In 2025, 95.1% of our revenue was generated outside of the Chinese mainland, with sales of residential ESS products accounting for 75.7% of our total revenue.
Summary · p. 1
As residential ESS remains a key revenue driver going forward, our ability to continue introducing new residential ESS products, maintain competitive pricing and optimize our product mix will directly affect our revenue and profitability.
Financial Information · p. 178
As our C&I ESS business is at an earlier stage of commercialization, the pace at which we are able to scale our C&I ESS business will be an important factor affecting our overall profitability.
For example, during the Track Record Period, our lyophilized human rabies vaccine (Vero cell) commenced sales in October 2024, accounting for 25.0% and 73.8% of our revenue in 2024 and 2025, respectively, and our quadrivalent split influenza vaccine commenced sales in October 2025, accounting for 3.5% of our revenue in 2025.
Financial Information · p. 179
Out of these four vaccine candidates that have received clinical trial approval or are in clinical stages, we expect to launch at least two from 2026 to 2028.
Our revenue from sales of Tamiflu® was RMB103.7 million in 2024 and RMB481.0 million in 2025, representing approximately 11.5% and 28.6% of our total revenue for the respective years.
Business · p. 165
The performance of Tamiflu® demonstrates that, by expanding into out-of-hospital channels (including retail pharmacies and e-commerce platforms) and transitioning to a “service fee plus sales” model, we have been able to effectively offset the downward pressure on unit prices resulting from centralized procurement and achieve a virtuous cycle of compensating for price reductions through volume growth.
Anchored in the sales of Keppra, Vimpat and other commercialized pharmaceutical products, we focus on leveraging the characteristics of our pharmaceutical products to expand the profit growth while reinvesting returns to sustain the growth and expand our pipeline products.
Financial Information · p. 218
We are actively implementing commercial strategies for each product by leveraging government-funded medical reimbursement programs, particularly the NRDL, as well as out-of-hospital channel sales.
During the Track Record Period, substantially all of our revenue was derived from the sales of Human TAT.
Summary · p. 6
We are the largest provider and exporter of human tetanus antitoxins (‘‘Human TAT’’), in China.
Summary · p. 1
In addition, our diversified pipeline is focused on advancing products in high-growth therapeutic areas and meeting unmet medical needs to drive future growth.
We are primarily engaged in the R&D, manufacturing, and sales of vehicle smart imaging devices for automotive and travel scenarios, with dash cameras, which constitute our core type of vehicle smart imaging devices and are offered in a wide range of models under our DDPAI brand across different product series, being our major product category and the primary contributor to our revenue during the Track Record Period.
Business · p. 120
As dash cameras are our core product category, the impact of our pricing strategy is most directly reflected in the steady growth of our overall ASP of dash cameras, which increased from RMB252.2 per unit for the year ended December 31, 2023 to RMB261.4 per unit for the year ended December 31, 2024, and further to RMB303.9 per unit for the year ended December 31, 2025.
Our results of operations are significantly influenced by the market demand for caviar, our core product.
Financial Information · p. 188
Our strong reserve of sturgeon broodstock and juveniles ensures a stable and sustainable long-term supply while enabling swift responses to market demand fluctuations, thereby maintaining production continuity and supply flexibility.
Sales of functional ingredients and nutritional products accounted for 96.5%, 92.9%, and 86.1% of our total revenue in 2023, 2024 and 2025, respectively, and our revenue generated from this offering category was primarily in relation to sales of caffeine.
Financial Information · p. 208
Accordingly, the price volatility of caffeine is considered a major factor affecting our results of operations.
Financial Information · p. 208
While solidifying our leading position as a major caffeine supplier in food and beverage industries, we are actively seeking to expand our supply of caffeine in other downstream industries, such as pharmaceuticals, cosmetics and personal care, pet food, and health supplements.
In 2023, 2024 and 2025, revenue generated from restaurant operation related services was RMB2,044.9 million, RMB2,253.6 million and RMB2,804.4 million, respectively, representing 96.8%, 97.7% and 98.5% of our total revenue in the same periods, respectively.
