The revenue from intelligent mobile robotic solutions constituted 94.2%, 94.9%, 95.0%, 84.8% and 99.0% of our total revenue in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively
Summary · 第 11 页
The revenue contribution of multi-modal robotic solutions was relatively high since its launch while that of single modal robotic solutions decreased in 2024 compared to 2023, subsequently remained relatively stable in 2025, mainly as we allocated more R&D and marketing resources to the development and promotion of multi-modal robotic solutions during these periods.
Summary · 第 3 页
In addition, the profitability of our multi-modal robotic solutions improved significantly, with gross profit margin increasing from 15.3% in 2024 to 44.0% in 2025.
Our gross profit margin decreased slightly to 51.6% in 2025 primarily due to higher project delivery costs incurred as we continued to expand our business into non-financial sectors.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
储能电解液收入占比上升拉低整体毛利率
As the profit margins, cost structures and market dynamics can vary significantly across these product categories, changes in our product mix will have a direct impact on our overall gross margins.
Financial Information · 第 213 页
For example, during the Track Record Period, the relative increase in our sales of electrolytes for ESS batteries, which generally had lower gross profit margins over the period due to industry dynamics and product characteristics, from representing 11.9% of our revenue in 2023 to representing 26.6% of our revenue in 2025 had a negative effect on our overall gross profit margin.
Among our four primary product categories, smart soothing wearables have historically been our largest segment, accounting for 85.3%, 82.4%, 70.9%, 76.2% and 69.2% of our revenue from product sales, respectively, in 2023, 2024, 2025 and for the five months ended May 31, 2025 and 2026, while fitness recovery and toning gears increased as a share of revenue over the same years/periods, accounting for 9.4%, 13.2%, 24.2%, 20.6% and 23.4% of our revenue from product sales, respectively.
Summary · 第 2 页
Specifically, shoulder and neck soothing wearables continued to lead our portfolio, accounting for 48.9%, 50.3%, 41.4% and 37.1% of our revenue from the sale of products, respectively.
The NBC solution is a highly integrated braking control system that combines braking, stability control and energy-recovery functions within a single unit, and is dedicated solely to new energy vehicles equipped with intelligent driving functions, such as ADAS or L3 and L4 levels of autonomous driving capabilities, which demand a higher degree of system integration, faster response and enhanced energy efficiency.
Business · 第 134 页
Our focus on developing high value-added and higher-margin brake-by-wire solutions, including newly launched ESC and NBC products, has proven effective as evidenced by a steady improvement in gross profit margin from 1.1% in 2023 to 10.7% in 2024, 13.6% in 2025 and 10.1% in the three months ended March 31, 2026.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
收入以燃油车车型为主，新能源占比持续上升
During the Track Record Period, we experienced an increasing contribution of revenue from NEV models, while revenue generated from ICE vehicle models remained relatively stable but declined as a percentage of our total revenue.
Business · 第 141 页
We believe this trend was primarily driven by the rapid growth of the NEV market in China, increasing demand from NEV manufacturer customers for intelligent and differentiated automotive lighting solutions, as well as our continued expansion in the NEV segment.
Specifically, sales of energy storage inverters, which maintained robust gross profit margins, contributed significantly to our revenue.
Financial Information · 第 185 页
If there are any significant changes in our product mix, our gross profit margin will be affected by the changes in gross profit margin attributable to each type of product.
During the Track Record Period, our revenue was primarily generated from providing robotic solutions to enterprise customers in the 3C, automotive and semiconductor industries.
Financial Information · 第 200 页
Our results of operations are highly dependent on the development and performance of these underlying industries of our customers, which are subject to a wide range of factors such as fluctuations in capital expenditures, regulatory changes, supply chain efficiencies and macroeconomic conditions.
Our branded PCM products business, anchored by a portfolio of heritage household PCM brands, is the principal driver of our results of operations.
Financial Information · 第 205 页
Branded PCM products revenue was HK$339.3 million, HK$360.6 million and HK$423.9 million for the years ended March 31, 2024, 2025 and 2026, representing 100.0%, 100.0% and 91.4% of total revenue, respectively.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
前五大项目收入占比约78.8%至87.4%
During the Track Record Period, revenue from our major projects, which are the top five projects by revenue recognized during each year, accounted for 78.8%, 87.4% and 83.6% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 221 页
This concentration means that the timing and progress of individual large projects can significantly impact our revenue recognition and profitability in any given period.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
消费电子业务贡献近八成收入
Our consumer electronics products and solutions accounted for RMB204.7 billion, RMB233.1 billion, and RMB264.3 billion in 2023, 2024 and 2025, representing 88.3%, 86.7%, and 79.5% of our total revenue in the same years, respectively.
