In 2023, 2024, 2025 and the four months ended April 30, 2026, our gross profit margin was 23.2%, 20.9%, 18.7% and 21.9%, respectively.
Financial Information · p. 209
By continuously refining our product mix and leveraging our experience at existing market and consumer insight, we are committed to sustaining robust financial performance and driving long-term growth.
Financial Information · p. 209
Our gross profit margin increased from 19.0% for the six months ended June 30, 2025 to 21.6% for the six months ended June 30, 2026, primarily attributable to (i) the increase in the selling prices of our smartphones in response to the rising memory chip prices and (ii) the cost of memory chips recognized during the period continued to reflect inventories procured at relatively lower prices in earlier periods, prior to the increase in market prices of memory chips.
The decrease in 2024 was primarily because we recorded negative gross margins for our newly launched dTOF LiDAR products and line laser sensor products, as these newly launched products were still in the ramp up phase and had not yet achieved optimal production efficiency.
Summary · p. 16
We expect our overall gross profit margin to continue to improve as our newly launched products further mature and achieve greater production efficiencies through economies of scale.
PV manufacturing solutions: amid industry downturn, revenue from this business declined by 57.6% from RMB1,021.4 million in 2024 to RMB433.1 million in 2025 and gross profit decreased from RMB286.9 million to RMB123.1 million accordingly.
Business · p. 175
Our revenue from PV manufacturing solutions decreased by 53.9% from RMB180.1 million for the six months ended June 30, 2025 to RMB83.0 million for the six months ended June 30, 2026 amid the industry downturn.
Summary · p. 19
According to CIC, notwithstanding that our peers in the PV equipment industry were similarly affected by the industry-wide downturn and overcapacity during the Track Record Period, our PV manufacturing solutions business recorded a more pronounced decline in revenue than certain of these peers.
Our gross profit margin in non-domestic markets experienced a temporary decline from 45.7% in 2023 to 41.4% in 2024, followed by an improvement to 46.9% in 2025.
Summary · p. 11
Our gross profit margin in non-domestic markets was 40.1% for the six months ended June 30, 2026, primarily reflecting changes in the mix of projects in our non-domestic business and foreign exchange fluctuations.
In addition, our revenue declined in 2024 compared to 2023 due to changes in customer procurement timing and project implementation cycles, and had not yet recovered to the 2023 level in 2025, which limited our ability to fully realize economies of scale during this period.
Summary · p. 14
Our revenue increased by 20.6% from RMB370.8 million in 2024 to RMB447.1 million in 2025.
Business · p. 154
Such increase was partially offset by a decrease in revenue generated from our consulting services business from RMB34.1 million to RMB26.4 million as we continued to prioritize resources toward our core AI and big data infrastructure software and related technical services business, resulting in reduced resource allocation to our consulting services business.
During the Track Record Period, our revenue from KACs amounted to RMB748.0 million, RMB837.1 million, RMB652.0 million and RMB328.2 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively, representing 34.9%, 28.1%, 16.5% and 20.6% of our total revenue in the same periods.
Business · p. 134
The decrease in revenue from KACs in 2025 was primarily attributable to intensified market competition in the relevant product categories.
This trend directly adversely impacted our sales volume, average selling prices and profitability, with our gross profit margin decreasing from 6.7% in 2023 to 3.1% in 2024.
Financial Information · p. 208
As market conditions improved in 2025, in particular the strong market demand from the ESS and power batteries sectors, our processing fees stabilized to an upward trend and our gross profit margin improved to 5.7%.
Financial Information · p. 208
As a result, the decreased processing fee/selling prices led to the decreases in our profitability and margin from 2023 to 2024.
Our sales volume across all product lines decreased from the four months ended April 30, 2025 to the four months ended April 30, 2026, primarily due to (i) the rapid increase in prices during this period, which reduced certain price-sensitive customers’ ability and willingness to procure our products, with some customers deferring purchases or downgrading specifications in response to changing demand patterns, and (ii) given that the supply of key memory raw materials, including DRAM and NAND Flash wafers, remained tight, and the average prices of DRAM and NAND Flash wafers continued to increase in the first half of 2026, the average selling prices of certain products did not rise as quickly as wafer prices because certain customers were not able to afford higher memory product costs.
