v3.26.1
Financial Risk Management Objectives and Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Risk Management Objectives and Policies [Abstract]  
Schedule of Interest Rate Risk This analysis does not include the effect of interest capitalized.
  

Increase/

(decrease)

in basis points

  

Increase/

(decrease)

in loss before tax

 
       RMB 
2024        
RMB   100    11,160 
RMB   (100)   (11,160)
2025          
RMB   100    19,113 
RMB   (100)   (19,113)
Schedule of Foreign Currency Risk

The following table demonstrates the sensitivity as at the end of each reporting period to a reasonably possible change in the US$ and HK$ exchange rates, with all other variables held constant, of the Group’s loss before tax and in other comprehensive income (without tax) due to changes in the fair values of monetary assets and liabilities.

 

  

Increase/

(decrease) in

foreign

currency

rate

  

Increase/

(decrease)

in loss

before

tax

  

Increase/

(decrease) in

other

comprehensive

income

(without tax)

 
   %   RMB   RMB 
December 31, 2024            
If RMB weakens against US$   5    (44)   56,796 
If RMB strengthens against US$   (5)   44    (56,796)
December 31, 2025               
If RMB weakens against US$   5    (65)   124,210 
If RMB strengthens against US$   (5)   65    (124,210)
Schedule of Maximum Exposure and Year-end Staging The amounts presented are gross carrying amounts for financial assets.
   12-month ECLs   Lifetime ECLs     
   Stage 1   Stage 2   Stage 3   Simplified approach   Total 
   RMB   RMB   RMB   RMB   RMB 
                          
Financial assets included in prepayments, other receivables and other assets - Normal**   9,846        -        -    -    9,846 
Cash and bank balances - Not yet past due   1,261,211    -    -    -    1,261,211 
Trade receivables*   -    -    -    83,143    83,143 
Financial assets included in other non-current assets - Normal**   2,439    -    -    -    2,439 
Total   1,273,496    -    -    83,143    1,356,639 
   12-month ECLs   Lifetime ECLs         
   Stage 1   Stage 2   Stage 3   Simplified approach   Total   Total 
   RMB   RMB   RMB   RMB   RMB   US$ 
                         
Financial assets included in prepayments, other receivables and other assets - Normal**   3,609    -    -    -    3,609    516 
Cash and bank balances - Not yet past due   2,470,085    -    -    -    2,470,085    353,217 
Trade receivables*   -    -    -    252,938    252,938    36,170 
Financial assets included in other non-current assets - Normal**   690    -    -    -    690    99 
Total   2,474,384        -         -    252,938    2,727,322    390,002 

 

*For trade receivables to which the Group applies the simplified approach for impairment, information based on provision matrix is disclosed in note 21 to the financial statements.

 

**The credit quality of the financial assets included in prepayments, other receivables and other assets and financial assets included in other non- current assets is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.
Schedule of Liquidity Risk

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is as follows:

 

As at December 31, 2024                    
   On demand   Less than
1 year		   1 to 5 years   Over
5 years		   Total 
   RMB   RMB   RMB   RMB   RMB 
                     
Trade payables   -    91,966    -    -    91,966 
Lease liabilities   -    10,674    8,592    -    19,266 
Interest-bearing bank and other borrowings (excluding lease liabilities)   -    813,610    452,765    565,079    1,831,454 
Financial liabilities included in other payables and accruals   73,670    29,344    -    -    103,014 
Other non-current liabilities   -    -    6,274    -    6,274 
                          
Total   73,670    945,594    467,631    565,079    2,051,974 

 

As at December 31, 2025                        
   On demand   Less than 1 year   1 to 5 years   Over
5 years		   Total   Total 
   RMB   RMB   RMB   RMB   RMB   US$ 
                         
Trade payables   -    106,740    -    -    106,740    15,264 
Lease liabilities   -    8,262    16,226    -    24,488    3,502 
Interest-bearing bank and other borrowings (excluding lease liabilities)   -    1,255,814    365,732    546,806    2,168,352    310,070 
Financial liabilities included in other payables and accruals   130,142    10,308    -    -    140,450    20,084 
Other non-current liabilities   -    -    12,031    -    12,031    1,720 
                               
Total   130,142    1,381,124    393,989    546,806    2,452,061    350,640 
Schedule of Equity Price Risk

The market equity index for the following stock exchange, at the close of business of the nearest trading day in the year to the end of the reporting period, and its respective highest and lowest points during the year were as follows:

 

   December 31,   High/low   December 31,   High/low 
   2024   2024   2025   2025 
United States–NASDAQ index   19,311    20,205/14,478   -    
-/-
 
Schedule of Carrying Amounts at the End of the Reporting Period

The following table demonstrates the sensitivity to every 5% change in the fair values of the equity investments, with all other variables held constant and before any impact on tax, based on their carrying amounts at the end of the reporting period.

 

    Carrying
amount of
equity
investments		     Decrease/
(increase)
in loss
before tax		  
    RMB     RMB  
2024            
Investments listed in:            
NASDAQ - Financial assets at fair value through profit or loss     1,141       57  
              (57 )
2025                
Investments listed in:                
NASDAQ - Financial assets at fair value through profit or loss     -        -   
NASDAQ - Financial assets at fair value through profit or loss in USD     -        -   
Schedule of Capital Management The gearing ratios as at the end of the reporting periods were as follows:
   As at December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Interest-bearing bank and other borrowings   1,668,497    1,979,719    283,096 
Trade payables   91,966    106,740    15,264 
Financial liabilities included in other payables and accruals   103,014    140,450    20,084 
Other non-current liabilities   6,274    12,031    1,720 
Less: Cash and bank balances   (1,261,211)   (2,470,085)   (353,217)
                
Net debt   608,540    (231,145)   (33,053)
                
Equity attributable to owners of the parent   264,194    1,324,462    189,396 
                
Adjusted capital   264,194    1,324,462    189,396 
                
Capital and net debt   872,734    1,093,317    156,343 
                
Gearing ratio   70%   NA     NA