Hong Kong IPO disclosure precedents · 99 companies, 99 items
Goodwill arising from acquisitions allocated to cash-generating units, with annual impairment testing based on value-in-use or DCF models and disclosure of key assumptions such as revenue growth, margins, discount rates and sensitivity analysis, generally with no impairment recognized.
Due to our acquisition of Shanghai Shiquan Network Technology Co., Ltd. (上海世全網絡科技有限公司), we recorded goodwill of RMB35.6 million as at 31 December 2023, which remained unchanged as at 31 December 2024 and 2025.
Financial Information · p. 180
The use of the seven-year forecast period is mainly due to the fact that the entity is in the start-up and high growth stage in 2023 and 2024.
Our goodwill increased significantly from RMB299.6 million as of December 31, 2023 to RMB586.0 million as of December 31, 2024 and remained at RMB586.0 million as of December 31, 2025, mainly as a result of the goodwill recognized from the acquisition of the entire equity interest of Ruilian Xingchen from Didi Technology in August 2024.
Financial Information · p. 233
For impairment testing of goodwill, please refer to note 15 to the Accountants’ Report.
Based on the results of the impairment assessment, the Group determines that except for the impairment loss amounting to RMB8.3 million was recognized during the year ended December 31, 2023, there is no impairment on goodwill as of December 31, 2022 and 2024 and September 30, 2025.
Financial Information · p. 201
At December 31, 2024 and September 30, 2025, the recoverable amounts of Inner Mongolio Sinuo is marginally above its carrying amounts by RMB16.6 million and RMB10.4 million, respectively.
Financial Information · p. 201
The impairment assessment is evaluated by 中和資產評估有限公司(Zhonghe Asset Appraisal Co., Ltd.) (“Zhonghe Appraisal”), an independent valuer in the PRC.
Our goodwill mainly arose from our acquisition of the tap-changer business of Changzheng Electric to enhance our product portfolio and production capabilities; we recorded goodwill of RMB99.4 million subsequent to the acquisition.
Financial Information · p. 229
The carrying amount of our goodwill remained at RMB99.4 million as of December 31, 2023, 2024 and 2025.
The goodwill of RMB1,092.3 million resulted from the difference between the total consideration and the fair value of identifiable net assets of Zhuhai Titan amounting to RMB257.7 million.
Financial Information · p. 282
Based on the result of the assessment, the management of the Group determined that the recoverable amount of Zhuhai Titan CGU exceeded the carrying amount by RMB941,914,000, RMB1,154,383,000, RMB590,257,000 and RMB518,358,000 as of December 31, 2022, 2023, 2024 and September 30, 2025, respectively.
Financial Information · p. 283
In the view of the directors of the Company, there is no reasonably possible change to the key assumptions applied would not lead to impairment of goodwill as of December 31, 2022, 2023, 2024 and September 30, 2025.
The carrying value of our goodwill were nil, RMB908.2 million, RMB908.2 million and RMB908.2 million as of December 31, 2022, 2023 and 2024 and September 30, 2025, respectively.
Financial Information · p. 293
Based on the result of the goodwill impairment tests, the estimated recoverable amount of the cash generating unit was approximately RMB6,145.7 million, RMB5,410.7 million and RMB7,747.3 million as of December 31, 2023 and 2024 and September 30, 2025, exceeding carrying amount by RMB3,438.1 million, RMB2,805.6 million and RMB5,081.5 million, respectively.
Financial Information · p. 294
The calculations of the recoverable amount use cash flow projections based on financial budgets approved by management covering a 10-year period.
Our intangible assets increased significantly to RMB136.0 million as of December 31, 2024, primarily attributable to the goodwill of RMB133.9 million arising from the acquisition of Wuhan Dragon World.
Financial Information · p. 366
If the compound annual growth rate of revenue during the projection period used in the calculation for the CGU had been 1.1% and 1.1% lower than management's estimates as at December 31, 2024 and August 31, 2025, we would have had to recognize an impairment against the carrying amount of goodwill.
Financial Information · p. 332
The Directors and management have considered and assessed above reasonably possible changes for key assumptions, and they have not identified any instances that could cause the carrying amount of the CGU to exceed its recoverable amount.
We recorded goodwill of RMB2,250.4 million in 2023 due to the Super Ming Acquisition.
Financial Information · p. 293
Goodwill and intangible asset with indefinite useful life acquired through business combination are allocated to the cash-generating unit ("CGU") of Super Ming Group for impairment testing.
Financial Information · p. 293
The recoverable amount of the CGU is determined based on value in use of the CGU to which the goodwill and intangible asset with indefinite useful life is allocated.
During the Track Record Period, goodwill arose from our acquisition of Beijing Lingxin Intelligent in 2023. It amounted to nil, RMB39.4 million, RMB39.4 million and RMB39.4 million as of December 31, 2022, 2023 and 2024, and June 30, 2025, respectively.
Financial Information · p. 270
The headroom of CGU of Beijing Lingxin Intelligent as of December 31, 2023 and 2024 and June 30, 2025 amounted to RMB16.0 million, RMB23.0 million and RMB18.0 million, respectively.
Financial Information · p. 271
As a result of the impairment tests, we believe that there was no impairment of goodwill as of December 31, 2023 and 2024 and June 30, 2025.
The carrying amount of goodwill as of December 31, 2022, 2023, 2024 and June 30, 2025 was RMB388.5 million, RMB388.5 million, RMB388.5 million and RMB388.5 million, respectively.
