Hong Kong IPO disclosure precedents · 49 companies, 49 items
Fair value gains or losses on FVTPL financial assets (products, deposits or investments) recorded in other income or profit and loss, and their volatility or material impact on results.
We recorded fair value losses on investments measured at FVTPL of RMB7.4 million, RMB4.4 million and nil in FY2023, FY2024 and FY2025, respectively, which related to our investments in Chengdu Yongfeng and Zhongtuo Technology.
Financial Information · p. 242
Our fair value losses on investments measured at FVTPL, net, decreased by 100% from RMB4.4 million in FY2024 to nil in FY2025, since we had exited our investments in Chengdu Yongfeng in 2024, and the fair value of our investments in Zhongtuo Technology remained at nil during FY2025.
Our investment activities primarily involve purchasing futures products the hedge against price fluctuations related to our pigs as well as our feed ingredients.
Business · p. 179
During the Track Record Period, we recognized nil, gains of RMB20.3 million, and RMB19.3 million in 2023, 2024, and 2025, respectively, in relation to the changes in fair value of financial instruments at FVPL.
Financial Information · p. 224
To manage the risks associated with our investment activities, we have adopted an investment management policy regarding the supervision and approval process for our investments in futures and derivatives products and wealth management products.
During the Track Record Period, our financial assets at fair value through profit or loss primarily comprised an investment in a private fund managed by an independent fund manager, unlisted equity investment and wealth management products issued by commercial banks.
Financial Information · p. 214
Our other income, gains and losses, net increased significantly from RMB7.0 million in 2024 to RMB121.3 million in 2025, primarily due to the change from an unrealized net fair value loss of RMB29.2 million on financial assets at FVTPL in 2024 to an unrealized net fair value gain of RMB79.3 million in 2025.
Financial Information · p. 218
Our investment in the private fund was approved by our Board in accordance with our internal investment management policies.
(iii) fair value (loss)/gain on financial assets at FVPL, mainly related to losses or gains arising from changes in fair value change of our unlisted equity investments and structured deposit; and (iv) others, which mainly included donation and loss resulting from the disposal of patents.
Financial Information · p. 181
We recorded other losses, net of RMB5.6 million in 2023 and RMB8.3 million in 2024, primarily due to fair value loss on financial assets at FVPL related to our equity investments.
Financial Information · p. 187
Our other losses, net decreased from RMB8.3 million in 2024 to RMB0.7 million in 2025, primarily due to (i) fair value gain on financial assets at FVPL in 2025; and (ii) a decrease in net losses on disposal of property, plant and equipment and intangible assets as compared with 2024.
Our net gain on fair value changes of financial assets measured at FVTPL mainly represents the net gain on fair value changes of wealth management product with low interest rate and low risk.
Financial Information · p. 233
Our other gains and losses decreased significantly by 76.2% from RMB9.6 million in 2023 to RMB2.3 million in 2024, primarily due to a decline of RMB7.0 million in fair value gains of financial assets at FVTPL as a result of our reduced purchase in wealth management products in 2024.
We recorded net other gains of RMB1,304.8 million in 2023, and net other losses of RMB607.4 million in 2024.
Financial Information · p. 200
Our net other losses decreased from RMB607.4 million in 2024 to RMB9.0 million in 2025, primarily due to increases in (i) fair value gains on the listed securities we hold, (ii) gains on the partial disposal of those securities, and (iii) gains on the disposal of associates, partially offset by significant net exchange losses resulting from the appreciation of the Renminbi against the U.S. dollar, as our operations in Indonesia are primarily denominated in U.S. dollars.
We recognized fair value gains on financial assets at FVTPL of RMB9.4 million in 2024 and RMB49.8 million in 2025.
Financial Information · p. 203
The wealth management products we purchased during the Track Record Period are all structure deposits and time deposit, which had a tenure that ranges from six to 12 months.
Financial Information · p. 198
Our investment policy aims to generate minimum-risk safe returns and limits the investment of current funds to certain investment-grade financial products that are mostly principal-protected and highly liquid.
We recorded fair value gains/(losses) on investments properties of RMB10.7 million, RMB(95.6) million and RMB(51.8) million in 2023, 2024 and 2025, respectively.
Financial Information · p. 240
Our fair value gains on investment properties decreased from RMB10.7 million in 2023 to negative RMB95.6 million in 2024, primarily due to adverse market conditions in 2024.
