 34.3% |
| Earnings growth | -26.0% | 1467.5% | -134.1% | -47.9% | 4.7% | 24.7% |
| Current ratio | 0.42x | 1.25x | 1.31x | 1.35x | 1.42x | 1.44x |
| Debt to equity | 2.97x | 2.01x | 1.23x | 1.54x | 2.23x | 2.37x |
| Equity ratio | 10.2% | 15.3% | 18.5% | 15.2% | 12.3% | 11.6% |
| Interest coverage | -8.61x | -19.89x | 3.36x | 16.70x | 19.48x | 13.45x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -29.8% | -21.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -18.7% | 0.0% | 9.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -0.9 | -1.3 | -26.6 | 9.1 | 4.3 | 5.0 |
| Price to sales | 0.6 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 31 May 2022.
| FY2022 | FY2021 | |
|---|---|---|
| Paid in the year | 0.16 | 0.32 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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