We disposed of part of our equity interest in our former subsidiary in India which is engaged in the manufacturing of mobile phones, in July 2024 in light of the changes in the international market environment (the “Disposal of Indian Subsidiary”).
Financial Information · 第 232 页
Our trade receivables increased by 71.8% from RMB1,965.1 million as of December 31, 2023 to RMB3,376.5 million as of December 31, 2024, primarily due to the recognition of the trade receivables arising from transactions involving our former subsidiary in India following its disposal.
Financial Information · 第 232 页
While our former subsidiary in India did not experience any material adverse impact from such regulations and restrictions during the Track Record Period, we decided to transfer part of our equity interest in the former subsidiary in India to an independent third party, which is the controlling shareholder of one of our counterparties (the “Processing Counterparty”), as a precautionary measure to mitigate any potential adverse impact that may arise from such regulations and restrictions in the future.
The raw materials disposed by us in the Disposal were procured and intended to be used at the Plasmid Manufacturing Facility, and were sold to Hangzhou CoJourney as they would no longer be needed by our Company after the Plasmid Manufacturing Facility was sold to Hangzhou CoJourney.
Financial Information · 第 244 页
In July 2024, we and Hangzhou CoJourney entered into a supplemental agreement to the original asset transfer agreement, pursuant to which Hangzhou CoJourney agreed to repay our receivables from the disposal of long-term assets in three equal installments by December 31, 2026, 2027 and 2028, respectively, together with related payments of interest on the outstanding receivables balance.
Financial Information · 第 257 页
Our other income decreased by RMB48.3 million, or 78.3%, from RMB61.7 million for the year ended December 31, 2024 to RMB13.4 million for the year ended December 31, 2025, primarily due to (i) a significant decrease in government grants because we received a one-off government grant in 2024 for our SMA-related research before it entered into the clinical trial stage; and (ii) a decrease in interest income due to a decrease in the amount under deposit, which were partially offset by an increase in rental income because Hangzhou CoJourney used the leased facility for a longer time due to an increase in customer orders during 2025 compared to 2024.
Following the partial transfer of 6% of our equity interests therein to Customer F — Supplier A in November 2024, as part of our strategy to optimize our asset portfolio, after which we retained 45% of our equity interests in such entities, such entities became subsidiaries of Customer F — Supplier A, and the raw milk supply arrangement transitioned from an intra-group arrangement to an external procurement relationship as a result of such equity transfer, representing a continuation of the existing business relationship in the ordinary course of business.
In parallel with its investment programme, the Group has historically undertaken portfolio optimisation and corporate restructuring measures, including the disposal of certain non-core assets, selective acquisitions and internal reorganisations.
Financial Information · 第 176 页
These transactions may affect the Group’s financial condition and results of operations through one-off gains or losses on disposal, and changes in revenue mix and cost structure resulting from the disposal of non-core or loss-making activities or from investments accounted for as associates or joint ventures.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
往绩记录期内向控股股东出售海南药物研究所
The amounts due to related parties as of December 31, 2023 and 2024 were mainly in relation to an equity transfer agreement and supplemental agreement entered into between the Company and its controlling shareholder, Qianhai Tianzheng, to transfer 100% equity interest in Hainan Pharmaceutical Research Institute Co., Ltd. from the Company to Qianhai Tianzheng, which have been fully settled.
Financial Information · 第 260 页
Our other gains and losses increased from RMB0.1 million in 2024 to RMB3.7 million in 2025, mainly due to our gain on disposal of a subsidiary of RMB3.8 million in 2025.
We held Haicheng Market, a physical marketplace in Liaoning, China, in 2023 and 2024.
Business · 第 147 页
Our inventories increased by 8.9% from RMB1,247.2 million as of December 31, 2023 to RMB1,357.8 million as of December 31, 2024, primarily due to (i) an increase in commodities in inventory and (ii) an increase in properties under development, in line with our business growth, partially offset by a decrease in completed properties held for sale in relation to the disposal of Haicheng CCC in 2024.
Financial Information · 第 232 页
Our inventory turnover days decreased from 57.9 days in 2023 to 45.1 days in 2024, primarily due to a decrease in completed properties held for sale in relation to the disposal of Haicheng CCC in 2024, partially offset by an increase in properties under development, in line with our business growth.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
2024年出售附属公司及终止江门基地租赁
During the Track Record Period, our other income and gains primarily consisted of (i) interest income; (ii) government grants and subsidies; (iii) additional VAT deduction; (iv) realized gains from financial assets at FVTPL; (v) unrealized gains from financial assets at FVTPL; (vi) gains on disposal of items of property, plant and equipment; (vii) gains on disposal of a subsidiary, namely Guangdong Environmental Protection, of which we disposed our 55% shares held by our Company in 2024; (viii) gains on disposal of right-of-use assets; and (ix) others.
Financial Information · 第 209 页
Our other income and gains decreased from RMB22.5 million for the year ended December 31, 2024 to RMB17.1 million for the year ended December 31, 2025, primarily due to (i) a decrease in gains on disposal of right-of-use assets from RMB5.3 million for the year ended December 31, 2024 to nil for the year ended December 31, 2025 mainly because of early lease termination of our Jiangmen Base in 2024; and (ii) a decrease in gains on disposal of a subsidiary from RMB4.3 million for the year ended December 31, 2024 to nil for the year ended December 31, 2025 which was in connection with our disposal of Guangdong Environmental Protection in 2024.
Our intangible assets further decreased to RMB570.4 million as of December 31, 2025, primarily due to the disposal of a land use right following the termination of a plant construction in 2025.
Financial Information · 第 207 页
Our other receivables then increased to RMB74.4 million as of December 31, 2025, as a result of an increase in land transfer receivables in connection with the disposal of a land use right in 2025.
On February 7, 2026, the Group entered into a memorandum with Chijian Medical Technology (Qingdao) Co., Ltd. (齒薦醫學科技(青島)有限公司) (“Chijian Medical”), an Independent Third Party, regarding the proposed transfer of the equity interest in Qingdao Huge to Chijian Medical.
In June 2025, Nanjing Dingkong, one of our subsidiaries, partially disposed of its equity interests held in Yangzhou Shuguang. As a result, Yangzhou Shuguang ceased to be consolidated into our Group’s consolidated financial statements.
Summary · 第 27 页
As of September 30, 2025, the carrying amount of goodwill further decreased to RMB1,044.6 million, resulting from our disposal of Yangzhou Shuguang in June 2025.
Mainly represented other gains arising from our disposal of USAS Tianjin in November 2024.
Financial Information · 第 382 页
For the year ended December 31, 2024, we recorded other gains of RMB10.3 million compared to gains of RMB3.7 million for the year ended December 31, 2023, primarily attributable to our disposal of USAS Tianjin in November 2024.
Our net other gains primarily consist of (i) net gains on disposal of property, plant and equipment and right-of-use assets in relation to certain property, plant and equipment sold to third-party medical institutions when we cease the operation of certain medical imaging centers,
Financial Information · 第 416 页
Net gain on disposal of a subsidiary | − | 3,169 | 1,618