During the Track Record Period, our financial assets at fair value through profit or loss comprised fund investments and investments in wealth management products.
Financial Information · 第 198 页
Our non-current portion of our financial assets at fair value through profit or loss remained relatively stable at RMB26.8 million, RMB27.4 million and RMB27.5 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 198 页
We have established management systems to oversee the investments in financial products.
As of December 31, 2023, 2024, and 2025, we had financial assets at fair value through profit or loss of nil, RMB0.3 million, and RMB1.3 million, respectively, consisting of wealth management products and structured deposits.
Financial Information · 第 189 页
Our investments in wealth management products and structured deposits are subject to internal control and treasury management procedures, pursuant to which such investments are limited to products with relatively low risk, high liquidity and controlled exposure.
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.
As of December 31, 2023, 2024 and 2025, we recorded financial assets at fair value through profit or loss of nil, RMB2.1 million and RMB18.0 million, respectively.
Financial Information · 第 236 页
We have adopted written policies and internal control procedures governing our wealth management product investments.
Our financial assets at fair value through profit or loss consist of both current and non-current portions, representing wealth management products we held and unlisted equity investments.
Financial Information · 第 165 页
They then increased significantly to RMB143.0 million as of December 31, 2025, primarily due to addition of wealth management products.
Financial Information · 第 165 页
Our investment strategy related to wealth management products aims to minimize the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, and to generate investment returns for the benefits of our Shareholders.
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.
Our non-current financial assets at FVTPL amounted to RMB952.1 million, RMB756.4 million and RMB939.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 215 页
The decrease from 2023 to 2024 was primarily due to negative fair value changes in our unlisted equity investment portfolio, which subsequently recovered in 2025.
Financial Information · 第 215 页
Our current financial assets at FVTPL amounted to RMB53.7 million, RMB829.6 million and RMB564.2 million as of December 31, 2023, 2024 and 2025, respectively, with the fluctuation primarily reflecting changes in our purchases and redemptions of bank wealth management products for short-term cash management purposes.
Our financial assets at fair value through profit or loss primarily consisted of structured deposits and other wealth management products issued by well-established commercial banks in China that are principal-protected with guaranteed minimum returns during the Track Record Period.
Financial Information · 第 208 页
Our financial assets at fair value through profit or loss increased significantly from RMB20.0 million as of December 31, 2023 to RMB189.9 million as of December 31, 2024, primarily due to our purchase of additional wealth management products in 2024, as we completed our Series C Financing by the end of 2024, and used the unutilized portion of its proceeds to purchase the wealth management products for short-term liquidity management purposes.
Financial Information · 第 208 页
Our financial assets at fair value through profit or loss decreased from RMB189.9 million as of December 31, 2024 to RMB4.5 million as of December 31, 2025, primarily because we disposed of most of our wealth management products in 2025.
Our other net income or losses primarily consist of (1) government grants, mainly including subsidies received from the government for the encouragement of research and development projects; (2) net realized and unrealized gain or losses on financial assets measured at FVPL, mainly representing (i) fair value gains of our wealth management products; and (ii) fair value changes of our investment in the equity interests a semiconductor company;
Financial Information · 第 226 页
(2) the change in net realized and unrealized gain/(losses) on financial assets measured at FVPL from a loss of RMB3.9 million in 2024 to a gain of RMB2.6 million in 2025, as we recognized fair value loss for our investment in a semiconductor company in 2024, and we did not recognize similar loss in 2025.
Financial Information · 第 230 页
As of the same dates, we had current portion of financial assets at FVPL (representing wealth management products) of RMB233.3 million, RMB274.7 million, RMB50.0 million and RMB174.3 million, respectively.
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.
As of December 31, 2023, 2024, 2025 and March 31, 2026, our other financial assets at fair value through profit or loss amounted to RMB118.0 million, RMB69.9 million, RMB85.0 million and RMB85.0 million, respectively.
Financial Information · 第 208 页
Assets and liabilities subject to Level 3 fair value measurement mainly include unlisted securities of other financial assets at FVPL and other financial assets at FVOCI.
Financial Information · 第 182 页
We have adopted internal investment policies and guidelines to manage risks associated with our investments in structured deposits and equity securities, and our investment strategy aims to enhance returns on surplus funds while maintaining prudent risk limits and preserving liquidity for our operating needs.
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.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
结构性存款及理财产品按公允值计量
Our financial assets at fair value through profit or loss primarily consist of structured deposits and wealth management products.
Financial Information · 第 178 页
Our financial assets at fair value through profit or loss further decreased by 56.9% to RMB110.3 million as of December 31, 2025, primarily due to the redemption of structured deposits upon maturity in accordance with our fund arrangements.
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.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
持有按公允价值计量的理财产品
We had financial assets at fair value through profit or loss of nil, RMB0.5 million and RMB50.3 million as of December 31, 2023, 2024 and 2025, respectively, representing the fair value of wealth management products we purchased from banks in the PRC.
Financial Information · 第 226 页
After the [REDACTED], we will strictly comply with requirements under Chapter 14 of the Listing Rules and our internal policies when making investment in such financial products.
Our financial assets at FVTPL recorded as current assets primarily represent structured deposits and banking financial products, i.e. the investment products we purchase at major commercial banks.
Financial Information · 第 217 页
Our financial assets at FVTPL increased from RMB116.5 million as of 31 December 2023 to RMB152.7 million as of 31 December 2024 mainly as a result of our purchase of investment products at major commercial banks.
Financial Information · 第 217 页
Under our investment policy on the purchase of such financial assets, we employ a comprehensive set of internal policies and guidelines to manage our investments in order to monitor the investment risks associated with our portfolio of financial assets.
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.