Commodity sales was our largest revenue contributor during the Track Record Period.
Financial Information · 第 213 页
We generated RMB6,791.6 million, RMB9,257.2 million and RMB9,984.0 million from commodity sales in 2023, 2024 and 2025, respectively, representing 60.2%, 59.8% and 50.7% of our total revenue in the same years.
Financial Information · 第 213 页
Changes in trade volumes, product mix, market pricing and customer demand, as well as our ability to manage inventory turnover and avoid obsolescence, may affect our revenue and gross margin in this business line.
While trade services and ancillary services and others generally provide recurring business lines underpinned by our marketplace ecosystem, revenue from ancillary facility development and sales is project-specific and subject to the timing of project completion and delivery.
Financial Information · 第 213 页
For example, we generated RMB1,950.3 million from ancillary facility development and sales in 2025, primarily arising from the sale of office buildings and commercial units within the Global Digital Trade Center, following the project’s commencement of operations in October 2025.
Financial Information · 第 213 页
Accordingly, revenue from ancillary facility development and sales may fluctuate from period to period, and changes in the mix and scale of our various business lines may affect our overall revenue trajectory and profitability.
The sales volume of our SPC flooring and wall panel products increased from 18.1 million m^2^ in 2023 to 25.3 million m^2^ in 2024, primarily attributable to new customer development and the introduction of 458 new models of SPC flooring and wall panel products in 2024, along with new customer development, and remained stable at 25.5 million m^2^ in 2025.
In 2023, 2024 and 2025, revenue derived from our acquired medical institutions was RMB194.8 million, RMB239.5 million and RMB247.1 million, respectively, representing 47.5%, 49.8% and 54.8% of our total revenue for integrated healthcare and eldercare business during the same periods.
Business · 第 150 页
Through strategic resource integration and operational optimization, Puxiang TCM Hospital achieved remarkable financial performance in 2024, with the annual revenue reaching RMB149.9 million and the net profit of RMB9.3 million, representing 21.1% of our total net profit for the corresponding period.
Business · 第 149 页
Following a comprehensive rebranding strategy, Puxiang TCM Hospital has undergone a strategic clinical transformation, evolving into a multi-disciplinary healthcare institution.
Our revenue from new energy solutions amounted to RMB1,257.7 million, RMB1,306.1 million and RMB1,676.6 million in 2023, 2024 and 2025, respectively, representing 78.5%, 75.5% and 93.8% of our total revenue from smart intralogistics solutions for the same years, respectively.
Financial Information · 第 199 页
Our customers in the new energy industry include leading lithium-ion battery manufacturers such as CATL and REPT Battero.
Financial Information · 第 199 页
We believe we are well-positioned to capitalize on the growth opportunities presented by these industry trends, supported by our established collaborations with leading manufacturers and our experience in the industry.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
航空航天智能制造设备贡献约九成收入
Sales of our aviation and aerospace intelligent manufacturing equipment accounted for approximately 97.2%, 94.7% and 88.7% of our total revenue for FY2023, FY2024 and FY2025, respectively.
Business · 第 150 页
We generated revenue of RMB24.4 million from the sales of six large-span carbon fiber composite five-axis machine tools in FY2025.
Summary · 第 2 页
In recent years, our strategic diversification into the general industrial sector, including automotive, energy, medical equipment, shipbuilding and die and mould manufacturing, has driven significant growth in our customer base.
The revenue from airports scenario accounted for 71.2%, 58.7% and 38.9%, respectively, of our revenue from autonomous driving vehicle solutions and autonomous driving vehicle leasing services in aggregate in 2023, 2024 and 2025.
Summary · 第 2 页
In terms of application scenarios, we have been focused on commercial vehicles in closed scenarios especially at airports and factories.
Summary · 第 5 页
As of the Latest Practicable Date, we had commenced collaboration with 17 airports in China, three overseas airports, and been in exploration of collaboration with four airports in China and globally, establishing a strong presence in the airport transportation sector and showcasing the scalability and adaptability of our solutions and services.
Sales of precision components for smart devices and electronic products were the primary revenue driver during the Track Record Period.
Financial Information · 第 192 页
In 2023, 2024 and 2025, revenue from precision components for smart devices and electronic products amounted to RMB9,502.7 million, RMB11,059.3 million and RMB11,051.5 million, respectively, representing 69.2%, 65.3% and 58.7% of our total revenue for the same years.
Throughout the Track Record Period, our business has been substantially driven by large-scale, integrated robotics solutions we offered, which have consistently accounted for the majority of our revenue.
Summary · 第 1 页
During the Track Record Period, the revenue contribution from our robot bodies increased from 12.8% in 2023 to 31.9% in 2025.
