As a result of the foregoing, our profit for the period decreased by 6.5% from RMB653.5 million for the six months ended June 30, 2025 to RMB610.8 million for the six months ended June 30, 2026.
Summary · 第 20 页
These factors were partially offset by (a) an improvement in the gross profit margin of our telecommunication and data infrastructure business from 13.5% for the six months ended June 30, 2025 to 19.0% for the six months ended June 30, 2026, as certain high-margin AI-related orders began to ramp up; and (b) our efforts to optimize our product order mix and increase the proportion of high value-added products.
Summary · 第 20 页
Our other expenses increased significantly from RMB55.0 million for the six months ended June 30, 2025 to RMB194.5 million for the six months ended June 30, 2026, primarily due to net losses on foreign exchange differences, increased impairment losses on financial assets, and write-down of inventories to net realizable value.
深圳四方精创资讯股份有限公司Shenzhen Forms Syntron Information Co., Ltd.06700.HK
2026年上半年毛利率及期内利润下滑
Our overall gross profit margin decreased from 39.3% for the six months ended June 30, 2025 to 34.3% for the same period in 2026, primarily due to the recognition, upon delivery, of cumulative costs relating to certain loss-making projects during the period, most of which were delivered in the first quarter of 2026.
Financial Information · 第 215 页
As a result of the foregoing, our profit for the period decreased by 15.1% from RMB44.0 million for the six months ended June 30, 2025 to RMB37.3 million in the six months ended June 30, 2026.
Financial Information · 第 215 页
Our Directors have confirmed that, up to the date of this Prospectus, there has been no material adverse change in our financial, operational or trading position, indebtedness, contingent liabilities or prospects since March 31, 2026, being the end date of our latest audited financial statements, and there has been no event since March 31, 2026 that would materially affect the information shown in the Accountant’s Report set out in Appendix I.
Based on the unaudited management accounts of our Group, (i) our revenue for the month ended 31 July 2026 moderately decreased as compared with the corresponding period in 2025, which was primarily due to a decrease in the contribution of revenue from our digital intelligence services;
Summary · 第 10 页
Based on the unaudited management accounts of our Group, (ii) for the month ended 31 July 2026, our number of customers slightly decreased compared to the month ended 31 July 2025; and (iii) our average spending sum of each spending customer remained relatively stable in the month ended 31 July 2026 compared to the corresponding period in 2025.
Summary · 第 10 页
Our Directors have confirmed that, up to the date of this document, there has been no material adverse change in our financial or trading position or prospects since 30 June 2026, being the end date of our latest consolidated financial statements, and there has been no event since 30 June 2026 that would materially affect the information shown in the Accountants’ Report set out in Appendix I to this document.
At the same time, we had a decrease in sales to smartphone manufacturers, automotive electronics sector and in wafer sales.
Summary · 第 11 页
Our Directors have confirmed that, up to the date of this document, there has been no material adverse change in our financial or trading position or prospects since May 31, 2026, being the end date of our latest consolidated financial statements, and there has been no event since May 31, 2026 that would materially affect the information shown in the Accountants' Report set out in Appendix I to this document.
Based on the management accounts of our Company, we recorded a decline in our financial performance for the three months ended March 31, 2026, primarily due to (i) temporary production interruptions and the deferral of certain customer order deliveries resulting from adjustments to our manufacturing facilities and production arrangements during the first quarter of 2026, including certain manufacturing lines reconfigured from Wuhan, the PRC to Penang, Malaysia and among our production facilities in Malaysia; (ii) supply constraints affecting certain key raw materials, particularly optical chips, which adversely affected our ability to fulfill certain customer orders on schedule; (iii) increased foreign exchange losses arising from exchange rate fluctuations; and
Summary · 第 11 页
(iv) higher operating expenses associated with our business expansion, including the continued expansion of our workforce and increased depreciation and amortization expenses.
Summary · 第 12 页
Our Directors have confirmed that there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, which is the end date of our latest consolidated financial statements as set out in “Appendix I — Accountants’ Report” to this document, and up to the date of this document.
Based on our unaudited consolidated management accounts for the four months ended April 30, 2026 as compared to the same period in 2025, (a) our total revenue increased which was primarily attributable to (i) the gradual materialization of additional production capacity resulting from capital investments in equipment, production lines and intelligent manufacturing upgrades completed during the second half of 2025; (ii) continued growth in downstream customer demand driven by the business expansion of our core customers; and
Summary · 第 17 页
(iii) a steady improvement in our delivery capabilities, with our sales volume of e-paper display modules increasing from approximately 34.4 million units for the four months ended April 30, 2025 to approximately 56.9 million units for the same period in 2026; and (b) our gross profit and gross profit margin decreased, which was primarily due to the continued depreciation of USD against RMB and the addition of production capacity in the second half of 2025 being in its initial ramp-up phase, during which we adjusted our sales strategy by accepting a relatively larger proportion of orders for products with lower gross profit margins.
As a result of the foregoing, our profit for the period decreased by 10.2% from RMB524.3 million for the three months ended March 31, 2025 to RMB470.9 million for the same period of 2026.
