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.
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.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
结构性存款及短期理财投资收益
During the Track Record Period, our other net gain mainly consisted of (i) net realized and unrealized gain on financial assets measured at FVPL, mainly represented income arising from the investment in structured deposits and short-term wealth management products, (ii) net loss or gain on disposal of property, plant and equipment associated with our laboratory equipment, mainly due to office relocation and (iii) net foreign exchange gain or loss, primarily due to the fluctuation between U.S. dollars and RMB.
Financial Information · 第 226 页
Our other net gain increased by 62.2% from RMB1.9 million in 2024 to RMB3.0 million in 2025, primarily due to (i) an increase of RMB1.1 million in net realized and unrealized gain on financial assets measured at FVPL, mainly because we purchased more structured deposits to improve the utilization of our cash on hand on a short-term basis; and (ii) we recorded one-off net loss on disposal of property, plant and equipment of RMB190.0 thousand in 2024, primarily related to the optimization of our R&D infrastructure.
The decrease in other income was mainly due to decrease in changes in fair value of financial assets at FVTPL of RMB2.7 million because we reduced the purchase of structured products in FY2025.
Financial Information · 第 213 页
The decrease in other income was mainly due to (i) decrease in changes in fair value of financial assets at FVTPL from gain of RMB2.2 million in 6M2025 to loss of RMB1.2 million in 6M2026 primarily arising from the fluctuation from our funds investment; and (ii) increase in net exchange losses of RMB1.1 million arising from our bank balances denominated in USD as a result of the depreciation of USD against RMB.
Financial Information · 第 215 页
Valuation for structured investment products, which is under level 2 in fair value hierarchy, was based on the basic income and the floating income.
These mainly reflect our long-term equity investments in Fullsemi Semiconductor, which decreased from RMB1,500.3 million as of December 31, 2024 to RMB1,499.4 million as of December 31, 2025, reflecting the fair value change in long-term equity investments.
Financial Information · 第 244 页
Other gains decreased from a net gain of RMB51.4 million in 2024 to a net gain of RMB8.4 million in 2025, primarily due to net foreign exchange losses and fair value changes of unlisted investments.
Financial Information · 第 239 页
For private equity valuation volatility, we diversify our investments across industries, geographies and stages to reduce concentration risk.
Our financial assets at FVTPL then increased to RMB1,824.4 million as of March 31, 2026, primarily due to an increase of RMB988.9 million in wealth management products, as we purchased more wealth management products to better utilize our cash on hand.
Financial Information · 第 234 页
Unlisted equity investments are valued using Level 3 inputs, which require us to identify comparable public companies, select appropriate price multiples and estimate discounts for illiquidity and size differences.
Financial Information · 第 235 页
Each purchase of wealth management products is reviewed by our legal department and approved by our chief financial officer.
We recorded financial assets measured at FVTPL of RMB5.2 million and RMB14.1 million as of December 31, 2024 and 2025, respectively, primarily because we entered into certain commodity futures or options to mitigate the risk associated with the prices of our sodium hydroxide, LPG and related chemical products purchased or sold.
Financial Information · 第 247 页
To ensure the safety of our funds, we only invest in low-risk wealth management products, primarily including structured deposits.
During the Track Record Period, our other gains and losses, net primarily consists of (i) loss on disposal of property and equipment, (ii) changes in fair value of financial assets at FVTPL, including equity investments and wealth management products, (iii) losses on issuance of warrants to purchase Preferred Shares, (iv) foreign exchange gain, and (v) others.
Financial Information · 第 261 页
This was primarily due to the increase in fair value gains of financial assets at FVTPL as we purchased more wealth management products in 2025 for cash management purpose.
In 2023, 2024 and 2025, our other income and net gains were RMB380.3 million, RMB161.3 million and RMB161.2 million, respectively, representing 5.6%, 2.0% and 1.7% of our total revenue, respectively.
Financial Information · 第 199 页
Our other income and net gains decreased by 57.6% from RMB380.3 million in 2023 to RMB161.3 million in 2024, primarily due to a substantial decrease in net fair value changes of equity securities from positive RMB276.2 million in 2023 to negative RMB15.3 million in 2024, reflecting decrease in valuation of equity interests held in investee companies from a high base in 2023.
