Our business operations and financial performance are highly concentrated on Hanmi Group, our core supplier.
Financial Information · 第 174 页
All the products supplied by Hanmi Group collectively contributed to 94.0%, 93.2% and 94.6% of our total revenue from medicine marketing, promotion and sales business in 2023, 2024 and 2025, respectively.
Financial Information · 第 174 页
This high concentration means our cost structure, profit margins and operational continuity are significantly affected by Hanmi Group’s pricing policies.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
数据中心业务收入占比升至97.9%
Starting in 2020, we began to switch our focus to providing data center energy management solutions.
Summary · 第 2 页
Revenue contribution from such business grew from 93.1% of the overall revenue in 2023 to 96.8% and 97.9% of our overall revenue in 2024 and 2025, respectively.
Financial Information · 第 220 页
However, our business is subject to risks associated with changes in industry conditions and government policies.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
前五大项目收入占比约78.8%至87.4%
During the Track Record Period, revenue from our major projects, which are the top five projects by revenue recognized during each year, accounted for 78.8%, 87.4% and 83.6% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 221 页
This concentration means that the timing and progress of individual large projects can significantly impact our revenue recognition and profitability in any given period.
However, the growth and profitability of our businesses have historically been dependent, in part, on the government grants we received in connection with the platform-based transportation services, the revenue of which constituted a super majority of our total revenue in each year during the Track Record Period.
Summary · 第 6 页
Revenue generated from our integrated supply chain services increased substantially from RMB157.2 million in 2024 to RMB800.7 million in 2025, representing a year-on-year increase of approximately 409.4%, while their contribution to our total revenue increased from 0.9% to 4.9%.
Business · 第 152 页
Such business transformation is expected to gradually improve our revenue and gross profit structure, enhance the stickiness of our customers, reduce the sensitivity of our financial performance to changes in government grant policies and strengthen our business sustainability.
During the Track Record Period, we primarily generated revenue from NEPV sales.
Summary · 第 3 页
During the Track Record Period, the majority of our revenue was generated from vehicle sales, which increased from RMB5,542.0 million in 2023 to RMB14,417.3 million in 2024, and further increased to RMB23,902.0 million in 2025.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
消费电子业务贡献近八成收入
Our consumer electronics products and solutions accounted for RMB204.7 billion, RMB233.1 billion, and RMB264.3 billion in 2023, 2024 and 2025, representing 88.3%, 86.7%, and 79.5% of our total revenue in the same years, respectively.
Financial Information · 第 211 页
For example, our gross profit margin for our automotive electronics business was 15.7%, 15.8%, and 15.6%, respectively, and our gross profit margin for communication and data center business was 15.5%, 16.0%, and 18.1%, respectively, which was generally higher than our overall gross profit margin for the same years.
Financial Information · 第 211 页
Therefore, changes in our mix of products and solutions could materially affect our overall profit margin.
Revenue from our ride-hailing services business accounted for 85.3%, 88.9%, 90.7%, 92.5% and 91.9% of our total revenue in 2023, 2024 and 2025 and the four months ended April 30, 2025 and 2026, respectively.
Financial Information · 第 229 页
During the Track Record Period, our net losses were primarily attributable to the higher drivers' service fees, which placed pressure on the gross profit margin of our ride-hailing services business.
Summary · 第 5 页
Going forward, we intend to improve the gross profit margin of our ride-hailing services business by growing order volume and GTV through our phased city development strategy and dynamically optimizing drivers' service fees, sustain gross profit contribution from our passenger transportation services and digitalization and business solutions businesses, and enhance operational efficiency across our business segments to achieve positive net cash from operating activities and net profit.
Fluctuations in birth rate and newly-born population have exerted a lagged impact on sales of infant products, especially infant formula and disposable diapers.
Summary · 第 3 页
During the Track Record Period, substantially all of our revenue of self-operated business was generated from family care and nutrition products, which accounted for 100.0%, 99.5% and 100.0% of our revenue of self-operated business in 2023, 2024 and 2025, respectively.
Summary · 第 5 页
In addition, we gradually pivoted our business focus from food, snacks and supplements for infants and toddlers to family dietary supplements, a category with deeper moat, broader target customers, higher growth rate and greater opportunities.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
电缆沟盖板贡献收益70%以上
In 2023, 2024 and 2025, our revenue generated from the sales of cable trench covers was RMB103.8 million, RMB93.8 million and RMB100.7 million, respectively, accounting for 75.7%, 71.7% and 70.1% of the total revenue for the same years, respectively.
Financial Information · 第 217 页
The variety of our product portfolio enables us to meet our customers' various needs.
Financial Information · 第 217 页
We also intend to evolve our product portfolio from our current focus on fiber-reinforced thermosetting composite products to a balanced offering, incorporating both thermoset and thermoplastic solutions.
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.
Business · 第 147 页
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.
During the Track Record Period, revenue from Solutions for Robotaxi Services was immaterial relative to our total revenue, as such solutions remained at an early stage of monetization.
