Auditor’s Report
Shenzhen Tellus Holding Co., Ltd.
For the year ended 31 December 2025
Grant Thornton Zhitong
Certified Public Accountants LLP
Content
Auditor’s Report 1-7
Consolidated and Company Balance Sheets 1-2
Consolidated and Company Income Statements 3
Consolidated and Company Cash Flow Statements 4
Consolidated Shareholders’ Statements of Changes in Equity 5-6
Company Shareholders’ Statements of Changes in Equity 7-8
Notes to the Financial Statements 9-117
Auditor’s Report
GTCNSZ（2026）NO. 441A014372
To the Shareholders of Shenzhen Tellus Holding Co., Ltd.：
I. Audit opinion
We have audited the financial statements of Shenzhen Tellus Holding Co., Ltd.(hereinafter referred
to as "the Company"), including the consolidated and company balance sheets as at December 31,2025,
the consolidated and company income statements for the year 2025, the consolidated and company
cash flow statements, the consolidated and company shareholders equity changes statement and the
notes to the relevant financial statements.
We believe that the financial statements attached hereto have been prepared in all material
respects in accordance with the provisions of the Enterprise Accounting Standards and fairly reflect the
consolidated financial position of the Company as at December 31,2025 and the consolidated operating
results and cash flows of the Company for the year ended December 31,2025.
II. Basis for Opinion
We conducted the audit in accordance with the Chinese Certified Public Accountants Auditing
Standards. The section on "The Responsibility of Certified Public Accountants for the Audit of Financial
Statements" in the audit report further elaborates on our responsibilities under these standards(where
applicable). In line with the Chinese Certified Public Accountants Code of Professional Ethics, we were
independent from the Company and fulfilled other ethical responsibilities. We believe that the audit
evidence we obtained is sufficient and appropriate, providing a basis for our audit opinion.
III. Key Audit Items
Key audit matters are matters that we consider to be most important to the audit of the current
financial statements based on our professional judgment. The response to these matters is in the
context of the audit and the formation of the audit opinion on the financial statements as a whole, and
we do not express opinions separately on these matters.
Please refer to Note III.25 and Note V.44 of the notes to the financial statements for details.
(1)Description
Teli Company's operating revenue primarily stems from property leasing and services, as well as
gold and jewelry sales and services. In 2025, the Company achieved a revenue of 1.462 billion yuan, a
decrease of 44.08% compared to the same period last year. Given that revenue is one of the key
performance indicators, there is a risk that the management (hereinafter referred to as "management")
may have improperly recognized income to achieve specific goals or expectations. Therefore, we have
identified revenue recognition as a critical audit matter.
(2) Responses in audit procedures
Our audit procedures for revenue recognition mainly include:
of key control process operation;
control related to revenue recognition, the appropriateness of the specific method of revenue
recognition of the Company can be evaluated.
margin fluctuation analysis for the current period, comparative analysis of revenue, price and gross
profit margin of major products and services with the same period last year, and comparative analysis
with listed companies in the same industry.
reply, check the sales contract, check the post-period payment,invoice and receipt support documents
to verify the authenticity of transactions.
current year, including lease contracts and invoices related to lease business, as well as sales contracts,
sales orders, invoices, warehouse delivery notes, settlement statements and customer acknowledgment
receipts, etc., to check whether revenue recognition is accurate.
sheet date with supporting documents such as invoices, commodity sales orders, delivery notes and
customer receipt notes, and evaluate whether the operating income is recognized in the appropriate
period.
changes in the current period and their related parties, and check whether there are unidentified
potential related party relationships and transactions.
For the disclosure, see Notes Ⅲ15、16 and Ⅴ14、15.
(1)Description of matters
As of December 31,2025, the value of investment real estate and fixed assets surface of the Teli
Company is 1,115,777,464.99 yuan, accounting for 42.10% of the total assets,which is material to the
financial statements. The book value of investment real estate and fixed assets involves significant
management judgment, including the economic usable life and residual value rate of fixed assets and
investment real estate. Since the evaluation of the book value of investment real estate and fixed assets
involves the significant judgment of the management and its importance to the consolidated financial
statements, we determine the book value of investment real estate and fixed assets as the key audit
matters.
(2) Audit response
The audit procedures we performed in respect of the recognition of the carrying amounts of investment
property and property, plant and equipment mainly include:
investment real estate and fixed assets , evaluate the design of these internal controls, determine
whether they are implemented, and test the operation effectiveness of relevant internal controls;
other materials of large assets;
value of investment real estate and fixed assets;
well as the Company’s inventory count sheets, perform inventory count procedures, physically inspect
the usage status of investment property and property, plant and equipment, and assess whether there
are any indicators of impairment by combining the leasing and usage conditions of investment property
and property, plant and equipment with the real estate market conditions.
whether the depreciation plan is accurate;
properly reported and disclosed in the financial statements.
IV.Other information
The management of the Company (hereinafter referred to as the Management) is responsible for
other information, including the information covered in the Company 2025 annual report, but excluding
the financial statements and our audit report.
Our audit opinion on the financial statements does not cover other information, and we do not
express any form of attestation conclusion on other information.
In conjunction with our audit of the financial statements, it is our responsibility to read other
information and, in doing so, to consider whether there is a material misstatement or apparent
misstatement of other information that is materially inconsistent with the financial statements or what we
have learned during our audit.
Based on the work we have performed, if we were to determine that there was a material
misstatement of other information, we would report it. In this regard, we have nothing to report.
V. Responsibility of management and governance for financial statements
The management of the Company is responsible for preparing the financial statements in
accordance with the accounting standards of the enterprise to achieve fair reflection and designing,
implementing and maintaining the necessary internal controls to ensure that there are no material
misstatements in the financial statements due to fraud or error.
In preparing the financial statements, management is responsible for assessing the ability of the
Company to continue as a going concern, disclosing matters related to going concern (if applicable),
and applying the going concern assumption unless management plans to liquidate the Company,
terminate operations or has no other realistic alternatives.
The governance level is responsible for overseeing the financial reporting process of the Company.
VI.The responsibility of certified public accountants for the audit of financial statements
Our objective is to obtain reasonable assurance as to whether the financial statements as a whole
are free of material misstatement due to fraud or error, and to express an opinion that includes our audit.
Reasonable assurance represents a high level of assurance but does not guarantee that an audit
conducted in accordance with auditing standards will always detect material misstatements when they
exist. A misstatement may be material if it is reasonably expected to affect economic decisions made by
users of the financial statements, either individually or collectively, based on the financial statements.
In performing our audit in accordance with the auditing standards, we exercise professional
judgment and maintain a professional skepticism. At the same time, we perform the following:
(1) Identify and assess the risk of material misstatement in financial statements due to fraud or
error, design and perform audit procedures to address these risks, and obtain sufficient and appropriate
audit evidence as the basis for expressing an audit opinion. Since fraud may involve collusion, forgery,
intentional omission, false statement, or overriding internal controls, the risk of failing to detect material
misstatements due to fraud is higher than the risk of failing to detect material misstatements due to
error.
(2) Understand the internal control related to the audit, so as to design appropriate audit
procedures. (3) Evaluate the appropriateness of managements choice of accounting policies and the
rationality of accounting estimates and related disclosures.
(4) Conclude on the appropriateness of managements use of the going concern assumption. At the
same time, based on the audit evidence obtained, conclude whether there is significant uncertainty
regarding matters or conditions that could lead to significant doubt about the Company ability to
continue as a going concern. If we conclude that there is significant uncertainty, auditing standards
require us to draw the attention of users of the financial statements to relevant disclosures in the
financial statements; if the disclosure is insufficient, we should issue a qualified opinion. Our conclusions
are based on information available as of the date of the audit report. However, future events or
conditions may result in the Company being unable to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements, and
evaluate whether the financial statements fairly reflect the relevant transactions and events.
(6) Obtain sufficient and appropriate audit evidence on the financial information of entities or
business activities in Telco to express an opinion on the financial statements. We are responsible for
directing, overseeing and performing the audit of the Group and assume full responsibility for the audit
opinion.
We communicate with the governance layer on matters such as the scope and timing of the audit
plan and significant audit findings, including those internal control deficiencies that we identified during
the audit that are noteworthy.
We also provide a statement to the governance that we have complied with the ethical
requirements related to independence and communicate with the governance all relationships and other
matters that may be reasonably considered to affect our independence, as well as the relevant
safeguards (if applicable).
From the matters communicated with the governance level, we determine which are most critical to
the audit of this periods financial statements and thus constitute key audit matters. We describe these
matters in our audit report unless laws and regulations prohibit their public disclosure, or in rare cases, if
it is reasonably expected that the negative consequences of communicating a matter in the audit report
would outweigh the benefits to public interest, we determine that such matters should not be
communicated in the audit report.
