ANNUAL REPORT 2025
Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 91)
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentRenminbi thousands | 1,135,812 | 1,297,877 | PDF p. 95 |
| Right-of-use assetsRenminbi thousands | 2,936 | 3,043 | PDF p. 95 |
| Intangible assetsRenminbi thousands | 87,033 | 87,050 | PDF p. 95 |
| Goodwill on consolidationRenminbi thousands | 10,345 | 10,345 | PDF p. 95 |
| Investment in subsidiary corporationsRenminbi thousands | – | – | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,236,126 | 1,398,315 | PDF p. 95 |
| Current assets | |||
| Intangible assetsRenminbi thousands | – | 1,088 | PDF p. 95 |
| InventoriesRenminbi thousands | 224,204 | 264,318 | PDF p. 95 |
| Trade and other receivablesRenminbi thousands | 73,601 | 28,139 | PDF p. 95 |
| Amounts owing by related partiesRenminbi thousands | 6,229 | 1,527 | PDF p. 95 |
| PrepaymentsRenminbi thousands | 6,673 | 2,155 | PDF p. 95 |
| Cash and cash equivalentsRenminbi thousands | 425,565 | 407,377 | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 736,272 | 704,604 | PDF p. 95 |
| Total assetsRenminbi thousands | 1,972,398 | 2,102,919 | PDF p. 95 |
| Equity attributable to owners of the Company | |||
| Share capitalRenminbi thousands | 559,012 | 316,125 | PDF p. 95 |
| Retained profits/(accumulated losses)Renminbi thousands | 448,226 | 424,822 | PDF p. 95 |
| Capital reserveRenminbi thousands | 331,564 | 331,564 | PDF p. 95 |
| Other reservesRenminbi thousands | 250,064 | 247,817 | PDF p. 95 |
| Total equityRenminbi thousands | 1,588,866 | 1,320,328 | PDF p. 95 |
| Non-current liabilities | |||
| Bank borrowingsRenminbi thousands | 100,000 | 200,000 | PDF p. 95 |
| Lease liabilitiesRenminbi thousands | 3,419 | 3,477 | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 103,419 | 203,477 | PDF p. 95 |
| Current liabilities | |||
| Loans from a related partyRenminbi thousands | – | 50,000 | PDF p. 95 |
| Bank borrowingsRenminbi thousands | 100,000 | 100,000 | PDF p. 95 |
| Lease liabilitiesRenminbi thousands | 57 | 66 | PDF p. 95 |
| Trade and other payablesRenminbi thousands | 169,827 | 116,952 | PDF p. 95 |
| Amounts owing to related partiesRenminbi thousands | 5,469 | 294,567 | PDF p. 95 |
| Current tax payableRenminbi thousands | 4,760 | 17,529 | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 280,113 | 579,114 | PDF p. 95 |
| Total liabilitiesRenminbi thousands | 383,532 | 782,591 | PDF p. 95 |
| Total equity and liabilitiesRenminbi thousands | 1,972,398 | 2,102,919 | PDF p. 95 |
Original report: PDF p. 95 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at 31 December 2025 | 2024Company / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentRenminbi thousands | – | 3 | PDF p. 95 |
| Right-of-use assetsRenminbi thousands | – | – | PDF p. 95 |
| Intangible assetsRenminbi thousands | – | – | PDF p. 95 |
| Goodwill on consolidationRenminbi thousands | – | – | PDF p. 95 |
| Investment in subsidiary corporationsRenminbi thousands | 491,041 | 250,041 | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 491,041 | 250,044 | PDF p. 95 |
| Current assets | |||
| Intangible assetsRenminbi thousands | – | – | PDF p. 95 |
| InventoriesRenminbi thousands | – | – | PDF p. 95 |
| Trade and other receivablesRenminbi thousands | – | – | PDF p. 95 |
| Amounts owing by related partiesRenminbi thousands | – | – | PDF p. 95 |
| PrepaymentsRenminbi thousands | – | 176 | PDF p. 95 |
| Cash and cash equivalentsRenminbi thousands | 2,908 | 4,010 | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 2,908 | 4,186 | PDF p. 95 |
| Total assetsRenminbi thousands | 493,949 | 254,230 | PDF p. 95 |
| Equity attributable to owners of the Company | |||
| Share capitalRenminbi thousands | 559,012 | 316,125 | PDF p. 95 |
| Retained profits/(accumulated losses)Renminbi thousands | (66,215) | (63,346) | PDF p. 95 |
| Capital reserveRenminbi thousands | – | – | PDF p. 95 |
| Other reservesRenminbi thousands | – | – | PDF p. 95 |
| Total equityRenminbi thousands | 492,797 | 252,779 | PDF p. 95 |
| Non-current liabilities | |||
| Bank borrowingsRenminbi thousands | – | – | PDF p. 95 |
| Lease liabilitiesRenminbi thousands | – | – | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | – | – | PDF p. 95 |
| Current liabilities | |||
| Loans from a related partyRenminbi thousands | – | – | PDF p. 95 |
| Bank borrowingsRenminbi thousands | – | – | PDF p. 95 |
| Lease liabilitiesRenminbi thousands | – | – | PDF p. 95 |
| Trade and other payablesRenminbi thousands | 1,152 | 1,451 | PDF p. 95 |
| Amounts owing to related partiesRenminbi thousands | – | – | PDF p. 95 |
| Current tax payableRenminbi thousands | – | – | PDF p. 95 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,152 | 1,451 | PDF p. 95 |
| Total liabilitiesRenminbi thousands | 1,152 | 1,451 | PDF p. 95 |
| Total equity and liabilitiesRenminbi thousands | 493,949 | 254,230 | PDF p. 95 |
Original report: PDF p. 95 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| income | |||
| RevenueRenminbi thousands | 4,521,945 | 5,457,923 | PDF p. 96 |
| Cost of salesRenminbi thousands | (4,373,290) | (5,077,164) | PDF p. 96 |
| Gross profitRenminbi thousands | 148,655 | 380,759 | PDF p. 96 |
| Other incomeRenminbi thousands | 5,428 | 9,966 | PDF p. 96 |
| Other (losses)/gains - netRenminbi thousands | (33,108) | 210 | PDF p. 96 |
| Expenses | |||
| - DistributionRenminbi thousands | (16,529) | (10,481) | PDF p. 96 |
| - AdministrativeRenminbi thousands | (48,801) | (49,452) | PDF p. 96 |
| - FinanceRenminbi thousands | (10,068) | (21,571) | PDF p. 96 |
| Profit before income taxRenminbi thousands | 45,577 | 309,431 | PDF p. 96 |
| Income tax expensesRenminbi thousands | (19,926) | (77,763) | PDF p. 96 |
| Net profit for the financial yearRenminbi thousands | 25,651 | 231,668 | PDF p. 96 |
| Item that will not be reclassified subsequently to profit or loss: | |||
| Financial asset, at FVOCI - Fair value loss – equity investmentRenminbi thousands | – | (21,042) | PDF p. 96 |
| Total comprehensive income for the financial yearRenminbi thousands | 25,651 | 210,626 | PDF p. 96 |
| Net profit attributable to: | |||
| Equity holders of the CompanyRenminbi thousands | 25,651 | 170,069 | PDF p. 96 |
| Non-controlling interestRenminbi thousands | – | 61,599 | PDF p. 96 |
| Subtotal (unlabelled in original)Renminbi thousands | 25,651 | 231,668 | PDF p. 96 |
| Total comprehensive income attributable to: | |||
| Equity holders of the CompanyRenminbi thousands | 25,651 | 155,339 | PDF p. 96 |
| Non-controlling interestRenminbi thousands | – | 55,287 | PDF p. 96 |
| Subtotal (unlabelled in original)Renminbi thousands | 25,651 | 210,626 | PDF p. 96 |
| Company (RMB cents per share) | |||
| - BasicRenminbi cents per share | 2.67 | 26.57 | PDF p. 96 |
| - DilutedRenminbi cents per share | 2.67 | 26.57 | PDF p. 96 |
Original report: PDF p. 96 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Retained profits | 2025Group / Fair value reserve | 2025Group / Capital reserve | 2025Group / Statutory common reserve | 2025Group / Voluntary common reserve | 2025Group / Other reserves subtotal | 2025Group / Equity attributable to owners | 2025Group / Non-controlling interest | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance as at 1 January 2025Renminbi thousands | 316,125 | 424,822 | – | 331,564 | 247,020 | 797 | 247,817 | 1,320,328 | – | 1,320,328 | PDF p. 97 |
| Total comprehensive income for the financial yearRenminbi thousands | – | 25,651 | – | – | – | – | – | 25,651 | – | 25,651 | PDF p. 97 |
| Issuance of new ordinary sharesRenminbi thousands | 244,142 | – | – | – | – | – | – | 244,142 | – | 244,142 | PDF p. 97 |
| Share issue expensesRenminbi thousands | (1,255) | – | – | – | – | – | – | (1,255) | – | (1,255) | PDF p. 97 |
| Transfer to statutory common reserveRenminbi thousands | – | (2,247) | – | – | 2,247 | – | 2,247 | – | – | – | PDF p. 97 |
| Balance as at 31 December 2025Renminbi thousands | 559,012 | 448,226 | – | 331,564 | 249,267 | 797 | 250,064 | 1,588,866 | – | 1,588,866 | PDF p. 97 |
Original report: PDF p. 97 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Retained profits | 2024Group / Fair value reserve | 2024Group / Capital reserve | 2024Group / Statutory common reserve | 2024Group / Voluntary common reserve | 2024Group / Other reserves subtotal | 2024Group / Equity attributable to owners | 2024Group / Non-controlling interest | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance as at 1 January 2024Renminbi thousands | 316,125 | 705,892 | 12,952 | 250,000 | 179,825 | 797 | 180,622 | 1,465,591 | 234,875 | 1,700,466 | PDF p. 97 |
| Net profit for the financial yearRenminbi thousands | – | 170,069 | – | – | – | – | – | 170,069 | 61,599 | 231,668 | PDF p. 97 |
| Other comprehensive loss for the financial yearRenminbi thousands | – | – | (14,730) | – | – | – | – | (14,730) | (6,312) | (21,042) | PDF p. 97 |
