In 2024, we strategically acquired Naishu Electronics Group, a specialist in intelligent digital array systems.
Business · p. 104
This acquisition helps us shift from providing standalone hardware instrument to delivering integrated, software-driven test and measurement solutions tailored to customers’ needs.
Business · p. 104
As of December 31, 2024 and 2025, we recognized goodwill of RMB322.2 million.
Historically, we sold directly to certain large retailers, but this direct-to-retailer model was discontinued in 2024 with a view to enhancing our long-term profitability and operational efficiency by leveraging our distribution strategy.
Business · p. 131
For Chinese Mainland, offline sales are handled entirely through authorized distributors, who supply retail outlets such as specialty maternal and infant stores, supermarkets and baby care chains.
In parallel with its investment programme, the Group has historically undertaken portfolio optimisation and corporate restructuring measures, including the disposal of certain non-core assets, selective acquisitions and internal reorganisations.
Financial Information · p. 176
These transactions may affect the Group’s financial condition and results of operations through one-off gains or losses on disposal, and changes in revenue mix and cost structure resulting from the disposal of non-core or loss-making activities or from investments accounted for as associates or joint ventures.
From our inception through 2019, we primarily provided commercial and industrial building energy management solutions.
Summary · p. 2
partially offset by a decrease in the sales of temperature control products and ICT equipment, mainly attributable to our overall strategy of maintaining a cautious approach to this business,
Our goodwill increased from RMB1,729.2 million as of December 31, 2023 to RMB1,885.8 million as of December 31, 2024, primarily due to the acquisition of the Qorvo Business and Cosmo Business.
Financial Information · p. 229
Our goodwill increased from RMB1,885.8 million as of December 31, 2024 to RMB2,239.2 million as of December 31, 2025, primarily due to the acquisition of the Wingtech Other Mainland Consumer Electronics Businesses.
Financial Information · p. 229
Our trade and note receivables turnover days increased from 38 days in 2024 to 45 days as of December 31, 2025, primarily due to the consolidation of the Wingtech Businesses.
On August 6, 2025, we entered into an equity transfer agreement with Super Telecom Co., Ltd. (“Super Telecom”), pursuant to which we agreed to acquire 95% of the equity interest in Jiangsu Ninghuai from Super Telecom for a total consideration of RMB10.95 million (the “First Acquisition”).
Business · p. 180
Jiangsu Ninghuai’s financial statements as of June 30, 2025 showed negative shareholders’ equity of approximately RMB1.2 million.
Business · p. 180
New Energy Engineering is a company established in the PRC holding the Class I Qualification for General Contracting of Mechanical and Electrical Engineering Projects (機電工程施工總承包一級 資質) together with a safety license.
We collaborate with Huawei, primarily through Yinwang in which we acquired a ten percent equity interest, in the development and integration of assisted driving systems, in-cabin technologies and related software solutions.
Business · p. 162
As of December 31, 2025, we had net current liabilities of RMB8,284.6 million, primarily due to a decrease in cash and cash equivalents following our strategic investment in Yinwang, as well as the increase in trade and notes payables and other payables and accruals in connection with our business scale-up, including higher production volume and continued investment in research and development and marketing activities.
Therefore, we strategically shifted our business focus from scale-oriented development, namely digital marketplace business, to profit-oriented development, namely self-operated business, since 2022.
Summary · p. 5
The decrease in the number of offline trading partners in 2024 was primarily due to our gradual cessation of such infant formula product line.
Business · p. 157
Our strategic shift of business focus from scale-oriented development (digital marketplace business) to profit-oriented development (self-operated business) since 2022 has yielded positive results, evidenced by the increase in the proportion of revenue and gross profit derived from self-operated business in our total revenue and gross profit from 71.9% and 31.9% in 2023 to 86.8% and 53.8% in 2025, respectively.
In November 2024, we acquired control of Hangzhou Xingqitian and its subsidiaries as part of our Group's reorganisation.
Business · p. 146
In order to allow our Group to maintain a focused and coherent business strategy, and as part of our ongoing reorganisation, we determined that it was in the best interests of our Group and its shareholders to carve out the Live Streaming E-commerce Business from our Group.
Business · p. 146
Pursuant to the reorganisation, we transferred our entire interest in Hangzhou Xingqitian to Wanglian Keji in June 2025 for a consideration of RMB16.2 million under common control.
In 2025, revenue under the customer-provided fleet model accounted for 56.8% of our total revenue, as compared to 46.0% in 2024 and 41.7% in 2023.
Summary · p. 4
In early stages, we led deployment under a Company-provided fleet model, possessing the vehicles and offering turnkey operations to help customers de-risk early adoption.
