The number of client-side deployment customers decreased from 4,219 in 2023 to 2,730 in 2024, and remained relatively stable at 2,889 in 2025.
Business · p. 141
This was primarily attributable to the migration of our client-side deployment customers to subscription customers, as a substantial portion of our customers which would previously have purchased client-side deployment solutions elected to subscribe for our solutions instead, given the growing acceptance of the subscription model among our customers.
Business · p. 141
The number of subscription customers increased from 2,006 in 2023 to 2,688 in 2024 and further to 5,821 in 2025.
In June 2026, we acquired 100% equity interests in Kunshan Pujiang Logistics Facilities Co., Ltd. (“Pujiang Logistics”) at a consideration of RMB206.7 million.
Summary · p. 11
After acquisition, we plan to utilize the warehouses and facilities for production expansion.
During the Track Record Period and prior to the termination of collaboration with Fosun Pharmaceutical Industrial in September 2024, Fosun Pharmaceutical Industrial was our only distributor.
Business · p. 195
The termination of collaboration clearly reflects that we have recovered the exclusive commercialization right of azvudine in Chinese Mainland from Fosun Pharmaceutical Industrial.
Business · p. 198
After the termination of collaboration with Fosun Pharmaceutical Industrial in September 2024, we engaged offline and online distributors as well as CSOs to promote the sales of our commercialized product, azvuine.
In early 2024, as we began to reach critical mass production, we made a strategic decision to discontinue, and have since discontinued, our relationship with the Early OEM End-customer in order to prioritize more sophisticated, software-centric solutions that are better aligned with our long-term development and profitability objectives.
Business · p. 162
We discontinued our business relationship with the Early OEM End-customer in early 2024.
Business · p. 156
Our net loss decreased from RMB356.6 million in 2023 to RMB291.1 million in 2024, primarily due to an increase in our gross profit, as in 2024 we discontinued our relationship with an Early OEM End-customer in which carried relatively low margins.
Since the inception of our battery-swapping business, our business model has been undergoing a strategic transition to asset-light, replicable battery-swapping solutions through business partners, leveraging our business partners' local resources to achieve cost-efficient market penetration.
Business · p. 144
We expect to evolve our business model by adding a scalable, service-based model on top of a self-owned, asset-heavy model.
Financial Information · p. 212
Battery-swapping solutions through business partners | 2,310 | 0.3 | 1,175 | 0.2 | 21,160 | 2.9
We held Haicheng Market, a physical marketplace in Liaoning, China, in 2023 and 2024.
Business · p. 147
Our inventories increased by 8.9% from RMB1,247.2 million as of December 31, 2023 to RMB1,357.8 million as of December 31, 2024, primarily due to (i) an increase in commodities in inventory and (ii) an increase in properties under development, in line with our business growth, partially offset by a decrease in completed properties held for sale in relation to the disposal of Haicheng CCC in 2024.
Financial Information · p. 232
Our inventory turnover days decreased from 57.9 days in 2023 to 45.1 days in 2024, primarily due to a decrease in completed properties held for sale in relation to the disposal of Haicheng CCC in 2024, partially offset by an increase in properties under development, in line with our business growth.
In December 2023, we acquired Waftech, a Malaysia-based company engaged in the research and development, manufacturing and sale of semiconductor packaging automation equipment.
Business · p. 124
The acquisition extended our product offering into the back-end segment of the semiconductor value chain and enhanced our ability to serve international customers.
Business · p. 124
Revenue from sale of semiconductor packaging automation equipment and components were all generated by our Malaysian subsidiary Waftech.
In 2023, we refined our strategic focus from "overseas and offshore wind business strategy" ("兩海戰略") to a targeted "overseas offshore wind business strategy" ("新兩海戰略"), sharpening our emphasis from developing overseas wind markets and offshore wind projects to specialized offshore projects in overseas markets.
Business · p. 108
Our revenue decreased from RMB4,325.1 million in 2023 to RMB3,779.7 million in 2024, primarily attributable to the decrease in our revenue generated from manufacturing and sales of wind power equipment, mainly in Chinese Mainland, as we adjusted our strategic focus to prioritize projects with higher profit margins.
Summary · p. 5
As part of our strategic shift towards the higher-margin overseas offshore wind market, we scaled back production of domestic onshore products with relatively lower gross profit margins.
During the Track Record Period, our other income and gains primarily consisted of (i) interest income; (ii) government grants and subsidies; (iii) additional VAT deduction; (iv) realized gains from financial assets at FVTPL; (v) unrealized gains from financial assets at FVTPL; (vi) gains on disposal of items of property, plant and equipment; (vii) gains on disposal of a subsidiary, namely Guangdong Environmental Protection, of which we disposed our 55% shares held by our Company in 2024; (viii) gains on disposal of right-of-use assets; and (ix) others.
Financial Information · p. 209
Our other income and gains decreased from RMB22.5 million for the year ended December 31, 2024 to RMB17.1 million for the year ended December 31, 2025, primarily due to (i) a decrease in gains on disposal of right-of-use assets from RMB5.3 million for the year ended December 31, 2024 to nil for the year ended December 31, 2025 mainly because of early lease termination of our Jiangmen Base in 2024; and (ii) a decrease in gains on disposal of a subsidiary from RMB4.3 million for the year ended December 31, 2024 to nil for the year ended December 31, 2025 which was in connection with our disposal of Guangdong Environmental Protection in 2024.
