In September 2025, as part of the optimization of our business strategy, we entered into a photomask technology transfer agreement with our associate, Anhui Jingmei Photomasks Ltd. (安徽晶鎂光罩有限公司) (“Anhui Jingmei”).
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Our other income increased by 45.1% from RMB327.3 million in 2024 to RMB475.0 million in 2025, primarily due to the recognition of a technology transfer income in relation to our photomask technology transfer in 2025, partially offset by the decrease in interest income in line with the decreases in our bank deposits.
We recorded income tax credit of RMB9.4 million for 2024, primarily because we recognized the previously unrecognized tax losses in 2024.
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We recorded income tax expenses of RMB1.3 million for 2023 and income tax credit of RMB9.4 million for 2024, as we utilized the previously unrecognized tax losses in 2024.
During the Track Record Period, our government grants decreased from RMB33.0 million in 2023 to RMB10.6 million in 2024, and remained relatively stable at RMB10.2 million in 2025.
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Such fluctuation was primarily attributable to the receipt of a relatively significant tax rebate from local government authorities under applicable local preferential policies in 2023, which was one-off in nature.
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Our other income decreased by 43.1% from RMB75.4 million in 2023 to RMB42.9 million in 2024, primarily due to (i) a decrease in government grants, (ii) a decrease in interest income and (iii) a decrease in sales of scrap materials.
For the year ended December 31 2024, we recorded other losses of RMB148.2 million, as compared to other gains of RMB40.9 million for the year ended December 31, 2023.
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(ii) an increase in foreign exchange losses, mainly due to the commissioning of some of our C3-C4 facilities, which led to an increasing procurement of imported raw materials and, in turn, an increase in the amount of foreign exchange purchase.
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For the year ended December 31, 2025, we recorded other gains of RMB44.7 million, compared to a loss of RMB148.2 million for the year ended December 31, 2024.
Our net other income and gains decreased by 14.7% from RMB43.6 million in 2024 to RMB37.1 million in 2025, primarily due to the decrease in government grants of RMB5.8 million, mainly attributable to the phasing out of certain subsidy programs and timing differences in the renewal of government grants.
We reached a settlement in an arbitral proceeding and agreed to pay a settlement amount of RMB237,216,000, of which RMB16,019,000 had been recorded as a provision before 2023.
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Based on the progress of a legal proceeding, we made a provision for litigation compensation in 2023. In January 2026, we prevailed in the final verdict. As this favorable outcome constitutes a subsequent event that requires adjustment, we reversed the provision in 2025.
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We recorded other net gains of RMB86.7 million in 2024, as compared with other net losses of RMB225.4 million in 2023, which was primarily attributable to (i) the absence in 2024 of the one-off settlement payment and litigation provision recognized in 2023, and (ii) the recognition in 2024 of remeasurement gains in relation to the loss of control over a subsidiary and gains from disposal of subsidiaries, partially offset by higher factoring costs for trade receivables and lower net foreign exchange gains.
In 2023, 2024 and 2025, our consulting fee income attributable to Beijing Hanmi amounted to USD26.1 million, USD12.4 million and nil, respectively, representing approximately 93.0%, 91.7% and nil of our total consulting fee income, respectively.
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Pursuant to the relevant market promotion services agreement and the corresponding termination agreement, our operational management assistance and consultation services to Beijing Hanmi were terminated with effect from July 1, 2024.
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Our other income decreased significantly by 83.9% from USD18.0 million in 2024 to USD2.9 million in 2025, primarily due to a reduction in consulting fee income.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
2024年全额减值2500万元项目保证金
In 2024, we paid a construction deposit of RMB25.0 million to a contracted customer for the purpose of performing the contract for an energy management solution project with a total contract value of RMB800.0 million.
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However, the contracted customer did not commence the project according to the prescribed timeframe, and, despite repeated requests, has not repaid the deposit to the Company.
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As a result, we considered the credit risk to have increased significantly since initial recognition;
This improvement was partially offset by a decrease in government grants from RMB15.8 million to RMB10.1 million, as we received certain large, non-recurring subsidies in 2023, such as an RMB8.5 million award related to our initial public offering on the SSE STAR Market.
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While we receive certain smaller subsidies on a recurring basis, our government grants are primarily non-recurring in nature and are tied to the achievement of specific milestones, such as the initial public offering and listing of our A Shares on the SSE STAR Market, or are designated for particular projects.
Our other gains decreased by 36.2% from RMB14.2 million in 2023 to RMB9.1 million in 2024, primarily due to the recognized RMB13.9 million one-off gain from the modification of redemption liabilities in 2023, in relation to the deferral of exercise date of the redemption rights, partially offset by an increase of RMB8.7 million of fair value changes of financial assets at FVTPL.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
2024年出售子公司导致净其他亏损约630万元
We recorded net other losses of approximately RMB6.3 million in 2024 as compared to net other gains of approximately RMB46.0 thousand in 2025, primarily due to the losses on disposal of subsidiaries arising from disposal of Changxing Jiacheng and Hainan Shengyi in 2024, whereas no such incident occurred in 2025.
