可孚医疗科技股份有限公司Cofoe Medical Technology Co., Ltd.01187.HK
线下门店网络收缩并转向经销渠道
In 2024 and 2025, we terminated 59 and 144 existing stores, respectively, primarily because we identified these existing stores failed to meet profitability expectations due to insufficient foot traffic at their locations or limited local market capacity, during our regular performance evaluations of distribution channels.
Business · 第 124 页
During the Track Record Period, we steadily reduced scale of these offline stores, in line with our business strategy of promoting online sales channel to fit evolving shopping habits of consumers, as well as focusing on offline sales of products that demand professional value-added services such as hearing aids.
Business · 第 124 页
From 2023 to 2024, our same-store sales decreased by 8.6% primarily because the new stores we opened in 2023 and 2024 were still in their early operational ramp-up phase and contributed limited revenue in the respective years.
Our prepayments, deposits and other receivables increased by 66.9% from RMB2,945.8 million as of December 31, 2023, to RMB4,915.4 million as of December 31, 2024, primarily due to (i) an increase in deposits and other receivables as a result of increased other receivables following the disposal of a subsidiary engaged in electronic waste recycling business, reflecting a strategic shift as we gradually phased out lower-margin business operations, with intergroup receivables related to this subsidiary reclassified as external receivables upon its disposal, (ii) an increase in tax recoverable, which reflects higher input VAT incurred on equipment purchases associated with the expansion of our Morowali Production Base, with such input VAT expected to be deducted against output VAT generated from future product sales, and (iii) an increase in prepayments reflecting our increased procurement and business expansion.
Financial Information · 第 219 页
(ii) an increase in impairment losses on property, plant and equipment relating to equipment used in our end-of-life vehicle recycling business, as a result of a reduction in expected recoverable amounts following our adjustment of operating strategies and gradual reduction in investment in such business.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
2023年战略性由光伏资产转向DES资产
In 2023, our energy assets primarily consisted of PV assets. In the same year, we strategically shifted from PV assets to DES assets.
Business · 第 99 页
Firstly, we discontinued any new initiatives of our prior PV asset development business in 2023 and shifted to and began focusing on DES assets as the foundation to build our electricity services.
Financial Information · 第 164 页
Our non-IFRS adjusted net loss decreased by 7.0% from RMB207.2 million in 2023 to RMB192.7 million in 2024, primarily due to our strategic shift from PV assets to DES assets, which at the time had better margin profiles than PV assets.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
战略性收缩批发药房及医疗科技业务
During the Track Record Period, we chose to gradually reduce the scale of our wholesale pharmacy services to better focus on our out-of-hospital pharmacy business. Revenue from our wholesale pharmacy services accounted for 32.4%, 29.6% and 15.8% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · 第 117 页
In 2024, we undertook a series of adjustments, including closing persistently loss-making pharmacies, reducing costs and improving efficiency through enhanced digital capabilities, and contracting lower-margin businesses (including significantly reducing wholesale business and strategically ceasing cooperation with certain healthcare technology service clients).
Business · 第 127 页
Apart from the strategic contraction of lower-margin wholesale pharmacy business, our various business lines have maintained continuous revenue growth.
The higher operating expense ratio in 2023 was primarily attributable to higher staff costs recognized in our continuing operations, as certain personnel were redeployed from our Discontinued Operation following the wind-down of COVID-related services.
Business · 第 168 页
We have ceased our COVID-related services in 2023.
Financial Information · 第 239 页
Our inventories decreased by 24.7% from RMB93.1 million as of December 31, 2023 to RMB70.1 million as of December 31, 2024, primarily due to (i) our planned disposal of Annoroad Laboratory in 2024, leading to the reclassification of relevant inventories of Annoroad Laboratory into assets as held for sale in that year, and (ii) our continuous efforts to control our inventory level.
