From August 2023 to September 2023, our Company entered into a series of equity purchase agreements with the other shareholders of Feikong Taike, pursuant to which the Company agreed to acquire 81.19% equity interest in Feikong Taike, at a total consideration of RMB1,569.0 million; and from August 2023 to August 2024, our Company also entered into a series of equity purchase agreements with ELAS, the then minority shareholder of ficonTEC, pursuant to which the Company agreed to acquire 6.97% equity interest in ficonTEC, at a total consideration of RMB85.1 million (collectively, the “ficonTEC Acquisition”).
Summary · 第 7 页
Since the ficonTEC Acquisition, SiPh assembly and testing equipment became a substantial business segment of our Group.
Summary · 第 7 页
In 2025, our revenue derived from SiPh assembly and testing equipment has reached 46.3%.
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.
2025年11月收购山东锂忠51%股权延伸上游
In order to ensure the stability of our supply chain and optimize our procurement cost, we have (i) made minority investments in upstream raw material providers, including Yingkou Changcheng and Sichuan Mingfang; and (ii) acquired Shandong Lizhong, which manufactures LiPF6, one of the key raw materials for our electrolyte production.
Business · 第 165 页
In addition, since we acquired a 51.00% equity interest in Shandong Lizhong in November 2025, the in-house supply of LiPF6 accounted for 3.6% and 16.7% of our total procurement quantity in 2025 and the six months ended June 30, 2026, respectively.
Business · 第 165 页
This high level of self-sufficiency helps to ensure stable supply and we believe it will enable us to achieve cost reductions.
On October 28, 2025, we entered into an equity transfer agreement with Mr. Zhao (one of our Controlling Shareholders and the founder of Guangdong Weilin) and other shareholders of Guangdong Weilin, pursuant to which we agreed to acquire 100% of the equity interests in Guangdong Weilin for nil consideration.
Business · 第 151 页
Consistent with our strategy focusing on AI and digitalization, we decided to integrate Guangdong Weilin into our Group in order to enhance our in-house digital capabilities.
Business · 第 151 页
The acquisition of Guangdong Weilin was aligned to our digitalization and efficiency driven strengths.
Building on our branded PCM product portfolio, we expanded holistically into Chinese medicine clinic services during the year ended March 31, 2026, through our acquisitions of Kenford Medical completed on June 30, 2025 and King Pui and Siulun Medheart completed on January 30, 2026, creating a vertically integrated Chinese medicine platform that connects products, practitioners and patients.
Financial Information · 第 206 页
Our Chinese medicine clinic services commenced in June 2025 and contributed revenue of HK$40.0 million, or 8.6% of our total revenue, for the year ended March 31, 2026.
Financial Information · 第 206 页
Our Chinese medicine clinic services carry a lower gross profit margin than our branded PCM products as Chinese medicine clinic services entail a higher cost base, primarily due to the combined impact of staff costs for the hiring of Chinese medicine practitioners and rental costs for our clinics.
In April 2026, we completed the disposal of Zhuhai Mingtu and Jixun Technology, which were components of our Group and represented a separate major line of business.
Summary · 第 3 页
Revenue from our semiconductor materials and solutions grew from RMB958.0 million in 2023 to RMB1,598.4 million in 2024 and further to RMB2,135.1 million in 2025, representing a CAGR of approximately 49.3%.
Financial Information · 第 207 页
To seize market opportunities in lithium battery functional materials, we completed the strategic acquisition of Hao Fei in February 2026.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
2024年收购协和麒麟中国并转型业务模式
The Kyowa Kirin China Acquisition was in line with our expansion strategies and formed part of the logical growth trend of our business.
Business · 第 173 页
The final aggregate consideration for the Kyowa Kirin China Acquisition was the US dollars equivalent of RMB550.0 million.
Business · 第 175 页
For 2025, WinHealth China contributed RMB675.6 million to our revenue, representing 40.2% of our total revenue for the year, and contributed RMB481.8 million to our gross profit, representing 55.0% of our total gross profit for the year.