Grant Thornton Zhitong Auditor's signature and stamp
Certified Public Accountants LLP
Auditor's signature and stamp
China · Beijing
Date of the auditor's report:April 20,2026
Balance Sheet
As at 31 December 2025
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note
Consolidated Company Consolidated Company
Current assets:
Cash at bank and on hand V.1 149,229,156.85 5,557,917.51 377,971,359.69 25,182,064.77
Financial assets held for trading V.2 117,410,631.65 - 165,630,834.06 121,340,400.00
Derivative financial assets V.3 - - 292,078.00 -
Bills receivable - - - -
Accounts receivable V.4 61,009,891.79 10,650,313.31 46,564,067.14 19,714,030.82
Financing receivables - - - -
Prepayments V.5 842,625.42 239,474.02 797,409.91 96,692.05
Other receivables V.6 49,405,335.51 3,711,404.11 8,081,783.33 2,839,370.67
Including: Interests receivable - - - -
Dividends receivable - - - -
Inventories V.7 59,657,540.72 - 127,432,191.55 -
Including: Data resources - - - -
Contract assets - - - -
Assets held for sale - - - -
Non-current assets due within one year V.8 87,268,498.36 65,398,799.73 91,587,627.94 91,587,627.94
Other current assets V.9 19,312,300.83 6,580,651.56 96,743,827.38 51,886,807.24
Total current assets 544,135,981.13 92,138,560.24 915,101,179.00 312,646,993.49
Non-current assets:
Debt investments - - - -
Other debt investments V.10 573,849,427.40 375,653,749.58 84,724,128.76 63,517,795.43
Long-term receivables V.11 - - - -
Long-term equity investments V.12 94,475,900.97 808,086,675.38 85,091,833.20 798,702,607.61
Other equity instruments investments V.13 - - - -
Other non-current financial assets - - - -
Investment properties V.14 1,053,907,083.65 514,855,019.83 1,099,772,133.10 530,187,087.36
Fixed assets V.15 61,870,381.34 11,608,977.55 70,763,683.25 13,330,517.88
Construction in progress V.16 5,111,882.70 1,986,361.94 3,332,141.19 1,986,361.94
Productive biological assets - - - -
Oil and gas assets - - - -
Right-of-use assets V.17 77,920,830.56 72,189,070.86 78,558,005.50 81,973,406.34
Intangible assets V.18 3,062,429.09 1,388,001.07 3,775,834.45 2,203,851.20
Including: Data resources - - - -
Development costs - - - -
Including: Data resources - - - -
Goodwill - - - -
Long-term deferred expenses V.19 34,117,850.87 18,589,616.08 48,095,409.37 20,931,913.29
Deferred tax assets V.20 6,399,715.44 - 5,496,778.78 -
Other non-current assets V.21 195,306,959.38 19,429,987.73 199,748,111.29 26,969,339.66
Total non-current assets 2,106,022,461.40 1,823,787,460.02 1,679,358,058.89 1,539,802,880.71
Total assets 2,650,158,442.53 1,915,926,020.26 2,594,459,237.89 1,852,449,874.20
Balance Sheet(continued)
As at 31 December 2025
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note
Consolidated Company Consolidated Company
Current liabilities:
Short-term loans V.23 11,002,344.41 - 120,101,444.43 -
Financial liabilities held for trading V.24 - - - -
Derivative financial liabilities V.25 2,702,318.10 - 46,660.00 -
Bills payable V.26 180,000,000.00 - 110,000,000.00 -
Accounts payable V.27 109,353,384.05 46,372,187.13 125,555,693.13 59,250,518.21
Advances from customers V.28 8,222,394.47 511,330.64 9,469,503.75 1,118,873.69
Contract liabilities V.29 3,604,150.70 - 4,009,504.59 -
Employee benefits payable V.30 42,283,881.13 35,385,505.68 36,835,623.94 30,927,714.69
Taxes payable V.31 29,059,082.08 12,741,797.74 36,109,740.02 21,432,181.88
Other payables V.32 139,483,702.52 71,087,817.06 126,312,280.55 120,275,555.64
Including: Interests payable - - - -
Dividends payable - - - -
Liabilities held for sale - - - -
Non-current liabilities due within one year V.33 10,581,548.92 9,188,883.17 8,674,869.40 8,212,093.33
Other current liabilities V.34 2,214,225.00 685,494.59 6,142,814.36 1,609,232.42
Total current liabilities 538,507,031.38 175,973,016.01 583,258,134.17 242,826,169.86
Non-current liabilities:
Long-term loans - - - -
Bonds payable - - - -
Lease liabilities V.35 75,441,810.38 71,397,113.71 76,541,985.55 80,617,189.54
Long-term payables V.36 3,920,160.36 - 3,920,160.36 -
Provisions V.37 9,956,800.00 - - -
Deferred income V.38 6,057,271.67 - 7,837,477.60 -
Deferred tax liabilities V.20 20,155,522.20 5,459,612.17 25,175,508.48 7,188,936.09
Other non-current liabilities - - - -
Total non-current liabilities 115,531,564.61 76,856,725.88 113,475,131.99 87,806,125.63
Total liabilities 654,038,595.99 252,829,741.89 696,733,266.16 330,632,295.49
Shareholders' equity:
Share capital V.39 431,058,320.00 431,058,320.00 431,058,320.00 431,058,320.00
Capital reserve V.40 430,866,408.50 428,256,131.23 430,866,408.50 428,256,131.23
Less: treasury shares - - - -
Other comprehensive income V.41 -7,606,040.90 -7,632,462.90 -7,606,040.90 -7,632,462.90
Specific reserve - - - -
Surplus reserve V.42 92,661,110.16 92,661,110.16 74,222,656.99 74,222,656.99
Retained earnings V.43 879,664,677.57 718,753,179.88 798,343,284.97 595,912,933.39
Total equity attributable to shareholders of the Company 1,826,644,475.33 1,663,096,278.37 1,726,884,629.56 1,521,817,578.71
Non-controlling interests 169,475,371.21 - 170,841,342.17 -
Total shareholders' equity 1,996,119,846.54 1,663,096,278.37 1,897,725,971.73 1,521,817,578.71
Total liabilities and shareholders' equity 2,650,158,442.53 1,915,926,020.26 2,594,459,237.89 1,852,449,874.20
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Income Statement
For the year ended 31 December 2025
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note
Consolidated Company Consolidated Company
I.Operating income V.44 1,461,603,400.53 117,402,423.15 2,613,678,204.37 118,323,197.59
Less: operating costs V.44 1,212,036,648.67 53,554,271.59 2,376,764,300.06 51,537,706.69
Taxes and surcharges V.45 10,972,011.00 1,668,852.43 13,172,648.28 1,711,412.68
Selling and distribution expenses V.46 15,669,036.29 1,294,836.49 22,232,680.89 3,339,658.26
General and administrative expenses V.47 58,791,177.35 45,160,833.87 51,362,592.45 42,011,001.83
Research and development expenses V.48 3,098,228.24 - 3,268,819.88 -
Financial expenses V.49 4,483,061.95 2,936,217.17 6,389,014.69 1,410,770.64
Including: Interest expenses 6,563,081.07 3,075,790.53 9,096,305.49 2,904,506.30
Interest income 2,571,339.77 156,575.30 2,984,792.54 1,598,304.15
Add: Other income V.50 2,309,127.32 215,922.09 6,597,836.15 73,023.60
Investment income ("-" for losses) V.51 17,211,942.15 173,267,700.81 19,470,482.47 103,747,991.59
Including: Income from investment
in associates and 30,249,513.09 29,384,067.77 24,212,981.63 23,580,345.63
joint ventures ("-" for losses)
Gain from derecognition of financial assets measured
at amortized cost ("-" for losses)
Net exposure hedging gains ("-" for losses)
Gains from changes in fair value ("-" for losses) V.52 -2,732,268.58 -1,096,618.04 -10,567,743.62 -12,693,036.25
Credit impairment losses ("-" for losses) V.53 -1,080,621.26 -59,471.13 5,596,513.26 -305,769.74
Impairment losses ("-" for losses) V.54 -84,463.30 - - -
Gains from assets disposal ("-" for losses) V.55 -7,087.09 -32,362.39 -227.20 -
II.Operating profit ("-" for losses) 172,169,866.27 185,082,582.94 161,585,009.18 109,134,856.69
Add: Non-operating income V.56 13,030,508.37 1,777,508.98 3,900,953.07 1,187,007.86
Less: Non-operating expenses V.57 10,137,861.33 - 2,195,959.84 788,792.71
III.Profit before income tax ("-" for losses) 175,062,513.31 186,860,091.92 163,290,002.41 109,533,071.84
Less: Income tax expenses V.58 33,562,806.50 2,475,560.26 24,258,270.37 6,869,366.57
IV.Net profit for the year ("-" for net losses) 141,499,706.81 184,384,531.66 139,031,732.04 102,663,705.27
(1) Classification according to operation continuity
Including: Net profit from continuing operations
("-" for net loss)
Net profit from discontinued operations
("-" for net loss)
(2) Classification according to attibute
Including: Shareholders of the company("-" for net loss) 142,865,677.77 184,384,531.66 136,629,870.80 102,663,705.27
Non-controlling interests("-" for net loss) -1,365,970.96 2,401,861.24
V.Other comprehensive income, net of tax - - -287,488.25 -287,488.25
Other comprehensive income (net of tax) attributable to shareholders
-287,488.25 -287,488.25
of the company
A.Items that will not be reclassified to profit or loss - - -287,488.25 -287,488.25
a.Changes in fair value of other equity instrument investments -287,488.25 -287,488.25
B. Items that may be reclassified to profit or loss - - - -
Other comprehensive income (net of tax) attributable to non-controlling
interests
VI.Total comprehensive income for the year 141,499,706.81 184,384,531.66 138,744,243.79 102,376,217.02
Attributable to:
Shareholders of the company
Non-controlling interests -1,365,970.96 2,401,861.24
VII.Earnings per share
(1) Basic earnings per share 0.33 0.32
(2)Diluted earnings per share
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Cash Flow Statement
For the year ended 31 December 2025
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note
Consolidated Company Consolidated Company
I.Cash flows from operating activities
Proceeds from sales of goods or rendering of services 1,930,502,946.37 134,928,536.63 4,572,552,357.58 131,659,527.09
Refund of taxes - - 13,271,889.24 -
Proceeds from other operating activities V.59（1） 124,013,418.42 21,034,856.33 76,743,352.97 110,406,614.70
Sub-total of cash inflows 2,054,516,364.79 155,963,392.96 4,662,567,599.79 242,066,141.79
Payment for goods and services 1,457,946,198.61 19,524,973.16 4,066,869,141.07 28,450,836.37
Payment to and for employees 52,052,045.52 35,628,808.05 50,261,809.42 32,839,148.01
Payments of various taxes 74,306,269.36 18,038,709.57 75,339,841.21 9,851,486.55
Payment for other operating activities V.59（2） 142,457,953.42 62,714,011.72 79,807,994.24 144,407,205.44
Sub-total of cash outflows 1,726,762,466.91 135,906,502.50 4,272,278,785.94 215,548,676.37
Net cash flows from operating activities 327,753,897.88 20,056,890.46 390,288,813.85 26,517,465.42
II.Cash flows from investing activities