In December 2023, to focus on our core businesses, in particular the development and operation of low-temperature dairy products, we completed a partial disposal of Chongqing Hanhong, whose principal business is operating chain stores specializing in freshly made beverages, including tea drinks.
Business · 第 125 页
Following a partial disposal of Chongqing Hanhong in December 2023, Chongqing Hanhong and its affiliates were accounted for as eight and nine institutional customers for 2024 and 2025, respectively.
Business · 第 124 页
Our other receivables decreased from RMB101.3 million as of December 31, 2023 to RMB32.9 million as of December 31, 2024, primarily due to consideration receivables of RMB74.3 million of December 31, 2023 as a result of the partial disposal of our equity interest in Chongqing Hanhong.
On December 19, 2024, we entered into an equity transfer agreement regarding the disposal of part of our equity interest in Ruiming Sciences.
Financial Information · 第 207 页
We decided to dispose of Ruiming Sciences to optimize our resource allocation and focus on the development of our core business operations, which were our AI solutions and video devices.
Financial Information · 第 207 页
Save for Supplier G, a wholly-owned subsidiary of Ruiming Science, in which we retained a 19% equity interest following its disposal, all of our five largest suppliers were independent third parties in each year during the Track Record Period.
We discontinued our adult incontinence branded product line under ‘‘Tieban’’ (貼伴) in May 2024 to optimise resource allocation and focus on core business segments with higher growth potential.
Summary · 第 1 页
We consider the discontinuation reflected a strategic reallocation of human, R&D and capital resources away from a low-margin, slower-growing product line toward higher-growth branded baby and feminine care markets.
Summary · 第 1 页
Revenue from adult incontinence products increased from approximately RMB15.1 million in FY2023 to approximately RMB32.8 million in FY2025, and the additional adult pull-ups production line is intended to service this growing OEM demand.
From June to October 2024, we transitioned our e-commerce operations within the PRC under this segment to Customer A1, enabling us to concentrate our resources on product development and manufacturing.
Business · 第 132 页
Three e-stores were transferred to Customer A1 on 30 June, 31 August, and 31 October 2024, respectively.
Business · 第 132 页
While this transition reduced the Group’s direct B2C exposure, it enabled the Group to streamline its cost structure and concentrate resources on manufacturing and brand supply.
Our inventories decreased by 36.0% from RMB159.1 million as of December 31, 2023 to RMB101.8 million as of December 31, 2024, primarily due to (i) a decrease in goods of RMB52.4 million, as RMB22.2 million worth of semiconductor equipment was sold in 2024, resulting in a corresponding cost of sales of RMB22.2 million, and the remaining inventory balance of semiconductor equipment of RMB30.2 million was subsequently disposed of together with the disposal of our subsidiary which engaged in selling semiconductor equipment, while the reduction in our inventory balance of semiconductor equipment resulting from the disposal of the subsidiary was not recognized as any cost of sales; and (ii) a decrease in contract fulfillment costs of RMB7.0 million, as a result of the completion of large-scale projects that had not yet been accepted by the end of 2023.
Our net results changed from a loss in 2023 to profitability in 2024 and 2025, primarily due to the transition from self-operated to franchised stores and initial marketing and administrative investments during the rapid scale-up phase.
Summary · 第 11 页
The increase was also due to a decrease in net losses on disposal of property, plant and equipment, as we have strategically closed some of our self-operated stores to focus on a franchise model from 2023 to 2025.
Financial Information · 第 237 页
In addition, we strategically operate self-operated stores to enhance brand recognition and gain market intelligence.
Income tax expenses decreased from RMB22.2 million in 2023 to RMB14.8 million in 2024, primarily due to a change in the business model of our subsidiary Kunshan Guangqian in 2023 from a manufacturing entity to a trading entity.
Financial Information · 第 200 页
In 2023, certain deferred tax assets previously recognised were reversed as at the end of year, which resulted in higher income tax expenses in 2023 compared to our tax expenses in 2024.
