In 2025, our gross profit declined, mainly due to a decrease in the average selling price of pigs, from RMB2,281.6 per head in 2024 to RMB1,897.8 per head in 2025, whereas Qingyuan Chicken and other native chickens remained a positive contributor to our gross profit.
Summary · p. 9
The decrease was mainly due to downward market conditions in both chicken and pig prices.
Financial Information · p. 230
As a result of the foregoing, our profit before taxation of RMB890.1 million for 2024 changed to a loss before taxation of RMB101.3 million for 2025.
Our adjusted net profit margin (non-HKFRS measure) decreased from 17.2% in 2024 to 14.6% in 2025, mainly because we opened more offline retail stores which typically have higher store operation expenses.
Summary · p. 12
In 2023, 2024 and 2025, our selling and distribution expenses amounted to RMB277.2 million, RMB586.5 million and RMB1,058.7 million, respectively, representing 30.5%, 33.2% and 37.9% in terms of our total revenue, respectively.
During the Track Record Period, the gross profit margin of our direct sales was lower than that of sales through distributors primarily due to (i) the relatively low gross profit margin of the promotion services for Reminton (类停^®^); and (ii) the relatively low gross profit margin of drug substances of EPOSINO (依普定^®^) and WHITE-C (白特喜^®^) sold to overseas markets.
Business · p. 163
Although the VBP schemes have resulted in lower average selling prices and narrower gross profit margins for the relevant products, our revenue relating to pharmaceutical products generated from domestic sales remained stable and our overall gross profit margin declined insignificantly, as we were able to increase sales volumes, enhance utilization of our manufacturing capacity and realize economies of scale, which helped offset the impact on our financial performance.
Our overall gross profit margin was 8.1%, 7.7% and 7.4% in 2023, 2024 and 2025, respectively.
Financial Information · p. 163
As these categories differ in pricing dynamics and procurement costs, changes in product mix affected both gross profit and gross profit margin.
Financial Information · p. 163
Leveraging our centralized product governance and supply chain management framework, we seek to optimize procurement costs, improve pricing and sourcing efficiency and support margin improvement over time.
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 gross profit margin of electricity services was 48.9%, 38.0%, and 22.0% in 2023, 2024, and 2025, respectively.
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 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.
In several months of 2025, an industry-wide control on telecom service capacity temporarily reduced the efficiency of Jiangsu Daotai’s AI-driven outbound calls, which constrained our service capacity.
Summary · p. 13
Revenue generated from Customer A subsequently decreased from RMB189.8 million in 2024 to RMB62.8 million in 2025, primarily we mainly provided customer engagement to Customer A, and an industry-wide control on telecom service capacity in several months in 2025, which temporarily reduced the efficiency of Daotai’s AI-driven outbound calls and constrained our service capacity for Customer A.
Business · p. 154
Notably, we entered into 17 new agreements to provide our solutions to insurance companies, among which 3 are agreements with life insurance companies subsequent to December 31, 2025 and as of the Latest Practicable Date.
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
Despite 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.
Our net profit decreased from RMB330.0 million for FY2023 to RMB169.2 million for FY2024, which was primarily due to increase in impairment of goodwill by RMB137.4 million, as business development of FION fell short of expectation.
Summary · p. 6
The decrease in adjusted net profit in FY2024 was primarily attributable to impairment of goodwill of RMB176.8 million.
Our revenue decreased from RMB272.1 million in 2023 to RMB250.4 million in 2024, representing a year-on-year decline of 8.0%.
Summary · p. 11
Our profit for the year decreased from RMB37.1 million in 2023 to RMB18.1 million in 2024. Such decrease was primarily due to the decrease in revenue as mentioned above and increase in selling expenses mainly driven by increased staff costs resulting from higher average salaries; (ii) an increase in marketing and sales expenses mainly attributable to a brand upgrade launch campaign.
Summary · p. 11
Our profit for the year increased to RMB41.2 million in 2025, primarily due to increase in gross profit margin and decrease in selling expenses due to the absence of the brand upgrade launch campaign.
Within such market trend, the selling volume of our smart terminal products, for example, increased from 8.1 million units in 2023 to 13.0 million units in 2024, and slightly decreased to 12.0 million units in 2025.
Financial Information · p. 186
The decrease in transaction amount in 2025 was mainly because of shortage of memory supply in the industry, resulting in a decrease in shipping volume.
Business · p. 144
Our Directors have confirmed 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 end date of the years reported in the Accountants’ Report in Appendix I to this document
Our profit for the year decreased by 37.1% from RMB301.9 million in 2023 to RMB189.8 million in 2024 and our net profit margin decreased from 6.8% in 2023 to 4.1% in 2024, primarily due to an increase in selling and marketing costs resulting from enhanced marketing activities on our products and brand.
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
During 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.
Yidui’s average DAUs decreased from 1.8 million in 2023 to 1.5 million in 2025, and its average MAUs declined from 5.5 million in 2023 to 4.8 million in 2025.
Business · p. 156
The decreases primarily reflected our strategic shift in 2023 from user base expansion to balanced focus on user growth, quality and value.
Business · p. 156
Yidui’s seven-day retention rate remained relatively stable at 68.6%, 72.4%, and 71.9% during the Track Record Period despite the fluctuations in its DAU and MAU, which demonstrates the stability of our core user base and stickiness.
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
Our 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.
Our net profit decreased to RMB5.1 million in 2025, primarily driven by the continuous expansion of our research and development expenses, resulting from our increased investment in high-performance computing resources and R&D personnel to support large-scale model development.
While revenue increased, gross margin declined due to higher cost structures and pricing dynamics.
Financial Information · p. 198
As a result of the foregoing, profit for the year increased from RMB123.3 million in 2024 to RMB124.7 million in 2025, representing a 1.1% increase.
Financial Information · p. 198
Revenue growth was driven primarily by increased sales volume of multilayer PCBs, while gross profit and margin were affected by changes in pricing, raw material costs and product mix.
Although our gross profit decreased from RMB160.3 million in 2024 to RMB134.3 million in 2025 despite revenue growth from RMB347.6 million in 2024 to RMB484.2 million in 2025, this mismatch between revenue growth and gross profit growth was primarily due to (i) a decrease in gross profit of chip design from RMB94.4 million in 2024 to RMB32.5 million in 2025 and an increase in gross profit of chip delivery from RMB4.4 million in 2024 to RMB65.7 million in 2025, resulting in stable gross profit of chip design and chip delivery combined in 2024 and 2025, and (ii) a decrease in gross profit of IP license from RMB61.5 million in 2024 to RMB36.2 million in 2025.
Financial Information · p. 164
Our overall gross profit margin normalized from 46.1% in 2024 to 27.7% in 2025, primarily due to a decrease in gross profit margin of chip design from 40.8% in 2024 to 16.0% in 2025, partially offset by an increase in gross profit margin of chip delivery from 18.8% in 2024 to 27.6% in 2025.