Following the partial transfer of 6% of our equity interests therein to Customer F — Supplier A in November 2024, as part of our strategy to optimize our asset portfolio, after which we retained 45% of our equity interests in such entities, such entities became subsidiaries of Customer F — Supplier A, and the raw milk supply arrangement transitioned from an intra-group arrangement to an external procurement relationship as a result of such equity transfer, representing a continuation of the existing business relationship in the ordinary course of business.
(2) Other business primarily consisted of (i) sales of semi-processed dairy ingredients; (ii) sales of eggs and non-staple food products; (iii) sales of packaging materials; (iv) contract manufacturing services; and (v) sales of residential units primarily to our employees.
Business · p. 141
Our inventories further decreased by 41.2% from RMB2,696.3 million as of December 31, 2025 to RMB1,584.4 million as of June 30, 2026, primarily due to (i) a decrease of RMB668.5 million in properties for sale, primarily attributable to the reclassification of the remaining residential units as fixed assets upon the change in their use to self-owned properties in March 2026, with a few residential units sold during January and February 2026; (ii) a decrease of RMB346.7 million in raw materials, primarily reflecting the seasonal pattern of our forage procurement, which is concentrated in September and October each year; and (iii) a decrease of RMB88.3 million in finished goods, primarily due to the higher stockpiling level at the end of 2025 for holiday sales.
Financial Information · p. 244
Our average inventories turnover days decreased from 77 days in 2025 to 54 days for the six months ended June 30, 2026, primarily due to the decrease in properties for sale following the cessation of our property development activities and the seasonal decrease in raw materials.
On October 28, 2025, we entered into an equity transfer agreement with Mr. Zhao (one of our Controlling Shareholders and the founder of Guangdong Weilin) and other shareholders of Guangdong Weilin, pursuant to which we agreed to acquire 100% of the equity interests in Guangdong Weilin for nil consideration.
Business · p. 151
Consistent with our strategy focusing on AI and digitalization, we decided to integrate Guangdong Weilin into our Group in order to enhance our in-house digital capabilities.
Business · p. 151
The acquisition of Guangdong Weilin was aligned to our digitalization and efficiency driven strengths.
During the period from 2024 to 2025, our revenue from offline direct sales increased significantly, primarily due to the consolidation of the acquired OTO entities, which expanded our offline store network.
Business · p. 161
Our intangible assets increased to RMB35.4 million as of December 31, 2025, primarily attributable to the recognition of intangible assets arising from our acquisition in 2025.
Financial Information · p. 228
Our inventories increased to RMB87.5 million as of December 31, 2025, primarily due to an increase in finished goods and raw materials, reflecting the consolidation of inventories following the acquisition in 2025, as well as our strategic stocking in line with our expanded overseas direct sale business.
In 2024, we streamlined our product portfolio and ceased to engage in the sale of relevant products with a higher ASP but a lower profit margin.
Summary · p. 10
As a result, the ASP of our products under "Others" category showed a substantial decrease.
Summary · p. 10
2025, primarily due to our product portfolio optimization, including (i) the discontinuation of our distribution of certain home and lifestyle products under the Others category; and (ii) our shift in product strategy from expanding our SKU offerings to optimizing our existing product portfolio and enhancing product quality, given our existing substantial SKU base.
On 7 February 2024, our Company completed the acquisition of the entire equity interests in Fire- Guard from the FG Vendors for a total consideration of S$4,200,000.
Summary · p. 4
On 8 April 2025, our Company entered into a share purchase agreement with Guthrie GTS Pte Ltd to acquire the entire share capital of Guthrie Engineering for an aggregate consideration of S$46,034,273.
Summary · p. 4
The acquisitions of Fire-Guard and Guthrie Engineering enabled us to strengthen M&E engineering services capabilities, expand service capabilities and eventually gain access to new customers, thereby creating service synergies to our business operations.
