昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
储能电解液收入占比上升拉低整体毛利率
As the profit margins, cost structures and market dynamics can vary significantly across these product categories, changes in our product mix will have a direct impact on our overall gross margins.
Financial Information · 第 213 页
For example, during the Track Record Period, the relative increase in our sales of electrolytes for ESS batteries, which generally had lower gross profit margins over the period due to industry dynamics and product characteristics, from representing 11.9% of our revenue in 2023 to representing 26.6% of our revenue in 2025 had a negative effect on our overall gross profit margin.
Guangdong Province is our earliest and most developed region.
Business · 第 130 页
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.
Business · 第 130 页
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.
Among our four primary product categories, smart soothing wearables have historically been our largest segment, accounting for 85.3%, 82.4%, 70.9%, 76.2% and 69.2% of our revenue from product sales, respectively, in 2023, 2024, 2025 and for the five months ended May 31, 2025 and 2026, while fitness recovery and toning gears increased as a share of revenue over the same years/periods, accounting for 9.4%, 13.2%, 24.2%, 20.6% and 23.4% of our revenue from product sales, respectively.
Summary · 第 2 页
Specifically, shoulder and neck soothing wearables continued to lead our portfolio, accounting for 48.9%, 50.3%, 41.4% and 37.1% of our revenue from the sale of products, respectively.
94.0% of our revenue was derived from Indonesia in 2025.
Summary · 第 1 页
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.
Summary · 第 12 页
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.
During the Track Record Period, a large portion of our revenue was generated from our deployment of large-scale and C&I ESS solutions in single large project(s).
Business · 第 139 页
In the same periods, revenue contributed by the top five projects where we deployed our integrated ESS solutions was RMB58.5 million (representing the total two projects in 2023), RMB482.6 million (representing the total four projects in 2024), RMB1,609.8 million (representing the top five projects in 2025) and RMB213.9 million (representing the total five projects in the four months ended April 30, 2026), representing 13.5%, 42.2%, 86.2% and 76.4% of our total revenue for the same period, respectively.
Business · 第 139 页
Deployment of large-scale ESS solutions typically involves substantial investment size and equipment procurement value per project, resulting in significant revenue contribution from individual projects in a given period.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
2023年98.5%收入来自废气清洗系统
Our revenue from vessel exhaust gas emission control and cleaning systems was RMB2.33 billion, RMB1.88 billion, RMB1.57 billion, RMB611.3 million, and RMB767.3 million in 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, respectively, accounting for 98.5%, 78.5%, 44.7%, 46.2%, and 30.6% of our total revenue of the respective periods.
Financial Information · 第 230 页
Historically, our revenue was highly concentrated, with vessel exhaust gas emission control and cleaning systems accounting for 98.5%, 78.5%, and 44.7% of our total revenue in 2023, 2024, and 2025, respectively.
Financial Information · 第 231 页
for the five months ended May 31, 2026, our revenue was broadly balanced across our three principal business lines, namely vessel exhaust gas emission control and cleaning systems, vessel energy efficiency enhancement systems, and vessel retrofit and servicing, which accounted for 30.6%, 34.3%, and 31.9% of our total revenue, respectively.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
处方药制备收入占比逾九成且集中于华北
During the Track Record Period, our revenue was derived primarily from our provision of TCM healthcare services through our offline licensed medical institutions across Northern China, a region encompassing numerous provinces and cities including Heilongjiang, Jilin, Liaoning, Hebei, Shangdong and Tianjin.
Summary · 第 2 页
During the Track Record Period, our revenue was derived primarily from our provision of TCM healthcare services through our offline medical institutions across Northern China, a region encompassing numerous provinces and cities including Heilongjiang, Jilin, Liaoning, Hebei, Shangdong and Tianjin.
Business · 第 124 页
Post the Track Record Period, we have been actively expanding our geographical footprint, with 16 new licensed medical institutions under development in Shandong Province, Liaoning Province, Hebei Province, Tianjin City and Jiangsu Province.
The NBC solution is a highly integrated braking control system that combines braking, stability control and energy-recovery functions within a single unit, and is dedicated solely to new energy vehicles equipped with intelligent driving functions, such as ADAS or L3 and L4 levels of autonomous driving capabilities, which demand a higher degree of system integration, faster response and enhanced energy efficiency.
Business · 第 134 页
Our focus on developing high value-added and higher-margin brake-by-wire solutions, including newly launched ESC and NBC products, has proven effective as evidenced by a steady improvement in gross profit margin from 1.1% in 2023 to 10.7% in 2024, 13.6% in 2025 and 10.1% in the three months ended March 31, 2026.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
收入以燃油车车型为主，新能源占比持续上升
During the Track Record Period, we experienced an increasing contribution of revenue from NEV models, while revenue generated from ICE vehicle models remained relatively stable but declined as a percentage of our total revenue.
