During the Track Record Period, we recognized impairment loss on property, plant and equipment of RMB3.6 million, RMB22.0 million, RMB35.1 million, RMB9.8 million and RMB0.7 million in 2023, 2024, 2025 and for the three months ended March 31, 2025 and 2026, respectively, primarily because a number of machines and equipment within certain business units had become obsolete and ceased to be operational.
Financial Information · 第 264 页
At each year end, we assessed the recoverable amounts of those assets were nil and as a result the carrying amount of the machines was written down to their recoverable amount.
As of December 31, 2024, 2025 and June 30, 2026, the carrying amount of certain production machinery was reduced to the recoverable amount of RMB1.1 million, RMB0.6 million and RMB0.3 million through recognition of impairment of RMB7.5 million, RMB4.2 million and RMB2.6 million, respectively, mainly because some of our telecom transceiver production lines became obsolete in light of declines in market demand.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
两个资产组出现减值迹象并作减值测试
Given the losses incurred in 2024 and 2025, the CGU of Huzhou Kunlun Yienke Battery Materials Co., Ltd., had the indicator of impairment.
Financial Information · 第 236 页
Given the delayed construction in 2025, the CGU of Changxing Kunlun New Materials Co., Ltd., had the indicator of impairment.
Financial Information · 第 236 页
The CGU recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial budgets covering the remaining useful life of non-financial assets approved by the management.
In 2023, we recognised an impairment loss of RMB3.19 million to write down the carrying amount of our right-of-use asset in respect of the leasehold land to its recoverable amount.
Financial Information · 第 221 页
With respect to our other non-financial assets, our Directors considered that our operating losses were within expectations during our rapid growth stage and concluded that no impairment indicators existed.
Our impairment losses on non-financial assets were nil, RMB29.2 million and RMB86.8 million in 2023, 2024 and 2025, respectively, and nil in each of the three months ended March 31, 2025 and 2026.
Financial Information · 第 170 页
Our impairment losses on non-financial assets increased by 196.9% from RMB29.2 million in 2024 to RMB86.8 million in 2025, primarily due to impairment losses on property, plant and equipment of RMB80.6 million and impairment losses of RMB6.3 million recognized on right-of-use assets in 2025.
Such change was primarily due to the increase in impairment loss on property, plant and equipment from RMB8.6 million in 2023 to RMB351.0 million in 2024.
Financial Information · 第 226 页
Our impairment loss on property, plant and equipment in 2024 was mainly related to the impairment of a production line for certain smartphone camera modules which we anticipated limited future demand, while that in 2025 was mainly related to certain production equipment;
Financial Information · 第 226 页
We recorded other loss of RMB42.3 million in 2024 and other income of RMB163.5 million in 2025.
Our impairment losses on property, plant and equipment significantly increased from RMB12.8 million in 2024 to RMB64.0 million in 2025, primarily because certain assets relating to our self-owned battery-swapping stations had lower expected recoverable amounts as a result of our strategic optimization of the deployment of such stations.
Financial Information · 第 202 页
In view of the unfavorable future prospects of battery-swapping business in certain cities, our Group’s management estimated the recoverable amount of each such CGU based on fair value less cost of disposal or the value-in-use calculations, which is higher, with the assistance of Jones Lang LaSalle Corporate Appraisal and Advisory Limited.
The headroom measured by the excess of the recoverable amount over the carrying amounts of the CGU of Yellow River Delta Thermal as of December 31, 2023, 2024 and 2025 are RMB985.9 million, RMB191.8 million and RMB524.3 million, respectively.
Financial Information · 第 218 页
The headroom measured by the excess of the recoverable amount over the carrying amounts of the CGU of Binhua New Materials as of December 31, 2023, 2024 and 2025 are RMB394.7 million, RMB20.7 million and RMB76.6 million, respectively.