Summary · p. 15
(iii) our overall financial performance benefited from the price increase which offset the impact of lower sales volume, our Directors are of the view that the decrease in sales volume does not have a material adverse impact on our business operations and financial performance.
In FY2023, FY2024, FY2025 and 3M2026, our gross profit margins were 6.9%, 14.3%, 13.9% and 11.2%, in each year/period during the Track Record Period, respectively.
Business · p. 181
Our net loss increased from RMB26.0 million in 3M2025 to RMB31.2 million in 3M2026, mainly attributable to higher listing expenses and professional fees recognised during the period, mainly due to the progress of listing-related work and the timing of fee recognition.
Business · p. 178
We plan to strengthen supply chain management capabilities to control costs of the key raw materials and components used in our production including sensors, actuators, chips, batteries.
Our net profit decreased from RMB387.0 million in 2024 to RMB286.2 million in 2025, primarily because (i) we recorded an increase in our selling and distribution expenses as a result of our commercialization efforts, (ii) we recorded unrealized loss from financial assets at FVPL of RMB58.7 million in 2025 in relation with our subsidiary’s investment in trading financial assets and
Summary · p. 12
(iii) we recorded an increase in our administrative and other operating expenses, mainly due to an increase of RMB132.4 million in our depreciation and amortization, resulting from the completion and capitalization of certain construction projects of Betta Dream Works and Shengzhou facility, as
Summary · p. 12
Our net profit increased from RMB130.7 million in the six months ended June 30, 2025 to RMB292.7 million in the six months ended June 30, 2026, primarily because (i) we recorded an increase in revenue as a result of our increased sales volume and (ii) we recorded realized gain from financial assets at FVPL of RMB72.7 million in relation with our subsidiary’s investment in trading financial assets.
Penlon’s revenue decreased from RMB208.3 million in 2024 to RMB174.1 million in 2025, primarily due to selective pricing adjustments as a measure to counter fluctuations in market demand.
Business · p. 164
Its gross profit margin, however, experienced a temporary decline, decreasing from 26.8% in 2023 to 24.2% in 2024, primarily attributable to transitional costs in the post-acquisition integration process, such as the ramp-up of internal quality control, operational and reporting mechanisms, and realignment of supply chain resources across jurisdictions.
The gross profit margin of sales to online retailers decreased from 27.9% in 2023 to 22.2% in 2024, and subsequently increased to 23.0% in 2025, primarily reflecting changes in the product mix at one of our major online retailers in the Chinese mainland market, where fluctuations in the proportion of sales contributed by high-volume products with relatively lower margins affected overall profitability.
Business · p. 154
The gross profit margin of our online direct sales was higher than that of sales to online retailers during the Track Record Period, primarily due to differences in geographic mix and sales arrangements.
Our overall gross profit margin increased from 8.9% for the year ended December 31, 2023 to 22.3% for the year ended December 31, 2024, before decreasing to 18.3% for the year ended December 31, 2025 and 7.8% for the six months ended June 30, 2026.
Business · p. 185
For the six months ended June 30, 2026, our gross profit margin decreased to 7.8% from 22.8% for the same period in 2025, mainly driven by more proactive pricing strategies to seize favorable market opportunities.
Financial Information · p. 215
Although our gross profit margin from sales of chips decreased to 10.7% for the year ended December 31, 2025 and further to 4.2% for the six months ended June 30, 2026, as our ASP reductions outpaced cost savings in that year/period, we maintained positive gross profit from sales of chips of RMB67.6 million and RMB17.0 million, respectively, amid material growth in chip shipment volumes.
Our income tax expense decreased by 90.5% from RMB46.1 million in 2024 to RMB4.4 million in 2025, primarily due to a decrease in profit before tax from RMB346.3 million in 2024 to RMB219.3 million in 2025 and the corresponding decrease in current income tax expense from RMB46.4 million in 2024 to RMB28.9 million in 2025.
Financial Information · p. 237
The decrease in profit before tax was mainly attributable to higher shipping and tariff costs and increases in cost of major raw materials.
