For the years ended December 31, 2023, 2024 and 2025, revenue generated from our goat/sheep milk infant formula products was RMB926.4 million, RMB1,032.7 million, and RMB1,009.4 million, accounting for approximately 57.4% ,58.6%, and 54.2% of our total revenue in the corresponding year, respectively.
Financial Information · 第 228 页
Our core differentiation lies in our commitment to developing low-allergen dairy products, compared to traditional bovine-based formulations.
In 2023, 2024 and 2025, our revenue attributable to sales of CMOS image sensors amounted to RMB505.0 million, RMB510.3 million and RMB794.7 million, respectively, and accounted for approximately 83.5%, 75.8% and 92.8% of our total revenue for the corresponding periods.
Financial Information · 第 230 页
Revenue from industrial imaging solutions amounted to RMB327.5 million in 2023, RMB446.6 million in 2024 and RMB639.0 million in 2025, accounting for 54.2%, 66.3% and 74.6% of our total revenue for the respective periods.
Financial Information · 第 231 页
While our professional photography and video, and medical imaging still contribute relatively small portion of our revenue, we expect these and other specialized imaging applications across high-tech industries will contribute more to our revenue as our market shares in these scenarios increase.
In particular, our revenue growth has been driven by sales of SigenStor, which accounted for more than 90% of our total revenue during the Track Record Period.
Summary · 第 11 页
While we will seek to expand our product portfolio and revenue streams, as our flagship product, we expect that sales from SigenStor will continue to be our primary product and main revenue source, with its compelling value propositions continuing to drive its market acceptance and adoption across residential and C&I application scenarios, especially in overseas markets with end-customer bases with higher demand for high-end, advanced products which can be sold at premium selling prices.
During the Track Record Period, we generated revenue primarily from the sales of our key marketed products, represented by Xiweina (希為納^®^), the only domestically developed sivelestat sodium approved in China, and Zuoyu (佐愈^®^), China’s first domestically developed Category II levofolinic acid.
Summary · 第 1 页
During the Track Record Period, we derived the majority of our revenue from sales of Xiweina, the first and only domestically developed sivelestat sodium in China indicated for ALI/ARDS.
Financial Information · 第 217 页
Despite fluctuations in demand during the outbreak and the subsequent ease of COVID-19, Xiweina is well-positioned to capture long-term growth given its exclusive market position, which provides pricing flexibility and creates competitive barriers.
Prescription spectacles is the highest revenue contribution throughout the Track Record Period representing about 79.9% of our revenue for the years ended 31 December 2023, 2024 and 2025, respectively. The gross profit margin of prescription spectacles during the Track Record Period were 61.2%, 59.8% and 62.4% for the years ended 31 December 2023, 2024 and 2025, respectively. The fluctuation was primarily a result of our product and pricing policy shift discussed above.
Financial Information · 第 208 页
Our revenue growth and customer retention and conversion rate depend on our ability to improve our capacity to offer a comprehensive range of vision solutions that address diverse needs and price points.
During the Track Record Period, revenue from sales of our AR eyewear products accounted for the majority of our total revenue, representing 77.6%, 78.1% and 78.1% in 2023, 2024 and 2025, respectively.
Financial Information · 第 179 页
This was primarily driven by our continued product refreshes and upgrades, which strengthened consumer recognition and supported sustained demand for our AR eyewear.
Financial Information · 第 179 页
In 2026, we plan to launch multiple new products across all three lines: ROG XREAL R1, a co-branded gaming-oriented product developed in collaboration with ASUS's ROG; Project Helen within the Air Series, designed to reach a broader consumer audience at a more accessible price point; and Project Aura, our next-generation flagship developed with Google on the Android XR platform.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
水上观光船服务收入占比约84%-87%
For the three years ended December 31, 2023, 2024 and 2025, revenue generated from our water sightseeing boat service business segment was approximately RMB95.1 million, RMB96.0 million and RMB118.2 million, representing approximately 87.2%, 86.2% and 83.7% of our total revenue for the periods, respectively.
Summary · 第 3 页
Through the asset-light expansion, we are able to replicate our operational experience and established business framework to other tourist attractions along the Grand Canal, precisely empowering the development of those attractions, maximizing our brand value and operational advantages and promoting the co-development of regional cultural and tourism resources meanwhile diversifying our revenue streams and driving our business expansion.
In FY2023, over 97% of our revenue was generated from SaaS solutions for entertainment and social networks sector.
Business · 第 156 页
Since our SaaS solutions are mainly offered to industry participants along the live streaming value chain, primarily entertainment and social networks live streaming operators in China, our operational and financial performances are subject to upturns and downturns of the live streaming industry in China.
Financial Information · 第 215 页
Such diversification has been supported by our ability to adapt our SaaS solutions to address varying operational needs, thereby attracting a broader range of enterprises.
While basic oral care products contributed the majority of our revenue during the Track Record Period, we also expanded our product offerings to other personal care categories in order to broaden our consumer reach and capture demand across more scenarios.
Financial Information · 第 154 页
Since its full launch in September 2025, our personal care brand ‘‘About Focus (小箭头)’’ which focuses on hair and body care products, has recorded cumulative retail sales value exceeding RMB40 million as of the Latest Practicable Date, signifying our evolution into a comprehensive household and personal care products group with multi-category and omnichannel capabilities.
For instance, revenue from low-power audio chips accounted for 97.0%, 93.5%, 90.9%, 90.3% and 91.0% of our total revenue in 2022, 2023, 2024 and the ten months ended October 31, 2024 and 2025, respectively, and revenue from mid/high-power audio chips accounted for 3.0%, 5.8%, 7.5%, 8.1% and 7.3% of our total revenue in the same periods, respectively.
