These on-campus office spaces are provided by our customers free of charge solely for the operation of our customer service and support centers.
Business · p. 183
Such arrangements are considered to be mutually beneficial as proximities to our customers would enable us to swiftly and effectively respond to their requests during project delivery process.
Business · p. 183
As of the Latest Practicable Date, the average operating period of these on-campus offices provided by our customers as customer service and support centers had been more than five years.
We entered into certain supplier finance arrangements with banks during the Track Record Period primarily due to their relatively low interest rates, which can reduce our finance costs.
Business · p. 252
We entered into supplier finance arrangements to ease access to credit for our suppliers and facilitate early settlement to the suppliers.
Financial Information · p. 408
Therefore, our management does not consider the supplier finance arrangements to result in significant liquidity risk for our Group.
Consequently, we are exposed to risks arising from fluctuations in the exchange rates of RMB and foreign currencies and may record gains or losses from these currency conversion transactions and translations.
Financial Information · p. 315
In 2022, 2023, and 2024, and the six months ended June 30, 2025, we recorded net foreign exchange gains of RMB35.0 million, RMB31.8 million, RMB14.4 million, and RMB13.7 million, respectively.
Financial Information · p. 315
During the Track Record Period, our Group did not engage in any formal hedging arrangements to mitigate the impact of foreign exchange rate fluctuations.
Our other gains or losses primarily consist of gains from partners of R&D collaborative arrangements.
Financial Information · p. 394
The annual sales profit of the relevant product will be shared based on agreed-upon ratios.
Business · p. 263
Our other income, expense, gains and losses, net increased from RMB20.3 million in 2023 to RMB31.0 million in 2024, mainly due to increase in other gains of RMB10.0 million primarily because we completed collaborative R&D of several generic drugs which were granted market approvals in 2024 and we recorded revenue upon the completion of projects.
Our life insurance policy deposits represented our deposits and prepayments for certain life insurance policies (the “Policies”) entered into by our Group to insure Mr. KY Ip, being our executive Director, chief executive officer and chairman.
Financial Information · p. 292
Our Group can terminate the Policies at any time and can receive cash back based on the net nominal value of the Policies at the date of withdrawal.
Financial Information · p. 293
The expected life of the Policies remained unchanged from the date of initial recognition and our Directors considered that the financial impact of the option to terminate the Policies was not significant.
regulatory changes in Indonesia which have required us to make changes to our product mix to more traditional and protection products from unit linked products, as well as the industry-wide review of bancassurance sales practices and a fall of consumer confidence that disrupted the insurance market in Vietnam generally, have impacted on our overall financial condition and results of operations in Emerging Markets.
Financial Information · p. 361
We are generally able to promptly identify and mitigate the effects of adverse economic changes or a decline in consumer confidence in a particular market through offsetting activities in our other markets, offering a wide range of insurance products targeting different customer segments, and introducing new products in response to changes in customer needs.
In 2022, 2023 and 2024, 46.5%, 45.4% and 44.7% of our revenue were generated from overseas.
Financial Information · p. 305
In 2022 and 2023, we had gains from hedging operations of RMB30.6 million and RMB43.6 million, respectively, and in 2024, we had losses from hedging operations of RMB51.2 million.
Financial Information · p. 305
To manage these risks, our finance team uses hedging, asset-liability matching and foreign exchange block trade, while controlling the scale of foreign currency assets and liabilities.
The number of our franchisees who ceased store operations increased from 197 in 2022 to 411 in 2023 and further to 891 in 2024, which was not proportionate to the number franchised stores closed of 393 in 2022, 370 in 2023 and 987 in 2024, primarily due to that (i) most of the franchisees who ceased store operations in 2023 only opened one store, and (ii) some franchisees departed through transferring their stores to other franchisees.
Business · p. 178
Furthermore, since 2023, we further enhanced evaluation of performance of our franchised stores.
Business · p. 178
During the Track Record Period and up to the Latest Practicable Date, there have not been any material litigation disputes between us and the franchisees who we terminated cooperation with.
