Building on this foundation, we expanded into the sale of cold chain agricultural products in 2023, which has since become our primary growth engine.
Summary · 第 1 页
We operate a business model comprising (i) the sale of cold chain agricultural products and (ii) the provision of digital and intelligent cold chain integrated solutions.
Business · 第 130 页
Our sale of cold chain agricultural products and digital and intelligent cold chain integrated solutions are operationally complementary and together support the development of our business.
We collaborate with Huawei, primarily through Yinwang in which we acquired a ten percent equity interest, in the development and integration of assisted driving systems, in-cabin technologies and related software solutions.
Business · 第 162 页
As of December 31, 2025, we had net current liabilities of RMB8,284.6 million, primarily due to a decrease in cash and cash equivalents following our strategic investment in Yinwang, as well as the increase in trade and notes payables and other payables and accruals in connection with our business scale-up, including higher production volume and continued investment in research and development and marketing activities.
In 2025, revenue under the customer-provided fleet model accounted for 56.8% of our total revenue, as compared to 46.0% in 2024 and 41.7% in 2023.
Summary · 第 4 页
In early stages, we led deployment under a Company-provided fleet model, possessing the vehicles and offering turnkey operations to help customers de-risk early adoption.
Business · 第 123 页
We are actively transitioning from the capital-heavy Company-provided fleet model to the more capital-light, higher-margin customer-provided fleet model.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
服务模式演变为全漏斗整合营销方案
Over the years, our service model continued to evolve from earlier influencer-focused marketing services toward full-funnel integrated marketing solutions.
Financial Information · 第 202 页
Revenue generated from our full-funnel integrated marketing solutions amounted to RMB505.0 million, RMB695.4 million and RMB715.1 million in 2023, 2024 and 2025, respectively, accounting for 33.5%, 52.0% and 51.0% of our total revenue for the same years, respectively.
In particular, revenue generated from our parking facility and platform operations was RMB96.9 million, RMB124.2 million and RMB175.1 million in 2023, 2024 and 2025, respectively, accounting for 13.1%, 15.5% and 21.1% of our total revenue in the same years, respectively.
Financial Information · 第 221 页
The shift in our revenue structure during the Track Record Period led to fluctuations in our profitability, as our profit margins vary across different offerings.
Leveraging our international trade know-how and cross-border e-commerce marketing experience, we launched our overseas e-commerce operation business segment in May 2025.
Summary · 第 2 页
We plan to introduce four to five new product categories in each of 2026 and 2027, which we expect will continue to expand our revenue scale from such segment.
Since the inception of our battery-swapping business, our business model has been undergoing a strategic transition to asset-light, replicable battery-swapping solutions through business partners, leveraging our business partners' local resources to achieve cost-efficient market penetration.
Business · 第 144 页
We expect to evolve our business model by adding a scalable, service-based model on top of a self-owned, asset-heavy model.
Financial Information · 第 212 页
Battery-swapping solutions through business partners | 2,310 | 0.3 | 1,175 | 0.2 | 21,160 | 2.9
In May 2026, we also commenced business development efforts in the robotic machinery sector by entering into two strategic cooperation agreements with a pump manufacturer in Zhejiang Province, China and an electric vehicle manufacturer in Anhui Province, China for the supply of industrial dual-arm robots and joint modules for the period from August 2026 to July 2028.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
2025年8月推出GJ Autopilot AIGC新业务线
In August 2025, we tapped into the GJ Autopilot AIGC field, demonstrating the evolution of our GJ AI workforce solutions from AI Copilot to Autopilot, and a shift from AI-tool services to outcome-based solutions.
Summary · 第 2 页
In less than five months, GJ Autopilot AIGC Agents had a revenue contribution of over RMB50 million, representing over 6% of our total revenue in 2025.
Business · 第 177 页
As this initiative matures, we expect to see a substantial boost in profitability, alongside improved operational efficiencies and reduced upfront costs.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
由设计院转型并新增光伏投资运营业务
Through our years of operation, we have transformed from a power design institute into an integrated energy solution provider in respect of power projects. During the Track Record Period, with the aim to expand our business operations upstream, we began to invest in and operate new energy power projects.
Summary · 第 1 页
As an upstream expansion of our business activities, we started to invest in and operate PV power projects during the Track Record Period.
Business · 第 128 页
In light of the aforesaid benefits, we plan to further our investments in PV power projects.
On March 31, 2026, in connection with a proposed capital increase by Nanjing Digi-Hua to certain new investors, our Board of Directors approved the Company's waiver of its pre-emptive right to subscribe for the capital of Nanjing Digi-Hua.
Summary · 第 10 页
Upon completion of the capital increase, Nanjing Digi-Hua will cease to be a subsidiary of our Company and will instead be accounted for as an associate, and will no longer be consolidated as a subsidiary into our Company's financial statements.
Summary · 第 10 页
Our Directors are of the view that the capital increase and our Company's waiver of its pre-emptive rights will not have a material adverse effect on our Group's business operations or financial performance.
In 2023, we launched our robot bodies at scale as a distinct offering category.
Financial Information · 第 214 页
The increase was primarily driven by our strategic shift from solution-centric offerings to a ramp-up of robot body sales, which we expect would result in higher profitability and faster inventory turnover.