Financial Information · 第 219 页
Our Directors are of the opinion that, except for the CGU of the Binhua New Materials, a reasonably possible change in a key parameter will not cause the carrying amount of the relevant CGU to exceed the respective recoverable amounts as of December 31, 2023, 2024 and 2025.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
终止中山人工溜冰场项目计提减值
(iii) impairment loss recognized on property, plant and equipment, which was in relation to the termination of an artificial ice rink project which was undertaken by our Group in Zhongshan, Guangdong Province, the PRC;
Financial Information · 第 227 页
The decrease of RMB1.2 million, or 38.4%, was primarily due to a decrease of RMB3.2 million in impairment loss recognized on property, plant and equipment, as we recognized the impairment loss resulting from the termination of an artificial ice rink project in 2023, as partially offset by an increase of RMB2.0 million in donations to a charity.
In view of such prolonged period of overall losses, there are indications of impairment.
Financial Information · 第 225 页
We performed impairment tests at each period-end on non-current assets (primarily including property, plant and equipment, right-of-use assets and intangible assets) that show indications of impairment and estimate the recoverable amount of the non-current asset.
Financial Information · 第 226 页
Based on the impairment test results, the carrying amount of the CGU with impairment indications did not exceed its recoverable amount based on value in use, and accordingly no impairment was recognised.
In late September of 2025, we entered into a letter of intent for the proposed sale of 190 earlier-generation mining vehicles that were originally deployed for pilot testing, demonstration purposes and early-stage operational validation.
Financial Information · 第 219 页
Our net other losses significantly increased by RMB25.9 million from RMB7.4 million in 2023 to RMB33.3 million in 2024, primarily attributable to the increase in impairment loss recognized on property, plant and equipment as a result of our assessment of the lower value of our earlier-generation autonomous mining trucks and related equipment due to the ongoing advancement of our technologies.
Financial Information · 第 225 页
the increase in net loss from 2024 to 2025 was also affected by an impairment loss recognized on assets classified as held for sale of RMB118.4 million, instead of any fundamental weakening of our underlying business performance.
Our impairment losses of property, plant and equipment represented impairment losses incurred for restaurants with unfavorable future prospects. In 2023, 2024 and 2025, our impairment losses of property, plant and equipment were RMB9.2 million, RMB3.5 million and RMB0.8 million, respectively, accounting for 0.4%, 0.2% and 0.0% of our total revenue in the same years, respectively.
Financial Information · 第 214 页
Our impairment losses of property, plant and equipment decreased from RMB3.5 million in 2024 to RMB0.8 million in 2025, primarily because we only identified a limited number of restaurants with unfavorable future prospects in 2025 based on our assessment.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
投资物业公允价值连年下跌计入损益
Our property interests held for generating rental income under operating lease arrangement were measured using fair value model and were accounted for as investment properties during the Track Record Period.
Financial Information · 第 233 页
We had decrease in fair value of investment properties of HK$17.7 million, HK$16.6 million, HK$53.5 million, HK$47.2 million and HK$11.1 million in FY2023, FY2024, FY2025, 8MFY2025 and 8MFY2026, respectively.
Financial Information · 第 233 页
The fair value of our investment properties as at 31 March 2023, 2024 and 2025 and 30 November 2025 had been valued by the Property Valuer, primarily determined based on the (i) income capitalization approach, where the market rentals of all lettable units of the properties are assessed and discounted at the market yield expected by investors for the same types of properties; and (ii) direct comparison approach, which reflects recent transaction prices for similar properties adjusted for differences in the nature, location and condition of the properties under review.
our other expenses were RMB2.0 million, RMB0.1 million and RMB24.8 million for the years ended December 31, 2023, 2024 and 2025, respectively, due to a long-term asset impairment loss of RMB22.0 million recognized for our Shoulang Jiyuan facility, which showed signs of impairment due to uncertainties in gas supply from upstream suppliers as a result of the litigations with Jiyuan Junyi.
