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.
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.
Our goodwill increased from nil as of December 31, 2024 to RMB73.8 million as of December 31, 2025 due to our acquisition of Shanghai Celludye in August 2025.
Financial Information · 第 215 页
This calculation was based on cash flow projections from management-approved financial budgets over a five-year period, with a pre-tax discount rate of 13.9% and a terminal growth rate of 2%.
Financial Information · 第 215 页
As of December 31, 2025, the recoverable amount of the CGU of Shanghai Celludye exceeded its carrying amount by approximately RMB48.9 million, providing sufficient headroom.
Our goodwill increased by RMB2.0 million from RMB24.1 million as of December 31, 2023 to RMB26.2 million as of December 31, 2024, resulting from the acquisition of 70.0% equity interest of NGTEC from two Independent Third Parties at a consideration of EUR663,137.00 in July 2024.
Financial Information · 第 242 页
We determine whether goodwill is impaired at least on an annual basis. Based on the results of the impairment testing, our management determined that goodwill was not impaired as of December 31, 2023, 2024 and 2025.
Our goodwill increased significantly from RMB5,061.7 million as of December 31, 2023 to RMB11,093.2 million as of December 31, 2024, primarily due to our acquisition of APT Medical Inc. in 2024.
Financial Information · 第 250 页
We did not recognize any impairment loss of goodwill during the Track Record Period.
Financial Information · 第 250 页
Our other intangible assets increased significantly from RMB1,958.9 million as of December 31, 2023 to RMB6,091.2 million as of December 31, 2024, primarily attributable to the patents and technical know-how, trademarks and customer relationship we recognized in our acquisition of APT Medical Inc. in 2024.
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.
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.
Given our prolonged period of overall losses, there are indications of impairment.
Financial Information · 第 218 页
As of December 31, 2023, 2024 and 2025, we recorded non-financial assets of RMB56.3 million, RMB41.7 million and RMB89.3 million, respectively.
Financial Information · 第 218 页
According to the impairment test results, the recoverable amount of the CGU was larger than the carrying amount of the non-current assets at the end of each reporting period, thus no impairment was required.
Impairment losses were recognized on an investment property in Massachusetts and its leasehold improvements as a result of deterioration in the local real estate markets.
Financial Information · 第 253 页
This was primarily due to (i) the decrease in our impairment losses for an investment property and its leasehold improvement from RMB61.9 million in 2023 to RMB1.4 million in 2024, which was in relation to a decline in the market value of our investment property in Massachusetts, reflecting the overall performance of the local real estate market, and (ii) the increase in our lease income from nil in 2023 to RMB7.4 million in 2024 as we sublet such property starting 2024.
Financial Information · 第 257 页
Investment property and property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
商誉减值测试的敏感度余量有限
Our goodwill remained at RMB11.6 million in 2023, 2024 and 2025.
Financial Information · 第 231 页
The headroom amounted to RMB17.4 million, RMB7.8 million and RMB14.0 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 232 页
If the revenue annual growth rate decreased from 6.61% to 3.25%, from 5.88% to 5.84% and from 10.23% to 10.19% or the average gross margin (including warranties) decreased from 15.83% to 15.51%, from 15.16% to 15.05% and from 14.21% to 13.69%, or the pre-tax discount rate increased from 11.76% to 12.44%, from 10.25% to 10.47% and from 10.36% to 10.73%, an impairment on goodwill would be recognized in 2023, 2024 and 2025, respectively.
In view of such prolonged period of overall losses, there are indications of impairment.
Financial Information · 第 213 页
According to the impairment test results, the recoverable amount of the CGU was larger than the carrying amount of the non-current assets at the end of each reporting period, thus no impairment was required.
We completed the first step of the acquisition in April 2024 at a cash consideration of RMB60.0 million, which resulted in a goodwill of RMB20.4 million that represented the difference of such cash consideration and the value of identifiable net assets of D-infuture Tech acquired at the acquisition date of RMB39.6 million.
Financial Information · 第 231 页
We engaged an independent qualified professional valuer to assist the preparation of the goodwill impairment testing.
Financial Information · 第 232 页
The headroom of the recoverable amounts over the carrying amount of the D-infuture Tech as at December 31, 2024 and 2025 are RMB77.3 million and RMB61.4 million, respectively.
We recorded impairment loss on non-current assets classified as held for sale of nil, nil and RMB25.4 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 221 页
As a result, these assets with aggregate carrying amount of RMB50.2 million immediately prior to the classification as held for sale was written down to its fair value less cost to sell of RMB24.8 million and classified as non-current assets classified as held for sale during the year.
Our goodwill slightly decreased to RMB2,094.6 million as of December 31, 2025, primarily because we recognized goodwill impairment of approximately RMB57.9 million relating to certain acquired businesses, the goodwill of which was relatively small in scale and the related impairment was not material to our consolidated financial statements.
Financial Information · 第 191 页
Impairment testing involves estimating the value in use of the cash-generating units (“CGU”) to which goodwill has been allocated.
Driven by the rapid development of our proprietary brands such as LYCOCELLE and FineNutri, we made a strategic adjustment in 2024.
Financial Information · 第 192 页
As of December 31, 2024, according to our management’s estimation of the recoverable amount of OASIS BEAUTY CGU, which was calculated based on its value-in-use, an impairment of RMB9.2 million was recognized, resulting in a reduction in the carrying amount of goodwill of OASIS BEAUTY CGU to zero.
Financial Information · 第 192 页
If the expected pre-tax discount rate had been 5% higher than management estimates as of December 31, 2023, the recoverable amount calculated would be lower than the carrying amount by approximately RMB0.5 million.
Our impairment losses on non-financial assets amounted to RMB828.6 million, RMB80.0 million and RMB227.1 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 202 页
Our impairment losses on non-financial assets significantly increased from RMB80.0 million in 2024 to RMB227.1 million in 2025, primarily due to an increase in impairment losses on (i) inventories, and (ii) property, plant and equipment mainly relating to equipment used in our end-of-life vehicle recycling business, as a result of a reduction in expected recoverable amounts following our adjustment of operating strategies and gradual reduction in investment in such business.
可孚医疗科技股份有限公司Cofoe Medical Technology Co., Ltd.01187.HK
商誉3.689亿元及减值测试关键假设
As of December 31, 2023, 2024 and 2025, we had goodwill of RMB242.4 million, RMB364.3 million and RMB368.9 million.
Financial Information · 第 209 页
Management engaged independent external valuers to assess the recoverable amounts of goodwill as at the end of each year.
Financial Information · 第 211 页
The management has considered and assessed reasonably possible changes for key assumptions and has not identified any instances that could cause the carrying amount of each CGU to exceed its respective recoverable amount.
As of December 31, 2023, 2024 and 2025, our goodwill balances were RMB242.8 million, RMB202.1 million and RMB137.9 million, respectively. These decreases were due to impairments resulting from the general downturn in the real estate industry.
Financial Information · 第 252 页
Our other intangible assets further increased to RMB6,254.9 million as of December 31, 2025, mainly attributable to the consolidation of Afari Intelligent Drive.