浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
2025年一次性结算收入推高EGCS毛利率
The further increase in gross profit margin in 2025 was mainly due to an one-off settlement income arising from a customer's vessel replacement arrangement, which involved minimal corresponding cost.
Business · 第 130 页
Excluding this one-off settlement income, the gross profit margin of our vessel exhaust gas emission control and cleaning systems in 2025 would be 33.7%, lower than 2024, primarily due to a lower revenue contribution from hybrid EGCS projects as compared with 2024.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
2025年政府补助一次性拨付推高其他收入
Our other income and gains increased by 11.0% from RMB103.1 million in 2024 to RMB114.4 million in 2025, primarily due to an increase of RMB40.9 million in government grants, which was mainly attributable to the one-off disbursement in 2025 of fiscal subsidies accumulated from prior years.
Our other income decreased from RMB97.9 million for the five months ended May 31, 2025 to RMB57.3 million for the five months ended May 31, 2026, primarily due to (i) the change of net foreign exchange gains of RMB10.7 million recorded for the five months ended May 31, 2025 to net foreign exchange losses of RMB96.7 million for the five months ended May 31, 2026, primarily due to the depreciation of Renminbi against the U.S. dollar during the corresponding period in 2025, which resulted in foreign exchange gains, as compared to the appreciation of Renminbi against the U.S. dollar during the corresponding period in 2026, which resulted in foreign exchange losses, given our net U.S. dollar asset position; and (ii) an increase in net loss on disposal of property, plant and equipment from RMB2.6 million for the five months ended May 31, 2025 to RMB12.5 million for the five months ended May 31, 2026.
Financial Information · 第 225 页
These positive impacts were partially offset by (i) the change from net foreign exchange gains of RMB93.3 million in 2024 to net foreign exchange losses of RMB49.6 million in 2025, which mainly arose from fluctuations in exchange rate between USD and RMB; and (ii) the decrease in interest income from RMB149.9 million in 2024 to RMB97.6 million in 2025, resulting from mainly attributable to lower average deposit balances and a decline in interest rates.
Other gains and losses (on a net basis) primarily consist of remeasurement gain from an associate to a subsidiary, gain on deemed disposal of shares in associates and exchange gains or losses.
Financial Information · 第 194 页
Represents the gain arising from the remeasurement to fair value of the previously held equity interest in Shanghai Dingyi upon obtaining control in 2024, when its status changed from an associate to a subsidiary.
Financial Information · 第 195 页
Other gains and losses changed from net gains of RMB15.3 million in 2024 to net losses of RMB7.1 million in 2025, primarily due to the remeasurement gain from an associate to a subsidiary of RMB19.5 million in 2024 and loss on disposal of entire interest in an associate of RMB6.2 million in 2025.
We recorded other gains of RMB0.9 million in 2023, while incurring other losses of RMB6.8 million in 2024, primarily due to (i) an increase of RMB17.6 million in net foreign exchange losses, mainly resulting from fluctuations in the exchange rate between the Renminbi and the U.S. dollars during the period; and (ii) an increase of RMB10.0 million in gain on deemed partial disposal of an associate, mainly attributable to an increase in the net asset value of Beijing Yueshi Robot during the years, following its equity financing activities.
Financial Information · 第 229 页
We recorded other losses of RMB11.3 million for the four months ended April 30, 2025, while recording other gains of RMB13.4 million for the four months ended April 30, 2026, primarily due to a favorable change of RMB24.7 million in net foreign exchange differences arising from exchange rate movements in relation to our U.S. dollar-denominated procurement of imported cold chain agricultural products.
We had net other losses of RMB73.2 million in 2023 and RMB139.8 million in the four months ended April 30, 2026 and net other gains of RMB92.1 million, RMB9.9 million and RMB106.9 million, in 2024, 2025 and the four months ended April 30, 2025, respectively.
Financial Information · 第 196 页
We recorded other gains, net of RMB106.9 million in the four months ended April 30, 2025 and other losses, net of RMB139.8 million in the four months ended April 30, 2026, primarily due to (i) we recorded net foreign exchange gain of RMB120.1 million in the four months ended April 30, 2025, as compared to net foreign exchange loss of RMB171.9 million during the same period in 2026, driven by the foreign exchange rate fluctuations of the Renminbi against USD, and (ii) increase in net fair value change on financial liabilities at fair value through profit or loss driven by the foreign exchange rate fluctuations.
Financial Information · 第 202 页
We recorded net other losses of RMB73.2 million in 2023 and net other gains of RMB92.1 million in 2024, primarily due to a change on fair value change on financial assets/liabilities at fair value through profit or loss from a net loss of RMB167.5 million in 2023 to a net gain of RMB68.9 million in 2024, which was mainly attributable to foreign exchange rate fluctuations, partially offset by decrease in net foreign exchange gains in 2024 driven by foreign exchange rate fluctuations of Renminbi against USD, in particular the increase in the USD/RMB exchange rate in 2023.