上海锦江国际酒店股份有限公司Shanghai Jin Jiang International Hotels Co., Ltd.
向轻资产模式转型并战略性退出部分O&L酒店
In particular, revenue in 2025 decreased compared with 2024 mainly due to a reduction in revenue from our O&L hotels, which was attributable to (i) the strategic exit of certain O&L hotels as part of our portfolio optimization strategy, (ii) temporary room closures at selected hotels for renovation and upgrades aimed at enhancing long term asset quality, operating efficiency and capital discipline, and, to a lesser extent, (iii) a softer operating environment that continued to exert pressure on RevPAR across the industry.
Business · 第 121 页
During the Track Record Period, the expansion of our F&M hotels network has significantly outpaced that of our O&L hotels.
Financial Information · 第 213 页
Smartel was disposed of at a consideration of RMB1,659,989,000 for the year ended December 31, 2024.
In addition, we operate in CNC equipment business and power station EPC business, and generate income from electricity sales from certain photovoltaic power stations that we own.
Financial Information · 第 208 页
In addition, to allocate resources more efficiently and concentrate on our core business, we are scaling down and will ultimately exit the power station EPC business.
Financial Information · 第 208 页
Such a difference was mainly because we previously recorded impairment losses for certain trade and bill receivables of two customers in relation to our power station EPC business, which were collected in 2023, leading to the reversal of impairment losses for these trade and bill receivables in that year.
We completed the disposal of several entities that were engaged in the energy storage and photovoltaic power generation related business in March 2025 to an affiliated entity controlled by our Controlling Shareholders.
Business · 第 112 页
Our trade and bills receivables slightly decreased to RMB5,324.6 million as of September 30, 2025, primarily attributable to the decrease in receivables attributable to the disposed subsidiary in relation to energy storage-related business during the period.
Due to the rapidly evolving industry landscape in both online literature and micro dramas spaces, our business models have undergone a few changes during the Track Record Period. We believe these strategic changes are critical to the survival of our overall business and are common to our peers in the digital entertainment industry.
Financial Information · 第 200 页
In April 2023, we deconsolidated Crazy Maple Studio, which operated overseas online literature and micro dramas businesses back then, for reasons as set out in “History, Development and Corporate Structure — Deconsolidation of Crazy Maple Studio”.
Financial Information · 第 200 页
From 2023 to 2024, for domestic micro dramas business, we started shifting our focus from to-C model to to-B model and prioritized partnering with leading third party platforms backed by internet giants, given that the gross profit margin for to-C model (through mini programs) is declining due to increasing level of distribution costs, with more intense competition in China.
Specifically, we closed six of our healthcare service institutions (3,381 sq.m. in the aggregate) which had relatively small GFA and less specialty departments in 2022, and opened three new healthcare service institutions (6,908 sq.m. in the aggregate) in 2023, including two new ones in Shanghai and Guangzhou which had larger GFA and more specialty departments.
Business · 第 261 页
Based on this assessment, for a healthcare service institution that fails to achieve an expected financial performance, our management determines whether it is necessary to close such a healthcare service institution.
For instance, we strategically discontinued developing and selling certain non-Core Products during the Track Record Period as they generated relatively low financial returns.
Financial Information · 第 452 页
We believe such continuous product structure optimization will contribute to a leaner cost structure and improved profit margin in the future.
We began to offer digital marketing (market education services) in October 2023 and, as a result of surging customer demand for digital marketing services, driven by the shift of the marketing expenditures by pharmaceutical companies to online channels, our digital marketing (market education services) grew quickly to generate a revenue of RMB443.8 million in the six months ended June 30, 2025, accounting for 67.7% of our total revenue in the same period.
Summary · 第 1 页
We entered into one agreement with our customer in 2023 and commenced our digital medical research assistance service in 2024.
Summary · 第 1 页
Except for Zhongyi Hulian, our online illness fundraising platform which was carved out in 2024, all the marketing agents are independent third parties.