Hong Kong IPO disclosure precedents · 70 companies, 70 items
Decline in revenue, gross margin or sales volume in the recent/unaudited period after the track record (latest quarter or months), e.g. from loss-making project deliveries, price increases deterring customers, or reduced orders.
For the year ended December 31, 2024 and 2025, the revenue generated from the customer amounted to US$221.3 million and US$0.6 million, respectively.
Summary · p. 8
The company's explanation, the adviser's view and the page in the filing: see MattersOur income tax expenses decreased from US$47.4 million in 2024 to US$0.1 million in 2025, primarily due to the lower revenue and profit during 2025.
Financial Information · p. 235
Revenue from direct sales decreased consecutively from RMB1,475.5 million in 2023 to RMB1,233.8 million in 2025.
Business · p. 137
Gross profit from direct sales decreased consecutively from RMB554.5 million in 2023 to RMB434.8 million in 2025.
Business · p. 137
The company's explanation, the adviser's view and the page in the filing: see MattersIn 2023, 2024 and 2025, our gross profit margins were 37.6%, 37.2% and 36.6%, respectively.
Financial Information · p. 177
Our revenue was RMB174.2 million, RMB124.6 million, and RMB520.0 million in 2023, 2024, and 2025, respectively.
Summary · p. 5
Our relatively low revenue in 2023 and 2024 was primarily due to our strategic focus on the modern electricity service market, which is still at an early stage to date.
Financial Information · p. 164
The company's explanation, the adviser's view and the page in the filing: see MattersThe gross profit margin of electricity services was 48.9%, 38.0%, and 22.0% in 2023, 2024, and 2025, respectively.
Financial Information · p. 164
For the years ended December 31, 2023, 2024 and 2025, the comprehensive rate of return of our equity securities investment business was 0.50%, negative 0.27% and 6.19%, respectively.
Business · p. 126
The company's explanation, the adviser's view and the page in the filing: see MattersThe comprehensive rate of return of negative 0.27% in 2024 was mainly attributable to an intense A-share market volatility throughout the year which impacted certain equity investment strategies, such as quant market-neutral strategies, leading to a modest drawdown in our equity securities investment portfolios.
Business · p. 126
The higher number of terminations in 2024 resulted from our strategic decision to optimize our distribution network, coupled with the normalization of demand for Xiwena.
Business · p. 162
By comparison, sales of Xiweina in 2023 were mainly concentrated in the first half of the year due to strong COVID-related demand, and the associated trade receivables had been substantially collected by year-end.
Financial Information · p. 229
The company's explanation, the adviser's view and the page in the filing: see MattersDespite fluctuations in demand during the outbreak and the subsequent ease of COVID-19, Xiweina is well-positioned to capture long-term growth given its exclusive market position, which provides pricing flexibility and creates competitive barriers.
Financial Information · p. 217
Our trade and bills receivables decreased from RMB609.4 million as of December 31, 2023 to RMB374.3 million as of December 31, 2024, primarily attributable to (i) a decrease in trade receivables due to reduced sales value in line with market price trend, and (ii) a decrease in the bills receivable, reflecting a reduction in transactions settled using bills with higher credit risk ratings during the period.
Financial Information · p. 187
Our inventory turnover days increased from 84 days in 2023 to 129 days in 2024, primarily due to higher finished goods balances for new energy lithium-ion battery materials at the end of 2024, as well as lower revenue in 2024 resulting from the decline in market prices for lithium compound products.
Financial Information · p. 187
The company's explanation, the adviser's view and the page in the filing: see MattersDuring the Track Record Period, we achieved consistent growth in total sales volume for our new energy lithium-ion battery materials, from 65,286 tons in 2023 to 96,506 tons in 2024 and further to 114,434 tons in 2025.
Financial Information · p. 167
Our revenue decreased from RMB432.7 million in 2023 to RMB383.2 million in 2024, primary due to a decline in revenue from Si power devices, as a result of overall decline in Si power device ASP as well as lower sales of our FRD products, which has higher ASP among our Si power devices.
Summary · p. 11
The company's explanation, the adviser's view and the page in the filing: see MattersOur revenue increased to RMB541.5 million in 2025 from RMB383.2 million in 2024, driven by strong growth in SiC power devices following commercialization of products that have completed customer validation, and expanding sales volume as well as ASP in Si power devices amid a broader market recovery.