Our other income and gains decreased from RMB7.9 million in 2024 to RMB3.3 million in 2025, primarily due to the decrease of government grant, as we changed our registered address and was temporarily ineligible to apply for grants from the authorities in the previous registration location.
Financial Information · 第 216 页
Our other income and gains increased from RMB0.8 million in the four months ended April 30, 2025 to RMB2.8 million in the same period of 2026, primarily due to an increase in other income of RMB1.5 million, mainly consisting of compensation received by us pursuant to a court judgment.
For the year ended December 31, 2024 and 2025 and the four months ended April 30, 2025 and 2026, our other net income was RMB11.2 million, RMB36.3 million, RMB0.9 million and RMB6.0 million, respectively.
Financial Information · 第 241 页
Our other net income increased significantly from RMB11.2 million in 2024 to RMB36.3 million in 2025, primarily attributable to the RMB30.0 million government grants we received in 2025 as our Pumecitinib gel for atopic dermatitis entered Phase III clinical trials.
Financial Information · 第 245 页
Our other net income increased significantly from RMB0.9 million for the four months ended April 30, 2025 to RMB6.0 million for the four months ended April 30, 2026, primarily attributable to an increase in government grants recognize as other income as a result of our advancement in the development of Pumecitinib nasal spray.
Our net foreign exchange gains/(losses) decreased from the gains of RMB132.4 million in 2024 to the losses of RMB323.4 million in 2025 and to the losses of RMB309.3 million in the three months ended March 31, 2026, primarily due to the depreciation of the U.S. dollars in 2025, which resulted in foreign exchange losses on our U.S. dollar-denominated trade receivables, which are translated into Renminbi at the prevailing exchange rate between the U.S. dollar and Renminbi at the end of each financial reporting period.
Financial Information · 第 239 页
Our net other gains/(losses) decreased by RMB503.2 million from a gain of RMB201.0 million in 2024 to a loss of RMB302.2 million in 2025, primarily due our net foreign exchange gains/(losses) decreased from a gain of RMB132.4 million in 2024 to a loss of RMB323.4 million.
Our other income increased from RMB8.6 million in the three months ended March 31, 2025 to RMB22.0 million in the three months ended March 31, 2026, primarily attributable to an increase in fair value gain on financial assets at FVTPL, which was primarily attributable to a debt-to-equity conversion completed with a customer during the period, under which we derecognized the relevant receivable and recognized the equity interest received at its fair value, resulting in a gain representing the difference between the fair value of the equity interest and the carrying amount of the receivable forgone.
This rebound was primarily due to a significant increase in net foreign exchange gains, which rose from RMB3.8 million in 2023 to approximately RMB63.9 million in 2024, driven by exchange rate fluctuations.
Financial Information · 第 241 页
Gains on disposal of a subsidiary | – | – | – | – | 2,679 | 31.7 | – | 0.0 | – | –
Financial Information · 第 234 页
These items are subject to market conditions, valuation assumptions and currency movements, and may fluctuate from period to period.
The government grants we received in cash amounted to RMB71.0 million, RMB49.8 million, RMB13.5 million and RMB4.3 million, respectively, in 2023, 2024, 2025 and the four months ended April 30, 2026.
Financial Information · 第 189 页
Our other net income decreased by 54.5% from RMB40.7 million in 2024 to RMB18.5 million in 2025, primarily due to the decrease in government grants and interest income and investment income, partially offset by a decrease in the net loss on disposal of plant, property and equipment and right-of-use assets.
Financial Information · 第 201 页
The decrease in government grants was primarily because certain one-off government subsidies and operating incentives recognized in 2024 did not recur in 2025, while the decrease in net loss on disposal was primarily because the increase in gains from the early termination of leases exceeded the increase in losses arising from the disposal of property, plant and equipment in 2025 compared with 2024.
Other net income was an income of HK$11.9 million for the year ended March 31, 2025 and a loss of HK$0.3 million for the year ended March 31, 2026.
Financial Information · 第 220 页
This decrease was primarily due to a net foreign exchange loss of HK$2.0 million for the year ended March 31, 2026, mainly arising from fluctuations in exchange rates between Hong Kong dollar and Renminbi as we procured most of our raw materials from China, compared to a net foreign exchange gain of HK$9.1 million in the prior year.
Financial Information · 第 220 页
This increase was primarily due to (i) an increase in net foreign exchange gain of HK$2.5 million resulting primarily from exchange rate fluctuations between Hong Kong dollar and Renminbi; (ii) gain on disposal of equity interest in a joint venture of HK$1.0 million; and (iii) a one-off government grant of HK$0.8 million received under the Chinese Medicine Development Fund for equipment upgrade.