Summary · 第 1 页
During the Track Record Period, our revenue contribution was substantially generated from our Solutions for Mass-produced Vehicles.
Business · 第 165 页
This business model is commercially differentiated from other industry participants because it combines mass-production deployment and staged monetization with the development of higher-level autonomous driving applications within one operating framework, rather than focusing on only one of these areas.
During the Track Record Period, we derived a substantial majority of our revenues from our Closed-Environment Autonomous Mining Trucks Products and Solutions.
Business · 第 155 页
Our customers primarily include mining companies and their contractors, and we derived a majority of our revenue from our Closed-Environment Autonomous Mining Trucks Products and Solutions during the Track Record Period.
Summary · 第 3 页
We expect this trend to continue, positioning the business toward a more sustainable, high-margin model built on recurring revenue and long-term customer relationships.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from these hospitals was RMB797.0 million, RMB785.2 million and RMB778.8 million, respectively, representing 69.1%, 66.8% and 66.5%, respectively, of our total revenue for the same years.
Business · 第 157 页
For the years ended December 31, 2023, 2024 and 2025, revenue generated from our TCM healthcare services amounted to RMB994.9 million, RMB987.7 million and RMB994.9 million, respectively, representing 86.3%, 84.1% and 84.9% of our total revenue for the same years, respectively.
Financial Information · 第 246 页
Beijing TRT TCM Hospital and Beijing TRT Second TCM Hospital have been developing their advantageous specialties, recruiting seasoned TCM experts and upgrading medical equipment, to optimize service quality and experience to drive customer acquisition and sustainable growth.
Our comprehensive chips and modules business, which accounted for the majority of our revenue during the Track Record Period, serves as an integral part of our overall business operation that enables us to provide one-stop sourcing solutions and maintain close customer relationships.
Business · 第 166 页
While this segment provides stable cash flow and strengthen customer relationships, it generally carries lower gross profit margins and is not expected to be a major growth driver in the long term, as our strategic focus remains on the higher-margin GNSS chips, modules and related solutions business.
Business · 第 166 页
As a result, the contribution of the comprehensive chips and modules business to our total revenue and gross profit is expected to decline over time.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
住宅ESS产品占2025年总收入75.7%
In 2025, 95.1% of our revenue was generated outside of the Chinese mainland, with sales of residential ESS products accounting for 75.7% of our total revenue.
Summary · 第 1 页
As residential ESS remains a key revenue driver going forward, our ability to continue introducing new residential ESS products, maintain competitive pricing and optimize our product mix will directly affect our revenue and profitability.
Financial Information · 第 178 页
As our C&I ESS business is at an earlier stage of commercialization, the pace at which we are able to scale our C&I ESS business will be an important factor affecting our overall profitability.
For example, during the Track Record Period, our lyophilized human rabies vaccine (Vero cell) commenced sales in October 2024, accounting for 25.0% and 73.8% of our revenue in 2024 and 2025, respectively, and our quadrivalent split influenza vaccine commenced sales in October 2025, accounting for 3.5% of our revenue in 2025.
Financial Information · 第 179 页
Out of these four vaccine candidates that have received clinical trial approval or are in clinical stages, we expect to launch at least two from 2026 to 2028.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
达菲收入2025年占总收入28.6%
Our revenue from sales of Tamiflu® was RMB103.7 million in 2024 and RMB481.0 million in 2025, representing approximately 11.5% and 28.6% of our total revenue for the respective years.
Business · 第 165 页
The performance of Tamiflu® demonstrates that, by expanding into out-of-hospital channels (including retail pharmacies and e-commerce platforms) and transitioning to a “service fee plus sales” model, we have been able to effectively offset the downward pressure on unit prices resulting from centralized procurement and achieve a virtuous cycle of compensating for price reductions through volume growth.
Anchored in the sales of Keppra, Vimpat and other commercialized pharmaceutical products, we focus on leveraging the characteristics of our pharmaceutical products to expand the profit growth while reinvesting returns to sustain the growth and expand our pipeline products.
Financial Information · 第 218 页
We are actively implementing commercial strategies for each product by leveraging government-funded medical reimbursement programs, particularly the NRDL, as well as out-of-hospital channel sales.
During the Track Record Period, the majority of our revenue was generated from our maternal, infant and child business.
Financial Information · 第 223 页
During the Track Record Period, changes in the gross profit margins of our maternal, infant and child business have had a significant impact on our overall gross profit margin.
无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
2025年CNT产品收入占比升至81.6%
The sales volume of CNT increased significantly from 2,176 tons in 2024 to 21,078 tons in 2025 primarily due to (i) the commencement of large-scale production of new products following the completion of customer validation; and (ii) the increasing demand from our downstream markets for our CNTs.
Business · 第 117 页
Our profitability has been and will continue to be affected by our product mix.
Financial Information · 第 170 页
We primarily sold multi-walled CNT products in 2023, began selling a small portion of few-walled and single-walled CNT products in 2024, and significantly increased the sales of few-walled CNT products and new single-walled CNT in 2025.