As of December 31, 2023, 2024 and 2025 and July 31, 2026, we had current financial assets at FVTPL of RMB2.4 million, RMB11 thousand, RMB398.8 million and RMB571.4 million, respectively.
Financial Information · 第 227 页
These wealth management products have relatively low risk levels with R1 and R2 risk ratings.
Financial Information · 第 227 页
We consider wealth management products as an important cash management tool that enables us to improve our working capital efficiency based on our prudent risk control parameters.
Our financial assets at fair value through profit or loss primarily represent wealth management products that we acquired, which are low-risk and short-to-medium-term products issued by reputable commercial banks in China. Our financial assets at fair value through profit or loss amounted to RMB453.2 million, RMB295.8 million, RMB56.4 million and RMB56.8 million as of December 31, 2023, 2024 and 2025 and June 30, 2026, respectively.
Financial Information · 第 227 页
We have implemented a comprehensive set of internal policies and guidelines to monitor and control investment risks associated with our wealth management products.
We had financial assets at fair value through profit or loss of RMB30.8 million, RMB202.3 million, RMB247.4 million and RMB201.3 million as of December 31, 2023, 2024 and 2025 and May 31, 2026, respectively.
Financial Information · 第 246 页
Specifically, we are only allowed by our internal policies and guidelines to invest in wealth management products that carry low risk labels and transact with qualified financial institutions, and shall prioritize the cooperation with reputable commercial banks.
Financial Information · 第 247 页
In the future, we may continue to invest in structured deposits and other low-risk financial products that are in our Group’s interest upon thorough evaluations and analysis, and we will ensure that all such investments comply with the applicable laws and regulations, including the relevant requirements under Chapter 14 of the Listing Rules after the [REDACTED].
Our financial assets at fair value through profit or loss amounted to RMB100.3 million, RMB65.1 million, RMB123.6 million and RMB99.5 million as of December 31, 2023, 2024, 2025 and March 31, 2026, respectively.
Financial Information · 第 254 页
We have established a prudent investment policy and internal control framework for the management of our wealth management products and structured deposits, with a primary focus on capital preservation, liquidity and risk mitigation.
Financial Information · 第 255 页
Our other income and gains decreased by 23.2% from RMB9.4 million in 2024 to RMB7.2 million in 2025, primarily due to a decrease in fair value gains recognized on financial assets at fair value through profit or loss, which was mainly attributable to changes in the market performance of our wealth management products and structured deposits during the year.
彤程新材料集团股份有限公司Red Avenue New Materials Group Co., Ltd.09607.HK
按公允价值计量的金融资产投资
For FY2023, FY2024, FY2025 and 6M2026, we registered a fair value gain of approximately RMB12.1 million, gain of RMB1.8 million, loss of RMB6.0 million and loss of RMB12.4 million on financial assets at fair value through profit or loss, respectively.
Financial Information · 第 211 页
As stipulated in our Policy on Management of External Investments (對外投資管理制度), external investments, including investments in financial assets at fair value through profit or loss, shall only be made if they are in line with our long-term development plan and strategy, favourable to expansion of our principal business, conducive to our sustainable development, with real prospects of generating returns and capable of improving our overall economic interests.
The wealth management products were mandatorily classified as financial assets at fair value through profit or loss as their contractual cash flows are not solely payments of principal and interest.
Financial Information · 第 231 页
Our investments in wealth management products will be subject to, and are expected to comply with, the Chapter 14 of the Listing Rules after the Listing.
Financial Information · 第 231 页
Our financial assets at fair value through profit or loss further decreased by RMB99.6 million, or 44.8%, to RMB122.6 million as of April 30, 2026, primarily due to the decrease in listed equity investments at fair value from RMB182.2 million as of December 31, 2025 to RMB82.6 million as of April 30, 2026.
We recorded financial assets at FVTPL of RMB700.7 million, RMB1,322.2 million, RMB822.1 million and RMB1,115.7 million as of December 31, 2023 and 2024 and 2025 and the six months ended June 30, 2026.
Financial Information · 第 231 页
We recorded net other losses of RMB26.9 million in 2024 and net other gains of RMB18.1 million in 2025, primarily due to a change in fair value changes on financial assets at fair value through profit or loss from a loss of RMB42.4 million to a gain of RMB9.5 million, mainly attributable to the change in the fair value of our unlisted investee companies.
