During the Track Record Period, AIFS Services is being phased out in response to the market evolution.
Summary · 第 4 页
During the Track Record Period, we leveraged our accumulated expertise in AI software development from the delivery of AIFS Services to support the launch, development and continuous upgrade of AI Computing Infrastructure Solutions and AI Computing Cloud Services, and gradually shifted our focus toward these higher-demand business areas in response to industry trends.
Financial Information · 第 189 页
Such transition affected our revenue mix, cost structure and gross profit margin profile.
The decrease in revenue generated from projects under BOT model from 2024 to 2025 was primarily attributable to the decrease in revenue from construction services from RMB836.9 million in 2024 to RMB76.3 million in 2025, reflecting the completion of construction of our Liuyang and Pingjiang projects, which commenced operation in January 2025 and December 2024.
Summary · 第 8 页
For the year ended December 31, 2025 and the three months ended March 31, 2026, we recorded no revenue from the Pingjiang Landfill Project.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
温控产品及ICT设备业务收缩
From our inception through 2019, we primarily provided commercial and industrial building energy management solutions.
Summary · 第 2 页
partially offset by a decrease in the sales of temperature control products and ICT equipment, mainly attributable to our overall strategy of maintaining a cautious approach to this business,
Correspondingly, revenue from our self-operated online stores and online distributors decreased during the Track Record Period.
Business · 第 104 页
In particular, we strategically adjusted our channel strategies, as we believe the sales to emerging retail channels, such as membership stores and national snack chains are in line with the prevailing industry development toward these channels and offer consistent growth momentum and better sales efficiency through, among others, improved shelf visibility and more targeted consumer reach.
Business · 第 104 页
In parallel, we are strategically shifting focus from distributorships to other sales channels, including membership stores and snack stores.
The number of client-side deployment customers decreased from 4,219 in 2023 to 2,730 in 2024, and remained relatively stable at 2,889 in 2025.
Business · 第 141 页
This was primarily attributable to the migration of our client-side deployment customers to subscription customers, as a substantial portion of our customers which would previously have purchased client-side deployment solutions elected to subscribe for our solutions instead, given the growing acceptance of the subscription model among our customers.
Business · 第 141 页
The number of subscription customers increased from 2,006 in 2023 to 2,688 in 2024 and further to 5,821 in 2025.
Moreover, our low-carbon integrated solution projects contributed RMB22.8 million to our gross profit in 2024, with a gross margin of 87.3%.
Business · 第 151 页
We are also actively exploring new ways to diversify our revenue, including licensing out our technology through low-carbon integrated solutions business to industrial clients.
Revenue contribution from this business increased from 45.7% of our total revenue in 2023 to 55.8% of our total revenue in 2024, and further increased to 68.6% of our total revenue in 2025.
Financial Information · 第 203 页
During the Track Record Period, our cost of sales as a percentage of our total revenue decreased from 84.2% in 2023 to 80.7% in 2024, and further to 77.5% in 2025, reflecting our improved cost efficiency and strategic shift toward higher-margin intelligent energy operation and management solutions.
Financial Information · 第 204 页
Our trade receivables turnover days further increased to 149 days in 2025, primarily due to a decrease in revenue in our intelligent energy efficiency solutions as we strategically shifted our business focus toward higher-margin intelligent energy operation and management solutions.
The consistent increase in revenue contribution from self-operated stores during the Track Record Period was primarily due to the continued growth of our proprietary brands, which relied more on DTC sales.
As of December 31, 2023, 2024 and 2025, we cooperated with 40, 37 and 32 online retailers, respectively, who, to the best of our knowledge, operated 92, 86 and 67 online stores, respectively.
Business · 第 132 页
The decrease in the number of online retailers and their associated online stores was primarily attributable to our strategic shift toward a higher proportion of directly-operated online sales, our continued optimization of partner selection with a focus on stronger operators, and the industry-wide increase in traffic and platform costs that caused certain retailers to change business direction.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
2024年10月推出大运扬州夜游
In October 2024, we also launched the Grand Canal Yangzhou night show which combines outdoor boat-as theaters, storytelling and lights show, offering our visitors an immersive cultural experience in the 2,500 years of glory and transformation of Yangzhou and the Grand Canal.
Summary · 第 3 页
the revenue in July and September through December 2025 exceeded that of the corresponding periods in 2023 and 2024, primarily due to the growing popularity of the Grand Canal Yangzhou night show.
As our service mix evolves over time, any change in the mix of services provided may have a direct and corresponding impact on our revenue and our overall gross profit margin.
Financial Information · 第 212 页
Going forward, in order to maintain or increase our profitability, we will continue to evaluate and adjust portfolio of our services from time to time so as to focus on services with market demand and better potential.
Financial Information · 第 212 页
While these new customers led to a sharp rise in receivables aged six months to one year, they also contributed to substantial growth in large-scale projects and supported our Group’s strategic shift toward online advertising.
Revenue generated from container sales decreased from RMB108.3 million in 2022 to RMB102.2 million in 2023, and further to RMB71.0 million in 2024, representing a decline of 34.5% over the two years.
Business · 第 193 页
The overall decline in rental services is primarily driven by our strategic focus on expanding pooling services, in line with the development trend of the reusable package services industry.
