Hong Kong IPO disclosure precedents · 231 companies, 231 items
Holdings of bank wealth-management products, structured deposits and certificates of deposit measured at FVTPL as cash management, including balance levels and period-on-period fluctuations.
Our financial assets at fair value through profit or loss comprised of investments in wealth management products issued by banks.
Financial Information · p. 283
Our financial assets at fair value through profit or loss decreased from RMB48.0 million as of December 31, 2024 to nil as of June 30, 2025, primarily because we had redeemed all of our wealth management products to fund our working capital.
Financial Information · p. 283
With regards to the purchase and redemption of wealth management products, we have formulated the investment policy of diversifying risks and generating steady returns on the premise of ensuring the safety of fund.
Our financial assets measured at fair value through profit or loss (current) primarily consists of structured deposits with low risks, primarily to generate additional returns on cash reserves, while ensuring liquidity and capital preservation.
Financial Information · p. 293
We primarily invest in financial products issued by major commercial banks in mainland China with low risks and a short-to-mid-term.
Financial Information · p. 293
After Listing, our investments in financial products will be subject to compliance with Chapter 14 of the Listing Rules.
Our financial assets at fair value through profit or loss represent our investments in wealth management products with maturity less than three months, all of which were liquid structured deposits issued by reputable commercial banks in China with guaranteed principal and variable returns tied to the performance of certain underlying financial assets.
As at 31 December 2022, 2023, 2024 and 31 August 2025, our financial assets measured at fair value through profit or loss amounted to RMB20.52 million, RMB15.75 million, nil and RMB60.10 million, respectively.
Financial Information · p. 353
As at 31 December 2022, 2023, 2024 and 31 August 2025, our financial assets measured at fair value through other comprehensive income amounted to nil, RMB10.01 million, RMB10.17 million and nil, respectively.
Financial Information · p. 342
In general, we only permit investments in low-risk and refundable wealth management products issued by qualified financial institutions.
Our financial assets at fair value through profit or loss (“FVTPL”) consisted of wealth management products.
Financial Information · p. 384
Our financial assets at FVTPL increased from nil as of December 31, 2024 to RMB699.8 million as of May 31, 2025, primarily due to the purchase of new wealth management products in the five months ended May 31, 2025.
Financial Information · p. 384
We primarily invest in short-term and low-risk wealth management products issued by reputable financial institutions to ensure controllable risk exposure from our investments.
As of December 31, 2024, we had current portion of financial assets at fair value through profit or loss, which consisted of structured deposits of RMB2,012.2 million.
Financial Information · p. 322
We have also established internal policy to safeguard our exposure to investment risks in connection with the purchase of cash management products.
Our financial assets measured at fair value through profit or loss increased from RMB1,133.6 million as of December 31, 2023 to RMB4,048.7 million as of December 31, 2024, primarily due to the increase in structure deposits.
Financial Information · p. 349
Our investment strategy prioritizes liquidity, safety and returns to ensure the availability of funds while maintaining a conservative risk profile.
Our total current assets increased from RMB781.3 million as of December 31, 2022 to RMB1,003.0 million as of December 31, 2023, primarily due to (i) an increase of RMB140.2 million in financial assets measured at FVPL, primarily because we invested in structured deposits issued by banks in the PRC, which had no fixed or determinable returns; and (ii) an increase of RMB90.0 million in deposits with a bank with original maturity date over three months, because we purchased large certificates of deposits with a term of three years to enjoy their relatively high interest rates; and (iii) an increase of RMB28.1 million in our trade and other receivables due to increases in trade receivables, deposits and value-added tax recoverable in line with the increase in our sales and growth of our business.
Our total current assets increased from RMB1,154.4 million as of June 30, 2025 to RMB1,189.5 million as of August 31, 2025, mainly due to (i) an increase of RMB210.5 million in financial assets measured at FVPL, primarily because we invested in structured deposits issued by banks in the PRC, which had no fixed or determinable returns; (ii) an increase of RMB73.3 million in inventories, mainly due to the procurement in preparation for the sales during the mid-autumn festival; and (iii) an increase of RMB70.9 million in trade and other receivables, primarily due to the increase of trade receivables from franchisees.
Financial Information · p. 437
Other net loss and income primarily includes (i) investment income from financial assets measured at FVPL, which represents income from our structured deposits; (ii) the loss and gains on the disposal of property, plant and equipment and right-of-use assets; (iii) net fair value changes of financial assets measured at FVPL; and (iv) termination cost of purchase contract for land use right.
Our current financial assets at fair value through profit or loss represent wealth management product.
Financial Information · p. 330
We primarily invest in wealth management products with relatively low risks and the proposed investment must not interfere with our daily operation and business prospects.
Financial Information · p. 330
Based on the aforesaid procedures, the Directors are of the view that the valuation analysis is fair and reasonable, and our financial statements are properly prepared.
Our financial assets at FVTPL increased to RMB235.0 million as of December 31, 2024, and further increased to RMB261.6 million as of May 31, 2025, because we increased our investments in financial instruments with a diversified portfolio.
Financial Information · p. 412
The purchase of wealth management products by us was primarily intended to optimize returns on our idle cash balances.
Financial Information · p. 412
We believe we have a minimized risk exposure from our investments and primarily invest in relatively low-risk wealth management products.
Our other net income primarily consists of (i) government grants; (ii) investment income rising from the fair value changes of our wealth management products; (iii) VAT and other tax refund, which mainly represent additional deduction of input VAT; (iv) interest income on bank balances and time deposits; and (v) net gains on disposal of property and equipment in relation to the disposal of obsolete products.
