TC Auto VI2
SGD 0.012
+0.00% +0.00 Updated 6 Nov 2026, 17:16 SGT
Financials
Annual Report 2025
Explore the statements
18 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueRMB’000 | 1,994,988 | 2,554,466 | PDF p. 94 |
| Cost of salesRMB’000 | (1,990,466) | (2,574,427) | PDF p. 94 |
| Gross profit (loss)RMB’000 | 4,522 | (19,961) | PDF p. 94 |
| Other incomeRMB’000 | 135,573 | 207,433 | PDF p. 94 |
| Other gains, netRMB’000 | 4,288 | 625 | PDF p. 94 |
| Selling expensesRMB’000 | (118,793) | (139,909) | PDF p. 94 |
| Administrative expensesRMB’000 | (100,132) | (115,309) | PDF p. 94 |
| Impairment lossesRMB’000 | (25,160) | – | PDF p. 94 |
| Non-operating lossesRMB’000 | (4,754) | – | PDF p. 94 |
| Loss from operationsRMB’000 | (104,456) | (67,121) | PDF p. 94 |
| Finance incomeRMB’000 | 360 | 682 | PDF p. 94 |
| Finance costsRMB’000 | (32,670) | (37,011) | PDF p. 94 |
| Finance costs, netRMB’000 | (32,310) | (36,329) | PDF p. 94 |
| Loss before taxRMB’000 | (136,766) | (103,450) | PDF p. 94 |
| Income tax creditRMB’000 | 2,063 | 51 | PDF p. 94 |
| Loss for the yearRMB’000 | (134,703) | (103,399) | PDF p. 94 |
| Other comprehensive income (loss): Item that may be reclassified to profit or loss | |||
| - Currency translation differencesRMB’000 | 4,711 | (3,419) | PDF p. 94 |
| Other comprehensive income (loss) | |||
| Total comprehensive loss for the yearRMB’000 | (129,992) | (106,818) | PDF p. 94 |
| Loss per share attributable to owners of the Company | |||
| - Basic and diluted (RMB)RMB per share | (0.23) | (0.18) | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
For the financial year ended 31 December 2025. Amounts in RMB’000 except loss per share in RMB.
Consolidated Statement of Financial Position (Group) – Assets and Equity
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentRMB’000 | 134,707 | 224,880 | PDF p. 95 |
| Right-of-use assetsRMB’000 | 230,220 | 257,257 | PDF p. 95 |
| Intangible assetsRMB’000 | 56,209 | 57,016 | PDF p. 95 |
| Deferred tax assetsRMB’000 | 8,055 | 7,914 | PDF p. 95 |
| Other receivablesRMB’000 | 8,439 | – | PDF p. 95 |
| SubtotalRMB’000 | 437,630 | 547,067 | PDF p. 95 |
| Current assets | |||
| InventoriesRMB’000 | 218,230 | 177,571 | PDF p. 95 |
| Trade and other receivablesRMB’000 | 190,356 | 246,916 | PDF p. 95 |
| Prepayments and depositsRMB’000 | 75,863 | 100,979 | PDF p. 95 |
| Pledged bank depositsRMB’000 | 423,680 | 348,973 | PDF p. 95 |
| Cash and cash equivalentsRMB’000 | 11,416 | 33,770 | PDF p. 95 |
| SubtotalRMB’000 | 919,545 | 908,209 | PDF p. 95 |
| Assets | |||
| Total assetsRMB’000 | 1,357,175 | 1,455,276 | PDF p. 95 |
| Equity attributable to the owners of the Company | |||
| Share capitalRMB’000 | 41,994 | 41,994 | PDF p. 95 |
| Share premiumRMB’000 | 82,796 | 82,796 | PDF p. 95 |
| ReservesRMB’000 | 70,332 | 65,583 | PDF p. 95 |
| Accumulated lossRMB’000 | (233,572) | (98,869) | PDF p. 95 |
| Total equityRMB’000 | (38,450) | 91,504 | PDF p. 95 |
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Definitions & sources
Original report: PDF p. 95 ↗
As at 31 December 2025. Continues on next page (liabilities).