Financial Information · p. 205
Therefore, our revenue and operational performance primarily rely on our ability to effectively expand the network of our restaurants nationwide.
Financial Information · p. 205
We plan to use cash generated from our operations and [REDACTED] from the [REDACTED] to support our expansion plan.
Content licensing services contributed RMB575.2 million, RMB609.6 million and RMB523.7 million of revenue in 2023, 2024 and 2025, respectively, accounting for 73.7%, 75.1% and 67.2% of our total revenue in the same respective years.
Financial Information · p. 159
While continuing to strengthen our content licensing business, we have accelerated the expansion of content customization services and value-added services, aiming to capture opportunities arising from the ongoing transformation of the content services industry.
During the Track Record Period, majority of our revenue was generated from our overseas marketing services, accounting for approximately 99.3%, 99.3% and 93.1% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 4
We expect that our overseas e-commerce operation business segment will continue to grow and contribute to our future profitability.
We derived substantially all of our revenue from the sales of our lithium-ion battery separators during the Track Record Period.
Business · p. 144
During the Track Record Period, all of our revenue was derived from the sales of lithium-ion battery separators, including dry process separators, wet process separators and coated separators.
During the Track Record Period, our revenue is primarily driven by our electrolytic copper foil business, namely the lithium-ion battery copper foil and the electronic circuit copper foil.
Financial Information · p. 188
Looking forward, to further optimize our product matrix, we intend to continuously pursue multi-dimensional technological development, with a focus on expanding the contribution from higher value-added and higher-margin products.
Our revenue growth during the Track Record Period was largely driven by the sales growth of our major products (e.g., our BLE TPMS SoCs and BPS SoCs), and, as we have a short commercialization history of these existing products, we expect such trend to continue in the near term.
Business · p. 180
In addition, while we expect to broaden and deepen the applications of our products in the automotive-grade sector, thereby enhancing the efficiency of our monetization efforts, we also intend to extend our product portfolio to suitable adjacent fields, such as energy storage and industrial electronics sectors, to diversify our revenue streams and growth engines.
In 2023, 2024 and 2025, our revenue generated from domain-controlled x-in-one electric drive solutions amounted to nil, RMB381.4 million and RMB3,136.5 million, representing nil, 51.7% and 86.5% of our total revenue, respectively.
In 2023, 2024 and 2025, our revenue attributable to sales of our cross-border enterprises intelligent finance and tax management solutions amounted to RMB130.1 million, RMB135.3 million and RMB136.3 million, respectively, and accounted for 80.7%, 78.9% and 77.5% of our total revenue for the corresponding periods.
Financial Information · p. 194
The scale of our business and the growth of our total revenue are largely driven by the expansion, breadth and diversification of our product offerings.
Our revenue generated from sales of pet staple food was RMB1,042.1 million, RMB1,022.6 million and RMB967.2 million in 2023, 2024 and 2025, respectively, accounting for 99.6%, 99.0% and 94.7% of our revenue in the same respective years.
Financial Information · p. 197
Our revenue generated from our brand Bi Le (比樂), was RMB409.0 million, RMB386.0 million and RMB333.2 million in 2023, 2024 and 2025, respectively, accounting for 94.7%, 95.5% and 95.2% of our revenue from OBM business model in the same respective years.
Financial Information · p. 198
We believe that our diverse product portfolio and multi-brand strategy enable us to effectively respond to evolving industry trends and address the needs of diverse market segments.
In 2023, 2024 and 2025, sales of PVC flooring accounted for 64.3%, 71.9% and 78.4% of our total revenue, respectively.
Financial Information · p. 159
Continued consumer demand in PVC flooring, particularly SPC flooring, is essential to ensure strong sales momentum to support our revenue growth and continued investment in research and development for this market.
While our revenue during the Track Record Period was primarily generated from FICC, our ADCC revenue remained limited.
Business · p. 159
As customer validation progresses and large-scale adoption of composite current collectors develops, we intend to increase the commercialization of ADCC and other next-generation products, including bipolar current collectors, dry electrode current collectors and pipeline products for solid-state battery applications.