Financial Information · 第 239 页
Our other income and losses, net decreased from a gain of RMB122.6 million for the three months ended March 31, 2025 to a loss of RMB118.1 million for the three months ended March 31, 2026, primarily attributable to the decrease in the fair value of our other financial assets and increase in foreign exchange losses.
Financial Information · 第 238 页
Our Directors have confirmed that, up to the date of the Prospectus, there had been no material adverse change in our financial, operational or trading position, indebtedness, contingent liabilities or prospects since December 31, 2025, being the end date of the periods reported on in the Accountants’ Report set out in Appendix I to this Prospectus, and there had been no event since December 31, 2025, that would materially affect the information shown in the Accountants’ Report set out in Appendix I to this Prospectus.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
2026年前四个月收入同比下降
Based on the unaudited financial information, during the four months ended April 30, 2026, we recorded a decrease in revenue from the provision of decision intelligence solutions, primarily attributable to the decrease in completed projects as compared to the corresponding period in 2025.
Financial Information · 第 248 页
there had been no material adverse change in our financial or trading position or prospects since December 31, 2025
In the three months ended 31 March 2026, we experienced a slight decrease in revenue compared to the same period in 2025, primarily due to a decrease in revenue from smart home solutions driven by increased competition in the home service robot sector and reduced market demand for smart meters.
Summary · 第 14 页
Our Directors have confirmed that, since 31 December 2025 and up to the date of this Document, there has been no material adverse change in our financial or trading position or prospects and no event has occurred that would materially affect the information shown in our financial information set forth in the Accountants' Report included in Appendix I to this Document.
For the three months ended March 31, 2026, we recorded a net loss, primarily due to (i) significant fluctuations in gold prices, the time lag in passing increased costs on to customers and lower capacity utilization as a result of insufficient order volume, which in turn increased unit depreciation and labor costs and led to a decline in gross profit and (ii) increased R&D expenses, share-based compensation expenses and foreign exchange losses as compared with the corresponding period in 2025, which further contributed to the decline in profitability.
Summary · 第 12 页
Since then, gold price fluctuations moderated and our utilization rates also improved.
Summary · 第 12 页
Saved as disclosed above, our Directors confirmed that, as of the date of this document, there has been no material adverse change in our financial position since December 31, 2025 and up to the Latest Practicable Date, and there has been no event since December 31, 2025 that would materially affect the information as set out in ‘‘Appendix I — Accountants’ Report’’ to this document.
We continued to invest in the R&D of new products for embodied intelligence and emerging technologies, which adversely affected our net profits.
Summary · 第 10 页
In addition, we recorded certain foreign exchange losses as a result of RMB appreciation against US dollars.
Summary · 第 10 页
Save as above, our Directors confirm that since December 31, 2025, being the date of the latest combined financial information of our Group, and up to the date of this document, there has been no material adverse change in our business model, financial or trading position and prospects of the overall precision manufacturing industry.
Revenue from solutions applied in asset management industry decreased from RMB181.9 million for the nine months ended September 30, 2024 to RMB152.6 million during the same period in 2025, primarily attributable to weak market conditions followed by an overall improvement in 2025.
Summary · 第 21 页
Our gross profit margin decreased from 72.5% for the nine months ended September 30, 2024 to 58.5% during the same period in 2025, primarily attributable to our strategic decision to accommodate more customized requests from key customers during periods of market uncertainty in order to strengthen long-term relationships and sustain revenue growth.
Summary · 第 21 页
Our gross profit margin for the one month ended October 31, 2025 was lower than 12%, primarily because certain projects from diversified industries required increasing investments in integrated hardware and AI data analytic software platform as a integrated solution delivered to such customer, leading to the decrease in both overall and diversified industries gross profit margin.
Suzhou BenQ Hospital recorded number of inpatient visits of 25.7 thousand for the ten months ended October 31, 2025, decreasing from inpatient visits of 27.3 thousand for the same period of 2024.
Summary · 第 25 页
We expect to record a decrease in net profit for 2025, primarily due to (i) the increasing depreciation and amortization and employee benefit expenses in relation to the ramp-up period for the specialty disciplines building (專科樓) at our Nanjing BenQ Hospital, and (ii) the downward adjustment of DRG reimbursement rates of our Suzhou BenQ Hospital by Suzhou Healthcare Security Administration, in accordance with the national healthcare insurance policy, starting from the second half of 2024.
Summary · 第 25 页
Our gross profit margin decreased from 19.3% in the six months ended June 30, 2024 to 15.9% in the six months ended June 30, 2025.
The MAU on Consumption Guide decreased from 14.2 thousand for the five months ended May 31, 2024 to 2.1 thousand for the five months ended May 31, 2025 primarily due to the suspension of government discount coupons distributions in the first half of the year, resulting in reduction in user visits.
Business · 第 169 页
The number of automobiles sold offline under the collaboration with Auto Partner A decreased from 10,972 in 2024 to 1,755 for the five months ended May 31, 2025.