Proceeds from disposal of investments 929,974,150.16 362,474,150.16 820,139,644.49 492,856,726.33
Investment income received 32,897,358.15 147,997,580.33 15,712,636.00 15,000,000.00
Net proceeds from disposal of fixed assets, intangible assets and
other long-term assets 59,529.93 3,325.01 1,974.82 -
Net proceeds from disposal of subsidiaries and other business units - - - -
Proceeds from other investing activities V.59（4） - - 5,964,034.76 47,180,211.11
Sub-total of cash inflows 962,931,038.24 510,475,055.50 841,818,290.07 555,036,937.44
Payment for acquisition of fixed assets, intangible assets and other
long-term assets 23,923,091.80 18,841,201.56 34,257,817.98 22,657,919.30
Payment for acquisition of investments 1,311,058,482.50 475,961,468.80 985,536,930.32 512,236,930.32
Net payment for acquisition of subsidiaries and other business units - - - -
Payment for other investing activities V.59（6） 10,561,808.00 - 14,659,543.80 6,400,000.00
Sub-total of cash outflows 1,345,543,382.30 494,802,670.36 1,034,454,292.10 541,294,849.62
Net cash flows from investing activities -382,612,344.06 15,672,385.14 -192,636,002.03 13,742,087.82
III.Cash flows from financing activities
Proceeds from investors - - - -
Including: Proceeds from non-controlling shareholders of
subsidiaries - - - -
Proceeds from borrowings 64,500,000.00 - 415,000,000.00 -
Proceeds from issuing bonds - - - -
Proceeds from other financing activities - - - -
Sub-total of cash inflows 64,500,000.00 - 415,000,000.00 -
Repayments of borrowings 173,500,000.00 - 440,000,000.00 -
Payment for dividends, profit distributions or interest 45,344,739.19 43,105,832.00 19,419,827.42 13,408,159.80
Including: Dividends and profits paid to non-controlling
shareholders of subsidiaries - - - -
Payment for other financing activities V.59（7） 13,692,202.73 12,247,590.86 12,180,403.46 10,474,541.74
Sub-total of cash outflows 232,536,941.92 55,353,422.86 471,600,230.88 23,882,701.54
Net cash flows from financing activities -168,036,941.92 -55,353,422.86 -56,600,230.88 -23,882,701.54
IV.Effect of foreign exchange rate changes on cash and cash
equivalents - - - -
V.Net increase in cash and cash equivalents -222,895,388.10 -19,624,147.26 141,052,580.94 16,376,851.70
Add: Cash and cash equivalents at the beginning of the year 301,275,968.63 25,182,064.77 160,223,387.69 8,805,213.07
VI.Cash and cash equivalent at the end of the year 78,380,580.53 5,557,917.51 301,275,968.63 25,182,064.77
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Consolidated Statement of Changes in Shareholders' Equity
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2025
Attributable to shareholders' equity of the parent company
Item Non-controlling
Less: treasury Other Total
Share capital Capital reserve Specific reserve Surplus reserve Retained earnings Sub-total interests
shares comprehensive
I.Balance at the end of last year 431,058,320.00 430,866,408.50 - -7,606,040.90 - 74,222,656.99 798,343,284.97 1,726,884,629.56 170,841,342.17 1,897,725,971.73
Add：Changes in accounting policies - -
Correction of prior period errors - -
Business combinations under common control - -
Others - -
II.Balance at the beginning of the year 431,058,320.00 430,866,408.50 - -7,606,040.90 - 74,222,656.99 798,343,284.97 1,726,884,629.56 170,841,342.17 1,897,725,971.73
III.Changes in equity during the year( "- "for decrease) - - - - - 18,438,453.17 81,321,392.60 99,759,845.77 -1,365,970.96 98,393,874.81
(I)Total comprehensive income 142,865,677.77 142,865,677.77 -1,365,970.96 141,499,706.81
(II)Shareholders' contributions and decrease of capital - - - - - - - - - -
(III) Appropriation of profits - - - - - 18,438,453.17 -61,544,285.17 -43,105,832.00 - -43,105,832.00
(IV) Transfer within equity - - - - - - - - - -
- -
earnings
(V)Specific Reserve - - - - - - - - - -
(VI)Others - -
IV.Balance at the end of the year 431,058,320.00 430,866,408.50 - -7,606,040.90 - 92,661,110.16 879,664,677.57 1,826,644,475.33 169,475,371.21 1,996,119,846.54
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Consolidated Statement of Changes in Shareholders' Equity
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2024
Attributable to shareholders' equity of the parent company
Item Non-controlling
Less: treasury Other Total
Share capital Capital reserve Specific reserve Surplus reserve Retained earnings Sub-total interests
shares comprehensive
I.Balance at the end of last year 431,058,320.00 430,866,408.50 - -7,318,552.65 - 63,956,286.46 685,342,592.62 1,603,905,054.93 127,166,863.09 1,731,071,918.02
Add：Changes in accounting policies - -
Correction of prior period errors - -
Business combinations under common control - -
Others - -
II.Balance at the beginning of the year 431,058,320.00 430,866,408.50 - -7,318,552.65 - 63,956,286.46 685,342,592.62 1,603,905,054.93 127,166,863.09 1,731,071,918.02
III.Changes in equity during the year( "- "for decrease) - - - -287,488.25 - 10,266,370.53 113,000,692.35 122,979,574.63 43,674,479.08 166,654,053.71
(I)Total comprehensive income -287,488.25 136,629,870.80 136,342,382.55 2,401,861.24 138,744,243.79
(II)Shareholders' contributions and decrease of capital - - - - - - - - - -
(III) Appropriation of profits - - - - - 10,266,370.53 -23,629,178.45 -13,362,807.92 - -13,362,807.92
(IV) Transfer within equity - - - - - - - - - -
- -
earnings
(V)Specific Reserve - - - - - - - - - -
(VI)Others - 41,272,617.84 41,272,617.84
IV.Balance at the end of the year 431,058,320.00 430,866,408.50 - -7,606,040.90 - 74,222,656.99 798,343,284.97 1,726,884,629.56 170,841,342.17 1,897,725,971.73
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Statement of Changes in Shareholders' Equity
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2025
Item Less: treasury Other comprehensive
Share capital Capital reserve Specific reserve Surplus reserve Retained earnings Total
shares income
I.Balance at the end of last year 431,058,320.00 428,256,131.23 - -7,632,462.90 - 74,222,656.99 595,912,933.39 1,521,817,578.71
Add：Changes in accounting policies -
Correction of prior period errors -
Others -
II.Balance at the beginning of the year 431,058,320.00 428,256,131.23 - -7,632,462.90 - 74,222,656.99 595,912,933.39 1,521,817,578.71
III.Changes in equity during the year( "- "for decrease) - - - - - 18,438,453.17 122,840,246.49 141,278,699.66
(I)Total comprehensive income 184,384,531.66 184,384,531.66
(II)Shareholders' contributions and decrease of capital - - - - - - - -
(III) Appropriation of profits - - - - - 18,438,453.17 -61,544,285.17 -43,105,832.00
(IV) Transfer within equity - - - - - - - -
earnings
(V)Specific Reserve - - - - - - - -
(VI)Others -
IV.Balance at the end of the year 431,058,320.00 428,256,131.23 - -7,632,462.90 - 92,661,110.16 718,753,179.88 1,663,096,278.37
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
Statement of Changes in Shareholders' Equity
Prepared by：Shenzhen Tellus Holding Co., Ltd. Expressed in RMB
Year ended 31/12/2024
Item Less: treasury Other
Share capital Capital reserve Specific reserve Surplus reserve Retained earnings Total
shares comprehensive
I.Balance at the end of last year 431,058,320.00 428,256,131.23 -7,344,974.65 63,956,286.46 516,878,406.57 1,432,804,169.61
Add：Changes in accounting policies -
Correction of prior period errors -
Others -
II.Balance at the beginning of the year 431,058,320.00 428,256,131.23 - -7,344,974.65 - 63,956,286.46 516,878,406.57 1,432,804,169.61
III.Changes in equity during the year( "- "for decrease) - - - -287,488.25 - 10,266,370.53 79,034,526.82 89,013,409.10
(I)Total comprehensive income -287,488.25 102,663,705.27 102,376,217.02
(II)Shareholders' contributions and decrease of capital - - - - - - - -
(III) Appropriation of profits - - - - - 10,266,370.53 -23,629,178.45 -13,362,807.92
(IV) Transfer within equity - - - - - - - -
earnings
(V)Specific Reserve - - - - - - - -
(VI)Others -
IV.Balance at the end of the year 431,058,320.00 428,256,131.23 - -7,632,462.90 - 74,222,656.99 595,912,933.39 1,521,817,578.71
Legal reprensentative: The person in charge of accounting affairs: The head of the accounting department:
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Notes to the Financial Statements
I. BASIC INFORMATION ABOUT THE COMPANY
Shenzhen Tellus (Group) Co., Ltd.(hereinafter referred to as “the Company”) was developed from the
Shenzhen Machinery Industry Co., Ltd, approved by the Shenzhen Municipal People's Government
Office in the "Reply on the Restructuring of Shenzhen Machinery Industry Company into Shenzhen Teli
Machinery Co., Ltd." (Shen Fu Ban Fu [1991] No. 1012).The company was registered in Shenzhen
Administration for Industry and Commerce on November 10, 1986. The company now holds a business
license with a unified social credit code of 91440300192192210U, with a registered capital of CNY
floors, Teli Building, Shuibei 2nd Road, Luohu District, Shenzhen. The legal representative is Fu
Chunlong.
In 1993, with the approval of the reply on the reorganization of Shenzhen Tellus Machinery Co., Ltd. into
a public company limited by shares (Shen Fu Ban Fu [1992] No. 1850) issued by the General Office of
Shenzhen Municipal People's Government and the reply on the issuance of shares by Shenzhen Tellus
electromechanical Co., Ltd. (Shen Ren Yin Fu Zi [1993] No. 092) issued by the Shenzhen Special
Economic Zone Branch of the people's Bank of China, the company issued shares for the first time and
was reorganized into a public company limited by shares. At this moment, the whole share capital is
share is divided into two parts: A Share - 25.98 million shares, B Share - 20.00 million shares. The par
value of the Company's shares is CNY 1 per share. On June 21, 1993, the Company's shares were
listed and traded in Shenzhen Stock Exchange.
According to the decision made by general meeting of shareholders in 1993, the Company distributed a
changed into CNY 200,256,000.00.