Financial Information · p. 431
The fluctuation in our time deposits with banks during the Track Record Period was primarily due to our investment management strategy, where we continuously monitor our investment portfolio of wealth management products and time deposits with banks to fully utilize our spare funds.
Financial Information · p. 450
Our other net income decreased by 18.2% from RMB6.5 million for the five months ended May 31, 2024 to RMB5.3 million for the five months ended May 31, 2025, mainly due to a decrease of RMB2.3 million in investment income from our investments in wealth management products, as we redeemed part of our wealth management products upon maturity in January 2025.
During the Track Record Period, our financial assets at fair value through profit or loss represented wealth management products that we purchased from creditworthy commercial banks in mainland China.
Financial Information · p. 465
Our financial assets at fair value through profit or loss decreased by 64.0% from RMB306.8 million as of December 31, 2023 to RMB110.6 million as of December 31, 2024, primarily due to the maturity and redemption of some of our wealth management products.
Financial Information · p. 466
In practice, we generally limit our purchases to low-risk and short-term products which are redeemable on demand from reputable commercial banks.
As of December 31, 2022, 2023, 2024, and March 31, 2025, our financial assets at fair value through profit or loss was RMB32.0 million, RMB1.5 million, nil and nil, respectively.
Financial Information · p. 422
Specifically, we focus on investing in R1-grade bank wealth management products characterized by low risk and high liquidity, which typically offer capital preservation and stable returns.
Financial Information · p. 423
After the Listing, we will cease to invest in wealth management products.
Our financial assets at FVTPL increased from RMB236.4 million as of December 31, 2022 to RMB330.8 million as of December 31, 2023, primarily because we purchased new structured deposits to better utilize our idle cash.
Financial Information · p. 418
We generally limit our purchases to low-risk and short-term products which are redeemable on demand from reputable commercial banks.
Our financial assets at FVTPL include (i) unlisted equity investments; (ii) listed convertible bonds; and (iii) wealth management products and structured deposits issued by banks in the PRC.
Financial Information · p. 406
Our financial assets at FVTPL increased to RMB19,640 million as of December 31, 2024, and then to RMB29,336 million as of March 31, 2025, primarily as a result of our efforts to increase returns of our idle cash and bank balances.
Financial Information · p. 406
To monitor and control the potential risks associated with our investment portfolio, we have adopted internal procedures to manage our investment.
Our other income and gains increased by 32.4% from RMB465.6 million for the year ended December 31, 2023 to RMB616.3 million for the year ended December 31, 2024, primarily due to (i) an increase of RMB99.0 million in government grants; (ii) an increase of RMB31.3 million in bank interest income; (iii) the RMB19.1 million in realized gains on derivative financial instruments we recorded in 2024 as we effectively managed foreign exchange risks utilizing forward exchange contracts and other financial derivatives to hedge against potential risks caused by currency fluctuations; and (iv) an increase of RMB13.8 million in fair value gains on financial assets at FVTPL, primarily because we purchased more structured deposits.
Financial Information · p. 330
Our other income and gains increased by 22.2% from RMB101.6 million for the three months ended March 31, 2024 to RMB124.2 million for the three months ended March 31, 2025, primarily due to (i) an increase of RMB33.8 million in realized gains on derivative financial instruments along with the fair value changes of our forward foreign exchange contracts; (ii) an increase of RMB10.3 million in government grants; partially offset by a decrease of RMB15.0 million in bank interest income.
Our financial assets at FVTPL decreased from RMB1,792.1 million as of December 31, 2022 to RMB277.1 million as of December 31, 2023, and subsequently decreased to RMB2.1 million as of December 31, 2024 primarily because the majority of the wealth management products were redeemed upon maturity.
Financial Information · p. 341
Our investment strategy related to such products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns.
Our financial assets at fair value through profit or loss decreased from RMB495.1 million as of December 31, 2023 to RMB225.2 million as of December 31, 2024 and further decreased to RMB130.1 million as of May 31, 2025, primarily due to the redemption of our matured wealth management products.
Financial Information · p. 410
As part of our treasury management, we invest in certain wealth management products to better utilize excess cash when our cash sufficiently covers our ordinary course of business.
Financial Information · p. 410
Specifically, our treasury management policies include, but not limited to that (i) we insist on investing in principal-guaranteed wealth management products such as structured deposits as our fundamental investment guideline; (ii) our finance department is in charge of assessment and purchase of wealth management products after considering the amount of our available funds and future capital needs while ensuring liquidity safety under the principle of maximizing the return on funds; and (iii) an application should be submitted to and approved by the CFO before any purchase of wealth management products.
We purchased structured deposits and wealth management products, which comprise certain short-term or low-risk financial products, from time to time, as a supplemental approach to improve utilization of our cash on hand on a short-term basis.
Financial Information · p. 463
In 2023, 2024 and the three months ended March 31, 2024 and 2025, our fair value gains on financial assets at FVTPL amounted to RMB6.4 million, RMB1.7 million, RMB0.4 million and RMB0.4 million, respectively.
Financial Information · p. 463
Our fair value gains on financial assets at FVTPL decreased by 73.3% from RMB6.4 million in 2023 to RMB1.7 million in 2024, primarily due to (i) the timing of our purchases of structured deposits and wealth management products in 2024, as the majority of these investments were made in November and December in that year, resulting in lower accrued interests from a shorter holding period; and (ii) a decrease in the rate of return per annum for our structured deposits in 2024.