We recorded financial assets at fair value through profit or loss of nil and RMB50.0 million as of December 31, 2025 and March 31, 2026, respectively.
Financial Information · p. 255
During the Track Record Period, we primarily allocated surplus cash to structured deposits, which are principal-protected deposit products with low risk profiles issued by reputable commercial banks. We did not purchase any wealth management products during the Track Record Period.
Financial Information · p. 255
Any proposed investment exceeding RMB30.0 million must be submitted to our board of directors for review and approval.
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 at fair value through profit or loss increased significantly from RMB4.5 million as of December 31, 2023 to RMB139.1 million as of December 31, 2024, further increased by 10.0% to RMB152.9 million as of December 31, 2025, due to the continued allocation of surplus cash to wealth management products issued by banks in Chinese mainland.
Financial Information · p. 221
Our investment strategies on wealth management products prioritize liquidity, safety, and returns to ensure the availability of funds while maintaining a conservative risk profile.
Financial Information · p. 222
The approval from our Board of Directors is required for any significant entrusted financial investment.
Our financial assets at fair value through profit or loss decreased from RMB108.9 million as of December 31, 2023 to RMB55.7 million as of December 31, 2024, primarily due to the redemption of certain short-term wealth-management and investment products during the year, as well as fair value changes in the remaining portfolio.
Financial Information · p. 214
We primarily hold low-risk, short-term wealth management instruments to meet our daily liquidity needs, and deploy surplus long-term capital into medium- to long-term fixed income products to secure stable and favorable returns, while ensuring sufficient capital buffers and emergency reserves in place.
Our financial assets at fair value through profit or loss represent our investment in wealth management products at banks.
Financial Information · p. 238
Our financial assets at fair value through profit or loss increased from RMB11.4 million as of December 31, 2024 to RMB126.2 million as of December 31, 2025, primarily because we purchased more wealth management products at banks due to the increased deposit interest rates of U.S. dollars.
Financial Information · p. 238
Under our investment policy on the purchase of such financial assets, we employ a comprehensive set of internal policies and guidelines to manage our investments in order to monitor the investment risks associated with our portfolio of financial assets.
We invest in structured deposits and certain wealth management products to better utilize excess cash when our cash sufficiently covers our ordinary course of business.
Financial Information · p. 236
Our non-current portion of financial assets at FVTOCI decreased by 69.3% from RMB244.6 million as of December 31, 2023 to RMB75.1 million as of December 31, 2024, and further decreased by 17.3% to RMB62.1 million as of December 31, 2025, primarily due to changes in the fair value of our listed equity investment.
Financial Information · p. 236
In the future, we may continue to purchase low-risk structured deposits and wealth management products with a short maturity period based on surplus cash situation to maximize our capital utilization efficiency.
Financial assets at fair value through profit or loss increased from RMB247.5 million as of December 31, 2023, to RMB415.4 million as of December 31, 2024, primarily due to: an increase in wealth management products from RMB180.4 million as of December 31, 2023, to RMB384.4 million as of December 31, 2024.
Financial Information · p. 212
We estimate the fair value of these unlisted investments using a discounted cash flow model, with discount rates determined by reference to market interest rates for instruments with similar terms and risk characteristics.
Financial Information · p. 213
Investments in wealth management products are subject to a multi-tier approval process, involving both management and the Board depending on the size and risk characteristics of the investment.
Our net current assets increased from RMB315.2 million as of December 31, 2024 to RMB393.7 million as of December 31, 2025, primarily attributable to (i) an increase of RMB82.8 million in cash and cash equivalents; and (ii) an increase of RMB77.2 million in financial assets measured at FVPL, which were partially offset by (i) a decrease of RMB67.1 million in time deposits; and (ii) an increase of RMB19.5 million in trade payables.
Financial Information · p. 255
We have established internal policies and guidelines to manage its investments in wealth management products, with the finance department overseeing proposal, evaluation, and decisionmaking processes.
Our financial assets at FVTPL amounted to RMB56.0 million, nil and RMB61.0 million as at 31 December 2023, 2024 and 2025 respectively.
Financial Information · p. 229
Our financial assets at FVTPL dropped to nil as at 31 December 2024 was because all of our structured deposits matured on or before the year-end date, and we did not renew such deposits in light of our liquidity needs during the year.
Financial Information · p. 229
We subsequently subscribed for new structured deposits in FY2025 when our business operations revived with more operating cash inflow and liquidity resources as compared to that in FY2024.
Our financial assets measured at FVTPL further increased to RMB421.9 million as of December 31, 2025, primarily due to an increase in surplus cash available for investment, resulting in a higher balance of wealth management products held at period end.
Financial Information · p. 222
our cash management policy mandates that we invest in low-risk, short-term wealth management products and structure deposits offered by well-known PRC commercial banks
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.
As of December 31, 2023, 2024 and 2025, we recorded financial assets at FVPL of RMB191.4 million, RMB40.5 million and RMB41.5 million, respectively, with the fluctuations mainly reflecting changes in the balance resulting from the purchase and redemption of structured deposits in accordance with our cash management strategy.
Financial Information · p. 246
To control our risk exposure, we generally invest in low-risk financial products while ensuring sufficient working capital to meet business needs, operating activities, R&D and capital expenditures, taking into account a number of factors including the general market conditions, risk control, credit of the issuing financial institution, our own working capital conditions, duration of the investment and the expected return from the investment.
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 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.
We had financial assets at fair value through profit or loss of RMB42.1 million, RMB351.4 million and RMB274.4 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 217
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 mainly consisted of wealth management products issued by banks in the PRC.
Financial Information · p. 236
Our financial assets at fair value through profit or loss amounted to RMB85.4 million, RMB26.2 million and RMB90.5 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 236
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 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.
We recorded financial assets at fair value through profit or loss of nil, RMB209.1 million and RMB30.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 261
We adhere to a conservative investment management strategy, with a strict requirement that all investment products, for both domestic and foreign currencies, should be principal-protected.
Financial Information · p. 261
In the future, we may continue to invest in structured deposits and other financial products that are in our Group’s interest upon thorough evaluations and analysis, and we will ensure that all such investments comply with the applicable laws and regulations, including the relevant requirements under Chapter 14 of the Listing Rules after the Listing.
Our financial assets at fair value through profit or loss represented wealth management products issued by banks, with expected return rates from 0.65% to 2.60% per annum.
Financial Information · p. 249
Our financial assets at fair value through profit or loss decreased from RMB110.1 million as of December 31, 2024 to nil as of December 31, 2025.
Financial Information · p. 249
We currently only invest in low-risk financial products, specifically principal-protected structured deposits. We have established treasury management policy to standardize the types of financial products and their purchase procedures.