Guangdong Province is our earliest and most developed region.
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Leveraging an established presence in Guangdong Province as our benchmark, we strategically expanding coverage to regional markets such as Eastern China, Central China and Southwestern China to replicate our success.
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As of December 31, 2023, 2024, 2025 and June 30, 2026, we had 2,017, 2,029, 1,970 and 1,991 stores in Guangdong Province, representing 69.2%, 69.4%, 67.8% and 66.0% of our total number of stores, respectively.
94.0% of our revenue was derived from Indonesia in 2025.
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The revenue from product sales in Indonesia represented 95.9%, 95.8%, 94.0%, 93.9% and 93.0% of total revenue in 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
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For the six months ended June 30, 2026, our revenue in other countries, such as Vietnam, Thailand and the Philippines, increased by 40.8% from RMB33.8 million for the six months ended June 30, 2025 to RMB47.6 million for the six months ended June 30, 2026.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
收入集中主要源于辽宁大石桥最大EPC项目
Our revenue concentration during the Track Record Period was primarily driven by the recognition of revenue from the largest EPC projects situated at Dashiqiao, Liaoning Province.
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This substantial growth in backlog value was primarily attributed to the award of the Hehui 200MW Wind Power Project (合惠200MW風電項目EPC總承包工程項目).
Revenue generated from the aforesaid large-scale deliveries in Henan Province amounted to RMB45.5 million, accounting for 11.5% of our total revenue in 2024, and increased to RMB57.3 million, accounting for 12.9% of our total revenue in 2025.
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In 2025, safety driving assistance product projects in Henan Province and Hebei Province generated RMB57.3 million and RMB54.5 million respectively, together accounting for 25.2% of revenue for the year, with each market currently served by a single customer under government initiatives.
As a key example, as of the Latest Practicable Date, we operated 54 restaurants in Henan and 146 restaurants across other provinces in China, demonstrating our ability to replicate the success of our “Henan Model” in markets beyond our core region.
In FY2023, FY2024 and FY2025, our revenue was primarily derived from sales of admission tickets of our park and show tickets for the Reminiscences of the Eastern Capital, amounting to RMB584.9 million, RMB621.9 million and RMB621.9 million, respectively, accounting for 86.9%, 83.9% and 83.3% of our total revenue for the corresponding years.
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As such, our results of operations are affected by overall demand in China’s tourism industry, particularly in Henan Province and Kaifeng, as well as the growth of China’s theme park industry and our ability to maintain our market position.
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Our ability to maintain the reputation of Millennium City Park and to continue upgrading and expanding attractive Song-themed experiences within the Park may affect tourist visits, ticket sales and in-park spending, which could in turn affect our business, results of operations and financial performance.
We are a major supplier for Europe, serving eight out of the top ten European home improvement retail groups (in terms of retail sales value in 2025), and our products have been available in more than 60 countries and regions worldwide, including Germany, France, the Netherlands, the United States, the United Kingdom and Switzerland.
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We have a dedicated, on-the-ground sales team based in Germany, which provides us with localized industry insights and enables direct local service for our European customers.
In 2023, 2024 and 2025, revenue generated from our self-owned medical institutions was RMB400.4 million, RMB469.9 million and RMB435.7 million, respectively, representing 94.9%, 93.9% and 92.4% of our total revenue for the same periods, respectively.
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Therefore, our revenue is primarily influenced by the services offered at our self-owned medical institutions, especially the continued extension and diversification of our service offerings and portfolio across our self-owned medical institutions.
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Our business and financial performance depend on the overall growth of and our competitiveness in the integrated healthcare and eldercare services industry in China, particularly in North China, where our medical institutions are located.
All of our revenue is derived from our businesses in Taiwan and all of our assets are located in Taiwan.
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Accordingly, our financial condition, results of operations and prospects are, to a material extent, subject to economic, political and legal developments in Taiwan.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
全部业务集中于江苏省
In addition, we are currently operating our business exclusively in Jiangsu Province, where all of our business activities are centralised. This geographic concentration allows us to focus our efforts on enhancing our position as an integrated water-based tourism service provider in the region. However, it also exposes us to various risks associated with regional economic fluctuations, environmental challenges and shifts in local regulations and governmental policies, which may significantly influence the operating environment for our Group.
(iii) our international business is well-diversified, with revenue contribution from Chinese Mainland accounting for 86.4%, 90.3% and 91.1% of the total revenue in 2023, 2024 and 2025, respectively, which limited potential risks of overseas customer or market segment.
