Our financial instruments measured at fair value through profit or loss further increased to US$962.8 million as of December 31, 2025, primarily due to the purchase of wealth management products, to a lesser extent, due to the increase in unlisted debt investments as a result of the fair value changes in convertible loans extended to Xiaola based on our prudent assessment of Xiaola's prospects.
Financial Information · p. 257
The outstanding balance due from Xiaola decreased from US$169.0 million as of December 31, 2023 to US$166.5 million as of December 31, 2024, and slightly increased to US$170.3 million as of December 31, 2025, which was as a result of Xiaola's significant initial investments in setting up its platform and infrastructure.
Financial Information · p. 257
To monitor and control the investment risks associated with our wealth management product portfolio, we have established a set of internal risk management policies and guidelines.
Our financial assets at fair value through profit or loss mainly represents wealth management products.
Financial Information · p. 216
Our financial assets at fair value through profit or loss decreased from RMB30.0 million as of December 31, 2023 to nil as of December 31, 2024, primarily due to the maturity certain wealth management products during the year.
Financial Information · p. 216
Our investment strategy aims to effectively manage our cash flows while minimize investment and financial risks.
(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 investments measured at fair value through profit or loss primarily include structured deposits and debt investments.
Financial Information · p. 194
Our investments measured at fair value through profit or loss slightly decreased from RMB188.0 million as of December 31, 2024 to RMB175.0 million as of December 31, 2025.
Financial Information · p. 194
We have established a formal investment management policy governing our investments measured at fair value through profit or loss.
Our other gains and losses, net, primarily consisted of fair value change on financial assets at FVTPL, in connection with our wealth management products and structured deposits.
Financial Information · p. 221
Other gains and losses, net decreased by 35.5% from RMB33.0 million for 2024 to RMB21.3 million for 2025, primarily due to the decrease in the fair value gain on financial assets at FVTPL from RMB33.6 million for 2024 to RMB20.5 million for 2025, mainly attributable to the fluctuations of the balances and interest rates of underlying wealth management products and structured deposits over the relevant periods.
(ii) an increase in financial assets at FVTPL of RMB3,344.7 million as a result of our increased investment in low-risk wealth management products and structured deposits in 2025 as part of our treasury management
Financial Information · p. 199
We maintain a set of accounting policies in connection with our financial reporting risk management, such as financial reporting management policies, budget management policies, wealth management products investment policies, financial statements preparation policies and finance department and staff management policies.
Financial assets at FVTPL represent structured deposits and other financial products issued by commercial banks.
Financial Information · p. 237
To manage risk exposure, we have historically sought, and may continue to seek, low-risk wealth management products with terms of no longer than 12 months.
Our financial assets at fair value through profit or loss consists of (i) wealth management products, and (ii) structured deposits.
Financial Information · p. 188
Our financial assets at fair value through profit or loss subsequently increased to RMB442.8 million as of December 31, 2025, primarily due to the increase in wealth management products from RMB9.0 million as of December 31, 2024 to RMB397.7 million as of December 31, 2025.
Financial Information · p. 188
With regard to the purchase of wealth management products, we have established an investment policy focused on risk diversification and stable returns, with fund security as the top priority.
Our financial assets at fair value through profit or loss consisted of conservative wealth management products.
Financial Information · p. 182
Our financial assets at fair value through profit or loss increased from RMB303.8 million as of December 31, 2023 to RMB412.4 million as of December 31, 2024, and further increased to RMB1,023.7 million as of December 31, 2025, primarily because we acquired more conservative wealth management products in light of our adequate cash position.
Financial Information · p. 182
We have implemented internal policies governing the purchase and management of wealth management products.
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.
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.
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 financial assets at fair value through profit or loss increased from nil as of December 31, 2023 and 2024 to RMB422.9 million as of December 31, 2025, primarily due to the investment of idle funds in bank-issued low- to medium-risk wealth management products such as cash management products and short-term wealth management products.
Financial Information · p. 207
Our investment decisions with respect to financial products are made on a case-by-case basis and after due and careful consideration of a number of factors, including, but not limited to, the market conditions, the economic developments, the anticipated investment conditions, the investment cost, the duration of the investment, the expected benefit and potential loss of the investment, our cash flow position and future working capital needs based on operational requirements.
Our financial assets at FVTPL represented bank wealth management products (WMPs) and structured deposits, unlisted equity investments and forward exchange contracts.
Financial Information · p. 270
Our financial assets at FVTPL were RMB2,572.1 million, RMB10,980.0 million and RMB11,895.4 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 271
Our investment decisions are made on a case-by-case basis and after due and careful consideration of a number of factors including operating capital, market and investment conditions, economic developments, investment cost, duration of investment and the expected returns and potential losses of such investment.
Our financial assets at fair value through profit or loss further increased to RMB225.0 million as of February 28, 2026.
Financial Information · p. 165
We use idle cash and bank balances to invest in highly liquid, low-risk capital management products to enhance returns while controlling risk.
Financial Information · p. 166
Upon [REDACTED], we intend to continue our investments, such as structured deposit, strictly in accordance with our internal policies and Articles of Association, and, to the extent that an investment in capital management products is a notifiable transaction under Chapter 14 of the Listing Rules, We will comply with the relevant requirements under Chapter 14 of the Listing Rules, including the announcement, reporting and/or shareholders’ approval requirements (if applicable).
Our financial assets at fair value through profit or loss increased from RMB23.9 million as of December 31, 2024 to RMB61.4 million as of December 31, 2025, primarily because we purchased more wealth management products given the strong market performance.
Financial Information · p. 224
The total investment income realized from our current financial assets at fair value through profit or loss were RMB1.0 million, RMB2.1 million and RMB0.8 million in 2023, 2024 and 2025, respectively. Our investment in financial products was mainly due to our treasury management objective to improve returns on our available capital.
Financial Information · p. 225
Our investment strategy related to wealth management 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 for the benefits of our shareholders.
Our financial assets at fair value through profit or loss further increased to RMB325.0 million as of December 31, 2025, primarily due to new purchases of short-term investments.
Financial Information · p. 260
Our investment strategy prioritizes liquidity, safety, and reasonable returns, with the objective of preserving capital and ensuring the availability of funds to support business operations, while maintaining a conservative risk profile.
Financial Information · p. 261
Our investments classified as financial assets at FVTPL will comply with Chapter 14 of the Listing Rules after the Listing.
Our financial assets at FVTPL increased from RMB80.0 million as of December 31, 2023 to RMB922.4 million as of December 31, 2024, primarily due to our additional purchases of RMB837.4 million in bank wealth management products and structured deposits.
Financial Information · p. 196
They are 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. 196
Investment income from financial assets at FVTPL | 41,387 | 35,363 | 92,933