| Total comprehensive income for the financial yearRenminbi thousands | – | 170,069 | (14,730) | – | – | – | – | 155,339 | 55,287 | 210,626 | PDF p. 97 |
| Acquisition of additional interest in a subsidiary corporationRenminbi thousands | – | – | – | (283,436) | – | – | – | (283,436) | (290,162) | (573,598) | PDF p. 97 |
| Transfer upon disposal of investmentRenminbi thousands | – | (1,778) | 1,778 | – | – | – | – | – | – | – | PDF p. 97 |
| Transfer to capital reserveRenminbi thousands | – | (365,000) | – | 365,000 | – | – | – | – | – | – | PDF p. 97 |
| Transfer to statutory common reserveRenminbi thousands | – | (67,195) | – | – | 67,195 | – | 67,195 | – | – | – | PDF p. 97 |
| Dividends paidRenminbi thousands | – | (17,166) | – | – | – | – | – | (17,166) | – | (17,166) | PDF p. 97 |
| Balance as at 31 December 2024Renminbi thousands | 316,125 | 424,822 | – | 331,564 | 247,020 | 797 | 247,817 | 1,320,328 | – | 1,320,328 | PDF p. 97 |
Original report: PDF p. 97 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income taxRenminbi thousands | 45,577 | 309,431 | PDF p. 98 |
| Adjustments for: | |||
| - Depreciation of property, plant and equipmentRenminbi thousands | 185,812 | 172,052 | PDF p. 98 |
| - Depreciation of right-of-use assetsRenminbi thousands | 107 | 107 | PDF p. 98 |
| - Amortisation of intangible assetsRenminbi thousands | 1,105 | 1,198 | PDF p. 98 |
| - Interest incomeRenminbi thousands | (2,434) | (8,253) | PDF p. 98 |
| - Gain on disposal of property, plant and equipmentRenminbi thousands | (972) | (689) | PDF p. 98 |
| - Property, plant and equipment written offRenminbi thousands | 474 | 478 | PDF p. 98 |
| - Interest expenseRenminbi thousands | 10,068 | 21,571 | PDF p. 98 |
| Subtotal (unlabelled in original)Renminbi thousands | 239,737 | 495,895 | PDF p. 98 |
| Change in working capital: | |||
| - InventoriesRenminbi thousands | 40,114 | 70,598 | PDF p. 98 |
| - Amount owing to related partiesRenminbi thousands | (7,001) | (31,182) | PDF p. 98 |
| - Trade and other receivablesRenminbi thousands | (45,462) | (18,250) | PDF p. 98 |
| - PrepaymentsRenminbi thousands | (4,518) | (795) | PDF p. 98 |
| - Trade and other payablesRenminbi thousands | 52,875 | 18,504 | PDF p. 98 |
| Cash generated from operationsRenminbi thousands | 275,745 | 534,770 | PDF p. 98 |
| Income tax paidRenminbi thousands | (32,695) | (130,133) | PDF p. 98 |
| Net cash provided by operating activitiesRenminbi thousands | 243,050 | 404,637 | PDF p. 98 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipmentRenminbi thousands | (40,856) | (11,860) | PDF p. 98 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 17,607 | 1,150 | PDF p. 98 |
| Proceeds from disposal of financial asset, at FVOCIRenminbi thousands | – | 27,911 | PDF p. 98 |
| Acquisition of additional interest in a subsidiary corporationRenminbi thousands | (286,799) | (286,799) | PDF p. 98 |
| Interest receivedRenminbi thousands | 2,434 | 8,253 | PDF p. 98 |
| Net cash used in investing activitiesRenminbi thousands | (307,614) | (261,345) | PDF p. 98 |
| Cash flows from financing activities | |||
| Repayment of loans from non-controlling interestRenminbi thousands | – | (200,000) | PDF p. 98 |
| Issuance of new ordinary sharesRenminbi thousands | 242,887 | – | PDF p. 98 |
| Principal payment of lease liabilitiesRenminbi thousands | (67) | (64) | PDF p. 98 |
| Repayment of loans from a related partyRenminbi thousands | (50,000) | – | PDF p. 98 |
| Repayment of bank borrowingsRenminbi thousands | (100,000) | (60,000) | PDF p. 98 |
| Dividends paid to equity holders of the CompanyRenminbi thousands | – | (17,166) | PDF p. 98 |
| Interest paidRenminbi thousands | (10,068) | (21,571) | PDF p. 98 |
| (Increase)/decrease in restricted cashRenminbi thousands | (19,290) | 159,005 | PDF p. 98 |
| Net cash provided by/(used in) financing activitiesRenminbi thousands | 63,462 | (139,796) | PDF p. 98 |
| Net (decrease)/increase in cash and cash equivalentsRenminbi thousands | (1,102) | 3,496 | PDF p. 98 |
| Cash and cash equivalents | |||
| Beginning of financial yearRenminbi thousands | 4,010 | 514 | PDF p. 98 |
| End of financial yearRenminbi thousands | 2,908 | 4,010 | PDF p. 98 |
Original report: PDF p. 98 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / At 1 January | 2025Group / Principal and interest payments | 2025Group / Interest expense | 2025Group / Reclassification | 2025Group / At 31 December | Source |
|---|---|---|---|---|---|---|
| financing_reconciliation | ||||||
| Bank borrowingsRenminbi thousands | 300,000 | (109,307) | 9,307 | – | 200,000 | PDF p. 99 |
| Loans from a related partyRenminbi thousands | 50,000 | (50,594) | 594 | – | – | PDF p. 99 |
| Lease liabilitiesRenminbi thousands | 3,543 | (234) | 167 | – | 3,476 | PDF p. 99 |
Original report: PDF p. 99 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / At 1 January | 2024Group / Principal and interest payments | 2024Group / Interest expense | 2024Group / Reclassification | 2024Group / At 31 December | Source |
|---|---|---|---|---|---|---|
| financing_reconciliation | ||||||
| Bank borrowingsRenminbi thousands | 360,000 | (72,976) | 12,976 | – | 300,000 | PDF p. 99 |
| Loans from non-controlling interestRenminbi thousands | 250,000 | (208,425) | 8,425 | (50,000) | – | PDF p. 99 |
| Loans from a related partyRenminbi thousands | – | – | – | 50,000 | 50,000 | PDF p. 99 |
| Lease liabilitiesRenminbi thousands | 3,607 | (234) | 170 | – | 3,543 | PDF p. 99 |
Original report: PDF p. 99 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / year ended 31 December 2025 | 2024Company / year ended 31 December 2024 | Source |
|---|---|---|---|
| company_retained | |||
| Beginning of financial yearRenminbi thousands | (63,346) | (67,119) | PDF p. 124 |
| Net (loss)/profitRenminbi thousands | (2,869) | 20,939 | PDF p. 124 |
| Dividends paid (Note 32)Renminbi thousands | – | (17,166) | PDF p. 124 |
| End of financial yearRenminbi thousands | (66,215) | (63,346) | PDF p. 124 |
Original report: PDF p. 124 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| cash_reconciliation | |||
| Cash at bank (as above)Renminbi thousands | 425,565 | 407,377 | PDF p. 123 |
| Less: Restricted bank balancesRenminbi thousands | (422,657) | (403,367) | PDF p. 123 |
| Cash and cash equivalents as per consolidated statement of cash flowsRenminbi thousands | 2,908 | 4,010 | PDF p. 123 |
Original report: PDF p. 123 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group / 2020 reported summary | 2021Group / 2021 reported summary | 2022Group / 2022 reported summary | 2023Group / 2023 reported summary | 2024Group / 2024 reported summary | 2025Group / 2025 reported summary | Source |
|---|---|---|---|---|---|---|---|
| REVENUE & PROFITABILIY | |||||||
| RevenueRenminbi thousands | 3,182,338 | 4,716,209 | 4,848,203 | 5,333,091 | 5,457,923 | 4,521,945 | PDF p. 26 |
| Gross profitRenminbi thousands | 285,878 | 478,691 | 196,976 | 400,063 | 380,759 | 148,655 | PDF p. 26 |
| Net profitRenminbi thousands | 184,574 | 307,318 | 79,064 | 313,170 | 231,668 | 25,651 | PDF p. 26 |
| Net profit to equity holders of the CompanyRenminbi thousands | 158,552 | 237,423 | 39,442 | 217,610 | 170,069 | 25,651 | PDF p. 26 |
| Interest coverage ratioTimes | 7.56 | 9.43 | 3.68 | 13.07 | 15.34 | 5.53 | PDF p. 26 |
| FINANCIAL STRENGTH | |||||||
| Cash and cash equivalentsRenminbi thousands | 352,035 | 702,615 | 521,064 | 562,886 | 407,377 | 425,565 | PDF p. 26 |
| Bank borrowingsRenminbi thousands | (531,250) | (480,000) | (420,000) | (360,000) | (300,000) | (200,000) | PDF p. 26 |
| Loans from non-controlling interest*Renminbi thousands | (705,000) | (625,000) | (450,000) | (250,000) | - | - | PDF p. 26 |
| Loans from a related party**Renminbi thousands | - | - | - | - | (50,000) | - | PDF p. 26 |
| Net debt/equityPercent (%) | 72.2% | 26.5% | 22.7% | 2.77% | (4.35%) | (14.20%) | PDF p. 26 |
| Current assetsRenminbi thousands | 548,306 | 1,032,236 | 804,344 | 915,603 | 704,604 | 736,272 | PDF p. 26 |
| Current liabilitiesRenminbi thousands | (321,727) | (570,667) | (421,080) | (471,413) | (579,114) | (280,113) | PDF p. 26 |
| Net current assetsRenminbi thousands | 226,579 | 461,569 | 383,264 | 444,190 | 125,490 | 456,159 | PDF p. 26 |
| Shareholders’ equityRenminbi thousands | 1,026,672 | 1,248,586 | 1,243,794 | 1,465,591 | 1,320,328 | 1,588,866 | PDF p. 26 |
| CASH FLOW | |||||||
| Net cash provided by operating activitiesRenminbi thousands | 353,844 | 581,264 | 154,397 | 463,546 | 404,637 | 243,050 | PDF p. 26 |
| Net cash (used in)/provided by investing activitiesRenminbi thousands | (259,292) | (34,425) | (34,397) | 32,342 | (261,345) | (307,614) | PDF p. 26 |
| Net cash (used in)/provided by financing activitiesRenminbi thousands | 191,236 | (196,259) | (301,551) | (497,280) | (139,796) | 63,462 | PDF p. 26 |
Original report: PDF p. 26 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group / 2020 reported summary | 2021Group / 2021 reported summary | 2022Group / 2022 reported summary | 2023Group / 2023 reported summary | 2024Group / 2024 reported summary | 2025Group / 2025 reported summary | Source |
