上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
收入主要来自智能终端产品
During the Track Record Period, we primarily generated revenue from smart terminal including smartphones, consumer tablets and components.
Financial Information · 第 186 页
As a result, we recorded revenue of RMB2,094.9 million, RMB3,383.4 million and RMB3,031.1 million in 2023, 2024 and 2025, respectively, from the sales of smart terminal products.
Financial Information · 第 186 页
In 2025, our revenue from the sale of AIOT products increased by 59.6%, from 2024.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
锂电池材料收入占比升至70.4%
In 2023, 2024 and 2025, revenue from our lithium-ion battery-related materials amounted to RMB2,699.7 million, RMB3,399.1 million and RMB4,793.6 million, respectively, accounting for 47.9%, 61.3% and 70.4% of our total revenue for the same periods.
Financial Information · 第 144 页
At the same time, we plan to optimize our sales mix by increasing the proportion of higher value-added products with stronger technical barriers and customer stickiness, while gradually reducing reliance on lower-margin traditional solvent products.
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.
While we aim to be a cross-industry intelligent industrial software solutions provider, a majority of our top five customers in each period during the Track Record Period were Chinese front-end semiconductor companies, and a large number of our current intelligent industrial software solutions are tailored for the semiconductor industry, as CIM is particularly crucial in semiconductor fabrication.
Business · 第 162 页
We also have been diversifying our customer base in terms of solution offerings and industrial sectors, aiming to acquire more customers and decrease the risks of customer concentration.
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.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
全部业务集中于江苏省
In addition, we are currently operating our business exclusively in Jiangsu Province, where all of our business activities are centralised. This geographic concentration allows us to focus our efforts on enhancing our position as an integrated water-based tourism service provider in the region. However, it also exposes us to various risks associated with regional economic fluctuations, environmental challenges and shifts in local regulations and governmental policies, which may significantly influence the operating environment for our Group.
During the Track Record Period, we generated revenue from lithium-ion battery materials of RMB14,104.4 million, RMB10,974.2 million and RMB15,050.5 million, accounting for 91.6%, 87.7% and 90.4% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 223 页
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.
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.
(iii) our international business is well-diversified, with revenue contribution from Chinese Mainland accounting for 86.4%, 90.3% and 91.1% of the total revenue in 2023, 2024 and 2025, respectively, which limited potential risks of overseas customer or market segment.
Summary · 第 12 页
In 2023, 2024 and 2025, our revenue in the PRC amounted to RMB3,578.0 million, RMB4,432.0 million and RMB4,997.1 million, respectively, representing 86.4%, 90.3% and 91.1% of our total revenue during the same years, respectively.
In 2025, revenue derived from the sales of data center laser chips surpassed that from the sales of telecommunications laser chips and accounted for 65.4% of our total revenue for the year.
Summary · 第 9 页
The divergence in the sales volume between the two product lines was primarily because we proactively optimized our product portfolio and reallocated our resources to prioritize higher-value products, including our data center laser chips and our high-end telecommunications laser chips.
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.
Approximately 97.8%, 97.0% and 95.5% of the GMV of goods imported by us into Chinese Mainland were through our operating location in Hong Kong in FY2023, FY2024 and FY2025, respectively while only approximately 2.2%, 3.0% and 4.5% of the GMV of goods were imported directly into Chinese Mainland during the same periods.
Business · 第 156 页
According to Frost & Sullivan, this is a common phenomenon in the electronics industry: manufacturers typically centralize inventory in Hong Kong as a regional distribution center to serve global markets (including Chinese Mainland), rather than maintaining fragmented, domestic logistics networks, while buyers source through Hong Kong to access broader selection.
For FY2023, FY2024 and FY2025, the revenue generated from our projects in the FMCG industry amounted to RMB149.6 million, RMB178.6 million and RMB153.7 million, which accounted for approximately
Financial Information · 第 212 页
Given that the majority amount of our revenue came from the projects in the FMCG industry, any downturn in the FMCG industry in the PRC and/or shifts in the business operations and strategies of brand owners in the FMCG industry may reduce their demand for our services and have a material adverse impact on our business, prospects, financial condition and/or results of operations.
Financial Information · 第 213 页
While we focus on the FMCG industry, we have been actively diversifying our customer base to include enterprises from various industries such as automobile, household essentials commercial services, telecommunications and information technology.
Our revenue from Chinese Mainland contributed a significant proportion of our total revenue during the Track Record Period, accounting for 93.8%, 98.6%, 97.3% and 98.8% of our revenue in 2022, 2023, 2024 and in the nine months ended September 30, 2025, respectively.
In 2022, 2023, 2024, and the nine months ended September 30, 2024 and 2025, our revenue from computing application PCBs (mainly for high performance servers, including AI servers and general-purpose servers) amounted to RMB1,635.3 million, RMB1,858.2 million, RMB2,705.6 million, RMB1,961.7 million and RMB2,833.2 million, representing 67.8%, 69.4%, 72.5%, 73.2% and 73.9% of our total revenue in the same period, respectively.
Summary · 第 1 页
Our ability to maintain a balanced and high-quality order mix, especially in computing application PCBs, supports both our revenue growth and margin expansion.
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.
We observed an increase in our revenue from the ICV application sector, which increased by 73.5% from RMB342.2 million in 2022 to RMB593.6 million in 2023, and further increased by 105.7% to RMB1,220.9 million in 2024.
Financial Information · 第 291 页
To mitigate the risks associated with customer concentration and our reliance on the ICV sector, we are also actively implementing a long-term strategy to foster a more balanced business structure across our key application sectors: ICV, general IoT and wireless broadband.
Business · 第 243 页
According to Frost & Sullivan, the NEV industry in China experienced a pricing competition in 2025 as a transitional phenomenon during a period of rapid expansion and certain major NEV market participants in China have significantly reduced prices on certain entry-level models to intensify competition, and also led major NEV market participants to exert pressure on their supply chain to reduce costs and manage their own working capital.