We began offering complete device assembly on a large scale in 2021, and our complete device assembly experienced rapid ramp up during the Track Record Period. As a percentage of our total revenue, complete device assembly revenue grew from 1.1% in 2022 to 14.7% in 2023 and 20.7% in 2024.
Business · 第 169 页
In addition, we proactively expand into broad and high-growth-potential areas and extend horizontally into diversified markets such as smart retail devices, industrial applications, smart home, humanoid robots and AI glasses/XR head-mount displays, creating a multi-faceted presence in various emerging markets.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
战略收缩低利润的其他通信服务业务
Given the fierce competition and low profitability, we have been strategically scaling down this business segment.
Summary · 第 2 页
In addition, we have been gradually scaling down some existing services, such as contact center outsourcing since 2021, sale of virtual goods since 2022, mobile data services since 2021 and video conference solutions since 2022 as we anticipated more intense competition or low profitability in the future.
We have entered certain of these new markets by obtaining new licences (such as in the Philippines and Indonesia) or via the acquisition of licensed life insurers with limited operations locally (such as in Singapore, Vietnam, Malaysia and Cambodia).
Summary · 第 1 页
We have made several strategic acquisitions that have contributed significantly to our business growth and our geographic expansion.
Financial Information · 第 360 页
Due to the proportion of our in-force business that has arisen through acquisitions, our results of operations are significantly impacted by one-off costs of integration activities and the costs of servicing debt incurred to finance our acquisitions, which are not necessarily indicative of the operational performance of our operating segments.
To secure a stable supply of key raw materials and enhance our competitive edge in the quick-frozen prepared dishes market, we have strategically acquired upstream businesses and partnerships.
Business · 第 210 页
In addition, through acquisitions, we bolstered our supply of surimi, one of the primary raw materials of our products, and increased our production capacity and process efficiency in surimi and aquatic prepared dishes, such as quick-frozen flavored crayfish.
Business · 第 210 页
Hubei New Liuwu and subsidiaries cash-generating unit were acquired by our Group in August 2022 and became a subsidiary of our Group since then.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
2023年收购FENS品牌及门店资源
FENS is a brand acquired by us through asset acquisition from Shenzhen Dongfang Jiayu Co., Ltd. (深圳市東方嘉裕實業有限公司) (“Shenzhen Dongfang Jiayu”) in 2023 with consideration of: (i) approximately RMB20,000 for trademarks; and (ii) approximately RMB3.1 million for store resources and equipment.
Business · 第 207 页
The revenue contribution of FENS stores to us was not material in 2024.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
钻石镶嵌产品收入占比持续下降
During the Track Record Period, the proportion of our revenue from sales of gold jewelry to our franchise stores and through our online sales channels increased, while the proportion of our revenue from sales of diamond-set jewelry and others across all sales channels decreased during the same periods.
Financial Information · 第 358 页
Conversely, the decreasing market demand for diamond-set jewelry and others has been the primary reason that resulted in the decrease in the revenue from sales of these products during the Track Record Period.
Financial Information · 第 358 页
Our procurement of diamond amounted to RMB132.5 million, RMB61.4 million, and RMB6.1 million in 2022, 2023 and 2024, respectively, accounting for 7.2%, 1.7%, and 0.2% of our raw material procurement for the same periods, respectively.
As we gradually scaled down GuangHeTang's offline postpartum meal business during the Track Record Period and eventually disposed of GuangHeTang Catering which operated such business, our food products are now primarily sold on e-commerce platforms, where we directly sell our products to end consumers through our self-operated online stores.
Business · 第 256 页
Our net other gains and expenses increased from RMB0.8 million for the year ended December 31, 2022 to RMB1.0 million for the year ended December 31, 2023, primarily because we had a gain on disposal of a subsidiary, namely GuangHeTang Catering, of RMB0.2 million.