Consolidated Statement of Financial Position (Group) – Liabilities (continued)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Bank and other borrowingsRMB’000 | 4,035 | 13,598 | PDF p. 96 |
| Lease liabilitiesRMB’000 | 171,660 | 186,171 | PDF p. 96 |
| Deferred tax liabilitiesRMB’000 | 28,640 | 30,758 | PDF p. 96 |
| Amount due to a related partyRMB’000 | 62,586 | 65,683 | PDF p. 96 |
| SubtotalRMB’000 | 266,921 | 296,210 | PDF p. 96 |
| Current liabilities | |||
| Trade and bills payableRMB’000 | 684,688 | 531,201 | PDF p. 96 |
| Accruals and other payablesRMB’000 | 41,137 | 65,770 | PDF p. 96 |
| Contract liabilitiesRMB’000 | 75,348 | 90,309 | PDF p. 96 |
| Bank and other borrowingsRMB’000 | 241,100 | 319,533 | PDF p. 96 |
| Lease liabilitiesRMB’000 | 36,696 | 38,446 | PDF p. 96 |
| Current income tax liabilitiesRMB’000 | 29 | 21 | PDF p. 96 |
| Loans due to shareholdersRMB’000 | 49,706 | 22,282 | PDF p. 96 |
| SubtotalRMB’000 | 1,128,704 | 1,067,562 | PDF p. 96 |
| Liabilities | |||
| Total liabilitiesRMB’000 | 1,395,625 | 1,363,772 | PDF p. 96 |
| Total equity and liabilitiesRMB’000 | 1,357,175 | 1,455,276 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 96 ↗
As at 31 December 2025.
Statement of Financial Position (Company)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Non-current asset | |||
| Investments in subsidiariesRMB’000 | – | – | PDF p. 97 |
| Current assets | |||
| Prepayments and depositsRMB’000 | 132 | 134 | PDF p. 97 |
| Amounts due from subsidiariesRMB’000 | 203,184 | 187,684 | PDF p. 97 |
| Cash and cash equivalentsRMB’000 | 715 | 1,081 | PDF p. 97 |
| SubtotalRMB’000 | 204,031 | 188,899 | PDF p. 97 |
| Assets | |||
| Total assetsRMB’000 | 204,031 | 188,899 | PDF p. 97 |
| Equity attributable to the owners of the Company | |||
| Share capitalRMB’000 | 41,994 | 41,994 | PDF p. 97 |
| Share premiumRMB’000 | 82,796 | 82,796 | PDF p. 97 |
| ReservesRMB’000 | (299,014) | (294,966) | PDF p. 97 |
| Retained earningsRMB’000 | 264,739 | 269,963 | PDF p. 97 |
| Total equityRMB’000 | 90,515 | 99,787 | PDF p. 97 |
| Non-current liability | |||
| Amount due to a related partyRMB’000 | 62,586 | 65,683 | PDF p. 97 |
| Current liabilities | |||
| Accruals and other payablesRMB’000 | 1,224 | 1,147 | PDF p. 97 |
| Loans due to shareholdersRMB’000 | 49,706 | 22,282 | PDF p. 97 |
| SubtotalRMB’000 | 50,930 | 23,429 | PDF p. 97 |
| Liabilities | |||
| Total liabilitiesRMB’000 | 113,516 | 89,112 | PDF p. 97 |
| Total equity and liabilitiesRMB’000 | 204,031 | 188,899 | PDF p. 97 |
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Definitions & sources
Consolidated statement of profit or loss and other comprehensive income
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB'000 | 2024Group, RMB'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss for the yearRMB'000 | (134,703) | (103,399) | PDF p. 94 |
| Other comprehensive income (loss): Item that may be reclassified to profit or loss | |||
| - Currency translation differencesRMB'000 | 4,711 | (3,419) | PDF p. 94 |
| Total | |||
| Total comprehensive loss for the yearRMB'000 | (129,992) | (106,818) | PDF p. 94 |
| Loss per share attributable to owners of the Company | |||
| - Basic and diluted (RMB)RMB | (0.23) | (0.18) | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
Only the loss and comprehensive income lines are extracted in this scoped stage. No non-controlling interest is presented; all attributable to owners of the Company.
