The carrying value of our goodwill were nil, RMB6.2 million, RMB6.2 million and RMB6.2 million as of December 31, 2023, 2024 and 2025 and June 30, 2026, respectively.
Financial Information · 第 229 页
Goodwill is stated at cost less accumulated impairment losses.
Financial Information · 第 229 页
The carrying value of our other intangible assets increased from RMB10.1 million as of December 31, 2023 to RMB177.8 million as of December 31, 2024, primarily due to an increase of RMB175.3 million in customer relationship, as a result of the Acquisition.
Our intangible assets saw a significant increase from RMB21.9 million as of December 31, 2023, to RMB52.8 million as of December 31, 2024, and then increased to RMB88.4 million in 2025, and further increased to RMB92.8 million as of March 31, 2026, primarily due to the capitalization of expenses in relation to our research and development activities in the respective periods.
Financial Information · 第 237 页
We identified indicators of impairment for non-current assets including property and equipment, right-of-use assets and intangible assets including development costs as the continuing losses position as of December 31, 2023, 2024 and 2025 and March 31, 2026.
Financial Information · 第 238 页
Based on the results of impairment assessment, there are no impairment losses recognized during the Track Record Period.
Our goodwill increased significantly from nil as of December 31, 2023 to RMB31.5 million as of December 31, 2024, further increased to RMB67.8 million as of December 31, 2025 and June 30, 2026, primarily due to business acquisitions completed during the year.
Financial Information · 第 183 页
Our intangible assets significantly increased from RMB6.4 million as of December 31, 2023 to RMB19.3 million as of December 31, 2024, primarily due to an increase in customer relationships, driven by the acquisition of XMSAIL and Shenzhen GoingGreen.
Financial Information · 第 183 页
Goodwill acquired through business combinations is allocated to six cash generating units (CGU) for impairment testing, including SZXM, ABITIO, SZ GoingGreen, Shuyou, AXIS and Newbest.
We had goodwill of RMB51.1 million as at 31 December 2025 from the acquisition of Wuxi Chulei.
Financial Information · 第 221 页
The calculation uses cash flow projection based on financial forecast approved by management covering a 5-year period and pre-tax discount rate of 11.6%.
Financial Information · 第 221 页
Our intangible assets increased from RMB3.0 million as at 31 December 2023 to RMB35.3 million as at 31 December 2024, primarily due to the additions of data assets of RMB39.0 million because we began capitalising certain expenditure on commercial data resources as our data assets, which consists of the staff cost for generating data assets for generating our future revenue and it was complied with International Accounting Standards 38, Intangible Assets.
Intangible assets increased by 74.4% from HK$313.1 million as of March 31, 2025 to HK$546.0 million as of March 31, 2026, primarily due to the acquisitions of Tin Hee Tong, Kenford Medical, King Pui and Siulun Medheart, leading to increased balances of goodwill and trademarks.
Financial Information · 第 233 页
We estimate the recoverable amount of these intangible assets annually in accordance with HKFRS Accounting Standards to determine whether or not there is any indication of impairment.
Our other intangible assets increased from RMB3,617.9 million as of December 31, 2023 to RMB4,064.3 million as of December 31, 2024, primarily due to the increase in self-developed software copyrights resulting from our R&D initiatives.
Financial Information · 第 233 页
Management also performed sensitivity analyses by reducing the expected gross margin by 1% or increasing the pre-tax discount rate by 2%, while holding other assumptions constant.
The carrying amount of our intangible assets increased continuously during the Track Record Period, from RMB192.3 million as of December 31, 2023, to RMB288.9 million as of December 31, 2024, and to RMB355.4 million as of December 31, 2025.
Financial Information · 第 251 页
This increase was primarily attributable to the continuous capitalization of development costs related to the clinical trials of our rFSAV candidate, reflecting the progress of patient enrollment and clinical trial activities.
Financial Information · 第 251 页
This accounting policy can lead to volatility in our reported net income, as the timing of capitalization versus expensing can vary significantly from period to period based on the specific stage and progress of our development projects.
The carrying amount of development expenditures included in our intangible assets amounted to RMB331.8 million, RMB393.1 million, and RMB414.4 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 208 页
The capitalization of development expenditures involves management judgement in assessing whether the technical and commercial feasibility criteria have been met.
Financial Information · 第 208 页
We engaged an independent valuer for annual impairment assessments over our development expenditures, based on the valuation reports of which our management perform annual impairment assessments on development expenditures.
For the year ended December 31, 2025, we recognized goodwill of RMB17.2 million in connection with the acquisition of Guangdong Haiborui.
Financial Information · 第 221 页
Our intangible assets increased by RMB5.9 million from RMB25.1 million as of December 31, 2024 to RMB31.0 million as of December 31, 2025, primarily due to an increase in patented technologies as a result of the acquisition of Guangdong Haiborui.
Financial Information · 第 221 页
Concession rights represent our rights under a 30-year build-operate-transfer agreement with a local government authority for the supply of heating and cooling services, after which the facilities will be transferred to the grantor without consideration.
Our other intangible assets increased from RMB137.7 million as of December 31, 2023 to RMB332.2 million as of December 31, 2024 and further increased to RMB494.9 million as of December 31, 2025, primarily due to the increase in development cost, primarily attributable to the capitalized research and development personnel costs in connection with the development of our Athena Digital Intelligence Platform under the applicable accounting standards.
Among which, goodwill amounted to RMB178.1 million, which was mainly generated from the acquisition of Jiangsu SVFactory.
Financial Information · 第 221 页
Our intangible assets further increased to RMB787.3 million as of December 31, 2025, largely driven by the RMB521.9 million in goodwill and RMB50.7 million in technology recognized in connection with the acquisition of Agilebot.