On December 17, 2024, we entered into the equity transfer agreement and subsequently completed the transaction in January 2025, acquiring a 94.35% interest in Shanghai Huazhou.
Business · p. 119
We have completed the acquisition of an 87.6% stake in Humana Medical Limited (喜曼拿醫療系統有限公司) by the end of June 2025.
Business · p. 128
Our trade and bills receivables increased from RMB401.8 million as of December 31, 2024 to RMB452.0 million as of December 31, 2025, primarily due to the consolidation of the trade and bills receivables of our subsidiaries following the acquisition of Humana Medical Limited and Shanghai Huazhou.
In April 2026, Ruoyuchen International Limited (若羽臣國際有限公司) (“Ruoyuchen International”), our indirectly wholly-owned subsidiary incorporated in the British Virgin Islands, entered into share purchase agreements with Bespoke Global LP (“Bespoke Global”), a Cayman Islands exempted limited partnership, to acquire its equity interests in Bespoke Holding Corporation, a company incorporated in Delaware, the United States, and Erno Laszlo Group Ltd, a company incorporated in the United Kingdom, for a total consideration of approximately US$43.8 million.
Summary · p. 11
The acquisition is expected to generate synergies with our existing business, including enhancing our brand portfolio, strengthening our product development capabilities and expanding our market presence.
In 2024 and 2025, we terminated 59 and 144 existing stores, respectively, primarily because we identified these existing stores failed to meet profitability expectations due to insufficient foot traffic at their locations or limited local market capacity, during our regular performance evaluations of distribution channels.
Business · p. 124
During the Track Record Period, we steadily reduced scale of these offline stores, in line with our business strategy of promoting online sales channel to fit evolving shopping habits of consumers, as well as focusing on offline sales of products that demand professional value-added services such as hearing aids.
Business · p. 124
From 2023 to 2024, our same-store sales decreased by 8.6% primarily because the new stores we opened in 2023 and 2024 were still in their early operational ramp-up phase and contributed limited revenue in the respective years.
Our prepayments, deposits and other receivables increased by 66.9% from RMB2,945.8 million as of December 31, 2023, to RMB4,915.4 million as of December 31, 2024, primarily due to (i) an increase in deposits and other receivables as a result of increased other receivables following the disposal of a subsidiary engaged in electronic waste recycling business, reflecting a strategic shift as we gradually phased out lower-margin business operations, with intergroup receivables related to this subsidiary reclassified as external receivables upon its disposal, (ii) an increase in tax recoverable, which reflects higher input VAT incurred on equipment purchases associated with the expansion of our Morowali Production Base, with such input VAT expected to be deducted against output VAT generated from future product sales, and (iii) an increase in prepayments reflecting our increased procurement and business expansion.
Financial Information · p. 219
(ii) an increase in impairment losses on property, plant and equipment relating to equipment used in our end-of-life vehicle recycling business, as a result of a reduction in expected recoverable amounts following our adjustment of operating strategies and gradual reduction in investment in such business.
In 2023, our energy assets primarily consisted of PV assets. In the same year, we strategically shifted from PV assets to DES assets.
Business · p. 99
Firstly, we discontinued any new initiatives of our prior PV asset development business in 2023 and shifted to and began focusing on DES assets as the foundation to build our electricity services.
Financial Information · p. 164
Our non-IFRS adjusted net loss decreased by 7.0% from RMB207.2 million in 2023 to RMB192.7 million in 2024, primarily due to our strategic shift from PV assets to DES assets, which at the time had better margin profiles than PV assets.
Since 2023, we strategically transitioned our business model from a predominantly ODM-based approach to focusing on the sale of our branded products under two brands, WYBOT and Winny Pool Cleaner, to end consumers primarily in North America, Europe, Asia and Oceania primarily through E-commerce marketplaces, such as Amazon, our E-commerce independent websites on Shopify, Woot, Walmart, Best Buy, Lowe's, Target, and Home Depot.