Consolidated statement of changes in equity (Group)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group: Share capital | 2025Group: Share premium | 2025Group: Statutory reserve | 2025Group: Exchange reserve | 2025Group: Capital reserve | 2025Group: Share option reserve | 2025Group: Distributable reserve | 2025Group: Retained earnings/(accumulated loss) | 2025Group: Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the Group | ||||||||||
| At 1 January 2024RMB'000 | 41,994 | 82,796 | 46,797 | (807) | (171,630) | – | 194,642 | 4,530 | 198,322 | PDF p. 98 |
| Year 2024 | ||||||||||
| Loss for the yearRMB'000 | – | – | – | – | – | – | – | (103,399) | (103,399) | PDF p. 98 |
| Year 2024 - Currency translation differences | ||||||||||
| differencesRMB'000 | – | – | – | (3,419) | – | – | – | – | (3,419) | PDF p. 98 |
| Year 2024 - Total comprehensive loss for the year | ||||||||||
| loss for the yearRMB'000 | – | – | – | (3,419) | – | – | – | (103,399) | (106,818) | PDF p. 98 |
| At 31 December 2024 | ||||||||||
| 2024RMB'000 | 41,994 | 82,796 | 46,797 | (4,226) | (171,630) | – | 194,642 | (98,869) | 91,504 | PDF p. 98 |
| Year 2025 | ||||||||||
| Loss for the yearRMB'000 | – | – | – | – | – | – | – | (134,703) | (134,703) | PDF p. 98 |
| Year 2025 - Currency translation differences | ||||||||||
| differencesRMB'000 | – | – | – | 4,711 | – | – | – | – | 4,711 | PDF p. 98 |
| Year 2025 - Total comprehensive loss for the year | ||||||||||
| loss for the yearRMB'000 | – | – | – | 4,711 | – | – | – | (134,703) | (129,992) | PDF p. 98 |
| Year 2025 - Employee share option scheme - Value of employee services | ||||||||||
| employee servicesRMB'000 | – | – | – | – | – | 38 | – | – | 38 | PDF p. 98 |
| Year 2025 - Total transaction with owners recognised directly in equity | ||||||||||
| in equityRMB'000 | – | – | – | – | – | 38 | – | – | 38 | PDF p. 98 |
| At 31 December 2025 | ||||||||||
| 2025RMB'000 | 41,994 | 82,796 | 46,797 | 485 | (171,630) | 38 | 194,642 | (233,572) | (38,450) | PDF p. 98 |
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Definitions & sources
Original report: PDF p. 98 ↗
Note: The statutory reserves are non-distributable and the transfers of these funds are determined by management of the relevant subsidiaries in the Group in accordance with the laws and regulations in the People’s Republic of China.
Multi-line row labels (Currency translation differences; Total comprehensive loss for the year; Employee share option scheme - Value of employee services; Total transaction with owners recognised directly in equity; At 31 December 2024/2025) wrap across lines; quotes use the line carrying the values. No non-controlling interests column is presented.
