The company's balance sheet is strained due to high debt and liabilities versus cash and near-term receivables. It's losing money on the EBIT line, with a loss of CN¥400m, and had a negative free cash flow of CN¥954m over the last year, making it a risky stock.
Despite the company's inconsistent growth compared to industry trends, it's trading at a fairly similar P/S ratio to the industry. If recent medium-term revenue trends continue, the probability of a price drop for this stock becomes higher.