Financial Information · 第 211 页
For example, our gross profit margin for our automotive electronics business was 15.7%, 15.8%, and 15.6%, respectively, and our gross profit margin for communication and data center business was 15.5%, 16.0%, and 18.1%, respectively, which was generally higher than our overall gross profit margin for the same years.
Financial Information · 第 211 页
Therefore, changes in our mix of products and solutions could materially affect our overall profit margin.
During the Track Record Period, the majority of our revenue was generated from our maternal, infant and child business.
Financial Information · 第 223 页
During the Track Record Period, changes in the gross profit margins of our maternal, infant and child business have had a significant impact on our overall gross profit margin.
无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
2025年CNT产品收入占比升至81.6%
The sales volume of CNT increased significantly from 2,176 tons in 2024 to 21,078 tons in 2025 primarily due to (i) the commencement of large-scale production of new products following the completion of customer validation; and (ii) the increasing demand from our downstream markets for our CNTs.
Business · 第 117 页
Our profitability has been and will continue to be affected by our product mix.
Financial Information · 第 170 页
We primarily sold multi-walled CNT products in 2023, began selling a small portion of few-walled and single-walled CNT products in 2024, and significantly increased the sales of few-walled CNT products and new single-walled CNT in 2025.
In addition, our business in the electronic device segment contributed approximately 89.9%, 92.1% and 87.1% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 227 页
Given its scale and profitability, the electronic device segment is expected to remain our major revenue contributor, and changes in its performance are likely to have a significant impact on our overall profitability.
A majority of our revenue is derived from the sales of robots integrating our SRC series robotic controllers, which have demonstrated a constant growth trend throughout the Track Record Period.
Summary · 第 4 页
While robots contributed a larger portion of our revenue due to their higher selling prices arising from the inclusion of mechanical structures and other physical components, revenue contribution alone may not fully reflect the breadth of deployment and technological value delivered through our robotic controllers.
Summary · 第 4 页
As a result, our revenue mix has an impact on our overall gross profit margin.
During the Track Record Period, we generated majority of our revenue from fees received from providing pharmacological efficacy and safety assessment services in connection with nonclinical studies.
Summary · 第 7 页
The gross profit margins for our nonclinical study services was higher than that for our clinical trial services as we possess core strengths in our nonclinical business, particularly in our research model portfolio.
During the Track Record Period, we generated a major part of our revenue from our edge cloud computing services.
Financial Information · 第 219 页
In 2023, 2024 and 2025, our revenue from AI cloud computing services was RMB0.3 million, RMB10.4 million, and RMB119.2 million, representing 0.1%, 1.9%, and 15.5% of our total revenue during the same period, respectively.
Business · 第 146 页
Currently, we mainly serve customers across pan-entertainment, telecommunications and information technology sectors. We intend to deepen our penetration in existing verticals and expand into additional sectors such as education, healthcare and financial services, where demand for low-latency, high-reliability and cost-effective computing power is expected to continue to grow.
Our revenue generated from agriculture and livestock farming solutions remained relatively stable at RMB470.3 million and RMB443.2 million in 2023 and 2024, respectively, and increased to RMB497.5 million in 2025, representing a year-over-year increase of 12.3%, as a result of our initiative to optimize our product mix where we strategically focus on products of high gross profit margin.
Summary · 第 2 页
In 2023, 2024 and 2025, revenue generated from software amounted to 5.6 million, 11.7 million and 33.8 million, respectively, accounting for 1.1%, 2.0% and 4.6% of our total revenue, for the same period, respectively, while maintaining a gross profit margin of 100.0%.
During the Track Record Period, the business scale of our digital marketing segment remained generally stable, recording revenue of RMB16,513.8 million, RMB16,434.7 million and RMB15,605.1 million in 2023, 2024 and 2025, respectively.
Business · 第 127 页
Although our pump and pumping system business is not the most revenue-attributing business line, it is the most profitable one in terms of gross profit contribution to our overall financial performance.