Other gains and losses decreased by 37.5% from RMB19.6 million in 2024 to RMB12.2 million in 2025, primarily due to (i) a RMB36.1 million change from net foreign exchange gains to net foreign exchange losses and (ii) an increase of RMB7.5 million in accrual of late tax payment charges, partially offset by an increase of RMB33.3 million in gains from changes in fair value of FVTPL.
Our other income increased by 86.0% from RMB219.3 million in 2023 to RMB407.9 million in 2024, primarily attributable to an increase of RMB111.3 million in government grants primarily due to substantial one-off incentives received in 2024 to reward our R&D activities.
Financial Information · 第 200 页
Our other income decreased by 24.9% from RMB407.9 million in 2024 to RMB306.3 million in 2025, primarily attributable to a decrease of RMB100.0 million in government grants primarily due to substantial one-off incentives received in 2024 to reward our R&D activities.
Financial Information · 第 197 页
Our net other gains decreased by 25.0% from RMB92.9 million in 2023 to RMB69.7 million in 2024, primarily attributable to a decrease of RMB70.8 million in net exchange gains due to depreciation of U.S dollars and Euros against Renminbi, partially offset by (i) an increase of RMB32.4 million in investment income from structured deposits in line with an increase in our structured deposits and (ii) an increase of RMB21.9 million in gain on bargain purchase in relation to our acquisition of equity interest in Ningbo Borgers in 2024.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
其他收益净额由收益转为亏损
We recorded other income of RMB11.6 million and RMB3.6 million in 2023 and 2024, respectively, while we incurred other loss of RMB2.3 million in 2025.
Financial Information · 第 183 页
Other income or loss, net decreased by 68.6% from RMB11.6 million in 2023 to RMB3.6 million in 2024, primarily due to (i) a decrease in extra deduction of VAT of RMB3.4 million attributable to the expiration of the relevant preferential tax policies; (ii) an increase in net foreign exchange loss of RMB3.3 million attributable to foreign exchange rate fluctuations; and (iii) a decrease in government grants of RMB2.0 million.
In certain years, our other income was also affected by non-recurring items such as write-back of prepayments and provision for litigation.
Financial Information · 第 230 页
Our other net income decrease by 91.3% from RMB18.6 million in 2024 to RMB1.6 million in 2025, primarily attributable to (i) a significant increase in net foreign exchange losses, and (ii) change in fair value of financial liabilities as a result of a decrease in the fair value of the swap incurred by fluctuation of foreign exchange.
Financial Information · 第 237 页
Our other net income increased from RMB1.0 million in 2023 to RMB18.6 million in 2024, primarily due to (i) the recognition of the provision for litigation of RMB14.2 million in 2023, and (ii) an increase in government grants from RMB8.2 million in 2023 to RMB19.4 million in 2024, partially offset by a net foreign exchange loss of RMB2.2 million.
Our other gains increased by 278.3% from RMB1.5 million in 2023 to RMB5.7 million in 2024, primarily due to our net foreign exchange gains resulted from appreciation of U.S. dollar against Renminbi.
Financial Information · 第 220 页
We recorded other gains of RMB5.7 million in 2024 and other losses of RMB2.1 million in 2025, primarily due to our net foreign exchange loss resulted from the depreciation of U.S. dollar against Renminbi in 2025.
Financial Information · 第 218 页
(1) Others mainly included the liquidated damages paid in connection with the early termination of the long-term lease for one of our factory premises in 2025.
In 2025, we recorded net impairment reversal of RMB15.5 million.
Financial Information · 第 213 页
Our net reversal of expected credit losses were primarily driven by the decrease of receivable balance and improvement in the aging profile of receivables as well as more powerful collection measures.
Financial Information · 第 213 页
Our impairment losses on financial assets and contract assets changed from a net loss of RMB10.8 million in 2024 to a net gain of RMB15.5 million in 2025, primarily due to the reversal of expected credit losses as a result of the collection of certain trade receivables.
Our other income and other gains increased significantly from RMB76.2 million in 2024 to RMB154.9 million in 2025, primarily due to a gain of RMB82.1 million in fair value on financial assets at FVTPL as compared to a loss of RMB13.1 million in fair value on financial assets at FVTPL, which was mainly due to the appreciation in value of certain equity investments held by us, partially offset by a decrease of RMB18.6 million in government grants, as such grants are generally non-recurring in nature.