We strategically pivot towards the biopharmaceutical business following our acquisition of a controlling equity interest in Megalith Biopharmaceutical (the “Megalith Biopharmaceutical Acquisition I”) in January 2024.
Business · 第 183 页
In 2024 and 2025, our revenue from our biopharmaceutical business, as a percentage of our total revenue, was 4.4% and 11.9%, respectively.
The MGR Group historically has derived all of its revenue from the rental of MMI’s heavy equipment to its subsidiaries, its related parties as well as MCG’s subsidiaries.
Summary · 第 6 页
As mining and processing operations commence at Pani Gold Mine (first gold pour achieved at the Pani Gold Mine in February 2026), MGR is expected to generate all of its revenue from gold mining operation starting 2026.
Summary · 第 6 页
Such rental activities are being gradually reduced in 2025 and 2026 and MMI’s resources will be focused to supporting the Pani Gold Mine.
We are evolving from a traditional content licensing provider into an integrated content solutions platform, driven by the convergence of content assets, AI technologies and application scenarios.
Financial Information · 第 159 页
Our other net income decreased from RMB33.5 million in 2023 to RMB9.8 million in 2024, primarily due to the decrease in remeasurement gain on acquisition of a subsidiary, mainly because the remeasured gains in relation to remeasurement of fair value of our existing 30% equity interests in Chengdu Guangchang prior to its consolidation into us since April 2023 was recorded in 2023.
Financial Information · 第 171 页
Chengdu Guangchang recorded other net income of RMB1.2 million for the three months ended March 31, 2023.
As we deepened our understanding of the rehabilitation medical sector, we undertook a strategic pivot starting from 2024, shifting our growth model towards self-established hospital development.
Business · 第 152 页
At the beginning of 2023, our hospital network comprised 18 hospitals in total, of which 11 were acquired and seven were self-established.
Business · 第 152 页
By the end of 2024, our total hospital network had grown to 38 hospitals, comprising 17 acquired hospitals and 21 self-established hospitals.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
通过收购拓展半导体材料新业务
(i) 13.50% equity interest in Bangci Electronic Technology (Yancheng) Co., Ltd. (邦瓷電子科技（鹽城）有限責任公司), a company principally engaged in the research, development, manufacture and sale of multilayer piezoelectric actuators and related piezoelectric ceramic products, at a consideration of approximately RMB91 million, and (ii) 32.27% equity interest in Zhongxin Carbon (Nantong) Semiconductor Technology Co., Ltd. (眾芯碳素（南通）半導體科技有限公司), a company principally engaged in the research, development, manufacture and sale of Chemical Vapour Deposition silicon carbide semiconductor components, at a consideration of RMB7.1 million, respectively.
Summary · 第 16 页
Our planned expansion into the semiconductor materials sector is an extension of our existing expertise in advanced materials, particularly those supporting the lithium-ion battery industry.
In December 2023, we acquired Waftech, a Malaysia-based company engaged in the research and development, manufacturing and sale of semiconductor packaging automation equipment.
Business · 第 124 页
The acquisition extended our product offering into the back-end segment of the semiconductor value chain and enhanced our ability to serve international customers.
Business · 第 124 页
Revenue from sale of semiconductor packaging automation equipment and components were all generated by our Malaysian subsidiary Waftech.
On March 22, 2024, our Company entered into the Share Purchase Agreement with D-infuture Tech and its shareholders, pursuant to which our Company agreed to purchase 100% equity interest in D-infuture Tech at a total consideration of RMB180 million, subject to certain price adjustment mechanism.
Summary · 第 12 页
We began to engage in the consumer-class scenario business through the acquisition of D-infuture Tech in April 2024, and we also began to offer consumer-class products under our own brand to achieve organic growth.
Financial Information · 第 209 页
In contrast, there was a decline in the industry-class scenario caused by weakening demand.
Accordingly, each of Jianghe Qixing and Afari Intelligent Drive has become a subsidiary of the Company and its financial results have been consolidated into the accounts of the Company since October 15, 2025.