Financial Information · 第 207 页
Our net current assets increased from RMB1,938.4 million as of December 31, 2024 to RMB2,151.4 million as of December 31, 2025, primarily due to (i) an increase in financial assets measured at FVPL of RMB635.9 million as a result of increased investment in wealth management products as part of our treasury management, (ii) an increase in inventories and other contract costs of RMB358.7 million driven by year-end stocking activities and delivery cycle requirements, and (iii) an increase in prepayments and other receivables of RMB80.9 million primarily attributable to advance payments made to secure supplies of certain raw materials amid market supply conditions, partially offset by (i) an increase in trade and bills payables of RMB691.9 million in line with our expanded procurement activities, and (ii) a decrease in cash and cash equivalents of RMB472.3 million.
Our other income and losses, net increased by 57.6% from RMB365.1 million in 2024 to RMB575.3 million in 2025, primarily attributable to an increase in fair value change of other financial assets from RMB237.3 million to RMB386.4 million due to the increase in the fair value of our equity investment.
Financial Information · 第 219 页
Our other income and losses, net decreased from a gain of RMB122.6 million for the three months ended March 31, 2025 to a loss of RMB118.1 million for the three months ended March 31, 2026, primarily attributable to the decrease in the fair value of our other financial assets and increase in foreign exchange losses.
During the Track Record Period, our fair value losses or gains on financial assets at fair value through profit or loss primarily related to gains or losses on equity investments, structured deposits and forward exchange contracts.
Financial Information · 第 206 页
Our fair value losses or gains on financial assets at fair value through profit or loss changed from losses of RMB21.4 million for the year ended December 31, 2024 to gains of RMB13.7 million for the year ended December 31, 2025, primarily because of a change from losses of RMB47.8 million for the year ended December 31, 2024 to losses of RMB18.3 million for the year ended December 31, 2025 in fair value movements on our equity investment in a commercial bank, which was mainly due to the bank’s operating performance and changes in the fair value of our equity investment.
Financial Information · 第 211 页
Our fair value losses on financial assets at fair value through profit or loss decreased from RMB86.1 million for the year ended December 31, 2023 to RMB21.4 million for the year ended December 31, 2024, primarily because (i) fair value losses on financial assets at fair value through profit or loss decreased from RMB55.8 million for the year ended December 31, 2023 to RMB22.2 million for the year ended December 31, 2024 mainly due to the fair value movements on our equity investment in a commercial bank, which reflected the bank’s operating performance and changes in the fair value of our equity investment, and (ii) we had fair value losses on derivative financial instruments of RMB30.3 million for the year ended December 31, 2023 compared to fair value gains on derivative financial instruments of RMB0.7 million for the year ended December 31, 2024 mainly due to USD exchange rate fluctuations in 2023, which resulted in substantial losses on our forward foreign exchange contracts.
Our other net income increased significantly from RMB9.8 million in 2024 to RMB20.6 million in 2025, primarily due to the increase in changes in fair value of financial assets measured at FVPL, resulting from our new investments in unlisted equity security mainly in relation to changes in fair value of our investment in MiniMax, and investments in structured deposits.
Financial Information · 第 169 页
(v) changes in fair value of financial assets measured at FVPL, mainly in relation to our equity interests in MiniMax.
We recorded a gain in fair value of other financial instruments of RMB3.3 million in 2024, while we recorded a loss in fair value of other financial instruments of RMB101.0 million in 2025, primarily related to change in the valuation of ordinary shares of Biohaven which we acquired as upfront payment in accordance with out-licensing and collaboration arrangements with Biohaven.
Financial Information · 第 236 页
We recorded a loss in changes in fair value of other financial instruments of RMB54.6 million in the three months ended March 31, 2025, while we recorded a gain in changes in fair value of other financial instruments of RMB0.4 million in the three months ended March 31, 2026, primarily because we disposed all the shares of Biohaven in December 2025, and the fair value changes recorded in the three months ended March 31, 2026 primarily related to the structured deposits issued by banks.
