In FY2023, FY2024, FY2025 and 3M2026, our gross profit margins were 6.9%, 14.3%, 13.9% and 11.2%, in each year/period during the Track Record Period, respectively.
Business · 第 181 页
Our net loss increased from RMB26.0 million in 3M2025 to RMB31.2 million in 3M2026, mainly attributable to higher listing expenses and professional fees recognised during the period, mainly due to the progress of listing-related work and the timing of fee recognition.
Business · 第 178 页
We plan to strengthen supply chain management capabilities to control costs of the key raw materials and components used in our production including sensors, actuators, chips, batteries.
Our net profit decreased from RMB387.0 million in 2024 to RMB286.2 million in 2025, primarily because (i) we recorded an increase in our selling and distribution expenses as a result of our commercialization efforts, (ii) we recorded unrealized loss from financial assets at FVPL of RMB58.7 million in 2025 in relation with our subsidiary’s investment in trading financial assets and
Summary · 第 12 页
(iii) we recorded an increase in our administrative and other operating expenses, mainly due to an increase of RMB132.4 million in our depreciation and amortization, resulting from the completion and capitalization of certain construction projects of Betta Dream Works and Shengzhou facility, as
Summary · 第 12 页
Our net profit increased from RMB130.7 million in the six months ended June 30, 2025 to RMB292.7 million in the six months ended June 30, 2026, primarily because (i) we recorded an increase in revenue as a result of our increased sales volume and (ii) we recorded realized gain from financial assets at FVPL of RMB72.7 million in relation with our subsidiary’s investment in trading financial assets.
Our revenue decreased by 45.4% from RMB41,357.7 million in 2023 to RMB22,598.5 million in 2024, primarily due to the decrease in the average selling prices of our phosphate-based cathode materials following the decline in the market prices of lithium carbonate, despite a significant increase in our sales volume. In the same year, our profit attributable to owners of the Company decreased by 62.4%.
Business · 第 108 页
Our revenue increased by 53.2% from RMB22,598.5 million in 2024 to RMB34,624.8 million in 2025, while our profit attributable to owners of the Company increased by 115.2% from RMB593.6 million in 2024 to RMB1,277.2 million in 2025.
The decrease in our adjusted net margin (a non-IFRS measure) from 11.4% in 2023 to 9.7% in 2024 and 9.1% in 2025 was driven by (i) cycle-driven pricing pressure and mix, and
Financial Information · 第 203 页
Second, on this smaller revenue base, a meaningful portion of our operating costs that are fixed or quasi-fixed in the short term — principally R&D, customer and channel support, and corporate functions — consumed a higher share of revenue as we continued to invest in our product roadmap and commercial capabilities.
Financial Information · 第 203 页
Our adjusted net margin (a non-IFRS measure) increased from 8.1% for the three months ended March 31, 2025 to 21.0% for the same period in 2026, primarily due to the increase in net profit.
Between the three months ended March 31, 2025 and 2026, our revenue growth was primarily driven by increased sales of (i) automotive-grade and industrial-grade memory chips, mainly attributable to our deeper market penetration due to continuous market expansion efforts and technological advancements, as well as orders we secured from leading international automotive brands; and (ii) NFC chips, as we expanded into new application scenarios.
Summary · 第 6 页
Our adjusted net profit (non-IFRS measure) decreased from RMB101.1 million in the three months ended March 31, 2025 to RMB56.4 million for the same period in 2026, primarily due to (i) changes in our product mix, (ii) increased R&D expenses, and (iii) absence of gains on investment in listed securities.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
2025年毛利率降至12.3%
During the Track Record Period, we experienced fluctuations in our gross profit margin, which was approximately 14.9%, 17.9% and 12.3% in 2023, 2024 and 2025, respectively.
Financial Information · 第 221 页
Our ability to estimate project costs accurately, manage project execution efficiently, control costs, and minimize delays is crucial to maintaining healthy profit margins.
Net profit for the same periods was HK$79.7 million, HK$126.0 million and HK$81.8 million, respectively.
