During the Track Record Period, we primarily focused on the R&D, manufacturing and sales of wind power equipment, including foundation structures such as monopiles and transition pieces, and other components such as towers.
Summary · 第 5 页
Our revenue decreased from RMB4,325.1 million in 2023 to RMB3,779.7 million in 2024, primarily attributable to the decrease in our revenue generated from manufacturing and sales of wind power equipment, mainly in Chinese Mainland, as we adjusted our strategic focus to prioritize projects with higher profit margins.
Summary · 第 5 页
During the Track Record Period, our overall gross profit margin was primarily affected by changes in our business structure, particularly the contribution from the overseas sales of wind power equipment and wind and photovoltaic power generation.
During the Track Record Period, energy storage system revenue increased significantly from RMB112.9 million in 2023 to RMB449.4 million in 2024 and further to RMB860.8 million in 2025, and the revenue contribution from energy storage system business increased from 3.9% in 2023 to 16.7% in 2024 and further to 34.6% in 2025, consistent with the diversification of our business in light of market demand.
Business · 第 106 页
While photovoltaic inverters continue to represent the primary source of our revenue, we have been actively expanding our energy storage system business as part of our broader strategy to diversify our business focus and product offerings.
Financial Information · 第 166 页
The gross profit margin of our energy storage system was 21.9%, 30.3%, and 25.9% in 2023, 2024, and 2025, respectively.
HLA has long maintained undisputed leadership in the Asian menswear market and contributed the majority of our Group revenue during the Track Record Period. In 2023, 2024 and 2025, HLA contributed 78.0%, 74.8% and 70.2% of our total revenue, respectively.
Financial Information · 第 180 页
This diversified and synergistic brand portfolio is expected to support stable long-term growth, broaden revenue streams and enhance operational resilience.
During the Track Record Period, silver was our principal product and contributed approximately 57.7%, 62.5% and 69.3% of our revenue for the fiscal years ended March 31, 2024 and 2025, and the nine months ended December 31, 2025, respectively.
Summary · 第 1 页
The Ying Project and the GC Mine contributed the entirety of our revenue over the Track Record Period.
Summary · 第 1 页
Going forward, we expect our business model to continue to be supported by stable production and cash flow from the Ying Project and the GC Mine, while our development and exploration assets in Ecuador, the Kyrgyz Republic and the PRC provide additional growth potential as they advance toward production.
As ethanol is our principal revenue-generating product, changes in the average selling price of ethanol have had a notable impact on our revenue, gross profit and gross profit margin during the Track Record Period.
Summary · 第 10 页
Ethanol and microbial protein will remain to be the primary source of our revenue and profits and any significant adverse changes or fluctuations in the demand and market price for ethanol and microbial protein, which fall outside of our control, may have an adverse impact on our business performance
In 2023, 2024 and 2025, revenue generated from Anjiayin was RMB1,780.1 million, RMB1,890.1 million and RMB997.4 million, respectively.
Business · 第 143 页
In July 2021, we launched our first commercialized product, Anjiayin (a recombinant human coagulation factor VIII, or “rhFVIII”), making our transition from a biotechnology-focused company to a biopharmaceutical company with commercial operations.
Summary · 第 1 页
Our diversified pipeline is expected to support future product launches and reduce reliance on any single product.
Revenue generated from provision of intelligent advertising services amounted to RMB491.9 million, RMB459.8 million and RMB506.9 million in 2023, 2024 and 2025, respectively, accounting for 80.5%, 85.5% and 87.9% of our total revenue for the same years.
Financial Information · 第 229 页
We officially launched Deep Agent in February 2025.
During the Track Record Period, we primarily sold smart home products and solutions, which accounted for 75.3%, 73.6% and 80.8% of our total revenue for 2023, 2024 and 2025, respectively.
Summary · 第 2 页
In 2023, 2024 and 2025, we recorded revenue amounting to RMB2,366.9 million, RMB2,540.9 million and RMB3,367.7 million, respectively, which was primarily derived from sales of digital video devices.
Summary · 第 11 页
The ASP of our smart projectors increased significantly in 2024 and further in 2025, primarily due to a shift in product mix as we expanded our projector business and increased sales of mid- to high-end models with higher unit prices.
For FY2023, FY2024 and FY2025, our revenue generated from sales of notching and stacking machines was approximately RMB684.6 million, RMB448.1 million and RMB716.5 million, respectively, representing 58.8%, 38.8% and 58.7% of our total revenue respectively.
Financial Information · 第 195 页
Demand for our stacking machines as well as other automation equipment for the core mid-stage lithium-ion battery production is closely tied to the investment cycles and capacity expansion plans of downstream customers in the lithium-ion battery manufacturing, EVs, energy storage systems and 3C industries.
Financial Information · 第 195 页
We believe that we are well-positioned to capture the ongoing expansion and upgrading demand within the new energy battery industry and to expand into overseas markets where our major customers are establishing their growth footprints.
Our Group derives revenue primarily from printing control system, printing machines and consumables and printing software and services.
Financial Information · 第 196 页
For instance, our printing control system, being our largest segment, consistently yielded higher gross margins, recording 60.5%, 62.9% and 63.0% in 2023, 2024 and 2025.