Summary · p. 4
Revenue contribution from sales of branded products, as a percentage of our total revenue, increased from 67.1% in 2023 to 72.4% in 2024 and further to 83.5% in 2025, while our revenue generated from sales under ODM model, as a percentage of our total revenue, decreased from 31.1% in 2023 to 24.6% in 2024 and further to 15.6% in 2025, primarily because, since 2023, we have strategically placed greater emphasis on the development and sales of our branded products, opening up online sales channels such as Amazon, and further expanding the business scale of our own branded products.
Financial Information · p. 217
During our business model transition, we strategically chose to scale down our ODM operations rather than maintain their existing size.
Our intangible assets increased significantly to US$49.7 million as of December 31, 2025, primarily due to the recognition of license intangible assets arising from the acquisition of Shanghai Anxinhui in 2025.
Financial Information · p. 202
Our goodwill was nil, nil and US$12.6 million as of December 31, 2023, 2024 and 2025, respectively, primarily due to the acquisition of Shanghai Anxinhui.
Financial Information · p. 203
Our prepayments and other receivables subsequently decreased to US$14.0 million as of December 31, 2025, primarily due to the decrease in our current prepayment, mainly attributable to settlement of aforesaid prepayments in relation to the acquisition of Shanghai Anxinhui.
During the Track Record Period, we chose to gradually reduce the scale of our wholesale pharmacy services to better focus on our out-of-hospital pharmacy business. Revenue from our wholesale pharmacy services accounted for 32.4%, 29.6% and 15.8% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · p. 117
In 2024, we undertook a series of adjustments, including closing persistently loss-making pharmacies, reducing costs and improving efficiency through enhanced digital capabilities, and contracting lower-margin businesses (including significantly reducing wholesale business and strategically ceasing cooperation with certain healthcare technology service clients).
Business · p. 127
Apart from the strategic contraction of lower-margin wholesale pharmacy business, our various business lines have maintained continuous revenue growth.
We acquired Ningbo Censhi Insurance Agency Co., Ltd. 寧波岑石保險代理公司(“Ningbo Censhi”) in 2025 (details of the acquisitions are set out in note 34 to the Accountants’ Report set out in Appendix I of this document) in order to enhance our insurance brokerage services business.
Financial Information · p. 227
We acquired Nanfang Health Technology Group Co., Ltd. 杭州醫普南方健康科技集團有限公司 (“Nanfang Health”) in 2025 (details of the acquisitions are set out in note 34 to the Accountants’ Report set out in Appendix I of this document) in order to enhance our IP-driven healthcare marketing solutions business.
Financial Information · p. 227
To fortify the post-acute phase of our whole-course healthcare management ecosystem, we completed the strategic acquisition of Ruiwankang, a company specializing in post-treatment and post-discharge nursing.
We consolidated 706 distributors through such acquisitions, most of whom are small-scale local dealers.
Business · p. 120
As of December 31, 2023, 2024 and 2025, we recorded goodwill of nil, nil and RMB13.0 million, respectively.
Financial Information · p. 190
Our intangible assets increased from RMB4.8 million as of December 31, 2024 to RMB15.2 million as of December 31, 2025, mainly attributable to the recognition of customer relationship intangible assets arising from our acquisitions of five downstream distributors during the year.
We launched our C2M flexible manufacturing equipment and related products in November 2025:
Business · p. 111
We are also gradually expanding our production capabilities to C2M manufacturing equipment, for which we primarily adopt a make-to-stock production model.
Business · p. 130
The C2M production model enables us to meet demands from both C-end users and channel partners for rapid product delivery, while also allowing for effective cost control and economies of scale by spreading fixed productions costs over a larger output and by optimising supply chain procurement.
The higher operating expense ratio in 2023 was primarily attributable to higher staff costs recognized in our continuing operations, as certain personnel were redeployed from our Discontinued Operation following the wind-down of COVID-related services.
