During the Track Record Period, we successfully expanded beyond our legacy triangulation LiDAR products, which accounted for 98.3% and 94.1% of our total revenue in 2023 and 2024, respectively, into dTOF LiDAR and line laser sensor products that we commercially launched in 2024 following years of in-house research and development.
Summary · 第 17 页
As a result, the revenue contribution from triangulation LiDAR products declined to 65.7% and 47.1% of our total revenue in 2025 and the three months ended March 31, 2026, materially reducing our reliance on a single product line and broadening our addressable market across robotic vacuums and other applications.
For example, revenue generated from the sales of automotive electronics PCB accounted for 40.7%, 45.9% and 45.4% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 203 页
The prevailing trend of electrification and intelligentization in the automotive industry has influenced, and will continue to impact our order intake, production capacity utilization, and working capital requirements.
Financial Information · 第 203 页
According to CIC, we are the world’s largest automotive electronics PCB manufacturer with a market share of 10.6%, and rank eleventh among all PCB providers worldwide with a market share of 2.5% by revenue in 2025.
Revenue from automotive electronics remained our largest application category during the Track Record Period, although its contribution to total revenue decreased from 68.8% in 2023 to 51.4% in the six months ended June 30, 2026, reflecting increased revenue contributions from data storage as well as communications and AI servers.
As of the Latest Practicable Date, for most of our projects that are in operation, and the majority of our customers, were situated in Hunan, with others located overseas.
Summary · 第 7 页
This geographic, and customer, concentration exposes us to region-specific risks, including population decline, changes in local government policies, economic conditions, and environmental regulations.
Summary · 第 7 页
In April 2026, we received a notice of award for the Changsha Hexi Waste-to-Energy Incineration Power Plant Project (with a planned treatment capacity of 4,000 tons per day).
In terms of sales revenue, our major marketed drugs comprise XinLiTan, TaiJia, FuLiTan, and EnNaLuo, which in aggregate contributed 62.0% of our total sales revenue of pharmaceuticals in the six months ended June 30, 2026.
Business · 第 153 页
Subsequent to the NRDL re-negotiation, we lowered the retail price of XinLiTan in 2026.
Business · 第 154 页
The retail price and sales revenue of TaiJia were primarily affected by China’s centralized procurement programs.
In FY2023, FY2024, FY2025 and 3M2026 revenue generated from sales of Yoshop vending robots, mainly H2 and H8 models, to Customer C amounted to approximately RMB58.5 million, RMB34.6 million, RMB54.8 million and RMB18.5 million, respectively, representing approximately 99.5%, 99.4%, 99.6% and 99.8% of our revenue from sales of Yoshop vending robots, and approximately 24.0%, 12.9%, 17.3% and 24.1% of our total revenue in each year/period during the Track Record Period, respectively.
Business · 第 122 页
Accordingly, Customer C contributed to the commercialisation and market application of the Yoshop vending robots, but not to their research and development.
Business · 第 122 页
Our Directors are of the view that our customer concentration with Customer C during the Track Record Period was mainly due to the complementary strengths of Customer C and us, combining our technical expertise, ability to customise AI training models to detect different objects and to provide complete solutions on synergy between vending machine with Customer C's mature vending machine operation systems and vast customer base.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
车载摄像头产品为收入主要来源
Our results of operations and financial condition are primarily driven by the development of the vehicle optical product market, especially the vehicle camera products we focus on, which represent a key product category and are the main source of our revenue.
Financial Information · 第 221 页
During the Track Record Period, our revenue generated from sales of vehicle camera products amounted to RMB4,984.0 million, RMB5,679.5 million, RMB6,863.1 million, RMB3,209.0 million and RMB3,441.2 million in 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively.
广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
大发动机收入占比升至逾四成
For FY2023, FY2024, FY2025, 1H2025 and 1H2026, our revenue from the sales of large engines amounted to RMB853.3 million, RMB1,374.1 million, RMB2,321.6 million, RMB1,027.3 million and RMB1,807.3 million, respectively, accounting for 26.4%, 34.5%, 37.7%, 34.5% and 40.2% of our total revenue for the same respective periods, and gross profit margins for large engines were 25.5%, 30.2%, 33.9%, 29.8% and 38.8% for the same respective periods.
Financial Information · 第 226 页
During the Track Record Period, we experienced a significant growth in our operating results, which has been driven to a large extent by increasing demands for our power generator engine and power generation set products in the data center industry in China, among others.
In 2023, 2024, 2025 and for the six months ended June 30, 2025 and 2026, revenue derived from battery chemicals amounted to RMB5,053.1 million, RMB5,115.6 million, RMB6,679.4 million, RMB2,815.4 million, and RMB5,748.2 million, representing 67.6%, 65.3%, 69.4%, 66.4% and 77.1% of our total revenue for the respective periods.
