Notably, as part of our acquisition of a 100% equity interest in Agilebot, we acquired a 21.74% equity interest from Shanghai Jiebote on November 10, 2025, for a total consideration of RMB103.9 million, settled by the issuance of 12,846,189 registered shares.
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Our intangible assets further increased to RMB787.3 million as of December 31, 2025, largely driven by the RMB521.9 million in goodwill and RMB50.7 million in technology recognized in connection with the acquisition of Agilebot.
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The number of newly awarded projects in 2025 includes 73 backlog projects acquired through the Agilebot.
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.
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Three e-stores were transferred to Customer A1 on 30 June, 31 August, and 31 October 2024, respectively.
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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.
We acquired four companies (“Acquisitions”) during the Track Record Period, the financial results of which had been consolidated into the financial results of our Group for the Track Record Period.
Summary · 第 2 页
As of the Latest Practicable Date, we have fully integrated the business of all Acquired Subsidiaries into our Group and achieved synergies in the following aspects: (i) product and technology integration, (ii) implementation, technical services and maintenance, (iii) management integration, (iv) customer and sales synergies, (v) financial synergies and (vi) brand synergies.
Summary · 第 3 页
Our goodwill increased by 22.8% from RMB253.3 million as of December 31, 2024 to RMB311.0 million as of December 31, 2025, primarily due to our acquisition of Beijing Huiliu and the acquisition of the business of Beijing Guoxin Power Source Technology Development Co., Ltd. in 2025.
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.
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.
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In addition, we strategically operate self-operated stores to enhance brand recognition and gain market intelligence.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
2024年10月推出大运扬州夜游
In October 2024, we also launched the Grand Canal Yangzhou night show which combines outdoor boat-as theaters, storytelling and lights show, offering our visitors an immersive cultural experience in the 2,500 years of glory and transformation of Yangzhou and the Grand Canal.
Summary · 第 3 页
the revenue in July and September through December 2025 exceeded that of the corresponding periods in 2023 and 2024, primarily due to the growing popularity of the Grand Canal Yangzhou night show.
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.
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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.
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.
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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.
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.
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During the Track Record Period, the expansion of our F&M hotels network has significantly outpaced that of our O&L hotels.
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Smartel was disposed of at a consideration of RMB1,659,989,000 for the year ended December 31, 2024.
Our recent strategic acquisition has further strengthened our SoC platform’s competitiveness in connectivity and low-power solutions, reinforcing our ability to deliver integrated edge AI solutions.
Summary · 第 2 页
Among the 28 new distributors for the year of 2025, 27 were distributors of Frequen, a subsidiary that the Group acquired in October 2025.
The acquisition of Osino and its subsidiaries was completed by our Group in August 29, 2024.
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Our intangible assets increased by 33.1% from RMB6,053.4 million as of December 31, 2023 to RMB8,054.3 million as of December 31, 2024, primarily due to the acquisition of Osino Mining.
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During the Track Record Period, the Twin Hills Gold Mine project was in its construction and development phase. Consequently, it did not generate any revenue, net profit, or gold production volume during this period.
We obtained screw thread grinding technology and machinery through acquiring 100% equity in Wuxi Kezhixin in January 2025.
Business · 第 132 页
Through the acquisition of Wuxi Kezhixin, we integrated resources from the upstream supply chain in the planetary roller screw industry and are capable of efficient and precise internal thread grinding with large length-to-diameter ratios (up to 1:12), which has significantly reduced our equipment procurement costs and lead times.
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Our goodwill remained stable at nil as of December 31, 2023 and 2024, and then increased to RMB115.3 million as of December 31, 2025, primarily due to the acquisition of Wuxi Kezhixin in January 2025.
During the Track Record Period, these increases were primarily attributable to an increase in both employee compensation expense and depreciation and amortization expense allocable to research and development as a result of our acquisition of Ruilian Xingchen in August 2024 in connection with Didi Technology’s strategic investment in our Company in the Series B Financing.
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Our other intangible assets increased significantly from December 31, 2023 to December 31, 2024 mainly as a result of the intellectual properties we acquired in connection with the injection of Ruilian Xingchen into our Company in August 2024.
In addition, we have launched the technology licensing business in September 2024 and have recorded strong growth since then.
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In December 2025, we launched the business to serve the needs for comprehensive medical imaging services of hospitals and medical institutions, where we integrated our software with tailor-made servers, in the way to facilitate operations of iMed MaaS^®^ platform within customers’ secured environments.
(v) gains from disposal of subsidiaries, primarily representing the gains from the disposal of Shenzhen Niuer Robot and its subsidiary, which primarily acted as an integrator focusing on semiconductor industry.
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(vi) gains from disposal of a joint venture, representing the gains from the disposal of Neura Robotics, which primarily engaged in the R&D of advanced robotics technologies.
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Considering that both us and Neura Robotics were at the early stage of development and that Neura Robotics focused on the R&D of high-tech products that required substantial capital resource, we determined to prioritize the use of capital resources in our core product development.
As our service mix evolves over time, any change in the mix of services provided may have a direct and corresponding impact on our revenue and our overall gross profit margin.
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Going forward, in order to maintain or increase our profitability, we will continue to evaluate and adjust portfolio of our services from time to time so as to focus on services with market demand and better potential.
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While these new customers led to a sharp rise in receivables aged six months to one year, they also contributed to substantial growth in large-scale projects and supported our Group’s strategic shift toward online advertising.
Except for Neixiang Tianhai, our largest customer in 2024, which was acquired by us in November 2025 and has since been our subsidiary, all of our five largest customers in each period during the Track Record Period were Independent Third Parties.
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Our impairment losses on trade and bills receivables decreased significantly from December 31, 2024 to December 31, 2025, as a result of the elimination of trade and bills receivables due from Neixiang Tianhai after our acquisition of Neixiang Tianhai.
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an increase of RMB32.3 million in other tax recoverable, primarily attributable to the consolidation of tax recoverable of Neixiang Tianhai following its becoming our subsidiary.
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.
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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.
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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.