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
In 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.
Our revenue from V2X products and solutions decreased from RMB74.2 million in the six months ended June 30, 2024 to RMB9.2 million in the same period of 2025, primarily because (i) the prior period recorded revenue from a national-level V2X pilot zones project, the Chongqing V2X Project, which contributed a substantial share of revenue and did not recur in the same period of 2025, and (ii) uncertainty regarding the implementation of industry policies and standards, which affected potential customers' procurement decisions and led to temporary softening of market demand.
Summary · p. 3
Our revenue from intelligent perception solutions decreased from RMB28.2 million in the six months ended June 30, 2024 to RMB20.5 million in the same period of 2025, primarily because we did not record revenue from sales of our TAPS in the six months ended June 30, 2025, mainly due to temporary fluctuations in demand from certain customers and the impact of project acceptance cycles.
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
Our 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.
Our revenue decreased by 21.5% from RMB1,670.4 million in 2022 to RMB1,310.9 million in 2023, primarily due to the decrease in revenue from signal chain chips and power management chips, mainly as a result of intensified price competition from leading global companies, which led us to adjust our product pricing accordingly.
Summary · p. 7
Our gross profit margin decreased from 48.5% in 2022 to 33.9% in 2023, and further decreased to 28.0% in 2024.
Summary · p. 10
The decrease in gross profit margins during the Track Record Period was mainly because of the intense market competition from leading global analog IC companies, which led us to adjust our prices to remain competitive price-wise.
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
For the five months ended 31 May 2025, our revenue decreased by 13.6% as compared with the five months ended 31 May 2024.
Our Directors consider that the revenue derived from transportation hubs including airports and high-speed rail stations decreased in the first eight months of 2025 as compared to the corresponding period in the previous year, mainly because (i) there were more flight and high-speed rail delays caused by adverse weather conditions especially in the first quarter of 2024, which led to increased usage frequency of the mechanical massage service at airports and high-speed rail stations, while there was no similar incident occurred in the same period of 2025; and (ii) there was a decrease in the number of mechanical massage equipment deployed in the high-speed rail stations in the first eight months of 2025 due to restrictive policies imposed by National Railway Administration and prevailing market conditions.
Summary · p. 6
The site occupancy agreement of this POS was not renewed after the expiry date taking into account the restrictive policies imposed by the National Railway Administration.
The decrease in gross profit margin from the Direct Mode was mainly attributable to increase in expenses due to (i) the increasing POS occupancy fees and the cost of new massage equipments incurred for expansion of our business scale and extension of market penetration; (ii) increased expenditure in respect of operating and maintenance personnel, resulting in a slowdown in gross profit growth; and/or (iii) given the more proactive POS expansion approach adopted under the Direct Mode, the increased proportion of gross profit generated from the Direct Mode which typically recorded a lower gross margin compared to that of the Partner Mode.
Summary · p. 15
Despite our revenue increased by 35.98% from the year of 2023 to the year of 2024, the increasing cost slowed down the growth of our profit for the year of 2024.
Summary · p. 16
The profit decreased from RMB93.88 million for the eight months ended 31 August 2024 to RMB88.55 million for the eight months ended 31 August 2025 mainly attributable to the Listing expenses incurred in 2025.
Our profit for the period decreased by 14.4%, from RMB999.4 million in the five months ended May 31, 2024 to RMB855.5 million in the same period of 2025 due to a decrease in gross profit as a result of the increase in market prices of certain key raw materials.
Our net profit increased from RMB1,539.4 million in 2022 to RMB2,100.5 million in 2023, which decreased to RMB1,787.8 million in 2024, primarily due to the fluctuation in gross profit as mentioned above.
Summary · p. 16
Our gross profit margin decreased from 13.4% in 2023 to 12.0% in 2024, primarily due to the significant increase in revenue contribution from of new energy metal products, which have lower gross profit margin as compared to our new energy battery materials.
