Our other income and gains increased significantly from RMB20.1 million for the year ended December 31, 2024 to RMB73.2 million for the year ended December 31, 2025, primarily attributable to (i) an increase of RMB46.7 million in net foreign exchange gains, mainly resulting from exchange rate fluctuations affecting our trade receivables and bank settlements; and (ii) an increase of RMB3.7 million of net gains on fair value change of derivative financial instruments, primarily due to our foreign exchange lock-in arrangements resulting in fair value gains in 2025.
Financial Information · 第 223 页
Our other income and gains decreased by 21.6% from RMB25.6 million for the year ended December 31, 2023 to RMB20.1 million for the year ended December 31, 2024, primarily attributable to a decrease of net foreign exchange gains of RMB10.7 million, mainly resulting from exchange rate fluctuations affecting our trade receivables and bank settlements; partially offset by an increase in bank interest income of RMB5.3 million as a result of higher bank deposit balances.
Net loss on liquidation and disposal of subsidiaries | (10,862) | (2,395) | (119)
Financial Information · 第 170 页
Primarily including interest compensation received from counterparties following the termination or failure to meet conditions of certain investment agreements. These amounts are non-recurring and project-specific in nature.
Financial Information · 第 169 页
We recorded other net loss of RMB7.4 million in 2023 while we recorded other net gain of RMB6.7 million in 2024, mainly due to a decrease in net loss on liquidation and disposal of subsidiaries of RMB8.5 million and an increase in compensation income of RMB4.8 million.
Our net other losses increased by 51.6% from RMB153.6 million in 2024 to RMB232.9 million in 2025, primarily attributable to the absence of a one-off gain of RMB112.8 million from the remeasurement of our equity interest in Spoz, which was recognized in 2024.
Financial Information · 第 193 页
Our income tax expenses increased by 12.7% from RMB598.3 million in 2024 to RMB674.4 million in 2025, primarily because our one-off gain arising from the remeasurement of our equity interest in Spoz following our acquisition of it was treated as non-taxable income in 2024, resulting in a lower income tax expense in 2024.
We recorded other gains and losses during the Track Record Period, which primarily consist of net foreign exchange losses, which arose mainly from the translation of monetary assets and liabilities denominated in foreign currencies as well as settlement of foreign currency transactions in the ordinary course of our cross-border logistics operations.
Financial Information · 第 190 页
Our other gains and losses decreased by 23.7% from losses of RMB51.2 million in 2023 to losses of RMB39.1 million in 2024, primarily due to a decrease of RMB8.4 million in net foreign exchange losses.
Our other gains and losses increased from losses of RMB39.1 million in 2024 to losses of RMB44.6 million in 2025, primarily due to loss related to the prepayment for acquisition of investment of RMB8.0 million.
Financial Information · 第 195 页
Such loss arose from the difference between the carrying amount of the prepayment and the fair value of the equity interest in Sichuan International Air Cargo Development Co., Ltd. upon initial recognition, when the acquisition was completed on October 16, 2025.
Our other income and gains increased by 135.6% from RMB87.6 million in 2024 to RMB206.4 million in 2025, primarily due to the recognition of RMB100.0 million as deferred income released into other income following the termination of certain cooperation agreement (see Note 33 to the Accountants’ Report in Appendix I to this document for more details) together with an increase in government grants and changes in fair value of financial assets at FVTPL during the year.
中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
出售船只处置收益及议价购买收益等一次性项目
Our other net income and gains decreased by 11.2% from HKD83.9 million in 2024 to HKD74.5 million in 2025, primarily due to a decrease in net gain on disposal of property, plant and equipment from HKD23.6 million to HKD0.9 million mainly because we recorded a relatively higher gain from disposal of certain property, plant and equipment in 2024 primarily attributable to the disposal of two vessels.
Financial Information · 第 170 页
Our other income and gains, net remained relatively stable at HKD85.3 million in 2023 and HKD83.9 million in 2024, reflecting a combined effect of (i) an increase in net gains on disposal of property, plant and equipment, arising from the disposal of two vessels in 2024; and (ii) decreases in net foreign exchange differences and government grants.
