For FY2023, FY2024, FY2025 and 6M2026, we registered a fair value gain of approximately RMB12.1 million, gain of RMB1.8 million, loss of RMB6.0 million and loss of RMB12.4 million on financial assets at fair value through profit or loss, respectively.
Financial Information · p. 211
As stipulated in our Policy on Management of External Investments (對外投資管理制度), external investments, including investments in financial assets at fair value through profit or loss, shall only be made if they are in line with our long-term development plan and strategy, favourable to expansion of our principal business, conducive to our sustainable development, with real prospects of generating returns and capable of improving our overall economic interests.
The wealth management products were mandatorily classified as financial assets at fair value through profit or loss as their contractual cash flows are not solely payments of principal and interest.
Financial Information · p. 231
Our investments in wealth management products will be subject to, and are expected to comply with, the Chapter 14 of the Listing Rules after the Listing.
Financial Information · p. 231
Our financial assets at fair value through profit or loss further decreased by RMB99.6 million, or 44.8%, to RMB122.6 million as of April 30, 2026, primarily due to the decrease in listed equity investments at fair value from RMB182.2 million as of December 31, 2025 to RMB82.6 million as of April 30, 2026.
We recorded financial assets at FVTPL of RMB700.7 million, RMB1,322.2 million, RMB822.1 million and RMB1,115.7 million as of December 31, 2023 and 2024 and 2025 and the six months ended June 30, 2026.
Financial Information · p. 231
We recorded net other losses of RMB26.9 million in 2024 and net other gains of RMB18.1 million in 2025, primarily due to a change in fair value changes on financial assets at fair value through profit or loss from a loss of RMB42.4 million to a gain of RMB9.5 million, mainly attributable to the change in the fair value of our unlisted investee companies.
Financial Information · p. 221
Our investment policies for financial assets at FVTPL aims to preserve capital, maintain adequate liquidity and generate reasonable returns while managing investment risks, while our strategic equity investments target opportunities in cardiovascular and cerebrovascular diseases and CNS disorders that may support our R&D and market expansion.
We had financial assets at fair value through profit or loss (including both current and non-current portions) of RMB393.9 million, RMB899.7 million, RMB950.1 million and RMB1,068.1 million as of December 31, 2023, 2024, 2025 and April 30, 2026, respectively, consisting of current portion of nil, RMB179.6 million, RMB38.5 million and RMB2.8 million as of the same respective dates and non-current portion of RMB393.9 million, RMB720.1 million, RMB911.5 million and RMB1,065.3 million as of the same respective dates.
Financial Information · p. 258
We follow a prudent investment approach for wealth management products, focusing on capital preservation and stable returns.
For the six months ended June 30, 2026, gains on financial instruments at FVTPL primarily comprised disposal gains of RMB359.3 million and fair value gains of RMB158.4 million arising from Level 1 financial instruments measured at FVTPL.
Financial Information · p. 171
(1) an increase in gains on financial instruments at FVTPL from RMB12.5 million to RMB517.7 million, mainly reflecting changes in the fair value of our listed equity investments and (2) a decrease in asset impairment provision from RMB85.4 million to RMB6.4 million.
Financial Information · p. 177
(2) higher gains on financial instruments at FVTPL from RMB200.8 million in 2024 to RMB344.0 million in 2025, primarily reflecting changes in the fair value of derivative financial instruments, and (3) a decrease in asset impairment provision from RMB230.4 million in 2024 to RMB129.1 million in 2025.
Our financial investments at fair value through profit or loss (non-current) increased by 51.4% from RMB33.3 million as of December 31, 2024 to RMB50.4 million as of December 31, 2025 and further by 47.0% to RMB74.1 million as of May 31, 2026, primarily because of the increase in the fair value of our investments.
Financial Information · p. 212
We had a balance of RMB400.3 million of financial investments at fair value through profit or loss (current), representing wealth management products we purchased in 2026 and were holding as of the date indicated.
Financial Information · p. 218
Specifically, we are only allowed by our internal policies and guidelines to invest in structured deposits or certificates of deposit that carry low risk labels, with a term of no more than three months.
Our financial assets at fair value through profit or loss increased from RMB784.3 million as of December 31, 2023 to RMB1,033.0 million as of December 31, 2024, primarily attributable to (i) an increase in investment in private equity funds of RMB178.8 million and
Financial Information · p. 256
We adopt a prudent investment policy with capital preservation and liquidity as our primary objectives, and only invest in wealth management products with high safety, strong liquidity, controllable risks and principal protection features.
The valuation of our funds and portfolio companies involves exercise of professional judgement and the use of certain bases, assumptions and unobservable inputs.
Financial Information · p. 205
Changes in these unobservable inputs caused by the capital market conditions and trends will affect the estimated fair value of our financial assets at fair value through profit or loss, which leads to uncertainty in our financial results.
As of December 31, 2023, 2024 and 2025, we recorded financial assets at fair value through profit or loss of nil, RMB2.1 million and RMB18.0 million, respectively.
Financial Information · p. 236
We have adopted written policies and internal control procedures governing our wealth management product investments.
Our non-current financial assets at FVTPL amounted to RMB952.1 million, RMB756.4 million and RMB939.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 215
The decrease from 2023 to 2024 was primarily due to negative fair value changes in our unlisted equity investment portfolio, which subsequently recovered in 2025.
Financial Information · p. 215
Our current financial assets at FVTPL amounted to RMB53.7 million, RMB829.6 million and RMB564.2 million as of December 31, 2023, 2024 and 2025, respectively, with the fluctuation primarily reflecting changes in our purchases and redemptions of bank wealth management products for short-term cash management purposes.
