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.
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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.
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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.
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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.
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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.
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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.
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.
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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.
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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.
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.
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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.
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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.
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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.
The value of these financial assets grew from RMB644.0 million as of December 31, 2023 to RMB718.5 million as of December 31, 2024, before declining to RMB562.2 million as of December 31, 2025.
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The wealth management products are classified as Risk Grade II (R2 - Lower to Moderate Risk) under the PRC asset management product risk grading system.
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Our investment in wealth management products is intended to enhance the utilization of idle funds while prioritizing capital preservation and liquidity.
Our financial assets measured at fair value through profit or loss primarily consist of structured deposits.
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The fluctuations of financial assets measured at fair value through profit or loss ware primarily due to the fluctuations of recorded structured deposits, which was manly attributable to our strategic cash management.
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To enhance returns on idle funds while ensuring capital security, we invest in low-risk products like structured deposits with a R1 risk rating, in line with our long-term development goals.
Our other gains and losses shifted from a net loss of RMB0.1 million in 2023 to a net gain of RMB2.0 million in 2024, primarily due to (i) an RMB3.9 million increase in net gains from fair value changes of financial assets at FVTPL.
Financial Information · 第 207 页
This was primarily attributable to (i) an increase of RMB238.5 million in financial assets at FVTPL, primarily as a result of our investment in certain wealth management products; and (ii) an increase of RMB35.5 million in our trade, bills, other receivables, mainly due to the recognition of trade, bills and other receivables of Zhejiang AITEK upon the completion of our acquisition of such company on December 31, 2024.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
持有理财产品、可转债等按公允价值计量的金融资产
Our financial assets at fair value through profit or loss represented wealth management products at fair value and convertible bond.
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Our financial assets at fair value through profit or loss increased by 38.2% from RMB83.4 million as of December 31, 2025 to RMB115.3 million as of June 30, 2026, primarily due to the purchase of wealth management products.
Financial Information · 第 236 页
Our wealth management products are primarily structured deposits and investment products of private equity fund.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
按公允价值计量的理财产品及结构性存款
During the Track Record Period, our current financial assets measured at FVTPL comprised bank wealth management products and structured deposits and forward foreign exchange contracts.
Financial Information · 第 246 页
In respect of our investment policies and strategies, we generally adopt a prudent approach and primarily invest in short-term wealth management products with relatively low risk and high liquidity, taking into account our cash management needs, expected return, liquidity requirements and funding needs for our principal business operations.
Our total financial assets at FVTPL increased from RMB100.3 million as of December 31, 2023 to RMB200.6 million as of December 31, 2024, and further increased to RMB243.1 million as of December 31, 2025 and RMB516.9 million as of May 31, 2026.
Financial Information · 第 233 页
In terms of nature and key terms, our financial assets at FVTPL mainly consisted of structured deposits and wealth management products categorized as low-to-medium risk, while our certificates of deposit were fixed-income deposit products.
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We strictly limit our investments to products rated PR2 (Low-Medium Risk) or below issued by reputable financial institutions and avoid high-risk or speculative financial instruments.
During the Track Record Period, our financial assets at fair value through profit or loss represented the structured deposits that we purchased as part of our cash management measures.
Financial Information · 第 254 页
Our financial assets at fair value through profit or loss increased from RMB63.2 million as of December 31, 2024 to RMB195.3 million as of December 31, 2025, and subsequently decreased to RMB70.3 million as a result of our purchase and the maturity of the relevant structured deposits prior to the relevant dates.
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We adopt a prudent approach in selecting financial assets. Our investment decisions are made on a case-by-case basis and after due and careful consideration of a number of factors, such as the duration of the investment, the expected returns and our working capital conditions.
Our financial assets at fair value through profit or loss increased during the Track Record Period, primarily due to our increased investment in wealth management products.
Financial Information · 第 183 页
Our investment strategy in relation to wealth management products aims to minimize financial risks by prudently and conservatively aligning the maturities of our investment portfolio with our anticipated operating cash requirements, while generating reasonable investment returns for our shareholders.
Financial Information · 第 184 页
During the Track Record Period, we had certain financial assets categorized within Level 3 of fair value measurement (“Level 3 Financial Assets”).
Our financial assets at FVTFL (current portion) mainly consist of wealth management products at fair value.
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We deploy surplus short-term funds in low-risk and/or highly-rated wealth management products issued by reputable financial institutions to optimize returns while safeguarding liquidity and principal.
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The authority to approve securities investments, entrusted wealth management, or derivative transactions is vested exclusively in the Board or the shareholders’ general meeting.