We completed the disposal of several entities that were engaged in the energy storage and photovoltaic power generation related business in March 2025 to an affiliated entity controlled by our Controlling Shareholders.
Business · 第 112 页
Our trade and bills receivables slightly decreased to RMB5,324.6 million as of September 30, 2025, primarily attributable to the decrease in receivables attributable to the disposed subsidiary in relation to energy storage-related business during the period.
Due to the rapidly evolving industry landscape in both online literature and micro dramas spaces, our business models have undergone a few changes during the Track Record Period. We believe these strategic changes are critical to the survival of our overall business and are common to our peers in the digital entertainment industry.
Financial Information · 第 200 页
In April 2023, we deconsolidated Crazy Maple Studio, which operated overseas online literature and micro dramas businesses back then, for reasons as set out in “History, Development and Corporate Structure — Deconsolidation of Crazy Maple Studio”.
Financial Information · 第 200 页
From 2023 to 2024, for domestic micro dramas business, we started shifting our focus from to-C model to to-B model and prioritized partnering with leading third party platforms backed by internet giants, given that the gross profit margin for to-C model (through mini programs) is declining due to increasing level of distribution costs, with more intense competition in China.
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.
Revenue generated from container sales decreased from RMB108.3 million in 2022 to RMB102.2 million in 2023, and further to RMB71.0 million in 2024, representing a decline of 34.5% over the two years.
Business · 第 193 页
The overall decline in rental services is primarily driven by our strategic focus on expanding pooling services, in line with the development trend of the reusable package services industry.
Business · 第 188 页
The decrease was primarily due to the ongoing shift in customer demand from rental services to pooling services, as customers increasingly recognized the cost-saving and operational efficiency advantages of pooling services over traditional rental models.
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.
In November 2024 and May 2025, we respectively entered into an agreement and a supplemental agreement with Nanjing Chemical Fibre Co., Ltd. (南京化纖股份有限公司) (stock code: 600889.SH) (“Nanjing Chemical Fibre”), pursuant to which we agreed to transfer approximately 3% equity interest in Nanjing Technical Equipment Manufacture Co., Ltd. (南京工藝裝備製造股份有限公司) (“Nanjing Technical Equipment”) held by our Group in exchange for approximately 1.89% equity interest in Nanjing Chemical Fibre (the “Proposed Transaction”), which forms part of the asset restructuring of Nanjing Chemical Fibre.
Summary · 第 26 页
Our Directors consider that the Proposed Transaction has been entered into on normal commercial terms, which are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
The increases were primarily attributable to the successful acquisition of Huatu, as well as the continued expansion in ondevice computing products and rapid ramp-up of our sales of smart vehicle SoC and edge AI inference products.
Summary · 第 14 页
Our intangible assets increased from RMB99.6 million as of December 31, 2022 to RMB566.7 million as of December 31, 2023, primarily due to an increase of RMB277.8 million in technology and an increase of RMB132.6 million in trademark, as a result of the acquisition of Huatu.
Financial Information · 第 293 页
Furthermore, we believe that the acquisition of Huatu has and will continue to enhance our operational efficiency and economies of scale.
We acquired Wuhan Dragon World in March 2024. For more details, please see "History, Reorganization and Corporate Structure — Acquisition of Wuhan Dragon World." Therefore, there was a significant increase in our in-person healthcare service revenue from Wuhan in 2024.
Summary · 第 6 页
As of the Latest Practicable Date, 22 of our healthcare service institutions were established by us, and two healthcare service institutions, including one hospital and one clinic, were acquired by us.
Specifically, we closed six of our healthcare service institutions (3,381 sq.m. in the aggregate) which had relatively small GFA and less specialty departments in 2022, and opened three new healthcare service institutions (6,908 sq.m. in the aggregate) in 2023, including two new ones in Shanghai and Guangzhou which had larger GFA and more specialty departments.
Business · 第 261 页
Based on this assessment, for a healthcare service institution that fails to achieve an expected financial performance, our management determines whether it is necessary to close such a healthcare service institution.
In 2024, Rayleigh Taide experienced a decline in operational performance and profitability as blade manufacturers started to move the coating process in-house, reducing the demand for Rayleigh Taide’s coating services.