Business · 第 141 页
We believe this trend was primarily driven by the rapid growth of the NEV market in China, increasing demand from NEV manufacturer customers for intelligent and differentiated automotive lighting solutions, as well as our continued expansion in the NEV segment.
Revenue from the sale of cold chain agricultural products amounted to RMB1,231.2 million, RMB2,949.0 million, RMB5,898.0 million, RMB1,472.1 million and RMB2,789.4 million in 2023, 2024 and 2025 and for the four months ended April 30, 2025 and 2026, respectively, representing 98.2%, 98.9%, 99.3%, 99.1% and 99.4% of our total revenue for the corresponding periods.
Financial Information · 第 208 页
Our core products include meat and seafood products, which collectively contributed a significant portion of our revenue during the Track Record Period.
Financial Information · 第 208 页
The beef safeguard measures may have a relatively greater impact on our beef procurement, as beef accounted for a significant portion of our revenue from the sale of cold chain agricultural products in 2025.
Specifically, sales of energy storage inverters, which maintained robust gross profit margins, contributed significantly to our revenue.
Financial Information · 第 185 页
If there are any significant changes in our product mix, our gross profit margin will be affected by the changes in gross profit margin attributable to each type of product.
During the Track Record Period, our revenue was primarily generated from providing robotic solutions to enterprise customers in the 3C, automotive and semiconductor industries.
Financial Information · 第 200 页
Our results of operations are highly dependent on the development and performance of these underlying industries of our customers, which are subject to a wide range of factors such as fluctuations in capital expenditures, regulatory changes, supply chain efficiencies and macroeconomic conditions.
With a core focus on temperature-control supply chain services for clinical trials, we also extend our business to temperature-control supply chain services for commercial medical products, as well as the R&D and manufacturing of temperature-control equipment and materials.
Summary · 第 1 页
During the Track Record Period, our revenue from clinical trial supply chain services increased from RMB508.1 million in 2023 to RMB542.0 million in 2024, and further increased to RMB597.9 million in 2025, and it increased from RMB193.6 million for the four months ended April 30, 2025 to RMB204.6 million for the same period in 2026.
Business · 第 139 页
In China, the corresponding market grew from RMB2.0 billion in 2020 to RMB4.0 billion in 2025, at a CAGR of 14.9%, and is projected to reach RMB7.3 billion by 2030, at a CAGR of 12.7% from 2026 to 2030.
Our branded PCM products business, anchored by a portfolio of heritage household PCM brands, is the principal driver of our results of operations.
Financial Information · 第 205 页
Branded PCM products revenue was HK$339.3 million, HK$360.6 million and HK$423.9 million for the years ended March 31, 2024, 2025 and 2026, representing 100.0%, 100.0% and 91.4% of total revenue, respectively.
During the Track Record Period, we derived most of our revenue from manufacturing and selling silver powder mainly used in the production of PV silver paste, a crucial raw material in the manufacturing of PV cells.
Business · 第 119 页
Accordingly, our results of operations have been and are expected to continue to be affected by downstream demand for PV silver paste and PV cells.
Financial Information · 第 202 页
However, there is no guarantee that the demand for PV silver paste and PV cells, and in turn our silver powder products, will remain at previous levels or continue to grow in the future.
Specifically, revenue from the sales of our dermatology products increased from RMB778.7 million in 2023 to RMB968.5 million in 2024 and further to RMB1,161.3 million in 2025, and was RMB263.8 million and RMB281.0 million for the three months ended March 31, 2025 and 2026, respectively, which accounted for 75.6%, 86.0%, 87.7%, 90.0%, 83.4% of our total revenue in the corresponding year/period.
Financial Information · 第 174 页
The successful commercialization of these candidates will further diversify our revenue base and strengthen our long-term growth trajectory.
Among these products, alloy soft magnetic powder cores remained to make the largest revenue contribution, with revenue of RMB1,026.3 million, RMB1,233.6 million, RMB1,289.2 million, RMB290.7 million and RMB316.2 million in 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, representing 88.6%, 74.2%, 71.5%, 75.8% and 64.6% of our total revenue, respectively.
Financial Information · 第 140 页
We aim to further enrich our product portfolio, broaden our customer base and maintain a strong focus on high-margin product categories.
Financial Information · 第 141 页
During the Track Record Period, revenue from AI chip inductors increased from RMB77.5 million in 2023 to RMB366.2 million in 2024, and further to RMB439.5 million in 2025.
In 2023, 2024 and 2025, revenue generated from our Adsorbed Tetanus Vaccine was RMB463.0 million, RMB535.8 million and RMB613.7 million, respectively, accounting for approximately 93.7%, 91.4% and 87.6% of our total revenue for the corresponding years, respectively.
Business · 第 135 页
Our substantial dependence on a single product exposes us to concentration risk.
Business · 第 135 页
We have formulated and are executing a clear and systematic strategy to mitigate the risks associated with our product concentration by diversifying our product portfolio and revenue sources.
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.
Business · 第 128 页
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).