Fair value change of financial assets measured at FVPL primarily relates to various wealth management products.
Financial Information · 第 173 页
Our other net income increased by 46.8% from RMB97.6 million in 2024 to RMB143.3 million in 2025, primarily due to (i) an increase in the fair value change of financial assets measured at FVPL from our investments in various wealth management products and (ii) an increase in the net gain on disposal of associates, primarily attributable to a loss incurred from the disposal of a certain associate in 2024, compared to investment gains recognised from the disposal of certain associates in 2025, partially offset by a net foreign exchange loss in relation to an unrealised exchange loss arising from the year-end revaluation of trade receivables, attributable to the U.S. dollar depreciation in 2025.
Our financial assets at fair value through profit or loss increased significantly from RMB6.0 million as of December 31, 2023 to RMB115.7 million as of December 31, 2024, and further increased by 26.9% from RMB115.7 million as of December 31, 2024 to RMB146.8 million as of December 31, 2025, primarily due to our purchase of certain wealth management products.
Financial Information · 第 245 页
We primarily invest in short-term and low-risk wealth management products issued by reputable financial institutions to ensure controllable risk exposure from our investments.
Financial Information · 第 245 页
Such investments are also subject to multi-layer approval processes.
Our time deposits increased from nil as of December 31, 2023 to RMB50.8 million as of December 31, 2024, as we placed part of the total cash we received from the Series B Financing with a bank as time deposits for a duration of three years, given that there was no immediate need for us to utilize that amount to support our operating, investing and financing activities at that time, and the time deposit offers us interest as return and are early redeemable.
Financial Information · 第 240 页
Our time deposits decreased from RMB50.8 million as of December 31, 2024 to RMB42.0 million as of December 31, 2025, because we redeemed part of it for working capital purposes.
Our other gains or losses, net primarily consist of (i) change in fair value of financial assets at FVTPL, in connection with our structured deposits and other wealth management products we purchased for cash management purposes, (ii) net gains/losses on disposal of property, plant and equipment, (iii) net foreign exchange losses, and (iv) donations.
Financial Information · 第 208 页
We recorded a net other gain of RMB3.6 million in 2024 and a net other loss of RMB3.7 million in 2025, primarily attributable to (i) a decrease of RMB4.0 million in change in fair value of financial assets at FVTPL, caused by lower interest rates and our reduced investment scale in wealth management products, and (ii) an increase of RMB3.6 million in net foreign exchange losses, as a result of fluctuations in exchange rates.
Financial Information · 第 212 页
Our financial assets at FVOCI increased from RMB14.1 million as of December 31, 2024 to RMB36.5 million as of December 31, 2025, primarily due to our equity investments in a technology company.
Our financial assets at fair value through profit or loss increased from RMB220.0 million as of December 31, 2023 to RMB560.1 million as of December 31, 2024.
Financial Information · 第 238 页
We generally invest in wealth management products with low risk labels issued by qualified financial institutions.
Financial Information · 第 238 页
In the future, we may continue to invest in wealth management products that are in our Group’s interest upon through 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].
Financial assets at FVTPL refer to structured deposits placed with licensed commercial banks in the PRC, which were with variable interest rates.
Financial Information · 第 250 页
As of December 31, 2025, we had cash and cash equivalents of RMB184.9 million, term deposits of RMB21.3 million, financial assets at FVTPL of RMB140.0 million, and as of January 31, 2026, we had unutilized banking facilities of RMB200 million.
Our financial assets at fair value through profit or loss decreased by 37.0% from RMB119.6 million as of December 31, 2022 to RMB75.3 million as of December 31, 2023, and further decreased by 58.7% to RMB31.0 million as of December 31, 2024, primarily due to changes in the product portfolio of asset management products we purchased.
Financial Information · 第 261 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.
Financial Information · 第 261 页
Our investment horizon for each short-term financial asset we purchase is typically within three months.