Financial Information · 第 197 页
Our other income and other gains decreased by 8.4% from RMB83.2 million in 2023 to RMB76.2 million in 2024, primarily due to a decrease of RMB20.2 million in fair value (loss)/gain on financial assets at FVTPL, which was mainly due to a decrease in the trading price of the stocks we held, partially offset by an increase of RMB12.6 million in government grants, as our Chengdu subsidiary received an incentive of RMB20.0 million for achieving a significant expansion in its integrated circuit design business scale.
Our other income and gains increased significantly from RMB7.2 million in 2023 to RMB19.6 million in 2024, primarily due to an increase in government grants to support the implementation of IC design projects.
Financial Information · 第 177 页
Our other income and gains decreased by 15.4% from RMB19.6 million in 2024 to RMB16.6 million in 2025, primarily due to (i) higher government grants received in 2024 and (ii) a decrease in other interest income from financial assets at fair value through profit or loss as a result of the reduction in our wealth management product holdings, which in turn was due to the allocation of more funds on operating expenditures to support our business growth in 2025.
上海锦江国际酒店股份有限公司Shanghai Jin Jiang International Hotels Co., Ltd.
处置收益、拆迁补偿等非经常性损益影响各年利润
Except for the dividends income and interest income, our other net income are non-recurring in nature.
Financial Information · 第 224 页
Our other net income decreased by 17.5% from RMB451.3 million in 2023 to RMB372.5 million in 2024, primarily due to (i) a decrease in government grants, resulting from the termination of the VAT additional deduction policy in 2024, (ii) a decrease in interest income, resulting from the maturity of certain time deposits, and (iii) the non-recurring demolition compensation of approximately RMB40.0 million for one of our hotels in 2023.
Financial Information · 第 231 页
The decline in profit in 2025 compared with 2024 was primarily attributable to a reduction in non recurring gains, particularly gains on disposals of subsidiaries and assets, which had contributed meaningfully to profit in 2024, as well as the short term impact of reduced contribution from O&L hotels following the strategic exits and renovation related disruptions.
Our other income decreased by approximately RMB3.1 million or 81.0% from approximately RMB3.8 million in FY2023 to approximately RMB728,000 in FY2024, primarily attributable to the decrease in government subsidies of approximately RMB3.1 million from FY2023 to FY2024 as a result of decrease in sales volume of software qualified for the government subsidies in the form of immediate refund of VAT.
Financial Information · 第 238 页
Our other income decreased by approximately RMB685,000 or 94.1% from approximately RMB728,000 in FY2024 to approximately RMB43,000 in FY2025, primarily attributable to the decrease in government subsidies of approximately RMB650,000 from FY2024 to FY2025 mainly as a result of the reduction in refund of VAT from the PRC tax authorities attributable to eligible SaaS products for refund of VAT provided by our subsidiary in the PRC.
Financial Information · 第 236 页
There were no unfulfilled conditions or contingencies relating to these grants during the Track Record Period.
We recorded other net gains of RMB62.1 million in 2024, which returned to other net losses of RMB74.7 million in 2025, primarily due to (i) an decrease in realized gains from hedge derivatives, (ii) increased losses on disposal of property, plant and equipment, (iii) net foreign exchange losses in 2025 as compared to net foreign exchange gains in 2024 and (iv) losses on disposal of an associate.
Financial Information · 第 239 页
We generated other net gains of RMB62.1 million in 2024, compared to other net losses of RMB13.2 million in 2023, primarily due to an increase in realized gains from hedge derivatives, as we expanded our commodity hedging activities to manage the risks of significant price fluctuations of raw materials at the end of 2023.
We recorded an income tax expense of RMB12.1 million in 2023, compared to an income tax credit of RMB9.7 million in 2024, primarily due to the greater impact of the exemption in 2024 which we obtained in relation to profits tax assessments on our Hong Kong subsidiaries for offshore-sourced income in several prior years.
Financial Information · 第 178 页
We recorded an income tax credit of RMB9.7 million in 2024, compared to an income tax expense of RMB24.6 million in 2025, primarily due to the greater impact of the exemption in 2024 which we obtained in relation to profits tax assessments on our Hong Kong subsidiaries for offshore-sourced income in several prior years.