Statement of changes in equity (Company)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company: Share capital | 2025Company: Share premium | 2025Company: Exchange reserve | 2025Company: Capital reserve | 2025Company: Share option reserve | 2025Company: Distributable reserve | 2025Company: Retained earnings | 2025Company: Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the Company | |||||||||
| At 1 January 2024RMB'000 | 41,994 | 82,796 | (15,718) | (475,000) | – | 194,642 | 273,555 | 102,269 | PDF p. 99 |
| Year 2024 | |||||||||
| Loss for the yearRMB'000 | – | – | – | – | – | – | (3,592) | (3,592) | PDF p. 99 |
| Currency translation differencesRMB'000 | – | – | 1,110 | – | – | – | – | 1,110 | PDF p. 99 |
| Year 2024 - Total comprehensive profit (loss) for the year | |||||||||
| Total comprehensiveRMB'000 | – | – | 1,110 | – | – | – | (3,592) | (2,482) | PDF p. 99 |
| Balance | |||||||||
| At 31 December 2024RMB'000 | 41,994 | 82,796 | (14,608) | (475,000) | – | 194,642 | 269,963 | 99,787 | PDF p. 99 |
| Year 2025 | |||||||||
| Loss for the yearRMB'000 | – | – | – | – | – | – | (5,224) | (5,224) | PDF p. 99 |
| Currency translation differencesRMB'000 | – | – | (4,086) | – | – | – | – | (4,086) | PDF p. 99 |
| Year 2025 - Total comprehensive loss for the year | |||||||||
| for the yearRMB'000 | – | – | (4,086) | – | – | – | (5,224) | (9,310) | PDF p. 99 |
| Year 2025 - Employees share option scheme | |||||||||
| - Value of employee servicesRMB'000 | – | – | – | – | 38 | – | – | 38 | PDF p. 99 |
| Year 2025 - Total transaction with owners | |||||||||
| recognised directly in equityRMB'000 | – | – | – | – | 38 | – | – | 38 | PDF p. 99 |
| Balance | |||||||||
| At 31 December 2025RMB'000 | 41,994 | 82,796 | (18,694) | (475,000) | 38 | 194,642 | 264,739 | 90,515 | PDF p. 99 |
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Definitions & sources
Original report: PDF p. 99 ↗
Multi-line labels wrap; quotes use the line carrying the values.
Consolidated statement of cash flows (page 1: operating and investing)
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB'000 | 2024Group, RMB'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before taxRMB'000 | (136,766) | (103,450) | PDF p. 100 |
| Operating activities - Adjustments for | |||
| Amortisation of intangible assetsRMB'000 | 807 | 807 | PDF p. 100 |
| Depreciation of property, plant and equipmentRMB'000 | 39,830 | 46,160 | PDF p. 100 |
| Depreciation of right-of-use assetsRMB'000 | 30,223 | 31,880 | PDF p. 100 |
| Finance incomeRMB'000 | (360) | (682) | PDF p. 100 |
| Finance costsRMB'000 | 32,670 | 37,011 | PDF p. 100 |
| Loss (gain) on disposal of property, plant and equipmentRMB'000 | 243 | (1,154) | PDF p. 100 |
| Employee share option expenseRMB'000 | 38 | – | PDF p. 100 |
| Gain on leases modificationRMB'000 | (4,474) | – | PDF p. 100 |
| Impairment lossesRMB'000 | 25,160 | – | PDF p. 100 |
| Non-operating lossesRMB'000 | 4,754 | – | PDF p. 100 |
| Provision for (reversal of) inventories written downRMB'000 | 344 | (12,940) | PDF p. 100 |
| Operating activities | |||
| Operating cash flows before movements in working capitalRMB'000 | (7,531) | (2,368) | PDF p. 100 |
| (Increase) decrease in inventoriesRMB'000 | (41,003) | 159,289 | PDF p. 100 |
| Decrease (increase) in trade and other receivables, prepayments and depositsRMB'000 | 83,983 | (9,324) | PDF p. 100 |
| Increase in pledged bank depositsRMB'000 | (74,707) | (96,736) | PDF p. 100 |
| Increase in trade and bills payable, accruals and other payablesRMB'000 | 135,870 | 6,405 | PDF p. 100 |
| Decrease in contract liabilitiesRMB'000 | (14,961) | (19) | PDF p. 100 |
| Cash generated from operationsRMB'000 | 81,651 | 57,247 | PDF p. 100 |
| Income tax paidRMB'000 | (190) | (3,105) | PDF p. 100 |
| Net cash generated from operating activitiesRMB'000 | 81,461 | 54,142 | PDF p. 100 |
| Investing activities | |||
| Interest receivedRMB'000 | 360 | 682 | PDF p. 100 |
| Purchases of property, plant and equipmentRMB'000 | (20,872) | (54,091) | PDF p. 100 |
| Proceeds from disposal of property, plant and equipmentRMB'000 | 29,672 | 27,526 | PDF p. 100 |
| Net cash generated from (used in) investing activitiesRMB'000 | 9,160 | (25,883) | PDF p. 100 |
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Definitions & sources
Original report: PDF p. 100 ↗
No separate Company cash flow statement is presented; the statement is consolidated (Group) only.
