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.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
其后购入银行理财产品，按公允价值计量达1,600万元
As of the Latest Practicable Date, our financial assets measured at fair value through profit or loss further increased to RMB16.0 million, which mainly attributable to our purchase of wealth management products offered by banks.
Financial Information · 第 249 页
We believe we can make better use of our cash by making appropriate investments in wealth management products of low-to-medium risk, which generate income without interfering with our business operation or capital expenditures.
The fair value of other current assets is related to the expected rate of return of the wealth management products which is calculated by discounting the expected future cash flows according to the contracts signed with the banks.
Financial Information · 第 263 页
During the Track Record Period, we primarily invested in short-term wealth management products to optimize the usage of idle cash.
Financial Information · 第 264 页
Investments over RMB50 million will require the Board's approval and those under RMB50 million will require approval from the chairman of the Board.
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.
We purchased bank wealth management products with an aggregate principal amount of RMB60.0 million as of December 31, 2025, featuring a daily open trading mechanism with a minimum holding period of only one day before redemption, delivering high liquidity, limited credit risk and low market volatility.
Financial Information · 第 196 页
Such wealth management products were fully redeemed in January, 2026.
Financial Information · 第 196 页
We generally favor wealth management products with relatively low risk profiles issued by large, well-established commercial banks with strong credit standing to minimize counterparty risk and safeguard the security of our funds.
We recorded financial assets at FVTPL of RMB20.0 million as of December 31, 2025, primarily because we acquired structured deposit products in light of our adequate cash position, with a view to enhancing the efficiency of fund utilization.
Financial Information · 第 202 页
We have implemented internal policies governing the purchase and management of wealth management products.
Financial Information · 第 202 页
Each investment shall be jointly approved by the general manager and the chief financial officer of our Company who have robust experience in corporate governance and investment.
Our financial assets at fair value through profit or loss decreased from RMB57.1 million as of December 31, 2023 to RMB53.6 million as of December 31, 2024, and further decreased to RMB21.1 million as of December 31, 2025, primarily due to the decrease in wealth management products from RMB57.1 million as of December 31, 2023 to RMB52.6 million as of December 31, 2024 and further to RMB20.1 million as of December 31, 2025, as we adjusted our investment amounts in wealth management products.
Financial Information · 第 221 页
With regard to the purchase of wealth management products, we manage and evaluate our financial investments on a fair value basis in line with our business needs and investment strategy.
Financial Information · 第 221 页
After the [REDACTED], we intend to continue our investment in wealth management products strictly in compliance with internal policies and guidelines, Articles of Association, and the requirements under Chapter 14 of the Listing Rules.
During the Track Record Period, our financial assets at FVPL primarily represented the structured deposits and wealth management products, as illustrated in the table below.
Financial Information · 第 196 页
We purchase wealth management products and structured deposits as part of our treasury management strategy to improve the utilization of our short-term surplus cash.
Financial Information · 第 197 页
Material investment proposals are subject to review and approval by our Board of Directors.
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.
As part of our treasury management, during the Track Record Period, we purchased and held several wealth management products and structured deposits issued by several commercial banks in Chinese Mainland.
Financial Information · 第 243 页
Our financial assets at fair value through profit or loss significantly increased from RMB905.3 million as of December 31, 2023 to RMB1,969.4 million as of December 31, 2024, and further increased to RMB2,031.0 million mainly due to the increase in wealth management products we purchased to optimize the efficiency of our capital deployment.
Financial Information · 第 244 页
Under our investment policies, we are prohibited from investing in high-risk products and the proposed investment must not interfere with our business operations or capital expenditure.
Our current portion of financial investments measured at FVTPL primarily represent wealth management products, which decreased from RMB249.8 million as of December 31, 2023 to RMB120.2 million as of December 31, 2024, primarily attributable to a decrease in wealth management products as a result of cash flow pressure in 2024.
Financial Information · 第 236 页
Our current portion of financial investments measured at FVTPL decreased from RMB120.2 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the redemption of all wealth management products in 2025.
Financial Information · 第 236 页
We established the Regulations on External Investment Management to define external investment scope, approval processes and responsibilities of our Shareholders, Board of Directors and the general manager within their respective authorities.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
以理财产品管理盈余现金
From time to time, we hold certain financial assets measured at fair value through profit or loss in accordance with applicable accounting standards, primarily reflecting our investments in wealth management products, which we utilized as part of our treasury management to generate returns on surplus cash while maintaining liquidity for our operating needs.