The gradual decline from 2023 to 2025 was driven primarily by changes in our clinical trial technical services business line, including (i) the non-renewal of engagements by certain customers in the vaccine segment following the completion of their projects; and (ii) the non-recurring nature of certain small-value project engagements.
Summary · p. 6
According to F&S, total primary-market financing raised by China’s biopharmaceutical companies decreased by approximately 19% in 2024 as compared with 2023, which led certain existing customers to reduce, delay or terminate their research and development programs and scale back engagements with us.
Summary · p. 6
The recovery in 2025 was driven by an increase in new projects or orders placed by existing customers across both our clinical trial technical services and FSP services business lines, resulting in higher revenue recognized from customers that contributed revenue to us in both the prior and the current year.
Our revenue decreased by 45.4% from RMB41,357.7 million in 2023 to RMB22,598.5 million in 2024, primarily due to the decrease in the average selling prices of our phosphate-based cathode materials following the decline in the market prices of lithium carbonate, despite a significant increase in our sales volume. In the same year, our profit attributable to owners of the Company decreased by 62.4%.
Business · p. 108
Our revenue increased by 53.2% from RMB22,598.5 million in 2024 to RMB34,624.8 million in 2025, while our profit attributable to owners of the Company increased by 115.2% from RMB593.6 million in 2024 to RMB1,277.2 million in 2025.
The decrease in our adjusted net margin (a non-IFRS measure) from 11.4% in 2023 to 9.7% in 2024 and 9.1% in 2025 was driven by (i) cycle-driven pricing pressure and mix, and
Financial Information · p. 203
Second, on this smaller revenue base, a meaningful portion of our operating costs that are fixed or quasi-fixed in the short term — principally R&D, customer and channel support, and corporate functions — consumed a higher share of revenue as we continued to invest in our product roadmap and commercial capabilities.
Financial Information · p. 203
Our adjusted net margin (a non-IFRS measure) increased from 8.1% for the three months ended March 31, 2025 to 21.0% for the same period in 2026, primarily due to the increase in net profit.
Revenue from our in-vehicle communication solutions increased in 2024, primarily due to the ramp-up of mass production for 4G in-vehicle communication solutions, and decreased in 2025 mainly because the decrease in 4G in-vehicle communication solutions revenue more than offset the revenue contribution from the commercialization of 5G in-vehicle communication solutions.
Summary · p. 4
Gross profit of our in-vehicle communication solutions increased in 2024 in line with revenue growth, but decreased in 2025 mainly due to lower revenue from 4G products; its gross profit margin increased in 2024 due to improved operating leverage and decreased in 2025 primarily due to changes in product mix and cost structure.
Summary · p. 5
Gross profit of our sensing and domain control solutions decreased in 2025 despite revenue growth, and its gross profit margin declined as well, mainly because certain products remained at an earlier stage of commercialization and were affected by product mix, program timing and cost absorption.
Between the three months ended March 31, 2025 and 2026, our revenue growth was primarily driven by increased sales of (i) automotive-grade and industrial-grade memory chips, mainly attributable to our deeper market penetration due to continuous market expansion efforts and technological advancements, as well as orders we secured from leading international automotive brands; and (ii) NFC chips, as we expanded into new application scenarios.
Summary · p. 6
Our adjusted net profit (non-IFRS measure) decreased from RMB101.1 million in the three months ended March 31, 2025 to RMB56.4 million for the same period in 2026, primarily due to (i) changes in our product mix, (ii) increased R&D expenses, and (iii) absence of gains on investment in listed securities.
Our revenue generated from sales of equipment decreased from RMB519.2 million in 2023 to RMB268.0 million in 2024, and further to RMB150.1 million in 2025, as station investors have generally adopted a more cautious investment approach, particularly with respect to upfront capital spending.
Business · p. 137
Our revenue generated from provision battery-swapping operational services decreased from RMB86.9 million in 2023 to RMB84.7 million in 2024, and further to RMB66.7 million in 2025.
Business · p. 137
As we continued to refine the scale and geographic layout of our self-owned stations, the number of such stations further decreased from 291 as of December 31, 2024 to 214 as of April 30, 2026.