The significant increase in other net gain in 2024 was primarily attributable to the recognition of performance compensation income resulting from the acquisition of Shuanglin Investment in 2018.
Financial Information · 第 214 页
Our other net gain decreased from RMB157.4 million in 2024 to RMB28.5 million in 2025, primarily as we recognized performance compensation income of RMB165.5 million in 2024 resulting from the acquisition of Shuanglin Investment.
Our other income primarily consists of (i) industrial development incentives in recognition of our contribution to local economy and/or industry, which were primarily one-off in nature.
Financial Information · 第 207 页
Our other income increased from RMB2.2 million in 2024 to RMB12.0 million in 2025, primarily attributable to (i) an increase of RMB5.2 million in industrial development incentives recognized in 2025, which is non-recurring in nature, and (ii) an increase of RMB4.6 million in VAT deduction income, mainly due to the additional 5% input VAT deduction for advanced manufacturing enterprises under the Announcement No. 43 of the Ministry of Finance and the State Administration of Taxation issued in 2023, combined with the expanded business scale in 2025 that increased the qualifying input VAT base.
Financial Information · 第 212 页
Our other income decreased from RMB14.1 million in 2023 to RMB2.2 million in 2024, primarily attributable to the recognition of a one-off incentive in 2023 in connection with our A-share listing.
During the Track Record Period, our other gains and losses mainly consisted of (i) fair value changes of financial assets at FVTPL, (ii) gain on disposal of a subsidiary, and (iii) gain from remeasurement investment retained in the former subsidiary at fair value at the date of losing control.
Financial Information · 第 224 页
In 2023, we had a one-off gain on disposal of a subsidiary of RMB90.8 million.
Financial Information · 第 225 页
Our other gains and losses decreased significantly by 87.6% to RMB14.3 million for the year ended December 31, 2024 from RMB115.0 million for the year ended December 31, 2023.
Our other income and gains increased from RMB7.2 million for the nine months ended September 30, 2024 to RMB13.6 million for the nine months ended September 30, 2025, primarily due to (i) an increase of RMB4.4 million in government grants, and (ii) our gain on disposal of subsidiaries of RMB2.2 million in the nine months ended September 30, 2025.
Financial Information · 第 246 页
Impairment losses on financial assets, net increased from RMB0.3 million for the nine months ended September 30, 2024 to RMB5.9 million for the nine months ended September 30, 2025, primarily due to the disposal of Hangzhou Deyou, where we made provision for the trade receivable from Hangzhou Deyou in the nine months ended September 30, 2025, using the bad debt ratio for third-party customers as the basis for calculation, resulting in the increase in impairment losses.
For the nine months ended September 30, 2025, our net profit was primarily attributable to the one-off government grants of RMB103.0 million, and we would have incurred loss for the period without the grants.
Financial Information · 第 222 页
According to CIC, it is common industry practice for governments to provide similar grants to other companies in the SiC or SiC epitaxial wafer industry.
Our other income and gains decreased by 21.8% from RMB12.9 million in the nine months ended September 30, 2024 to RMB10.1 million in the nine months ended September 30, 2025, primarily due to a decrease in government grants we received in the nine months ended September 30, 2025 compared to the same period in 2024, primarily as a result of our strategic decision to withdraw from a government-subsidized R&D project, the amount of which were deducted from the total amount of government grants received in the nine months ended September 30, 2025.
Financial Information · 第 248 页
Following the relocation of our headquarters from Shenzhen to Foshan, Guangdong Province, we decided not to participate in the R&D project subsidized by the relevant Shenzhen authorities.
Our other income and gains decreased to RMB7.6 million in 2025 from RMB26.3 million in 2024.
Financial Information · 第 239 页
This decrease was primarily attributable to (i) a net foreign exchanges loss of RMB6.5 million primarily attributable to the depreciation of U.S. dollar against Australian dollar on the assets of our Australian subsidiary, (ii) a decrease in bank interest income of RMB5.9 million reflecting a lower balance and shorter tenor of time deposits, and (iii) an decrease of RMB4.5 million in government grants, as we recognized subsidies confirmed and released upon completion of review and approval procedures for several ongoing projects.