We recorded other income, expenses and gains, net of RMB3.5 million for the three months ended March 31, 2025 and a net negative amount of RMB6.4 million for the same period in 2026, primarily due to an increase of RMB7.9 million in net foreign exchange losses.
Financial Information · 第 179 页
Our other income, expenses, gains and losses, net increased by 10.7% from RMB12.9 million in 2024 to RMB14.2 million in 2025, primarily due to (i) an increase in VAT refund for software products amounting to RMB4.7 million and (ii) an increase of RMB5.4 million in government grants, partially offset by the change from a net foreign exchange gain of RMB0.5 million in 2024 to a net foreign exchange loss of RMB5.0 million in 2025.
Our other income, gain and losses decreased from a net income of RMB2.5 million in the three months ended March 31, 2025 to a net loss of RMB3.4 million in the three months ended March 31, 2026, primarily due to the change from net foreign exchange gains to net foreign exchange losses of RMB6.6 million in the three months ended March 31, 2026, mainly attributable to the depreciation of U.S. dollars against Renminbi and its impact on our foreign currency-denominated trade receivables.
Financial Information · 第 149 页
Our other income, gain and losses decreased by 14.0% from RMB17.9 million in 2024 to RMB15.4 million in 2025, primarily due to (i) the net foreign exchange losses in 2025 as a result of exchange rate movements and their impacts on our foreign currency-denominated trade receivables and our U.S. dollars deposits, and (ii) a decrease in additional deduction for VAT, which was partially offset by an increase in interest income attributable to higher bank deposits following our private placement.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
汇兑损益及处置联合营一次性损益
We recorded net losses of RMB3.9 million in 2024 and net gains of RMB52.8 million in 2025. The change was primarily because we recorded a net foreign exchange gain of RMB0.1 million in 2025, as compared to a net foreign exchange loss of RMB37.9 million in 2024.
Financial Information · 第 188 页
The change was primarily due to (i) a decrease of RMB28.3 million in change in fair value of unlisted equity interest and (ii) a decrease of RMB11.9 million in gain on disposal of partial equity interests of associates.
Our other income and gains increased by 14.6% from RMB38.9 million in 2024 to RMB44.6 million in 2025, primarily due to (1) an increase in gain on the deemed and partial disposal of investment in an associate, resulting from equity interest transfers, capital reduction and dilution of shareholding following capital injections by other investors; and (2) an increase in government grants relating to the IC industry and import and export activities.
Financial Information · 第 238 页
Our other income and gains decreased by 24.5% from RMB51.6 million in 2023 to RMB38.9 million in 2024, primarily due to (i) a decrease in government grant, as a result of a decrease in government subsidies on the integrated circuit industry and (ii) a decrease in gain on deemed disposal of investment in an associate as a result of its issuance of new equity interests.
Financial Information · 第 238 页
(1) Primarily include (i) gain on disposal of assets, (ii) refund of handling fees for withholding individual income tax, and (iii) non-operating income.
Other net loss increased significantly from RMB0.7 million for 2024 to RMB5.4 million for 2025, primarily due to an increase in net foreign exchange losses from RMB0.6 million for 2024 to RMB5.6 million for 2025, mainly resulting from transactions denominated in Euros; partially offset by an increase in government grants from RMB0.2 million for 2024 to RMB0.3 million for 2025, as we received certain one-off government subsidies for our operating activities.
Financial Information · 第 190 页
Other net loss increased by 20.8% from RMB0.6 million for 2023 to RMB0.7 million for 2024, primarily due to an increase in net foreign exchange losses from gains of RMB2.0 thousand for 2023 to losses of RMB0.6 million for 2024, mainly resulting from transactions denominated in Euros.
We recorded a reversal of impairment losses on trade and other receivables of RMB20.6 million, RMB0.9 million in 2023 and 2024, respectively.
Financial Information · 第 188 页
Reversal of impairment losses on trade and other receivables decreased significantly from RMB20.6 million for 2023 to RMB0.9 million for 2024, primarily because a larger amount of long-aged receivables was collected in 2023 than that in 2024.
Our other income increased substantially from RMB8.7 million in 2023 to RMB20.2 million in 2024, and subsequently decreased to RMB13.5 million in 2025, primarily attributable to (i) the relatively high government grants that we received in 2024; and (ii) our one-off net gains arising from the disposal of investment property and property, plant and equipment in 2024.
Financial Information · 第 209 页
Our other income increased from RMB8.7 million in 2023 to RMB20.2 million in 2024, primarily due to (i) RMB2.9 million in government subsidies for our designation as a Key Specialized, Refined, Differential and Innovative “Little Giant” Enterprise; (ii) RMB3.6 million in government incentives for our settlement in an industrial park in Changzhou; and (iii) our one-off net gains arising from the disposal of our obsolete production facility in 2024.