Consolidated statement of cash flows (continued: financing and closing cash)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB'000 | 2024Group, RMB'000 | Source |
|---|---|---|---|
| Financing activities | |||
| Interest paidRMB'000 | (32,670) | (37,011) | PDF p. 101 |
| Proceeds from bank and other borrowingsRMB'000 | 844,916 | 1,905,335 | PDF p. 101 |
| Repayment of bank and other borrowingsRMB'000 | (932,912) | (1,906,461) | PDF p. 101 |
| Principal elements of lease paymentsRMB'000 | (21,310) | (13,189) | PDF p. 101 |
| Repayment to a related partyRMB'000 | (358) | (10,033) | PDF p. 101 |
| Advance from shareholders’ loanRMB'000 | 52,557 | 22,016 | PDF p. 101 |
| Repayment to shareholder’s loanRMB'000 | (23,979) | (29,055) | PDF p. 101 |
| Net cash used in financing activitiesRMB'000 | (113,756) | (68,398) | PDF p. 101 |
| Net change in cash | |||
| Net decrease in cash and cash equivalentsRMB'000 | (23,135) | (40,139) | PDF p. 101 |
| Effect of foreign exchange rate changesRMB'000 | 781 | (1,051) | PDF p. 101 |
| Cash and cash equivalents at beginning of the yearRMB'000 | 33,770 | 74,960 | PDF p. 101 |
| Closing cash | |||
| Total cash and cash equivalents at end of the year represented by cash and cash equivalentsRMB'000 | 11,416 | 33,770 | PDF p. 101 |
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Definitions & sources
Original report: PDF p. 101 ↗
Continuation of the consolidated statement of cash flows from page 100.
Financial Highlights – Gross profit/(loss) and gross margin, FY2021–FY2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Gross Profit / (Loss) (RMB’million) | ||||||
| Sales of AutomobilesRMB’million | 153.5 | (0.7) | (122.7) | (201.5) | (156.0) | PDF p. 7 |
| Provision of After-Sales ServicesRMB’million | 218.1 | 194.6 | 177.3 | 176.9 | 152.7 | PDF p. 7 |
| Commission IncomeRMB’million | – | 3.2 | 6.1 | 4.6 | 7.8 | PDF p. 7 |
| TotalRMB’million | 371.6 | 197.1 | 60.7 | (20.0) | 4.5 | PDF p. 7 |
| Gross Profit Margin (%) | ||||||
| Sales of Automobiles% | 3.9 | (0.0) | (4.2) | (9.8) | (10.1) | PDF p. 7 |
| Provision of After-Sales Services% | 40.1 | 38.5 | 35.1 | 35.5 | 34.2 | PDF p. 7 |
| Overall% | 8.2 | 4.9 | 1.8 | (0.8) | 0.2 | PDF p. 7 |
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Definitions & sources
Original report: PDF p. 7 ↗
Numbers as printed on Financial Highlights page 05 of the report.