Furthermore, as of January 31, 2026, we had cash and cash equivalent of RMB14.5 million and our financial assets at FVTPL amounted to RMB126.6 million which generally can be redeemed and settled within two business days.
Summary · 第 16 页
Our other income and gains increased from RMB5.6 million for the nine months ended September 30, 2024 to RMB8.1 million for the nine months ended September 30,2025, primarily because (i) the increase of government grants; (ii) the increase of fair value gain on financial assets at fair value through profit which was caused by changes in the fair value of wealth management products; and (iii) partially offset by the decrease in investment income.
Our financial assets at fair value through profit or loss decreased from RMB40.0 million in 2023 to RMB16.5 million in 2024, primarily because we redeemed part of our wealth management products in 2024.
Financial Information · 第 255 页
We adopt a prudent approach in selecting financial assets.
During the Track Record Period, we generally limited our purchase to principal guaranteed and short-term (three to six months maturity periods) financial products from reputable commercial banks.
Financial Information · 第 242 页
We recorded RMB201.1 million and RMB74.1 million of financial assets at FVTPL as of December 31, 2024 and 2025, respectively.
Financial Information · 第 242 页
The investment in wealth management products after [REDACTED] will be subject to the compliance requirements in accordance with Chapter 14 of the Listing Rules.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
结构性存款等按公允值计量的金融资产增长
Our financial assets at fair value through profit or loss increase from RMB45.1 million as of December 31, 2024 to RMB77.0 million as of September 30, 2025, primarily due to our purchase of structured deposits and investments in equity instruments at fair value through profit or loss to optimize our fund management and enhance our fund utilization efficiency.
Financial Information · 第 400 页
To control our risk exposure, we only invest in low-risk structured deposits products while ensuring sufficient working capital to meet business needs, operating activities, R&D and capital expenditures, taking into account a number of factors including the general market conditions, risk control, credit of the issuing financial institution, our own working capital conditions, duration of the investment and the expected return from the investment.
We had financial assets at FVTPL of RMB390.0 million, RMB180.3 million, RMB506.4 million and RMB694.0 million as of December 31, 2022, 2023, 2024 and September 30, 2025, respectively.
Financial Information · 第 267 页
We endeavor to increase the return of idle cash and bank balances by placing investments in wealth financial assets with high liquidity and low risk such that our risk exposure arising from such investments is controlled.
Financial Information · 第 267 页
We have categorized our financial assets at FVTPL as Level 2 of the fair value hierarchy because they are valued with reference to recent transaction price.
Our financial assets at fair value through profit or loss consist of investment in wealth management products.
Financial Information · 第 240 页
Our net of fair value changes on financial assets at fair value through profit or loss remained stable at RMB0.6 million and RMB0.6 million and RMB0.1 million respectively. We have established an Investment Committee and implemented the Investment Management Policy.
Financial Information · 第 240 页
(ii) the Investment Committee shall set out investment goals and objective, risk tolerance level and trading limit and shall reject a proposed investment falling outside such scope or limit
Our gain from changes in fair value of financial assets at FVTPL relating to our investment in the PE/VC Fund and the IC Design Investee amounted to RMB45.7 million in 2022 turned to a loss of RMB98.7 million in 2023, due to the decrease of stock price of principal portfolio companies held by the former and the decrease of the value of the latter.
Financial Information · 第 198 页
The stock price of principal portfolio companies held by the PE/VC Fund and the valuation of the IC Design Investee were impacted by the fluctuation of capital markets conditions during the Track Record Period, which in turn led to change of fair value of our investments in these two entities.
Financial Information · 第 189 页
Changes in fair value of investment properties reflected the change of value of our investment properties according to the valuation conducted by third party valuers, who have considered factors including market rental price and vacancy rate.
Our financial assets at fair value through profit or loss included wealth management of principal-guaranteed structured deposits with low risks, primarily to generate additional returns on cash reserves, while ensuring liquidity and capital preservation.