Our other income and gains decreased by 22.8% from RMB179.6 million in 2023 to RMB138.6 million in 2024, primarily due to (i) a change in foreign exchange differences, net from a net gain of RMB61.4 million in 2023 to a net loss of RMB10.8 million in 2024, and (ii) a decrease in VAT super deduction.
Financial Information · 第 232 页
Despite the business and sales growth, base on currently available information and subject to changes in market conditions, we may experience a slight fluctuation in net profit in 2026, due to the fluctuations of foreign exchange.
Our other gains, net increased by 800.4% from RMB8.5 million in 2024 to RMB76.3 million in 2025, primarily due to (i) an increase of RMB470.7 million in gains on business combination and (ii) a decrease of RMB20.9 million in net losses on disposal of subsidiaries and associates, partially offset by (i) an increase of RMB136.2 million in net losses on disposal of property, plant and equipment and other long-term assets, and (ii) a decrease of RMB322.0 million in net foreign exchange differences.
Financial Information · 第 202 页
Our income tax expenses decreased by 22.3% from RMB382.7 million in 2024 to RMB297.4 million in 2025, primarily due to the negative goodwill arising from the acquisition of GMD in 2025, which was income not subject to tax.
Financial Information · 第 202 页
Our other gains, net decreased by 96.5% from RMB243.2 million in 2023 to RMB8.5 million in 2024, primarily due to (i) an increase of RMB216.7 million in net losses on disposal of property, plant and equipment and other long-term assets, (ii) an decrease of RMB134.8 million in gains on business combination relating to our acquisition of Suzhou Display and (iii) an increase of RMB25.9 million in net losses on disposal of subsidiaries, partially offset by an increase of RMB164.8 million in net foreign exchange gains.
We define adjusted net (loss)/profit (non-IFRS measure) as loss for the year adjusted for share-based compensation expenses, fair value changes of convertible redeemable preferred shares, [REDACTED] and exchange loss resulting from our one-off refund payments to certain preferred shareholders in 2025.
Summary · 第 7 页
We recorded a net loss of RMB3.3 million in other income and gains, net in 2025, as compared to a net profit of RMB14.0 million in 2024, primarily due to net foreign exchange losses of RMB16.3 million incurred in 2025, and the decrease in government grants and bank interest income.
Financial Information · 第 225 页
Included in the prepayments, other receivables and other assets, our deposits paid to certain preferred shareholders was RMB9.4 million as of December 31, 2025, which was subsequently collected by us on March 17, 2026.
The increase was primarily attributable to an increase in government grants of RMB4.9 million, which was due to the completion and acceptance of a government grant project.
Financial Information · 第 230 页
Our other income consists of (i) government grants, primarily representing subsidies received from local government authorities to support our operation and research and development activities, which are one-off subsidies obtained upon the approval by local government authorities following their assessment process
Our other income and loss, net decreased by 41.0% from RMB8.5 million in 2024 to RMB5.0 million in 2025, primarily due to (i) a decrease of RMB2.9 million in interest income, which was mainly attributable to changes in our funding structure and lower average interest-bearing bank deposit balances during the year; and (ii) an increase of RMB2.2 million in net foreign exchange loss arising from fluctuations in foreign exchange rates.
Our other income and expenses decreased by approximately 38.9% from RMB59.1 million in FY2023 to RMB36.1 million in FY2024, primarily due to decreases in (i) interest income from our bank deposits, (ii) government grants, and (iii) VAT tax refunds and deductions.
Financial Information · 第 212 页
Our other income and expenses further decreased by approximately 56.0% to RMB15.9 million in FY2025, primarily due to further decreases in (i) interest income from our bank deposits, and (ii) VAT tax refunds and deductions.
Financial Information · 第 212 页
Notwithstanding the aforesaid, we began to receive the first payment of government grants from local governments arising from our accolades "Little Giant" (小巨人) and "First-time Recognition Award for Headquarters Economy" (總部經濟首次認定獎勵) in FY2025.
Our other net income increased by 588.2% from RMB2.7 million in 2023 to RMB18.3 million in 2024, primarily attributable to a significant net foreign exchange gain arising from USD exchange rate fluctuations, together with increases in government grants, interest income from bank deposits and fair value changes on financial assets measured at fair value through profit and loss.
