We recorded goodwill of RMB297.0 million as of December 31, 2024 and RMB297.0 million as of December 31, 2025. Our acquired goodwill arose from our acquisitions of Taihe Intelligent.
Financial Information · 第 268 页
The estimated recoverable amount of the CGU related to Taihe Intelligent exceeded its carrying amount by approximately RMB14,600,000 and RMB17,591,000 as at December 31, 2024 and 2025, respectively.
Financial Information · 第 269 页
If the reference market price had been 3.23% and 3.84% lower than management’s estimates as of December 31, 2024 and 2025, we would have had to recognize an impairment loss against the carrying amount of goodwill.
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:
At December 31, 2023, 2024 and 2025, the Group performed impairment tests on the CGUs containing capitalized development cost by assessing the recoverable amounts of the assets comprising the CGU in relation to its intelligent city cluster multi-modal transit solutions products and service line, which included the capitalized development costs.
Financial Information · 第 228 页
The headroom calculated based on the recoverable amounts deducting the carrying amount of the Guangdong Huazhiyuan CGU as at December 31, 2023, 2024 and 2025 is RMB135,824,000, RMB21,924,000, and RMB12,558,000.
Financial Information · 第 230 页
The headroom calculated based on the recoverable amounts deducting the carrying amount of the Qingdao Hisense Microunion CGU as at December 31, 2025 is RMB8,086,000.
Goodwill is tested by management for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.
Financial Information · 第 228 页
Our Directors have performed sensitivity test by decreasing 5% of expected revenue, decreasing 5% of terminal growth rate or increasing 5% of pre-tax discount rate, with all other assumptions held constant.
Financial Information · 第 229 页
The recoverable amount of the CGUs exceeding their carrying amount is as follows:
Goodwill of RMB118.8 million resulted from the acquisition of T-mab Bio Pharma in September 2017 to further expand our market share of ADC drugs and antibody drugs.
Financial Information · 第 272 页
Based on the result of impairment assessment, there was no impairment on the goodwill for the T-mab Bio Pharma as of December 31, 2024 and 2025.
Financial Information · 第 273 页
Considering there was still sufficient headroom based on the assessment, management believes that a reasonably possible change in the above key parameters would not cause the carrying amount of the cash-generating units to exceed its recoverable amount.
During the Track Record Period, the changes in our credit loss expense were largely attributable to changes in credit loss expense in respect of financial assets held under resale agreements.
We recorded impairment losses on property, plant and equipment of RMB12.4 million in 2023 and nil in 2024, primarily due to the updates and iteration of DNA sequencers.
The calculations use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period.
Financial Information · 第 197 页
The headroom measured by the excess of the recoverable amount over the carrying amount of MFS CGU were RMB568.6 million, RMB531.6 million and RMB549.5 million as of December 31, 2023, 2024 and 2025 respectively.
Financial Information · 第 197 页
The headroom measured by the excess of the recoverable amount over the carrying amount of VGT Thailand CGU were RMB114.0 million and RMB210.8 million as of December 31, 2024 and 2025 respectively.
As of December 31, 2025, the recoverable amount of Hangzhou Meijian CGU (including goodwill and intangible assets) is RMB7,464,000 lower than its carrying amount as the business of Hangzhou Meijian CGU will be gradually phased out due to the business decision made by the Directors of our Company in second half of 2025.
Financial Information · 第 250 页
The forecast revenue used in the value-in-use calculations as of December 31, 2025 was based on the revenue generated from the remaining contract term of existing subscription orders of Meijian 2D business, assuming no renewals or new orders would be obtained in the forecast period.
Financial Information · 第 250 页
Reasonably possible changes in key assumptions would not lead to impairment as of December 31, 2023 and 2024.
Our impairment losses increased significantly from RMB17.0 million in 2023 to RMB97.7 million in 2024, primarily due to the recoverable amount being lower than the carrying amount of productive biological assets which resulted from a decrease in market prices of cows and raw milk.
Financial Information · 第 202 页
In 2023, 2024 and 2025, we recorded impairment losses of RMB17.0 million, RMB97.7 million and RMB62.8 million, respectively.
Financial Information · 第 196 页
Our goodwill remained relatively stable at RMB1,002.8 million, RMB1,002.8 million and RMB992.5 million as of December 31, 2023, 2024 and 2025, respectively.
The carrying amount of the Fion unit which belonged to the Handbags segment was impaired by RMB39.4 million, RMB176.8 million and RMB171.2 million during the years ended 31 December 2023, 2024 and 2025, respectively.