Financial Information · p. 290
The key assumptions adopted in the value-in-use calculations included a nil revenue growth rate beyond the five-year period for both CGUs at all relevant dates, reflecting the pressures of the domestic and international economic environment and the prudence taken in estimating terminal cash flows.
Financial Information · p. 318
The sensitivity analysis indicated that no reasonably possible change in the key assumptions on which the recoverable amounts were based would cause the carrying amount of either CGU to exceed its recoverable amount.
Given our prolonged period of overall losses, there are indications of impairment.
Financial Information · p. 389
According to the impairment test results, the recoverable amount of the CGU was larger than the carrying amount of the non-current assets at the end of each reporting period, thus no impairment was required.
Financial Information · p. 389
Given the absence of any indicators of potential asset impairment as of June 30, 2025, and considering that the 2024 year-end impairment test confirmed the asset carrying values were below their recoverable amounts, we are not required to perform additional impairment tests on these assets as of June 30, 2025.
We recorded goodwill of RMB504.1 million as of December 31, 2024 and June 30, 2025.
Financial Information · p. 299
As of June 30, 2025, the recoverable amount of the MagnTek CGU exceeded its carrying amount by RMB220.9 million, and no impairment was recognized.
Financial Information · p. 299
With regard to the assessment of the VIU of the CGUs, our Directors believe that any reasonably possible change in any of the above key assumptions would not cause the carrying value, including goodwill, of the CGUs to exceed the recoverable amounts.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, we recorded goodwill of RMB1,325.8 million, RMB1,348.3 million, RMB1,424.8 million and RMB1,418.9 million, respectively.
The headroom measured by the excess of the recoverable amount over the carrying amount of the industrial products cash-generating unit was RMB355,728,000, RMB122,414,000, RMB75,421,000 and RMB50,037,000 as at December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
As at December 31, 2022, 2023 and 2024 and June 30, 2025, respectively, based on reasonably possible changes in these key assumptions, including compound growth rate of revenue reduced to 0.27%, 0.08%, 0.05% and 0.01%, gross margin reduced 6.42%, 2.00%, 1.78% and 0.40% or discount rate increased 1.20%, 0.29%, 0.23% and 1.20%, respectively, with all other variables held constant, there is no shortfall of the recoverable amount against its carrying amount.
Goodwill arising from our business combination is tested annually for impairment.
Financial Information · p. 409
Our management has considered and assessed reasonably possible changes for key assumptions and has not identified any instances that could cause the carrying amount of each CGU to exceed its respective recoverable amount.
Financial Information · p. 411
The recoverable amount of Automotive Safety Systems-AM is estimated to exceed its carrying amount at December 31, 2022, 2023 and 2024 by approximately RMB176 million, RMB401 million and RMB259 million, respectively.
Our goodwill remained the same at RMB44.8 million (US$6.3 million) as of December 31, 2022, 2023, and 2024 and June 30, 2025.
Financial Information · p. 449
As of December 31, 2022, 2023 and 2024 and June 30, 2025, the headroom calculated based on the recoverable amount deducting the carrying amount of the Auto-driving CGU was RMB16,946.7 million, RMB19,758.6 million, RMB11,319.9 million (US$1,580.2 million) and RMB11,575.7 million (US$1,615.9 million), respectively.
Financial Information · p. 449
Therefore, we determined that goodwill was not impaired as of December 31, 2022, 2023 and 2024 and June 30, 2025.
Goodwill remained stable at RMB754.8 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Financial Information · p. 398
Prior to 2022, an impairment loss of RMB1,417.1 million was recognized for the goodwill of industry solution services CGU due to the expected decrease in growth rate.
Financial Information · p. 399
Projected gross margins — The basis used to determine the value assigned to the budgeted gross margins is the gross margins achieved in the year immediately before the budget year, increased for expected efficiency improvements, and expected market development.
The recoverable amount of the EMEA CGU has been determined based on a value in use calculation using cash flow projections based on financial budgets covering a 5-year period approved by senior management.
Financial Information · p. 402
Assumptions were used in the value in use calculation of the EMEA CGU at the end of each of the Track Record Period.
Financial Information · p. 402
The values assigned to the key assumptions on compound growth rate of revenue, discount rate and terminal growth rate are consistent with external information sources.
Our goodwill arises from the acquisition of Actiontec Electronics.
Financial Information · p. 349
Our goodwill remained at RMB99.0 million as of December 31, 2022, 2023, and 2024, and June 30, 2025.
Financial Information · p. 349
As of December 31, 2022, 2023 and 2024, and June 30, 2025, based on the value-in-use calculations, the recoverable amount exceeded the carrying amount by RMB5,691,000, RMB30,468,000, RMB449,311,000, and RMB456,989,000, respectively.
Our goodwill decreased by 95.9% from RMB311.2 million as of December 31, 2023 to RMB12.9 million as of December 31, 2024, primarily due to the Disposal of Rolling.
Financial Information · p. 317
Goodwill arising from our business is tested at least annually for impairment.
Financial Information · p. 318
Our intangible assets decreased by 32.5% from RMB367.5 million as of December 31, 2023 to RMB248.0 million as of December 31, 2024, primarily due to (i) a decrease in patent assets and (ii) a decrease in customer relationships assets, as a result of the Disposal of Rolling.