With respect to deferred development costs, in 2024 and 2025, according to the impairment test, we recognized impairment loss of RMB137.1 million and RMB151.1 million, respectively, due to unsatisfactory clinical trial results.
Financial Information · 第 244 页
As of December 31, 2023, 2024, and 2025, and June 30, 2026, the headroom for deferred development costs in total was RMB673.5 million, RMB536.5 million, RMB824.3 million, and RMB1,217.8 million.
Financial Information · 第 244 页
In the opinion of our Directors, no reasonably possible changes in any of the key assumptions would cause the recoverable amounts of non-patent technologies and deferred development costs to be materially lower than the carrying amounts.
Our intangible assets remained relatively stable at RMB2,676.7 million as of December 31, 2025 and RMB2,721.4 million as of June 30, 2026.
Financial Information · 第 231 页
Development costs are tested for impairment annually by comparing their carrying amount with their recoverable amounts to which the intangible asset is related.
Financial Information · 第 232 页
Based on the result of assessment, there was no impairment loss on the development cost during the Track Record Period.
Our intangible assets primarily include intellectual property and software use rights.
Financial Information · 第 254 页
For the purpose of impairment testing, our management, with the assistance of independent professional valuer, identified our Group as a single CGU.
Financial Information · 第 243 页
Based on the results of the assessments, as the recoverable amount of the CGU is higher than the net carrying amount, no impairment loss on property, plant and equipment or intangible assets was recognized during the Track Record Period.
As a result, we recognized a full impairment of this affected trademark and recorded corresponding losses.
Financial Information · 第 236 页
As we operated at a loss during the Track Record Period, we performed impairment test at the end of each year of the Track Record Period for the cash-generating unit, whose non-current assets consist of leasehold properties, office equipment, and other intangible assets.
Financial Information · 第 236 页
Therefore, no impairment loss was recognized during the years ended December 31, 2023, 2024 and 2025.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
分销推广权及商誉减值测试
Specifically, regarding the two distribution and promotion rights — Kapruvia and Ravicti — which generated zero revenue during the period, where our management considered it an impairment indication, the assessments are detailed below.
Financial Information · 第 225 页
The assessment concluded that the recoverable amount of the CGUs, calculated based on discounted future cash flows, exceeds their carrying amounts. Key assumptions in the valuation model included forecast revenue growth reflecting new product ramp-up, a discount rate of 19%, and a terminal growth rate of 2%.
Financial Information · 第 225 页
As of December 31, 2025, our goodwill arose from our acquisition of Dr. Dünner AG in 2023.
In 2020, our Company acquired the Lovol trademark series for RMB530.2 million, with an indefinite useful life. Such intangible assets are not amortised. Our Company performs an annual impairment test on this asset.
Financial Information · 第 232 页
As of December 31, 2023, 2024 and 2025, the discount rates used are 15.70%, 17.86% and 18.13%.
Financial Information · 第 232 页
Considering that there was sufficient headroom based on the assessment, our Directors are of the view that, for the trademark rights, a reasonably possible change in the key assumptions of the cash flow projections would not cause its carrying amount exceed its recoverable amount.
We conducted impairment tests on our insurance brokerage license as of December 31, 2023, 2024 and 2025.
Financial Information · 第 298 页
The headroom calculated based on the recoverable amount deducting the carrying amount allocated for the CGU as of December 31, 2023, 2024 and 2025 are RMB408.2 million, RMB768.7 million and RMB496.6 million, respectively.
Financial Information · 第 299 页
Our Directors determined no impairment on our brokerage license was required as of December 31, 2023, 2024 and 2025 with reference to the recoverable amount.
Our other intangible assets increased from RMB137.8 million as of December 31, 2024 to RMB200.5 million as of December 31, 2025, mainly due to increases in development costs in progress in connection with ^18^F-LNC1001 and ^18^F-LNC1016.
Financial Information · 第 266 页
We engaged an independent qualified professional valuer, Shanghai PG Advisory Co., Ltd. (“PG”), to estimate the recoverable amounts of the CGUs at the end of each year comprising the Track Record Period.
Financial Information · 第 266 页
The pre-tax discount rates used, ranging from 18.32% to 19.59%, respectively reflect specific risks related to ^18^F-LNC1001 and ^18^F-LNC1016.
Our intangible assets increased from RMB37.4 million as at 31 December 2023 to RMB62.7 million as at 31 December 2024 and further to RMB111.0 million as at 31 December 2025, mainly due to the additions of intangible assets relating to development costs incurred during the relevant years.
Financial Information · 第 223 页
The recoverable amount of the CGU has been determined based on a value-in-use calculation. The calculation uses cash flow projections based on the financial budgets approved by the management of our Group covering a five-year period.
Financial Information · 第 224 页
The discount rates used are pre-tax and reflect market assessments of the time value and the specific risks relating to the industry.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
无形资产激增及递延开发成本减值测试
Our intangible assets were RMB14.7 million, RMB22.2 million and RMB77.4 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 235 页
The management of the Company tests the deferred development costs which are not yet available for use for impairment at least annually, and whenever there is an indication that the deferred development costs may be impaired, by comparing their carrying amounts with their recoverable amounts.
Financial Information · 第 235 页
Our deferred development costs were RMB4.3 million, RMB9.4 million and nil as of December 31, 2023, 2024 and 2025, respectively.
