During the Track Record Period, we generated a major part of our revenue from our edge cloud computing services.
Financial Information · 第 219 页
In 2023, 2024 and 2025, our revenue from AI cloud computing services was RMB0.3 million, RMB10.4 million, and RMB119.2 million, representing 0.1%, 1.9%, and 15.5% of our total revenue during the same period, respectively.
Business · 第 146 页
Currently, we mainly serve customers across pan-entertainment, telecommunications and information technology sectors. We intend to deepen our penetration in existing verticals and expand into additional sectors such as education, healthcare and financial services, where demand for low-latency, high-reliability and cost-effective computing power is expected to continue to grow.
Our revenue growth during the Track Record Period was largely driven by the sales growth of our major products (e.g., our BLE TPMS SoCs and BPS SoCs), and, as we have a short commercialization history of these existing products, we expect such trend to continue in the near term.
Business · 第 180 页
In addition, while we expect to broaden and deepen the applications of our products in the automotive-grade sector, thereby enhancing the efficiency of our monetization efforts, we also intend to extend our product portfolio to suitable adjacent fields, such as energy storage and industrial electronics sectors, to diversify our revenue streams and growth engines.
In 2023, 2024 and 2025, our revenue generated from domain-controlled x-in-one electric drive solutions amounted to nil, RMB381.4 million and RMB3,136.5 million, representing nil, 51.7% and 86.5% of our total revenue, respectively.
In 2023, 2024 and 2025, our revenue attributable to sales of our cross-border enterprises intelligent finance and tax management solutions amounted to RMB130.1 million, RMB135.3 million and RMB136.3 million, respectively, and accounted for 80.7%, 78.9% and 77.5% of our total revenue for the corresponding periods.
Financial Information · 第 194 页
The scale of our business and the growth of our total revenue are largely driven by the expansion, breadth and diversification of our product offerings.
Our revenue generated from agriculture and livestock farming solutions remained relatively stable at RMB470.3 million and RMB443.2 million in 2023 and 2024, respectively, and increased to RMB497.5 million in 2025, representing a year-over-year increase of 12.3%, as a result of our initiative to optimize our product mix where we strategically focus on products of high gross profit margin.
Summary · 第 2 页
In 2023, 2024 and 2025, revenue generated from software amounted to 5.6 million, 11.7 million and 33.8 million, respectively, accounting for 1.1%, 2.0% and 4.6% of our total revenue, for the same period, respectively, while maintaining a gross profit margin of 100.0%.
Our revenue generated from sales of pet staple food was RMB1,042.1 million, RMB1,022.6 million and RMB967.2 million in 2023, 2024 and 2025, respectively, accounting for 99.6%, 99.0% and 94.7% of our revenue in the same respective years.
Financial Information · 第 197 页
Our revenue generated from our brand Bi Le (比樂), was RMB409.0 million, RMB386.0 million and RMB333.2 million in 2023, 2024 and 2025, respectively, accounting for 94.7%, 95.5% and 95.2% of our revenue from OBM business model in the same respective years.
Financial Information · 第 198 页
We believe that our diverse product portfolio and multi-brand strategy enable us to effectively respond to evolving industry trends and address the needs of diverse market segments.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
PVC地板收入占比升至78.4%
In 2023, 2024 and 2025, sales of PVC flooring accounted for 64.3%, 71.9% and 78.4% of our total revenue, respectively.
Financial Information · 第 159 页
Continued consumer demand in PVC flooring, particularly SPC flooring, is essential to ensure strong sales momentum to support our revenue growth and continued investment in research and development for this market.
During the Track Record Period, the business scale of our digital marketing segment remained generally stable, recording revenue of RMB16,513.8 million, RMB16,434.7 million and RMB15,605.1 million in 2023, 2024 and 2025, respectively.
Business · 第 127 页
Although our pump and pumping system business is not the most revenue-attributing business line, it is the most profitable one in terms of gross profit contribution to our overall financial performance.
Commodity sales was our largest revenue contributor during the Track Record Period.
Financial Information · 第 213 页
We generated RMB6,791.6 million, RMB9,257.2 million and RMB9,984.0 million from commodity sales in 2023, 2024 and 2025, respectively, representing 60.2%, 59.8% and 50.7% of our total revenue in the same years.
Financial Information · 第 213 页
Changes in trade volumes, product mix, market pricing and customer demand, as well as our ability to manage inventory turnover and avoid obsolescence, may affect our revenue and gross margin in this business line.
While trade services and ancillary services and others generally provide recurring business lines underpinned by our marketplace ecosystem, revenue from ancillary facility development and sales is project-specific and subject to the timing of project completion and delivery.
Financial Information · 第 213 页
For example, we generated RMB1,950.3 million from ancillary facility development and sales in 2025, primarily arising from the sale of office buildings and commercial units within the Global Digital Trade Center, following the project’s commencement of operations in October 2025.
Financial Information · 第 213 页
Accordingly, revenue from ancillary facility development and sales may fluctuate from period to period, and changes in the mix and scale of our various business lines may affect our overall revenue trajectory and profitability.
While our revenue during the Track Record Period was primarily generated from FICC, our ADCC revenue remained limited.
Business · 第 159 页
As customer validation progresses and large-scale adoption of composite current collectors develops, we intend to increase the commercialization of ADCC and other next-generation products, including bipolar current collectors, dry electrode current collectors and pipeline products for solid-state battery applications.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
前三大零售店收入占比高但逐年下降
For FY2023, FY2024, FY2025 and 8MFY2026, revenue generated from our top three retail stores by revenue in aggregate accounted for 46.3%, 38.0%, 28.0% and 22.1% of our total revenue generated from retail stores for the respective financial year/period.
Business · 第 115 页
In order to mitigate the concentration of sales in certain stores, we have strategically opened new stores in popular tourist and shopping areas where there is sufficient demand and customer flow, and expanded into other residential areas where there is sufficient demand and spending power from local residents, e.g. Kai Tak, Aberdeen.
Business · 第 115 页
The gradual decrease in the revenue contribution from the top three retail stores as a proportion to our total revenue generated from retail stores during the Track Record Period demonstrates the effectiveness of our strategy to mitigate the sales concentration in certain stores.
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.
The sales volume of our SPC flooring and wall panel products increased from 18.1 million m^2^ in 2023 to 25.3 million m^2^ in 2024, primarily attributable to new customer development and the introduction of 458 new models of SPC flooring and wall panel products in 2024, along with new customer development, and remained stable at 25.5 million m^2^ in 2025.
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.
Summary · 第 2 页
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.
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 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.
Financial Information · 第 223 页
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.
Financial Information · 第 223 页
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.