深圳四方精创资讯股份有限公司Shenzhen Forms Syntron Information Co., Ltd.06700.HK
2024年四季度起战略性收缩非核心低毛利业务
The shift focused on optimizing profitability by prioritizing core, high-margin business activities while systematically reducing our engagement in non-core business lines.
Summary · 第 2 页
Our revenue decreased by 14.8% from RMB740.4 million in 2024 to RMB631.1 million in 2025.
Summary · 第 2 页
The decrease of our revenue generated from Customer B in 2025 was due to our strategic shift, under which we proactively reduced our participation in certain highly competitive and low-margin projects.
Under the plan, we intend to discontinue brass rods production at the production base and shift its production resources to products with growing regional demand.
Summary · 第 13 页
Our Directors are of the view that the reorganization will not have a material adverse effect on our business, financial condition or results of operations.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
马来西亚生产基地停产并将产能转移至泰国
As at the Latest Practicable Date, our Malaysian production base had ceased production activities out of considerations to optimize our production resource allocation, as well as to enhance management and production efficiency and cost-effectiveness.
Summary · 第 3 页
We believe that such production base adjustments and capacity transfers will not have any material adverse impact on the business operations, financial condition, or future prospects of the Group.
Losses on the write-off of input VAT primarily resulted from 22 subsidiaries becoming dormant, 21 of which had completed deregistration as of June 30, 2026.
Financial Information · 第 212 页
Their transition to dormancy was primarily attributable to our organizational restructuring and initiatives to enhance operational efficiency, including the integration of regional store and supply chain management functions and the discontinuation of operations in certain loss-making regions.
Financial Information · 第 212 页
Our net other losses increased from RMB9.1 million in 2024 to RMB32.7 million in 2025, primarily due to (i) net exchange losses of RMB8.7 million resulting from Renminbi appreciation on Renminbi-denominated procurement payables of our Hong Kong and Macau subsidiaries, and (ii) net losses of RMB4.8 million from early termination and modification of lease agreements, mainly in relation to the closure of our warehousing facilities in Xi'an and Dongguan.
From 2023 to 2024, Customer C was the principal customer for this product line.
Business · 第 144 页
Since 2025, we strategically scaled down the sales of PV cell additives due to the intense market competition.
Business · 第 144 页
We have strategically scaled down this product line in 2025 due to the lower profitability as a result of the intensified market competition, allowing us to focus resources on our proprietary material products.
(2) Other business primarily consisted of (i) sales of semi-processed dairy ingredients; (ii) sales of eggs and non-staple food products; (iii) sales of packaging materials; (iv) contract manufacturing services; and (v) sales of residential units primarily to our employees.
Business · 第 141 页
Our inventories further decreased by 41.2% from RMB2,696.3 million as of December 31, 2025 to RMB1,584.4 million as of June 30, 2026, primarily due to (i) a decrease of RMB668.5 million in properties for sale, primarily attributable to the reclassification of the remaining residential units as fixed assets upon the change in their use to self-owned properties in March 2026, with a few residential units sold during January and February 2026; (ii) a decrease of RMB346.7 million in raw materials, primarily reflecting the seasonal pattern of our forage procurement, which is concentrated in September and October each year; and (iii) a decrease of RMB88.3 million in finished goods, primarily due to the higher stockpiling level at the end of 2025 for holiday sales.
Financial Information · 第 244 页
Our average inventories turnover days decreased from 77 days in 2025 to 54 days for the six months ended June 30, 2026, primarily due to the decrease in properties for sale following the cessation of our property development activities and the seasonal decrease in raw materials.
In 2024, we streamlined our product portfolio and ceased to engage in the sale of relevant products with a higher ASP but a lower profit margin.
Summary · 第 10 页
As a result, the ASP of our products under "Others" category showed a substantial decrease.
Summary · 第 10 页
2025, primarily due to our product portfolio optimization, including (i) the discontinuation of our distribution of certain home and lifestyle products under the Others category; and (ii) our shift in product strategy from expanding our SKU offerings to optimizing our existing product portfolio and enhancing product quality, given our existing substantial SKU base.
In contrast, revenue from C&I ESS solutions decreased from RMB51.3 million (11.9% of total revenue) in 2023 to RMB5.5 million (0.5% of total revenue) in 2024, and we did not deploy C&I ESS solutions in 2025 and the four months ended April 30, 2026, primarily reflecting our strategic reallocation of resources toward the large-scale ESS solutions business.
Summary · 第 4 页
Revenue from large-scale ESS solutions increased from RMB7.2 million (1.6% of total revenue) in 2023 to RMB477.2 million (41.7% of total revenue) in 2024 and RMB1,669.3 million (89.4% of total revenue) in 2025.
Summary · 第 4 页
For C&I energy storage projects, we deployed our ESS solutions in one and two projects in 2023 and 2024, respectively, and nil and nil in 2025 and the four months ended April 30, 2026, as we adopted a more selective approach in undertaking C&I energy storage projects since we strategically reallocated our resources toward large-scale ESS solutions in line with our business repositioning strategy.
In 2025, based on our expected market potential of combination therapy of GH21 and GH55 and relevant preliminary safety data, our R&D focus shifted towards the combination therapy.
Business · 第 179 页
According to CIC, the aforesaid progress and our decision to shift R&D focus aligns with industry norm.
Business · 第 179 页
There is currently no concrete timeline for GH55 monotherapy phase 2 clinical trial, as we expect to prioritise the clinical development for GH55's combination therapies with GH21 and potentially other drug candidates.
