Other net losses mainly represented (i) changes in fair value of refundable capacity commitment deposits; (ii) net loss on disposal of property, plant and equipment; (iii) net foreign exchange gain/(loss);
Financial Information · p. 225
Our other net losses increased by RMB55.2 million or 326.4% from RMB16.9 million in FY2023 to RMB72.1 million in FY2024 primarily due to the increase in changes in fair value of refundable capacity commitment deposits of RMB65.7 million.
Financial Information · p. 226
Our general manager of the finance department is responsible for the supervision of the movement of the refundable capacity commitment deposits, such as ongoing monitoring, and post-event reviews.
To explore the opportunity of establishing a platform for conducting capital market activities in the A-share market, we applied to the CSRC for the listing of our shares on the main board of the Shanghai Stock Exchange and CSRC accepted our application on June 24, 2021.
Summary · p. 12
On June 14, 2023, our Company voluntarily withdrew the A-share listing application, considering the uncertainty of the listing timetable and our adjustment of our future development strategies.
As of the Latest Practicable Date, Beijing Union had completed the Phase III clinical trial of azvudine for treating COVID-19 in Russia and obtained marketing approval from the Ministry of Health of the Russian Federation in February 2023, but we had not generated any income from Beijing Union under this collaboration arrangement.
Summary · p. 8
As of the Latest Practicable Date, the Phase III clinical trial of azvudine for treating COVID-19 in Brazil was completed.
Summary · p. 8
While we do not consider Russia, Ukraine, Brazil and the other regions of South America to be main target markets for our business and agreed to conduct the clinical trial for the treatment of COVID-19 therein mainly due to practical concerns, i.e., the lack of a large COVID-19 positive population in Chinese Mainland at the time, we believe our collaboration with Beijing Union, the agent and the affiliate in these territories is win-win for all parties.
For FY2023, FY2024, FY2025 and 8MFY2026, we purchased HK$357.9 million, HK$624.1 million, HK$802.2 million and HK$685.4 million, respectively, from Official Channel Suppliers, representing approximately 40.4%, 42.1%, 44.3% and 46.3%, respectively, of our total purchases during the respective year and period
Business · p. 139
We purchased HK$527.7 million, HK$857.0 million, HK$1,008.6 million and HK$794.2 million, respectively, from these suppliers, representing approximately 59.6%, 57.9%, 55.7% and 53.7% of our total purchases for FY2023, FY2024, FY2025 and 8MFY2026, respectively.
Business · p. 139
During the Track Record Period, we ceased procurement from 8 suppliers other than Official Channel Suppliers due to their failure to provide proof of supply chain or product origin.
As of the Latest Practicable Date, progress on all of our projects has not been materially affected by the geopolitical situation, with production and delivery proceeding as originally planned.
Summary · p. 7
Our DAP contracts incorporate fuel price adjustment mechanisms, and we have prepared alternative shipping routes with comprehensive insurance coverage, including war risk insurance.
Summary · p. 7
Key materials for 2026 projects have been pre-procured or price-locked, and domestic materials are transported short distances from production bases near ports.
Under our returnable procurement arrangements, we include provisions that allow us to return unsold products to apparel OEM manufacturers and settle with them based on actual product sell-through on a monthly basis.
Business · p. 130
Prior to returning any unsold apparel to our apparel OEM manufacturers, we implement a de-labeling process whereby all brand identifiers, such as our logos, are removed from the apparel.
In 2023, 2024 and 2025, we recorded 340, 553 and 493 loss-making stores among our directly-operated stores and partner-operated stores for HLA brand, respectively, and the aggregate losses attributable to the loss-making stores were RMB101.1 million, RMB120.5 million and RMB105.8 million during the same respective years.
On April 27, 2026, a cooperation framework agreement between the Company and the Ningxia Pingluo County local government (“Framework Agreement”) was signed regarding, among other things, establishing a unified industrial off-gas supply company (the “Pingluo JV”) to collect industrial off-gas from the ferroalloy mills and other factories in the area and provide as a supplemental source to Shoulang Jiyuan and Ningxia Binze production facilities
Summary · p. 11
The Pingluo County Government has also undertaken to the Company to coordinate local gas-supplying enterprises to enter into long-term and stable industrial off-gas supply agreements with the gas company, formulate gas-source protection and resource coordination policies, and support pipeline and related infrastructure construction.
The increase from RMB19.9 million as of December 31, 2023 to RMB27.3 million as of December 31, 2024 was primarily attributable to the rise in other receivables, mainly comprising an interest-free loan that we provided to one of our suppliers under certain strategic cooperation arrangements, which was partially offset by the decrease in prepayments to suppliers, being the refunds or reversals of certain advances where strategic cooperation did not proceed as planned.
Financial Information · p. 215
Our prepayments, other receivables and other assets decreased from RMB27.3 million as of December 31, 2024 to RMB23.2 million as of December 31, 2025, primarily due to the repayment of the interest-free loan, which was partially offset by the increase in prepayments made to suppliers in connection with market expansion initiatives and joint effort to enter new industry verticals or geographic markets.
For example, in 2025, our PCB products recorded a gross margin of 16.7% and Source Photonics' data center transceivers recorded a gross margin of 39.5%, while our touch panel and LCM products recorded a gross margin of 4.5% in the same year, which is below our overall gross margin due to stronger pricing pressure in the end markets.
Financial Information · p. 183
In 2025, within precision components, our automotive components recorded a gross margin of 9.5%, while our telecommunications equipment components recorded a gross loss margin of 7.0% in the same year.