|---|---|---|---|---|---|---|---|
| SHAREHOLDERS’ WEALTH | |||||||
| Number of shares on issue (’000)Ordinary shares thousands | 640,000 | 640,000 | 640,000 | 640,000 | 640,000 | 960,000 | PDF p. 26 |
| Basic earnings per share (RMB cents)Renminbi cents per share | 24.77 | 37.10 | 6.16 | 34.00 | 26.57 | 2.67 | PDF p. 26 |
| Net asset value per share (RMB cents)Renminbi cents per share | 191.35 | 236.95 | 240.66 | 265.70 | 206.30 | 165.51 | PDF p. 26 |
| Net cash value per share (RMB cents)Renminbi cents per share | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | PDF p. 26 |
| Dividend yieldPercent (%) | 3.3% | 2.0% | Nil | 3.67% | Nil | Nil | PDF p. 26 |
Original report: PDF p. 26 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Listed security / 2020 reported summary | 2021Listed security / 2021 reported summary | 2022Listed security / 2022 reported summary | 2023Listed security / 2023 reported summary | 2024Listed security / 2024 reported summary | 2025Listed security / 2025 reported summary | Source |
|---|---|---|---|---|---|---|---|
| SHAREHOLDERS’ WEALTH | |||||||
| TOTAL MARKET CAPITALISATIONSingapore dollars thousands | 96,000 | 188,800 | 115,200 | 87,040 | 80,640 | 106,560 | PDF p. 26 |
Original report: PDF p. 26 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Listed security / 2020 reported summary | 2021Listed security / 2021 reported summary | 2022Listed security / 2022 reported summary | 2023Listed security / 2023 reported summary | 2024Listed security / 2024 reported summary | 2025Listed security / 2025 reported summary | Source |
|---|---|---|---|---|---|---|---|
| MARKET PRICE (IN S$) | |||||||
| HighSingapore dollars per share (S$) | 0.191 | 0.490 | 0.299 | 0.205 | 0.174 | 0.167 | PDF p. 26 |
| LowSingapore dollars per share (S$) | 0.135 | 0.147 | 0.166 | 0.075 | 0.105 | 0.107 | PDF p. 26 |
| ClosingSingapore dollars per share (S$) | 0.150 | 0.295 | 0.180 | 0.136 | 0.126 | 0.111 | PDF p. 26 |
Original report: PDF p. 26 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | 1,459,008 | PDF p. 88 |
| Right-of-use assetsRenminbi thousands | 3,150 | PDF p. 88 |
| Intangible assetsRenminbi thousands | 88,248 | PDF p. 88 |
| Goodwill on consolidationRenminbi thousands | 10,345 | PDF p. 88 |
| Investment in subsidiary corporationsRenminbi thousands | – | PDF p. 88 |
| Financial asset, at fair value through other comprehensive income (“FVOCI”)Renminbi thousands | 48,953 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,609,704 | PDF p. 88 |
| Current assets | ||
| Intangible assetsRenminbi thousands | 1,088 | PDF p. 88 |
| InventoriesRenminbi thousands | 334,916 | PDF p. 88 |
| Trade and other receivablesRenminbi thousands | 9,889 | PDF p. 88 |
| Amounts owing by related partiesRenminbi thousands | 5,464 | PDF p. 88 |
| PrepaymentsRenminbi thousands | 1,360 | PDF p. 88 |
| Cash and cash equivalentsRenminbi thousands | 562,886 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 915,603 | PDF p. 88 |
| Total assetsRenminbi thousands | 2,525,307 | PDF p. 88 |
| Capital and reserves attributable to | ||
| equity holders of the Company Share capitalRenminbi thousands | 316,125 | PDF p. 88 |
| Retained profits/(accumulated losses)Renminbi thousands | 705,892 | PDF p. 88 |
| Fair value reserveRenminbi thousands | 12,952 | PDF p. 88 |
| Capital reserveRenminbi thousands | 250,000 | PDF p. 88 |
| Other reservesRenminbi thousands | 180,622 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,465,591 | PDF p. 88 |
| Non-controlling interestRenminbi thousands | 234,875 | PDF p. 88 |
| Total equityRenminbi thousands | 1,700,466 | PDF p. 88 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 50,000 | PDF p. 88 |
| Bank borrowingsRenminbi thousands | 300,000 | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | 3,428 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 353,428 | PDF p. 88 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 200,000 | PDF p. 88 |
| Loans from a related partyRenminbi thousands | – | PDF p. 88 |
| Bank borrowingsRenminbi thousands | 60,000 | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | 179 | PDF p. 88 |
| Trade and other payablesRenminbi thousands | 98,448 | PDF p. 88 |
| Amounts owing to related partiesRenminbi thousands | 42,887 | PDF p. 88 |
| Current tax payableRenminbi thousands | 69,899 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 471,413 | PDF p. 88 |
| Total liabilitiesRenminbi thousands | 824,841 | PDF p. 88 |
| Total equity and liabilitiesRenminbi thousands | 2,525,307 | PDF p. 88 |
Original report: PDF p. 88 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | 6 | PDF p. 88 |
| Right-of-use assetsRenminbi thousands | – | PDF p. 88 |
| Intangible assetsRenminbi thousands | – | PDF p. 88 |
| Goodwill on consolidationRenminbi thousands | – | PDF p. 88 |
| Investment in subsidiary corporationsRenminbi thousands | 250,041 | PDF p. 88 |
| Financial asset, at fair value through other comprehensive income (“FVOCI”)Renminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 250,047 | PDF p. 88 |
| Current assets | ||
| Intangible assetsRenminbi thousands | – | PDF p. 88 |
| InventoriesRenminbi thousands | – | PDF p. 88 |
| Trade and other receivablesRenminbi thousands | – | PDF p. 88 |
| Amounts owing by related partiesRenminbi thousands | – | PDF p. 88 |
| PrepaymentsRenminbi thousands | – | PDF p. 88 |
| Cash and cash equivalentsRenminbi thousands | 514 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 514 | PDF p. 88 |
| Total assetsRenminbi thousands | 250,561 | PDF p. 88 |
| Capital and reserves attributable to | ||
| equity holders of the Company Share capitalRenminbi thousands | 316,125 | PDF p. 88 |
| Retained profits/(accumulated losses)Renminbi thousands | (67,119) | PDF p. 88 |
| Fair value reserveRenminbi thousands | – | PDF p. 88 |
| Capital reserveRenminbi thousands | – | PDF p. 88 |
| Other reservesRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 249,006 | PDF p. 88 |
| Non-controlling interestRenminbi thousands | – | PDF p. 88 |
| Total equityRenminbi thousands | 249,006 | PDF p. 88 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 88 |
| Bank borrowingsRenminbi thousands | – | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | – | PDF p. 88 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 88 |
| Loans from a related partyRenminbi thousands | – | PDF p. 88 |
| Bank borrowingsRenminbi thousands | – | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 88 |
| Trade and other payablesRenminbi thousands | 1,555 | PDF p. 88 |
| Amounts owing to related partiesRenminbi thousands | – | PDF p. 88 |
| Current tax payableRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,555 | PDF p. 88 |
| Total liabilitiesRenminbi thousands | 1,555 | PDF p. 88 |
| Total equity and liabilitiesRenminbi thousands | 250,561 | PDF p. 88 |
Original report: PDF p. 88 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| income | ||
| RevenueRenminbi thousands | 5,333,091 | PDF p. 89 |
| Cost of salesRenminbi thousands | (4,933,028) | PDF p. 89 |
| Gross profitRenminbi thousands | 400,063 | PDF p. 89 |
| Other incomeRenminbi thousands | 102,303 | PDF p. 89 |
| Other gains/(losses) - netRenminbi thousands | (5,656) | PDF p. 89 |
| Expenses | ||
| - DistributionRenminbi thousands | (6,233) | PDF p. 89 |
| - AdministrativeRenminbi thousands | (36,684) | PDF p. 89 |
| - FinanceRenminbi thousands | (34,721) | PDF p. 89 |
| Profit before income taxRenminbi thousands | 419,072 | PDF p. 89 |
| Income tax expensesRenminbi thousands | (105,902) | PDF p. 89 |
| Net profit for the financial yearRenminbi thousands | 313,170 | PDF p. 89 |
| Item that will not be reclassified subsequently to profit or loss: | ||
| Financial asset, at FVOCI - Fair value (loss)/gain – equity investmentRenminbi thousands | 5,981 | PDF p. 89 |
| Total comprehensive income for the financial yearRenminbi thousands | 319,151 | PDF p. 89 |
| Net profit attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 217,610 | PDF p. 89 |
| Non-controlling interestRenminbi thousands | 95,560 | PDF p. 89 |
| Subtotal (unlabelled in original)Renminbi thousands | 313,170 | PDF p. 89 |
| Total comprehensive income attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 221,797 | PDF p. 89 |
| Non-controlling interestRenminbi thousands | 97,354 | PDF p. 89 |
| Subtotal (unlabelled in original)Renminbi thousands | 319,151 | PDF p. 89 |
| of the Company (RMB cents per share) | ||
| - BasicRenminbi cents per share | 34.00 | PDF p. 89 |
| - DilutedRenminbi cents per share | 34.00 | PDF p. 89 |