In contrast, revenue from C&I ESS solutions decreased from RMB51.3 million (11.9% of total revenue) in 2023 to RMB5.5 million (0.5% of total revenue) in 2024, and we did not deploy C&I ESS solutions in 2025 and the four months ended April 30, 2026, primarily reflecting our strategic reallocation of resources toward the large-scale ESS solutions business.
Summary · p. 4
Revenue from large-scale ESS solutions increased from RMB7.2 million (1.6% of total revenue) in 2023 to RMB477.2 million (41.7% of total revenue) in 2024 and RMB1,669.3 million (89.4% of total revenue) in 2025.
Summary · p. 4
For C&I energy storage projects, we deployed our ESS solutions in one and two projects in 2023 and 2024, respectively, and nil and nil in 2025 and the four months ended April 30, 2026, as we adopted a more selective approach in undertaking C&I energy storage projects since we strategically reallocated our resources toward large-scale ESS solutions in line with our business repositioning strategy.
In 2025, based on our expected market potential of combination therapy of GH21 and GH55 and relevant preliminary safety data, our R&D focus shifted towards the combination therapy.
Business · p. 179
According to CIC, the aforesaid progress and our decision to shift R&D focus aligns with industry norm.
Business · p. 179
There is currently no concrete timeline for GH55 monotherapy phase 2 clinical trial, as we expect to prioritise the clinical development for GH55's combination therapies with GH21 and potentially other drug candidates.
Our goodwill increased from RMB107.1 million as of December 31, 2024 to RMB517.9 million as of December 31, 2025, primarily due to the acquisition of Shanghai Discovery in August 2025.
Financial Information · p. 245
In August 2025, we acquired Shanghai Discovery to further expand our offering portfolios in green manufacturing solutions.
Financial Information · p. 247
Our trade and bills receivables increased by 34.4% from RMB1,649.2 million as of December 31, 2024 to RMB2,217.2 million as of December 31, 2025, mainly due to (i) the consolidation of trade and bills receivables held by Shanghai Discovery following its acquisition into our Group in August 2025 and (ii) an increase in sales.
Building on this foundation, we expanded into the sale of cold chain agricultural products in 2023, which has since become our primary growth engine.
Summary · p. 1
We operate a business model comprising (i) the sale of cold chain agricultural products and (ii) the provision of digital and intelligent cold chain integrated solutions.
Business · p. 130
Our sale of cold chain agricultural products and digital and intelligent cold chain integrated solutions are operationally complementary and together support the development of our business.
We ceased the sales of Propofol Injectable Emulsion in the PRC in January 2024 after having considered various factors, among others, (i) the 10mL formulation of our Propofol Injectable Emulsion was less commonly adopted in clinical practice in PRC, whereas the 20mL formulation offered by our competitors had become the predominant market standard; (ii) our Propofol Injectable Emulsion lacked pricing competitiveness, and any further price reductions would have adversely impacted our profit margins; and (iii) we intend to consolidate our resources for the R&D of our two Core Products.
Our income from sales of medical aesthetic products represents income generated from our cosmetics business, which we ceased such operation on September 1, 2025, for details, please refer to the section headed “Business — Our Other Businesses”.
Financial Information · p. 242
The gross loss for our cosmetic business during the Track Record Period was primarily due to the decrease in income from the sales of medical aesthetic products as a result of the progressive scaling down of our cosmetic business during the year ended December 31, 2024 and the complete cessation of our cosmetic business during the year ended December 31, 2025.
Financial Information · p. 249
Our inventories decreased slightly from approximately RMB1.8 million as at December 31, 2024 to approximately RMB1.6 million as at December 31, 2025 primarily due to the write-down of inventories as a result of the cessation of our cosmetic business during the year ended December 31, 2025.
The increase in our total herd size from 2023 onwards was primarily due to the inclusion of Ningxia Saishang Baifei Holstein Dairy Cow Farm following its acquisition, which mainly raises Holstein dairy cows.
