Gain on exchange differences, net | 105 | 0.7 | 9,253 | 34.0 | 5,214 | 25.8
Financial Information · 第 181 页
Our other income and gains increased by 93.3% from RMB14.1 million in 2023 to RMB27.2 million in 2024, primarily due to (i) an increase in interest income mainly attributable to a new placement in time deposits in 2024; and (ii) an increase in net gains on exchange differences, mainly attributable to the appreciation of U.S. dollar in 2024.
Financial Information · 第 188 页
Our other income and gains decreased by 25.7% from RMB27.2 million in 2024 to RMB20.2 million in 2025, primarily due to (i) a decrease in interest income primarily because the interest of US dollar time deposits declined in 2025 following the interest rate cut by the Federal Reserve; and (ii) a decrease in net gain on exchange differences, primarily due to the fluctuation of exchange rate between USD and RMB.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
南苑基金去并表致投资收益大增
Our other gains and losses, net increased by 137.5% from RMB35.6 million in 2024 to RMB84.6 million in 2025, primarily due to an increase of RMB57.6 million in investment income from financial assets at FVTPL in relation to the de-consolidation of the Nanyuan Fund.
Financial Information · 第 184 页
Our other gains and losses, net decreased by 16.4% from RMB42.6 million in 2023 to RMB35.6 million in 2024, primarily due to (i) a decrease of RMB6.0 million in investment income from financial assets at FVTPL as a result of the decreased rate yield in our wealth management products and structured deposits and (ii) a decrease of RMB2.7 million in capital market incentives granted in 2023 in relation to the A-Share Listing.
We record other gains of RMB47.8 million in 2024 and other losses of RMB26.7 million in 2025.
Financial Information · 第 228 页
The turnaround from net gains to net losses was primarily attributable to (i) the increase in provision for impairment of inventories from RMB50.5 million in 2024 to RMB80.5 million in 2025; (ii) the decrease in net fair value change of financial assets at FVPL from RMB40.7 million in 2024 to RMB28.1 million in 2025; (iii) the turnaround in net exchange gain from a net gain of RMB3.4 million in 2024 to a net loss of RMB15.9 million in 2025; and (iv) the decrease in gain on disposal of investment in subsidiaries from RMB25.9 million in 2024 to RMB1.6 million in 2025
Financial Information · 第 228 页
Our other gains increased by 56.7% from RMB30.5 million in 2023 to RMB47.8 million in 2024, which was primarily attributable to (i) the decrease in provision of impairment loss on trade receivables from RMB47.2 million in 2023 to RMB5.9 million in 2024; (ii) the increase in gain on disposal of investment in subsidiaries from nil in 2023 to RMB25.9 million in 2024; and (iii) the turnaround from a loss on disposal of investment in associates of RMB1.4 million in 2023 to a gain of RMB18.0 million
Other income and gains increased by 12.6% from RMB512.0 million in 2024 to RMB576.3 million in 2025, primarily due to (i) an increase in gain on disposal of associates of RMB38.4 million,
Financial Information · 第 156 页
Other income and gains increased by 13.9% from RMB449.6 million 2023 to RMB512.0 million in 2024, primarily due to (i) an increase in gain on disposal of associates from of RMB60.1 million, as we disposed part of the equity interest in an associate in 2024, and (ii) an increase in additional VAT deduction of RMB51.7 million, primarily attributable to an increase in procurement and R&D expenses.
Our other net gains and losses decreased by 80.7% from RMB101.0 million in 2024 to RMB19.4 million in 2025, primarily as we recorded a net foreign exchange loss of RMB60.0 million in 2025 as compared to a net foreign exchange gain of RMB55.6 million in 2024, mainly as a result of fluctuations in exchange rate from US$ to RMB.
Government grants decreased from RMB36.6 million in 2023 to RMB16.4 million in 2024, mainly due to stricter subsidy policies, including the reduction of certain one-off subsidies such as government incentive grants for enterprises and research and development subsidies.
Financial Information · 第 235 页
Other income and gains decreased by 39.1% to RMB26.2 million for the year ended December 31, 2024, compared to RMB43.0 million for the year ended December 31, 2023. This decline was primarily due to a reduction in government grants.
Our other gains and losses primarily consists of (i) fair value changes of financial assets at fair value through profit or loss, which mainly represent fair value changes of investment in a financial product issued by a local commercial bank, (ii) a one-off compensation received from a client for their early termination of contract due to changes in the client's business development plan, and (iii) our payment of a one-off latest shipment penalty in 2024.
Financial Information · 第 195 页
The net other gains in 2023 was primarily attributable to a non-recurring compensation from a customer for their early termination of contract. The net other losses in 2024 was primarily attributable to our payment of a one-off compensation paid to a customer for the late delivery of our AI computing technical services in 2024.
Our other income increased by 131.2% from RMB66.5 million in 2024 to RMB153.7 million in 2025, primarily due to the increase in income-related government grants, which were primarily government subsidies for our ongoing R&D activities.
Financial Information · 第 222 页
During the Track Record Period, our government grants were generally non-recurring in nature, and for assets-related government grants were granted to subsidize our certain construction and R&D projects and for income-related government grants were granted for our ongoing R&D activities.
Our other net losses increased significantly from gain RMB26.6 million in 2024 to loss RMB17.2 million in 2025, primarily due to disposal of long-term assets during the renovation of our plants.