Financial Highlights – Balance sheet, NAV per share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, as at 31 December 2024 | 2025Group, as at 31 December 2025 | Source |
|---|---|---|---|
| BALANCE SHEET | |||
| Total AssetsRMB’million | 1,455.3 | 1,357.2 | PDF p. 7 |
| Total LiabilitiesRMB’million | 1,363.8 | 1,395.6 | PDF p. 7 |
| Total EquityRMB’million | 91.5 | (38.5) | PDF p. 7 |
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Definitions & sources
Original report: PDF p. 7 ↗
Financial Highlights – Net profit/(loss) chart FY2021–FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|
| Net profit/(loss) | ||||
| NET PROFIT / (LOSS) (RMB’MILLION)RMB’million | (91.6) | (103.4) | (134.7) | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
Chart: FY2021 124.0 and FY2022 21.0 also printed (positive values, on separate chart lines); only the three loss values are captured as a single-line quote. Revenue bar chart by segment FY2021–FY2025 is garbled in the text layer and not extracted.
Operational and Financial Review – Income statement
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025% Variance, FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| RevenueRMB’ million | 1,995.0 | 2,554.5 | (21.9) | PDF p. 10 |
| Cost of SalesRMB’ million | (1,990.5) | (2,574.4) | (22.7) | PDF p. 10 |
| Gross Profit / (Loss)RMB’ million | 4.5 | (20.0) | n.m. | PDF p. 10 |
| Other IncomeRMB’ million | 135.6 | 207.4 | (34.6) | PDF p. 10 |
| Other Gains, NetRMB’ million | 4.3 | 0.6 | n.m. | PDF p. 10 |
| Selling ExpensesRMB’ million | (118.8) | (140.0) | (15.1) | PDF p. 10 |
| Administrative ExpensesRMB’ million | (100.1) | (115.3) | (13.2) | PDF p. 10 |
| Impairment and Non-operating LossesRMB’ million | (29.9) | - | n.m. | PDF p. 10 |
| Loss from OperationsRMB’ million | (104.5) | (67.1) | n.m. | PDF p. 10 |
| Finance Costs, NetRMB’ million | (32.3) | (36.3) | (11.1) | PDF p. 10 |
| (Loss) Before Income TaxRMB’ million | (136.8) | (103.5) | n.m. | PDF p. 10 |
| (Loss) for the YearRMB’ million | (134.7) | (103.4) | n.m. | PDF p. 10 |
| Adjusted Loss for the YearRMB’ million | (104.8) | (103.4) | n.m. | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Numbers may not add up due to rounding.
Adjusted loss excludes one-off impairment and non-operating losses (page 12 text).
Operational and Financial Review – Revenue by segment
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025% Variance, FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| REVENUE BY SEGMENT | ||||
| Sale of automobilesRMB’ million | 1,540.2 | 2,051.8 | (24.9) | PDF p. 10 |
| Provision of aftersales servicesRMB’ million | 446.9 | 497.8 | (10.2) | PDF p. 10 |
| Agency revenueRMB’ million | 7.9 | 4.8 | 65.0 | PDF p. 10 |
| Total RevenueRMB’ million | 1,995.0 | 2,554.5 | (21.9) | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Numbers may not add up due to rounding.
Operational and Financial Review – Gross margin by segment
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025% Variance, FY2025 vs FY2024 (percentage points) | Source |
|---|---|---|---|---|
| GROSS MARGIN BY SEGMENT | ||||
| Overall Gross Margin% | 0.2 | (0.8) | n.m. | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Numbers may not add up due to rounding.