On 28 May 1995, the Group shareholder meeting agreed about plan of distributing bonus and
increasing capital. On the basis of 200,256,000 shares in the end of 1994, the Group distributed a 0.5
for 10 bonus shares, and granted additional 0.5 shares and cash dividend of CNY 0.5 for every 10
shares. After that, the Group’s share capital increased to CNY 220,281,600.00.
According to the resolution of the Fourth Extraordinary General Meeting of Shareholders of the
company in 2014, and approved by the China Securities Regulatory Commission's "Approval of the
Non-public Issuance of Shares by Shenzhen Special (Group) Co., Ltd." (CSRC Approval [2015] No.
Economic Zone Development Group Co., Ltd., Ltd and Shenzhen Yuanzhifuhai jewelry industry
investment enterprise (limited partnership). After that, the Company’s capital increased to CNY
According to the decision made by general meeting of shareholders in 2018, the Company distributed a
Registered Address: 3rd Floor, Teli Building, No. 56 Shuibei 2nd Road, Luohu District, Shenzhen
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Headquarters Address: 3rd Floor, Teli Building, No. 56 Shuibei 2nd Road, Luohu District, Shenzhen
Main business activities: property leasing and services, jewelry operation, etc.
The financial statements and the notes thereto have been approved by the 18th meeting of the 10th
Board of Directors on April 20,2026.
In this report, unless the context otherwise requires, the following abbreviations and terms shall have
the meanings set out below:
Abbreviation/Term Refers to
The Group Shenzhen Teli (Group) Co., Ltd. and its consolidated entities.
The Company Shenzhen Teli (Group) Co., Ltd.
Consolidated Subsidiaries
Shenzhen Teli Shuibei Jewelry Co., Ltd., a wholly-owned subsidiary of
Teli Shuibei Jewelry
the Company.
Shenzhen Teli Jewelry Technology Development Co., Ltd., a subsidiary
Teli Jewelry Technology
controlled by Teli Shuibei Jewelry.
Shenzhen Automobile Industry Supply and Marketing Company, a
Automobile Supply & Sales
wholly-owned subsidiary of Teli Shuibei Jewelry.
Shenzhen Tefa Teli Real Estate Co., Ltd., a wholly-owned subsidiary of
Teli Real Estate
the Company.
Shenzhen Bao'an Shiquan Industrial Co., Ltd., a wholly-owned subsidiary
Bao'an Shiquan
of Teli Real Estate.
Shenzhen Teli Chuangying Technology Co., Ltd., a wholly-owned
Teli Chuangying
subsidiary of the Company.
Shenzhen Xin Yongtong Motor Vehicle Testing Equipment Co., Ltd., a
Xin Yongtong Testing
subsidiary controlled by the Company.
Shenzhen Zhongtian Industrial Co., Ltd., a wholly-owned subsidiary of
Zhongtian Industrial
the Company.
Shanghai Fanyue Diamond Co., Ltd., a wholly-owned subsidiary of
Shanghai Fanyue
Zhongtian Industrial.
Shenzhen Huari Automobile Sales and Service Co., Ltd., a subsidiary
Huari Auto Sales
controlled by the Company.
Shenzhen Tefa Huari Automobile Enterprise Co., Ltd., a subsidiary
Tefa Huari
controlled by the Company.
Shenzhen Huari Anxin Automobile Testing Co., Ltd., a subsidiary
Huari Anxin
controlled by Tefa Huarui.
Shenzhen Teli Baoku Supply Chain Technology Co., Ltd., a wholly-owned
Teli Baoku
subsidiary of the Company.
Shenzhen Jewelry Industry Service Co., Ltd., a subsidiary controlled by
Shenzhen Jewelry
the Company.
Guorun Gold (Shenzhen) Co., Ltd., a subsidiary controlled by the
Guorun Gold
Company.
II. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the Accounting Standards for Business
Enterprises issued by the Ministry of Finance of the People's Republic of China, along with their
application guidelines, interpretations, and other relevant regulations (collectively referred to as
"Accounting Standards for Business Enterprises"). Additionally, the company discloses financial
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
information in accordance with the China Securities Regulatory Commission's "General Provisions on
Financial Reports for Publicly Issued Companies (Revised in 2023), Rule No. 15".
The financial statements are prepared on a going concern basis.
The company's accounting is based on the accrual basis. Except for certain financial instruments, the
financial statements are measured at historical cost. If assets are impaired, appropriate impairment
provisions are made in accordance with relevant regulations.
III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The company has determined the depreciation of investment property, depreciation of fixed assets, and
revenue recognition policies based on its own production and operation characteristics. Specific
accounting policies are disclosed in Note III. 15, 16, 25.and 28.
The financial statements have been prepared in compliance with the Accounting Standards for Business
Enterprises to truly and completely present the Company’s (and consolidated) financial position as at 31
December 2025 and the Company’s (and consolidated) operating results and cash flows for the year
ended 31 December 2025.
The accounting period of the Company is from 1 January to 31 December.
The normal operating cycle of the Company is twelve months.
The Company and domestic subsidiaries use Renminbi (“RMB”) as their functional currency. The
financial statements of the Company have been prepared in RMB.
Project Materiality standard
Material individual provision for impairment of Amount exceeding CNY 1,000,000.00 or account for more than
accounts receivable 1% of all types of receivables
Budget amount for individual projects exceeding CNY
Material construction in progress
Individual accounts payable/other payable with aging exceeding 1
Material accounts payable and other payable year is more than 1% of the total accounts payable, and amount
greater than CNY 1,000,000.00
Total revenue of the a subsidiary accounts for more than 10% of
the total revenue of the consolidated statement or the absolute
Material non-wholly-owned subsidiaries
value of net profit accounts for more than 10% of the net profit of
the consolidated statement.
Single investment activities account for more than 10% of the
total cash inflows or outflows related to receiving or paying
Material investment activities items
investment activities or the total outflow is greater than CNY
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Project Materiality standard
For individual long-term equity investments in investee entities, if
the carrying amount exceeds CNY 15 million, or if the investment
Material joint ventures or associates
profit or loss under the equity method accounts for more than 3%
of the consolidated net profit of the company.
Material subsequent events as of the balance sheet The company considers the profit distribution situation after the
date balance sheet date as significant.
business combinations not involving enterprises under common control
(1) Business combinations involving enterprises under common control
For a business combination involving enterprises under common control, the assets acquired and
liabilities assumed are measured based on their carrying amounts in the consolidated financial
statements of the ultimate controlling party at the combination date. The difference between the carrying
amount of the net assets acquired and the consideration paid for the combination is adjusted against in
the capital reserve, with any excess adjusted against retained earnings.
For step-by-step implementation of mergers of enterprises under common control through multiple
transactions
The assets and liabilities acquired by the acquiring party in the merger are measured at the carrying
amount of the acquired party in the consolidated financial statements of the ultimate controlling party on
the merger date. The sum of the carrying amount of the investment held before the merger and the
carrying amount of the consideration paid on the merger date is compared with the carrying amount of
the net assets acquired in the merger. The difference is adjusted to capital surplus. If the capital surplus
is insufficient, retained earnings are adjusted accordingly. Long-term equity investments held by the
acquiring party before obtaining control of the acquired party, from the date of obtaining the original
equity to the later of the date when the acquiring party and the acquired party are under the same
ultimate control to the merger date, any related gains or losses, other comprehensive income, and
changes in other owners' equity already recognized should be deducted from the comparative retained
earnings for the reporting period or current period profit or loss, respectively.
(2) Business combinations involving enterprises not under common control
For business combinations involving enterprises not under common control, the consideration costs
include acquisition-date fair value of assets transferred, liabilities incurred or assumed and equity
securities issued by the acquirer in exchange for control of the acquiree. At the acquisition date, the
acquired assets, liabilities and contingent liabilities of the acquiree are measured at their fair value. The
acquiree’s identifiable asset, liabilities and contingent liabilities, are recognised at their acquisition-date
fair value.
Where the combination cost exceeds the acquirer’s interest in the fair value of the acquiree’s identifiable
net assets, the difference is recognised as goodwill, and subsequently measured on the basis of its cost
less accumulated impairment provisions. Where the combination cost is less than the acquirer’s interest
in the fair value of the acquiree’s identifiable net assets, the difference is recognised in profit or loss for
the current period after reassessment.
For step-by-step implementation of mergers of enterprises not under common control through multiple
transactions
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The merger cost is the sum of the consideration paid on the acquisition date and the fair value of the
equity interest in the acquired party held before the acquisition date. For the equity interest in the
acquired party held before the acquisition date, it is remeasured at fair value on the acquisition date,
and the difference between fair value and carrying amount is recognized in profit or loss for the current
period as investment income. For equity interest in the acquired party held before the acquisition date,
other comprehensive income and changes in other owners' equity are transferred to profit or loss for the
current period. This excludes other comprehensive income related to the re-measurement of defined
benefit plans' net liabilities or assets due to the re-measurement of the investee's net assets and other
comprehensive income related to non-trading equity instrument investmentdesignated as fair value
through other comprehensive income.
(3) Transaction costs for business combination
The overhead for the business combination, including the expenses for audit, legal services, valuation
advisory, and other administrative expenses, are recorded in profit or loss for the current period when
incurred. The transaction costs of equity or debt securities issued as the considerations of business
combination are included in the initial recognition amount of the equity or debt securities.
(1) Basis in determination of control
The scope of consolidated financial statements is determined based on control. Control refers to the
power of the Company over an investee, enjoying variable returns through involvement in the investee's
activities, and having the ability to influence the amount of returns using its power over the investee.
When changes in relevant facts and circumstances lead to changes in the elements involved in defining
control, the Company will conduct a reassessment.
In determining whether to include a structured entity in the scope of consolidation, the Company
evaluates whether it controls the structured entity based on all facts and circumstances, including the
purpose and design of the structured entity, the types of variable returns identified, and whether it
assumes all or part of the variability of returns through involvement in its activities.
(2) Methods of Preparing Consolidated Financial Statements
Consolidated financial statements are prepared based on the financial statements of the Company and
its subsidiaries, supplemented by other relevant information, compiled by the Company. When
preparing consolidated financial statements, the Company and its subsidiaries maintain consistent
accounting policies and reporting periods, and significant transactions and balances between the
entities are offset.