Business · p. 123
We are actively transitioning from the capital-heavy Company-provided fleet model to the more capital-light, higher-margin customer-provided fleet model.
In particular, our planned strategic transition from the historical human rabies vaccine (Vero cell) to the lyophilized human rabies vaccine (Vero cell), as well as the upgrade of our influenza vaccine production line to accommodate the quadrivalent split influenza vaccine, necessitated temporary production suspensions for production line validation and regulatory on-site inspections.
Business · p. 155
Given that our other candidates, including PCV13, PCV24 and lyophilized human rabies vaccine (HDC) candidates, utilize separate production lines and are therefore not expected to be subject to production suspensions for other commercialized products in connection with their respective regulatory on-site inspection processes.
We transferred the organizer’s interests in these seven not-for-profit medical institutions to TRT Kangyang in June 2023, mainly as a result of which, revenue generated from TCM healthcare services slightly decreased by 0.7% from 2023 to 2024.
Business · p. 149
In June 2023, we transferred the organizer’s interests of seven not-for-profit medical institutions to TRT Kangyang, and started to provide management services to six of those medical institutions in January 2024.
Summary · p. 5
Our revenue generated from other business decreased from 2023 to 2024, primarily due to our disposal of TRT Catering Management to TRT Kangyang in June 2023 and the cessation of our catering services.
In 2024, we acquired Beijing TRT Second TCM Hospital, Anshan TRT TCM Hospital, Shijiazhuang TRT TCM Hospital, Shanghai CZT and Shanghai ZHT.
Financial Information · p. 247
Our revenue generated from TCM healthcare services in other regions increased throughout the Track Record Period, primarily attributable to the organic growth of our existing medical institutions in such regions and our acquisitions of Shanghai CZT and Shanghai ZHT in 2024.
Business · p. 126
As of the Latest Practicable Date, we were in the process of disposing TRT Baoding considering Hebei province is geographically beyond our strategic business focus.
During the Track Record Period, our goodwill arose from the acquisition of NeuroGen Zhuhai and related assets in November 2024, which is the difference between the purchase consideration of RMB4,683.0 million and the fair value of the identifiable net assets acquired of RMB3,699.9 million on the acquisition date.
Financial Information · p. 234
Our business continued to grow since the end of the Track Record Period. Particularly, in April 2026, we in-licensed AJOVY from Teva. In June 2026, we acquired NG1807 from Shanghai Sinopeak Pharmaceutical Co., Ltd. for NG1807.
Summary · p. 16
The five largest customers represent, (i) prior to the Acquisition, customers collaborated with NeuroGen Zhuhai, and (ii) after NeuroGen HK acquired the Acquired Assets pursuant to the Acquisition, customers collaborated with our Group.
The Kyowa Kirin China Acquisition was in line with our expansion strategies and formed part of the logical growth trend of our business.
Business · p. 173
The final aggregate consideration for the Kyowa Kirin China Acquisition was the US dollars equivalent of RMB550.0 million.
Business · p. 175
For 2025, WinHealth China contributed RMB675.6 million to our revenue, representing 40.2% of our total revenue for the year, and contributed RMB481.8 million to our gross profit, representing 55.0% of our total gross profit for the year.
Our intangible assets increased from RMB0.1 million as of December 31, 2023 to RMB14.0 million as of December 31, 2024, primarily resulting from our acquisition of the Zhanfu Browser business in January 2024, and slightly decreased to RMB13.7 million as of December 31, 2025 due to the amortization of intangible assets other than goodwill.
Financial Information · p. 194
In addition, since our acquisition of Zhanfu Browser, it also recorded meaningful growth, with average MAUs increasing from 13.6 thousand in 2024 to 37.5 thousand in 2025, and its subscribers increasing from 59.9 thousand in 2024 to 145.2 thousand in 2025.
Over the years, our service model continued to evolve from earlier influencer-focused marketing services toward full-funnel integrated marketing solutions.
Financial Information · p. 202
Revenue generated from our full-funnel integrated marketing solutions amounted to RMB505.0 million, RMB695.4 million and RMB715.1 million in 2023, 2024 and 2025, respectively, accounting for 33.5%, 52.0% and 51.0% of our total revenue for the same years, respectively.
The amounts due to related parties as of December 31, 2023 and 2024 were mainly in relation to an equity transfer agreement and supplemental agreement entered into between the Company and its controlling shareholder, Qianhai Tianzheng, to transfer 100% equity interest in Hainan Pharmaceutical Research Institute Co., Ltd. from the Company to Qianhai Tianzheng, which have been fully settled.
Financial Information · p. 260
Our other gains and losses increased from RMB0.1 million in 2024 to RMB3.7 million in 2025, mainly due to our gain on disposal of a subsidiary of RMB3.8 million in 2025.