Pursuant to the investment agreement, we subscribed for interest-bearing convertible bonds in the principal amount of RMB8.4 million, which are convertible into equity interests in the Shenzhen Investee Company during the two-year period following full payment of the investment amount, based on a valuation of RMB350 million or RMB402.5 million, depending on the financial performance of the Shenzhen Investee Company.
Business · 第 151 页
The investment agreement provides that, if the conditions and undertakings under the convertible bonds are satisfied, including the provision of components and related manufacturing know-how by the Shenzhen Investee Company to our Group for our production of its products, and the placement of purchase orders with our Group reaching minimum purchase commitment of not less than RMB20 million per annum for each of FY2025 and FY2026, we shall immediately exercise the conversion right.
Business · 第 151 页
The subscription for the convertible bonds was a standalone commercial investment decision of our Group, made after taking into account the strategic and commercial considerations disclosed above.
Our loans receivables under non-current portion during the Track Record Period consisted of working capital loans offered to independent third-party small-scale borrowers such as self-employed business owners and small and micro-sized enterprises.
Financial Information · 第 236 页
Our loans receivables to customers decreased from RMB1,117.0 million as of December 31, 2023 to RMB908.8 million as of December 31, 2024, RMB727.7 million as of December 31, 2025, and further decreased to RMB650.7 million as of May 31, 2026, primarily attributable to a decrease in loan receivables, mainly because we reduced loan scale to control risks and funding costs.
Our staff costs, which represented the employee benefit expenses (excluding directors and supervisors emoluments and the amount capitalised), was the main contributor to our cost of operations and accounted for 67.6%, 57.4%, 57.1%, 57.3% and 52.6% of our total revenue for FY2023, FY2024, FY2025, 6M2025 and 6M2026, respectively.
Financial Information · 第 198 页
From 2024 onwards, our employee benefit expenses under cost of sales experienced a decreasing trend among our total revenue because we began the capitalisation of certain employee benefit expenses as our data assets.
Financial Information · 第 198 页
For illustration purpose, we set out below a sensitivity analysis of our profit or loss before taxation with reference to the fluctuation on the total employee benefit expenses (excluding directors and supervisors emoluments and the amount capitalised) during the Track Record Period.
During the Track Record Period, we conducted the majority of our spot commodity trading with derivative instruments, primarily futures contracts, thereby forming basis trading.
Financial Information · 第 156 页
While revenue and cost of sales are important in understanding the scale of our trading, they primarily reflect the spot leg of basis trading.
Financial Information · 第 156 页
As a result, we also use spot-and-futures gross profit margin as a supplemental operating metric to assess our results of operations, which is consistent with market practice, according to Frost & Sullivan.
We recorded gains arising on initial recognition of agricultural produce at fair value less costs to sell at the point of harvest of RMB12.1 million, RMB24.1 million, RMB108.9 million, RMB19.0 million and RMB33.2 million in 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, representing approximately 1.1%, 1.7%, 6.8%, 5.6% and 6.7% of our total revenue in the same periods, respectively.
Financial Information · 第 198 页
As the biological asset fair value adjustment charged as cost of sales and the gains arising from initial recognition of agricultural produce at fair value less costs to sell at the point of harvest were largely offsetting in nature throughout the Track Record Period, such gains do not have a material net impact on our gross profit or gross profit margin.
Given the nature of the valuation, changes in the assumptions adopted may lead to material changes in the fair value of biological assets and the related fair value gains or losses recognized in profit or loss.
Financial Information · 第 193 页
We recorded net gains arising from changes in fair value less costs to sell of biological assets of RMB5.5 million, RMB13.2 million and RMB2.2 million in 2023 and 2024 and the three months ended March 31, 2026, respectively.
Financial Information · 第 200 页
In 2025 and the three months ended March 31, 2025, we recorded losses arising from changes in fair value less costs to sell of biological assets of RMB4.8 million and RMB4.8 million, respectively.
If we had not received government grants, we would have incurred gross loss during the Track Record Period.
Business · 第 148 页
During the Track Record Period, government grants relating to our platform-based transportation services amounted to RMB882.0 million, RMB636.8 million and RMB536.5 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 220 页
During the Track Record Period, government grants relating to our platform-based transportation services represented 459.4%, 259.3% and 186.5% of the gross profit generated from our platform-based transportation services for the respective years, and 354.1%, 169.5% and 108.0% of our gross profit for the respective years, both of which signified the gradual reduction in our reliance on such government grants.
Deliveries of AVATR 11 declined from 18,024 units in 2023 to 9,310 units in 2024, primarily due to the reallocation of internal resources to support the launch of AVATR 12.
Summary · 第 3 页
Deliveries of AVATR 12 decreased from 30,785 units in 2024 to 20,963 units in 2025, mainly because certain customers deferred purchases in anticipation of the planned launch of its four-LiDAR version in the second half of 2025.
In 2023, 2024 and 2025, we recorded net foreign exchange gains of RMB2.4 million, RMB11.3 million, and RMB11.3 million, respectively.
Financial Information · 第 191 页
We manage foreign currency risk primarily through a natural hedge, as a substantial portion of our procurement activities is also denominated in USD, aligning with the currency of our export revenue.
Financial Information · 第 191 页
While we selectively used derivative financial instruments, such as structured swap, to manage currency risks during the Track Record Period, we may implement further hedging measures if significant risks arise in the future.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
曾筹划A股上市且上市辅导尚未完成
In December 2022, the Company planned to apply for listing on the Shenzhen Stock Exchange.
Summary · 第 11 页
The pre-listing tutoring has not been completed as of the Latest Practicable Date.
