Overall, during the Track Record Period, our Group's revenue remained broadly stable, declining only slightly from RMB14,649.4 million in 2023 to RMB14,063.0 million in 2024 and further to RMB13,810.8 million in 2025.
Business · p. 121
In terms of profitability, our Group's profit for the year decreased from RMB1,277.2 million in 2023 to RMB1,144.3 million in 2024 and further to RMB989.4 million in 2025, which was broadly consistent with the revenue trend and similarly reflected the impact of our strategic portfolio adjustments rather than a weakening of our core operating capability.
Business · p. 122
Our other net income decreased by 44.7% from RMB372.5 million for 2024 to RMB205.8 million for 2025, primarily due to (i) decrease in net gains on disposal of non-current assets during 2024 as a result of strategic exit of certain hotels so as to focus on our business in certain key countries, while no similar disposal occurred in 2025; and (ii) decrease in interest income due to decreased bank balances and decreased interest rates.
Our overall gross profit and gross profit margin decreased in 2024, primarily due to (i) increased domestic to-C online literature business (online reading through mini programs) that had a relatively lower gross profit margin, due to intense competition in the domestic market and (ii) loss of gross profit from Crazy Maple Studio following its deconsolidation which had overseas online literature business with a higher profit margin.
Business · p. 171
However, both gross profit and gross profit margin rebounded in the nine months ended September 30, 2025, with gross profit increasing significantly by 42.1% and the margin expanding from 30.2% to 34.4%.
Business · p. 171
We subsequently strategically decided to scale down the domestic to-C online literature business through mini programs in 2025 given its relatively lower gross margin, and our online literature and related business’s gross margin improved to 31.5% in the nine months ended September 30, 2025.
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
In 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.
Our profit for the year decreased by 50.6% from RMB126.6 million in 2022 to RMB62.6 million in 2023, primarily due to (i) a decrease in revenue due to a decrease in sales of our data transmission modules and solutions; (ii) an increase in selling and marketing expenses due to an increase in consultation expenses, as we paid more service fees to business consultant partners who are typically companies with relevant local industry expertise and established track records and network within the relevant local markets, and with the necessary technical understanding of our product and solution offerings to effectively communicate with potential customers.
Summary · p. 13
Our profit for the year increased by 114.6% from RMB62.6 million in 2023 to RMB134.4 million in 2024, primarily due to (i) an increase in revenue attributable to an increase in sales of smart modules and solutions; and (ii) our operating expenses, including selling and marketing expenses, administrative expenses and research and development expenses, remaining relatively stable as a result of operational efficiency and economies of scale achieved through business expansion.
The increase of our administrative expenses from 2023 to 2025 was primarily due to the increase in professional service fees which was mainly attributable to the engagement of professional service providers for this [REDACTED].
Financial Information · p. 216
The increase of our selling and distribution expenses from 2024 to 2025 was primarily attributable to the increased staff costs and engagement of consulting services for our overseas business operation.
Such downward trend from 2022 to 2024 was primarily attributable to the weakened performance of our downstream industries, which led to reduced demand for our equipment.
Summary · p. 1
Our total revenue decreased by 28.6% from RMB16,483.3 million in 2023 to RMB11,773.4 million in 2024, primarily due to decrease in:
Summary · p. 9
Our net profit increased by 97.9% from RMB587.0 million in the nine months ended September 30, 2024 to RMB1,161.3 million in the nine months ended September 30, 2025, primarily due to (i) an increase in revenue and (ii) a change of impairment losses under expected credit loss model from impairment losses of RMB515.7 million to reversal of impairment losses of RMB215.7 million, which was primarily because the lithium battery industry recovered and production normalized, which significantly improved customers’ ability to make payments.
The overall gross profit margin decreased from 2022 to 2024 mainly due to the change in product mix, especially the increased proportion of on-device computing products, which generally have a lower gross profit margin compared to other products.
Summary · p. 14
Nevertheless, as we have continued upgrading our on-device computing products and gradually launched certain mid- to highend models, coupled with the growing market acceptance of these products, the selling price and gross profit margin of our on-device computing products generally increased from 2022 to 2024.
Summary · p. 14
The gross profit margin of our on-device computing products increased from 16.7% in 2022 to 19.6% in 2024.
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
Such decreases were primarily due to our reduced production in line with our decreasing sales volume.