Financial Information · 第 240 页
Investment income from financial products | 695 | 2,377
Financial Information · 第 239 页
During the Track Record Period, we generally invested in low-risk wealth management products issued by reputable financial institutions, with short tenors ranging from one to six months.
Our financial assets at fair value through profit or loss primarily represented our wealth management products, which were structured deposits generally with expected return rates ranging from 0.84% to 3.46%.
Financial Information · 第 237 页
Our financial assets at fair value through profit or loss increased by 93.6% from RMB1,092.1 million as of December 31, 2024 to RMB2,114.7 million as of December 31, 2025, primarily due to the purchase of new wealth management products in 2025.
Financial Information · 第 237 页
We only invest in wealth management products in amounts and with durations that are consistent with our working capital needs. Such durations are below 12 months.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
按FVOCI计量的应收款项及保理安排
Our debt instruments measured at FVOCI increased from RMB3.9 million as of December 31, 2023 to RMB6.2 million as of December 31, 2024, and further to RMB26.6 million as of December 31, 2025, primarily reflecting the increase in trade receivable factoring arrangements in line with our business scale and working capital management needs.
Our current financial assets at fair value through profit or loss represent structured deposits purchased from commercial banks in the PRC.
Financial Information · 第 222 页
Our current financial assets at fair value through profit or loss decreased from RMB153.0 million as of December 31, 2023 to RMB96.1 million as of December 31, 2024, and further decreased to nil as of December 31, 2025, primarily due to the maturity of certain structured deposits that were not reinvested.
Financial Information · 第 222 页
Our current financial assets at fair value through profit or loss were all principal-protected products, which were in line with our internal investment risk management policies.
Our other gains or losses primarily consist of (i) fair value gains on financial assets at FVTPL, mainly related to our structured bank deposits and investment in certificates of deposit, (ii) loss on disposal of property, plant and equipment, (iii) net foreign exchange gains, and (iv) impairment loss on investment in an associate.
Financial Information · 第 215 页
Fair value gains on financial assets at FVTPL | – | 7,262 | 17,969
Financial Information · 第 215 页
(ii) an RMB10.7 million increase in fair value gains on financial assets at FVTPL, in relation to structured deposits and certificates of deposits that we purchased in 2025.
Our financial assets at fair value through profit or loss balance as of December 31, 2025 mainly represented structured deposit products, which were issued by banks in Chinese Mainland.
Financial Information · 第 257 页
(i) we follow the principle of prudent investment and select lower-risk short-term investment products from reputable financial institutions
Financial Information · 第 257 页
Our investments in wealth management products after the Listing will be subject to compliance with Chapter 14 of the Listing Rules.
The financial investments at fair value through profit or loss decreased by 37.6% from RMB830.6 million as of December 31, 2023 to RMB518.0 million as of December 31, 2024, primarily due to partial redemptions of investments in wealth management products and certificates of deposit, together with a lower level of new subscriptions as we reallocated cash to working capital.
Financial Information · 第 240 页
Our unlisted investments are classified within Level 3 of the fair value hierarchy based on the inputs used in the valuation techniques applied to estimate their fair value.
Financial Information · 第 240 页
We have implemented a series of internal control policies and rules regarding investment to ensure that the purpose of investment is to preserve capital and liquidity, and we would only purchase financial products under limited circumstances.
We had financial assets at fair value through profit or loss of RMB878.3 million, RMB1,499.8 million and RMB1,456.1 million, as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 198 页
Our financial assets at fair value through profit or loss consisted of our investments in redeemable short-term wealth management products.
Financial Information · 第 198 页
Specifically, we exclusively invest in low-risk (PR1 or PR2), high-liquidity wealth management products with tenors not exceeding 12 months, issued by reputable financial institutions.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
结构性存款及其他投资按公允价值计量
Our current financial assets at FVTPL consisted of structured deposits purchased from commercial banks.
Financial Information · 第 242 页
We invest only in low-risk products such as large-denomination certificates of deposit, time deposits, structured deposits, and seven-day notice deposits, and we transact exclusively with reputable commercial banks that meet our credit and risk criteria.
Financial Information · 第 242 页
In January 2026, D2 Intelligence, a wholly owned subsidiary of our Group, subscribed for 0.02% equity interest in Iluvatar CoreX for an aggregate consideration of approximately HK$7.7 million.