Our financial assets measured at fair value through profit or loss increased from RMB2.5 million as of December 31, 2023 to RMB3.5 million as of December 31, 2024, and further increased to RMB9.5 million as of December 31, 2025, as we acquired additional unlisted equity securities.
Financial Information · p. 239
We primarily invest in structured deposits with maturities generally ranging from one to three months.
Financial Information · p. 239
For strategic equity investments, we require a rigorous and comprehensive due diligence process conducted by our dedicated investment department, and such investments must be approved by our investment committee before execution.
Our financial assets measured at fair value through profit or loss amounted to RMB16.5 million, RMB89.6 million and RMB48.5 million as of December 31, 2023, 2024 and 2025, respectively. Such financial assets primarily consisted of financial assets measured at fair value through profit and loss and fund products.
Financial Information · p. 180
The increase in 2024 was mainly attributable to the Company’s deployment of fund products held in Hong Kong, resulting in a marked increase in the balance of financial assets measured at fair value through profit and loss.
Our financial assets at fair value through profit or loss then decreased to nil as of December 31, 2024, as a result of our disposal of the equity investments.
Financial Information · p. 251
We recorded financial assets at fair value through profit or loss of RMB250.5 million as of December 31, 2025, primarily associated with our investment in certain wealth management products.
Financial Information · p. 251
We have adopted comprehensive investment policies and procedures.
Our other financial assets at fair value through profit or loss decreased from RMB39.4 million as of December 31, 2023 to RMB31.0 million as of December 31, 2024, and further to RMB28.4 million as of December 31, 2025, primarily due to (i) the disposal of certain investments in unlisted equity instrument, and (ii) the fair value losses arisen from such investments.
Financial Information · p. 202
The fluctuation was primarily due to the fair value losses on financial instruments in 2024, which mainly resulted from fair value losses from an investee ceasing operations by the end of 2024.
Financial Information · p. 200
Pursuant to our internal Investment Management Policy (《投資管理規定》), any financial asset investment is subject to feasibility analysis and risk assessment conducted by the business department together with the Board Office and the Finance Department.
Our financial assets at FVPL mainly represent our investments in equity instruments.
Financial Information · p. 328
To monitor and control the investment risks in our financial assets at fair value through profit or loss, we have adopted a structured internal review mechanism to manage our investment and the Board or personnel designated by the Board closely supervise our decision process.
Financial Information · p. 328
Our investment strategy related to financial assets at fair value through profit or loss focuses on managing the financial risks by reasonably and conservatively matching the estimated return on assets to anticipated our operating cash needs, while generating desirable investment returns for the benefits of our shareholders.
During the Track Record Period, our changes in fair value of financial instruments measured at FVPL represented changes in fair value of (i) our equity investment of certain unlisted entities; and (ii) our investments of wealth management products. We recognized changes in fair value of financial instruments measured at FVPL of RMB6.0 million, RMB26.0 million, RMB66.3 million, RMB7.0 million and RMB9.8 million in 2022, 2023 and 2024, and for the six months ended June 30, 2024 and 2025, respectively.
Financial Information · p. 260
Changes in fair value of financial instruments measured at FVPL significantly increased from RMB26.0 million in 2023 to RMB66.3 million in 2024, primarily due to the increase in the fair value of some investee companies and our procurement of wealth management products.
As part of our cash management policy, we purchase wealth management products to better utilize our idle cash without interfering with our business operations or capital expenditures.
Financial Information · p. 310
We have formulated policies setting out the approval process for the purchase of funds and wealth management products, and the responsible person/department for the enforcement of the policies.
Financial Information · p. 310
An increase/decrease of 1% in net asset value would result in a corresponding increase/decrease in the fair value of the investments by RMB0.4 million, RMB0.9 million, RMB1.0 million and RMB0.1 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Our financial assets at fair value through profit or loss including current and non-current components, represent our investment in funds and a U.S. licensed digital asset company.
Financial Information · p. 446
Our non-current financial assets at fair value through profit or loss decreased from HK$447.6 million as of December 31, 2023 to HK$388.4 million as of December 31, 2024, attributed to the decrease of unlisted investment — common share from HK$447.6 million as of December 31, 2023 to HK$388.4 million as of December 31, 2024, mainly due to the fair value change driven by the portfolio's subsequent financing activities.
Financial Information · p. 447
No more than 50% of the portfolio may be invested in any single instrument type in general, excluding government securities and bank deposits.
Our fair value losses on equity investments in unlisted entities were RMB46.1 million, RMB78.4 million, RMB159.3 million, RMB134.8 million and RMB26.2 million in 2022, 2023 and 2024 and in the six months ended June 30, 2024 and 2025, respectively.
Financial Information · p. 321
We invested in these unlisted companies that are complementary to our existing business in order to enhance our competitive position and improve our long-term profitability.
We recorded other expense — net, of US$15.5 million in 2024, as compared to other income — net of US$1.4 million in 2023, primarily attributable to fair value changes of our equity securities investments.
Financial Information · p. 512
We recorded other expense — net, of US$2.0 million for the six months ended June 30, 2025, as compared to other income — net of US$3.0 million for the six months ended June 30, 2024, primarily attributable to fair value changes of our equity securities investments and foreign exchange gains (losses).
Financial Information · p. 512
Accordingly, the reconciliation includes an expense recognition difference in the consolidated statements of profit or loss and other comprehensive income of US$3.2 million, US$8.1 million, US$16.1 million, US$5.2 million and US$13.8 million for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively.