In 2023, 2024 and 2025, revenue derived from our acquired medical institutions was RMB194.8 million, RMB239.5 million and RMB247.1 million, respectively, representing 47.5%, 49.8% and 54.8% of our total revenue for integrated healthcare and eldercare business during the same periods.
Business · 第 150 页
Through strategic resource integration and operational optimization, Puxiang TCM Hospital achieved remarkable financial performance in 2024, with the annual revenue reaching RMB149.9 million and the net profit of RMB9.3 million, representing 21.1% of our total net profit for the corresponding period.
Business · 第 149 页
Following a comprehensive rebranding strategy, Puxiang TCM Hospital has undergone a strategic clinical transformation, evolving into a multi-disciplinary healthcare institution.
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.
上海观安信息技术股份有限公司SHANGHAI GUAN AN INFORMATION TECHNOLOGY CO., LTD.
智慧计算项目占其他解决方案收入大部分
To this end, we secured a national-level project in Southwestern China from Customer G (the "Intelligent Computing Project"), which accounted for the majority of our revenue from other solutions in 2025.
Business · 第 136 页
Nonetheless, in consideration of the recent launch of the cloud platform and market demands, we renegotiated with the customer to postpone the deadline for meeting our remaining customer sourcing targets to December 31, 2027.
Business · 第 136 页
As of the Latest Practicable Date, we had entered into a letter of intent with a customer for its subscription of computing power from the Cloud Computing Power Platform, the contract value of which would enable us to meet our customer sourcing targets in the second and third phases by the end of 2027.
Substantially all of our revenue during the Track Record Period was derived from generic drug products, and there is no assurance that our strategic transition to innovative drug development will be successfully implemented.
Summary · 第 10 页
During the Track Record Period, the majority of our revenue was derived from eight major marketed products.
Financial Information · 第 238 页
At the same time, the steadily declining revenue contribution of oseltamivir phosphate reflects our reduced reliance on this mature-stage product and its diminishing impact on our overall financial performance going forward.
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 revenue from new energy solutions amounted to RMB1,257.7 million, RMB1,306.1 million and RMB1,676.6 million in 2023, 2024 and 2025, respectively, representing 78.5%, 75.5% and 93.8% of our total revenue from smart intralogistics solutions for the same years, respectively.
Financial Information · 第 199 页
Our customers in the new energy industry include leading lithium-ion battery manufacturers such as CATL and REPT Battero.
Financial Information · 第 199 页
We believe we are well-positioned to capitalize on the growth opportunities presented by these industry trends, supported by our established collaborations with leading manufacturers and our experience in the industry.
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.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
航空航天智能制造设备贡献约九成收入
Sales of our aviation and aerospace intelligent manufacturing equipment accounted for approximately 97.2%, 94.7% and 88.7% of our total revenue for FY2023, FY2024 and FY2025, respectively.
Business · 第 150 页
We generated revenue of RMB24.4 million from the sales of six large-span carbon fiber composite five-axis machine tools in FY2025.
Summary · 第 2 页
In recent years, our strategic diversification into the general industrial sector, including automotive, energy, medical equipment, shipbuilding and die and mould manufacturing, has driven significant growth in our customer base.
The revenue from airports scenario accounted for 71.2%, 58.7% and 38.9%, respectively, of our revenue from autonomous driving vehicle solutions and autonomous driving vehicle leasing services in aggregate in 2023, 2024 and 2025.
Summary · 第 2 页
In terms of application scenarios, we have been focused on commercial vehicles in closed scenarios especially at airports and factories.
Summary · 第 5 页
As of the Latest Practicable Date, we had commenced collaboration with 17 airports in China, three overseas airports, and been in exploration of collaboration with four airports in China and globally, establishing a strong presence in the airport transportation sector and showcasing the scalability and adaptability of our solutions and services.
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.
Sales of precision components for smart devices and electronic products were the primary revenue driver during the Track Record Period.
Financial Information · 第 192 页
In 2023, 2024 and 2025, revenue from precision components for smart devices and electronic products amounted to RMB9,502.7 million, RMB11,059.3 million and RMB11,051.5 million, respectively, representing 69.2%, 65.3% and 58.7% of our total revenue for the same years.
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.
Throughout the Track Record Period, our business has been substantially driven by large-scale, integrated robotics solutions we offered, which have consistently accounted for the majority of our revenue.
Summary · 第 1 页
During the Track Record Period, the revenue contribution from our robot bodies increased from 12.8% in 2023 to 31.9% in 2025.
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.
In 2023, 2024 and 2025, revenue from these products was RMB1,254.3 million, RMB1,392.0 million and RMB1,502.1 million, respectively, representing 99.9%, 99.4% and 99.2% of total revenue relating to pharmaceutical products.
Business · 第 109 页
As of the Latest Practicable Date, this portfolio included 11 commercialized products and 15 product candidates.
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.
山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
工程机械销售占总收入约七成至七成半
Our revenue from the sales of construction machinery amounted to RMB7,940.5 million, RMB9,990.5 million and RMB10,950.1 million in 2023, 2024 and 2025, respectively, accounting for 69.9%, 70.3% and 74.9% in the same respective years.
Financial Information · 第 215 页
The increase in our gross profit margin of construction machinery during the Track Record Period was primarily driven by the increased sales volume of our construction machinery in the overseas markets, including mining dozers and large excavators, which entailed relatively higher gross margin.