Subsidiaries and operations acquired due to business combinations under the same control during the
reporting period are treated as included in the Company's consolidation scope from the date they came
under the ultimate control until the end of the reporting period, with their operating results and cash
flows included in the consolidated income statement and cash flow statement, respectively.
Subsidiaries and operations acquired due to business combinations under different control during the
reporting period have their revenues, expenses, and profits included in the consolidated income
statement, and their cash flows included in the consolidated cash flow statement from the acquisition
date to the end of the reporting period.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The portion of the equity of subsidiaries not owned by the Company is separately presented under
minority interests in the consolidated balance sheet. The share of the net profit attributable to minority
interests in the subsidiary's net profit for the period is presented as "Minority Interests in Net Profit" in
the consolidated income statement. If the minority shareholders bear losses of the subsidiary exceeding
their share of equity at the beginning of the period, the remaining balance is deducted from minority
interests.
(3) Acquisition of Minority Interests in Subsidiaries
The difference between the cost of acquiring minority interests and the proportionate share of the net
assets of the subsidiary calculated based on the new ownership percentage from the acquisition date or
merger date onwards, as well as the difference between the proceeds from the disposal of equity
investments in the subsidiary and the proportionate share of the net assets of the subsidiary calculated
based on the original ownership percentage, is adjusted to the capital reserve in the consolidated
balance sheet. If the capital reserve is insufficient, it is offset against retained earnings.
(4) Treatment of Loss of Control over Subsidiaries
In the event of partial disposal of equity investments or other reasons for loss of control over a
subsidiary, the remaining equity is remeasured at fair value on the date control is lost. The consideration
received for the disposal of equity investments, together with the fair value of the remaining equity, less
the proportionate share of the net asset book value and goodwill calculated based on the original
ownership percentage, is recognized as investment income for the period in which control is lost.
Other comprehensive income related to equity investments in the original subsidiary is accounted for
upon loss of control using the same basis as the direct disposal of related assets or liabilities, and other
equity movements related to the equity method accounting of the original subsidiary are transferred to
profit or loss upon loss of control.
(1) Joint operations
A joint operation is a joint arrangement whereby the joint operators have rights to the assets, and
obligations for the liabilities, relating to the arrangement.
The Company recognizes the following items relating to its interest in a joint operation, and account for
them in accordance with relevant accounting standards:
A. Its solely-held assets, and its share of any assets held jointly;
B. Its solely-assumed liabilities, and its share of any liabilities assumed jointly;
C. Its revenue from the sale of its share of the output arising from the joint operation;
D. Its share of the revenue from the sale of the output by the joint operation; and
E. Its solely-incurred expenses, and its share of any expenses incurred jointly.
(2) Joint ventures
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the arrangement.
The Company adopts equity method under long-term equity investment in accounting for its investment
in joint venture.
Cash comprises cash in hand and deposits that can be readily withdrawn on demand. Cash equivalents
include short-term, highly liquid investments that are readily convertible to known amounts of cash and
are subject to an insignificant risk of change in value.
Foreign currency transactions are translated to the functional currency of the Company at the spot
exchange rates on the dates of the transactions.
Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate
at the balance sheet date. The resulting exchange differences between the spot exchange rate on
balance sheet date and the spot exchange rate on initial recognition or on the previous balance sheet
date are recognised in profit or loss. Non-monetary items that are measured at historical cost in foreign
currencies are translated to Renminbi using the exchange rate at the transaction date. Non-monetary
items that are measured at fair value in foreign currencies are translated using the exchange rate at the
date the fair value is determined. The resulting exchange differences are recognised in profit or loss or
other comprehensive income according to the nature of non-monetary items.
A financial instrument is any contract that gives rise to a financial asset of one enterprise and a financial
liability or an equity instrument of another enterprise.
(1) Recognition and derecognition of financial instruments
A financial asset or a financial liability is recognized when the Company becomes a party to the
contractual provisions of a financial instrument.
If one of the following criteria is met, a financial asset is derecognised:
① The contractual rights to the cash flows from the financial asset expire; or
② The financial asset was transferred, and the transfer qualifies for derecognition in accordance with
criteria set out below in “Transfer of financial assets”.
A financial liability (or part of it) is derecognized when its contractual obligation (or part of it) is
discharged or cancelled or expires. If the Company (as a debtor) makes an agreement with the creditor
to replace the current financial liability with assuming a new financial liability, and contractual provisions
are different in substance, the current financial liability is derecognized and a new financial liability is
recognized.
If the financial assets are traded regularly, the financial assets are recognized and derecognized at the
transaction date.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(2) Classification and measurement of financial assets
The Company classifies financial assets as measured at amortized cost, fair value through other
comprehensive income or fair value through profit or loss at initial recognition on the basis of both the
entity’s business model for managing the financial assets and the contractual cash flow characteristics
of the financial asset.
Financial assets are measured at fair value at initial recognition. For financial assets measured at fair
value through profit or loss, the related transaction costs are directly recorded in current profit or loss;
for other types of financial assets, related transaction costs are included in the initial recognition amount.
For receivables arising from the sale of products or the provision of services that do not contain or take
into account significant financing components, the amount of consideration that the Company is
expected to be entitled to collect shall be the initial recognition amount.
Financial assets measured at amortized cost
The Company classifies the financial assets that meet the following conditions and are not designated
as measured at fair value through profit or loss as financial assets measured at amortized cost:
? The Company's business model of managing the financial assets aims at collecting contractual cash
flows;
? The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
After the initial recognition, the effective interest rate method is adopted to measure the amortized cost
of such financial assets. Gains or losses arising from financial assets that are measured at amortized
cost and are not part of any hedging relationship shall be recorded in the current profit or loss when the
financial assets are derecognized, amortized according to the effective interest method or impaired.
Financial assets measured at fair value through other comprehensive income
The Company classifies the financial assets that simultaneously meet the following conditions and are
not specified as measured at fair value through profit or loss as financial assets measured at fair value
through other comprehensive income:
? The Company's business model of managing the financial asset aims at both collecting contractual cash
flows and selling the financial assets.
? The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
After the initial recognition, this type of financial assets are subsequently measured at fair value. The
interest, loss allowance or gain and exchange loss or gain calculated using the effective interest rate
method are included in the current profit or loss, while other gains or losses are included in other
comprehensive income. When derecognized, the accumulated gains or losses previously recorded in
other comprehensive income shall be transferred out from other comprehensive income and recorded in
the current profit or loss.
Financial assets measured at fair value through profit or loss
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
In addition to the above financial assets measured at amortized cost and measured at fair value through
other comprehensive income, the Company classifies all other financial assets as financial assets
measured at fair value through profit or loss. At the time of initial recognition, in order to eliminate or
significantly reduce accounting mismatches, the Company irrevocably designates some financial assets
that should have been measured at amortized cost or measured at fair value through other
comprehensive income as financial assets measured at fair value through profit or loss.
After the initial recognition, this kind of financial asset is subsequently measured at fair value, and the
gains or losses (including interest and dividend income) generated are recorded into the current profit or
loss, unless the financial asset is part of the hedging relationship.
However, for non-trading equity instrument investment, the Company irrevocably designates it as a
financial asset measured at fair value through other comprehensive income at initial recognition. The
designation is made on a single investment basis and the relevant investments meet the definition of an
equity instrument from issuer's perspective.
After the initial recognition, this kind of financial assets are subsequently measured at fair value.
Qualified dividend income is included in the profit or loss, other gains or losses and changes in fair value
are included in other comprehensive income. When derecognized, the accumulated gains or losses
previously recorded in other comprehensive income are transferred out and recorded in retained
earnings.
The business model of managing financial assets refers to how the Company manages financial assets
to generate cash flows. The business model determines whether the cash flow from the financial assets
under management of the Company is derived from the receipt of contractual cash flows, the sale of
financial assets or a combination of both. The Company determines its business model for managing
financial assets on the basis of objective facts and the specific business objectives for the management
of financial assets determined by key management personnel.
The Company assesses the contractual cash flow characteristics of financial assets to determine
whether the contractual cash flows generated by the relevant financial assets on specified dates are
solely payments of principal and interest on the principal amount outstanding. Principal refers to the fair
value of financial assets at initial recognition. Interest includes consideration for the time value of money,
the credit risk associated with the amount of principal outstanding over a given period, and other basic
lending risks and costs, as well as a profit margin. In addition, the Company assesses contractual terms
that may cause a change in the time distribution or amount of the contractual cash flows of financial
assets to determine whether they meet the requirements of the above contractual cash flow
characteristics.
Only when the Company changes the business model of managing financial assets, all affected related
financial assets shall be reclassified on the first day of the first reporting period after the change of the
business model, otherwise the financial assets shall not be reclassified after the initial recognition.
(3) Classification and measurement of financial liabilities
At the time of initial recognition, the financial liabilities of the Company are classified as: financial
liabilities measured at fair value through profit or loss, and financial liabilities measured at amortized
cost. For financial liabilities that are not classified as measured at fair value through profit or loss,
relevant transaction costs are included in their initial recognized amounts.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated at the time of initial recognition as measured at fair value through
profit or loss. For such financial liabilities, the subsequent measurement shall be made according to the
fair value, and the gains or losses caused by changes in the fair value as well as the dividends and
interest expenses related to such financial liabilities shall be recorded into current profit or loss.
Financial liabilities measured at amortized cost
For other financial liabilities, the effective interest rate method shall be adopted, the subsequent
measurement shall be made at the amortized cost, and the gains or losses arising from derecognition or
amortization shall be recorded into current profit or loss.
The distinction between financial liabilities and equity instruments
Financial liabilities refer to liabilities that meet one of the following conditions:
① A contractual obligation to deliver cash or other financial assets to other parties.
② A contractual obligation to exchange financial assets or financial liabilities with another party under
potentially adverse conditions.
③ A non-derivative contract that has to be settled with or can be settled with the firm's own equity
instruments in the future, under which the firm will deliver a variable number of its own equity
instruments.
④ A derivative contract that has to be settled with or can be settled with the firm's own equity
instruments in the future, except for a derivative contract in which a fixed number of its own equity
instruments are to be exchanged for a fixed amount of cash or other financial assets.