In-progress patent projects comprised of TNP-2092 and TNP-2198 related patent projects purchased from the former holding company of the Company, TenNor Therapeutics Limited, at a consideration of USD3.9 million, equivalent to approximately RMB25.1 million, in September 2021.
Financial Information · 第 286 页
The impairment tests were performed for the intangible assets related to the three in-progress patent projects on a drug candidate level by engaging an independent valuer to estimate fair value less cost to sell as the recoverable amount of each drug candidate.
Financial Information · 第 294 页
Based on the result of the above assessment, there was no impairment for the in-progress patent projects as of December 31, 2023, 2024 and 2025.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
无形资产及商誉减值与减值测试
As we no longer treat healthcare technology service as a strategic focus, we recorded impairment of certain brand and customer relationship assets in relation to certain subsidiaries operating such business in 2024, taking into consideration of their then financial and operational performance.
Financial Information · 第 228 页
Our management considers that using a five- to seven-year forecast period for financial budget in the goodwill impairment test for the commercialization fulfillment network CGUs is appropriate because it usually takes more time for retail pharmacy business to reach perpetual growth mode, compared to other business, especially when our strategy is to transform the acquired traditional retail pharmacies into key entry platforms for patients to navigate their out-of-hospital disease or healthcare management, and the profitably of pharmacies are largely dependent on the scalability of business which usually takes longer time than other business to achieve.
Financial Information · 第 229 页
Our Directors are of the view that the pre-tax discount rate, revenue growth rate and terminal growth rate are the key assumptions on which CGUs’ recoverable amounts are based:
We recorded impairment losses on other intangible assets of RMB1,841.0 million in 2025, primarily related to certain intangible assets associated with our System-level OS Solutions.
Financial Information · 第 246 页
Based on this forecast, the recoverable amount of Intangible Assets is lower than its carrying value, resulting in the recognition of an impairment loss.
Financial Information · 第 236 页
The impairment did not reflect any operational interruptions or deterioration in business fundamentals, nor did it change the strategic importance of our system-level OS business, which remains a core revenue contributor and the technological backbone of our AI strategy.
Based on the our assessment, the impairment loss of RMB32.4 million, RMB12.2 million and nil, respectively, have been recognized in other gains and losses during the years ended December 31, 2023 and 2024 and the nine months ended September 30, 2025.
Financial Information · 第 203 页
At September 30, 2025, the recoverable amounts of the software and development expenditures, which have indication for impairment is marginally above its carrying amounts by RMB3.5 million.
Financial Information · 第 203 页
Specifically, our management will assess our inhouse R&D projects with reference to market conditions, the availability, pricing and performance of competing products, and whether the development progress of such projects meets the expectation of the management, among others.
The fair value less cost of disposal is estimated using the Relief-from-Royalty method which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the development expenditure.
Financial Information · 第 217 页
During the Track Record Period, the management of our Group determines that there is no impairment on the respective development expenditures, and management believes that any reasonably possible change in any of the assumptions would not result in material impairment.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
专利及专有技术无形资产的减值测试
During the Track Record Period, our intangible assets primarily consisted of (i) patents and know-how, primarily in relation to pipeline programs we acquired through asset acquisition and subsequently recorded as intangible assets, and (ii) software.
Financial Information · 第 444 页
Our intangible assets decreased from RMB108.4 million as of December 31, 2023 to RMB92.5 million as of December 31, 2024, and further decreased to RMB84.6 million as of June 30, 2025, primarily due to amortization.
Financial Information · 第 444 页
The impairment test was performed for each pipeline product by engaging an independent appraiser to estimate fair value less cost to sell as the recoverable amount of each pipeline product.
Given we were loss-making throughout the Track Record Period, which is an impairment indicator in the impairment tests for nonfinancial assets, including investment property, property, plant and equipment, right-of-use assets and intangible assets have been conducted by management of our Company with the assistance of an independent valuer as of December 31, 2022, 2023 and 2024 and June 30, 2025.
Financial Information · 第 359 页
Management estimate that our Company will not be able to apply successfully for the export license for such assets, and accordingly a full loss on the related assets were made in the year ended December 31, 2023.
Financial Information · 第 359 页
We negotiated with the licensor about the license fee in 2023 and an impairment provision of RMB40,301,000 was provided based on the residual value, which was determined according to the refundable license fee agreed in the amended license contract.
Licenses will not be amortized until their useful life is determined to be finite.
Financial Information · 第 272 页
The recoverable amount of the unit has been determined based on a value in use calculation, which uses cash flow projections based on financial budgets approved by management covering a 5year period.
Financial Information · 第 272 页
During the year ended December 31, 2022, 2023 and 2024, and the six months ended June 30, 2025, management of our Group determines that there is no impairment on the respective unit, and management believes that any reasonably possible change in any of the assumptions would not result in impairment.
Our intangible assets increased from RMB68.1 million as of December 31, 2023 to RMB77.8 million as of December 31, 2024, primarily due to the increase in capitalized development costs ready for use.
Financial Information · 第 480 页
Impairment test on our in-licenses has been conducted by the management of our Group by engaging AVISTA Valuation Advisory Limited, an independent property valuer (“AVISTA”), to estimate the recoverable amount of the cash-generating unit at the end of each year.
Financial Information · 第 481 页
Based on the result of impairment test, there was no impairment for the above in-licenses and capitalized development costs not ready for use as of December 31, 2023 and 2024, respectively.