Our revenue from content licensing services decreased by 14.1% from RMB609.6 million in 2024 to RMB523.7 million in 2025, primarily due to customers’ marketing budgets control, which resulted in reduced spending on our content licensing services.
Financial Information · p. 159
Our gross profit margin decreased from 51.2% in 2023 to 46.8% in 2024 and further to 41.7% in 2025, primarily due to changes in revenue mix and margin dynamics within our service offerings.
Financial Information · p. 160
The customer retention rate and net dollar retention rate of our KA customers were 77.6% and 81.7% in 2025, respectively.
Our income tax expense decreased by 17.4% from RMB399.3 million in 2024 to RMB330.0 million in 2025, primarily due to the decrease in our profit before tax.
Financial Information · p. 210
Our impairment losses on goodwill increased significantly from RMB13.6 million in 2024 to RMB355.9 million in 2025, primarily because the operating performance of certain hospitals fell short of initial projections due to the impact of more stringent healthcare insurance payment policy adjustments and pharmaceutical and consumable price controls, which led to an impairment of the related goodwill arising from prior acquisitions of these hospitals.
In particular, our revenue derived from sales of actuators decreased by RMB36.7 million, or 29.3%, from RMB125.3 million in 2024 to RMB88.6 million in 2025.
Business · p. 155
Our gross profit margin for our sensors was 40.3%, 36.2% and 36.6% in 2023, 2024 and 2025, respectively, while the gross profit margin for our actuators was 28.0%, 25.0% and 18.4% for the same periods.
The decrease in the adjusted net profit from 2023 to 2024 was primarily attributable to a decrease of our gross profit and gross profit margin in 2024, as we incorporated certain supporting hardware into our product offerings as ancillary or value-added service to our customers from time to time at approximately cost price or with low mark-up in order to deliver customized integrated solutions to our customers.
Financial Information · p. 201
Since July 2025, we have strategically adjusted our product strategies and focuses on the development and delivery of our software products and solutions, while the extent to which supporting hardware is incorporated into our integrated solutions has been reduced.
Financial Information · p. 201
Further, in order to achieve long-term sustainable growth and profitability, we strive to take the following measures: (i) broaden our market coverage through an expanded sales network, and promote more standardized, high-margin solutions and products to our customers; (ii) deepening relationships with existing customers by providing better services; and (iii) develop a more comprehensive product portfolio by applying technologies such as AI in practical scenarios so as to better address customers' diversified commercial needs.
Our income tax expenses decreased by 35.5% from RMB45.9 million in 2024 to RMB29.6 million in 2025, primarily due to a decrease of our current income tax, which was generally in line with the decrease in our profit before tax.
Financial Information · p. 212
During the Track Record Period, our revenue from the OBM business was RMB431.9 million, RMB403.9 million and RMB349.9 million in 2023, 2024 and 2025, respectively, which accounted for 41.3%, 39.1% and 34.3% of our total revenue for each respective year.
Business · p. 118
Going forward, we expect to enhance the development of our OBM business to strengthen our brand identity, market presence and increase our competitive edge.
Our gross profit margin decreased from 17.5% in 2023 to 16.2% in 2024, and further to 15.5% in 2025.
Business · p. 166
As a result, our cost of revenue remained high, which, together with the pressure on selling price, contributed to a stable but declining gross profit margin over the Track Record Period.
During the Track Record Period, our average project value for intelligent cockpit domain controller products decreased, primarily because the number of our new SoC platforms increased, which in turn led to an increase in the number of new projects.
Business · p. 152
As a result, a higher proportion of our projects were at an early research and development stage and generated relatively low revenue, which diluted our average project value.
Revenue in respect of our e-commerce customers decreased over the Track Record Period, primarily attributable to a decrease in delivery volume for a major customer due to its change in advertisement strategy.
Business · p. 144
The gross profit margin for our automotive industry customers decreased in 2025, primarily attributable to intensified pricing competition in the industry and the increased bargaining power of new energy vehicle customers, as well as the loss of certain high-margin projects.
Business · p. 144
During the Track Record Period, gross profit margin in respect of our direct sales decreased as a result of intensified competition in the domestic industrial pumps market, while gross profit margin from our sales through distributors increased as our proportion of overseas distributors, which enable us to obtain better profit margins, grew.