山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
工程机械销售占总收入约七成至七成半
Our revenue from the sales of construction machinery amounted to RMB7,940.5 million, RMB9,990.5 million and RMB10,950.1 million in 2023, 2024 and 2025, respectively, accounting for 69.9%, 70.3% and 74.9% in the same respective years.
Financial Information · 第 215 页
The increase in our gross profit margin of construction machinery during the Track Record Period was primarily driven by the increased sales volume of our construction machinery in the overseas markets, including mining dozers and large excavators, which entailed relatively higher gross margin.
In 2023, 2024 and 2025, our revenue generated from new energy material represents 68.7%, 60.0% and 53.8% of our total revenue, respectively, with gross profit margin of 13.2%, 15.6% and 15.6% for the same years.
Financial Information · 第 192 页
During the Track Record Period, we have consistently diversified our product portfolio to form a comprehensive product matrix that provides our customers with more competitive products.
During the Track Record Period, we primarily generated revenue from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of our total revenue in each year during the Track Record Period.
Summary · 第 1 页
Going forward, as we continue to execute our “AI+Mobility” strategy, we are upgrading our growth engine from traditional vehicle manufacturing and sales to closed-loop “AI+Mobility” solutions that integrate manufacturing, engineering, and model-driven AI development.
In 2023, 2024 and 2025, revenue from construction equipment was RMB376.5 million, RMB567.9 million and RMB606.7 million, respectively, accounting for 51.2%, 65.3% and 69.4% of our total revenues in the same years, while revenue from agricultural machinery was RMB270.7 million, RMB242.0 million and RMB220.2 million, respectively, accounting for 36.8%, 27.8% and 25.2% of our total revenues, and revenue from mixed applications and material handling accounted for the remainder.
Financial Information · 第 114 页
Our diversified product portfolio across multiple application markets and applications reduces our dependency on any single end-market, allowing us to capture growth opportunities and balance cyclical fluctuations.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
DES及其他资产开发贡献约九成收入
DES and other asset development revenue accounted for 79.0%, 66.0%, and 89.1% of our total revenue in 2023, 2024, and 2025, respectively.
Financial Information · 第 164 页
During the Track Record Period, we did not generate revenue from electricity trading service, primarily due to the fact that policy frameworks governing electricity trading service were only progressively established during recent periods.
Business · 第 99 页
While DES asset development has been and may continue to be our largest business line, we will expand the high-margin electricity services to help us achieve profitability.
During the Track Record Period, intelligent urban rail transit solutions contributed the largest share of our gross profit during the same periods primarily due to its higher gross profit margin, accounting for 63.5%, 68.1% and 54.1% of our total gross profit for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 2 页
Nonetheless, Enterprise digital transformation solutions was our largest segment in terms of revenue, accounting for 62.1%, 68.7% and 70.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 2 页
Significant changes in our product and service mix will affect our gross profit margin.
四川好医生云医疗科技集团股份有限公司GOOD DOCTOR CLOUD HEALTHCARE & TECHNOLOGY GROUP CO., LTD.
医药直供及分销服务收入占比近八成
The majority of our revenue in each year during the Track Record Period was derived from our pharmaceutical direct supply and distribution services.
Summary · 第 3 页
For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our pharmaceutical direct supply and distribution services was RMB2,448.5 million, RMB2,527.4 million and RMB3,027.5 million, respectively, accounting for 79.9%, 77.5% and 79.2% of our total revenue for the same years, respectively.
Business · 第 131 页
Our direct-supply model removes unnecessary distribution intermediaries and directly reaches customers, which helps primary healthcare institutions and primary pharmacies reduce procurement costs and enhance their sourcing efficiency.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
收入主要来自智能终端产品
During the Track Record Period, we primarily generated revenue from smart terminal including smartphones, consumer tablets and components.
Financial Information · 第 186 页
As a result, we recorded revenue of RMB2,094.9 million, RMB3,383.4 million and RMB3,031.1 million in 2023, 2024 and 2025, respectively, from the sales of smart terminal products.
Financial Information · 第 186 页
In 2025, our revenue from the sale of AIOT products increased by 59.6%, from 2024.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
锂电池材料收入占比升至70.4%
In 2023, 2024 and 2025, revenue from our lithium-ion battery-related materials amounted to RMB2,699.7 million, RMB3,399.1 million and RMB4,793.6 million, respectively, accounting for 47.9%, 61.3% and 70.4% of our total revenue for the same periods.
Financial Information · 第 144 页
At the same time, we plan to optimize our sales mix by increasing the proportion of higher value-added products with stronger technical barriers and customer stickiness, while gradually reducing reliance on lower-margin traditional solvent products.