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 strategically pivot towards the biopharmaceutical business following our acquisition of a controlling equity interest in Megalith Biopharmaceutical (the “Megalith Biopharmaceutical Acquisition I”) in January 2024.
Business · 第 183 页
In 2024 and 2025, our revenue from our biopharmaceutical business, as a percentage of our total revenue, was 4.4% and 11.9%, respectively.
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.
The increase in 2025 was primarily due to the acquisition and integration of two companies primarily engaged in distribution, whose distributor networks were subsequently consolidated into our own as part of our efforts to broaden our distribution reach.
Business · 第 155 页
Our goodwill significantly increased from RMB78.7 million as of December 31, 2024 to RMB301.3 million as of December 31, 2025, primarily due to our acquisitions in 2025.
Financial Information · 第 194 页
Impairment reviews on the goodwill of our Group have been conducted by the management as of December 31, 2023, 2024 and 2025, according to IAS 36 "Impairment of assets".
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.
The MGR Group historically has derived all of its revenue from the rental of MMI’s heavy equipment to its subsidiaries, its related parties as well as MCG’s subsidiaries.
Summary · 第 6 页
As mining and processing operations commence at Pani Gold Mine (first gold pour achieved at the Pani Gold Mine in February 2026), MGR is expected to generate all of its revenue from gold mining operation starting 2026.
Summary · 第 6 页
Such rental activities are being gradually reduced in 2025 and 2026 and MMI’s resources will be focused to supporting the Pani Gold Mine.
As of the Latest Practicable Date, the acquisition of the first phase of 10% of shares of Senyi has been completed. Following completion of the acquisition, Lingyi Technology will hold 51% equity interest of Senyi, and Senyi would become a non-wholly owned subsidiary of our Company.
Summary · 第 13 页
The acquisition was closed in January 2026, following which we held 52.78% of voting rights in Readore, and Readore had become a non-wholly owned subsidiary of our Company.
Summary · 第 13 页
Our goodwill significantly increased from RMB1,173.9 million as of December 31, 2024 to RMB2,703.7 million as of December 31, 2025, primarily attributable to the recognition of goodwill totaling approximately RMB1,572.3 million arising from our acquisitions completed during 2025.
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.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
2025年5月完成收购新华移动
On April 28, 2025, Wenge Media, our subsidiary, entered into the Agreement to acquire Xinhua Mobile.
Financial Information · 第 220 页
As advised by our PRC Legal Advisor, the acquisition has been properly and legally completed and fully settled as of May 19, 2025.
Financial Information · 第 220 页
Xinhua Mobile Group serves an already established customer base within the media and communication sector that is expected to expand our market reach, drive sustainable growth for us and reinforce our market leadership.
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.
We are evolving from a traditional content licensing provider into an integrated content solutions platform, driven by the convergence of content assets, AI technologies and application scenarios.
Financial Information · 第 159 页
Our other net income decreased from RMB33.5 million in 2023 to RMB9.8 million in 2024, primarily due to the decrease in remeasurement gain on acquisition of a subsidiary, mainly because the remeasured gains in relation to remeasurement of fair value of our existing 30% equity interests in Chengdu Guangchang prior to its consolidation into us since April 2023 was recorded in 2023.
Financial Information · 第 171 页
Chengdu Guangchang recorded other net income of RMB1.2 million for the three months ended March 31, 2023.
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.
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.
As we deepened our understanding of the rehabilitation medical sector, we undertook a strategic pivot starting from 2024, shifting our growth model towards self-established hospital development.
Business · 第 152 页
At the beginning of 2023, our hospital network comprised 18 hospitals in total, of which 11 were acquired and seven were self-established.
Business · 第 152 页
By the end of 2024, our total hospital network had grown to 38 hospitals, comprising 17 acquired hospitals and 21 self-established hospitals.
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.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
通过收购拓展半导体材料新业务
(i) 13.50% equity interest in Bangci Electronic Technology (Yancheng) Co., Ltd. (邦瓷電子科技（鹽城）有限責任公司), a company principally engaged in the research, development, manufacture and sale of multilayer piezoelectric actuators and related piezoelectric ceramic products, at a consideration of approximately RMB91 million, and (ii) 32.27% equity interest in Zhongxin Carbon (Nantong) Semiconductor Technology Co., Ltd. (眾芯碳素（南通）半導體科技有限公司), a company principally engaged in the research, development, manufacture and sale of Chemical Vapour Deposition silicon carbide semiconductor components, at a consideration of RMB7.1 million, respectively.
Summary · 第 16 页
Our planned expansion into the semiconductor materials sector is an extension of our existing expertise in advanced materials, particularly those supporting the lithium-ion battery industry.
Correspondingly, revenue from our self-operated online stores and online distributors decreased during the Track Record Period.
Business · 第 104 页
In particular, we strategically adjusted our channel strategies, as we believe the sales to emerging retail channels, such as membership stores and national snack chains are in line with the prevailing industry development toward these channels and offer consistent growth momentum and better sales efficiency through, among others, improved shelf visibility and more targeted consumer reach.
Business · 第 104 页
In parallel, we are strategically shifting focus from distributorships to other sales channels, including membership stores and snack stores.
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.