Our year-on-year same-store sales growth amounted to 64.2% from FY2023 to FY2024, while a same-store sales drop of 6.0% was recorded from FY2024 to FY2025.
Summary · p. 1
Sales generated from our Group's Comparable Stores located in the New Territories accounted for approximately HK$556.5 million and HK$548.6 million for 8MFY2025 and 8MFY2026, respectively, while sales generated from our Group's Comparable Stores located in major tourist and shopping areas in Kowloon and Hong Kong Island, namely stores located in Mong Kok, Tsim Sha Tsui and Central, accounted for approximately HK$796.1 million and HK$804.1 million for 8MFY2025 and 8MFY2026, respectively.
Business · p. 120
We believe the decrease in sales recorded by our retail shops located in the New Territories for 8MFY2026 was mainly due to cross-border customers gradually shifting to online shopping for their purchase of health, pharmaceutical and daily consumable products instead of physically visiting Hong Kong to purchase such products, as well as the implementation of more stringent cross-border measures for eligible items which can be brought back to Chinese Mainland.
In 2024, revenue and gross profit of our integrated intelligent sensing solutions segment amounted to RMB542.0 million and RMB124.2 million, representing a year-on-year decrease of 19.7% and 31.9%, respectively, and its gross profit margin decreased from 27.0% in 2023 to 22.9% in 2024.
Financial Information · p. 166
As a result, the number of integrated intelligent solution projects decreased from 1,052 in 2023 to 825 in 2024.
Financial Information · p. 166
The relatively higher operating expenses incurred in 2024 also contributed to the decreases in profit from continuing operations in the year.
We experienced a continuous decrease in same-store revenue growth during the Track Record Period, which was primarily because we continued to expand our retail network by opening new stores, which resulted in a diversion of customer traffic from existing stores and a temporary impact on same-store sales performance.
Business · p. 113
For HLA, the decrease in GMV and the fluctuations in sales volume during the Track Record Period was primarily attributable to our continuous efforts to optimize our store network.
Our net profit decreased by 23.9% to RMB33.4 million in 2025, primarily due to (1) a decrease in our revenue from RMB500.4 million in 2024 to RMB471.4 million in 2025, primarily due to declined revenue from certain self-owned medical institutions as well as the disposal of Tangshan Weikang Hospital (唐山維康醫院), along with its wholly-owned subsidiary, Tangshan Puxiang Traditional Chinese Medicine Hospital (唐山 普祥中醫醫院) (“Tangshan TCM Hospital,” together with Tangshan Weikang Hospital, “Tangshan Hospitals”), and (2) an increase in general and administrative expenses of RMB17.1 million, primarily due to our recognition of [REDACTED] expenses of RMB[REDACTED] million and increased employee compensation mainly attributable to increased headcount of our administrative staff, partially offset by a decrease in income tax of RMB14.9 million primarily as a result of the tax effects of our recognition of [REDACTED] expenses and the disposal of Tangshan Hospitals.
Summary · p. 7
After adjustment of equity-settled share-based payment and [REDACTED] expenses, our adjusted net profit (non-IFRS measure) continued to improve during the Track Record Period, amounting to RMB39.2 million, RMB59.2 million and RMB63.3 million in 2023, 2024 and 2025, respectively.
Our revenue subsequently decreased to RMB1,560.2 million in 2025, and we recorded a loss of RMB566.2 million in 2025, compared to a profit of RMB112.3 million in 2024.
Business · p. 179
After performing sufficient due diligence work which our Directors consider appropriate and after due and careful consideration, the Directors confirm that, up to the date of this document, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the latest date of our consolidated financial statements as set out in Appendix IA to this document, and there is no event since December 31, 2025 that would materially affect the information as set out in the Accountants’ Report included in Appendix IA to this document.
We recognized unrealized loss from fair value changes of investment properties of HKD21.5 million, HKD206.7 million and HKD182.3 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 167
The fair value loss of our investment properties increased significantly by 861.4% from HKD21.5 million in 2023 to HKD206.7 million in 2024, primarily due to changes in fair value assessments of our investment properties, taking into account prevailing market conditions during the year.