Our fair value change of financial assets at fair value through profit or loss increased significantly from a loss of RMB1.7 million in 2023 to a loss RMB14.1 million in 2024, primarily due to a decrease in valuation of the underlying company.
Financial Information · 第 218 页
Our fair value change of financial assets at fair value through profit or loss increased significantly from a loss of RMB14.1 million in 2024 to a loss of RMB20.8 million in 2025, primarily due to a decrease in the valuation of the investees company.
Financial Information · 第 215 页
We define adjusted net profit or loss (Non-IFRS measure) as loss for the years adjusted by adding back (i) share-based compensations expenses, which are non-cash and non-operating in nature; (ii) fair value change of financial assets at fair value through profit or loss, which are non-cash and non-operating in nature; (iii) fair value changes of preferred shares non-recurring and non-cash in nature; and (iv) fair value changes of warrants, which are non-cash in nature.
We recorded net other gains of RMB2.7 million, RMB2.9 million and RMB30.2 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 182 页
Our net other gains increased by 941.4% from RMB2.9 million in 2024 to RMB30.2 million in 2025, primarily attributable to gain on fair value changes of financial assets at FVTPL, mainly relating to fair value appreciation of our equity investments, and gain recognized on termination of leases, partially offset by losses on disposal of property, plant and equipment and net foreign exchange losses.
During the Track Record Period, our financial assets at fair value through profit or loss consisted of wealth management products.
Financial Information · 第 222 页
Our financial assets at fair value through profit or loss increased from nil as of December 31, 2023 to RMB152.6 million as of December 31, 2024, primarily due to our new investment into wealth management products.
Our other financial assets at fair value through profit or loss during the Track Record Period mainly consisted of unlisted equity shares, private equity fund investments, wealth management products and listed equity shares at FVPL.
Financial Information · 第 236 页
We primarily invest in low-risk wealth management products with relatively high liquidity issued by financial institutions.
Financial Information · 第 236 页
Other gains, net increased by 216.1% from RMB122.5 million in 2024 to RMB387.1 million in 2025, primarily due to (i) an increase in fair value gains on financial instruments in 2025, and (ii) an increase in compensation received, mainly comprising compensation for breaches during the leasing and tenant solicitation process for the Global Digital Trade Center.
In 2023, we recorded net gains on changes in fair value on financial assets/liabilities of RMB1,255.4 million. In 2024, we recorded net losses on changes in fair value on financial assets/liabilities of RMB873.0 million. In 2025, we recorded net losses on changes in fair value on financial assets/liabilities of RMB169.2 million.
Financial Information · 第 242 页
Such losses were mainly due to the decline in the stock price of Li Auto in 2024.
Our other gains and losses, net primarily consisted of (i) change in fair value of financial assets at FVTPL; (ii) net foreign exchange gains/losses; (iii) gains on disposal of financial assets at FVTPL; (iv) gain on deemed disposal of a subsidiary; (v) gains on disposal of other financial assets; (vi) (losses) gains on disposal of non-current assets; (vii) share of results of associates; (viii) charitable donations; and (ix) others, mainly associated with other miscellaneous non-operating items.
Financial Information · 第 227 页
Our other gains and losses, net decreased by 95.2% from other gains of RMB271.4 million in 2024 to other gains of RMB13.0 million in 2025, primarily due to (i) a decrease of RMB243.0 million in change in fair value of financial assets at FVTPL resulting from our equity investments; and (ii) a decrease of RMB158.1 million in gains on disposal of financial assets at FVTPL due to lower realized gains from our investment portfolio.
Financial Information · 第 232 页
We recorded net other losses of RMB422.7 million for the year ended December 31, 2023 and other gains of RMB271.4 million in 2024, primarily due to (i) an increase of RMB413.8 million in change in fair value of financial assets at FVTPL primarily attributable to valuation gains on our equity investments and private fund investments; (ii) a decrease of RMB170.0 million in charitable donations; and (iii) an increase of RMB164.2 million in gains on disposal of financial assets at FVTPL due to higher realized returns from the disposal of certain equity investments; the increase was partially offset by a decrease of RMB62.7 million in net foreign exchange gains.