The decrease in our gross profit margin from 2023 to 2024 was primarily due to the increased revenue contribution of our L4 solutions which required higher software development cost and thus a relatively lower gross profit margin compared with the gross profit margins of our L2-L2+ solutions during the respective years.
Summary · p. 8
This decrease was mainly due to our gradual shift away from aftermarket business for L2-L2+ integrated solutions, which required us to keep more finished products in stock.
Financial Information · p. 216
This increase was mainly due to the launch of Robotaxi sales business, under which certain vehicle models were recorded as inventory, leading to the increase of raw materials.
We acquired 41, 91 and 44 acquisition targets in 2023, 2024 and 2025, respectively.
Financial Information · p. 237
Our goodwill increased from RMB6,532.8 million as of December 31, 2023 to RMB8,447.7 million as of December 31, 2024, and further increased to RMB9,486.5 million as of December 31, 2025.
Financial Information · p. 237
Our capacity to standardize clinical protocols, realize economies of scale, and accelerate the maturation process of new hospitals from their initial ramp-up phase to sustained profitability will directly dictate our margin expansion and long-term financial viability.
Our intangible assets increased from RMB386.7 million as of December 31, 2023 to RMB583.5 million as of December 31, 2024, primarily due to our acquisition of eLum in 2024, through which we acquired 10 invention patents and proprietary technologies, primarily relating to neurovascular access and flow diverter technologies.
Financial Information · p. 208
The carrying amount of goodwill amounted to RMB46.2 million as of December 31, 2024 and 2025, arising from our acquisition of eLum in 2024.
These acquisitions and establishments were made in order to enrich our product offerings and capture long-term growth in sensors and gas instruments, as these entities brought established gas utility relationships and MEMS technology platforms.
Financial Information · p. 166
While these entities were in their initial investment and construction phases at the time of acquisition or establishment, operating at a loss with limited revenue and material administrative and research and development expenses, we believe these are integration costs necessary for long-term strategic positioning.
Financial Information · p. 166
Our trade and other receivables decreased from RMB1,586.2 million as of December 31, 2024 to RMB1,519.0 million as of December 31, 2025, primarily due to (i) a decrease in other receivables, net of RMB106.7 million, mainly as a result of the disposal of Hanwei Zhiyuan, partially offset by (ii) an increase in trade debtors and bills receivable, net of RMB45.9 million due to ongoing business expansion.
The acquisition of the 100% equity interest in Chaarat ZAAV from Chaarat for a cash consideration US$92 million was completed on January 23, 2026.
Summary · p. 19
On April 28, 2026, we transferred 30% equity interest in Chaarat ZAAV to Kyrgyzaltyn, a state-owned entity of Kyrgyz Republic pursuant to the agreements with the National Investment Agency.
Our goodwill increased by 9.3% from RMB732.3 million as of December 31, 2023 to RMB800.4 million as of December 31, 2024, primarily due to the recognition of goodwill of RMB144.0 million upon the acquisition of Spoz, which was partially offset by the recognition of goodwill impairment loss of RMB75.8 million of YeeHoO, because we adopted more conservative assumptions when forecasting future revenue and gross margin, influenced by (i) a contraction in the infant and child products market and (ii) reduced demand for higher-priced infant products, which led to lower projected cash flows.
Financial Information · p. 198
(ii) the absence of a one-off gain of RMB151.9 million from the disposal of one of our previous subsidiary, Heylads, in 2023; partially offset by the gain on remeasurement of our equity interest in Spoz, in 2024.
Moreover, our low-carbon integrated solution projects contributed RMB22.8 million to our gross profit in 2024, with a gross margin of 87.3%.
Business · p. 151
We are also actively exploring new ways to diversify our revenue, including licensing out our technology through low-carbon integrated solutions business to industrial clients.
In May 2026, we also commenced business development efforts in the robotic machinery sector by entering into two strategic cooperation agreements with a pump manufacturer in Zhejiang Province, China and an electric vehicle manufacturer in Anhui Province, China for the supply of industrial dual-arm robots and joint modules for the period from August 2026 to July 2028.
In 2023, 2024 and 2025, the gross amounts of payments made on behalf of such other parties amounted to RMB2,060.2 million, RMB1,047.6 million and RMB302.1 million, respectively, and the gross amounts of repayments received from such other parties amounted to RMB2,056.5 million, RMB1,163.7 million and RMB395.1 million, respectively.
Financial Information · p. 239
Our other receivables decreased from RMB171.2 million as of December 31, 2024 to RMB73.4 million as of December 31, 2025, primarily due to (i) a decrease in other payments on behalf of others of RMB93.1 million as we adjusted our business strategies and gradually ceased providing vehicle operation services to automobile dealerships; and (ii) a decrease in other receivables from employees of RMB7.7 million as a result of timely settlement of outstanding balances.
Pursuant to the supplemental agreement entered into by the parties on April 28, 2026, the considerations were RMB669,602,185, RMB331,797,815, RMB80,000,000 and RMB40,000,000, respectively, which will be settled in cash.
Summary · p. 10
Upon completion, Yubei Steering will be owned as to 50.9727% by our Company and become a non-wholly-owned subsidiary of our Group.
Summary · p. 10
The Acquisition constitutes a major acquisition for our Group subsequent to the Track Record Period.