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We recorded net other gains of approximately RMB3.1 million in 2023 as compared to net other losses of approximately RMB6.3 million in 2024, primarily due to in 2023, (i) an increase in gains on disposal of subsidiaries following the disposal of Peakview Capital Management Co., and (ii) a decrease in gains on disposal of early lease termination and other modifications.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
2025年政府补助大增带动其他收入升至420万元
During the Track Record Period, we recorded other income of approximately RMB1.0 million, RMB0.4 million and RMB4.2 million for the years ended 31 December 2023, 2024 and 2025, respectively.
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Our other income increased from approximately RMB0.4 million in 2024 to approximately RMB4.2 million in 2025, primarily due to an increase in government grant in 2025 following the government's approval of a grant upon verification of our Company's and our fund's local tax contributions in Hangzhou, as applied for by Hangzhou Shengyi in accordance with relevant local policies.
Government grants of RMB60.0 million with certain performance conditions attached was recognized in deferred income when received and was recognized as other income in 2023 when the performance conditions have been fulfilled.
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Our other income decreased significantly by 84.1%, from RMB68.2 million in 2023 to RMB10.9 million in 2024. This decline was primarily due to the absence of certain non-recurring income items recognized from deferred income recorded in the prior period.
In January 2024, we licensed such trademark and copyright to the OEM supplier and offline trading partner of such infant formula to facilitate the distribution of such infant formula, in exchange for a one-off royalty fee of RMB6.6 million.
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Our other income and gains further decreased in 2025, primarily due to (i) lower investment income realized from our investments in wealth management products and time deposits; (ii) decreased income from licensing out of a trademark as we did not record similar income in 2025; and (iii) lower bank interest income, which is in line with decreased current bank balances in 2025.
Our other income and gains increased by 446.8% from RMB4.9 million in 2023 to RMB26.7 million in 2024, primarily due to the significant increase in government grants because (i) a significant amount of government grants became qualified to be transferred from deferred income to other income and gains, as our projects with government grants were completed in 2024; and (ii) we received a larger amount of government grants that could be directly recognized as other income and gains in 2024.
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Our other income and gains decreased by 50.9% from RMB26.7 million in 2024 to RMB13.1 million in 2025, primarily because (i) a greater portion of government grants was recognized as other income and gains, as more projects associated with these grants were completed in 2024 compared to 2025, allowing for the transfer of a larger amount from deferred income; and (ii) we received a smaller amount of government grants that could be directly recognized as other income and gains in 2025.
In 2023, 2024 and 2025, our cost of sales amounted to RMB107.8 million, RMB67.7 million and RMB159.1 million, respectively, representing 33.2%, 83.3% and 30.3% of total revenue. A substantial portion of such cost of sales was incurred due to non-recurring factors.
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The substantial cost of sales in 2023 was primarily attributable to (i) idle costs, which amounted to RMB23.3 million in 2023 and reduced to nil in 2024.
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We consider this timing gap to be transitory in nature and expect it to narrow progressively as revenue from our newly launched products scales with deepening CDC network penetration.
Our net other income and gains increased by 47.3% from RMB19.5 million for the year ended December 31, 2023 to RMB28.7 million for the year ended December 31, 2024, as we recorded gains on our disposal of Shijiazhuang TRT TCM Hospital and gains on revaluation of contingent consideration in relation to the performance commitments of San Xi Tang, which was partially offset by the cessation of receiving concession income of Beijing Jufang after our transfer of the organizer’s interests in Hujialou Second Community Healthcare Center in June 2023.
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Representing the revaluation of performance-based compensation determined according to the performance commitment provisions under the share transfer agreements.
Our foreign exchange gains amounted to RMB6.4 million in 2024, primarily driven by substantial USD-denominated revenue and favorable movement in the USD/CNY exchange rate.
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The decrease was primarily due to (i) lower bank interest income; and (ii) foreign exchange gains realized in 2024, as opposed to foreign exchange losses recorded under “other expenses” in 2025.
Financial Information · 第 189 页
Such investment income rose from RMB0.6 million in 2023 to RMB5.3 million in 2024, and declined to RMB2.1 million in 2025, primarily due to the fluctuations of foreign exchange rates.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
2025年汇兑收益5,934万元推高其他净收入
Our other net income increased by 156.9% from RMB34.6 million in 2024 to RMB89.0 million in 2025, primarily due to (i) a shift in foreign exchange from losses of RMB0.7 million in 2024 to gains of RMB59.3 million in 2025, mainly driven by the appreciation of the euro in 2025, and (ii) an increase in government grants from RMB12.6 million in 2024 to RMB16.5 million in 2025, partially offset by a decrease in bank interest income from RMB16.8 million in 2024 to RMB11.6 million in 2025.
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Our other net income primarily consists of (i) bank interest income, (ii) government grants, (iii) net realized or unrealized gains on financial assets measured at FVPL and (iv) net foreign exchange gain/(loss).
Our Group recorded other net losses of RMB17.8 million in 2025, primarily consisting of net foreign exchange losses of RMB15.5 million mainly caused by fluctuations in the USD exchange rate.
Our Group recorded other net gains of RMB2.4 million in the 2024 Period, primarily representing the net foreign exchange gain arising primarily from USD-denominated balances.