We transferred the organizer’s interests in these seven not-for-profit medical institutions to TRT Kangyang in June 2023, mainly as a result of which, revenue generated from TCM healthcare services slightly decreased by 0.7% from 2023 to 2024.
Business · 第 149 页
In June 2023, we transferred the organizer’s interests of seven not-for-profit medical institutions to TRT Kangyang, and started to provide management services to six of those medical institutions in January 2024.
Summary · 第 5 页
Our revenue generated from other business decreased from 2023 to 2024, primarily due to our disposal of TRT Catering Management to TRT Kangyang in June 2023 and the cessation of our catering services.
In May 2022, we entered into a new drug variety co-development agreement (the "Collaboration Agreement") with an Independent Third Party (the "Collaboration Partner") in respect of the research and development of an early-stage LBP candidate.
Business · 第 198 页
In January 2026, we and the Collaboration Partner entered into a supplementary agreement to the Collaboration Agreement, under which we transferred to the Collaboration Partner all of our rights and interests in the candidate (including all related intellectual property, know-how, data and results), in consideration of a cash amount payable by the Collaboration Partner to us in instalments, failing which the arrangement may not proceed.
Business · 第 199 页
Following the transfer, and subject to performance of the supplementary agreement, we ceased to hold any interest in, or to bear any further obligation in respect of, the candidate, and would no longer be entitled to the economic interest described above.
We had historically demonstrated profitability in 2020 and 2021 when our business was primarily focused on more mature 100G-and-below products, which experienced strong market demand at the time, according to our management account.
Summary · 第 13 页
However, since 2022, as we identified the growing opportunities arising from AI data centers and SiPh technology, we have transited to establish a product portfolio centered on high-speed optoelectronic interconnection technologies.
Summary · 第 13 页
Although the benefits of such transition and ramp-up had yet to be fully realized during the Track Record Period, we have seen strong revenue growth and improving economies of scale following the inflection point in the commercialization of our R&D output in 2023.
These were procured in response to our customers’ requirements to facilitate their product sales in a 2025 pilot program, under which we trialed AI-enabled solutions in sales scenarios as part of our end-to-end solutions.
Financial Information · 第 218 页
We have decided to move away from this business model in 2026, and all of these purchased goods will be fully consumed within the year, with no further physical inventories expected to be incurred going forward.
During the Track Record Period, we operated four restaurants under the brand of Chao Dao, and all Chao Dao restaurants ceased operation by the end of 2024.
Business · 第 133 页
Accordingly, we made a strategic decision to discontinue these exploratory brands and focus our efforts on strengthening and expanding our core Banu brand, which we believe offers a clearer and more sustainable growth trajectory.
Business · 第 133 页
In December 2022, we disposed of our entire equity interests of Beijing Tao Niang to the affiliates of certain of the then shareholders of Banu and no restaurants under Tao Niang has been operated by us since then.
As a result, we prioritized resources on development activities in the PRC and suspended the U.S. development program, which was not due to any safety or efficacy concerns relating to MT1013.
Business · 第 166 页
Consequently, the IND application for MT1013 in dialysis CKD-SHPT patients in the U.S. was placed on inactive status in October 2023.
Business · 第 166 页
The IND was reactivated on February 13, 2026, and approval from the FDA was obtained on March 20, 2026 to proceed to a Phase II clinical trial.
There are no specific regulatory, technical, or other obstacles that have led to the discontinuation targeting psoriasis. However, the competitive landscape in the psoriasis treatment field has undergone substantial changes in recent years, with the market becoming highly competitive and entering a relatively mature and crowded stage, according to Frost & Sullivan. Accordingly, we have made dynamic adjustments to our resource allocation and development timeline.
Business · 第 170 页
Based on a comprehensive assessment of clinical value, market potential, and projected investment returns, we intend to prioritize indications with larger unmet market needs and stronger potential for meaningful clinical benefit.
Although we did not generate revenue from Trunk City in 2025, this was primarily due to the timing of project implementation and customer acceptance, which affected the timing of revenue recognition, and did not reflect a cessation of our Trunk City business development efforts.