Financial Information · 第 391 页
an increase in other receivables from RMB2.9 million as of December 31, 2023 to RMB17.9 million as of December 31, 2024, primarily due to the recognition of consideration receivables relating to the disposal of our entire interests in Chengdu Wenjiang BekZene Internet Hospital Co., Ltd and Chengdu Wenjiang Beikang Enhu Outpatient Department Co., Ltd
In 2022, we made significant investments to achieve a substantial scale in major tier-one and tier-two cities across China and to build up a fleet of approximately 50,000 vehicles that we hold directly.
Summary · 第 8 页
In 2024, our vehicle sales increased significantly as we dedicated a greater proportion of our purpose-built vehicles for external sales.
Business · 第 187 页
We had vehicle sales revenue of RMB114.6 million and RMB866.8 million in 2023 and 2024, respectively.
In early 2024, in view of our business development and corporate strategy, we began streamlining our corporate structure and began unwinding and terminating the Historical Contractual Arrangements, which was completed in April 2024.
Summary · 第 30 页
During the years ended December 31, 2022, 2023 and 2024, Miyin Prohibited Business, Mirui Prohibited Business, Hangzhou Mian, 30% equity interest in Jianian and Linuokang Lab contributed an aggregate revenue of RMB13.00 million, RMB6.27 million and RMB4.96 million to our Group respectively, representing 10.27%, 3.64% and 3.40% of the aggregate revenue of our Group for the respective year.
In March 2024, we completed the production of our final batch of Fortitude™ and have since discontinued its manufacturing.
Business · 第 397 页
In addition, as the COVID-19 pandemic had gradually eased, certain distributors terminated or did not renew their distribution agreements with us for the distributions of Fortitude™ due to the significantly reduced demand.
Such cooperation agreements had been terminated on December 25, 2024, following our acquisition of 100% of equity interest in Hangzhou Greentea, which allows us to own and directly operate such restaurants without any cooperative arrangement.
Business · 第 166 页
Our amounts due from related parties primarily consist of (i) the expenses relating to the expansion and renovation of the Longjing restaurant we advanced to Hangzhou Greentea prior to our acquisition of Hangzhou Greentea and its subsidiary on December 25, 2024 and (ii) receivables relating to our operation of certain restaurants under the cooperation agreements with our connected persons, which had been terminated on December 25, 2024.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
2021年收购捷泰科技并剥离原汽车饰件业务
Considering that the continuing operation of the Discontinued Business would divert the management's attention as well as other resources away from the PV Cells Business, the Company disposed of the Discontinued Business in June 2022.
Summary · 第 4 页
In line with our business development strategy, on March 12, 2022, we entered into a transfer agreement with Yang Family pursuant to which we agreed to sell and Yang Family agreed to acquire 100% equity interest of our principal subsidiaries that engaged in the Discontinued Business, as well as all assets relating to the Discontinued Business.
Summary · 第 7 页
For the period from January 1, 2022 to the date of the disposal in June 2022, Discontinued Business recorded a loss of RMB10.4 million.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
P型PERC电池业务于2024年6月全面停产
After evaluating the costs and benefits associated with the potential upgrading of the Shangrao Plant for N-type TOPCon cell production, we have concluded that such a upgrade would not be commercially viable.
Business · 第 246 页
Our management has closely monitored the development of market trend and recognized impairment loss of RMB894.2 million on certain P-type PERC cell production line and production facilities in Shangrao Plant in 2023.
Business · 第 248 页
We are implementing strategic measures to streamline human resource management to relocate our production staff in Shangrao Plant to other production plants upon mutual agreement, and facilitate the orderly transition of our workforce to other plants specializing in N-type TOPCon cell production where applicable, which is designed to optimize our operational efficiency and preserve the value of our human capital during this transitional period.
In 2022, 2023 and 2024, our revenue from sales of battery-electric tractor trucks amounted to RMB77.9 million, RMB28.6 million and RMB7.0 million, respectively, accounting for 21.6%, 6.1% and 1.1% of our total revenue for the corresponding years.