An equity instrument is a contract that certifies ownership of the remaining interest in an enterprise's
assets after all liabilities have been deducted.
If the Company cannot unconditionally avoid fulfilling a contractual obligation by delivering cash or other
financial assets, such contractual obligation meets the definition of a financial liability.
If a financial instrument has to be settled with or can be settled with the Company's own equity
instruments in the future, consideration needs to be given to whether the Company's own equity
instruments used to settle the instrument is to be used as a substitute for cash or other financial assets,
or to give the holder of the instrument the remaining interest in the issuer's assets after deduction of all
liabilities. If it is the former, the instrument is a financial liability of the Company; if it is the latter, the
instrument is an equity instrument of the Company.
(4) Derivative financial instruments and embedded derivative instruments
The Company's derivative financial instruments include [forward foreign exchange contracts, currency
exchange rate swap contracts, interest rate swap contracts and foreign exchange options contracts, etc.
The initial measurement is based on the fair value of the date of signing the derivative transaction
contract, and the subsequent measurement is based on its fair value. A derivative with a positive fair
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
value is recognised as an asset; a negative fair value is recognized as a liability. Any gains or losses
resulting from changes in fair value that do not conform to the provisions of hedge accounting shall be
directly recorded into the current profit or loss.
For a hybrid instrument containing an embedded derivative instrument, if the host is a financial asset,
the hybrid instrument as a whole shall be subject to the relevant provisions on the classification of
financial assets. If the host is not a financial asset, the embedded derivative instrument shall be
separated from the hybrid instrument and accounted for as a separate derivative instrument if all of the
following conditions are met: the hybrid instrument is not measured at fair value through profit or loss;
the economic characteristics and risks of the embedded derivative are not closely related to the
economic characteristics and risks of the host; a separate instrument with the same terms as the
embedded derivative would meet the definition of a derivative. If it is not possible to measure the
embedded derivative separately at the time of acquisition or on the subsequent balance sheet date, the
hybrid instrument as a whole is designated as a financial asset or financial liability measured at fair
value through profit or loss.
(5) Fair value of the financial instrument
The methods for determining the fair value of the financial assets or financial liabilities are set out in
Note III.12.
(6) Impairment of financial assets
On the basis of expected credit losses, the Company conducts impairment accounting treatment for the
following items and recognises the allowance:
? Financial assets measured at amortized cost;
? Receivables and investments in debt instruments measured at fair value and accounted for in other
comprehensive income;
? Contract assets as defined in the Accounting Standards for Business Enterprises No. 14 - Revenue;
? Lease receivables;
? Financial guarantee contracts (except for financial assets measured at fair value through profit or loss,
transfer of financial assets that do not meet the conditions for derecognition or those caused by
continuing involvement in transferred financial assets).
Measurement of expected credit losses
The term "expected credit loss" refers to the weighted average of the credit loss of a financial instrument
weighted by the risk of default. Credit loss refers to the difference between all contractual cash flows
that are due to the Company in accordance with the contract and all the cash flows that the Company
expects to receive, discounted at the original effective interest rate, that is, the present value of all cash
shortfalls.
The Company calculates the probabilistic weighted amount of the present value of the difference
between the cash flows receivable under the contract and the cash flows expected to be received and
recognizes the expected credit loss, taking into account reasonable and supportable information
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
concerning past events, current conditions and forecast of future economic conditions, with the
respective risks of a default occurring as the weights.
The Company separately measures the expected credit losses of financial instruments at different
stages. If the credit risk of the financial instrument has not increased significantly since the initial
recognition, the financial instrument is in the first stage and the Company shall measure the loss
allowance at an amount equal to 12- month expected credit losses; if the credit risk of the financial
instrument has increased significantly since the initial recognition but no credit losses have occurred, the
financial instrument is in the second stage and the Company shall measure the loss allowance at an
amount equal to lifetime expected credit losses; if credit losses have occurred to a financial instrument
since its initial recognition, it is in the third stage and the Company shall measure the loss allowance at
an amount equal to lifetime expected credit losses.
For financial instruments with low credit risk at the balance sheet date, the Company assumes that the
credit risk has not increased significantly since the initial recognition, and measures the loss allowance
at an amount equal to 12- month expected credit losses.
The term "lifetime expected credit losses" refers to the expected credit losses resulting from all possible
events of default during the entire expected life of a financial instrument. The expected credit losses
within the next 12 months refer to the expected credit loss caused by the default event of the financial
instrument that may occur within 12 months after the balance sheet date (or the expected duration of
the financial instrument if the expected duration of the financial instrument is less than 12 months) and
is part of lifetime expected credit losses.
When measuring expected credit losses, the Company shall take into account the longest contract
period (including the option to renew the contract) for which it is exposed to credit risk.
The Company calculates interest income on the basis of the Book value before impairment provisions
and the effective interest rate for financial instruments in stage I and stage II and with lower credit risk.
For financial instruments in the third stage, the interest income is calculated on the basis of the
amortized cost of the Book value less the impairment provision and the effective interest rate.
For accounts receivable, other receivables, contract assets, etc., if the credit risk characteristics of a
customer are significantly different from those of other customers in the group, or the credit risk
characteristics of such customer are significantly changed, the Company shall assessed for impairment
individually for such receivables. In addition to the receivables assessed for impairment individually, the
Company divides the receivables into groups according to the credit risk characteristics and calculates
the loss allowance on the basis of the group.
Bills receivable and accounts receivable
For bills receivable and accounts receivable, regardless of whether there is a material financing
component, the Company always measures its loss allowance at an amount equal to lifetime expected
credit losses.
When an individual financial asset or contract assets cannot assess the information of expected credit
loss at a reasonable cost, the Company divides the bills receivable,accounts receivable and contract
assets into groups according to the credit risk characteristics, calculates the expected credit losses
based on the groups which are determined as follows:
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
A. Bills receivable
? Bills receivable group 1: banker's acceptance
? Bills receivable group 2: commercial acceptance bills
B. Accounts receivables
? Accounts receivable group 1: Leasing and other combinations
? Accounts receivable group 2:Gold Jewelry Sales Business Segment
For the bills receivable and contract assets divided into groups, the Company calculates the expected
credit loss through default risk exposure and the lifetime expected credit loss rate by referring to the
historical credit loss experience, combining the current situation and the forecast of the future economic
situation.
For the accounts receivable divided into groups, the Company refers to the historical credit loss
experience and combines the current situation with the forecast of the future economic situation to
compile a comparison table between the age of receivables/overdue days and the lifetime expected
credit loss rate and to calculate the expected credit loss. The age of accounts receivable is calculated
from the date of recognition.
Other receivables
The Company divides other receivables into several groups according to the credit risk characteristics,
and calculates the expected credit losses on the basis of the groups which are determined as follows:
? Other receivables group 1: Accounts Receivable Aging
? Other receivables group 2: Combination of Accounts Receivable for Deposits and Guarantees
? Other receivables group 3: Combination of Accounts Receivable for Related Transactions within the
Consolidated Scope
For other receivables divided into groups, the Company calculates the expected credit losses by default
risk exposure and the expected credit losses rate over the next 12 months or the entire duration. For
other receivables grouped according to age, the age is calculated from the date of recognition.
Debt investment and other debt investment
For debt investment and other debt investment, the Company calculates the expected credit loss based
on the default risk exposure and the expected credit loss rate within the next 12 months or the entire
duration according to the nature of the investment and the various types of counterparties and risk
exposures.
An assessment of a significant increase in credit risk
By comparing the risk of default of financial instruments on the balance sheet date with the risk of
default on the initial recognition date, the Company determines the relative change of default risk within
the expected duration of financial instruments, so as to evaluate whether the credit risk of financial
instruments has significantly increased since the initial recognition.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
In determining whether credit risk has increased significantly since the initial recognition, the Company
considers reasonable and supportable information, including forward-looking information that can be
obtained without unnecessary additional cost or effort. Information considered by the Company
includes:
? The debtor fails to pay the principal and interest as due under the contract;
? A material deterioration, if any, of the external or internal credit rating of the financial instrument that has
occurred or is expected to occur;
? A serious deterioration of the debtor's business results occurred or is expected to occur;
? A change in the existing or anticipated technological, market, economic or legal environment which will
have a material adverse effect on the debtor's ability to repay the Company.
According to the nature of financial instruments, the Company evaluates whether credit risk increases
significantly on the basis of individual financial instruments or a group of financial instruments. When
assessing on the basis of a group of financial instruments, the Company may classify financial
instruments based on common credit risk characteristics, such as overdue information and credit risk
rating.
If overdue for more than 30 days, the Company determines that the credit risk of the financial instrument
has increased significantly.
The Company believes that the financial assets are in default under the following circumstances:
? The debtor is unlikely to pay its arrears to the Company in full and this assessment does not take into
account any recourse actions taken by the Company, such as liquidating the collateral (if held);
? Financial assets are more than 90 days overdue.
Credit-impaired financial assets
On the balance sheet date, the Company evaluates whether credit impairment has occurred in financial
assets measured at amortized cost and debt investments measured at fair value through other
comprehensive income. When one or more events which have an adverse effect on the expected future
cash flows of a financial asset occur, the financial asset becomes a credit-impaired financial asset.
Evidence of credit impairment of financial assets includes the following observable information:
? Major financial difficulties occur to the issuer or the debtor;
? A breach of contract by the debtor, such as a default or late payment of interest or principal;
? The Company, for economic or contractual considerations relating to the debtor's financial difficulties,
gives concessions that the debtor would not have made under any other circumstances;
? The debtor is likely to go bankrupt or undergo other financial restructuring;
? The financial difficulties of the issuer or debtor result in the disappearance of an active market for the
financial asset.
Presentation of expected credit losses
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
In order to reflect the change of the credit risk of financial instruments since the initial recognition, the
Company re-measures the expected credit losses on each balance sheet date, and the increase or
recovered amount of the loss allowance thus formed shall be recorded into the current profit or loss as
an loss allowance or gain. For a financial asset measured at amortized cost, the loss allowance shall
offset the carrying amount of the financial asset as stated in the balance sheet; for the debt investment
measured at fair value through other comprehensive income, the Company recognizes its loss
allowance in other comprehensive income and does not offset the carrying amount of the financial
asset.