Financial Information · 第 196 页
Moving forward, we continue to prioritize a balanced product portfolio with strategic emphasis on high-margin segments.
During the Track Record Period, our traditional ammonium phosphate products and specialty ammonium phosphate products were primarily sold as fertilizers and together accounted for 73.4%, 83.8% and 94.4% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 209 页
We intend to increase the percentage of high profit margin products in our product mix, and continue to enhance our profitability.
In 2024, our gross profit increased significantly, primarily driven by pigs, which became the largest contributor to our gross profit, consistent with pigs also being the largest contributor to our revenue, while Qingyuan Chicken and other native chickens also made a substantial contribution.
Summary · 第 9 页
Given that pigs contributed the largest share of our revenue during the Track Record Period, movements in our overall gross profit margin generally aligned with the performance of our pig business, which is more exposed to price and feed cost cycles relative to our other product categories.
Financial Information · 第 214 页
The coordinated operation of the full industry chain not only effectively strengthens the quality control and supply stability, but also drives the joint development with farmers and enhances our risk resilience and sustainable growth capabilities.
Currently, our primary business line and revenue source is the sale of new energy heavy-duty trucks, including DeepWay Xingchen and DeepWay Xingtu, which accounted for 99.9%, 99.6% and 99.2% of our total revenue.
Summary · 第 1 页
Such intelligent road freight technologies remain at an early stage of commercialization and contributed only a limited portion of our revenue during the Track Record Period, with their commercialization timetable subject to specific business plans and future regulatory developments.
Summary · 第 1 页
Collectively, we generated approximately RMB1.3 million in revenue for offering Tianji Suixing and Tianji Yanxing in 2025.
Our business and financial performance are highly dependent on the successful commercialization of our Core Product.
Financial Information · 第 237 页
Until additional drug candidates receive regulatory and marketing approval, we expect our revenue to be driven primarily by sales of senaparib in China for this initial indication, and from future partnerships and additional business development initiatives.
Financial Information · 第 237 页
The ability of these 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, reduce reliance on senaparib, and achieve sustainable growth.
Our revenue generated from sales of skincare products was RMB7,559.4 million, RMB9,019.0 million and RMB8,181.7 million in 2023, 2024 and 2025, respectively, accounting for 85.0%, 83.8% and 77.3% of our revenue from sales of goods in the same respective years.
Financial Information · 第 168 页
Our revenue generated from our brand, PROYA (珀萊雅), was RMB7,177.3 million, RMB8,580.7 million and RMB7,689.1 million in 2023, 2024 and 2025, respectively, accounting for 80.7%, 79.7% and 72.6% of our revenue from sales of goods in the same respective years.
Financial Information · 第 168 页
We believe that our increasingly diverse product portfolio and multi-brand strategy enable us to effectively respond to evolving industry trends and consumer preferences.
Revenue from visual perception products accounted for the substantial majority of our total revenue during the Track Record Period.
Summary · 第 10 页
During the Track Record Period, we generated most of our revenue from sales of visual perception products, which increased from RMB274.2 million in 2023 to RMB439.3 million in 2024 and further to RMB606.5 million in 2025.
Financial Information · 第 211 页
As a result, revenue from our visual perception products increased from RMB274.2 million in 2023 to RMB606.5 million in 2025, representing a CAGR of 48.7%.
In 2023, 2024 and 2025, revenue from ride-hailing services was RMB13,724.8 million, RMB14,906.4 million and RMB16,334.8 million, respectively, accounting for 92.1%, 92.6% and 95.5% of our total revenue in the respective years.
Financial Information · 第 149 页
We endeavor to enhance our business growth and profitability by leveraging our diverse revenue sources.
Financial Information · 第 150 页
We have established a diversified business portfolio, primarily covering vehicle leasing and vehicle sales.
We are principally engaged in the R&D, manufacturing, sales and related services of laser machining equipment for high-efficiency photovoltaic cells and modules.
Summary · 第 1 页
Our revenue is primarily generated from the sale of laser machining equipment for photovoltaic cells and modules.
Financial Information · 第 190 页
Our gross profit margin remained stable at 45.8%, 46.3% and 45.5% in 2023, 2024 and 2025, respectively.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
VC产品收入占比逾六成
During the Track Record Period, we generated a substantial portion of our revenue from the sales of our VC and FEC products.
Summary · 第 3 页
In 2023, 2024 and 2025, our revenue generated from our VC products was RMB328.1 million, RMB343.5 million and RMB580.9 million, respectively, accounting for 62.5%, 68.0% and 66.8% of our total revenue in the same periods, respectively.
Financial Information · 第 171 页
Therefore, downstream market demands for our VC products have a material impact on our overall financial performance.
While our IVD test kits are not required to be purchased in bundle with our genetic sequencer or bioinformatics analysis software, hospitals and ICLs who have deployed our genetic sequencer usually prioritize our IVD test kits and their compatible bioinformatics analysis software due to their familiarity with the operational workflow and trust in our brand.
Summary · 第 2 页
We sold 485 CNV-seq kits to 40 customers as of December 31, 2025, with 27 of which were also our NIPT customers, demonstrating the synergy of our different IVD test kits.