Financial Information · p. 173
The fair value loss on investment properties decreased by 11.8% from HKD206.7 million in 2024 to HKD182.3 million in 2025, primarily due to changes in fair value assessments of our investment properties, taking into account prevailing market conditions affecting investment properties located in Chinese Mainland, Hong Kong and Macao.
Our revenue decreased by 12.0% from 2023 to 2024, primarily due to the decrease in revenue from domestic customers in the FMCG and traditional automotive sectors, driven by macro headwinds in consumption-related sectors.
Summary · p. 13
Our gross profit decreased by 23.0% from RMB190.5 million in 2023 to RMB146.6 million in 2024, with gross profit margin declining from 31.2% to 27.3%.
Summary · p. 15
The decrease in net profit in 2024 as compared to 2023 was primarily driven by lower revenue, which weakened the economies of scale of our operations.
Our profit amounted to RMB173.4 million, RMB141.3 million and RMB37.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 18
Our historical financial performance was principally attributable to (i) the varying revenue contributions and sales performance of individual products in our portfolio; (ii) price movements of marketed products across generic drug life cycles, particularly following inclusion in VBP schemes in China; and (iii) our continued investment in research and development and its impact on our overall cost structure.
Summary · p. 18
We expect a significant increase in R&D expenses in the next two to three years, primarily to advance the clinical development of BGM0504 and other drug candidates, which we expect will drive long-term revenue growth.
Our profit for the year decreased from RMB191.2 million in 2023 to RMB137.2 million in 2024, primarily due to a decrease in our gross profit, combined with increases in our selling and marketing expenses, administrative expenses and research and development costs.
Summary · p. 11
Compared to 2024, our profit for 2025 increased from RMB137.2 million to RMB239.2 million, primarily due to an increase in our revenue, combined with our effective management of costs and expenses as well as our collection of long aged trade receivables.
Summary · p. 11
We achieved a net profit margin of 8.1%, 5.4% and 7.1% in 2023, 2024 and 2025.
In FY2024, the units shipped to our customers decreased by approximately 60.4% as compared to FY2023 was primarily attributed to the fact that there was a reduction in sales order for our lithium-ion battery manufacturing equipment in general resulting from the temporary slowdown in the lithium-ion battery intelligent equipment industry during that year.
Business · p. 122
Despite a temporary slowdown in the lithium-ion battery intelligent equipment industry in China and globally in FY2024 due to a cyclical inventory destocking across the battery industry and a slowdown in capacity expansion investments during that year, we had maintained solid sales performance during the Track Record Period, with annual revenue of approximately RMB1.2 billion for each of FY2023, FY2024 and FY2025, reflecting our capability and reliability as a crucial industry player.
Our gross profit increased from RMB71.1 million in 2023 to RMB210.2 million in 2024, and decreased to RMB143.2 million in 2025, representing a gross profit margin of 14.0%, 38.0% and 20.4%, respectively.
Summary · p. 10
Despite an increase in our revenue throughout the Track Record Period, our adjusted net loss increased from 2024 to 2025, primarily attributable to (i) the decrease in gross profit margin for satellite-based solutions, which primarily reflected changes in the delivered solution mix, as approximately 50% of our gross profit from satellite-based solutions in that year was generated from certain projects involving standalone sales of standardized satellite data and application software, which typically carry relatively higher gross profit margins, and the contribution from such sales decreased in 2025, and (ii) the relatively higher net impairment loss on financial assets and contract assets recorded in 2025.
Summary · p. 9
During the same period, our operating efficiency continued to improve, as evidenced by a decline in the ratios of operating expenses to revenue from 61.5% in 2024 to 48.2% in 2025.
Our gross profit margin increased from 1.2% for the three months ended March 31, 2025 to 53.4% for the same period in 2026, primarily due to a substantial increase in average selling prices of our products amid the industry upcycle, a greater revenue contribution from higher-margin product categories, in particular intelligent automotive and other applications, and operating leverage from the significant increase in revenue scale.
Summary · p. 14
As a result of the foregoing, we recorded profit for the period of RMB2,877.5 million for the three months ended March 31, 2026, compared with loss for the period of RMB205.5 million for the same period in 2025.