Financial Information · 第 239 页
The recoverable amounts of the cash-generating units have been determined based on a value in use calculation using cash flow projections based on financial budgets approved by senior management covering a five-year period for all units.
Our goodwill decreased from RMB6.3 million as of December 31, 2023 to RMB0.7 million as of December 31, 2024.
Financial Information · 第 237 页
The impairment was attributable to the decrease in customers’ demands and selling prices of the technological iteration of precision instrument equipment of Suzhou Yoke.
Financial Information · 第 237 页
If the compounded revenue growth rates decreased from 3.8% to 3.6% or the pre-tax discount rate increased from 10.7% to 13.6%, the Suzhou Yoke’s cash-generating’s recoverable amount would be equal to its carrying value as of December 31, 2025.
Our net other gains decreased by 86.2% from RMB69.7 million in 2024 to RMB9.6 million in 2025, primarily attributable to (i) an increase of RMB30.6 million in impairment losses on goodwill in relation to Zhejiang Towin Automotive Parts Co., Ltd. (浙江拓為汽車部件有限公司) and Suining Tuopu Automotive Chassis System Co., Ltd. (遂寧拓普汽車底盤系統有限公司) and (ii) a decrease of RMB21.9 million in gains on bargain purchase due to the one-off gains from acquisition of equity interest in Ningbo Borgers in 2024.
Financial Information · 第 197 页
We test a CGU to which goodwill has been allocated for impairment annually, and whenever there is an indication that the unit may be impaired.
Financial Information · 第 186 页
Impairment losses on goodwill | (6,059) | (1,080) | (31,702)
On January 1, 2021, we acquired 94% equity interests in Artmem Technology at a total consideration of RMB50,292,000, that exceeded fair value of 94% identifiable assets and liabilities of Artmem Technology, among which RMB7,086,000 was recognized as goodwill.
Financial Information · 第 244 页
As of December 31, 2023, 2024 and 2025, the amounts of headroom calculated based on the recoverable amounts deducting the carrying amount of the CGU are RMB89,669,000, RMB73,614,000 and RMB2,358,937,000, respectively.
Financial Information · 第 244 页
We believe that any reasonably possible change in any of these assumptions would not cause the carrying amount of Artmem Technology to exceed the recoverable amount of it for the years ended December 31, 2023, 2024 and 2025.
Our goodwill increased by 21.5% from RMB208.5 million as of December 31, 2023 to RMB253.3 million as of December 31, 2024 as a result of our acquisitions of Hangzhou Guan Tian, Suzhou Vida and Beijing Zhi Yang in 2024.
Financial Information · 第 226 页
Goodwill acquired through business combinations is allocated to two cash-generating units (“CGUs”) for impairment testing, which are intelligent manufacturing software solutions CGU and operations management software solutions CGU.
Financial Information · 第 226 页
The values assigned to the key assumptions on market development and discount rates are consistent with external information sources.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
商誉3,820万元及减值评估
Our goodwill amounted to RMB38.2 million, RMB38.2 million and RMB38.2 million as of December 31, 2023, 2024 and 2025, respectively. We recorded goodwill of RMB38.2 million arising from the acquisitions of Beijing Bay Line of RMB34.3 million and Shanghai Asiacan of RMB3.9 million completed prior to the Track Record Period. The goodwill remained stable during the Track Record Period as no impairment indicators were identified.
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.
As of December 31, 2023, 2024 and 2025, our book value of goodwill was mainly attributable to acquisition of Tenya HK (which is in relation to the mine operated by Heihe Luoke Mining), Jilin Banmiaozi Mining and Qinghai Dachaidan Mining.
Financial Information · 第 235 页
The value in use calculated is higher than the carrying amount for each CGU, accordingly, no impairment of goodwill was recognized during the Track Record Period.
Financial Information · 第 235 页
Management has undertaken sensitivity analysis on the impairment test of goodwill.
上海锦江国际酒店股份有限公司Shanghai Jin Jiang International Hotels Co., Ltd.
商誉及无限寿命无形资产的减值测试
Our Group performs annual impairment assessments of the cash-generating unit group ("CGU group") to which goodwill, trademarks, and brands with indefinite useful life have been allocated.
Financial Information · 第 218 页
Our goodwill remained stable at RMB11,831.4 million, RMB11,440.0 million, and RMB11,643.5 million as of December 31, 2023, 2024, and 2025, respectively.
Financial Information · 第 234 页
Management has identified that a reasonably possible change in key assumptions could cause the carrying amount to exceed the recoverable amount for CGUs with significant goodwill.