Financial Information · 第 221 页
Our investment policies for financial assets at FVTPL aims to preserve capital, maintain adequate liquidity and generate reasonable returns while managing investment risks, while our strategic equity investments target opportunities in cardiovascular and cerebrovascular diseases and CNS disorders that may support our R&D and market expansion.
During the Track Record Period, we invested in wealth management products from time to time to make better use of our cash.
Financial Information · 第 194 页
We only invest in wealth management products with low-risk and high-liquidity, such as low-risk asset management and trust products issued by reputable financial institutions.
Financial Information · 第 194 页
We intend to continue to invest in short-term and low-risk wealth management products and will ensure all such investments comply with the applicable laws and regulations, including the relevant requirements under Chapter 14 of the Listing Rules after the Listing.
As of December 31, 2025, our financial assets at FVPL increased by 151.7% to RMB1,377.5 million, primarily due to the purchase of structured deposits based on our Group's treasury strategy.
Financial Information · 第 234 页
Our Group has established comprehensive investment policies and strategies for financial assets measured at FVPL with a strong emphasis on capital preservation and alignment with operational needs.
Financial Information · 第 234 页
A tiered authorization and approval process is strictly enforced, requiring prior approval for all investment decisions.
Our other gains/(losses), net primarily consisted of (i) net fair value gains/(losses) on financial assets at FVPL; (ii) reversal of provision for litigation compensation; and (iii) net foreign exchange gains/(losses).
Financial Information · 第 195 页
Our other gains, net increased significantly from RMB5.9 million in the six months ended June 30, 2025 to RMB47.0 million in the six months ended June 30, 2026, primarily attributable to an increase of RMB65.3 million in net fair value gains on financial assets at FVPL, as a result of an increase in the valuation of the underlying investments.
Current portion of our financial assets at fair value through profit or loss increased by 97.6% from RMB718.2 million as of December 31, 2023 to RMB1,419.6 million as of December 31, 2024, due to our increased purchases of wealth management products as well as increased structured deposits.
Financial Information · 第 239 页
Our investment strategies are mainly focused on financial products of reputable banks and other financial institutions characterized by low risk and high liquidity, which offer stable returns.
Our financial assets at FVTPL increased from RMB10.0 million as of December 31, 2024 to RMB147.6 million as of December 31, 2025, primarily as a result of purchase of wealth management products after the D+ round financing.
Financial Information · 第 235 页
We invest surplus cash in low-risk, highly liquid wealth management products issued by reputable financial institutions, with a primary objective to preserve capital and optimize the return on idle funds.
Financial Information · 第 235 页
Any investment in wealth management products or similar financial assets after [REDACTED] will be subject to, and conducted in compliance with, Chapter 14 of the Listing Rules and all other applicable regulatory requirements.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
理财产品等按公允值计量的金融资产大增
Our other losses decreased from RMB15.0 million in the six months ended June 30, 2025 to RMB10.5 million in the six months ended June 30, 2026, primarily due to an increase in fair value changes of financial assets at FVTPL resulting from our purchase of wealth management products.
Financial Information · 第 238 页
Our net current assets increased by 33.9% from RMB1,584.5 million as of December 31, 2025 to RMB2,121.4 million as of June 30, 2026, primarily due to an increase in financial assets at FVTPL.
We had financial assets at fair value through profit or loss (including both current and non-current portions) of RMB393.9 million, RMB899.7 million, RMB950.1 million and RMB1,068.1 million as of December 31, 2023, 2024, 2025 and April 30, 2026, respectively, consisting of current portion of nil, RMB179.6 million, RMB38.5 million and RMB2.8 million as of the same respective dates and non-current portion of RMB393.9 million, RMB720.1 million, RMB911.5 million and RMB1,065.3 million as of the same respective dates.
Financial Information · 第 258 页
We follow a prudent investment approach for wealth management products, focusing on capital preservation and stable returns.
Our financial assets at fair value through profit or loss increased significantly from nil as of December 31, 2023 to RMB50.1 million as of December 31, 2024, and further decreased to nil as of December 31, 2025, primarily attributable to the maturity of a one-time temporary investment in structured deposits.
