Single product, business line or region

All of our revenue is derived from our businesses in Taiwan and all of our assets are located in Taiwan.

Financial Information · p. 205

Accordingly, our financial condition, results of operations and prospects are, to a material extent, subject to economic, political and legal developments in Taiwan.

Financial Information · p. 205

Revenue from visual perception products accounted for the substantial majority of our total revenue during the Track Record Period.

Summary · p. 10

During the Track Record Period, we generated most of our revenue from sales of visual perception products, which increased from RMB274.2 million in 2023 to RMB439.3 million in 2024 and further to RMB606.5 million in 2025.

Financial Information · p. 211

As a result, revenue from our visual perception products increased from RMB274.2 million in 2023 to RMB606.5 million in 2025, representing a CAGR of 48.7%.

Business · p. 146

In 2023, 2024 and 2025, our revenue generated from new energy material represents 68.7%, 60.0% and 53.8% of our total revenue, respectively, with gross profit margin of 13.2%, 15.6% and 15.6% for the same years.

Financial Information · p. 192

During the Track Record Period, we have consistently diversified our product portfolio to form a comprehensive product matrix that provides our customers with more competitive products.

Financial Information · p. 192

During the Track Record Period, we primarily generated revenue from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of our total revenue in each year during the Track Record Period.

Summary · p. 1

Going forward, as we continue to execute our “AI+Mobility” strategy, we are upgrading our growth engine from traditional vehicle manufacturing and sales to closed-loop “AI+Mobility” solutions that integrate manufacturing, engineering, and model-driven AI development.

Financial Information · p. 233

In 2023, 2024 and 2025, revenue from construction equipment was RMB376.5 million, RMB567.9 million and RMB606.7 million, respectively, accounting for 51.2%, 65.3% and 69.4% of our total revenues in the same years, while revenue from agricultural machinery was RMB270.7 million, RMB242.0 million and RMB220.2 million, respectively, accounting for 36.8%, 27.8% and 25.2% of our total revenues, and revenue from mixed applications and material handling accounted for the remainder.

Financial Information · p. 114

Our diversified product portfolio across multiple application markets and applications reduces our dependency on any single end-market, allowing us to capture growth opportunities and balance cyclical fluctuations.

Financial Information · p. 114

DES and other asset development revenue accounted for 79.0%, 66.0%, and 89.1% of our total revenue in 2023, 2024, and 2025, respectively.

Financial Information · p. 164

During the Track Record Period, we did not generate revenue from electricity trading service, primarily due to the fact that policy frameworks governing electricity trading service were only progressively established during recent periods.

Business · p. 99

While DES asset development has been and may continue to be our largest business line, we will expand the high-margin electricity services to help us achieve profitability.

Financial Information · p. 165

In 2023, 2024 and 2025, revenue from ride-hailing services was RMB13,724.8 million, RMB14,906.4 million and RMB16,334.8 million, respectively, accounting for 92.1%, 92.6% and 95.5% of our total revenue in the respective years.

Financial Information · p. 149

We endeavor to enhance our business growth and profitability by leveraging our diverse revenue sources.

Financial Information · p. 150

We have established a diversified business portfolio, primarily covering vehicle leasing and vehicle sales.

Financial Information · p. 151

During the Track Record Period, intelligent urban rail transit solutions contributed the largest share of our gross profit during the same periods primarily due to its higher gross profit margin, accounting for 63.5%, 68.1% and 54.1% of our total gross profit for the years ended December 31, 2023, 2024 and 2025, respectively.

Summary · p. 2

Nonetheless, Enterprise digital transformation solutions was our largest segment in terms of revenue, accounting for 62.1%, 68.7% and 70.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

Summary · p. 2

Significant changes in our product and service mix will affect our gross profit margin.

Financial Information · p. 207

We are principally engaged in the R&D, manufacturing, sales and related services of laser machining equipment for high-efficiency photovoltaic cells and modules.

Summary · p. 1

Our revenue is primarily generated from the sale of laser machining equipment for photovoltaic cells and modules.

Financial Information · p. 190

Our gross profit margin remained stable at 45.8%, 46.3% and 45.5% in 2023, 2024 and 2025, respectively.

Financial Information · p. 190

During the Track Record Period, we generated a substantial portion of our revenue from the sales of our VC and FEC products.

Summary · p. 3

In 2023, 2024 and 2025, our revenue generated from our VC products was RMB328.1 million, RMB343.5 million and RMB580.9 million, respectively, accounting for 62.5%, 68.0% and 66.8% of our total revenue in the same periods, respectively.

Financial Information · p. 171

Therefore, downstream market demands for our VC products have a material impact on our overall financial performance.

Financial Information · p. 171

NIPT kit | 218,637 | 46.1 | 256,780 | 49.6 | 257,549 | 47.1

Summary · p. 3

While our IVD test kits are not required to be purchased in bundle with our genetic sequencer or bioinformatics analysis software, hospitals and ICLs who have deployed our genetic sequencer usually prioritize our IVD test kits and their compatible bioinformatics analysis software due to their familiarity with the operational workflow and trust in our brand.