Our net profit decreased by 68.6% from RMB432.0 million in 2022 to RMB135.7 million in 2023, primarily due to (i) the decrease in our revenue by 41.3% from RMB2,786.2 million in 2022 to RMB1,634.3 million in 2023, which was mainly attributable to a decline in the industry in which we operate and in various downstream sectors
Summary · p. 13
Our net profit increased by 120.8% from RMB135.7 million in 2023 to RMB299.6 million in 2024, primarily due to the increase in our revenue by 104.6% from RMB1,634.3 million in 2023 to RMB3,343.1 million in 2024
Our net profit decreased significantly from RMB83.5 million in 2022 to RMB29.1 million in 2023, primarily due to (i) the increases in our capital investment and interest expenses in connection with the construction of the DR Congo copper smelting project; (ii) a decrease in our gross profit in 2023 as our DR Congo copper smelting project had yet to achieve economies of scale prior to its commencement of operations in August 2023 and remained in the ramp-up phase throughout the year; and (iii) the impairment loss recognized on the loans granted to an associate, Jiangxi Tungsten Jinxun Resources Africa SAS.
In particular, according to Frost & Sullivan, the overall semiconductor industry were at a downturn phase from 2023, featured by inventory buildup, weakened consumer demand, and falling price across different products.
Financial Information · p. 248
The industry cycle has had, and will continue to have, a significant impact on the demand for and pricing of our various types of chips on offer.
Financial Information · p. 248
We expect to continue to broaden our product portfolio to enhance our resilience against fluctuations and capture the growth opportunities presented by different end-markets, as cyclical softness in one end market may be partially offset by resilience or growth in others.
Our gross profit margin decreased from 2022 to 2024, primarily due to the change in our business mix, as we launched new GPGPU products and AI computing solutions to diversify our offerings, which affected our overall margin profile.
Summary · p. 10
However, our overall gross profit margin decreased from 59.4% in 2022 to 49.5% in 2023 and further to 49.1% in 2024, primarily attributable to the increase in revenue contribution from our AI computing solutions, which typically had a lower margin profile that of our GPGPU products.
Our gross profit margin decreased from 76.4% in 2023 to 53.2% in 2024, and decreased from 71.0% for the six months ended June 30, 2024 to 31.9% for the six months ended June 30, 2025. This change is primarily due to the change in the mix of products sold driven by customers' specific needs.
Our gross profit margin under the transaction model was 62.2%, 71.0%, 74.0% and 80.9% in 2022, 2023, 2024 and the six months ended June 30, 2024, which decreased to 67.7% during the six months ended June 30, 2025.
Business · p. 199
Our gross profit margin in the asset management industry decreased from 70.1% in the six months ended June 30, 2024 to 52.1% during the same period in 2025.
Business · p. 202
During this period of moderate economic growth, certain key clients, particularly insurance companies, leveraged their stronger bargaining power to request more customized solutions.
Our revenue from PS building subcontracting services decreased to RMB1,293.9 million for the year ended December 31, 2023 from RMB1,770.7 million for the year ended December 31, 2022, primarily attributable to the completion of substantial construction work for certain large projects in 2022.
Summary · p. 3
For the six months ended June 30, 2025, our gross profit margin decreased slightly to 10.7% primarily because we undertook certain large-scale projects with our major customer with relatively low gross profit margins to gain market share.
The overall decrease in our gross profit margins during the Track Record Period was mainly attributable to changes in our revenue composition.
Business · p. 254
For the six months ended June 30, 2025, the decrease compared to the same period in 2024 was mainly attributable to the Smart Village project for Beijing Changping District under 51Aes.
We recorded net profit from continuing operations of RMB97.2 million and RMB9.0 million in 2023 and 2024, respectively.
Financial Information · p. 250
The net profit decreased primarily due to (1) an increase of RMB34.7 million in sales and marketing expenses, (2) an increase of RMB25.0 million in insurance channel expenses, and (3) an increase in listing expense of RMB12.1 million.
Financial Information · p. 250
Our gross profit was RMB325.2 million, RMB391.5 million, RMB361.6 million, RMB175.4 million and RMB213.2 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively, representing a gross profit margin of 82.6%, 79.9%, 38.3%, 49.4% and 32.5% for the same periods, respectively.
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
While this strategy temporarily impacted short-term growth indicators, it laid the foundation for sustainable, long-term profitability.
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
Based 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.
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
Our 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.