Business · 第 170 页
As a result of operating Consumption Guide under revised commercial terms with Weidaoyun and Auto Partner A, respectively, the MAU of Consumption Guide in August 2025 increased to 10,288, representing an increase by approximately 59.6% comparing against the MAU of Consumption Guide of 6,447 in August 2024.
For the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, our total revenue decreased by 63.5% from RMB5,661.2 million to RMB2,064.6 million mainly due to the decrease of license fee income and sale of pharmaceutical products.
Summary · 第 24 页
Our gross profit decreased by 65.4% from RMB5,470.3 million in the nine months ended September 30, 2024 to RMB1,893.2 million in the nine months ended September 30, 2025.
Summary · 第 24 页
As we continue to advance our pipeline and strengthen our drug development capabilities, we expect to incur a significant net loss in 2025, primarily due to costs and expenses associated with our substantial investment in R&D activities for innovative drug candidates.
In the eight months ended August 31, 2025, we achieved sales of 91.7 million doses of CF017, decreasing from 139.4 million in the same period of 2024.
Summary · 第 26 页
It is expected that our overall revenue for 2025 will be lower than that for 2024 as a result of the decrease in the sales of CF017 under the VBP channel under the 2025 VBP Scheme as a result of the transitional ramp-up stage associated with the Group’s entrance into the newly covered provinces under the 2025 VBP Scheme.
Summary · 第 20 页
Our Directors confirm that, as far as they are aware, save as the decrease in sales volume and average selling price of CF017 in the five months ended May 31, 2025, there had been no material adverse change in our financial, trading position or prospects since March 31, 2025, being the date of our latest audited consolidated financial statements as set out in “Appendix I — Accountants’ Report” of this prospectus, up to the date of this prospectus.
We expect our gross profit margin in the second half of 2025 to decrease compared to the first half of 2025 primarily because of (i) the gradual depletion of lower-cost gold inventories accumulated under the weighted average cost method during the Track Record Period and the persistent increasing trend of gold prices, which would result in an increase in our future production costs and erode gross profit margins; and (ii) the lower gross profit margin of our gold bullion products relative to our traditional watches coupled with the expectation of steady gold bullion sales in the second half of 2025, which would impact the overall product mix and gross profit margin.
Summary · 第 24 页
Therefore, though there is an increase in gross profit margin in the first seven months of 2025, netting off the effect of the expected decrease in the remaining period of 2025 against the expected growth in revenue and gold prices in 2025, a slight increase in gross profit margin is expected for 2025.
Based on the unaudited management accounts of our Group for the four months ended 30 April 2025, our revenue recorded a decrease primarily due to the decrease in revenue recorded in April 2025 as compared with April 2024, mainly as a result of a decrease in the sales of garden hose (for which monthly purchase was relatively uneven during the Track Record Period) and electro-thermic appliances.
Summary · 第 24 页
Our revenue and net profit for FY2025 is expected to experience a decrease as compared to that of FY2024, mainly due to (i) the Sino-U.S. and global trade tension, (ii) the possible decrease in exchange gain due to the uncertainty in foreign exchange and (iii) an increase in professional fees to be incurred for the Listing and after the Listing.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
2024年季度业绩下滑且2025年首季仍亏损
Our utilization rate decreased from 95.7% in the first quarter of 2024 to 86.4%, 73.2% and 70.5% in the second, third and fourth quarters of 2024 primarily due to the decrease in the average selling price of N-type TOPCon cells, in response to which we strategically prioritized orders with higher profitability and optimized our production volume.
Business · 第 298 页
Stepping into 2025, we increased our gross profit and gross profit margin in the first quarter of 2025 compared with the fourth quarter of 2024.
Business · 第 298 页
According to the latest orders on hand as of April 1, 2025, the average selling price for our orders in and outside of China is RMB0.28/W and RMB0.29/W, respectively, which shows further increases compared with the first quarter of 2025.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
2024年首四个月收入同比下降6.9%
Our revenue for the four months ended 31 October 2024 experienced a decrease by approximately 6.9% as compared to the same period in 2023 based on our unaudited management accounts, primarily attributable to the decrease in our overall average selling price primarily attributable to the decrease in the purchase cost for major raw materials as compared to the same period in 2023.
Summary · 第 26 页
Our sales volume for the four months ended 31 October 2024 increased by 3.8% as compared to the same period in 2023 based on our unaudited management accounts, primarily due to an increased demand for our concrete admixtures primarily attributable to the steady stream of purchase orders for concrete admixtures received by our Kunming Production Plant and Huludao Production Plant, the businesses of which have been ramping up since the commencement of production in 2023 and 2024 respectively, which was partially offset by the decrease in our sales volume of cement admixtures primarily attributable to reduced demand for our cement admixtures from certain customers.
Summary · 第 27 页
Our Directors have confirmed that, since 30 June 2024 and up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects and no event has occurred that would materially affect the information shown in our consolidated financial statements for FY2021, FY2022, FY2023 and 6M2024 set out in the Accountants’ Report included in Appendix I to this prospectus.