Original report: PDF p. 89 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Retained profits | 2023Group / Fair value reserve | 2023Group / Capital reserve | 2023Group / Statutory common reserve | 2023Group / Voluntary common reserve | 2023Group / Other reserves subtotal | 2023Group / Equity attributable to owners | 2023Group / Non-controlling interest | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance as at 1 January 2023Renminbi thousands | 316,125 | 532,552 | 8,765 | 250,000 | 135,555 | 797 | 136,352 | 1,243,794 | 296,456 | 1,540,250 | PDF p. 90 |
| Net profit for the financial yearRenminbi thousands | – | 217,610 | – | – | – | – | – | 217,610 | 95,560 | 313,170 | PDF p. 90 |
| Other comprehensive income for the financial yearRenminbi thousands | – | – | 4,187 | – | – | – | – | 4,187 | 1,794 | 5,981 | PDF p. 90 |
| Total comprehensive income for the financial yearRenminbi thousands | – | 217,610 | 4,187 | – | – | – | – | 221,797 | 97,354 | 319,151 | PDF p. 90 |
| Transfer to statutory common reserveRenminbi thousands | – | (44,270) | – | – | 44,270 | – | 44,270 | – | – | – | PDF p. 90 |
| Dividends paidRenminbi thousands | – | – | – | – | – | – | – | – | (158,935) | (158,935) | PDF p. 90 |
| Balance as at 31 December 2023Renminbi thousands | 316,125 | 705,892 | 12,952 | 250,000 | 179,825 | 797 | 180,622 | 1,465,591 | 234,875 | 1,700,466 | PDF p. 90 |
Original report: PDF p. 90 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before income taxRenminbi thousands | 419,072 | PDF p. 91 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipmentRenminbi thousands | 173,844 | PDF p. 91 |
| - Depreciation of right-of-use assetsRenminbi thousands | 425 | PDF p. 91 |
| - Amortisation of intangible assetsRenminbi thousands | 1,240 | PDF p. 91 |
| - Interest incomeRenminbi thousands | (6,417) | PDF p. 91 |
| - Dividend incomeRenminbi thousands | (38,862) | PDF p. 91 |
| - Gain on disposal of property, plant and equipmentRenminbi thousands | (100) | PDF p. 91 |
| - Property, plant and equipment written offRenminbi thousands | 1,125 | PDF p. 91 |
| - Interest expenseRenminbi thousands | 34,721 | PDF p. 91 |
| Operating cash flows before change in working capitalRenminbi thousands | 585,048 | PDF p. 91 |
| Change in working capital: | ||
| - InventoriesRenminbi thousands | (92,581) | PDF p. 91 |
| - Amount owing (to)/by related partiesRenminbi thousands | 34,983 | PDF p. 91 |
| - Trade and other receivablesRenminbi thousands | 10,098 | PDF p. 91 |
| - PrepaymentsRenminbi thousands | 7,412 | PDF p. 91 |
| - Trade and other payablesRenminbi thousands | (36,416) | PDF p. 91 |
| Cash generated from operationsRenminbi thousands | 508,544 | PDF p. 91 |
| Income tax paidRenminbi thousands | (44,998) | PDF p. 91 |
| Net cash provided by operating activitiesRenminbi thousands | 463,546 | PDF p. 91 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipmentRenminbi thousands | (13,192) | PDF p. 91 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 255 | PDF p. 91 |
| Proceeds from disposal of financial asset, at FVOCIRenminbi thousands | – | PDF p. 91 |
| Acquisition of additional interest in a subsidiary corporationRenminbi thousands | – | PDF p. 91 |
| Dividends receivedRenminbi thousands | 38,862 | PDF p. 91 |
| Interest receivedRenminbi thousands | 6,417 | PDF p. 91 |
| Net cash (used in)/provided by investing activitiesRenminbi thousands | 32,342 | PDF p. 91 |
| Cash flows from financing activities | ||
| Repayment of loans from non-controlling interestRenminbi thousands | (200,000) | PDF p. 91 |
| Principal payment of lease liabilitiesRenminbi thousands | (410) | PDF p. 91 |
| Repayment of bank borrowingsRenminbi thousands | (60,000) | PDF p. 91 |
| Dividends paid to equity holders of the CompanyRenminbi thousands | – | PDF p. 91 |
| Dividends paid to non-controlling interestRenminbi thousands | (158,935) | PDF p. 91 |
| Interest paidRenminbi thousands | (34,721) | PDF p. 91 |
| Decrease/(increase) in restricted cashRenminbi thousands | (43,214) | PDF p. 91 |
| Net cash used in financing activitiesRenminbi thousands | (497,280) | PDF p. 91 |
| Net increase/(decrease) in cash and cash equivalentsRenminbi thousands | (1,392) | PDF p. 91 |
| Cash and cash equivalents | ||
| Beginning of financial yearRenminbi thousands | 1,906 | PDF p. 91 |
| End of financial yearRenminbi thousands | 514 | PDF p. 91 |
Original report: PDF p. 91 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / At 1 January | 2023Group / Principal and interest payments | 2023Group / Interest expense | 2023Group / At 31 December | Source |
|---|---|---|---|---|---|
| financing_reconciliation | |||||
| Bank borrowingsRenminbi thousands | 420,000 | (76,507) | 16,507 | 360,000 | PDF p. 92 |
| Loans from non-controlling interestRenminbi thousands | 450,000 | (218,024) | 18,024 | 250,000 | PDF p. 92 |
| Lease liabilitiesRenminbi thousands | 4,017 | (600) | 190 | 3,607 | PDF p. 92 |
Original report: PDF p. 92 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / year ended 31 December 2023 | Source |
|---|---|---|
| company_retained | ||
| Beginning of financial yearRenminbi thousands | (60,390) | PDF p. 117 |
| Net profit/(loss)Renminbi thousands | (6,729) | PDF p. 117 |
| Dividends paid (Note 28)Renminbi thousands | – | PDF p. 117 |
| End of financial yearRenminbi thousands | (67,119) | PDF p. 117 |
Original report: PDF p. 117 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 December 2023 | Source |
|---|---|---|
| cash_reconciliation | ||
| Cash at bank (as above)Renminbi thousands | 562,886 | PDF p. 117 |
| Less: Restricted bank balancesRenminbi thousands | (562,372) | PDF p. 117 |
| Cash and cash equivalents as per consolidated statement of cash flowsRenminbi thousands | 514 | PDF p. 117 |
Original report: PDF p. 117 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | 1,624,213 | PDF p. 88 |
| Right-of-use assetsRenminbi thousands | 3,575 | PDF p. 88 |
| Intangible assetsRenminbi thousands | 89,488 | PDF p. 88 |
| Goodwill on consolidationRenminbi thousands | 10,345 | PDF p. 88 |
| Investment in subsidiary corporationsRenminbi thousands | – | PDF p. 88 |
| Financial asset, at fair value through other comprehensive incomeRenminbi thousands | 42,972 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,770,593 | PDF p. 88 |
| Current assets | ||
| Intangible assetsRenminbi thousands | 1,088 | PDF p. 88 |
| InventoriesRenminbi thousands | 242,335 | PDF p. 88 |
| Trade and other receivablesRenminbi thousands | 19,987 | PDF p. 88 |
| Amount owing by a subsidiary corporationRenminbi thousands | – | PDF p. 88 |
| Amounts owing by affi liated companiesRenminbi thousands | 11,098 | PDF p. 88 |
| PrepaymentsRenminbi thousands | 8,772 | PDF p. 88 |
| Cash and cash equivalentsRenminbi thousands | 521,064 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 804,344 | PDF p. 88 |
| Total assetsRenminbi thousands | 2,574,937 | PDF p. 88 |
| Capital and Reserves | ||
| Share capitalRenminbi thousands | 316,125 | PDF p. 88 |
| Retained profits/(accumulated losses)Renminbi thousands | 532,552 | PDF p. 88 |
| Fair value reserveRenminbi thousands | 8,765 | PDF p. 88 |
| Capital reserveRenminbi thousands | 250,000 | PDF p. 88 |
| Other reservesRenminbi thousands | 136,352 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,243,794 | PDF p. 88 |
| Non-controlling interestsRenminbi thousands | 296,456 | PDF p. 88 |
| Total equityRenminbi thousands | 1,540,250 | PDF p. 88 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 250,000 | PDF p. 88 |
| Bank borrowingsRenminbi thousands | 360,000 | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | 3,607 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 613,607 | PDF p. 88 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 200,000 | PDF p. 88 |
| Bank borrowingsRenminbi thousands | 60,000 | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | 410 | PDF p. 88 |
| Trade and other payablesRenminbi thousands | 138,137 | PDF p. 88 |
| Amounts owing to affi liated companiesRenminbi thousands | 13,538 | PDF p. 88 |
| Current tax payableRenminbi thousands | 8,995 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 421,080 | PDF p. 88 |
| Total equity and liabilitiesRenminbi thousands | 2,574,937 | PDF p. 88 |
Original report: PDF p. 88 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | 9 | PDF p. 88 |
| Right-of-use assetsRenminbi thousands | – | PDF p. 88 |
| Intangible assetsRenminbi thousands | – | PDF p. 88 |
| Goodwill on consolidationRenminbi thousands | – | PDF p. 88 |
| Investment in subsidiary corporationsRenminbi thousands | 250,041 | PDF p. 88 |
| Financial asset, at fair value through other comprehensive incomeRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 250,050 | PDF p. 88 |
| Current assets | ||
| Intangible assetsRenminbi thousands | – | PDF p. 88 |
| InventoriesRenminbi thousands | – | PDF p. 88 |
| Trade and other receivablesRenminbi thousands | – | PDF p. 88 |
| Amount owing by a subsidiary corporationRenminbi thousands | 5,833 | PDF p. 88 |
| Amounts owing by affi liated companiesRenminbi thousands | – | PDF p. 88 |
| PrepaymentsRenminbi thousands | 28 | PDF p. 88 |
| Cash and cash equivalentsRenminbi thousands | 1,906 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 7,767 | PDF p. 88 |