Summary · 第 6 页
In April 2026, we entered into an additional contract with a local government authority in Jiangsu Province for the provision of L4 autonomous driving public transportation services as part of a smart city project, with a contract value of approximately RMB6.3 million.
Summary · 第 11 页
In April 2026, we entered into service contracts with a public transportation service platform operator in relation to Trunk City business, focusing on urban smart bus and dynamic bus (DRT) services, with an aggregate amount of approximately RMB20.0 million.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
2025年关闭深圳基地并启用佛山基地
We gradually reduced production at our Shenzhen manufacturing base during 2025 and ultimately closed the base and ceased production there in November 2025, primarily in light of downstream demand trends, cost efficiency considerations and the ageing condition of the existing production lines.
Business · 第 153 页
The Foshan manufacturing base primarily focuses on the production of wet process separators and coated separators. It is equipped with wet process production lines with increased equipment width and higher annual designed production capacity per line compared to our previous production lines, which is expected to further enhance our overall production efficiency and economies of scale.
Business · 第 153 页
Our other gains decreased by 49.0% from RMB36.5 million in 2024 to RMB18.6 million in 2025, primarily due to (i) the recognition of impairment losses on property, plant and equipment relating to the cessation of production in Shenzhen manufacturing base in the last quarter of 2025, and (ii) recognition of loss on write-off of inventories, mainly due to equipment malfunction at certain storage facilities that temporarily compromised the required storage environment, rendering the affected inventories unsaleable, partially offset by an increase in investment income of financial assets at FVTPL, mainly from equity investment.
Our loss for the year decreased from RMB153.4 million in 2023 to RMB80.8 million in 2024, primarily due to an increase in our revenue from AI Scaler, and a decrease in research and development expenses, mainly as a result of our strategy in discontinuing a research and development project line.
Summary · 第 7 页
We expanded our business to embodied intelligence business.
During the Track Record Period and prior to the termination of collaboration with Fosun Pharmaceutical Industrial in September 2024, Fosun Pharmaceutical Industrial was our only distributor.
Business · 第 195 页
The termination of collaboration clearly reflects that we have recovered the exclusive commercialization right of azvudine in Chinese Mainland from Fosun Pharmaceutical Industrial.
Business · 第 198 页
After the termination of collaboration with Fosun Pharmaceutical Industrial in September 2024, we engaged offline and online distributors as well as CSOs to promote the sales of our commercialized product, azvuine.
In early 2024, as we began to reach critical mass production, we made a strategic decision to discontinue, and have since discontinued, our relationship with the Early OEM End-customer in order to prioritize more sophisticated, software-centric solutions that are better aligned with our long-term development and profitability objectives.
Business · 第 162 页
We discontinued our business relationship with the Early OEM End-customer in early 2024.
Business · 第 156 页
Our net loss decreased from RMB356.6 million in 2023 to RMB291.1 million in 2024, primarily due to an increase in our gross profit, as in 2024 we discontinued our relationship with an Early OEM End-customer in which carried relatively low margins.
In 2023, we refined our strategic focus from "overseas and offshore wind business strategy" ("兩海戰略") to a targeted "overseas offshore wind business strategy" ("新兩海戰略"), sharpening our emphasis from developing overseas wind markets and offshore wind projects to specialized offshore projects in overseas markets.
Business · 第 108 页
Our revenue decreased from RMB4,325.1 million in 2023 to RMB3,779.7 million in 2024, primarily attributable to the decrease in our revenue generated from manufacturing and sales of wind power equipment, mainly in Chinese Mainland, as we adjusted our strategic focus to prioritize projects with higher profit margins.
Summary · 第 5 页
As part of our strategic shift towards the higher-margin overseas offshore wind market, we scaled back production of domestic onshore products with relatively lower gross profit margins.
