During the Track Record Period, revenue from sales of smartphones contributed a majority of our total revenue, and fluctuations in the sales of smartphones affected our overall revenue.
Financial Information · p. 209
Our future success depends on our ability to (i) maintain the sales growth of our existing products that meet the evolving demand and taste of consumers, and (ii) introduce new products and services to our existing consumer base and attract new consumers to expand our market share.
During the Track Record Period, revenues generated from our medium-voltage transformer equipment products for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026 were approximately RMB2,492.0 million, RMB3,256.0 million, RMB3,546.1 million and RMB1,869.3 million, respectively, representing 68.9%, 70.7%, 68.0% and 70.2% of our Group’s total revenues for the same period.
Summary · p. 2
During the Track Record Period, our medium-voltage transformer equipment products accounted for 68.9%, 70.7%, 68.0% and 70.2% of our total revenue in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.
Summary · p. 1
We believe that continued diversification of our product portfolio will not only strengthen our market position, but also create new revenue and profit streams and further support our long-term growth.
Our revenue from vessel exhaust gas emission control and cleaning systems was RMB2.33 billion, RMB1.88 billion, RMB1.57 billion, RMB611.3 million, and RMB767.3 million in 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, respectively, accounting for 98.5%, 78.5%, 44.7%, 46.2%, and 30.6% of our total revenue of the respective periods.
Financial Information · p. 230
Historically, our revenue was highly concentrated, with vessel exhaust gas emission control and cleaning systems accounting for 98.5%, 78.5%, and 44.7% of our total revenue in 2023, 2024, and 2025, respectively.
Financial Information · p. 231
for the five months ended May 31, 2026, our revenue was broadly balanced across our three principal business lines, namely vessel exhaust gas emission control and cleaning systems, vessel energy efficiency enhancement systems, and vessel retrofit and servicing, which accounted for 30.6%, 34.3%, and 31.9% of our total revenue, respectively.
During the Track Record Period, our revenue was derived primarily from our provision of TCM healthcare services through our offline licensed medical institutions across Northern China, a region encompassing numerous provinces and cities including Heilongjiang, Jilin, Liaoning, Hebei, Shangdong and Tianjin.
Summary · p. 2
During the Track Record Period, our revenue was derived primarily from our provision of TCM healthcare services through our offline medical institutions across Northern China, a region encompassing numerous provinces and cities including Heilongjiang, Jilin, Liaoning, Hebei, Shangdong and Tianjin.
Business · p. 124
Post the Track Record Period, we have been actively expanding our geographical footprint, with 16 new licensed medical institutions under development in Shandong Province, Liaoning Province, Hebei Province, Tianjin City and Jiangsu Province.
Revenue from the sale of cold chain agricultural products amounted to RMB1,231.2 million, RMB2,949.0 million, RMB5,898.0 million, RMB1,472.1 million and RMB2,789.4 million in 2023, 2024 and 2025 and for the four months ended April 30, 2025 and 2026, respectively, representing 98.2%, 98.9%, 99.3%, 99.1% and 99.4% of our total revenue for the corresponding periods.
Financial Information · p. 208
Our core products include meat and seafood products, which collectively contributed a significant portion of our revenue during the Track Record Period.
Financial Information · p. 208
The beef safeguard measures may have a relatively greater impact on our beef procurement, as beef accounted for a significant portion of our revenue from the sale of cold chain agricultural products in 2025.
With a core focus on temperature-control supply chain services for clinical trials, we also extend our business to temperature-control supply chain services for commercial medical products, as well as the R&D and manufacturing of temperature-control equipment and materials.
Summary · p. 1
During the Track Record Period, our revenue from clinical trial supply chain services increased from RMB508.1 million in 2023 to RMB542.0 million in 2024, and further increased to RMB597.9 million in 2025, and it increased from RMB193.6 million for the four months ended April 30, 2025 to RMB204.6 million for the same period in 2026.
Business · p. 139
In China, the corresponding market grew from RMB2.0 billion in 2020 to RMB4.0 billion in 2025, at a CAGR of 14.9%, and is projected to reach RMB7.3 billion by 2030, at a CAGR of 12.7% from 2026 to 2030.
During the Track Record Period, we derived most of our revenue from manufacturing and selling silver powder mainly used in the production of PV silver paste, a crucial raw material in the manufacturing of PV cells.
Business · p. 119
Accordingly, our results of operations have been and are expected to continue to be affected by downstream demand for PV silver paste and PV cells.
Financial Information · p. 202
However, there is no guarantee that the demand for PV silver paste and PV cells, and in turn our silver powder products, will remain at previous levels or continue to grow in the future.
Specifically, revenue from the sales of our dermatology products increased from RMB778.7 million in 2023 to RMB968.5 million in 2024 and further to RMB1,161.3 million in 2025, and was RMB263.8 million and RMB281.0 million for the three months ended March 31, 2025 and 2026, respectively, which accounted for 75.6%, 86.0%, 87.7%, 90.0%, 83.4% of our total revenue in the corresponding year/period.
Financial Information · p. 174
The successful commercialization of these candidates will further diversify our revenue base and strengthen our long-term growth trajectory.
Among these products, alloy soft magnetic powder cores remained to make the largest revenue contribution, with revenue of RMB1,026.3 million, RMB1,233.6 million, RMB1,289.2 million, RMB290.7 million and RMB316.2 million in 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, representing 88.6%, 74.2%, 71.5%, 75.8% and 64.6% of our total revenue, respectively.
Financial Information · p. 140
We aim to further enrich our product portfolio, broaden our customer base and maintain a strong focus on high-margin product categories.
Financial Information · p. 141
During the Track Record Period, revenue from AI chip inductors increased from RMB77.5 million in 2023 to RMB366.2 million in 2024, and further to RMB439.5 million in 2025.