| Total assetsRenminbi thousands | 257,817 | PDF p. 88 |
| Capital and Reserves | ||
| Share capitalRenminbi thousands | 316,125 | PDF p. 88 |
| Retained profits/(accumulated losses)Renminbi thousands | (60,390) | PDF p. 88 |
| Fair value reserveRenminbi thousands | – | PDF p. 88 |
| Capital reserveRenminbi thousands | – | PDF p. 88 |
| Other reservesRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 255,735 | PDF p. 88 |
| Non-controlling interestsRenminbi thousands | – | PDF p. 88 |
| Total equityRenminbi thousands | 255,735 | PDF p. 88 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 88 |
| Bank borrowingsRenminbi thousands | – | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | – | PDF p. 88 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 88 |
| Bank borrowingsRenminbi thousands | – | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 88 |
| Trade and other payablesRenminbi thousands | 2,082 | PDF p. 88 |
| Amounts owing to affi liated companiesRenminbi thousands | – | PDF p. 88 |
| Current tax payableRenminbi thousands | – | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 2,082 | PDF p. 88 |
| Total equity and liabilitiesRenminbi thousands | 257,817 | PDF p. 88 |
Original report: PDF p. 88 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| income | ||
| RevenueRenminbi thousands | 4,848,203 | PDF p. 89 |
| Cost of salesRenminbi thousands | (4,651,227) | PDF p. 89 |
| Gross profitRenminbi thousands | 196,976 | PDF p. 89 |
| Other incomeRenminbi thousands | 12,815 | PDF p. 89 |
| Expenses | ||
| - DistributionRenminbi thousands | (253) | PDF p. 89 |
| - AdministrativeRenminbi thousands | (33,928) | PDF p. 89 |
| - OthersRenminbi thousands | (273) | PDF p. 89 |
| - FinanceRenminbi thousands | (47,678) | PDF p. 89 |
| Profit before income taxRenminbi thousands | 127,659 | PDF p. 89 |
| Income tax expensesRenminbi thousands | (48,595) | PDF p. 89 |
| Net profit for the financial yearRenminbi thousands | 79,064 | PDF p. 89 |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Financial assets, at fair value through other comprehensive income - Fair value gain/(loss) – equity investmentRenminbi thousands | (36,789) | PDF p. 89 |
| Total comprehensive income for the financial yearRenminbi thousands | 42,275 | PDF p. 89 |
| Net profit attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 39,442 | PDF p. 89 |
| Non-controlling interestsRenminbi thousands | 39,622 | PDF p. 89 |
| Subtotal (unlabelled in original)Renminbi thousands | 79,064 | PDF p. 89 |
| Total comprehensive income attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 13,690 | PDF p. 89 |
| Non-controlling interestsRenminbi thousands | 28,585 | PDF p. 89 |
| Subtotal (unlabelled in original)Renminbi thousands | 42,275 | PDF p. 89 |
| the Company (RMB cents per share) | ||
| - BasicRenminbi cents per share | 6.16 | PDF p. 89 |
| - DilutedRenminbi cents per share | 6.16 | PDF p. 89 |
Original report: PDF p. 89 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Retained profits | 2022Group / Fair value reserve | 2022Group / Capital reserve | 2022Group / Statutory common reserve | 2022Group / Voluntary common reserve | 2022Group / Other reserves subtotal | 2022Group / Equity attributable to owners | 2022Group / Non-controlling interest | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance as at 1 January 2022Renminbi thousands | 316,125 | 525,368 | 34,517 | 250,000 | 121,779 | 797 | 122,576 | 1,248,586 | 267,871 | 1,516,457 | PDF p. 90 |
| Net profit for the financial yearRenminbi thousands | – | 39,442 | – | – | – | – | – | 39,442 | 39,622 | 79,064 | PDF p. 90 |
| Other comprehensive loss for the financial yearRenminbi thousands | – | – | (25,752) | – | – | – | – | (25,752) | (11,037) | (36,789) | PDF p. 90 |
| Total comprehensive income for the financial yearRenminbi thousands | – | 39,442 | (25,752) | – | – | – | – | 13,690 | 28,585 | 42,275 | PDF p. 90 |
| Dividends paidRenminbi thousands | – | (18,482) | – | – | – | – | – | (18,482) | – | (18,482) | PDF p. 90 |
| Transfer to statutory common reserveRenminbi thousands | – | (13,776) | – | – | 13,776 | – | 13,776 | – | – | – | PDF p. 90 |
| Balance as at 31 December 2022Renminbi thousands | 316,125 | 532,552 | 8,765 | 250,000 | 135,555 | 797 | 136,352 | 1,243,794 | 296,456 | 1,540,250 | PDF p. 90 |
Original report: PDF p. 90 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before income taxRenminbi thousands | 127,659 | PDF p. 91 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipmentRenminbi thousands | 163,917 | PDF p. 91 |
| - Depreciation of right-of-use assetsRenminbi thousands | 427 | PDF p. 91 |
| - Amortisation of intangible assetsRenminbi thousands | 1,203 | PDF p. 91 |
| - Interest incomeRenminbi thousands | (7,594) | PDF p. 91 |
| - Dividend incomeRenminbi thousands | – | PDF p. 91 |
| - Gain on disposal of property, plant and equipment 24cRenminbi thousands | (2,737) | PDF p. 91 |
| - Property, plant and equipment written off 24cRenminbi thousands | 598 | PDF p. 91 |
| - Interest expenseRenminbi thousands | 47,678 | PDF p. 91 |
| Operating profit before working capital changesRenminbi thousands | 331,151 | PDF p. 91 |
| Change in inventoriesRenminbi thousands | 16,476 | PDF p. 91 |
| Change in amount owing by/(to) affi liated companiesRenminbi thousands | (136,975) | PDF p. 91 |
| Change in operating receivablesRenminbi thousands | 34,348 | PDF p. 91 |
| Change in prepaymentRenminbi thousands | (5,789) | PDF p. 91 |
| Change in operating payablesRenminbi thousands | (31,696) | PDF p. 91 |
| Cash generated from operationsRenminbi thousands | 207,515 | PDF p. 91 |
| Income tax paidRenminbi thousands | (53,118) | PDF p. 91 |
| Net cash provided by operating activitiesRenminbi thousands | 154,397 | PDF p. 91 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipmentRenminbi thousands | (46,038) | PDF p. 91 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 4,191 | PDF p. 91 |
| Additions to intangible assetsRenminbi thousands | (144) | PDF p. 91 |
| Divdends receivedRenminbi thousands | – | PDF p. 91 |
| Interest receivedRenminbi thousands | 7,594 | PDF p. 91 |
| Net cash provided by/(used in) investing activitiesRenminbi thousands | (34,397) | PDF p. 91 |
| Cash flows from financing activities | ||
| Dividends paid to equity holders of the CompanyRenminbi thousands | (18,482) | PDF p. 91 |
| Dividends paid to non-controlling interestsRenminbi thousands | – | PDF p. 91 |
| Repayment of loans from non-controlling interestRenminbi thousands | (175,000) | PDF p. 91 |
| Payment of principal portion of lease liabilitiesRenminbi thousands | (391) | PDF p. 91 |
| Repayment of bank borrowingsRenminbi thousands | (60,000) | PDF p. 91 |
| Interest paidRenminbi thousands | (47,678) | PDF p. 91 |
| Net cash used in financing activitiesRenminbi thousands | (301,551) | PDF p. 91 |
| Net increase/(decrease) in cash and cash equivalentsRenminbi thousands | (181,551) | PDF p. 91 |
| Cash and cash equivalents | ||
| Beginning of financial yearRenminbi thousands | 702,615 | PDF p. 91 |
| End of financial yearRenminbi thousands | 521,064 | PDF p. 91 |
Original report: PDF p. 91 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / At 1 January | 2022Group / Principal and interest payments | 2022Group / Interest expense | 2022Group / At 31 December | Source |
|---|---|---|---|---|---|
| financing_reconciliation | |||||
| Bank borrowingsRenminbi thousands | 480,000 | (80,108) | 20,108 | 420,000 | PDF p. 92 |
| Loan from non-controlling interestRenminbi thousands | 625,000 | (202,362) | 27,362 | 450,000 | PDF p. 92 |
| Lease liabilitiesRenminbi thousands | 4,408 | (599) | 208 | 4,017 | PDF p. 92 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,109,408 | (283,069) | 47,678 | 874,017 | PDF p. 92 |
Original report: PDF p. 92 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / year ended 31 December 2022 | Source |
|---|---|---|
| company_retained | ||
| Beginning of financial yearRenminbi thousands | (58,934) | PDF p. 118 |
| Net (loss)/profitRenminbi thousands | 17,026 | PDF p. 118 |
| Dividends paid (Note 28)Renminbi thousands | (18,482) | PDF p. 118 |
| End of financial yearRenminbi thousands | (60,390) | PDF p. 118 |
Original report: PDF p. 118 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | 1,744,144 | PDF p. 84 |
| Right-of-use assetsRenminbi thousands | 4,002 | PDF p. 84 |
| Intangible assetsRenminbi thousands | 90,547 | PDF p. 84 |
| Goodwill on consolidationRenminbi thousands | 10,345 | PDF p. 84 |
| Investment in subsidiary corporationsRenminbi thousands | – | PDF p. 84 |
| Financial asset, at fair value through other comprehensive incomeRenminbi thousands | 79,761 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,928,799 | PDF p. 84 |
| Current assets | ||
| Intangible assetsRenminbi thousands | 1,088 | PDF p. 84 |
| InventoriesRenminbi thousands | 258,811 | PDF p. 84 |
