In addition, our revenue declined in 2024 compared to 2023 due to changes in customer procurement timing and project implementation cycles, and had not yet recovered to the 2023 level in 2025, which limited our ability to fully realize economies of scale during this period.
Summary · 第 14 页
Our revenue increased by 20.6% from RMB370.8 million in 2024 to RMB447.1 million in 2025.
Business · 第 154 页
Such increase was partially offset by a decrease in revenue generated from our consulting services business from RMB34.1 million to RMB26.4 million as we continued to prioritize resources toward our core AI and big data infrastructure software and related technical services business, resulting in reduced resource allocation to our consulting services business.
During the Track Record Period, our revenue from KACs amounted to RMB748.0 million, RMB837.1 million, RMB652.0 million and RMB328.2 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively, representing 34.9%, 28.1%, 16.5% and 20.6% of our total revenue in the same periods.
Business · 第 134 页
The decrease in revenue from KACs in 2025 was primarily attributable to intensified market competition in the relevant product categories.
Our same-store sales decline rate from 2023 to 2024 was 9.9%, primarily because consumer spending surged in 2023 as foot traffic in malls and commercial areas rebounded after the lifting of COVID-19 restrictions in late 2022.
Business · 第 130 页
Our same-store sales growth rate from 2024 to 2025 was 10.9%, primarily because we implemented a comprehensive store optimization strategy by closing a number of underperforming self-operated offline stores and reallocating resources to those with stronger operational efficiency in 2024.
Distributorship sales were the primary OBM channel, but revenue generated from sales to offline distributors under the OBM model decreased by RMB62.11 million (or 16.46%) from RMB377.27 million in FY2023 to RMB315.16 million in FY2024; and decreased by RMB25.12 million (or 18.65%) from RMB134.72 million in 5M2024 to RMB109.60 million in 5M2025, primarily due to the rapid rise in gold prices in FY2024 and 5M2025, which had weakened market demand.
Business · 第 271 页
Moreover, we recorded an increase in sales under our ODM model from RMB53.94 million in FY2022 to RMB118.83 million in FY2024, and from RMB44.38 million from 5M2024 to RMB112.61 million in 5M2025, which does not rely on sales to distributors.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
2024年自营店及同店销售收入下滑
For 2023 and 2024, we had 47 same stores, the aggregate sales revenue of which decreased by 21.2% from RMB369.2 million in 2023 to RMB290.8 million in 2024.
Business · 第 211 页
In addition, the increase in closed self-operated stores in 2024 was also attributable to market conditions, particularly the rapid surge in gold prices during certain periods of 2024, which led to a temporary reduction in demand for gold products as end consumers exercised increased caution in their purchase decisions, which put pressure on the sales performance of some of our self-operated stores.
Business · 第 207 页
The performances of our self-operated stores experienced a decline from 2023 to 2024, primarily because in 2024, the significant increase in gold prices adversely affected end consumer perception of affordability, leading to a certain degree of decline in their willingness to purchase gold jewelry.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
威马事件致收入下滑及逾10亿元减值
As a result, our sales volume of NCM batteries decreased from 2.9 GWh in 2022 to 1.5 GWh in 2023, and our revenue from the sales of NCM batteries decreased from RMB2,628.6 million in 2022 to RMB1,448.0 million in 2023.
Business · 第 326 页
The aggregate impairment in trade receivables and inventories in 2022 arising from the WM Customer Incident was RMB1,023.6 million.
Business · 第 326 页
However, we believe such impact was one-off in nature.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
团购（大批发）客户数由953名骤降至156名
Our bulk sale customers include corporate and government entities, and they place orders with our Retail Stores or our sales team of our head office.
Business · 第 242 页
The number of our bulk sales customers decreased significantly during FY2023 and 9M2024 mainly driven by the easing of COVID-19 pandemic in the PRC.
However, following the lifting of restrictions with COVID-19 pandemic largely behind in the PRC, consumers in the PRC returned to more regular shopping habits, which led to the decrease in the number of our bulk sales customers.
During the Track Record Period, commission income generated from distribution of insurance products to our household insurance clients were RMB74.6 million, RMB80.5 million, RMB91.5 million and RMB28.5 million, respectively, representing approximately 64.3%, 61.6%. 58.7% and 52.0% of the revenue generated from our insurance agency business during the same periods.
Business · 第 186 页
However, the number of our in-house sales executives decreased to 53 as at 31 December 2023, and further dropped to 45 as at 30 April 2024 as we began to optimise our in-house sales executive team for our household insurance business since 2023 due to the declining performance of the distribution of life and health insurance products.
Business · 第 213 页
Despite these challenges, we maintain a positive outlook on potential increase in commission income from the distribution of life and health insurance products in the near future, taking into account the resumption of sales activities of our insurance agents and the gradual economic recovery following the impact of the COVID-19.
The revenue generated from Client A dropped significantly from RMB35.8 million for the year ended 31 December 2021 to RMB8.4 million for the year ended 31 December 2022, primarily attributable to Client A’s business adjustment and cost optimisation after its listing, which resulted in a mismatch between Client A’s expectation of lower price of data centre resources from us and our strategy to focus on our major clients who could generate sizeable and profitable businesses to us.
Business · 第 232 页
Our Directors believe that this example is a one-off incident that was closely related to Client A’s special business consideration, hence, the circumstance with Client A cannot be generally applicable to all the other major clients.
Business · 第 232 页
Revenue generated by Client A for the three years ended 31 December 2023 were approximately RMB35.8 million, RMB8.4 million and RMB21.4 million, respectively.
The amount of revenue generated from Customer B, a long-term customer of our Group in respect of our telecommunication network support services, had gradually decreased from approximately RMB23.2 million in FY2020 to approximately RMB15.1 million in FY2021 and to approximately RMB0.7 million in FY2022 and nil in 6M2023.
Business · 第 198 页
(ii) taking into account the above, the Directors consider that it would be more commercially sensible to limit excessive outlay and expenses associated with employing a large number of employees and dedicated staff to serve Customer B across geographical locations requiring service, but rather strategically shift our focus to hiring project managers to supervise a team of dedicated staff to service targeted geographical locations.