Summary · 第 2 页
Our adjusted net profit subsequently decreased to HK$101.6 million in 2025, primarily due to (i) the increase in selling and distribution expenses and administrative expenses associated with the expansion of our business operations; (ii) an increase in net other losses during the year; and (iii) the expansion of our production capacity, including the ramp-up of our Cambodia Facility, which resulted in additional operating costs being incurred ahead of the full utilization of such capacity.
Our income tax expense decreased by 17.4% from RMB399.3 million in 2024 to RMB330.0 million in 2025, primarily due to the decrease in our profit before tax.
Financial Information · 第 210 页
Our impairment losses on goodwill increased significantly from RMB13.6 million in 2024 to RMB355.9 million in 2025, primarily because the operating performance of certain hospitals fell short of initial projections due to the impact of more stringent healthcare insurance payment policy adjustments and pharmaceutical and consumable price controls, which led to an impairment of the related goodwill arising from prior acquisitions of these hospitals.
The decrease in the adjusted net profit from 2023 to 2024 was primarily attributable to a decrease of our gross profit and gross profit margin in 2024, as we incorporated certain supporting hardware into our product offerings as ancillary or value-added service to our customers from time to time at approximately cost price or with low mark-up in order to deliver customized integrated solutions to our customers.
Financial Information · 第 201 页
Since July 2025, we have strategically adjusted our product strategies and focuses on the development and delivery of our software products and solutions, while the extent to which supporting hardware is incorporated into our integrated solutions has been reduced.
Financial Information · 第 201 页
Further, in order to achieve long-term sustainable growth and profitability, we strive to take the following measures: (i) broaden our market coverage through an expanded sales network, and promote more standardized, high-margin solutions and products to our customers; (ii) deepening relationships with existing customers by providing better services; and (iii) develop a more comprehensive product portfolio by applying technologies such as AI in practical scenarios so as to better address customers' diversified commercial needs.
Our income tax expenses decreased by 35.5% from RMB45.9 million in 2024 to RMB29.6 million in 2025, primarily due to a decrease of our current income tax, which was generally in line with the decrease in our profit before tax.
Financial Information · 第 212 页
During the Track Record Period, our revenue from the OBM business was RMB431.9 million, RMB403.9 million and RMB349.9 million in 2023, 2024 and 2025, respectively, which accounted for 41.3%, 39.1% and 34.3% of our total revenue for each respective year.
Business · 第 118 页
Going forward, we expect to enhance the development of our OBM business to strengthen our brand identity, market presence and increase our competitive edge.
中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
毛利率及年内利润于往绩记录期间持续下滑
We recognized unrealized loss from fair value changes of investment properties of HKD21.5 million, HKD206.7 million and HKD182.3 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 167 页
The fair value loss of our investment properties increased significantly by 861.4% from HKD21.5 million in 2023 to HKD206.7 million in 2024, primarily due to changes in fair value assessments of our investment properties, taking into account prevailing market conditions during the year.
Financial Information · 第 173 页
The fair value loss on investment properties decreased by 11.8% from HKD206.7 million in 2024 to HKD182.3 million in 2025, primarily due to changes in fair value assessments of our investment properties, taking into account prevailing market conditions affecting investment properties located in Chinese Mainland, Hong Kong and Macao.
Our profit amounted to RMB173.4 million, RMB141.3 million and RMB37.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 18 页
Our historical financial performance was principally attributable to (i) the varying revenue contributions and sales performance of individual products in our portfolio; (ii) price movements of marketed products across generic drug life cycles, particularly following inclusion in VBP schemes in China; and (iii) our continued investment in research and development and its impact on our overall cost structure.
Summary · 第 18 页
We expect a significant increase in R&D expenses in the next two to three years, primarily to advance the clinical development of BGM0504 and other drug candidates, which we expect will drive long-term revenue growth.
Our profit for the year decreased from RMB191.2 million in 2023 to RMB137.2 million in 2024, primarily due to a decrease in our gross profit, combined with increases in our selling and marketing expenses, administrative expenses and research and development costs.
Summary · 第 11 页
Compared to 2024, our profit for 2025 increased from RMB137.2 million to RMB239.2 million, primarily due to an increase in our revenue, combined with our effective management of costs and expenses as well as our collection of long aged trade receivables.