Financial Information · 第 175 页
Our other net income decreased by 25.3% from RMB18.3 million in 2024 to RMB13.7 million in 2025, primarily attributable to a significant decrease in net foreign exchange gains, which declined from RMB10.9 million in 2024 to RMB1.3 million in 2025 due to fluctuations in the USD exchange rate.
Our other net income decreased by 58.7% from RMB31.2 million in 2024 to RMB12.9 million in 2025, primarily due to (i) net foreign exchange losses of RMB5.6 million in 2025 compared with gains of RMB1.6 million in 2024, and (ii) a net loss on disposal of property, plant and equipment and right-of-use assets of RMB8.5 million in 2025, compared with a gain of RMB0.3 million in 2024, mainly from scrapping certain electric furnaces (where trial production costs and consumables had been capitalized) and waste gas treatment equipment that no longer met updated regulatory standards.
Financial Information · 第 180 页
These assets had relatively high carrying values and were sold as waste equipment for proceeds lower than their residual values, resulting in a net loss.
We recorded net other losses of RMB16.3 million in 2024 and net other gains of RMB11.1 million in 2025, primarily due to (i) losses on the disposal and write-off of property, plant and equipment and intangible assets arising from (a) the de-orbiting of a satellite in 2024 and (b) the termination of construction of a property under construction to adapt to our business needs, which was one-off in nature, and (ii) an increase in investment income from financial assets at FVPL resulting from the redemption of our structured deposits.
Accordingly, in 2024, we individually recognized full impairment loss with respect to trade receivables of RMB104.1 million due from the distressed customer in view of the material adverse change in its business operations and its prolonged delay and inability to settle receivables.
Financial Information · 第 217 页
We believe the impact of this incident was one-off in nature and there was no incident similar to this incident in the course of our operations as of the Latest Practicable Date.
Financial Information · 第 217 页
Excluding the impact from such a non-recurring item, our financial performance improved in 2025, with net loss decreasing by 65.0% compared to 2024.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
政府补助波动对其他收入影响重大
Our other income and gains increased by 134.5% from RMB10.9 million in FY2024 to RMB25.5 million in FY2025. Such increase was primarily attributable to the increase in government grants and subsidies from RMB9.3 million in FY2024 to RMB24.0 million in FY2025.
Financial Information · 第 245 页
Such decrease was primarily attributable to the decreases in our government grants and subsidies from RMB22.3 million in FY2023, to RMB9.3 million in FY2024 primarily because a majority of the government grant projects were completed in FY2023.
Financial Information · 第 247 页
The availability and amounts of these grants and subsidies are subject to the discretions of the relevant government authorities and government policy.
Our other gains, net increased by 1,337.3% from RMB21.8 million in 2023 to RMB313.5 million in 2024, primarily due to (i) gains from the partial disposal of equity interests in Guangdong Tianji Intelligent Systems Co., Ltd. of RMB180.2 million in 2024 and (ii) a net foreign exchange gain in 2024, attributable to RMB depreciation against the U.S. dollar.
Financial Information · 第 209 页
Our other gains, net amounted to RMB313.5 million in 2024, which subsequently turned to other losses, net of RMB68.6 million in 2025, primarily due to (i) the partial disposal of equity interests in Guangdong Tianji Intelligent Systems Co., Ltd. in 2024, and (ii) a net foreign exchange loss in 2025, attributable to RMB appreciation against the U.S. dollar.
Our other gains, net amounted to RMB313.5 million in 2024, which subsequently turned to other losses, net of RMB68.6 million in 2025, primarily due to (i) the partial disposal of equity interests in Guangdong Tianji Intelligent Systems Co., Ltd. in 2024, and (ii) a net foreign exchange loss in 2025, attributable to RMB appreciation against the U.S. dollar.
Financial Information · 第 207 页
Our other gains/(losses), net primarily included (i) net foreign exchange differences, (ii) net gains on partial disposal of investment in a subsidiary, and (iii) net losses on disposal of investments in financial assets at FVOCI.