Summary · p. 2

We sold 485 CNV-seq kits to 40 customers as of December 31, 2025, with 27 of which were also our NIPT customers, demonstrating the synergy of our different IVD test kits.

Summary · p. 6

For the years ended December 31, 2023, 2024 and 2025, revenue generated from our goat/sheep milk infant formula products was RMB926.4 million, RMB1,032.7 million, and RMB1,009.4 million, accounting for approximately 57.4% ,58.6%, and 54.2% of our total revenue in the corresponding year, respectively.

Financial Information · p. 228

Our core differentiation lies in our commitment to developing low-allergen dairy products, compared to traditional bovine-based formulations.

Financial Information · p. 228

The majority of our revenue in each year during the Track Record Period was derived from our pharmaceutical direct supply and distribution services.

Summary · p. 3

For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our pharmaceutical direct supply and distribution services was RMB2,448.5 million, RMB2,527.4 million and RMB3,027.5 million, respectively, accounting for 79.9%, 77.5% and 79.2% of our total revenue for the same years, respectively.

Business · p. 131

Our direct-supply model removes unnecessary distribution intermediaries and directly reaches customers, which helps primary healthcare institutions and primary pharmacies reduce procurement costs and enhance their sourcing efficiency.

Business · p. 132

In 2023, 2024 and 2025, our revenue attributable to sales of CMOS image sensors amounted to RMB505.0 million, RMB510.3 million and RMB794.7 million, respectively, and accounted for approximately 83.5%, 75.8% and 92.8% of our total revenue for the corresponding periods.

Financial Information · p. 230

Revenue from industrial imaging solutions amounted to RMB327.5 million in 2023, RMB446.6 million in 2024 and RMB639.0 million in 2025, accounting for 54.2%, 66.3% and 74.6% of our total revenue for the respective periods.

Financial Information · p. 231

While our professional photography and video, and medical imaging still contribute relatively small portion of our revenue, we expect these and other specialized imaging applications across high-tech industries will contribute more to our revenue as our market shares in these scenarios increase.

Financial Information · p. 231

In particular, our revenue growth has been driven by sales of SigenStor, which accounted for more than 90% of our total revenue during the Track Record Period.

Summary · p. 11

While we will seek to expand our product portfolio and revenue streams, as our flagship product, we expect that sales from SigenStor will continue to be our primary product and main revenue source, with its compelling value propositions continuing to drive its market acceptance and adoption across residential and C&I application scenarios, especially in overseas markets with end-customer bases with higher demand for high-end, advanced products which can be sold at premium selling prices.

Business · p. 148

Our financial performance was materially affected by changes in our product mix during the Track Record Period.

Financial Information · p. 212

During the Track Record Period, the contribution of EV batteries and ESS batteries to our total revenue increased, while the contribution of automation equipment decreased.

Financial Information · p. 212

Revenue from ESS batteries increased from RMB92.3 million in 2023 to RMB258.4 million in 2024 and further to RMB592.1 million in 2025, respectively.

Financial Information · p. 212

During the Track Record Period, substantially all of our revenue was generated from the sales of our NMPA-approved products, namely IColocomf (艾長康), IColohunter (艾長健), IEsohunter (艾思寧) and IHepcomf (艾馨甘).

Business · p. 159

Our revenue was primarily derived from limited sales of our NMPA-approved products during the Track Record Period.

Financial Information · p. 226

Consequently, the contribution of our new products to overall revenue remains modest to date.

Business · p. 164

During the Track Record Period, we generated revenue primarily from the sales of our key marketed products, represented by Xiweina (希為納^®^), the only domestically developed sivelestat sodium approved in China, and Zuoyu (佐愈^®^), China’s first domestically developed Category II levofolinic acid.

Summary · p. 1

During the Track Record Period, we derived the majority of our revenue from sales of Xiweina, the first and only domestically developed sivelestat sodium in China indicated for ALI/ARDS.

Financial Information · p. 217

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.

Financial Information · p. 217

For each year during the Track Record Period, our jewellery business has been our core business, representing about 90% of total revenue.

Summary · p. 1

Prescription spectacles is the highest revenue contribution throughout the Track Record Period representing about 79.9% of our revenue for the years ended 31 December 2023, 2024 and 2025, respectively. The gross profit margin of prescription spectacles during the Track Record Period were 61.2%, 59.8% and 62.4% for the years ended 31 December 2023, 2024 and 2025, respectively. The fluctuation was primarily a result of our product and pricing policy shift discussed above.

Financial Information · p. 208

Our revenue growth and customer retention and conversion rate depend on our ability to improve our capacity to offer a comprehensive range of vision solutions that address diverse needs and price points.

Financial Information · p. 207