Business · p. 124
This is our self-operated dairy farm in Ningxia for cow raw milk supply, diversifying our supply base and providing access to high quality cow milk for our production.
During the Track Record Period, the revenue contribution from our intelligent energy and environmental projects declined significantly, from 59.0% in 2023 to 42.8% in 2024, and 36.5% in 2025, and further to 5.6% in the three months ended March 31, 2026.
Financial Information · p. 170
Consequently, our gross profit margin subsequently increased from 14.6% in 2024 to 28.3% in 2025 and further to 32.5% in the three months ended March 31, 2026.
Financial Information · p. 170
We primarily provide system integration for customers under this business, which generally carries a low gross margin.
We then broadened our business to cover segments with higher margin potential and a greater degree of scalability, such as the sales of battery-swapping equipment and the provision of operational services to third-party stations.
Business · p. 136
We expect to shift from a self-owned, asset-heavy model to a scalable, service-based model.
Financial Information · p. 187
From 2024 to 2025, the revenue decrease from self-owned stations was mainly because (i) we continued to optimize our station portfolio by closing or transferring certain underperforming stations in 2025; (ii) in markets such as Beijing and Yunnan, we adopted promotional pricing and user activation measures to support local vehicle usage and maintain driver engagement.
Building on our branded PCM product portfolio, we expanded holistically into Chinese medicine clinic services during the year ended March 31, 2026, through our acquisitions of Kenford Medical completed on June 30, 2025 and King Pui and Siulun Medheart completed on January 30, 2026, creating a vertically integrated Chinese medicine platform that connects products, practitioners and patients.
Financial Information · p. 206
Our Chinese medicine clinic services commenced in June 2025 and contributed revenue of HK$40.0 million, or 8.6% of our total revenue, for the year ended March 31, 2026.
Financial Information · p. 206
Our Chinese medicine clinic services carry a lower gross profit margin than our branded PCM products as Chinese medicine clinic services entail a higher cost base, primarily due to the combined impact of staff costs for the hiring of Chinese medicine practitioners and rental costs for our clinics.
The impairment resulted from our strategic shift towards dermatology products, which resulted in a lower priority for our autoimmune and rheumatic products.
Financial Information · p. 194
(iii) an impairment loss on assets held-for-sale of RMB2.4 million arising from the disposal of the drug approval certificate for tofacitinib citrate, where the transfer price was lower than its carrying amount.
Financial Information · p. 190
Our goodwill arose from the acquisition of 98% equity interest in Chongqing Duoyuan Enterprise Management Co., Ltd. (“Chongqing Duoyuan”) in November 2020, through which we indirectly acquired Chongqing Yaoyanyuan, a subsidiary of Chongqing Duoyuan.
In April 2026, we completed the disposal of Zhuhai Mingtu and Jixun Technology, which were components of our Group and represented a separate major line of business.
Summary · p. 3
Revenue from our semiconductor materials and solutions grew from RMB958.0 million in 2023 to RMB1,598.4 million in 2024 and further to RMB2,135.1 million in 2025, representing a CAGR of approximately 49.3%.
Financial Information · p. 207
To seize market opportunities in lithium battery functional materials, we completed the strategic acquisition of Hao Fei in February 2026.
In 2024, facing intensified market competition, we scaled down our platform-based transportation services business in advance of industry volatility caused by the release of Decree No. 783 and we commenced a strategic transformation into an intelligent logistics and supply chain service provider offering diversified and high-value-added services.
Business · p. 151
Accordingly, revenue from our platform-based transportation services decreased from RMB19,519.8 million in 2023 to RMB13,926.9 million in 2024 and stabilized at RMB13,755.8 million in 2025, while revenue from our integrated supply chain services increased from RMB157.2 million in 2024 to RMB800.7 million in 2025.
Financial Information · p. 217
We have divested our financial leasing business through the disposal of a majority of our business and relevant assets in Tianjin Dongming Financial Leasing Co., Ltd., a subsidiary, in April 2026.