Business · 第 188 页
The decrease was primarily due to the ongoing shift in customer demand from rental services to pooling services, as customers increasingly recognized the cost-saving and operational efficiency advantages of pooling services over traditional rental models.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
51Earth收入下滑并转向消费端应用
From 2023 to 2024, the revenue increase was primarily attributable to growth in 51Aes from Smart Village projects and cultural tourism sector projects, and growth in 51Sim from increased orders from automakers for autonomous driving simulation and testing platform solutions, partially offset by a decrease in revenue from 51Earth mainly due to a decline in demand for certain products, such as online meeting and digital exhibition halls during the year.
Summary · 第 2 页
The decrease in customer numbers for 51Earth in 2024 was primarily due to the decline in demand for certain products, such as online meeting and digital exhibition halls during the year and we started to redirect the focus of 51Earth towards developing consumer-centric applications such as See3.
Given the decrease in our revenue generated under the subscription model during the Track Record Period, largely due to our successful expansion into various industries where new clients tend to initiate their engagement through transaction-based collaborations, our business strategy is focused on converting transaction-based customers into long-term subscribers by enhancing customer education and training about the benefits and functionalities of our solutions.
Business · 第 199 页
During the Track Record Period, we had 12 customers in 2022, 11 customers in 2023, 12 customers in 2024, 3 customers in the six months ended June 30, 2025 who transitioned from transaction-based to subscription-based customers, the revenue contribution of whom accounted for 29%, 32%, 17% and 22% of our total revenue in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
During the Track Record Period, our Group experienced a notable shift in product mix, with the largest contributor of revenue changing from the provision of residential ESS products and solutions in the European market, which accounted for 72.1% of total revenue in 2022, to large-scale ESS products and solutions in the PRC, which contributed to 76.6% of total revenue in 2024.
Summary · 第 4 页
Instead, we provided the technology and production plan arrangements to third party manufacturers and outsourced the production to them.
Summary · 第 5 页
The observed change in product mix during the Track Record Period was the result of tactical adjustments to capture short-term opportunities, not a strategic withdrawal from the European residential ESS segment.
Since January 1, 2024, our marketplace suppliers on Consumption Guide were limited to automobile retailers, and Consumption Guide became an automobile retail O2O platform.
Business · 第 168 页
With the favorable governmental policies in place, that revenue generated from automobile retailers accounted for 87.0% of the total revenue from Consumption Guide for the year of 2023.
Business · 第 171 页
We had wound down the sale of all consumption coupons by the end of February 2024 and ceased distributing them in March 2024.
We recorded a net loss and an adjusted net loss (non-IFRS measure) of RMB175.7 million in 2022, primarily due to (i) the gross loss incurred this year, resulting from the temporary constraints on production capacity and actual production caused by adjustments to production line processes during the initial phase of our product portfolio adjustment, and (ii) increased administrative expenses and R&D expenses to support our business growth.
Summary · 第 14 页
Our net loss and adjusted net loss (non-IFRS measure) narrowed to RMB45.7 million in 2023, primarily due to a gross profit of RMB182.0 million in 2023, mainly attributable to the gradual transition from primarily producing semi-insulating SiC semiconductor material to primarily producing conductive SiC semiconductor material and the release of production capacity, partially offset by increased administrative expenses and R&D expenses to support our business growth.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
钻石镶嵌产品收入占比持续下降
During the Track Record Period, the proportion of our revenue from sales of gold jewelry to our franchise stores and through our online sales channels increased, while the proportion of our revenue from sales of diamond-set jewelry and others across all sales channels decreased during the same periods.
Financial Information · 第 358 页
Conversely, the decreasing market demand for diamond-set jewelry and others has been the primary reason that resulted in the decrease in the revenue from sales of these products during the Track Record Period.
Financial Information · 第 358 页
Our procurement of diamond amounted to RMB132.5 million, RMB61.4 million, and RMB6.1 million in 2022, 2023 and 2024, respectively, accounting for 7.2%, 1.7%, and 0.2% of our raw material procurement for the same periods, respectively.
In 2022, 2023 and 2024, our revenue from sales of battery-electric tractor trucks amounted to RMB77.9 million, RMB28.6 million and RMB7.0 million, respectively, accounting for 21.6%, 6.1% and 1.1% of our total revenue for the corresponding years.
Summary · 第 6 页
Such decrease in the profitability of battery-electric tractor trucks was primarily because we reduced the selling prices of our battery-electric tractor trucks to accelerate the clearance of inventories, as we strategically shifted our primary focus to battery-electric loaders and wide-body dump trucks since 2021.
Summary · 第 6 页
To accelerate inventory clearance of battery electric tractor trucks and to respond to the intensified competition, we reduced their average selling price, which adversely impacted our financial performance during the Track Record Period.
The decrease in our revenue from precision content services during the Track Record Period was primarily because we allocated more resources to expand our RWS support services.
Business · 第 278 页
Our revenue generated from RWS support services was nil, RMB54.5 million, RMB421.9 million, RMB170.9 million and RMB268.1 million in 2021, 2022 and 2023 and for the six months ended June 30, 2023 and 2024, respectively.