Financial Information · 第 350 页
Accordingly, a reduction in consideration payable and recognition of fair value gains on financial liabilities at fair value through profit or loss of RMB60.2 million were recognized in 2024.
Financial Information · 第 350 页
We had liabilities from contingent consideration of RMB68.7 million, RMB8.5 million and nil as of December 31, 2023, 2024 and October 31, 2025, respectively.
we anticipate a year-over-year decline in gross profit margin for others in 2025 compared to 2024, primarily because we launched frozen food sorting and dispatch services in March 2025.
Summary · 第 14 页
This new operation demands substantial upfront investment and requires time to build revenue.
Summary · 第 14 页
This represents a transformative expansion of our capabilities, filling a gap in our previous service portfolio.
Our financial liabilities at FVPL primarily consist of payables from the equity acquisition of Hunan Silicon in February 2023 for a consideration of not more than RMB1.2 billion (comprising a fixed consideration of RMB900.0 million and a contingent consideration of up to RMB300.0 million).
Financial Information · 第 338 页
We acquired 100% of the equity interest in Hunan Silicon, which specializes in mixed-signal IC designs, to enhance our technological capabilities of our analog solutions and synergies across our business lines.
Financial Information · 第 338 页
Our goodwill increased from RMB3.2 billion as of December 31, 2022 to RMB3.9 billion as of December 31, 2023, primarily due to the goodwill recognized in our acquisition of the equity interests in Hunan Silicon in 2023.
For instance, we strategically discontinued developing and selling certain non-Core Products during the Track Record Period as they generated relatively low financial returns.
Financial Information · 第 452 页
We believe such continuous product structure optimization will contribute to a leaner cost structure and improved profit margin in the future.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
51Earth收入下滑并转向消费端应用
From 2023 to 2024, the revenue increase was primarily attributable to growth in 51Aes from Smart Village projects and cultural tourism sector projects, and growth in 51Sim from increased orders from automakers for autonomous driving simulation and testing platform solutions, partially offset by a decrease in revenue from 51Earth mainly due to a decline in demand for certain products, such as online meeting and digital exhibition halls during the year.
Summary · 第 2 页
The decrease in customer numbers for 51Earth in 2024 was primarily due to the decline in demand for certain products, such as online meeting and digital exhibition halls during the year and we started to redirect the focus of 51Earth towards developing consumer-centric applications such as See3.
Given the decrease in our revenue generated under the subscription model during the Track Record Period, largely due to our successful expansion into various industries where new clients tend to initiate their engagement through transaction-based collaborations, our business strategy is focused on converting transaction-based customers into long-term subscribers by enhancing customer education and training about the benefits and functionalities of our solutions.
Business · 第 199 页
During the Track Record Period, we had 12 customers in 2022, 11 customers in 2023, 12 customers in 2024, 3 customers in the six months ended June 30, 2025 who transitioned from transaction-based to subscription-based customers, the revenue contribution of whom accounted for 29%, 32%, 17% and 22% of our total revenue in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
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.
We began to offer digital marketing (market education services) in October 2023 and, as a result of surging customer demand for digital marketing services, driven by the shift of the marketing expenditures by pharmaceutical companies to online channels, our digital marketing (market education services) grew quickly to generate a revenue of RMB443.8 million in the six months ended June 30, 2025, accounting for 67.7% of our total revenue in the same period.
Summary · 第 1 页
We entered into one agreement with our customer in 2023 and commenced our digital medical research assistance service in 2024.
Summary · 第 1 页
Except for Zhongyi Hulian, our online illness fundraising platform which was carved out in 2024, all the marketing agents are independent third parties.
Pursuant to this agreement, we shall transfer our 40% equity interest in Taizhou Hanzhong to Lepu for (i) an aggregate amount of RMB350.0 million (“One-off Cash Payment”) to be paid and equity interest to be transferred in instalments as set out in the payment schedule with no other pre-conditions attached thereto; and (ii) an annual payment of 4.375% of the net sales revenue of HX008 after its commercialization (“Annual Fee”).
Summary · 第 14 页
Upon completion of the supplemental equity transfer on August 28, 2024, we ceased to hold any equity interests in Taizhou Hanzhong.
Business · 第 362 页
Through transferring the exclusive rights for manufacturing, development and commercialization of HX008, it is evident that we are capable to transferring our products to market-leading business partners for further development manufacturing and commercialization.