Operational and Financial Review – Balance sheet
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | Source |
|---|---|---|---|
| ASSETS | |||
| Total non-current assetsRMB’ million | 437.6 | 547.1 | PDF p. 12 |
| Property, plant and equipmentRMB’ million | 134.7 | 224.9 | PDF p. 12 |
| Right-of-use assetsRMB’ million | 230.2 | 257.3 | PDF p. 12 |
| Intangible assetsRMB’ million | 56.2 | 57.0 | PDF p. 12 |
| Deferred income tax assetsRMB’ million | 8.1 | 7.9 | PDF p. 12 |
| Other receivablesRMB’ million | 8.4 | - | PDF p. 12 |
| Total current assetsRMB’ million | 919.5 | 908.2 | PDF p. 12 |
| InventoriesRMB’ million | 218.2 | 177.6 | PDF p. 12 |
| Trade and other receivablesRMB’ million | 190.4 | 246.9 | PDF p. 12 |
| Prepayments and depositsRMB’ million | 75.9 | 101.0 | PDF p. 12 |
| Pledged bank depositsRMB’ million | 423.7 | 349.0 | PDF p. 12 |
| Cash and cash equivalentsRMB’ million | 11.4 | 33.8 | PDF p. 12 |
| TOTAL ASSETSRMB’ million | 1,357.2 | 1,455.3 | PDF p. 12 |
| Equity attributable to the owner of the Company | |||
| Share capitalRMB’ million | 42.0 | 42.0 | PDF p. 12 |
| Share premiumRMB’ million | 82.8 | 82.8 | PDF p. 12 |
| ReservesRMB’ million | 70.3 | 65.6 | PDF p. 12 |
| Retained (loss)RMB’ million | (233.6) | (98.9) | PDF p. 12 |
| TOTAL EQUITYRMB’ million | (38.5) | 91.5 | PDF p. 12 |
| LIABILITIES | |||
| Total non-current liabilitiesRMB’ million | 266.9 | 296.2 | PDF p. 12 |
| Bank and other borrowings (non-current)RMB’ million | 4.0 | 13.6 | PDF p. 12 |
| Lease liabilities (non-current)RMB’ million | 171.7 | 186.2 | PDF p. 12 |
| Deferred income tax liabilitiesRMB’ million | 28.6 | 30.8 | PDF p. 12 |
| Amount due to a related partyRMB’ million | 62.6 | 65.7 | PDF p. 12 |
| Total current liabilitiesRMB’ million | 1,128.7 | 1,067.6 | PDF p. 12 |
| Trade and bills payableRMB’ million | 684.7 | 531.2 | PDF p. 12 |
| Accruals and other payablesRMB’ million | 41.1 | 65.8 | PDF p. 12 |
| Contract liabilitiesRMB’ million | 75.3 | 90.3 | PDF p. 12 |
| Bank and other borrowings (current)RMB’ million | 241.1 | 319.5 | PDF p. 12 |
| Lease liabilities (current)RMB’ million | 36.7 | 38.4 | PDF p. 12 |
| Loans due to shareholdersRMB’ million | 49.7 | 22.3 | PDF p. 12 |
| TOTAL LIABILITIESRMB’ million | 1,395.6 | 1,363.8 | PDF p. 12 |
| Working capitalRMB’ million | (209.2) | (159.4) | PDF p. 12 |
| Net interest-bearing liabilities1RMB’ million | 509.4 | 467.1 | PDF p. 12 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 12 ↗
Numbers may not add up due to rounding.
1 Long term and short term borrowings and bills payable less cash and cash equivalents and pledged deposits
Two 'Bank and other borrowings' and two 'Lease liabilities' rows: first occurrence is non-current, second is current.