Summary · 第 6 页
Such decrease in the profitability of battery-electric tractor trucks was primarily because we reduced the selling prices of our battery-electric tractor trucks to accelerate the clearance of inventories, as we strategically shifted our primary focus to battery-electric loaders and wide-body dump trucks since 2021.
Summary · 第 6 页
To accelerate inventory clearance of battery electric tractor trucks and to respond to the intensified competition, we reduced their average selling price, which adversely impacted our financial performance during the Track Record Period.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
2022年收购江苏塔菲尔业务及苏州ZENIO
In February 2022, the then shareholders of Jiangsu TAFEL resolved to transfer its business and certain assets including properties, plant and equipment, other intangible assets and part of the inventories held by Jiangsu TAFEL and its subsidiaries to our Company and its subsidiaries.
Business · 第 320 页
On February 25, 2022, Zenergy Investment transferred its entire 100% equity interests in Suzhou ZENIO to our Company at a consideration of RMB306.9 million, being the fair value of identifiable assets and liabilities of Suzhou ZENIO on the date of the acquisition of RMB305.6 million plus goodwill arising from the acquisition of RMB1.3 million.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
南京及东莞生产基地先后停产
Nanjing Zenergy ceased substantial production in December 2022, and Dongguan Zenergy ceased production activities in February 2023.
Business · 第 279 页
The production line in Nanjing Zenergy was designed to accommodate only battery cells with a width of under 200 millimeters, while a majority of new battery cell products on the market in the past two years had width over 200 millimeters, such as 220-millimeter width prismatic battery cells and 300-millimeter width battery cells.
In January 2022, we acquired a 62% equity interest in Golden Star Resources, which in turn indirectly holds a 90% equity interest in GSWL, and we began consolidating the accounts of Golden Star Resources from February 1, 2022.
Business · 第 288 页
In January 2023, we completed the acquisition of a 51% equity interest in Xinhenghe Mining, which in turn directly holds a 90% equity interest in Jintai Mining, which runs Jintai Gold Mine, and we began consolidating the accounts of Jintai Mining from January 31, 2023.
Business · 第 285 页
Our other intangible assets increased significantly by 666.3% from RMB856.5 million as of December 31, 2021 to RMB6,562.7 million as of December 31, 2022. This was primarily due to an increase in exploration and mining rights of RMB5,723.1 million resulting from our acquisition of Golden Star Resources in 2022.
We initiated exploration of opportunities in RTD drinks production and sales in June 2021. Subsequently, in September 2023, we decided to suspend this business.
Financial Information · 第 333 页
Throughout the duration of operations, revenue from the sales of RTD drinks was minimal, accounting for less than 0.1% of our total revenue in each of the years ended December 31, 2021, 2022 and 2023.
Financial Information · 第 333 页
We recorded impairment of property, plant and equipment in the amount of nil in 2022, compared to RMB65.5 million in 2023.
In the nine months ended September 30, 2024, revenue generated from self-operated stores declined year over year, primarily due to the decrease in the number of our self-operated stores.
Business · 第 206 页
As we continue to scale business presence and enhance brand reputation, we have been able to effectively grow our store network through the franchise model in relevant markets, and accordingly, we decided to close certain self-operated stores, or transfer them to franchisees in the nine months ended September 30, 2024.
Business · 第 206 页
During the Track Record Period, we opened a limited number of self-operated stores primarily to gain operating insights and strengthen our brands.
The revenue from our assembly character toys increased by 553.5% from RMB117.7 million in 2022 to RMB769.0 million in 2023, and increased by 323.8% from RMB241.4 million in the six months ended June 30, 2023 to RMB1,023.1 million in the six months ended June 30, 2024.
Summary · 第 3 页
We pivoted to offline sales channel with a focus on distributors as we began to offer assembly character toys in 2022.
Summary · 第 3 页
The reasons for such terminations primarily include (i) termination with certain brick-based toy distributors as we focused on the growth of assembly character toys which we began to offer in January 2022 and (ii) certain distributors who no longer meet our cooperation criteria such as our minimum purchase requirement or stopped being toy distributors due to their own business reasons.