Our other net income decreased by 11.6% from RMB139.2 million in 2023 to RMB123.0 million in 2024, primarily reflecting changes in the fair value of our investments in unlisted securities and funds.
Financial Information · 第 332 页
Our net current assets decreased from RMB1,165.9 million as of December 31, 2022, to RMB668.1 million as of December 31, 2023, primarily due to (i) an increase in bank loans and other borrowings of RMB951.3 million to finance our acquisition of remaining equity interests in certain subsidiaries and our investment in construction projects to enhance our manufacturing capabilities; (ii) an increase in trade and other payables of RMB716.8 million, primarily due to increased credit-based purchases, enabled by our enhanced bargaining power stemming from economies of scale; and (iii) a decrease in financial assets measured at FVPL of RMB142.3 million, primarily because we gradually reduced our investments in wealth management products to prioritize liquidity and meet our working capital needs, partially offset by (i) an increase in trade and other receivables of RMB534.0 million, primarily due to our growing sales; and (ii) an increase in cash and cash equivalents of RMB527.9 million.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
银行理财产品投资及公允价值计量
We recorded nil, RMB60.2 million, RMB145.2 million and RMB120.0 million of financial assets at fair value through profit or loss as of December 31, 2022, 2023 and 2024 and September 30, 2025, respectively.
Financial Information · 第 256 页
Our Board of Directors reviews and approves the policy for cash management related to investments in wealth management products.
Financial Information · 第 257 页
which are measured at fair value with fair value being determined based on significant unobservable inputs using valuation techniques.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
3.31亿元理财产品投资
Our financial assets measured at fair value through profit or loss increased from nil as of December 31, 2024 to RMB331.4 million as of September 30, 2025, primarily due to the investment in wealth management product in the first half of 2025.
Financial Information · 第 388 页
Our wealth management product of RMB331.4 million as of September 30, 2025 was primarily low-risk structured deposit and call deposit products issued by reputable commercial bank in China.
Financial Information · 第 388 页
Our investment strategy aims to optimize the efficiency of idle funds and generate investment returns.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
结构性存款等FVTPL金融资产增至11.17亿元
Our financial assets at FVTPL subsequently increased to RMB432.3 million as of December 31, 2024, and further increased to RMB1,116.9 million as of September 30, 2025, primarily because we increased the purchase of structured deposits to better manage our funds.
Financial Information · 第 325 页
Especially, prior approval from the Board is required before the investment in wealth management products, as well as before using raised funds.
Our structured deposits primarily consist of principal-guaranteed deposits with a term of one year or less issued by large commercial banks in mainland China.
Financial Information · 第 295 页
We recorded fair value gains of financial assets at fair value through profit or loss of RMB90.7 million, RMB23.9 million and RMB16.2 million in 2022 and 2024 and for the nine months ended September 30, 2025, respectively.
Financial Information · 第 281 页
Our financial assets at fair value through profit or loss increased from RMB2,286.1 million as of December 31, 2023 to RMB2,358.7 million as of December 31, 2024, primarily due to the increase in structured deposits.
As of December 31, 2022, 2023 and 2024, we had financial assets at FVPL of RMB631.9 million, RMB100.1 million and nil, respectively.
Financial Information · 第 296 页
Our financial assets at FVPL increased from nil as of December 31, 2024 to RMB376.7 million as of September 30, 2025, primarily due to the purchase of structured wealth management products for cash management purposes as we received proceeds from Series C Financing.
Financial Information · 第 296 页
We generally limit our purchases to low-risk and short-term products which are redeemable on demand from reputable commercial banks.
During the Track Record Period, our financial assets at fair value through profit or loss comprised (i) bank financial products, namely, short-term investments in low-risk financial instruments issued by reputable commercial banks with non-determinable return rate, and (ii) our investment in a listed equity security.
Financial Information · 第 372 页
However, we do not invest in any wealth management products that cannot guarantee the safety of the principal.