Financial Information · 第 214 页
The initial layout of costs has led to a temporary decline in margin.
Consequently, from June 2024 onwards, our operational model transitioned to its current structure whereby Clinics formally delegate brand marketing and management activities to our Group pursuant to the Service Framework Agreements.
Business · 第 113 页
For each year of the Track Record Period, (i) revenue derived from provision of branding activities services amounted to nil, HK$63.5 million and HK$134.7 million respectively, representing nil, 16.4% and 21.2% of our total revenue for the respective years; and (ii) revenue derived from trademark licensing fees amounted to nil, HK$4.0 million and HK$7.7 million respectively, representing nil, 1.0% and 1.2% of our total revenue for the respective years.
Business · 第 113 页
Centralisation of brand management allows Clinics to focus on the delivery of medical services, lowers the aggregate marketing costs for individual Clinics, and enables all Clinics operating under our brand to organise larger-scale, more impactful campaigns, such as cooperation with reputable public figures and celebrities to bolster brand credibility and exposure.
We underwent significant shifts in the composition of our business during the Track Record Period. In particular, revenue from our self-driving laboratory solutions grew substantially, increasing from nil in 2023 to RMB36.2 million in 2024 and further to RMB170.7 million in 2025, demonstrating accelerating market adoption of this offering.
Financial Information · 第 182 页
Gross profit margin for intelligent laboratory solutions improved from 16.1% in 2023 to 23.7% in 2025, driven by enhanced delivery efficiency and cost control measures.
Since 2023, we strategically transitioned our business model from a predominantly ODM-based approach to focusing on the sale of our branded products under two brands, WYBOT and Winny Pool Cleaner, to end consumers primarily in North America, Europe, Asia and Oceania primarily through E-commerce marketplaces, such as Amazon, our E-commerce independent websites on Shopify, Woot, Walmart, Best Buy, Lowe's, Target, and Home Depot.
Summary · 第 4 页
Revenue contribution from sales of branded products, as a percentage of our total revenue, increased from 67.1% in 2023 to 72.4% in 2024 and further to 83.5% in 2025, while our revenue generated from sales under ODM model, as a percentage of our total revenue, decreased from 31.1% in 2023 to 24.6% in 2024 and further to 15.6% in 2025, primarily because, since 2023, we have strategically placed greater emphasis on the development and sales of our branded products, opening up online sales channels such as Amazon, and further expanding the business scale of our own branded products.
Financial Information · 第 217 页
During our business model transition, we strategically chose to scale down our ODM operations rather than maintain their existing size.
We launched our C2M flexible manufacturing equipment and related products in November 2025:
Business · 第 111 页
We are also gradually expanding our production capabilities to C2M manufacturing equipment, for which we primarily adopt a make-to-stock production model.
Business · 第 130 页
The C2M production model enables us to meet demands from both C-end users and channel partners for rapid product delivery, while also allowing for effective cost control and economies of scale by spreading fixed productions costs over a larger output and by optimising supply chain procurement.
Leveraging the technological capabilities and supply chain advantages accumulated from the rapid development of our intelligent automotive solution, we expanded into the broader range of intelligent appllications, and launched our robovan and foundational hardware for intelligent robots in 2025.
Financial Information · 第 145 页
As at the end of 2025, we had not yet commercialized those products in such emerging markets.
Financial Information · 第 145 页
Nevertheless, we intend to continue to invest in, and strategically expand, our presence in these emerging markets, and we expect to record increasing revenue from these products in the future.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
2025年全面推出海外电商业务
Building on groundwork commenced in the second half of 2024 and initial operations launched by the end of 2024, our overseas e-commerce operations were fully rolled out in 2025 and comprise two sub-segments: (a) Chinese brand overseas e-commerce, where we help established Chinese brands such as iFLYTEK expand into international markets through e-commerce agency services — essentially the reverse of our domestic e-commerce operations model; and (b) proprietary brand development, where we draw on the deep consumer insights, category expertise, and market intelligence accumulated through years of serving brand partners to identify product opportunities, develop proprietary products, and bring them to global consumers by leveraging China’s well-established supply chain and manufacturing ecosystem.
Summary · 第 2 页
The significant increase in the number of self-operated stores from 2024 and 2025 was mainly due to the commencement and expansion of our overseas e-commerce brand operations requiring us to operate stores for Chinese brands on international e-commerce platforms such as Amazon. The decrease in self-operated stores from 2023 to 2024 reflects the strategic allocation of resources in the development of our overseas e-commerce brand operations, which we believe has a promising business prospect.
Since June 2024, we launched online marketing solutions services that are complementary to our SaaS solutions.
Summary · 第 1 页
During FY2024 and FY2025, our revenue generated from our online marketing solutions business amounted to approximately RMB35.9 million (representing approximately 36.3% of our total revenue) and approximately RMB450.3 million (representing approximately 87.5% of our total revenue) for the corresponding period, respectively.
Financial Information · 第 215 页
During FY2025, approximately 12.5% and 87.5% of our revenue was generated from our SaaS solutions business and our online marketing solutions business, respectively.