Summary · 第 13 页
In the AI era, we naturally extend our operations to mainly focus on intelligent driving and Assistance Driving System, ensuring our continued competitiveness as the automotive industry is at the forefront of this transformative shift.
Business · 第 150 页
We believe this business upgrade positions us for long-term success in the AI era, though it requires significant investment that may adversely affect our short-term profitability.
During the Track Record Period, our product mix underwent a notable shift following the acquisition of Jiangsu SVFactory in December 2022.
Summary · 第 7 页
For the year ended December 31, 2025, the contribution of EIIR products had risen significantly to 57.0%, whereas AI-enabled intelligent products decreased to 26.3%.
Summary · 第 7 页
To focus resources on our core embodied AI business, we commenced a strategic scale-down in January 2023.
河北海伟电子新材料科技股份有限公司Hebei Haiwei Electronic New Material Technology Co., Ltd.09609.HK
收购宁国海伟新增金属化膜业务
We acquired BYD as a customer through our acquisition of 51% equity interest in Ningguo Haiwei on December 31, 2022, as BYD has been purchasing metallized films from Ningguo Haiwei.
Business · 第 202 页
We began to provide metallized films in 2023, following our acquisition of Ningguo Haiwei, which primarily manufactures and sells metallized films. In 2023 and 2024, and the five months ended May 31, 2024 and 2025, metallized films represented 21.5%, 20.2%, 22.4% and 13.7% of our total revenue, respectively.
Financial Information · 第 244 页
Haiwei Financial settled the consideration of RMB264,920,000 by offsetting it against an equivalent amount of trade receivables owed to it by our Company.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
2021年收购捷泰科技并剥离原汽车饰件业务
Considering that the continuing operation of the Discontinued Business would divert the management's attention as well as other resources away from the PV Cells Business, the Company disposed of the Discontinued Business in June 2022.
Summary · 第 4 页
In line with our business development strategy, on March 12, 2022, we entered into a transfer agreement with Yang Family pursuant to which we agreed to sell and Yang Family agreed to acquire 100% equity interest of our principal subsidiaries that engaged in the Discontinued Business, as well as all assets relating to the Discontinued Business.
Summary · 第 7 页
For the period from January 1, 2022 to the date of the disposal in June 2022, Discontinued Business recorded a loss of RMB10.4 million.
Then in June 2021, we expanded our presence in the LFP cathode material industry through the acquisitions of Tianjin Beiterui Nano and Jiangsu Beiterui Nano which are engaged in businesses in the field of LFP cathode materials.
Summary · 第 2 页
Leveraging our long-term development strategies tailored to developments within the automotive industry, we engaged third party contract manufacturers to produce small amounts of LFP cathode materials in 2020 and the first half of 2021.
Summary · 第 2 页
We expanded our presence in the LFP cathode materials industry through the acquisitions of Tianjin Beiterui Nano and Jiangsu Beiterui Nano in June 2021 and our revenue derived from LFP cathode materials increased significantly by 552.3% from RMB1,876.8 million for the year ended December 31, 2021 to RMB12,241.9 million for the year ended December 31, 2022.
浙江太美医疗科技股份有限公司Zhejiang Taimei Medical Technology Co., Ltd.02576.HK
定制产品向SaaS产品转型改变收入结构
In addition, we also systematically upgraded our customized pharmaceutical and medical device commercialization products to SaaS products during the Track Record Period by encouraging relevant customers to switch to standardized versions that offer equivalent or even superior or additional functionalities, which will enable better customer retention and life-cycle customer spending in the long term.
Business · 第 259 页
In 2023, we optimized less efficient product lines, after which we expect abated customer churn and short-term revenue loss given that we have substantially completed the SaaS transformation of pharmaceutical and medical device commercialization software in 2023, and our shifted focus on promoting SaaS versions of ONECEM solutions, which have a higher margin than previously offered customized pharmaceutical and medical device commercialization software, is expected to further improve our gross profit margin.
Business · 第 257 页
In 2023, we experienced a decrease in the gross profit and gross profit margin for customized products in clinical trials business line, primarily because we strategically prioritized enhancing revenue from its SaaS products over customized products.