Write-offs
If the Company no longer reasonably expects that the contractual cash flows of a financial asset can be
recovered in its entirety or a portion thereof, the carrying amount of the financial asset shall be directly
written off. Such a write-off constitutes a derecognition of the relevant financial asset. This usually
occurs when the Company determines that the debtor does not have assets or sources of income that
generate sufficient cash flows to repay the amount to be written off. However, in accordance with the
Company's procedures for recovering amounts due, the financial assets that have been written off may
still be affected by the execution activities.
If a financial asset that has been written off is recovered later, a reversal of loss allowance shall be
recorded in profit or loss of the current period.
(7) Financial Asset Transfers
Financial asset transfer refers to the transfer or delivery of financial assets to a party other than the
issuer of the financial asset.
For financial assets where the company has transferred almost all risks and rewards associated with
ownership to the transferee, the financial asset is derecognized. If the company retains almost all risks
and rewards associated with ownership, the financial asset is not derecognized.
For financial assets where the company neither transfers nor retains almost all risks and rewards
associated with ownership, the following treatments apply: If control over the financial asset is
relinquished, the financial asset is derecognized, and any resulting assets and liabilities are recognized.
If control over the financial asset is not relinquished, the financial asset is recognized based on the
extent of continued involvement in the transferred financial asset, and any corresponding liabilities are
recognized accordingly.
(8) Offsetting Financial Assets and Financial Liabilities
When the company has a legally enforceable right to offset recognized financial assets and financial
liabilities, and intends to settle the net amount or simultaneously realize the financial asset and settle the
financial liability, the financial assets and financial liabilities are presented in the balance sheet at the
net amount after offsetting. Otherwise, financial assets and financial liabilities are presented separately
in the balance sheet without offsetting.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The Company measures related assets or liabilities at fair value assuming the assets or liabilities are
exchanged in an orderly transaction in the principal market; in the absence of a principal market,
assuming the assets or liabilities are exchanged in an orderly transaction in the most advantageous
market. Principal market (or the most advantageous market) is the market that the Company can
normally enter into a transaction on measurement date. The Company adopts the presumptions that
would be used by market participants in achieving the maximized economic value of the assets or
liabilities.
For financial assets or financial liabilities with active markets, the Company uses the quoted prices in
active markets as their fair value. Otherwise, the Company uses valuation technique to determine their
fair value.
Fair value measurement of a non-financial asset takes into account market participants’ ability to
generate economic benefits using the asset in its best way or by selling it to another market participant
that would best use the asset.
The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs,
and using unobservable inputs only if the observable inputs aren’t available or impractical.
Fair value level for assets and liabilities measured or disclosed at fair value in the financial statements
are determined according to the significant lowest level input to the entire measurement: Level 1 inputs
are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can
access at the measurement date; Level 2 inputs are inputs other than quoted prices included within
Level 1 that are observable for the assets or liabilities, either directly or indirectly; Level 3 inputs are
unobservable inputs for the assets or liabilities.
At the balance sheet date, the Company revalues assets and liabilities being measured at fair value
continuously in the financial statements to determine whether to change the levels of fair value
measurement.
(1) Classification
Inventories include raw materials, finished goods, hedged items, etc.
(2) Measurement method of cost of inventories
Inventories are initially measured at cost. Raw materials and finished goods are calculated using
first-in-first-out method.
(3) Basis and Method for provision for obsolete inventories
On the balance sheet date, inventories are measured at the lower of cost and net realizable value.
When the net realizable value is lower than the cost, an inventory write-down provision is recognized.
The net realizable value is the estimated selling price of the inventory less the estimated costs to
complete, estimated selling expenses, and related taxes. In determining the net realizable value of
inventories, reliable evidence is used as a basis, while considering the purpose of holding the
inventories and the impact of post-balance sheet events.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Generally, the provision for inventory write-down is recognized on an individual inventory item basis. For
inventories with numerous quantities and low unit prices, the provision is recognized based on inventory
categories.
On the balance sheet date, if the factors causing a decrease in the inventory value have ceased to exist,
the inventory write-down provision is reversed within the original amount that was recognized.
(4) Inventory count system
The Company maintains a perpetual inventory system.
(5) Amortization methods of low-value consumables and packaging materials
Low-value consumables are charged to profit or loss when they are used.
Long-term equity investments include equity investments in subsidiaries and equity investments in joint
ventures and associates. An associate is an enterprise over which the Company has significant
influence.
(1) Determination of initial investment cost
The initial cost of a long-term equity investment acquired through a business combination involving
enterprises under common control is the Company’s share of the carrying amount of the subsidiary’s
equity in the consolidated financial statements of the ultimate controlling party at the combination date.
For a long-term equity investment obtained through a business combination not involving enterprises
under common control, the initial cost is the combination cost.
A long-term equity investment acquired other than through a business combination: A long-term equity
investment acquired other than through a business combination is initially recognised at the amount of
cash paid if the Company acquires the investment by cash, or at the fair value of the equity securities
issued if an investment is acquired by issuing equity securities.
(2) Subsequent measurement and recognition of profit or loss
Long-term equity investments in subsidiaries are accounted for using the cost method. An investment in
a joint venture or an associate is accounted for using the equity method for subsequent measurement.
For a long-term equity investment which is accounted for using the cost method, Except for cash
dividends or profit distributions declared but not yet distributed that have been included in the price or
consideration paid in obtaining the investments, the Company recognises its share of the cash
dividends or profit distributions declared by the investee as investment income for the current period.
For a long-term equity investment which is accounted for using the equity method, where the initial cost
of a long-term equity investment exceeds the Company’s interest in the fair value of the investee’s
identifiable net assets at the date of acquisition, the investment is initially recognised at cost. Where the
initial investment cost is less than the Company’s interest in the fair value of the investee’s identifiable
net assets at the date of acquisition, the investment is initially recognised at the investor’s share of the
fair value of the investee’s identifiable net assets, and the difference is recognised in profit or loss.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Under the equity method, the Company recognises its share of the investee’s profit or loss and other
comprehensive income as investment income or losses and other comprehensive income respectively,
and adjusts the carrying amount of the investment accordingly. Once the investee declares any cash
dividends or profit distributions, the carrying amount of the investment is reduced by the amount
attributable to the Company. Changes in the Company’s share of the investee’s owners’ equity, other
than those arising from the investee’s net profit or loss, other comprehensive income or profit
distribution (referred to as “other changes in owners’ equity”), is recognised directly in the Company’s
equity, and the carrying amount of the investment is adjusted accordingly. In calculating its share of the
investee’s net profits or losses, other comprehensive income and other changes in owners’ equity, the
Company recognises investment income and other comprehensive income after making appropriate
adjustments to align the accounting policies or accounting periods with those of the Company based on
the fair value of the investee’s identifiable net assets at the date of acquisition.
When the Company becomes capable of exercising joint control or significant influence (but not control)
over an investee due to additional investment or other reasons, the Company uses the fair value of the
previously-held equity investment, together with additional investment cost, as the initial investment cost
under the equity method. If the original equity is classified as non-trading equity instrument investment
measured at fair value and its changes are included in other comprehensive income, the relevant
accumulative changes in fair value originally included in other comprehensive income will be transferred
to retained earnings when changed to equity method accounting.
When the Company can no longer exercise joint control of or significant influence over an investee due
to partial disposal of the equity investment or other reasons, the remaining equity investment shall be
accounting for using Accounting Standard for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments, and the difference between the fair value and the carrying
amount of the remaining equity investment shall be charged to profit or loss for the current period at the
date of the loss of joint control or significant influence. Any other comprehensive income previously
recognised under the equity method shall be accounted for on the same basis as would have been
required if the Company had directly disposed of the related assets or liabilities for the current period
upon discontinuation of the equity method. Other movement of owner’s equity related to original equity
investment is transferred to profit or loss for the current period.
When the Company can no longer exercise control over an investee due to partial disposal of the equity
investment or other reasons, and the remaining equity after disposal can exercise joint control of or
significant influence over an investee, the remaining equity is adjusted as using equity method from
acquisition. When the remaining equity can no longer exercise joint control of or significant influence
over an investee, the remaining equity investment shall be accounted for using Accounting Standard for
Business Enterprises No. 22-Recognition and Measurement of Financial Instruments, and the difference
between the fair value and the carrying amount of the remaining equity investment shall be charged to
profit or loss for the current period at the date of loss of control.
When the Company can no longer exercise control over an investee due to new capital injection by
other investors, and the Company can exercise joint control of or significant influence over an investee,
the Company recognizes its share of the investee’s new added net assets using new shareholding
percentage. The difference between its new share of the investee’s new added net assets and its
decreased shareholding percentage of the original investment is recognized in profit or loss. And the
Company adjusts to the equity method using the new shareholding percentage as if it uses the equity
method since it obtains the investment.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Unrealized profits and losses resulting from transactions between the Company and its associates or
joint ventures are eliminated to the extent of the Company’s interest in the associates or joint ventures.
Unrealized losses resulting from transactions between the Company and its associates or joint ventures
are eliminated in the same way as unrealized gains but only to the extent that there is no impairment.
(3) Criteria for determining the existence of joint control or significant influence over an investee
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.
When assessing whether the Company can exercise joint control over an investee, the Company first
considers whether no single participant party is in a position to control the investee’s related activities
unilaterally, and then considers whether strategic decisions relating to the investee’s related activities
require the unanimous consent of all participant parties that sharing of control. All the parties, or a group
of the parties, control the arrangement collectively when they must act together to direct the relevant
activities. When more than one combination of the parties can control an arrangement collectively, joint
control does not exist. A party that holds only protective rights does not have joint control of the
arrangement.
Significant influence is the power to participate in the financial and operating policy decisions of an
investee but does not have control or joint control over those policies. When determining whether the
Company can exercise significant influence over an investee, the effect of potential voting rights (for
example, warrants, share options and convertible bonds) held by the Company or other parties that are
currently exercisable or convertible shall be considered.
When the Company, directly or indirectly through subsidiaries, owns 20% of the investee (including 20%)
or more but less than 50% of the voting shares, it has significant influence over the investee unless
there is clear evidence to show that in this case the Company cannot participate in the production and
business decisions of the investee, and cannot form a significant influence. When the Company owns
less than 20% of the voting shares, generally it does not have significant influence over the investee,
unless there is clear evidence to show that in this case the Company can participate in the production
and business decisions of the investee so as to form a significant influence.