Financial Information · p. 245
Our fair value losses on investment properties decreased from RMB95.6 million in 2024 to RMB51.8 million in 2025, primarily due to revised investment property valuations in 2025.
Our other net gains and losses primarily consists of (i) net gains or losses on fair value changes of financial assets and financial liabilities measured at FVTPL, representing the fair value changes in our equity investments, foreign exchange options and forward contracts and wealth management products, (ii) net gains or losses on disposal of financial assets and financial liabilities measured at FVTPL, representing disposals of our equity investments, foreign exchange options and forward contracts and wealth management products, (iii) dividend income from equity investment measured at FVTPL, (iv) gains or losses on disposal of equity interest in associates, (v) gain on deemed disposal of shares in associates, (vi) exchange gains or losses and (vii) others.
Financial Information · p. 235
We have established a strict investment policy and risk control framework.
Financial Information · p. 236
For wealth management products, we invest in wealth management products with high liquidity and security.
Our other primarily gains consists of (i) fair value gains of financial assets at fair value through profit or loss ("FVTPL"), mainly attributable to fair value change of the CRISPR shares we received as part of the upfront payment from our collaboration with CRISPR; and (ii) foreign exchange gains, net.
Financial Information · p. 226
Our other income and gains increased significantly from RMB9.8 million in 2024 to RMB232.1 million in 2025, primarily attributable to an increase of RMB210.2 million in fair value gains on financial assets at FVTPL in relation to the CRISPR shares we received as part of the upfront payment from our collaboration with CRISPR.
Our other income and other gains increased significantly from RMB76.2 million in 2024 to RMB154.9 million in 2025, primarily due to a gain of RMB82.1 million in fair value on financial assets at FVTPL as compared to a loss of RMB13.1 million in fair value on financial assets at FVTPL, which was mainly due to the appreciation in value of certain equity investments held by us, partially offset by a decrease of RMB18.6 million in government grants, as such grants are generally non-recurring in nature.
Financial Information · p. 197
Fair value gain/(loss) on financial assets at
FVTPL | 7,075 | (13,148) | 82,079
Financial Information · p. 193
Our other income and other gains decreased by 8.4% from RMB83.2 million in 2023 to RMB76.2 million in 2024, primarily due to a decrease of RMB20.2 million in fair value (loss)/gain on financial assets at FVTPL, which was mainly due to a decrease in the trading price of the stocks we held, partially offset by an increase of RMB12.6 million in government grants, as our Chengdu subsidiary received an incentive of RMB20.0 million for achieving a significant expansion in its integrated circuit design business scale.
We recorded other gains of RMB79.1 million in the year ended December 31, 2023, and we recorded other losses of RMB54.6 million and RMB25.8 million for the year ended December 31, 2024 and 2025, respectively.
Financial Information · p. 227
As of December 31, 2023, 2024 and 2025, we recognized derivative financial liabilities of RMB20.1 million, RMB9.0 million and RMB36.5 million, respectively.
Financial Information · p. 221
The aggregate stop-loss warning line and stop-loss limit for all varieties are RMB39 million and RMB48.9 million respectively.
We had positive changes in the fair value of financial instruments of RMB42.2 million for 2024 but negative changes in the fair value of financial instruments of RMB47.0 million for 2025, primarily due to an increase, but to a lesser extent, in the fair value of our investment in listed shares due to market movement.
Financial Information · p. 229
Our changes in the fair value of financial instruments decreased by 73.8% from RMB161.0 million in 2023 to RMB42.2 million in 2024, primarily due to less gain recognized on valuation of our equity investment in 2024.
Fair value change of financial assets measured at FVPL primarily relates to various wealth management products.
Financial Information · p. 173
Our other net income increased by 46.8% from RMB97.6 million in 2024 to RMB143.3 million in 2025, primarily due to (i) an increase in the fair value change of financial assets measured at FVPL from our investments in various wealth management products and (ii) an increase in the net gain on disposal of associates, primarily attributable to a loss incurred from the disposal of a certain associate in 2024, compared to investment gains recognised from the disposal of certain associates in 2025, partially offset by a net foreign exchange loss in relation to an unrealised exchange loss arising from the year-end revaluation of trade receivables, attributable to the U.S. dollar depreciation in 2025.
Our gain from changes in fair value of financial assets at FVTPL relating to our investment in the PE/VC Fund and the IC Design Investee amounted to RMB45.7 million in 2022 turned to a loss of RMB98.7 million in 2023, due to the decrease of stock price of principal portfolio companies held by the former and the decrease of the value of the latter.