Financial Information · 第 373 页
At least once every year, the team would use valuation techniques to determine the fair value of our level 3 instruments.
Our financial assets at FVTPL increased from RMB1,890.6 million as of December 31, 2023 to RMB5,274.4 million as of December 31, 2024, primarily due to our increased investment in wealth management products, as we optimized our fund management to enhance capital efficiency.
Financial Information · 第 291 页
We adopt a strict and prudent internal control mechanism for our investments in wealth management products.
Financial Information · 第 292 页
Accordingly, our investment targets are primarily liquid, safe and low-risk financial products, including but not limited to structured deposits and fixed-income products issued by licensed financial institutions and other appropriate financial products.
We measure our structured deposits, wealth management product, derivative financial instrument and equity investments at fair value at the end of each year of the Track Record Period.
Financial Information · 第 312 页
Our gains primarily consisted of (i) net fair value changes of investments measured at FVTPL, mainly in relation to wealth management products and shares we held in listed and unlisted companies.
Financial Information · 第 325 页
Our other income and gains increased by 21.4% from RMB441.4 million in the nine months ended September 30, 2024 to RMB536.0 million in the nine months ended September 30, 2025, primarily due to (i) an increase in net fair value changes of investment measured at FVTPL of RMB95.2 million, and (ii) an increase in government grants of RMB69.6 million, partially offset by a decrease in value-added tax additional deduction of RMB72.5 million in relation to preferential tax treatments we received under a value-added tax additional deduction policy for advanced manufacturing enterprises issued by a local authority.
Our financial assets at FVPL mainly represent our investments in equity instruments.
Financial Information · 第 328 页
To monitor and control the investment risks in our financial assets at fair value through profit or loss, we have adopted a structured internal review mechanism to manage our investment and the Board or personnel designated by the Board closely supervise our decision process.
Financial Information · 第 328 页
Our investment strategy related to financial assets at fair value through profit or loss focuses on managing the financial risks by reasonably and conservatively matching the estimated return on assets to anticipated our operating cash needs, while generating desirable investment returns for the benefits of our shareholders.
The fluctuation of the fair value of the Maxone Investment may affect our results of operations and financial condition.
Summary · 第 18 页
(i) a decrease in net gain from financial assets and liabilities measured at FVPL of RMB10.5 million primarily attributable to the decrease in wealth management products held by us, and (ii) a decrease in net gain on foreign exchange differences of RMB34.5 million as a result of the fluctuation in exchange rates from USD to RMB.
Our financial assets at fair value through profit or loss further increased to US$644.2 million as of September 30, 2025, primarily due to our increased investments in wealth management products during the period.
Financial Information · 第 440 页
Our other income and gains, net increased by 23.6% from US$25.3 million for the nine months ended September 30, 2024 to US$31.2 million during the same period in 2025, primarily due to an increase in fair value gain on financial assets at fair value through profit or loss from US$6.7 million in the nine months ended September 30, 2024 to US$20.4 million during the same period in 2025, driven by the rise in returns on financial investments resulting from a larger investment allocation.
Financial Information · 第 427 页
Sufficient market research, risk assessment and due diligence shall be conducted prior to any investment, and a detailed investment plan shall be formed before the investment is made, which shall be approved by the person in charge of the financial department, the person in charge of the investment and financing department and our COO and CEO for approval.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
理财产品及未上市股权投资公允值变动
During the Track Record Period, our changes in fair value of financial instruments measured at FVPL represented changes in fair value of (i) our equity investment of certain unlisted entities; and (ii) our investments of wealth management products. We recognized changes in fair value of financial instruments measured at FVPL of RMB6.0 million, RMB26.0 million, RMB66.3 million, RMB7.0 million and RMB9.8 million in 2022, 2023 and 2024, and for the six months ended June 30, 2024 and 2025, respectively.