Financial Information · 第 209 页
Our financial assets at fair value through profit or loss decreased from RMB291.1 million as of December 31, 2024 to RMB191.5 million as of September 30, 2025, primarily due to the withdrawal of certain structured deposits to fund capital injections into our subsidiaries.
Financial Information · 第 209 页
We have established comprehensive investment policies and strategies with respect to financial products, to ensure compliance, safeguard assets and manage risks effectively.
(5) investment income from and fair value gains on financial assets at FVTPL, mainly in connection with our wealth management products
Financial Information · 第 230 页
Other income and gains increased by 47.9% from RMB67.7 million for 2022 to RMB100.2 million for 2023, primarily due to (1) an increase in investment income from financial assets at FVTPL from RMB10.0 million for 2022 to RMB21.1 million for 2023 and an increase in fair value gains on financial assets at FVTPL from RMB3.7 million for 2022 to RMB15.3 million for 2023, primarily due to the overall increase in the balance of our wealth management products;
Financial Information · 第 241 页
Other income and gain decreased from RMB69.0 million for the nine months ended September 30, 2024 to RMB58.6 million for nine months ended September 30, 2025, primarily due to the decrease in fair value gains on and investment income from financial assets at FVTPL, driven by the decrease in interest rates of relevant products.
Such unlisted investments were wealth management products issued by banks in the PRC.
Financial Information · 第 352 页
Our investment strategy related to such products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns.
Our fair value changes of financial assets measured at FVTPL mainly represented fair value changes in investments in certain wealth management products managed by the banks or securities companies.
Financial Information · 第 209 页
We recorded loss from fair value changes of financial assets measured at FVTPL of RMB11.5 million for the year ended December 31, 2023 and profit from fair value changes of financial assets measured at FVTPL of RMB22.7 million, RMB16.8 million and RMB3.1 million for the year ended December 31, 2024 and nine months ended September 30, 2024 and 2025, respectively.
Financial Information · 第 209 页
Our fair value gain on financial assets measured at FVTPL decreased by 81.5% from RMB16.8 million for the nine months ended September 30, 2024 to RMB3.1 million for the nine months ended September 30, 2025, primarily due to the redemption of our investment in wealth management products.
Our other income and gains decreased by 57.5% from RMB47.1 million in 2023 to RMB20.0 million in 2024, primarily due to (i) a decrease in gains on equity investments at FVTPL due to fluctuations in the fair value of our equity investments; and
Financial Information · 第 313 页
Our other income and gains decreased by 32.4% from RMB69.7 million in 2022 to RMB47.1 million in 2023, primarily due to (i) a decrease in gains on equity investments at FVTPL due to fluctuations in the fair value of our equity investments; and
Our other income and gains decreased by 39.3% from RMB23.8 million for the year ended December 31, 2024 to RMB14.4 million for the year ended December 31, 2025, primarily due to (i) a decrease of RMB6.8 million in bank interest income mainly due to the decrease of our time deposits and (ii) a decrease of RMB5.2 million in fair value gains on derivative financial instruments at FVTPL as a result of fluctuations in foreign exchange rates which affected the fair value of our purchased forward currency contracts and foreign currency swaps, partially offset by an increase of RMB3.2 million in government grants in 2025.
Financial Information · 第 229 页
Our other income and gains increased by 6.5% from RMB22.3 million for the year ended December 31, 2023 to RMB23.8 million for the year ended December 31, 2024, primarily due to (i) an increase of RMB4.0 million in fair value gains on derivative financial instruments at FVTPL, primarily attributable to mark-to-market gains on outstanding positions in foreign currency swaps and forward currency contracts, driven by favorable foreign exchange rate movements; and (ii) an increase of RMB2.1 million in bank interest income, primarily driven by the increase in cash balance and bank deposits in accordance with our optimized deposit strategies across banks and currencies, partially offset by a decrease of RMB4.1 million in government grants in 2024.