Summary · p. 11
Our revenue decreased by 13.8% from RMB4,651.9 million in 2023 to RMB4,008.8 million in 2024.
Business · p. 255
Our gross profit margin declined from 31.3% in 2023 to 28.3% in 2024, reflecting margin contraction across all business lines.
Business · p. 255
The company's explanation, the adviser's view and the page in the filing: see MattersIn 2024, we faced a challenging global economic downturn and a broad-based reduction in investment activity across most of the downstream sectors to which we primarily sells, including construction machinery, heavy industry and photovoltaics.
Business · p. 255
Our income tax decreased by 59.3% from RMB38.6 million in 2022 to RMB15.7 million in 2023, generally in line with our decrease in revenue, gross profit and profit before taxation.
Financial Information · p. 290
The relatively high inventory turnover days in 2023 was primarily due to the decrease in customer demand impacted by the public health incidents.
Financial Information · p. 295
The company's explanation, the adviser's view and the page in the filing: see MattersSuch decreases were primarily due to our reduced production in line with our decreasing sales volume.
Financial Information · p. 294
Although the number of our active users slightly decreased during the Track Record Period, we achieved an increase in the average revenue generated from each insurance policy, thereby maintaining relatively stable revenue from Insurance-related Services, which amounted to RMB321.0 million, RMB326.7 million, RMB321.5 million, RMB147.6 million and RMB150.1 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Summary · p. 4
The company's explanation, the adviser's view and the page in the filing: see MattersWhile this strategy temporarily impacted short-term growth indicators, it laid the foundation for sustainable, long-term profitability.
Summary · p. 4
However, the overall gross profit margin experienced a visible decreased to 39.2% for the six months ended June 30, 2025 as compared to 57.9% for the same period in 2024.
Financial Information · p. 376
Based on our best estimate available as of the Latest Practicable Date, we expect a decrease in our net profit for the year ending December 31, 2025 which is primarily attributable to an expected increase in revenue contribution from urban management solution business which generally had relatively lower gross profit margins as compared to our other businesses that is expected to subsequently bring down our net profit level.
Summary · p. 35
The company's explanation, the adviser's view and the page in the filing: see MattersBased on our unaudited management accounts, our revenue and gross profit for the four months ended October 31, 2025 increased as compared to the same period in 2024, with most of the increase in revenue contributed from our urban management solution business.
Summary · p. 34
Our operating income slightly decreased from RMB1,025.7 million for the nine months ended September 30, 2024 to RMB940.4 million for the nine months ended September 30, 2025.
Summary · p. 23
As a result, our operating profit slightly decreased from RMB414.7 million for the nine months ended September 30, 2024 to RMB394.9 million for the nine months ended September 30, 2025.
Summary · p. 23
The company's explanation, the adviser's view and the page in the filing: see MattersOur profit for the period remained stable, amounting to RMB358.5 million and RMB351.8 million, for the nine months ended September 30, 2024 and 2025, respectively.
Summary · p. 23
For the years ended 31 December 2022, 2023, 2024 and the seven months ended 31 July 2025, revenue from our sales of concentrates were approximately RMB482.4 million, RMB546.1 million, RMB301.4 million and RMB256.6 million, respectively.
Summary · p. 5
For the years ended 31 December 2022, 2023, 2024 and the seven months ended 31 July 2025, the quantity of concentrates we sold were approximately 31.0 kt, 37.1 kt, 16.2 kt and 13.0 kt, respectively.
Business · p. 194
The company's explanation, the adviser's view and the page in the filing: see MattersIn 2024, due to weather conditions and planned technical adjustments to the production lines, the overall ore mining volume for the year ended 31 December 2024 decreased compared to that of previous years.
Business · p. 179
Our revenue decreased from HK$384.2 million in the six months ended June 30, 2024 to HK$284.0 million during the same period in 2025, primarily due to the decline in revenue from our transaction facilitation services, which was mainly as a result of the market downturn, as well as the fair value losses on digital assets recorded in the first half of 2025 due to the fluctuations of certain digital asset prices.
Summary · p. 24
It subsequently decreased from HK$152.0 million in the six months ended June 30, 2024 to HK$58.9 million during the same period in 2025, primarily due to the overall market slowdown.