Financial Information · 第 222 页
Loss on disposal of items of property, plant and equipment, and right-of-use assets, net | (827) | (329) | (21,747)
Financial Information · 第 218 页
Our other net gain recorded RMB14.7 million in 2023 and RMB26.6 million in 2024, primarily due to the disposal of an associate in 2024.
Our other income decreased by 74.3% from RMB7.4 million for the year ended December 31, 2024 to RMB1.9 million for the year ended December 31, 2025, primarily due to a decrease in government grants we received from RMB6.6 million for the year ended December 31, 2024 to RMB1.4 million for the year ended December 31, 2025.
Financial Information · 第 236 页
Our other income consists of (i) government grants, which primarily consist of one-off government grants we received from local government in support of the research and development of our products, (ii) interest income from related party borrowings, (iii) interest income from deposits, and (iv) others, which mainly represent miscellaneous subsidies from local government.
Our other income, net of losses decreased by 55.0% from RMB97.4 million in 2024 to RMB44.0 million in 2025, primarily because (i) we recorded net foreign exchange gains of RMB20.8 million in 2024 and net foreign exchange losses of RMB11.8 million in 2025, as a result of fluctuations in foreign exchange rate and (ii) our VAT refund on sales of software products decreased from RMB32.8 million in 2024 to RMB23.4 million in 2025, as we received less refund in 2025.
Financial Information · 第 224 页
Our other income, net of losses increased by 78.9% from RMB54.4 million in 2023 to RMB97.4 million in 2024, primarily due to (i) an increase in net foreign exchange gains as a result of fluctuations in foreign exchange rate, (ii) an increase in value-added tax (VAT) refund on sales of software products, as part of our intra-group transaction, and (iii) an increase in interest income, as a result of the increase in our bank deposits.
Our gains from changes in fair value decreased by 80.1% from RMB23.6 million in 2024 to RMB4.7 million in 2025, primarily due to fair value change in 2024 related to the in compensation receivables from non-controlling shareholder of Chongqing Hanhong due to failure to meet performance commitment.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
增值税加计抵减变动致其他收入大幅波动
Our other net income increased by 321.1% from RMB8.3 million in 2023 to RMB35.1 million in 2024, primarily because our subsidiary, Sichuan Yijing, has been recognized as a high-tech enterprise and qualified for value-added tax additional deduction in 2024.
Financial Information · 第 199 页
Our other net income decreased by 35.8% from RMB35.1 million in 2024 to RMB22.6 million in 2025, primarily due to the decrease in value-added tax additional deduction because (i) in 2024, our subsidiary, Sichuan Yijing, recorded higher amount of input VAT in relation to addition of property, plant and equipment; (ii) the scale of raw material procurement in 2024 was larger than that in 2025, which was in line with our sales volume, resulting in higher additional deduction income in 2024.
Our other income decreased by 76.1% from RMB15.9 million in 2023 to RMB3.8 million in 2024, primarily due to the significant decrease in government grants, particularly those related to foreign investment, as a result of the changes in our shareholding structure that rendered us ineligible for such grants.
Financial Information · 第 213 页
Our other income decreased by 37.8% from RMB3.8 million in 2024 to RMB2.4 million in 2025, primarily due to fluctuations in the amount of government grants resulting from changes in government policies.
Our other income, gains and losses, net increased significantly from RMB10.0 million in 2024 to RMB42.1 million in 2025, primarily due to (i) an increase in government grants, primarily driven by various government subsidies and incentive programs received during 2025, as recognition of our innovation capabilities, technological strengths and high-quality development, and (ii) an increase in liquidated damages income arising from a supplier’s failure to perform its contractual obligations.
Our other losses, net increased significantly from RMB37 thousand in 2024 to RMB1.8 million in 2025, as a result of the disposal of all of our shares in a non-wholly-owned subsidiary, which resulted in gain on disposal amounting to approximately RMB2.4 million.
Our income and gains decreased by 54.1% from RMB742.4 million in 2024 to RMB340.8 million in 2025, primarily attributable to a decrease in non-recurring government grants, which may vary from year to year.
Financial Information · 第 181 页
These government grants were non-recurring in nature and may vary from year to year.
Our other income and gains and losses, net decreased by 31.7% from RMB14.7 million in 2023 to RMB10.0 million in 2024, primarily due to an increase in losses resulting from foreign exchange differences, net, primarily driven by volatility in the U.S. dollar against RMB exchange rate.
Financial Information · 第 193 页
Foreign exchange differences, net | (2,817) | (9,066) | (5,075)
Our other income and gains primarily consisted of (i) government grants, (ii) interest income from time deposits, (iii) interest income from cash and cash equivalents, (iv) foreign currency exchange differences, (v) gain on disposal of financial assets at fair value through profit or loss (vi) changes in fair value of financial assets at fair value through profit or loss, (vii) changes in fair value of derivative financial instruments, and (viii) gains on disposal of subsidiaries.
Financial Information · 第 174 页
Gains on disposal of subsidiaries | — | — | 97,856 | 28.6
Financial Information · 第 174 页
Our goodwill increased from RMB282.6 million as of December 31, 2023 to RMB319.5 million as of December 31, 2024, and decreased to RMB282.6 million as of December 31, 2025, primarily attributable to goodwill recognized upon the acquisition and disposal of our subsidiaries during the period.