Operational and Financial Review – Cash flows
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| CASH FLOWS | |||
| Net cash generated from operating activitiesRMB’ million | 81.5 | 54.1 | PDF p. 14 |
| Net cash generated from / (used in) investing activitiesRMB’ million | 9.2 | (25.9) | PDF p. 14 |
| Net cash used in financing activitiesRMB’ million | (113.8) | (68.4) | PDF p. 14 |
| Cash and cash equivalents at end of financial yearRMB’ million | 11.4 | 33.8 | PDF p. 14 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 14 ↗
Note 26 – Loss per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| 26(a) Loss per share | |||
| Loss attributable to owners of the Company (RMB’000)RMB’000 | (134,703) | (103,399) | PDF p. 135 |
| Weighted average number of ordinary shares in issue (thousands)thousands of shares | 589,615 | 589,615 | PDF p. 135 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 135 ↗
Diluted loss per share equals basic loss per share: dilutive potential was anti-dilutive in 2025 and there were no potential ordinary shares in issue in 2024.
Debt
Borrowings
Borrowings repayable (maturity) by type
| Item / unit | 2025Bank borrowings, RMB'000 | 2024Bank borrowings, RMB'000 | 2025Borrowing from manufacturers, RMB'000 | 2024Borrowing from manufacturers, RMB'000 | 2025Other borrowings, RMB'000 | 2024Other borrowings, RMB'000 | Source |
|---|---|---|---|---|---|---|---|
| The Group’s borrowings were repayable as follows | |||||||
| Within 1 yearRMB'000 | 148,755 | 200,901 | 84,984 | 96,429 | 7,361 | 22,203 | PDF p. 129 |
| Between 1 to 2 yearsRMB'000 | – | – | 2,224 | 4,653 | 889 | 5,832 | PDF p. 129 |
| Between 2 to 5 yearsRMB'000 | – | – | – | 2,224 | 922 | 889 | PDF p. 129 |
| Total (unlabelled)RMB'000 | 148,755 | 200,901 | 87,208 | 103,306 | 9,172 | 28,924 | PDF p. 129 |
Notes
No 'after five years' bucket printed.
Borrowing notes 1 tables
Bank and other borrowings - current and non-current
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Current | |||
| Bank borrowings - securedRMB'000 | 138,755 | 180,901 | PDF p. 128 |
| Bank borrowings - guaranteedRMB'000 | 10,000 | 20,000 | PDF p. 128 |
| Borrowings from manufacturers - securedRMB'000 | 84,984 | 96,429 | PDF p. 128 |
| Other borrowings - securedRMB'000 | 7,361 | 22,203 | PDF p. 128 |
| Total current borrowings (unlabelled subtotal)RMB'000 | 241,100 | 319,533 | PDF p. 128 |
| Non-current | |||
| Borrowings from manufacturers - securedRMB'000 | 2,224 | 6,877 | PDF p. 128 |
| Other borrowings - securedRMB'000 | 1,811 | 6,721 | PDF p. 128 |
| Total non-current borrowings (unlabelled subtotal)RMB'000 | 4,035 | 13,598 | PDF p. 128 |
| Total | |||
| Total borrowings (unlabelled total)RMB'000 | 245,135 | 333,131 | PDF p. 128 |
Notes
Subtotal/total rows have no printed label; descriptive labels added.
Page 129: Fixed-rate borrowings 2025 245,135; 2024 331,131 (differs from the 333,131 total printed on page 128).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed policy on payment of dividends. The issue of payment of dividend is deliberated by the Board annually having regard to various factors, including but not limited to the Group’s actual and projected financial performance, projected levels of capital expenditure and other investment plans, working capital requirements and general financial conditions, and the level of the Group’s cash and retained earnings. | Company | PDF p. 80 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Deloitte & Touche LLP | Deloitte & Touche LLP | Group | PDF p. 93 |
| Engagement partner | Mr Khor Tee Heng | Group | PDF p. 93 |
| OPINION | unmodified | Group and Company | PDF p. 89 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Recognition of vendor rebates receivables | We identified recognition of vendor rebates receivable as a | Group | PDF p. 91 |
| Net realisable value of inventories | These inventories are carried at the lower of cost and net | Group | PDF p. 91 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
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.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.