Business · 第 152 页
the recognition of a one-off impairment loss of approximately RMB22 million in the fourth quarter of 2025 due to the uncertainties in industrial off-gas supply from its supplier
We recorded impairment losses under property, plant and equipment of RMB42.1 million in 2024. We did not record any such impairment losses in 2023 and 2025.
Financial Information · 第 192 页
The impairment recognized in 2024 was related to the property, plant and equipment that could no longer be used for operations, primarily due to operational adjustments and optimization of certain facilities and equipment in connection with changes in business demand and the expansion of new business initiatives.
In 2024, we identified impairment indicators for vehicles of a certain brand due to declining market leasing and disposal prices for such vehicles.
Financial Information · 第 225 页
Based on the results of the impairment testing, we recognized an impairment loss of RMB51,865,000 for such vehicles in 2024, representing 78.90% of their carrying amounts.
Financial Information · 第 225 页
As of December 31, 2025, due to technological advancements, our management made a strategic decision to phase out the aforementioned vehicles and upgrade to more advanced vehicles for business development. We recognized an impairment loss in full of RMB16,938,000 in respect of these vehicles.
During the Track Record Period, our other gains and losses, net mainly included (i) impairment losses recognized in respect of property, plant and equipment and investments in associates, (ii) (gain)/ loss on disposal of property, plant and equipment, (iii) changes in fair value of financial assets and financial liabilities at FVTPL, and (iv) modification of redemption liabilities.
Financial Information · 第 207 页
In 2023, we recorded significant impairments on long-term assets, as we found several impairment indications such as project underperformance.
Financial Information · 第 215 页
We recorded other losses of RMB26.3 million in 2024 and other gains of RMB19.8 million in 2025, primarily due to the gain on modification of redemption liabilities, which arose from the substantial modification gain in 2025 resulting from the further deferral of the redemption rights exercise date, and the decrease in the impairment losses recognized on property, plant and equipment (net), as we found several impairment indications such as project underperformance in 2024, which resulted in larger impairment losses compared with those in 2025.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
因亏损对非金融资产进行减值测试
As of December 31, 2023, 2024 and 2025, due to the downturn of market prices of the Group's major products which has led to the Group's loss-making in the years ended December 31, 2023, 2024 and 2025, our Directors considered there were impairment indicators that the carry amounts of our Group's major non-financial assets including property, plant and equipment, right-of-use assets and intangible assets may not be recoverable and hence has involved external experts to perform impairment assessments on the abovesaid non-financial assets.
Financial Information · 第 228 页
Based on the assessment, the recoverable amounts of the cash-generating units have exceeded their carrying amounts and no impairment provision was made for non-financial assets as of December 31, 2023, 2024 and 2025.
During the Track Record Period, we recorded an impairment loss on property, plant, and equipment amounted to RMB74.5 million, RMB17.1 million, and RMB9.4 million, respectively.
Financial Information · 第 225 页
The impairment loss was primarily attributable to our strategic adjustments which we shifted the focus of our pig farming business from the urban areas of Guangzhou to Guizhou, resulting in the impairment loss of related fixed assets in 2023.
Given that we sustained losses throughout the Track Record Period as we were still at the stage of expanding our business and operations, and are continuously investing in research and development, indicating potential impairment of our non-financial assets of the Nanjing CGU (including property, plant and equipment, right-of-use assets and other intangible assets), we carried out impairment testing of Nanjing CGU as of December 31, 2023, 2024 and 2025.
Financial Information · 第 214 页
The carrying amount of non-financial assets (including property, plant and equipment, right-of-use assets and other intangible assets) as of December 31, 2023, 2024 and 2025 is RMB1,900.6 million, RMB2,080.9 million and RMB2,263.0 million, respectively.
Financial Information · 第 214 页
Based on the assessment result, value in use is greater than carrying amounts of property, plant and equipment, right-of-use assets and intangible assets, hence, no impairment was recognized.