In 2023, 2024 and 2025, revenue generated from our Adsorbed Tetanus Vaccine was RMB463.0 million, RMB535.8 million and RMB613.7 million, respectively, accounting for approximately 93.7%, 91.4% and 87.6% of our total revenue for the corresponding years, respectively.
Business · p. 135
Our substantial dependence on a single product exposes us to concentration risk.
Business · p. 135
We have formulated and are executing a clear and systematic strategy to mitigate the risks associated with our product concentration by diversifying our product portfolio and revenue sources.
Our business operations and financial performance are highly concentrated on Hanmi Group, our core supplier.
Financial Information · p. 174
All the products supplied by Hanmi Group collectively contributed to 94.0%, 93.2% and 94.6% of our total revenue from medicine marketing, promotion and sales business in 2023, 2024 and 2025, respectively.
Financial Information · p. 174
This high concentration means our cost structure, profit margins and operational continuity are significantly affected by Hanmi Group’s pricing policies.
Starting in 2020, we began to switch our focus to providing data center energy management solutions.
Summary · p. 2
Revenue contribution from such business grew from 93.1% of the overall revenue in 2023 to 96.8% and 97.9% of our overall revenue in 2024 and 2025, respectively.
Financial Information · p. 220
However, our business is subject to risks associated with changes in industry conditions and government policies.
However, the growth and profitability of our businesses have historically been dependent, in part, on the government grants we received in connection with the platform-based transportation services, the revenue of which constituted a super majority of our total revenue in each year during the Track Record Period.
Summary · p. 6
Revenue generated from our integrated supply chain services increased substantially from RMB157.2 million in 2024 to RMB800.7 million in 2025, representing a year-on-year increase of approximately 409.4%, while their contribution to our total revenue increased from 0.9% to 4.9%.
Business · p. 152
Such business transformation is expected to gradually improve our revenue and gross profit structure, enhance the stickiness of our customers, reduce the sensitivity of our financial performance to changes in government grant policies and strengthen our business sustainability.
During the Track Record Period, we primarily generated revenue from NEPV sales.
Summary · p. 3
During the Track Record Period, the majority of our revenue was generated from vehicle sales, which increased from RMB5,542.0 million in 2023 to RMB14,417.3 million in 2024, and further increased to RMB23,902.0 million in 2025.
Revenue from our ride-hailing services business accounted for 85.3%, 88.9%, 90.7%, 92.5% and 91.9% of our total revenue in 2023, 2024 and 2025 and the four months ended April 30, 2025 and 2026, respectively.
Financial Information · p. 229
During the Track Record Period, our net losses were primarily attributable to the higher drivers' service fees, which placed pressure on the gross profit margin of our ride-hailing services business.
Summary · p. 5
Going forward, we intend to improve the gross profit margin of our ride-hailing services business by growing order volume and GTV through our phased city development strategy and dynamically optimizing drivers' service fees, sustain gross profit contribution from our passenger transportation services and digitalization and business solutions businesses, and enhance operational efficiency across our business segments to achieve positive net cash from operating activities and net profit.
Fluctuations in birth rate and newly-born population have exerted a lagged impact on sales of infant products, especially infant formula and disposable diapers.
Summary · p. 3
During the Track Record Period, substantially all of our revenue of self-operated business was generated from family care and nutrition products, which accounted for 100.0%, 99.5% and 100.0% of our revenue of self-operated business in 2023, 2024 and 2025, respectively.
Summary · p. 5
In addition, we gradually pivoted our business focus from food, snacks and supplements for infants and toddlers to family dietary supplements, a category with deeper moat, broader target customers, higher growth rate and greater opportunities.
In 2023, 2024 and 2025, our revenue generated from the sales of cable trench covers was RMB103.8 million, RMB93.8 million and RMB100.7 million, respectively, accounting for 75.7%, 71.7% and 70.1% of the total revenue for the same years, respectively.
Financial Information · p. 217
The variety of our product portfolio enables us to meet our customers' various needs.
Financial Information · p. 217
We also intend to evolve our product portfolio from our current focus on fiber-reinforced thermosetting composite products to a balanced offering, incorporating both thermoset and thermoplastic solutions.
During the Track Record Period, revenue from Solutions for Robotaxi Services was immaterial relative to our total revenue, as such solutions remained at an early stage of monetization.
Summary · p. 1
During the Track Record Period, our revenue contribution was substantially generated from our Solutions for Mass-produced Vehicles.
Business · p. 165
This business model is commercially differentiated from other industry participants because it combines mass-production deployment and staged monetization with the development of higher-level autonomous driving applications within one operating framework, rather than focusing on only one of these areas.
During the Track Record Period, we derived a substantial majority of our revenues from our Closed-Environment Autonomous Mining Trucks Products and Solutions.
Business · p. 155
Our customers primarily include mining companies and their contractors, and we derived a majority of our revenue from our Closed-Environment Autonomous Mining Trucks Products and Solutions during the Track Record Period.
Summary · p. 3
We expect this trend to continue, positioning the business toward a more sustainable, high-margin model built on recurring revenue and long-term customer relationships.
Our comprehensive chips and modules business, which accounted for the majority of our revenue during the Track Record Period, serves as an integral part of our overall business operation that enables us to provide one-stop sourcing solutions and maintain close customer relationships.
Business · p. 166
While this segment provides stable cash flow and strengthen customer relationships, it generally carries lower gross profit margins and is not expected to be a major growth driver in the long term, as our strategic focus remains on the higher-margin GNSS chips, modules and related solutions business.
Business · p. 166
As a result, the contribution of the comprehensive chips and modules business to our total revenue and gross profit is expected to decline over time.