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.
As of December 31, 2025, our financial assets at FVTPL amounted to RMB186.9 million, RMB170.3 million of which are structured deposits for short-term liquidity management and daily operations.
Summary · p. 12
During the Track Record Period, our interest income primarily represents interest from our bank deposits and our net gains on fair value changes primarily comprised our gains from the financial assets at FVTPL.
Our current portion of financial assets at fair value through profit or loss increased from RMB81.8 million as of December 31, 2024 to RMB3,911.1 million as of December 31, 2025, primarily due to our increased procurement of wealth management products.
Financial Information · p. 168
We form our portfolio of wealth management products with the view of achieving (i) a relatively low level of risk, (ii) good liquidity and (iii) an enhanced capital efficiency and yield.
Financial Information · p. 168
We have also established internal policy to safeguard our exposure to investment risks in connection with the purchase of financial assets.
interest income from financial assets at fair value through profit or loss ("FVTPL") in connection with wealth management products,
Financial Information · p. 139
During the Track Record Period, we invested in wealth management products from time to time to better utilize our idle cash without interfering with our business operations.
Financial Information · p. 140
We only invest in wealth management products with low-risk, high-liquidity and high-safety issued by qualified financial institutions.
Our financial assets at fair value through profit or loss further increased by 376.4% from RMB65.0 million as of December 31, 2024 to RMB309.6 million as of December 31, 2025, primarily as we increased the purchase of wealth management products in order to improve our cash management and to better utilize the idle cash.
Financial Information · p. 238
For financial assets exceeding RMB10 million, the head of the financial department must review the wealth management plan and obtain approval from the Chairwoman of the Board.
Financial Information · p. 238
Our investment strategy related to such products focuses on minimizing financial risks, including market, credit and liquidity risk, while generating desirable investment returns.
Our financial assets at fair value through profit or loss increased from RMB105.8 million as of December 31, 2023 to RMB119.6 million as of December 31, 2024 and further to RMB291.5 million as of December 31, 2025, mainly due to our increased investment in structured deposits.
Financial Information · p. 252
According to the Fund Management Policy, which governs internal fund control (such as cash receipts/payments, bank borrowing, bank deposit and wealth management products) of our Group, the purchase of structured deposits or wealth management products requires review and approvals by chief financial officer and chief operations officer.
Financial Information · p. 252
Investments in financial assets after the Listing will be subject to the compliance with Chapter 14 of the Listing Rules.
The carrying amount of our current financial assets at fair value through profit or loss increased from nil as of December 31, 2023 to RMB519.0 million as of December 31, 2024, primarily due to an increased balance of structured deposits.
Financial Information · p. 243
Our policy is to invest temporarily idle funds in low-risk structured deposits for yield enhancement.
Our financial assets at fair value through profit or loss were RMB70.2 million, RMB100.6 million and nil as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively.
Financial Information · p. 244
In accordance with our cash management policies, we may invest idle cash in low-risk, short-term financial products, including structured deposits and wealth management products, to enhance returns in a risk-controlled manner.
Financial Information · p. 244
Subsequent to the [REDACTED], the purchase of these financial products will be subject to compliance with Chapter 14 of the Listing Rules and approval from the Board when necessary.
Our financial assets at fair value through profit or loss represented the balance of our structured deposits.
Financial Information · p. 189
Our financial assets at fair value through profit or loss then decreased to RMB311.2 million as of December 31, 2025, primarily due to the redemption of a substantial amount of structured deposits during the period.
Financial Information · p. 189
Gain on disposal of financial assets at fair value through profit or loss, net | 23,747 | 3.4 | 36,983 | 5.0 | 23,492 | 6.9
Financial assets at FVTPL, current increased to RMB923.8 million as of December 31, 2025, primarily due to an increase in unlisted financial products, as we deployed part of our available funds into structured deposits.
Our fair value change on financial assets mainly related to wealth management products. We recorded fair value gain on financial assets of RMB17.4 million, RMB3.0 million and RMB1.8 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 186
Our fair value change on financial assets decreased by 38.9% from RMB3.0 million in 2024 to RMB1.8 million in 2025, primarily due to a decrease in our purchases of wealth management products in 2025.
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 financial assets at fair value through profit or loss further increased significantly to RMB286.0 million as of December 31, 2025, primarily due to (i) the purchase of structured deposits of RMB110.1 million and the purchase of wealth management products at fair value of RMB35.0 million and (ii) the new equity investment in Shanghai Xindi Digital Technology Co,. Ltd. (上海新迪數字技術有限公司) of RMB100.0 million.
Financial Information · p. 234
As of the Latest Practicable Date, the Board authorized our senior management to approve purchases of highly liquid, low-risk structured products up to RMB750.0 million.
Our financial assets at FVPL consist of low-risk and short-term structured deposits we purchased from domestic reputable commercial banks.
Financial Information · p. 242
Our financial assets at FVTPL increased from RMB160.9 million as of December 31, 2024 to RMB190.0 million as of December 31, 2025 because of an increase of structured deposits in the principal amount of approximately RMB30.0 million.
Financial Information · p. 242
We only invest in wealth management products offered by reputable commercial banks that guarantee the principal amounts of our investments.
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.
Our investments measured at fair value through profit or loss decreased from RMB355.8 million as of December 31, 2023 to RMB150.3 million as of December 31, 2024 and further to nil as of December 31, 2025, primarily due to our strategic allocation of funding to support our business growth.
Financial Information · p. 181
Our other income and gains decreased by 15.4% from RMB19.6 million in 2024 to RMB16.6 million in 2025, primarily due to (i) higher government grants received in 2024 and (ii) a decrease in other interest income from financial assets at fair value through profit or loss as a result of the reduction in our wealth management product holdings, which in turn was due to the allocation of more funds on operating expenditures to support our business growth in 2025.
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.
Our financial assets at fair value through profit or loss amounted to approximately RMB24.2 million, RMB4.0 million and nil as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively.
Financial Information · p. 245
However, in preparation for the [REDACTED], our Directors wished to focus more on our core business and the funding needs of our business and its development and therefore our Group disposed of all equity securities in FY2024.
Financial Information · p. 245
We exclusively select such financial products which are with low risk level issued by well-established commercial banks to ensure the safety of our capital.
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.
Our financial assets at fair value through profit or loss grew significantly from RMB513.5 million as of December 31, 2023 to RMB1,293.6 million as of December 31, 2024, and then to RMB2,094.6 million as of December 31, 2025.
Financial Information · p. 203
This increase was primarily due to our strategic use of idle funds to purchase wealth management products for improved asset management.
Financial Information · p. 203
Entrusted Wealth Management: we may invest temporarily idle self-owned funds in high-safety, high-liquidity products from approval by the Shareholders’ general meeting until the 2025 annual general meeting of Shareholders, on a rolling basis.