| Trade and other receivablesRenminbi thousands | 54,335 | PDF p. 84 |
| Amount owing by a subsidiary corporationRenminbi thousands | – | PDF p. 84 |
| Amounts owing by affiliated companiesRenminbi thousands | 12,404 | PDF p. 84 |
| PrepaymentsRenminbi thousands | 2,983 | PDF p. 84 |
| Cash and cash equivalentsRenminbi thousands | 702,615 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,032,236 | PDF p. 84 |
| Total assetsRenminbi thousands | 2,961,035 | PDF p. 84 |
| Capital and Reserves | ||
| Share capitalRenminbi thousands | 316,125 | PDF p. 84 |
| Retained profits/(accumulated losses)Renminbi thousands | 525,368 | PDF p. 84 |
| Fair value reserveRenminbi thousands | 34,517 | PDF p. 84 |
| Capital reserveRenminbi thousands | 250,000 | PDF p. 84 |
| Other reservesRenminbi thousands | 122,576 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,248,586 | PDF p. 84 |
| Non-controlling interestsRenminbi thousands | 267,871 | PDF p. 84 |
| Total equityRenminbi thousands | 1,516,457 | PDF p. 84 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 450,000 | PDF p. 84 |
| Bank borrowingsRenminbi thousands | 420,000 | PDF p. 84 |
| Lease liabilitiesRenminbi thousands | 3,911 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 873,911 | PDF p. 84 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | 175,000 | PDF p. 84 |
| Bank borrowingsRenminbi thousands | 60,000 | PDF p. 84 |
| Lease liabilitiesRenminbi thousands | 497 | PDF p. 84 |
| Trade and other payablesRenminbi thousands | 169,833 | PDF p. 84 |
| Amounts owing to affiliated companiesRenminbi thousands | 151,819 | PDF p. 84 |
| Current tax payableRenminbi thousands | 13,518 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 570,667 | PDF p. 84 |
| Total equity and liabilitiesRenminbi thousands | 2,961,035 | PDF p. 84 |
Original report: PDF p. 84 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentRenminbi thousands | – | PDF p. 84 |
| Right-of-use assetsRenminbi thousands | – | PDF p. 84 |
| Intangible assetsRenminbi thousands | – | PDF p. 84 |
| Goodwill on consolidationRenminbi thousands | – | PDF p. 84 |
| Investment in subsidiary corporationsRenminbi thousands | 250,041 | PDF p. 84 |
| Financial asset, at fair value through other comprehensive incomeRenminbi thousands | – | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 250,041 | PDF p. 84 |
| Current assets | ||
| Intangible assetsRenminbi thousands | – | PDF p. 84 |
| InventoriesRenminbi thousands | – | PDF p. 84 |
| Trade and other receivablesRenminbi thousands | – | PDF p. 84 |
| Amount owing by a subsidiary corporationRenminbi thousands | 7,487 | PDF p. 84 |
| Amounts owing by affiliated companiesRenminbi thousands | – | PDF p. 84 |
| PrepaymentsRenminbi thousands | – | PDF p. 84 |
| Cash and cash equivalentsRenminbi thousands | 1,828 | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 9,315 | PDF p. 84 |
| Total assetsRenminbi thousands | 259,356 | PDF p. 84 |
| Capital and Reserves | ||
| Share capitalRenminbi thousands | 316,125 | PDF p. 84 |
| Retained profits/(accumulated losses)Renminbi thousands | (58,934) | PDF p. 84 |
| Fair value reserveRenminbi thousands | – | PDF p. 84 |
| Capital reserveRenminbi thousands | – | PDF p. 84 |
| Other reservesRenminbi thousands | – | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 257,191 | PDF p. 84 |
| Non-controlling interestsRenminbi thousands | – | PDF p. 84 |
| Total equityRenminbi thousands | 257,191 | PDF p. 84 |
| Non-current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 84 |
| Bank borrowingsRenminbi thousands | – | PDF p. 84 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | – | PDF p. 84 |
| Current liabilities | ||
| Loans from non-controlling interestRenminbi thousands | – | PDF p. 84 |
| Bank borrowingsRenminbi thousands | – | PDF p. 84 |
| Lease liabilitiesRenminbi thousands | – | PDF p. 84 |
| Trade and other payablesRenminbi thousands | 2,165 | PDF p. 84 |
| Amounts owing to affiliated companiesRenminbi thousands | – | PDF p. 84 |
| Current tax payableRenminbi thousands | – | PDF p. 84 |
| Subtotal (unlabelled in original)Renminbi thousands | 2,165 | PDF p. 84 |
| Total equity and liabilitiesRenminbi thousands | 259,356 | PDF p. 84 |
Original report: PDF p. 84 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| income | ||
| RevenueRenminbi thousands | 4,716,209 | PDF p. 85 |
| Cost of salesRenminbi thousands | (4,237,518) | PDF p. 85 |
| Gross profitRenminbi thousands | 478,691 | PDF p. 85 |
| Other incomeRenminbi thousands | 13,476 | PDF p. 85 |
| Expenses | ||
| - DistributionRenminbi thousands | (269) | PDF p. 85 |
| - AdministrativeRenminbi thousands | (28,266) | PDF p. 85 |
| - OthersRenminbi thousands | (353) | PDF p. 85 |
| - FinanceRenminbi thousands | (49,128) | PDF p. 85 |
| Profit before income taxRenminbi thousands | 414,151 | PDF p. 85 |
| Income tax expensesRenminbi thousands | (106,833) | PDF p. 85 |
| Net profit for the financial yearRenminbi thousands | 307,318 | PDF p. 85 |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Financial assets, at fair value through other comprehensive income - Fair value loss – equity investmentRenminbi thousands | – | PDF p. 85 |
| Total comprehensive income for the financial yearRenminbi thousands | 307,318 | PDF p. 85 |
| Net profit attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 237,423 | PDF p. 85 |
| Non-controlling interestsRenminbi thousands | 69,895 | PDF p. 85 |
| Subtotal (unlabelled in original)Renminbi thousands | 307,318 | PDF p. 85 |
| Total comprehensive income attributable to: | ||
| Equity holders of the CompanyRenminbi thousands | 237,423 | PDF p. 85 |
| Non-controlling interestsRenminbi thousands | 69,895 | PDF p. 85 |
| Subtotal (unlabelled in original)Renminbi thousands | 307,318 | PDF p. 85 |
| of the Company (RMB cents per share) | ||
| - BasicRenminbi cents per share | 37.10 | PDF p. 85 |
| - DilutedRenminbi cents per share | 37.10 | PDF p. 85 |
Original report: PDF p. 85 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Retained profits | 2021Group / Fair value reserve | 2021Group / Capital reserve | 2021Group / Statutory common reserve | 2021Group / Voluntary common reserve | 2021Group / Other reserves subtotal | 2021Group / Equity attributable to owners | 2021Group / Non-controlling interest | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance as at 1 January 2021Renminbi thousands | 316,125 | 334,224 | 34,517 | 250,000 | 91,009 | 797 | 91,806 | 1,026,672 | 197,976 | 1,224,648 | PDF p. 86 |
| Net profit, representing total comprehensive income for the financial yearRenminbi thousands | – | 237,423 | – | – | – | – | – | 237,423 | 69,895 | 307,318 | PDF p. 86 |
| Dividends paidRenminbi thousands | – | (15,509) | – | – | – | – | – | (15,509) | – | (15,509) | PDF p. 86 |
| Transfer to statutory common reserveRenminbi thousands | – | (30,770) | – | – | 30,770 | – | 30,770 | – | – | – | PDF p. 86 |
| Balance as at 31 December 2021Renminbi thousands | 316,125 | 525,368 | 34,517 | 250,000 | 121,779 | 797 | 122,576 | 1,248,586 | 267,871 | 1,516,457 | PDF p. 86 |
Original report: PDF p. 86 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before income taxRenminbi thousands | 414,151 | PDF p. 87 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipmentRenminbi thousands | 145,960 | PDF p. 87 |
| - Depreciation of right-of-use assetsRenminbi thousands | 425 | PDF p. 87 |
| - Amortisation of intangible assetsRenminbi thousands | 1,089 | PDF p. 87 |
| - Interest incomeRenminbi thousands | (5,907) | PDF p. 87 |
| - (Gain)/Loss on disposal of property, plant and equipmentRenminbi thousands | 109 | PDF p. 87 |
| - Property, plant and equipment written offRenminbi thousands | – | PDF p. 87 |
| - Interest expenseRenminbi thousands | 49,128 | PDF p. 87 |
| Operating profit before working capital changesRenminbi thousands | 604,955 | PDF p. 87 |
| Change in inventoriesRenminbi thousands | (40,671) | PDF p. 87 |
| Change in amount owing by/(to) affiliated companiesRenminbi thousands | 135,009 | PDF p. 87 |
| Change in operating receivablesRenminbi thousands | (13,428) | PDF p. 87 |
| Change in prepaymentRenminbi thousands | 2,037 | PDF p. 87 |
| Change in operating payablesRenminbi thousands | 27,801 | PDF p. 87 |
| Cash generated from operationsRenminbi thousands | 715,703 | PDF p. 87 |
| Income tax paidRenminbi thousands | (134,439) | PDF p. 87 |
| Net cash provided by operating activitiesRenminbi thousands | 581,264 | PDF p. 87 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipmentRenminbi thousands | (35,575) | PDF p. 87 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 1,090 | PDF p. 87 |
| Additions to intangible assetsRenminbi thousands | (354) | PDF p. 87 |
| Interest paidRenminbi thousands | (5,493) | PDF p. 87 |
| Interest receivedRenminbi thousands | 5,907 | PDF p. 87 |
| Net cash used in investing activitiesRenminbi thousands | (34,425) | PDF p. 87 |
| Cash flows from financing activities | ||