Summary · p. 24
The company's explanation, the adviser's view and the page in the filing: see MattersOur trading volume decreased from HK$495.5 billion in the nine months ended September 30, 2024 to HK$377.1 billion during the same period in 2025, mainly due to our strategic shift in light of the market downturn.
Summary · p. 36
Our revenue increased from RMB436.9 million in 2022 further to RMB1,171.2 million in 2023, representing a year-on-year increase of 168.1%, mainly driven by market demand.
Financial Information · p. 368
We experienced a decline in our performance in 2024, primarily due to a decrease in market price of SiC epitaxial wafers and our overseas sales.
Financial Information · p. 368
The company's explanation, the adviser's view and the page in the filing: see MattersFor the five months ended 31 May 2025, our revenue decreased by 13.6% as compared with the five months ended 31 May 2024.
Financial Information · p. 368
Our revenue for the years ended December 31, 2022, 2023 and 2024 was RMB527.5 million, RMB401.8 million and RMB361.1 million (US$50.4 million), respectively.
Business · p. 386
For the years ended December 31, 2022, 2023 and 2024, our gross profit was RMB232.5 million, RMB183.5 million and RMB110.7 million (US$15.5 million), respectively, and our gross margin, which represents the proportion of revenues that exceeds cost of revenues, was 44.1%, 45.7% and 30.7%, respectively.
Business · p. 385
The company's explanation, the adviser's view and the page in the filing: see MattersThe decreases in sales in 2023 and 2024 were mainly due to a challenging macroeconomic environment, as many potential clients, especially those who had planned to procure robobuses, prioritized their budgets for other investments.
Business · p. 386
The company's explanation, the adviser's view and the page in the filing: see MattersThe sales volume of our NEVs decreased from 200.9 thousand units in the six months ended June 30, 2024 units to 172.1 thousand units in the six months ended June 30, 2025, mainly as a result of the launch of the AITO M8 in April 2025. The expectation for launch of new models may affect the timing of placing orders by potential consumers.
Business · p. 209
During the Track Record Period, the revenue from our JDM customers decreased by RMB548.4 million, or by 25.1%, from RMB2,187.6 million in 2022 to RMB1,639.2 million in 2023.
Summary · p. 11
These declines were primarily due to an industry-wide inventory destocking cycle, following elevated stockpiling during the pandemic period which resulted in postponed demand across both JDM and ODM segments.
Summary · p. 11
The company's explanation, the adviser's view and the page in the filing: see MattersIn 2023, overall revenue declined due to an industry-wide inventory destocking cycle, following elevated stockpiling during the pandemic period which resulted in postponed demand, resulting in a decrease in the production volumes across both in-house and co-location facilities.
Business · p. 235
Our revenue increased by 199.9% from RMB417.0 million in 2022 to RMB1,250.7 million in 2023, and increased by 41.4% from RMB1,250.7 million in 2023 to RMB1,768.1 million in 2024, despite a 4.2% decrease in revenue from RMB426.1 million in the three months ended March 31, 2024 to RMB408.0 million in the three months ended March 31, 2025.
Summary · p. 2
The company's explanation, the adviser's view and the page in the filing: see MattersThe decreases were primarily due to (i) an increase in R&D expenses, mainly resulting from (a) relatively lower R&D expenses, particularly for testing materials, recorded in the three months ended March 31, 2024, and (b) increased investment in large-diameter SiC substrates and in the application of SiC substrates in emerging markets, such as AR glasses, in the same period in 2025, and (ii) an increase in administrative expenses, mainly resulting from (a) higher depreciation and amortization in relation to fixed assets used for administrative purposes, and (b) increased professional service expenses, mainly consulting fees in relation to our plant construction and overseas investment.
Summary · p. 14
We maintained stability in our revenue stream and only recorded a slight decline in total revenue, from RMB441.8 million for the year ended December 31, 2023 to RMB407.1 million for the year ended December 31, 2024.
Summary · p. 8
As such, from 2023 to 2024, our total customer visits decreased from 768,809 to 748,632, and our new customers decreased from 171,991 to 150,527.
Summary · p. 7
The company's explanation, the adviser's view and the page in the filing: see MattersFrom 2023 to 2024, we encountered challenges mainly caused by customers' consumption downgrade resulting from the slower-than-expected post-pandemic economic recovery, and fierce competition among dental services providers.
Summary · p. 7