Our goodwill decreased from RMB214.7 million as of December 31, 2023 to RMB200.4 million as of December 31, 2024, primarily due to management recognized an impairment loss of RMB14.3 million based on their estimation of the recoverable amount of Chenzhou Zhonggui Technology Co., Ltd.
Financial Information · p. 249
We test annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in note 3.23 to the Accountants’ Report set out in Appendix I to this document.
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.
In 2023, 2024 and 2025, our impairment losses amounted to RMB69.8 million, RMB32.6 million and nil, respectively.
Financial Information · p. 214
Our provision for impairment losses decreased from RMB32.6 million in 2024 to nil in 2025, primarily as impairment losses on major gearbox production equipment had already been provided in prior years and no additional material impairment was recognized in 2025.
Given that we sustained losses throughout the Track Record Period as we were still in the stage of expanding our business and operations in the rapidly growing perceptual-intelligence chips market, and we are continuously investing in research and development, indicating potential impairment of our non-financial assets (including PPE, ROU assets and intangible assets), we diligently carried out impairment testing at the end of each reporting period.
Financial Information · p. 209
Based on the assessment result, value in use is greater than carrying amounts of PPE, ROU and intangible assets, hence, no impairment was recognized.
Financial Information · p. 209
The directors of the Company have considered the reasonably possible changes to the key assumptions as adopted in the impairment assessments and considered will not result in any impairment charge to be recognized.
We recorded impairment losses on other intangible assets of RMB1,841.0 million in 2025, primarily related to certain intangible assets associated with our System-level OS Solutions.
Financial Information · p. 246
Based on this forecast, the recoverable amount of Intangible Assets is lower than its carrying value, resulting in the recognition of an impairment loss.
Financial Information · p. 236
The impairment did not reflect any operational interruptions or deterioration in business fundamentals, nor did it change the strategic importance of our system-level OS business, which remains a core revenue contributor and the technological backbone of our AI strategy.
In 2023, we recorded impairment losses on property, plant and equipment of RMB7.1 million due to the full impairment of trial equipment related to certain R&D initiatives which we determined to suspend.
Financial Information · p. 225
Other than the specific trial equipment mentioned in “impairment Loss Recognized on Property, Plant and Equipment” in this section, we did not identify any indication of impairment for other non-financial assets during the Track Record Period, and no impairment was made for other non-financial assets.
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.
Based on the our assessment, the impairment loss of RMB32.4 million, RMB12.2 million and nil, respectively, have been recognized in other gains and losses during the years ended December 31, 2023 and 2024 and the nine months ended September 30, 2025.
Financial Information · p. 203
At September 30, 2025, the recoverable amounts of the software and development expenditures, which have indication for impairment is marginally above its carrying amounts by RMB3.5 million.
Financial Information · p. 203
Specifically, our management will assess our inhouse R&D projects with reference to market conditions, the availability, pricing and performance of competing products, and whether the development progress of such projects meets the expectation of the management, among others.
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 fair value less cost of disposal is estimated using the Relief-from-Royalty method which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the development expenditure.
Financial Information · p. 217
During the Track Record Period, the management of our Group determines that there is no impairment on the respective development expenditures, and management believes that any reasonably possible change in any of the assumptions would not result in material impairment.
We recorded impairment losses on goodwill of RMB344.9 million in 2024, which was primarily attributable to the underperformance of certain subsidiaries driven by reduced demand from specific downstream sectors, including heavy industry.
Financial Information · p. 307
Accordingly, an impairment loss fully allocated to CGU of RMB203.6 million was recognized in profit or loss for the year ended December 31, 2024.
Financial Information · p. 355
The recoverable amounts of the respective CGUs are determined based on value-in-use calculation. We engaged independent professional valuers to assist with the calculations.
Other income, gains and losses decreased by 45.0% from RMB155.4 million in 2023 to RMB85.6 million in 2024, primarily due to impairment losses of property, plant and equipment of RMB210.5 million in 2024.
Financial Information · p. 230
These impairment losses were primarily caused by (i) the impairment on old charging stations scheduled to be phased out, and (ii) the impairment of the equipment for an energy storage project, whose returns could not meet our expectation because of the changes in local government policies.
Financial Information · p. 230
We recognized write-offs of property, plant and equipment primarily due to the decommissioning of EV charging stations.
Our goodwill arose from our acquisition of Shenzhen Orbit and CYG ELECTRONICS. The cost of our goodwill remained unchanged at RMB694.8 million as of December 31, 2022, 2023, 2024 and September 30, 2025.
Financial Information · p. 249
These decreases were primarily due to the recognition of impairment losses of RMB28.7 million for 2023 and RMB36.5 million for 2024. We incurred such impairment losses because the recoverable amount based on the value-in-use of the cash-generating unit of Shenzhen Orbit was lower than its carrying amount.
Financial Information · p. 250
The recoverable amounts of the CGUs are determined based on value-in-use calculations based on cash flow forecasts derived from the estimated future cash flows covering a 5-year period and with the beyond budgeted period using zero growth rate approved by the directors of the Company.
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.
The carrying amounts of goodwill as of December 31, 2022, 2023 and 2024 and October 31, 2025 were RMB12,924,000, RMB153,963,000, RMB74,323,000 and RMB12,924,000, respectively.
Financial Information · p. 333
And due to the intense market competition during the second half of 2025, the business growth of
Financial Information · p. 335
Accordingly, the Group recognised an impairment provision of approximately RMB79,640,000 for the year ended December 31, 2024 and RMB61,399,000 for the ten months ended October 31, 2025 against the carrying amount of goodwill relating to Rayleign CGU.
In FY2024 and 10MFY2025, we recognized impairment losses of RMB6.5 million and RMB1.7 million, respectively in profit or loss, to write down the carrying amount of goodwill in relation to Dongbao Bio-Tech CGU to its recoverable amount.
Financial Information · p. 316
An impairment loss of RMB11.1 million and RMB19.8 million was recognised in FY2024 and 10MFY2025, respectively, due to the unfavorable market conditions of health industry, and that the performance of cash-generating units did not meet our expectations.
Financial Information · p. 319
However, considering that the cash-generating units are operating normally, with positive gross profit margins and net profit margins, we plan to continue the operation of the related businesses and continue to conduct transactions with relevant customers.