Summary · 第 11 页
The pre-listing tutorial did not constitute a listing application with the CSRC or the ChiNext of the Shenzhen Stock Exchange as confirmed by the PRC Legal Advisor and there was no proposed timetable for the Proposed A-Share Listing.
The aggregate outstanding dividends payable amounted to HK$62.6 million as of the December 31, 2025.
Summary · 第 18 页
As of the Latest Practicable Date, all outstanding dividends had been fully settled and there was no outstanding dividend payable.
Summary · 第 18 页
Our Directors confirm that, after giving effect to the proposed dividend and the arrangement described above, our Group will maintain sufficient working capital for its present requirements for at least the next 12 months from the date of this document, and the proposed dividend will not have a material adverse impact on our Group’s liquidity position or operations.
During the Track Record Period, the subsidy rates for our subsidized models typically fell between 10% and 30% of the total machinery price, while the average subsidy rate for our top-selling subsidized models was approximately 20%, reflecting strong policy support for our core offerings.
Business · 第 145 页
For example, the maximum subsidy between intelligent tractors and traditional tractors above 200 horsepower was RMB39,100 in 2024, representing a significant intensification of policy support compared to the 2023 subsidy of merely RMB4,000, demonstrating a substantial increase in preferential national policy focus towards intelligent agricultural machinery.
During the Track Record Period, we recorded biological assets of RMB1,389.2 million, RMB1,553.5 million and RMB1,748.7 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 190 页
Therefore, the fair value of biological assets is measured according to level 3 of the fair value hierarchy, based on discounted cashflow technique using significant unobservable inputs.
Financial Information · 第 190 页
Our Directors expect that our financial results will continue to be affected by the changes in the fair value of our biological assets.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
股份回购预付款项因资本削减而减少
Our prepayments, other receivables and other assets decreased from RMB241.2 million as of December 31, 2023 to RMB153.0 million as of December 31, 2024, primarily due to a decrease in prepayments in share repurchase of RMB124.0 million following completion of capital reduction, partially offset by (i) an increase in prepayments to suppliers of RMB23.8 million, mainly attributable to increased prepayments made to social media platforms to secure media traffic and influencer resources, and (ii) an increase in deductible input VAT of RMB10.8 million.
Financial Information · 第 220 页
Our prepayments, other receivables and other assets further decreased to RMB138.8 million as of December 31, 2025, primarily due to a decrease in prepayments in share repurchase of RMB16.6 million.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
生物资产公允值变动影响净利润
In light of the nature of our business, our net profit has been, and we expect will continue to be, affected by changes in the fair value less costs to sell of biological assets, specifically our horses.
Financial Information · 第 228 页
Losses arising from changes in fair value less costs to sell of biological assets amounted to RMB3.0 million, RMB6.3 million and RMB2.9 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 239 页
Gains arising on initial recognition of agricultural produce at fair value less costs to sell at the point of harvest amounted to RMB16.5 million, RMB18.0 million and RMB21.3 million in 2023, 2024 and 2025, respectively.
We did not initiate the clinical trial for this indication after obtaining the relevant approval, due to our overall pipeline prioritization and development sequencing, as well as significant changes in the competitive landscape of marketed PD-1 inhibitors in recent years, and such IND approval lapsed in March 2025.
Business · 第 165 页
Such direct progression to Phase II is expected to be considered by the NMPA with reference to its previous IND approval in relation to this indication and SK08's accumulated clinical data in other indications, particularly safety and tolerability data, which are directly relevant to the primary objectives of Phase I clinical trials.
The relevant collaborations were primarily research, academic and project-based arrangements, and supported certain non-clinical and clinical-stage R&D activities relating to SK08, including MoA studies, pharmacodynamic evaluation, clinical trial protocol development, clinical trial implementation and study summary.
Business · 第 182 页
Pursuant to the relevant agreements between Nanfang Hospital, Southern Medical University and us, all the material technologies, research results and intellectual property rights resulting from our collaborations that are necessary for the development and commercialization of SK08 and our other product candidates are owned by us.
Business · 第 182 页
During the Track Record Period and up to the Latest Practicable Date, there had been no dispute between our Company, Nanfang Hospital, Southern Medical University, our Shareholders or our core R&D personnel in relation to the ownership of the relevant technologies and intellectual property rights.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
与中科院附属机构、CASIA及CACMS的合作
During the Track Record Period, we collaborated with multiple institutions affiliated with CAS, primarily technical services and academic exchanges.
Business · 第 160 页
Aggregate revenue from institutions affiliated with CAS (excluding CASIA) was approximately RMB1.8 million in 2023, RMB4.6 million in 2024, and RMB1.9 million in 2025.
Business · 第 160 页
Aggregate revenue from CASIA was approximately RMB4.1 million in 2023, RMB7.1 million in 2024, and RMB1.2 million in 2025.
In 2023, 2024 and 2025, our bandwidth and servers custody fee accounted for 39.4%, 50.8% and 52.7% of our total cost of sales for the respective year.
Financial Information · 第 184 页
We rely on cross-region cloud infrastructure and network resources to provide stable, low-latency communication services for our services and solutions.
Financial Information · 第 185 页
Through our scalable platform architecture and standardized deployment model, we seek to improve infrastructure utilization efficiency which supports both standardized cloud services and customized deployments.
In China, we procure toripalimab for HJ891 combination therapy clinical trials through independent third-party pharmaceutical suppliers rather than directly from Junshi Biosciences.
Business · 第 189 页
According to CIC, for clinical-stage biotechnology companies, it is common industry practice to procure commercialized drugs for use in clinical trials through independent third-party clinical trial drug supply service providers and to engage such providers to carry out the related supply management.