Financial Information · 第 250 页
We consistently prioritize capital preservation and sufficient liquidity while selectively investing in high-yield products offered by banks to optimize our financial investment portfolio.
Our other gains and losses consist of (i) gains from changes in fair value of financial assets at FVTPL, representing gains from cash management products, (ii) net foreign exchange losses and gains, (iii) losses or gains on early termination of a lease, (iv) losses on disposal of property and equipment, and (v) others.
Financial Information · 第 226 页
Gains from changes in fair value of financial assets at FVTPL | 2,682 | 193.1 | 1,502 | 60.9 | 848 | 50.4 | 357 | 16.0
We still have some wealth management products that we can redeem to fund our research and development and operation.
The interest income from financial assets at fair value through profit or loss of RMB14.4 million recognised in 2023 relates to structured deposits financial instrument, in which the Company invested during that year.
Financial Information · 第 213 页
These products are issued by licensed PRC financial institutions, including securities companies and fund management companies, whose underlying assets primarily comprise fixed-income and money-market instruments.
Financial Information · 第 213 页
Our other income and gains increased by 21.3% from RMB191.0 million in 2024 to RMB231.7 million in 2025, primarily due to movements in the fair value of certain equity investments, including an improvement in the fair value of our investment in listed companies during the same period, and the increase in foreign exchange gains driven by the appreciation of the US dollar, and the growth in government grants.
For the six months ended June 30, 2026, gains on financial instruments at FVTPL primarily comprised disposal gains of RMB359.3 million and fair value gains of RMB158.4 million arising from Level 1 financial instruments measured at FVTPL.
Financial Information · 第 171 页
(1) an increase in gains on financial instruments at FVTPL from RMB12.5 million to RMB517.7 million, mainly reflecting changes in the fair value of our listed equity investments and (2) a decrease in asset impairment provision from RMB85.4 million to RMB6.4 million.
Financial Information · 第 177 页
(2) higher gains on financial instruments at FVTPL from RMB200.8 million in 2024 to RMB344.0 million in 2025, primarily reflecting changes in the fair value of derivative financial instruments, and (3) a decrease in asset impairment provision from RMB230.4 million in 2024 to RMB129.1 million in 2025.
Our net profit decreased from RMB387.0 million in 2024 to RMB286.2 million in 2025, primarily because (i) we recorded an increase in our selling and distribution expenses as a result of our commercialization efforts, (ii) we recorded unrealized loss from financial assets at FVPL of RMB58.7 million in 2025 in relation with our subsidiary’s investment in trading financial assets and
Summary · 第 12 页
Our net profit increased from RMB130.7 million in the six months ended June 30, 2025 to RMB292.7 million in the six months ended June 30, 2026, primarily because (i) we recorded an increase in revenue as a result of our increased sales volume and (ii) we recorded realized gain from financial assets at FVPL of RMB72.7 million in relation with our subsidiary’s investment in trading financial assets.
Our other gains or losses, net primarily consist of (i) fair value gains on financial assets at FVPL, mainly related to our structure deposits, (ii) foreign exchange gains or losses, net, primarily due to the fluctuation between U.S. dollars and RMB, (iii) gain or loss on disposal of property, plant and equipment, net, (iv) expected credit loss or reversal of expected credit loss on trade receivables, primarily related to the movement in loss allowance for trade receivables at amortized cost based on the expected credit loss model, and (v) others, including net loss on disposal of property, plant and equipment mainly associated with our office equipment.
Financial Information · 第 245 页
Our other gains or losses, net increased by 68.0% from RMB13.8 million in 2024 to RMB23.1 million in 2025, primarily attributable to an increase of RMB10.9 million in fair value gains on financial assets at FVPL, mainly because we purchased more structure deposits in order to better utilize our cash on hands.
Financial Information · 第 250 页
Our other gains or losses, net increased by 36.5% from RMB10.0 million for the six months ended June 30, 2025 to RMB13.7 million for the six months ended June 30, 2026, primarily due to an increase of RMB2.5 million in fair value gains on financial assets at FVPL, mainly because we purchased more structure deposits in order to better utilize our cash on hands.