Financial Information · 第 260 页
Changes in fair value of financial instruments measured at FVPL significantly increased from RMB26.0 million in 2023 to RMB66.3 million in 2024, primarily due to the increase in the fair value of some investee companies and our procurement of wealth management products.
Our financial assets measured at FVPL primarily consist of our certificates of deposit and investment in short-term low-risk wealth management products.
Financial Information · 第 475 页
Our fair value changes of financial assets measured at FVPL amounted to RMB37.0 million, RMB21.2 million, RMB14.2 million and RMB8.7 million in 2023 and 2024 and six months ended June 30, 2024 and 2025, respectively.
Financial Information · 第 465 页
(iii) the proposed investments shall be limited to the wealth management products with a risk level of R2 or below.
As part of our cash management policy, we purchase wealth management products to better utilize our idle cash without interfering with our business operations or capital expenditures.
Financial Information · 第 310 页
We have formulated policies setting out the approval process for the purchase of funds and wealth management products, and the responsible person/department for the enforcement of the policies.
Financial Information · 第 310 页
An increase/decrease of 1% in net asset value would result in a corresponding increase/decrease in the fair value of the investments by RMB0.4 million, RMB0.9 million, RMB1.0 million and RMB0.1 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Our financial assets at fair value through profit or loss increased from RMB1,017.4 million as of December 31, 2022 to RMB1,276.7 million as of December 31, 2023, mainly due to the increase of our structured deposits, primarily because of our strategic cash management.
Financial Information · 第 392 页
The valuation of the level 3 instruments mainly included financial assets at fair value through profit or loss in unlisted equity investments, financial assets at fair value through profit or loss in structured deposits and financial liabilities at fair value through profit or loss.
Financial Information · 第 359 页
Our investment strategy prioritizes liquidity, safety and returns to ensure the availability of funds while maintaining a conservative risk profile.
Our financial assets of fair value through profit or loss were RMB270.7 million, RMB344.3 million, RMB356.6 million and RMB326.5 million as of December 31, 2022, 2023, 2024 and June 30, 2025, respectively.
Financial Information · 第 315 页
During the Track Record Period, our level 3 instruments included investments in unlisted investments, which represent debt and equity investments which none of the shareholdings exceeded 20% of the issue capital of the respective investees and the Group did not have significant influence on these invested entities.
Financial Information · 第 286 页
In relation to the valuation of our level 3 financial assets, our Directors engaged an independent and competent third-party valuer to appraise the fair value of unlisted equity and debt securities, performed valuation assessments for wealth management products based on their expected returns, and reviewed the valuation working papers and results prepared by the valuers.
As of December 31, 2023, we recorded financial assets at fair value through profit or loss of RMB19.9 million, primarily for purchasing a bank principal-guaranteed wealth management product in line with our investment policies.
Financial Information · 第 432 页
Our Directors confirm that our investment in financial assets at fair value through profit or loss will be subject to the compliance with Chapter 14 of the Listing Rules.
Our financial assets at fair value through profit or loss primarily consist of investments in structured deposits and derivative financial instruments such as foreign exchange swap deposits and foreign exchange forward contracts, issued by qualified banks in the PRC.
Financial Information · 第 432 页
We recorded financial assets at fair value through profit or loss of RMB8,000, nil, RMB54.4 million and nil as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Financial Information · 第 432 页
Our investments are solely for risk mitigation purposes and not for speculation.
Our financial assets at fair value through profit or loss primarily included variable consideration arising from disposal of our equity interests in Taizhou Hanzhong to Lepu and structured deposits and wealth management products.
Financial Information · 第 483 页
We maintain a prudent investment policy for purchase of wealth management products, which stipulates that prior approval from the Board is required for the purchase of single wealth management product that amounts from 5% to 30% of the latest audited total assets; as well as when the cumulative amount of such purchase within 12 consecutive months exceeds 10% of the latest audited total assets.