Subsequently in the fourth quarter of 2024 and the first quarter of 2025, while the average selling price relatively stabilized compared with the previous quarter and the silicon wafer-PV cell price difference increased, the gross profit margin decreased from 6.2% to 5.1% and further to 4.2% for the first quarter of 2025 primarily because export tax rebate for PV products was reduced from 13% to 9% on December 1, 2024, which negatively affected the gross profit of overseas orders in execution.
Business · p. 300
We correspondingly adjusted our price to factor in such a reduction in export tax rebate and gradually completed such price adjustment in the first quarter of 2025.
During the Track Record Period, we recorded Income from Government of approximately RMB11.4 million, RMB5.0 million, RMB26.8 million and RMB9.7 million, respectively, which accounted for approximately 78.3%, 39.7%, 65.5% and 74.1% of our total other income, respectively.
Business · p. 294
(ii) for Government Contracts, there is no transfer of controls to the contracting PRC government authorities and our Group is entitled to such income in return for compliance with those tasks listed out by the government authorities in the Government Contracts.
Financial Information · p. 419
The services/tasks undertaken by our Group under Government Contracts fall within the ordinary course of business: unlike the cases where the receipt of most government subsidies or grants often takes a more “passive form”, we have actually provided services and/or performed tasks in exchange for Income from Government.
Post the Track Record Period, we recorded a significant increase in bond trading volume as well as net gains on financial investments.
Summary · p. 27
We seized market opportunities and increased our bond trading activities, primarily focusing on high credit rating and highly liquid instruments such as local government bonds and policy bank bonds.
Summary · p. 27
In 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, our net gains on trading activities of debt securities amounted to RMB151.8 million, RMB96.8 million, RMB262.4 million, RMB166.1 million and RMB141.8 million in the same respective periods.
As of December 31, 2021, 2022 and 2023 and June 30, 2024, our total investment in the real estate industry, which were all related to investments in debt securities issued by companies in the real estate industry, amounted to RMB134.7 million, RMB45.2 million, RMB179.9 million and nil, respectively, accounting for 0.6%, 0.2%, 0.6% and nil of our total financial investments, respectively.
Business · p. 236
As of December 31, 2021, 2022 and 2023 and June 30, 2024, the book value of defaulted debt securities issued by companies in the real estate industry was nil, RMB24.7 million, RMB19.2 million and nil, respectively, accounting for nil, 0.1%, 0.1% and nil of our total financial investments as of the same respective dates.
Business · p. 237
we wrote off the valuation of the debt securities of real estate industry due to declines in the value of the relevant real estate companies caused by market instability and provided a full amount of credit impairment loss on the asset in accordance with IFRS principles, which fully covered the principal and interest receivable.
The capital adequacy ratio decreased from 16.47% as of December 31, 2021 to 14.08% as of December 31, 2022 and further decreased to 13.41% as of December 31, 2023, primarily due to our continuously increased risk-weighted assets in line with the increase in loans and advances to customers during the Track Record Period, which outpaced the growth of our capital.
Financial Information · p. 516
We closely monitor capital adequacy ratio to ensure compliance with regulatory requirements and will take various measures to maintain ongoing compliance, including (i) raising capital by issuing new shares and debt securities, (ii) increasing retained earnings by continually improving profitability, and (iii) managing the growth of our risk-weighted assets.
Financial Information · p. 516
As of December 31, 2021, 2022, 2023 and June 30, 2024, our core tier-one capital adequacy ratio, tier-one capital adequacy ratio and capital adequacy ratio were all in compliance with applicable regulatory requirements.
In 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, our operating income generated from Neijiang Xinglong Rural Bank amounted to RMB134.0 million, RMB135.6 million, RMB133.8 million, RMB68.6 million and RMB66.4 million, respectively, accounting for 8.3%, 7.3%, 6.2%, 6.4% and 6.2% of our total operating income in the same respective periods.
Business · p. 247
The decrease in Neijiang Xinglong Rural Bank and Yibin Xingyi Rural Bank's capital adequacy indicators from 2021 to 2023 was primarily due to the adoption of new accounting standards related to financial instrument which was effective from January 1, 2021.