Business · p. 168
We have ceased our COVID-related services in 2023.
Financial Information · p. 239
Our inventories decreased by 24.7% from RMB93.1 million as of December 31, 2023 to RMB70.1 million as of December 31, 2024, primarily due to (i) our planned disposal of Annoroad Laboratory in 2024, leading to the reclassification of relevant inventories of Annoroad Laboratory into assets as held for sale in that year, and (ii) our continuous efforts to control our inventory level.
The increases were primarily driven by our continuous efforts in expanding our customer base and deepening relationship with existing customers through our diversified service offerings, as well as the successful consolidation of Jiangsu Daotai since October 2023 and Guangzhou Tianxin since September 2025.
Summary · p. 9
The acquisition of Jiangsu Daotai affected our financial condition and results of operation.
Summary · p. 13
Our gross profit margin of our sales of underwriting solutions decreased from 66.3% in 2023 to 53.3% in 2024, primarily due to the higher telecommunication costs that arose from our acquisition of Jiangsu Daotai.
Leveraging the technological capabilities and supply chain advantages accumulated from the rapid development of our intelligent automotive solution, we expanded into the broader range of intelligent appllications, and launched our robovan and foundational hardware for intelligent robots in 2025.
Financial Information · p. 145
As at the end of 2025, we had not yet commercialized those products in such emerging markets.
Financial Information · p. 145
Nevertheless, we intend to continue to invest in, and strategically expand, our presence in these emerging markets, and we expect to record increasing revenue from these products in the future.
In December 2023, to focus on our core businesses, in particular the development and operation of low-temperature dairy products, we completed a partial disposal of Chongqing Hanhong, whose principal business is operating chain stores specializing in freshly made beverages, including tea drinks.
Business · p. 125
Following a partial disposal of Chongqing Hanhong in December 2023, Chongqing Hanhong and its affiliates were accounted for as eight and nine institutional customers for 2024 and 2025, respectively.
Business · p. 124
Our other receivables decreased from RMB101.3 million as of December 31, 2023 to RMB32.9 million as of December 31, 2024, primarily due to consideration receivables of RMB74.3 million of December 31, 2023 as a result of the partial disposal of our equity interest in Chongqing Hanhong.
Our intangible assets further decreased to RMB570.4 million as of December 31, 2025, primarily due to the disposal of a land use right following the termination of a plant construction in 2025.
Financial Information · p. 207
Our other receivables then increased to RMB74.4 million as of December 31, 2025, as a result of an increase in land transfer receivables in connection with the disposal of a land use right in 2025.
On December 19, 2024, we entered into an equity transfer agreement regarding the disposal of part of our equity interest in Ruiming Sciences.
Financial Information · p. 207
We decided to dispose of Ruiming Sciences to optimize our resource allocation and focus on the development of our core business operations, which were our AI solutions and video devices.
Financial Information · p. 207
Save for Supplier G, a wholly-owned subsidiary of Ruiming Science, in which we retained a 19% equity interest following its disposal, all of our five largest suppliers were independent third parties in each year during the Track Record Period.
As of December 31, 2023, 2024 and 2025, we cooperated with 40, 37 and 32 online retailers, respectively, who, to the best of our knowledge, operated 92, 86 and 67 online stores, respectively.
Business · p. 132
The decrease in the number of online retailers and their associated online stores was primarily attributable to our strategic shift toward a higher proportion of directly-operated online sales, our continued optimization of partner selection with a focus on stronger operators, and the industry-wide increase in traffic and platform costs that caused certain retailers to change business direction.
During the Track Record Period, our product mix underwent a notable shift following the acquisition of Jiangsu SVFactory in December 2022.
Summary · p. 7
For the year ended December 31, 2025, the contribution of EIIR products had risen significantly to 57.0%, whereas AI-enabled intelligent products decreased to 26.3%.
Summary · p. 7
To focus resources on our core embodied AI business, we commenced a strategic scale-down in January 2023.