Financial Information · p. 198
The stock price of principal portfolio companies held by the PE/VC Fund and the valuation of the IC Design Investee were impacted by the fluctuation of capital markets conditions during the Track Record Period, which in turn led to change of fair value of our investments in these two entities.
Financial Information · p. 189
Changes in fair value of investment properties reflected the change of value of our investment properties according to the valuation conducted by third party valuers, who have considered factors including market rental price and vacancy rate.
Our fair value changes of financial assets measured at FVTPL mainly represented fair value changes in investments in certain wealth management products managed by the banks or securities companies.
Financial Information · p. 209
We recorded loss from fair value changes of financial assets measured at FVTPL of RMB11.5 million for the year ended December 31, 2023 and profit from fair value changes of financial assets measured at FVTPL of RMB22.7 million, RMB16.8 million and RMB3.1 million for the year ended December 31, 2024 and nine months ended September 30, 2024 and 2025, respectively.
Financial Information · p. 209
Our fair value gain on financial assets measured at FVTPL decreased by 81.5% from RMB16.8 million for the nine months ended September 30, 2024 to RMB3.1 million for the nine months ended September 30, 2025, primarily due to the redemption of our investment in wealth management products.
Our other income and gains decreased by 57.5% from RMB47.1 million in 2023 to RMB20.0 million in 2024, primarily due to (i) a decrease in gains on equity investments at FVTPL due to fluctuations in the fair value of our equity investments; and
Financial Information · p. 313
Our other income and gains decreased by 32.4% from RMB69.7 million in 2022 to RMB47.1 million in 2023, primarily due to (i) a decrease in gains on equity investments at FVTPL due to fluctuations in the fair value of our equity investments; and
Our other income and gains decreased by 39.3% from RMB23.8 million for the year ended December 31, 2024 to RMB14.4 million for the year ended December 31, 2025, primarily due to (i) a decrease of RMB6.8 million in bank interest income mainly due to the decrease of our time deposits and (ii) a decrease of RMB5.2 million in fair value gains on derivative financial instruments at FVTPL as a result of fluctuations in foreign exchange rates which affected the fair value of our purchased forward currency contracts and foreign currency swaps, partially offset by an increase of RMB3.2 million in government grants in 2025.
Financial Information · p. 229
Our other income and gains increased by 6.5% from RMB22.3 million for the year ended December 31, 2023 to RMB23.8 million for the year ended December 31, 2024, primarily due to (i) an increase of RMB4.0 million in fair value gains on derivative financial instruments at FVTPL, primarily attributable to mark-to-market gains on outstanding positions in foreign currency swaps and forward currency contracts, driven by favorable foreign exchange rate movements; and (ii) an increase of RMB2.1 million in bank interest income, primarily driven by the increase in cash balance and bank deposits in accordance with our optimized deposit strategies across banks and currencies, partially offset by a decrease of RMB4.1 million in government grants in 2024.
Our other net income decreased by 11.6% from RMB139.2 million in 2023 to RMB123.0 million in 2024, primarily reflecting changes in the fair value of our investments in unlisted securities and funds.
Financial Information · p. 332
Our net current assets decreased from RMB1,165.9 million as of December 31, 2022, to RMB668.1 million as of December 31, 2023, primarily due to (i) an increase in bank loans and other borrowings of RMB951.3 million to finance our acquisition of remaining equity interests in certain subsidiaries and our investment in construction projects to enhance our manufacturing capabilities; (ii) an increase in trade and other payables of RMB716.8 million, primarily due to increased credit-based purchases, enabled by our enhanced bargaining power stemming from economies of scale; and (iii) a decrease in financial assets measured at FVPL of RMB142.3 million, primarily because we gradually reduced our investments in wealth management products to prioritize liquidity and meet our working capital needs, partially offset by (i) an increase in trade and other receivables of RMB534.0 million, primarily due to our growing sales; and (ii) an increase in cash and cash equivalents of RMB527.9 million.
The fluctuation of the fair value of the Maxone Investment may affect our results of operations and financial condition.
Summary · p. 18
(i) a decrease in net gain from financial assets and liabilities measured at FVPL of RMB10.5 million primarily attributable to the decrease in wealth management products held by us, and (ii) a decrease in net gain on foreign exchange differences of RMB34.5 million as a result of the fluctuation in exchange rates from USD to RMB.