Financial Information · 第 208 页
As the profit margins, cost structures and market dynamics vary across our business segments, changes in the relative contribution of these products have had, and are expected to continue to have, a direct impact on our overall gross profit margin, and in turn, expected to affect our results of operations and financial condition more broadly.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
收入依赖单一核心产品GBS
As we commenced commercial sales of our Core Product in 2024, our financial performance is directly linked to our ability to drive continual market penetration and revenue growth.
Financial Information · 第 237 页
To extend our reach to broader, currently underserved patient populations, we are actively exploring opportunities to expand approved indications and target patient populations, as well as introducing new specifications of our Core Product.
ZEGFROVY^®^ and golidocitinib were commercially launched in August 2023 and June 2024 in Chinese Mainland, respectively.
Financial Information · 第 240 页
We did not have any commercialized products prior to the Track Record Period.
Summary · 第 14 页
Our net losses during the Track Record Period were primarily due to (i) the limited number of approved drugs and the limited commercialization time for ZEGFROVY^®^ and golidocitinib, (ii) economies of scale still materializing, particularly as we build our internal commercialization team in its early stages, (iii) significant R&D investments aligned with the advancement of our product pipeline, (iv) the affordable pricing strategy for ZEGFROVY^®^ and golidocitinib upon NRDL inclusion to capture greater market share, (v) significant selling and distribution expenses incurred to promote ZEGFROVY^®^ and golidocitinib and to build market awareness among healthcare professionals, and (vi) investments in attracting and retaining talent.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
收入集中于单一核心产品
Sebaloxavir marboxil tablets, our Core Product, was the first and only commercialized product in our pipeline.
Financial Information · 第 222 页
In 2025 and the six months ended June 30, 2026, we recorded revenue of RMB5.3 million and RMB2.5 million, respectively.
Financial Information · 第 222 页
The ability of our drug candidates to demonstrate favorable safety and efficacy profiles in clinical trials, and to obtain timely regulatory approvals, is critical to our ability to diversify revenue streams and achieve sustainable growth.
In 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, charging products and accessories, office products and audio and visual products together accounted for 93.2%, 93.7%, 87.1%, 89.2% and 86.8% of our total revenue for the respective year/period.
Financial Information · 第 206 页
Specifically, our revenue generated from storage products increased by 213.2% from RMB391.4 million in 2024 to RMB1,225.8 million in 2025, which further increased by 85.5% from RMB414.8 million for the six months ended June 30, 2025 to RMB769.6 million during the same period in 2026.
Because our revenue during the Track Record Period was primarily concentrated in NB-IoT and Cat.1bis products, our profitability profile was more directly exposed to the prevailing industry-wide ASP compression than more diversified peers whose product portfolios included a larger proportion of higher-speed products.
Business · 第 185 页
We expect these products to contribute to our revenue in 2026, The revenue and gross profit contribution from these products are expected to partially offset the ASP and margin pressure from our existing chip products in 2026.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
前三大零售店收入占比高但逐年下降
For FY2023, FY2024, FY2025 and 8MFY2026, revenue generated from our top three retail stores by revenue in aggregate accounted for 46.3%, 38.0%, 28.0% and 22.1% of our total revenue generated from retail stores for the respective financial year/period.
Business · 第 115 页
In order to mitigate the concentration of sales in certain stores, we have strategically opened new stores in popular tourist and shopping areas where there is sufficient demand and customer flow, and expanded into other residential areas where there is sufficient demand and spending power from local residents, e.g. Kai Tak, Aberdeen.
Business · 第 115 页
The gradual decrease in the revenue contribution from the top three retail stores as a proportion to our total revenue generated from retail stores during the Track Record Period demonstrates the effectiveness of our strategy to mitigate the sales concentration in certain stores.
广东集信国控检测认证技术服务中心股份有限公司GUANGDONG SYNTRUST GK TESTING AND CERTIFICATION TECH SERVICE CENTER CO., LTD.08629.HK
基础检测服务为最大收入来源占比逾五成
Revenue from foundation testing service accounted for 74.8%, 56.2%, 59.3% and 61.8% of our total revenue for FY2021, FY2022, FY2023 and 6M2024, respectively.
Summary · 第 2 页
The decrease in revenue generated from foundation testing service in FY2022 was due to the impact of the COVID-19 pandemic, as a result, the number of foundation service orders completed by us in FY2022 decreased.
广东集信国控检测认证技术服务中心股份有限公司GUANGDONG SYNTRUST GK TESTING AND CERTIFICATION TECH SERVICE CENTER CO., LTD.08629.HK
全部收入来自茂名单一区域市场
Maoming represents our primary market and all of our revenue generated during the Track Record Period are attributable to our services provided in Maoming.
Summary · 第 5 页
During the Track Record Period, we generated all revenue from Maoming, in particular within Xinyi City, Gaozhou City, Huazhou City and Dianbai District.
Business · 第 169 页
As part of our expansion plan, we intend to expand our service presence in Maonan District in Maoming, as well as other cities in Western Guangdong such as Zhanjiang City, Yunfu City, Yangjiang City.