The decrease in our gross profit margin from 2023 to 2024 was primarily due to the increased revenue contribution of our L4 solutions which required higher software development cost and thus a relatively lower gross profit margin compared with the gross profit margins of our L2-L2+ solutions during the respective years.
Summary · 第 8 页
This decrease was mainly due to our gradual shift away from aftermarket business for L2-L2+ integrated solutions, which required us to keep more finished products in stock.
Financial Information · 第 216 页
This increase was mainly due to the launch of Robotaxi sales business, under which certain vehicle models were recorded as inventory, leading to the increase of raw materials.
In 2023, 2024 and 2025, the gross amounts of payments made on behalf of such other parties amounted to RMB2,060.2 million, RMB1,047.6 million and RMB302.1 million, respectively, and the gross amounts of repayments received from such other parties amounted to RMB2,056.5 million, RMB1,163.7 million and RMB395.1 million, respectively.
Financial Information · 第 239 页
Our other receivables decreased from RMB171.2 million as of December 31, 2024 to RMB73.4 million as of December 31, 2025, primarily due to (i) a decrease in other payments on behalf of others of RMB93.1 million as we adjusted our business strategies and gradually ceased providing vehicle operation services to automobile dealerships; and (ii) a decrease in other receivables from employees of RMB7.7 million as a result of timely settlement of outstanding balances.
In 2025, the contract value related to such delivery form was only RMB6.6 million, accounting for 0.9% of our revenue, which we do not consider to be material to our business operations.
Summary · 第 7 页
Considering (i) the financial contribution of geology-related services was not significant in terms of the contract value which was RMB20.3 million, RMB3.4 million and RMB nil, respectively, in 2023, 2024 and 2025; and (ii) we had fulfilled all outstanding contract liabilities with respect to geology-related services as of the Latest Practicable Date and do not intend to enter into new contracts in this regard going forward, our Directors are of the view that the cessation of geology-related services will not impact our relationships with existing customers and would not have any material adverse impact on our business, financial condition and results of operations.
Summary · 第 7 页
As advised by our PRC Legal Advisor, the cessation of providing satellite-based solutions involving 3D reality mapping compilation and geology-related services constitute a lawful business arrangement to comply with the Negative List, which are legally valid and enforceable and does not constitute a circumvention of the relevant laws and regulations.
In February 2026, considering our strategic focus on our principal business and the associated management time and resources to maintain such qualification, we voluntarily surrendered the Surveying and Mapping Qualification Certificate.
Summary · 第 6 页
Based on our current order backlog of satellite-based solutions as of the Latest Practicable Date and our reasonable estimation of future business demand, we expect that our total cost per year of procuring satellite remote sensing data would be less than RMB5.0 million.
Summary · 第 6 页
Our Directors believe that the impact of such cost increases can be effectively mitigated through pricing adjustments and ongoing improvements in cost efficiency, including standardized delivery formats and strengthened lean management of our research and development activities, and that such cost increases would not have a material adverse effect on our profitability, business, financial condition or results of operations.
Yuxing Zhejiang ceased to be a subsidiary of our Company and became a related party on December 31, 2024 upon the termination of contractual arrangements.
Financial Information · 第 270 页
It ceased to be a related party and became a third party on April 27, 2025 after Mr. Wu and Mr. Zhou’s disposal of their equity interests in Yuxing Zhejiang to a third party.
On December 17, 2025, we entered into an equity transfer agreement with East Lake High Technology, pursuant to which we agreed to transfer the entire equity interest in Suining Chaojie, together with the debt owed by Suining Chaojie, to East Lake High Technology. The transfer was completed on January 4, 2026 and Suining Chaojie ceased to be a subsidiary of us since then.
As we strategically streamlined our business model to focus primarily on our core platform services to Clinics, we had gradually decreased such direct services to Members and ceased to provide such services since October 2025.
Business · 第 110 页
For each year of the Track Record Period, revenue derived from provision of beauty services to Members amounted to HK$30.7 million, HK$14.7 million and HK$2.4 million respectively, representing 13.1%, 3.8% and 0.4% of our total revenue for the respective years.