Financial Information · p. 183
We aim to optimize our product mix toward higher-margin, value-added offerings.
The number of our KA customers increased substantially during the Track Record Period, amounting to 801, 1,421 and 1,689 as of December 31, 2023, 2024 and 2025, respectively, contributing 19.3%, 29.9% and 36.5% of our total revenue in the respective periods.
Financial Information · p. 212
Our results of operations and growth prospects are particularly sensitive to our ability to attract, serve and retain KA customers with large business scale, as we are tapping into diversified monetization models under our commercially flexible business model and continue to refine the pricing of our all-in-one solution by bundling additional service charges and transaction-based commissions, allowing our revenue to scale in tandem with the growth of transaction volume of our customers.
Financial Information · p. 212
We intend to expand our KA customer base through a structured, industry-centric incubation approach.
As of the Latest Practicable Date, we have entered into agreement for the potential subscription of certain equity interests in SVOLT Energy Technology Co., Ltd. (蜂巢能源科技股份有限公司).
Business · p. 125
Our prepayments for long-term assets further increased to RMB21.2 million as of December 31, 2025, primarily due to RMB20.0 million in investment deposits we paid to SVOLT Energy Technology Co., Ltd. (蜂巢能源科技股份有限公司) in connection with our agreement for the potential subscription of certain equity interests.
As the Notice on Strengthening Market-oriented Reform of New Energy Feed-in Tariffs to Promote High-Quality Development of New Energy (關於深化新能源上網電價市場化改革促進新能源高品質發展的通知(發改價格[2025]136號)) issued by the National Development and Reform Commission (國家發展和改革委員會) and the National Energy Administration (國家能源局) came into effect in January 2025, surplus power generated by SOEs and private enterprises can be traded in the market through power exchange centres.
We consider this policy a major reform of the power industry that provides tremendous business opportunities to new energy power generation companies and benefits the power industry practitioners in the following ways:
Business · p. 129
In light of the aforesaid benefits, we plan to further our investments in PV power projects.
During the Track Record Period, we recorded a net loss of RMB285.3 million in 2023, a net gain of RMB300.1 million in 2024 and a net loss of RMB216.5 million in 2025 from changes in the fair value of our biological assets.
Financial Information · p. 214
The fair value of biological assets is sensitive to a range of key inputs and assumptions, including the number of animals, their type and age, prevailing market prices, yields, mortality rates, age/weight for sale and feed costs; accordingly, changes in these inputs may materially affect the carrying value of our biological assets and the fair value gains or losses recognized in profit or loss.
Financial Information · p. 214
The change was mainly due to a decrease in the industry average selling price of pigs from RMB16.7 per kg in 2024 to RMB13.8 per kg in 2025.
As at December 31, 2023, 2024 and 2025, we recorded amounts due from family farmers of RMB26.9 million, RMB30.8 million and RMB23.6 million, respectively, which primarily represented short-term loans advanced to certain family farmers during the Track Record Period.
Financial Information · p. 248
During the Track Record Period, the loan principals advanced to individual family farmers ranged from RMB15,000 to RMB5.0 million, with an average principal amount of RMB0.8 million.
Financial Information · p. 248
We have not entered into any new loan agreements with family farmers since January 2026 and do not intend to resume similar arrangements after the [REDACTED].
We recorded selling and distribution expenses of RMB3,972.2 million, RMB5,161.0 million, and RMB5,259.4 million in 2023, 2024 and 2025, respectively, accounting for 44.6%, 47.9% and 49.6% of our total revenue in the same years.
Financial Information · p. 169
We seek to adopt various measures to more efficiently conduct marketing activities, such as formulating budgets based on our business strategies, market trend and historical experience, conducting regular analysis of marketing campaigns and making adjustment accordingly.
Our receivables at fair value through other comprehensive income primarily consist of certain trade receivables from Customer C in the ordinary course of business which will be factored to a bank.
Financial Information · p. 215
Our receivables at fair value through other comprehensive income increased from RMB37.1 million as of December 31, 2023 to RMB64.4 million as of December 31, 2024, primarily due to an increase in trade receivables from Customer C and subsequently discounted or factored with financial institutions as part of our cash flow management.
For example, a significant portion of our sales are made in United States dollars, while our purchases are primarily made in Renminbi. Therefore, foreign exchange fluctuation may affect our gross profits and gross profit margins.
Financial Information · p. 170
We will continue to monitor and manage our foreign exchange exposure effectively and will consider hedging any exposure where appropriate.
Financial Information · p. 170
Our other income and gains increased by 16.2% from RMB15.5 million in 2023 to RMB18.1 million in 2024, primarily attributable to an increase in foreign exchange gains from RMB3.7 million in 2023 to RMB8.3 million in 2024, primarily driven by increased revenue from overseas regions and stronger US dollars against RMB during the year.
The Target Company will be accounted for as an associate and its financial results will not be consolidated into the financial statements of our Group.
Summary · p. 13
For this acquisition occurring after the Track Record Period, we have applied for, and the Stock Exchange [has granted] us, a waiver from strict compliance with Rules 4.04(2) and 4.04(4)(a) of the Listing Rules in relation to the preparation of financial statements in respect of the Target Company.
Summary · p. 13
In February 2026, we entered into share purchase agreements with three independent third parties (the “Sellers”), pursuant to which, we would acquire about 20.07% equity interests in a company, which is principally engaged in the R&D and production of micro-electromechanical system oscillators, for a total cash consideration of RMB6,021,000 (the “Equity Transfer”).