| Dividends paidRenminbi thousands | (15,509) | PDF p. 87 |
| Repayment of loans from non-controlling interestRenminbi thousands | (80,000) | PDF p. 87 |
| Payment of principal portion of lease liabilitiesRenminbi thousands | (372) | PDF p. 87 |
| Repayment of bank borrowingsRenminbi thousands | (51,250) | PDF p. 87 |
| Interest paidRenminbi thousands | (49,128) | PDF p. 87 |
| Net cash used in financing activitiesRenminbi thousands | (196,259) | PDF p. 87 |
| Net (decrease)/increase in cash and cash equivalentsRenminbi thousands | 350,580 | PDF p. 87 |
| Cash and cash equivalents | ||
| Beginning of financial yearRenminbi thousands | 352,035 | PDF p. 87 |
| End of financial yearRenminbi thousands | 702,615 | PDF p. 87 |
Original report: PDF p. 87 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / At 1 January | 2021Group / Principal and interest payments | 2021Group / Borrowing costs capitalised in property, plant and equipment | 2021Group / Interest expense | 2021Group / At 31 December | Source |
|---|---|---|---|---|---|---|
| financing_reconciliation | ||||||
| Bank borrowingsRenminbi thousands | 531,250 | (73,238) | 5,493 | 16,495 | 480,000 | PDF p. 88 |
| Loan from non-controlling interestRenminbi thousands | 705,000 | (112,407) | – | 32,407 | 625,000 | PDF p. 88 |
| Lease liabilitiesRenminbi thousands | 4,780 | (598) | – | 226 | 4,408 | PDF p. 88 |
| Subtotal (unlabelled in original)Renminbi thousands | 1,241,030 | (186,243) | 5,493 | 49,128 | 1,109,408 | PDF p. 88 |
Original report: PDF p. 88 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / year ended 31 December 2021 | Source |
|---|---|---|
| company_retained | ||
| Beginning of financial yearRenminbi thousands | (58,684) | PDF p. 112 |
| Net profitRenminbi thousands | 15,259 | PDF p. 112 |
| Dividends paid (Note 28)Renminbi thousands | (15,509) | PDF p. 112 |
| End of financial yearRenminbi thousands | (58,934) | PDF p. 112 |
Original report: PDF p. 112 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / original FY2023 presentation before later restricted-cash exclusion | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before income taxRenminbi thousands | 419,072 | PDF p. 91 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipmentRenminbi thousands | 173,844 | PDF p. 91 |
| - Depreciation of right-of-use assetsRenminbi thousands | 425 | PDF p. 91 |
| - Amortisation of intangible assetsRenminbi thousands | 1,240 | PDF p. 91 |
| - Interest incomeRenminbi thousands | (6,417) | PDF p. 91 |
| - Dividend incomeRenminbi thousands | (38,862) | PDF p. 91 |
| - Gain on disposal of property, plant and equipment 24cRenminbi thousands | (100) | PDF p. 91 |
| - Property, plant and equipment written off 24cRenminbi thousands | 1,125 | PDF p. 91 |
| - Interest expenseRenminbi thousands | 34,721 | PDF p. 91 |
| Operating profit before working capital changesRenminbi thousands | 585,048 | PDF p. 91 |
| Change in inventoriesRenminbi thousands | (92,581) | PDF p. 91 |
| Change in amount owing by/(to) affi liated companiesRenminbi thousands | 34,983 | PDF p. 91 |
| Change in operating receivablesRenminbi thousands | 10,098 | PDF p. 91 |
| Change in prepaymentRenminbi thousands | 7,412 | PDF p. 91 |
| Change in operating payablesRenminbi thousands | (36,416) | PDF p. 91 |
| Cash generated from operationsRenminbi thousands | 508,544 | PDF p. 91 |
| Income tax paidRenminbi thousands | (44,998) | PDF p. 91 |
| Net cash provided by operating activitiesRenminbi thousands | 463,546 | PDF p. 91 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipmentRenminbi thousands | (13,192) | PDF p. 91 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 255 | PDF p. 91 |
| Additions to intangible assetsRenminbi thousands | – | PDF p. 91 |
| Divdends receivedRenminbi thousands | 38,862 | PDF p. 91 |
| Interest receivedRenminbi thousands | 6,417 | PDF p. 91 |
| Net cash provided by/(used in) investing activitiesRenminbi thousands | 32,342 | PDF p. 91 |
| Cash flows from financing activities | ||
| Dividends paid to equity holders of the CompanyRenminbi thousands | – | PDF p. 91 |
| Dividends paid to non-controlling interestsRenminbi thousands | (158,935) | PDF p. 91 |
| Repayment of loans from non-controlling interestRenminbi thousands | (200,000) | PDF p. 91 |
| Payment of principal portion of lease liabilitiesRenminbi thousands | (410) | PDF p. 91 |
| Repayment of bank borrowingsRenminbi thousands | (60,000) | PDF p. 91 |
| Interest paidRenminbi thousands | (34,721) | PDF p. 91 |
| Net cash used in financing activitiesRenminbi thousands | (454,066) | PDF p. 91 |
| Net increase/(decrease) in cash and cash equivalentsRenminbi thousands | 41,822 | PDF p. 91 |
| Cash and cash equivalents | ||
| Beginning of financial yearRenminbi thousands | 521,064 | PDF p. 91 |
| End of financial yearRenminbi thousands | 562,886 | PDF p. 91 |
Original report: PDF p. 91 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / original FY2021 before later receivables and prepayment split | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before income taxRenminbi thousands | 414,151 | PDF p. 93 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipmentRenminbi thousands | 145,960 | PDF p. 93 |
| - Depreciation of right-of-use assetsRenminbi thousands | 425 | PDF p. 93 |
| - Amortisation of intangible assetsRenminbi thousands | 1,089 | PDF p. 93 |
| - Interest incomeRenminbi thousands | (5,907) | PDF p. 93 |
| - Loss on disposal of property, plant and equipmentRenminbi thousands | 109 | PDF p. 93 |
| - Property, plant and equipment written offRenminbi thousands | – | PDF p. 93 |
| - Interest expenseRenminbi thousands | 49,128 | PDF p. 93 |
| Operating profit before working capital changesRenminbi thousands | 604,955 | PDF p. 93 |
| Change in inventoriesRenminbi thousands | (40,671) | PDF p. 93 |
| Change in amount owing by/(to) affi liated companiesRenminbi thousands | 135,009 | PDF p. 93 |
| Change in operating receivablesRenminbi thousands | (11,391) | PDF p. 93 |
| Change in operating payablesRenminbi thousands | 27,801 | PDF p. 93 |
| Cash generated from operationsRenminbi thousands | 715,703 | PDF p. 93 |
| Income tax paidRenminbi thousands | (134,439) | PDF p. 93 |
| Net cash provided by operating activitiesRenminbi thousands | 581,264 | PDF p. 93 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipmentRenminbi thousands | (35,575) | PDF p. 93 |
| Proceeds from disposal of property, plant and equipmentRenminbi thousands | 1,090 | PDF p. 93 |
| Additions to intangible assetsRenminbi thousands | (354) | PDF p. 93 |
| Change in amount owing by non-controlling interestRenminbi thousands | – | PDF p. 93 |
| Interest paidRenminbi thousands | (5,493) | PDF p. 93 |
| Interest receivedRenminbi thousands | 5,907 | PDF p. 93 |
| Net cash used in investing activitiesRenminbi thousands | (34,425) | PDF p. 93 |
| Cash flows from financing activities | ||
| Dividends paidRenminbi thousands | (15,509) | PDF p. 93 |
| Repayment of loans from non-controlling interestRenminbi thousands | (80,000) | PDF p. 93 |
| Payment of principal portion of lease liabilitiesRenminbi thousands | (372) | PDF p. 93 |
| Proceeds from bank borrowingsRenminbi thousands | – | PDF p. 93 |
| Repayment of bank borrowingsRenminbi thousands | (51,250) | PDF p. 93 |
| Interest paidRenminbi thousands | (49,128) | PDF p. 93 |
| Net cash (used in)/provided by financing activitiesRenminbi thousands | (196,259) | PDF p. 93 |
| Net increase in cash and cash equivalentsRenminbi thousands | 350,580 | PDF p. 93 |
| Cash and cash equivalents | ||
| Beginning of financial yearRenminbi thousands | 352,035 | PDF p. 93 |
| End of financial yearRenminbi thousands | 702,615 | PDF p. 93 |
Original report: PDF p. 93 ↗
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
Where the money comes from
| Item / unit | 2025Gas separation segment, RMB'000 | 2025Transport and logistic services segment, RMB'000 | 2025Total, RMB'000 | Source |
|---|---|---|---|---|
| Revenue | ||||
| External customersRMB'000 | 4,058,504 | 463,441 | 4,521,945 | PDF p. 139 |
| Inter-segment salesRMB'000 | 781,859 | 28,563 | 810,422 | PDF p. 139 |
| Total revenueRMB'000 | 4,840,363 | 492,004 | 5,332,367 | PDF p. 139 |
| Expenses | ||||
| Purchase of inventoriesRMB'000 | 276,410 | – | 276,410 | PDF p. 139 |
| Employee compensationRMB'000 | 52,156 | 40,426 | 92,582 | PDF p. 139 |
| Results | ||||
| Segment resultsRMB'000 | 85,366 | 36,116 | 121,482 | PDF p. 139 |
| Assets and liabilities | ||||
| Segment assetsRMB'000 | 1,468,456 | 61,503 | 1,529,959 | PDF p. 139 |
| Segment liabilitiesRMB'000 | 54,919 | 71,838 | 126,757 | PDF p. 139 |
Segment performance evaluated on operating profit or loss; distribution costs, administrative expenses, other expenses and income taxes are managed on a group basis and not allocated. Unallocated items comprise mainly other income, expenses and income tax expense. Transfer prices between operating segments are at terms agreed between the parties.