Business · p. 249
The increase in Yibin Xingyi Rural Bank's NPL ratio as of December 31, 2023 compared to December 31, 2022 was primarily due to its clientele being composed mainly of clients from agricultural sectors, rural areas, as well as small and micro enterprises sectors, who are generally sensitive to economic adjustments.
We fund our loans and investment portfolios principally through our customer deposits.
Financial Information · p. 511
Customer deposits with remaining maturities of less than one year or repayable on demand represented 72.0%, 68.9%, 61.1% and 59.2% of our total customer deposits as of December 31, 2021, 2022, 2023 and June 30, 2024, respectively.
Financial Information · p. 511
Although a majority of our customer deposits have been short-term deposits, customer deposits have been, and we believe will continue to be, a stable source of our customer funding.
To the best knowledge of our Directors, among these regional distributors, six groups involving 11 regional distributors (the ‘‘Regional Distributors with Overlapping Personnel’’) have common shareholders, directors or senior management members with other regional distributors of our Group during the Track Record Period.
Business · p. 185
the reasons for the stakeholders of the Regional Distributors with Overlapping Personnel to use different companies to transact with us were mainly because our regional distributors are restricted under the distribution agreements to sell and distribute our products in their respective designated distribution region only, and our regional distributors are liable to our Group for Unauthorised Distribution committed by their sub-distributors.
During the Track Record Period, we closed two and one self-operated store(s) in 2022 and 2023, respectively, primarily due to the lower than expected pedestrian traffic and/or insufficient size of the store(s) for our business needs.
Business · p. 122
The three closed shops recorded aggregate operating profits of HK$109,000 in FY2021 and operating losses of HK$385,598 in FY2022, with operating profit margins of 5.8% and nil, respectively.
Business · p. 122
Taking into account that (i) out of the newly opened 28 self-operated stores during the Track Record Period, 26 stores broke even under three months and 16 stores achieved investment payback under 12 months; (ii) nearly all of our existing stores achieved operating profits during the Track Record Period; and (iii) our retail business has shown an upward trend during the Track Record Period despite the challenging retail environment, all of which would also be important indicators of the performance of our self-operated stores and the effectiveness of our expansion strategies, our Directors considered the performance of our offline retail business to be satisfactory as a whole.
Our dollar-based net retention rate recorded a decline from 2022 to 2023, though remaining robust at above 100%.
Summary · p. 15
The decrease in our GMV per customer for the operating system during the Track Record Period is mainly attributable to an increasing number of customers adopting our operating system who are smaller in business scope and generate less sales in comparison to our early customers such as Wumei Group.
Business · p. 217
We experienced a decline in operating system GMV from take-rate customers as some Wumart supermarket transitioned to a subscription-based fee model.
The Anti-corruption Campaign has caused certain short-term impact on us, including that (i) we have observed more prudential hospital and physician practices in terms of spending on product procurement; (ii) hospitals once refused entry to pharmaceutical representatives and medical academic conferences were either canceled or postponed; and (iii) to proactively react to the Anti-corruption Campaign, we have conducted self-assessment and self-inspection of the internal control measures for anti-corruption and ant-bribery.
Summary · p. 25
With the Anti-corruption Campaign cracking down on acts of medical corruption, for example, doctors and hospital managers taking monetary bribes from patients and drug manufacturers, we have observed more prudential hospital and physician practices in terms of spending on product procurement, which, to our belief, has immaterial impact on our financial performance, as evidenced by the 14.4% year-to-year revenue growth in 2023.
Business · p. 425
As of the date of this prospectus, to the best knowledge of our Directors, we have not received any investigation notices related to the Anti-corruption Campaign.
As a player in hydrogen energy industry, our business development in this industry is highly driven by policies, particularly government awards, subsidies or government sponsored projects that directly promote market demand for hydrogen energy.
Financial Information · p. 410
Any termination, suspension and alterations to existing advantageous industry policies, such as subsidies or other economic incentives, by the relevant government departments due to policy changes, fiscal tightening measures or other reasons, or any reduction in the guidance supporting the demand for hydrogen energy core equipment or hydrogen fuel cell vehicles, could potentially weaken the market demand and overall competitiveness for our products.