Summary · p. 14
an increase in other expenses primarily attributable to an increase in exchange losses mainly caused by the fluctuation in exchange rates of US dollar
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 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.
In 2023 and 2024 and the first four months of 2024 and 2025, we generated revenue from the royalty payments in connection with the sales of VV116 in the PRC of RMB11.8 million and RMB5.1 million, RMB1.0 million and RMB0.3 million, respectively, and from our sales of pharmaceutical products of RMB0.7 million, RMB1.5 million, RMB4.0 thousand and RMB2.6 million, respectively.
Financial Information · p. 444
At the time of such transfer, the market outlook for COVID-19 therapeutics had shifted significantly, transitioning from a pandemic-driven surge in demand to a state of normalization.
Business · p. 385
We expect that our revenue will continue to grow along with our enhanced marketing and promotion efforts for our commercialized products, our ongoing investments in research and development to advance clinical-stage drug candidates and expand therapeutic indications, as well as our endeavors to develop and commercialize additional drug candidates in the future.
The 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.
Our revenue grew from RMB1,269.3 million for the year ended December 31, 2022 to RMB1,462.0 million for the year ended December 31, 2023, albeit a decline to RMB1,381.4 million for the year ended December 31, 2024 driven by our goal to achieve a balanced revenue structure and sustainable growth in the long term.
Summary · p. 27
The decrease in gross profit margin of 53.2% in 2022 to 50.1% in 2023 is the natural result of our rapid expansion of the operational intelligence business, which typically has a lower profit margin than our marketing intelligence business.
Financial Information · p. 345
The slight increase in gross profit margin of 50.1% in 2023 to 51.6% in 2024 was mainly due to enhanced standardization of our products.
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
In 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.
Our revenue decreased from RMB1,109.8 million for the six months ended June 30, 2024 to RMB1,063.2 million for the six months ended June 30, 2025.
Summary · p. 1
Our profit and total comprehensive income decreased from RMB146.0 million for the six months ended June 30, 2024 to RMB120.0 million for the six months ended June 30, 2025.
Summary · p. 2
We may record a slight decrease in the profit and total comprehensive income from the year ended December 31, 2024 to the year ending December 31, 2025, mainly due to the increase in our administrative expenses, primarily because we expect to record an increase in professional service fee and an increase in listing expense in connection with the proposed Listing.
From 2022 to 2024, our revenue decreased from RMB697.1 million to RMB593.4 million.
Business · p. 256
We acknowledge the decrease in gross profit margin from approximately 22.7% to 16.5% during the three months ended March 31, 2025, compared to the same period in 2024.
Business · p. 264
This decline is primarily due to intensified pricing pressure from our major customers, especially automakers.
Our net profit decreased from RMB31.7 million in 2023 to RMB21.1 million in 2024, primarily because we incurred higher administrative expenses in 2024 in relation to the professional service fees, which was mainly attributable to service fees we paid in relation to the Listing.
Summary · p. 16
In the three months ended March 31, 2025, we recorded revenue from CF017 of RMB124.6 million, slightly decreasing from RMB136.8 million from the same period in 2024, primarily due to the less favorable terms of the 2025 VBP Scheme.
Distributorship sales were the primary OBM channel, but revenue generated from sales to offline distributors under the OBM model decreased by RMB62.11 million (or 16.46%) from RMB377.27 million in FY2023 to RMB315.16 million in FY2024; and decreased by RMB25.12 million (or 18.65%) from RMB134.72 million in 5M2024 to RMB109.60 million in 5M2025, primarily due to the rapid rise in gold prices in FY2024 and 5M2025, which had weakened market demand.
Business · p. 271
Moreover, we recorded an increase in sales under our ODM model from RMB53.94 million in FY2022 to RMB118.83 million in FY2024, and from RMB44.38 million from 5M2024 to RMB112.61 million in 5M2025, which does not rely on sales to distributors.
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 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.
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
From 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.