Summary · 第 11 页
We achieved a net profit margin of 8.1%, 5.4% and 7.1% in 2023, 2024 and 2025.
Our net profit decreased from RMB330.0 million for FY2023 to RMB169.2 million for FY2024, which was primarily due to increase in impairment of goodwill by RMB137.4 million, as business development of FION fell short of expectation.
Summary · 第 6 页
The decrease in adjusted net profit in FY2024 was primarily attributable to impairment of goodwill of RMB176.8 million.
Our revenue decreased from RMB272.1 million in 2023 to RMB250.4 million in 2024, representing a year-on-year decline of 8.0%.
Summary · 第 11 页
Our profit for the year decreased from RMB37.1 million in 2023 to RMB18.1 million in 2024. Such decrease was primarily due to the decrease in revenue as mentioned above and increase in selling expenses mainly driven by increased staff costs resulting from higher average salaries; (ii) an increase in marketing and sales expenses mainly attributable to a brand upgrade launch campaign.
Summary · 第 11 页
Our profit for the year increased to RMB41.2 million in 2025, primarily due to increase in gross profit margin and decrease in selling expenses due to the absence of the brand upgrade launch campaign.
Our profit for the year decreased by 37.1% from RMB301.9 million in 2023 to RMB189.8 million in 2024 and our net profit margin decreased from 6.8% in 2023 to 4.1% in 2024, primarily due to an increase in selling and marketing costs resulting from enhanced marketing activities on our products and brand.
Our net profit decreased to RMB5.1 million in 2025, primarily driven by the continuous expansion of our research and development expenses, resulting from our increased investment in high-performance computing resources and R&D personnel to support large-scale model development.
上海锦江国际酒店股份有限公司Shanghai Jin Jiang International Hotels Co., Ltd.
往绩记录期间收入及年内利润持续下滑
Overall, during the Track Record Period, our Group's revenue remained broadly stable, declining only slightly from RMB14,649.4 million in 2023 to RMB14,063.0 million in 2024 and further to RMB13,810.8 million in 2025.
Business · 第 121 页
In terms of profitability, our Group's profit for the year decreased from RMB1,277.2 million in 2023 to RMB1,144.3 million in 2024 and further to RMB989.4 million in 2025, which was broadly consistent with the revenue trend and similarly reflected the impact of our strategic portfolio adjustments rather than a weakening of our core operating capability.
Business · 第 122 页
Our other net income decreased by 44.7% from RMB372.5 million for 2024 to RMB205.8 million for 2025, primarily due to (i) decrease in net gains on disposal of non-current assets during 2024 as a result of strategic exit of certain hotels so as to focus on our business in certain key countries, while no similar disposal occurred in 2025; and (ii) decrease in interest income due to decreased bank balances and decreased interest rates.
Our profit for the year decreased by 50.6% from RMB126.6 million in 2022 to RMB62.6 million in 2023, primarily due to (i) a decrease in revenue due to a decrease in sales of our data transmission modules and solutions; (ii) an increase in selling and marketing expenses due to an increase in consultation expenses, as we paid more service fees to business consultant partners who are typically companies with relevant local industry expertise and established track records and network within the relevant local markets, and with the necessary technical understanding of our product and solution offerings to effectively communicate with potential customers.
Summary · 第 13 页
Our profit for the year increased by 114.6% from RMB62.6 million in 2023 to RMB134.4 million in 2024, primarily due to (i) an increase in revenue attributable to an increase in sales of smart modules and solutions; and (ii) our operating expenses, including selling and marketing expenses, administrative expenses and research and development expenses, remaining relatively stable as a result of operational efficiency and economies of scale achieved through business expansion.
The increase of our administrative expenses from 2023 to 2025 was primarily due to the increase in professional service fees which was mainly attributable to the engagement of professional service providers for this [REDACTED].
Financial Information · 第 216 页
The increase of our selling and distribution expenses from 2024 to 2025 was primarily attributable to the increased staff costs and engagement of consulting services for our overseas business operation.