Financial Information · 第 205 页
For instance, revenue from portable power amplifier audio chips, which have higher ASPs and gross margins compared to adaptive power control audio chips, was RMB43.8 million, RMB36.3 million, RMB150.6 million and RMB110.5 million for each year/period during the Track Record Period, representing 34.7%, 25.8%, 46.6%, and 43.2% of total revenue, respectively.
During the Track Record Period, we have successfully commercialized our medical imaging software and medical devices and the revenue generated from our medical imaging software and medical devices amounted to RMB43.9 million, RMB40.8 million, and RMB48.7 million, respectively, accounting for 83.1%, 58.0% and 43.6%, respectively, of the corresponding periods.
Financial Information · 第 235 页
Going forward, we expect that sales of medical imaging software and medical devices will continue accounting for a substantial portion of our total revenue in the near future, in particular, as a result of the expected successful commercialization of our Core Product.
Our ability to sustain and grow our business depends on the competitiveness of our commercialized product Sangbo'en and our capacity to maintain or expand its market presence.
Financial Information · 第 230 页
In 2024, we recorded revenue generated from sales of Sangbo'en of RMB208.0 million.
Financial Information · 第 231 页
Our revenue increased by 27.9% from RMB162.1 million in the nine months ended September 30, 2024 to RMB207.3 million in the nine months ended September 30, 2025.
The portfolio's foundation remains our advanced visual on-device computing offerings.
Summary · 第 3 页
In the nine months ended September 30, 2025, revenue from our on-device computing products remained the primary contributor to our total revenue.
Summary · 第 14 页
Meanwhile, our sales of smart vehicle products and edge computing SoCs saw substantial growth in the nine months ended September 30, 2025, rising by approximately 251.4% and 272.7%, respectively, compared to the same period in 2024.
In 2024, revenue from our smartphone products reached RMB36,132.7 million, accounting for approximately 77.9% of our total annual revenue.
Summary · 第 2 页
We believe that by duplicating our successful experience and expertise to cover more emerging smart device categories, we can reduce our reliance on revenue from a limited range of products.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our revenue generated from copper production and processing amounted to RMB390.6 million, RMB417.0 million, RMB1,229.9 million, RMB449.2 million and RMB839.9 million, respectively, accounting for 61.3%, 61.7%, 69.5%, 75.5% and 87.2% of our total revenue in the respective year/period.
Summary · 第 13 页
The significant increases in our revenue in 2024 and in the six months ended June 30, 2025 were mainly attributed to (i) the increased production of copper cathodes following the production facilities in DR Congo commenced operation; (ii) a spike of the average selling price as a result of the higher copper prices quoted on the LME and (iii) the supply shortage facing by the global copper market.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our PS buildings was RMB1,770.7 million, RMB1,293.9 million, RMB1,240.5 million and RMB1,247.3 million, respectively, accounting for 93.1%, 89.0%, 81.5% and 87.6% of our total revenue for the same periods, respectively.
Business · 第 190 页
Our customers are mainly in the automotive and auto parts industry, with revenue from customers in this industry contributing approximately 67.0%, 49.2%, 56.6% and 62.8% of our total revenue for the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
Business · 第 239 页
For instance, our industrial environmental equipment business category contributed additional revenue during the Track Record Period, reflecting our ability to generate income from supplementary business categories beyond our core PS building subcontracting services.
It is the first large-scale outdoor scenic performance in Fujian Province according to Frost & Sullivan, and has been the principal generator of our revenue historically and during the Track Record Period.
Summary · 第 1 页
During the Track Record Period, the majority of our revenue was derived from our shows and performance services.
Financial Information · 第 313 页
For the years ended 31 December 2022, 2023, 2024, and the six months ended 30 June 2025, we conducted an aggregate number of 355, 567, 518 and 214 performances of our Impression — Dahongpao Scenery Show, respectively.
For the years ended 31 December 2022, 2023 and 2024 and for the eight months ended 31 August 2025, revenue generated from mechanical massage services amounted to RMB316.13 million, RMB567.71 million, RMB782.93 million and RMB614.37 million, respectively, representing 95.75%, 96.74%, 98.11% and 97.41% of our total revenue in the same periods, respectively.
Summary · 第 14 页
While further consolidating our scale advantage in the aforementioned consumption scenarios, we will also continue to expand our market share in other consumption scenarios with smaller coverage, such as transportation service and rest areas, e-sports spaces, office buildings and other consumption scenarios to further diversify our presence in the market.
For the year ended 31 December 2024 and the five months ended 31 May 2025, revenue generated from Yangxiaomie accounted for approximately 93.2% and 98.1% of our total revenue, respectively.
Summary · 第 1 页
We position Yangxiaomie as our principal online marketplace by directing and allocating relatively greater resources toward its continued expansion, given its relatively higher profitability and growth potential.
Summary · 第 1 页
We expect to continue sourcing goods directly from merchandise suppliers, and introduce POP stores with good reputation and strong and stable supply chain, to increase the supply of product types and quantity on Yangxiaomie.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
产品收入几乎全部来自智能家用充电桩
Substantially all of our revenues generated from our product offerings were derived from sales of smart home EV chargers during the Track Record Period.
Summary · 第 4 页
The amount of revenue generated from sales of smart home EV chargers represented 94.1%, 89.3%, 93.2%, 92.7% and 98.3% of revenue generated from sales of products in 2022, 2023, 2024, and the three months ended March 31, 2024 and 2025, respectively.
Summary · 第 3 页
Our EV charging robots achieved a gross profit margin exceeding 50% in 2024 and over 30% for the three months ended March 31, 2025, according to unaudited management accounts, as compared to the gross profit margin of our EV chargers of approximately 20%.