Unallocated rows show a value only in the Total column.
| Item / unit | 2024Gas separation segment, RMB'000 | 2024Transport and logistic services segment, RMB'000 | 2024Total, RMB'000 | Source |
|---|---|---|---|---|
| Revenue | ||||
| External customersRMB'000 | 5,140,919 | 317,004 | 5,457,923 | PDF p. 140 |
| Inter-segment salesRMB'000 | 1,426,080 | 24,285 | 1,450,365 | PDF p. 140 |
| Total revenueRMB'000 | 6,566,999 | 341,289 | 6,908,288 | PDF p. 140 |
| Expenses | ||||
| Purchase of inventoriesRMB'000 | 377,928 | – | 377,928 | PDF p. 140 |
| Employee compensationRMB'000 | 57,716 | 38,834 | 96,550 | PDF p. 140 |
| Results | ||||
| Segment resultsRMB'000 | 316,182 | 43,319 | 359,501 | PDF p. 140 |
| Assets and liabilities | ||||
| Segment assetsRMB'000 | 1,644,811 | 38,559 | 1,683,370 | PDF p. 140 |
| Segment liabilitiesRMB'000 | 24,870 | 45,150 | 70,020 | PDF p. 140 |
Unallocated rows show a value only in the Total column.
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Assets | |||
| Segments’ assets for reportable segmentsRMB'000 | 1,529,959 | 1,683,370 | PDF p. 141 |
| Assets - Unallocated | |||
| Amounts owing by related partiesRMB'000 | 6,229 | 1,527 | PDF p. 141 |
| Cash and cash equivalentsRMB'000 | 425,565 | 407,377 | PDF p. 141 |
| Other receivables – advances made to staffRMB'000 | 300 | 300 | PDF p. 141 |
| Goodwill on consolidationRMB'000 | 10,345 | 10,345 | PDF p. 141 |
| Assets | |||
| Total assets (unlabelled)RMB'000 | 1,972,398 | 2,102,919 | PDF p. 141 |
| Liabilities | |||
| Segments’ liabilities for reportable segmentsRMB'000 | 126,757 | 70,020 | PDF p. 141 |
| Liabilities - Unallocated | |||
| Other payablesRMB'000 | 46,546 | 50,475 | PDF p. 141 |
| Amounts owing to related partiesRMB'000 | 5,469 | 294,567 | PDF p. 141 |
| Bank borrowingsRMB'000 | 200,000 | 300,000 | PDF p. 141 |
| Loans from a related partyRMB'000 | – | 50,000 | PDF p. 141 |
| Current tax payableRMB'000 | 4,760 | 17,529 | PDF p. 141 |
| Liabilities | |||
| Total liabilities (unlabelled)RMB'000 | 383,532 | 782,591 | PDF p. 141 |
Unallocated items are listed under 'Other assets' and 'Other liabilities'. Totals 1,972,398/2,102,919 and 383,532/782,591 are unlabelled in the source.
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Major customers | |||
| Customer 1RMB'000 | 434,487 | 447,281 | PDF p. 141 |
| Customer 2RMB'000 | 269,629 | 285,068 | PDF p. 141 |
| Customer 3RMB'000 | 219,813 | – | PDF p. 141 |
The above customers individually contributed more than 5% (2024: 5%) of the Group revenue and this is attributable to the gas separation segment.
Debt
| Item / unit | 2025less than 1 year, RMB'000 | 2025between 2 to 5 years, RMB'000 | 2025more than 5 years, RMB'000 | 2024less than 1 year, RMB'000 | 2024between 2 to 5 years, RMB'000 | 2024more than 5 years, RMB'000 | Source |
|---|---|---|---|---|---|---|---|
| At 31 December | |||||||
| Bank borrowingsRMB'000 | 107,556 | 100,142 | – | 111,875 | 207,698 | – | PDF p. 137 |
| Lease liabilitiesRMB'000 | 222 | 889 | 5,825 | 234 | 692 | 6,244 | PDF p. 137 |
| Loans from a related partyRMB'000 | 50,666 | – | – | PDF p. 137 | |||
Contractual undiscounted cash flows (include interest).
Contractual undiscounted cash flows.
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Secured | |||
| CurrentRMB'000 | 100,000 | 100,000 | PDF p. 126 |
| Non-currentRMB'000 | 100,000 | 200,000 | PDF p. 126 |
Secured by a corporate guarantee from a related party, Dongming Zhongyou Fuel and Petrochemical Co., Ltd.
Covenant: debt to asset ratio must be not more than 80%; actual 17% (2024: 34%).
Fair value approximates carrying amount as floating rate instruments frequently re-priced. Interest rate repricing: not later than one year 200,000 (2025), 300,000 (2024).
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Bank borrowingsRMB'000 | 100,000 | 200,000 | PDF p. 95 |
| Lease liabilitiesRMB'000 | 3,419 | 3,477 | PDF p. 95 |
| Current liabilities | |||
| Loans from a related partyRMB'000 | – | 50,000 | PDF p. 95 |
| Bank borrowingsRMB'000 | 100,000 | 100,000 | PDF p. 95 |
| Lease liabilitiesRMB'000 | 57 | 66 | PDF p. 95 |
Only Group columns extracted; Company has no borrowings (–).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a formal dividend policy at present. The form, frequency and amount of dividends declared each year will take into consideration the Group’s profit growth, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Company | PDF p. 86 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax-exempt (one-tier) dividend paid in respect of previous financial year of S$0.005 (equivalent to RMB0.0268) per share (Note 16) | 17,166 RMB’000 | Group and Company, 2024 comparative (dividend in respect of FY2023, paid in 2024) | PDF p. 132 |
| Final tax-exempt (one-tier) dividend paid in respect of previous financial year of S$0.005 (equivalent to RMB0.0268) per share (Note 16) | – RMB’000 | Group and Company, 2025 | PDF p. 132 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group | PDF p. 94 |
| Engagement director | Lee Tze Shiong | Group | PDF p. 94 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up | Group and Company | PDF p. 91 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Related party transactions | We identified related party transactions as a key audit matter due to the risks associated with their accounting, the completeness of disclosures in the consolidated financial statements and the high volume of such transactions. | Group | PDF p. 91 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2022 additionally splits RMB2,037 thousand from FY2021 operating receivables into prepayments, leaving operating cash unchanged; the FY2021 original cash-flow statement is retained.
Five full primary-statement years ended 31 December 2021–2025. Monetary amounts are Renminbi thousands; EPS is RMB cents. Company has a separate balance sheet and retained-profits note; separate Company income, OCI, full equity and cash-flow primary statements are not disclosed. The current financial highlights additionally retain 2020 as summary data only, with all printed currency/count/ratio units.
FY2024 changed the cash-flow presentation to exclude PRC bank balances subject to local exchange controls. The FY2023 comparative closing cash is RMB514 thousand, versus RMB562,886 thousand in the original FY2023 statement; excluded balances are RMB562,372 thousand. The opening comparative becomes RMB1,906 thousand and financing cash includes RMB(43,214) thousand change in restricted cash. The original FY2023 cash-flow statement is retained. Earlier original years include these PRC balances in cash equivalents.
FY2025 bank cash RMB425,565 thousand less restricted PRC balances RMB422,657 thousand equals cash-flow cash RMB2,908 thousand. FY2024 is RMB407,377 thousand less RMB403,367 thousand, giving RMB4,010 thousand. These cash-flow exclusions do not change the reported Group balance-sheet cash.
FY2025 unaudited-to-audited changes disclosed on 23 April 2026 reclassify RMB33,545 thousand machine-overhaul losses from administrative expenses to other losses and RMB286,799 thousand acquisition consideration from operating related-party cash flows to investing activities. The original SGX response incorrectly prints the audited other-loss amount as positive RMB33,108 thousand in its difference table; the audited statement prints (33,108). No profit or net-cash correction is invented.
The annual share-capital note dates the 320 million rights shares to 31 March 2025; the official 7 March announcement states allotment and issue on 6 March, listing on 10 March. Both dates are retained by source. EPS uses the explicitly reported weighted share denominators: 960,000 thousand shares for 2025 and 640,000 thousand for 2024; no different denominator is substituted.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.