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In 2023, 2024 and 2025, our revenue in the PRC amounted to RMB3,578.0 million, RMB4,432.0 million and RMB4,997.1 million, respectively, representing 86.4%, 90.3% and 91.1% of our total revenue during the same years, respectively.
Approximately 97.8%, 97.0% and 95.5% of the GMV of goods imported by us into Chinese Mainland were through our operating location in Hong Kong in FY2023, FY2024 and FY2025, respectively while only approximately 2.2%, 3.0% and 4.5% of the GMV of goods were imported directly into Chinese Mainland during the same periods.
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According to Frost & Sullivan, this is a common phenomenon in the electronics industry: manufacturers typically centralize inventory in Hong Kong as a regional distribution center to serve global markets (including Chinese Mainland), rather than maintaining fragmented, domestic logistics networks, while buyers source through Hong Kong to access broader selection.
Our revenue from Chinese Mainland contributed a significant proportion of our total revenue during the Track Record Period, accounting for 93.8%, 98.6%, 97.3% and 98.8% of our revenue in 2022, 2023, 2024 and in the nine months ended September 30, 2025, respectively.
Our business is influenced by general economic conditions and consumer spending patterns in our key markets, particularly Japan, Europe and North America, which accounted for 67.7%, 17.2% and 11.7% of our revenue for the six months ended June 30, 2025, respectively.
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For example, economic conditions in Japan, our largest market, may have a disproportionate impact on our overall results of operations.
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Concurrently, we have systematically strengthened our presence in key markets, achieving strong revenue CAGRs of 44.7%, 68.1%, and 42.5% in Japan, Europe, and North America, respectively, from 2022 to 2024.
As of the Latest Practicable Date, we operate two hospitals in Jiangsu Province and as such, our business is primarily influenced by the market dynamics and prevailing competition in Jiangsu Province instead of the PRC as a whole.
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In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue generated by our Nanjing BenQ Hospital accounted for 62.2%, 63.5%, 63.7%, 63.5% and 65.9% of our total revenue, respectively, and revenue generated by our Suzhou BenQ Hospital accounted for 37.8%, 36.5%, 36.3%, 36.5% and 34.1% of our total revenue in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively.
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If this market trend continues, we are well positioned to experience a positive effect on our revenue growth and results of operations.
In 2022, 2023, and 2024 and for the six months ended June 30, 2024, and 2025, 78.0%, 77.1%, 65.5%, 69.3%, and 56.9%, respectively, of our PRC commission fee income originated from Zhejiang and Guangdong Provinces and Shanghai.
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As of June 30, 2025, our network in China comprised 11 branch companies and 28 branch offices, with locations in Zhejiang, Shanghai, Guangdong, Beijing, Jiangsu, Liaoning, Heilongjiang, Gansu, Fujian, Shandong, Hubei, Shanxi, Sichuan, Henan, Chongqing, Jiangxi, Tianjin, and Shaanxi.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
收入高度集中于武汉及湖北地区
As a private dental services provider in Central China with a focus on Hubei and Hunan provinces, we are well-positioned to promote the oral health of the public through our expanding dental service network.
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We prioritize new establishment in Wuhan to leverage our well-established brand recognition and accumulated dentist resources in the city, enhancing local residents' access to reliable dental services, while expanding our service network to achieve greater economies of scale.
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For the years ended December 31, 2022, 2023 and 2024, revenue from these dental institutions represented 52.4%, 50.0% and 47.2%, respectively, of our total revenue for the same years.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
收入集中江苏省，尤以扬州为主
During the Track Record Period, a significant amount of our revenue was generated from Jiangsu Province, particularly Yangzhou.
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As at the Latest Practicable Date, we operated 51 supermarkets and 109 convenience stores in Jiangsu Province, out of which 49 supermarkets and 108 convenience stores are located in Yangzhou, and two supermarkets and one convenience store are located in Taizhou.
We have established provincewide networks with a critical mass in eight provinces, which collectively accounted for 87% of our GMV in 2023, and led us to become one of China’s largest freshly-made tea store brands.
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As of December 31, 2023, our store count in second-tier and below cities accounted for 79% of our total store count, the highest percentage as compared to those of the other top five mid-priced freshly-made tea store brands in China, and slightly increased to 80% as of September 30, 2024.