We ceased the sales of Propofol Injectable Emulsion in the PRC in January 2024 after having considered various factors, among others, (i) the 10mL formulation of our Propofol Injectable Emulsion was less commonly adopted in clinical practice in PRC, whereas the 20mL formulation offered by our competitors had become the predominant market standard; (ii) our Propofol Injectable Emulsion lacked pricing competitiveness, and any further price reductions would have adversely impacted our profit margins; and (iii) we intend to consolidate our resources for the R&D of our two Core Products.
Our income from sales of medical aesthetic products represents income generated from our cosmetics business, which we ceased such operation on September 1, 2025, for details, please refer to the section headed “Business — Our Other Businesses”.
Financial Information · 第 242 页
The gross loss for our cosmetic business during the Track Record Period was primarily due to the decrease in income from the sales of medical aesthetic products as a result of the progressive scaling down of our cosmetic business during the year ended December 31, 2024 and the complete cessation of our cosmetic business during the year ended December 31, 2025.
Financial Information · 第 249 页
Our inventories decreased slightly from approximately RMB1.8 million as at December 31, 2024 to approximately RMB1.6 million as at December 31, 2025 primarily due to the write-down of inventories as a result of the cessation of our cosmetic business during the year ended December 31, 2025.
During the Track Record Period, the revenue contribution from our intelligent energy and environmental projects declined significantly, from 59.0% in 2023 to 42.8% in 2024, and 36.5% in 2025, and further to 5.6% in the three months ended March 31, 2026.
Financial Information · 第 170 页
Consequently, our gross profit margin subsequently increased from 14.6% in 2024 to 28.3% in 2025 and further to 32.5% in the three months ended March 31, 2026.
Financial Information · 第 170 页
We primarily provide system integration for customers under this business, which generally carries a low gross margin.
We then broadened our business to cover segments with higher margin potential and a greater degree of scalability, such as the sales of battery-swapping equipment and the provision of operational services to third-party stations.
Business · 第 136 页
We expect to shift from a self-owned, asset-heavy model to a scalable, service-based model.
Financial Information · 第 187 页
From 2024 to 2025, the revenue decrease from self-owned stations was mainly because (i) we continued to optimize our station portfolio by closing or transferring certain underperforming stations in 2025; (ii) in markets such as Beijing and Yunnan, we adopted promotional pricing and user activation measures to support local vehicle usage and maintain driver engagement.
The impairment resulted from our strategic shift towards dermatology products, which resulted in a lower priority for our autoimmune and rheumatic products.
Financial Information · 第 194 页
(iii) an impairment loss on assets held-for-sale of RMB2.4 million arising from the disposal of the drug approval certificate for tofacitinib citrate, where the transfer price was lower than its carrying amount.
Financial Information · 第 190 页
Our goodwill arose from the acquisition of 98% equity interest in Chongqing Duoyuan Enterprise Management Co., Ltd. (“Chongqing Duoyuan”) in November 2020, through which we indirectly acquired Chongqing Yaoyanyuan, a subsidiary of Chongqing Duoyuan.
In 2024, facing intensified market competition, we scaled down our platform-based transportation services business in advance of industry volatility caused by the release of Decree No. 783 and we commenced a strategic transformation into an intelligent logistics and supply chain service provider offering diversified and high-value-added services.
Business · 第 151 页
Accordingly, revenue from our platform-based transportation services decreased from RMB19,519.8 million in 2023 to RMB13,926.9 million in 2024 and stabilized at RMB13,755.8 million in 2025, while revenue from our integrated supply chain services increased from RMB157.2 million in 2024 to RMB800.7 million in 2025.
Financial Information · 第 217 页
We have divested our financial leasing business through the disposal of a majority of our business and relevant assets in Tianjin Dongming Financial Leasing Co., Ltd., a subsidiary, in April 2026.
Historically, we sold directly to certain large retailers, but this direct-to-retailer model was discontinued in 2024 with a view to enhancing our long-term profitability and operational efficiency by leveraging our distribution strategy.
Business · 第 131 页
For Chinese Mainland, offline sales are handled entirely through authorized distributors, who supply retail outlets such as specialty maternal and infant stores, supermarkets and baby care chains.
Therefore, we strategically shifted our business focus from scale-oriented development, namely digital marketplace business, to profit-oriented development, namely self-operated business, since 2022.
Summary · 第 5 页
The decrease in the number of offline trading partners in 2024 was primarily due to our gradual cessation of such infant formula product line.
Business · 第 157 页
Our strategic shift of business focus from scale-oriented development (digital marketplace business) to profit-oriented development (self-operated business) since 2022 has yielded positive results, evidenced by the increase in the proportion of revenue and gross profit derived from self-operated business in our total revenue and gross profit from 71.9% and 31.9% in 2023 to 86.8% and 53.8% in 2025, respectively.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
2025年出售直播电商业务并列为终止经营
In November 2024, we acquired control of Hangzhou Xingqitian and its subsidiaries as part of our Group's reorganisation.
Business · 第 146 页
In order to allow our Group to maintain a focused and coherent business strategy, and as part of our ongoing reorganisation, we determined that it was in the best interests of our Group and its shareholders to carve out the Live Streaming E-commerce Business from our Group.
Business · 第 146 页
Pursuant to the reorganisation, we transferred our entire interest in Hangzhou Xingqitian to Wanglian Keji in June 2025 for a consideration of RMB16.2 million under common control.
In particular, our planned strategic transition from the historical human rabies vaccine (Vero cell) to the lyophilized human rabies vaccine (Vero cell), as well as the upgrade of our influenza vaccine production line to accommodate the quadrivalent split influenza vaccine, necessitated temporary production suspensions for production line validation and regulatory on-site inspections.
Business · 第 155 页
Given that our other candidates, including PCV13, PCV24 and lyophilized human rabies vaccine (HDC) candidates, utilize separate production lines and are therefore not expected to be subject to production suspensions for other commercialized products in connection with their respective regulatory on-site inspection processes.