(4) Method of impairment testing and impairment provision
For investments in subsidiaries, associates and joint ventures, refer to Note III. 21 for the Company’s
method of asset impairment.
Investment properties are properties held either to earn rental income or for capital appreciation or for
both. The Company’s investment properties include leased land use rights, land use right held and
provided for to transfer after appreciation and leased building and construction.
Investment properties are initially measured at acquisition cost, and depreciated or amortized using the
same policy as that for fixed assets or intangible assets.
For the impairment of the investment properties accounted for using the cost model, refer to Note III.21.
Gains or losses arising from the sale, transfer, retirement or disposal of an item of investment property
are determined as the difference among the net disposal proceeds, the carrying amount of the item,
related taxes and surcharges, and are recognised in profit or loss for current period.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(1) Recognition of fixed assets
Fixed assets represent the tangible assets held by the Company for use in production of goods, use in
supply of services, rental or for administrative purposes with useful lives over one accounting year.
Fixed assets are only recognised when its related economic benefits are likely to flow to the Company
and its cost can be reliably measured.
Fixed asset are initially measured at cost.
Subsequent expenditures related to fixed assets are included in the cost of fixed assets when the
economic benefits related to them are likely to flow into the Company and their costs can be measured
reliably; the daily repair expenses of fixed assets that do not meet the criteria for subsequent
expenditure of fixed assets capitalization shall be included in the current profit or loss or the cost of
relevant assets according to the beneficiary at the time of occurrence. The carrying amount of the
replaced part shall be derecognized.
(2) Depreciation of fixed assets
The cost of a fixed asset is depreciated using the straight-line method since the state of intended use,
unless the fixed asset is classified as held for sale. Not considering impairment provision, the estimated
useful lives, residual value rates and depreciation rates of each class of fixed assets are as follows:
Estimated useful life
Type Residual value rate % Depreciation rate %
(years)
Plant and buildings 10、35-40 0、3 10、2.43-2.77
Decoration fees for self-owned houses 10 0 10
Machinery and equipment 10 3 9.70
Electronic equipment 3 3 32.33
Motor vehicles 7 3 13.86
Office and other equipment 5 3 19.40
For impaired fixed assets, cumulative amount of impairment provision is deducted in determining the
depreciation rate.
(3) For the impairment of the fixed assets, please refer to Note III. 21.
(4) Useful lives, estimated residual values and depreciation methods are reviewed at least at each year-end.
The Company adjusts the useful lives of fixed assets if their expected useful lives are different with the
original estimates and adjusts the estimated net residual values if they are different from the original
estimates.
(5) Disposal of fixed assets
When the fixed assets are disposed, or no economic benefit is expected to be generated through the
use or disposal, the fixed assets shall be derecognised. The amount of the disposal income from the
sale, transfer, scrapping or destruction of fixed assets after deducting its carrying value and relevant
taxes is recorded into the current profit or loss.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Construction in progress is recognized based on the actual construction cost, including all expenditures
incurred for construction Items, capitalised borrowing costs and any other costs directly attributable to
bringing the asset to working condition for its intended use.
Construction in progress is transferred to fixed asset when it is ready for its intended use.
For the impairment of construction in progress, please refer to Note III. 21.
(1) Capitalisation criteria
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset shall be capitalised as part of the cost of that asset. Other borrowing costs are expensed in profit
or loss as incurred. The capitalisation of borrowing costs shall commence only when the following
criteria are met:
① Capital expenditures have been incurred, including expenditures that have resulted in payment of
cash, transfer of other assets or the assumption of interest-bearing liabilities;
② Borrowing costs have been incurred;
③ The activities that are necessary to prepare the asset for its intended use or sale have commenced.
(2) Capitalisation period
The capitalisation of borrowing costs ceases when the asset under acquisition or construction becomes
ready for its intended use, the borrowing costs incurred thereafter are recognised in profit or loss for the
current period.
Capitalisation of borrowing costs is suspended during periods in which the acquisition or construction of
a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months, until the
acquisition or construction is resumed.
(3) Capitalisation rate of borrowing costs and calculation basis of capitalised amount
For interest expense actually incurred on specific borrowings, the eligible capitalised amount is the net
amount of the borrowing costs after deducting any investment income earned before some or all of the
funds are used for expenditures on the qualifying asset. To the extent that the Company borrows funds
generally and uses them for the purpose of obtaining a qualifying asset, the Company shall determine
the amount of borrowing costs eligible for capitalisation by applying a capitalisation rate to the
expenditures on that asset, the capitalisation rate shall be the weighted average of the borrowing costs
applicable to the borrowings of the Company that are outstanding during the period, other than
borrowings specifically for the purpose of obtaining a qualifying asset.
In the capitalisation period, exchange differences of specific borrowings in foreign currency shall be
capitalised; exchange differences of general borrowings in foreign currency is recognised in profit or
loss for the current period.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Intangible assets include land usage right, computer software, trade mark etc.
Intangible assets are stated at actual cost upon acquisition and the useful economic lives are
determined at the point of acquisition. When the useful life is finite, amortisation method shall reflect
the pattern in which the asset’s economic benefits are expected to be realised. If the pattern cannot be
determined reliably, the straight-line method shall be used. An intangible asset with an indefinite useful
life shall not be amortised.
Amortisation method for intangible assets with finite useful lives is as follows:
Useful life The basis for determining the useful
Categories Amortisation methods Remarks
(years) life
Land usage right 50 years Legal right to use Straight-line method
The useful life is determined with
Computer software 5 years reference to the period that can bring Straight-line method
economic benefits to the company
The useful life is determined with
Trade mark 10 years reference to the period that can bring Straight-line method
economic benefits to the company
The Company shall review the useful life and amortisation method of an intangible asset with a finite
useful life at least at each year end. Changes of useful life and amortisation method shall be accounted
for as a change in accounting estimate.
An intangible asset shall be derecognised in profit or loss when it is not expected to generate future
economic benefits.
For the impairment of intangible assets, please refer to Note III. 21.
The Company's research and development expenditures are directly related to the Company's research
and development activities, including research and development personnel compensation, direct input
costs, depreciation costs and long-term amortized expenses, design costs, equipment commissioning
costs, intangible assets amortization costs, commissioned external research and development costs,
and other expenses. Among them, the wages of R&D personnel are included in R&D expenditure
according to the allocation of project working hours. The equipment, production lines and sites shared
by R&D activities and other production and operation activities are allocated to R&D expenditures based
on the proportion of working hours and area.
Expenditure on an internal research and development project is classified into expenditure incurred
during the research phase and expenditure incurred during the development phase.
Expenditure during the research phase is expensed when incurred.
Expenditure during the development phase is capitalized if the product or process is technically and
commercially feasible; the Company intends to complete the development; the intangible asset can
generate economic benefits, including there is evidence that the products produced using the intangible
asset has a market or the intangible asset itself has a market; if the intangible asset is for internal use,
there is evidence that there is usage for the intangible asset; there is sufficient support in terms of
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
technology, financial resources and other resources in order to complete the development and use or
sell the intangible asset; and development costs can be measured reliably. Other development
expenditure is recognized as an expense in the period in which it is incurred.
Research and development projects of the Company will enter into the development phase when they
meet the above conditions, technical and economic feasibility research is finished and necessary
approval of the project is obtained.
Capitalized expenditure on the development phase is presented as “development costs” in the balance
sheet, and is transferred to intangible assets when the project is completed to its intended use.
The impairment of long-term equity investments in subsidiaries, associates and joint ventures,
investment properties measured using a cost model, fixed assets, construction in progress, right-of-use
assets, intangible assets, etc. (Excluding inventories, investment property measured using a fair value
model, deferred tax assets and financial assets) is determined as follows:
At each balance sheet date, the Company determines whether there is any indication of impairment. If
any indication exists, the recoverable amount of the asset is estimated. In addition, the Company
estimates the recoverable amounts of goodwill, intangible assets with indefinite useful lives and
intangible assets not ready for use at each year-end, irrespective of whether there is any indication of
impairment.
The recoverable amount of an asset is the higher of its fair value less costs to sell and its present value
of expected future cash flows. The recoverable amount is estimated for each individual asset. If it is not
possible to estimate the recoverable amount of each individual asset, the Company determines the
recoverable amount for the asset group to which the asset belongs. An asset group is the smallest
identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or asset groups.
A loss allowance is recognized in profit or loss when the recoverable amount of an asset is less than its
carrying amount. A loss allowance of the asset is recognized accordingly.
For goodwill impairment test, the carrying amount of goodwill arising from a business combination is
allocated reasonably to the relevant asset group since the acquisition date. If the carrying amount of
goodwill is unable to be allocated to asset group, the carrying amount of goodwill will be allocated to
asset portfolio. Asset group or portfolio of asset group is asset group or portfolio of asset group which
can be benefit from synergies of a business combination and is not greater than the reportable segment
of the Company.
In impairment testing, if impairment indication exists in asset group or portfolio of asset group containing
allocated goodwill, impairment test is first conducted for asset group or portfolio of asset group that does
not contain goodwill, and corresponding recoverable amount is estimated and any loss allowance is
recognized. Then impairment test is conducted for asset group or portfolio of asset group containing
goodwill by comparing its carrying amount and its recoverable amount. If the recoverable amount is less
than the carrying amount, loss allowance of goodwill is recognized.
Once a loss allowance is recognized, it is not reversed in a subsequent period.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Long-term deferred expenses are recorded at the actual cost, and amortized using a straight-line
method within the benefit period. For long-term deferred expense that cannot bring benefit in future
period, the Company recognized its amortized cost in profit or loss for the current period.
(1) Scope of employee benefits
Employee benefits refer to all forms of consideration or compensation given by the Company in
exchange for service rendered by employees or for the termination of employment relationship.
Employee benefits include short-term employee benefits, post-employment benefits, termination
benefits and other long-term employee benefits. Benefits provided to the Company’s spouse, children,
dependents, family members of deceased employees or other beneficiaries are also part of the
employee benefits.
(2)Short-term employee benefits
In the current period, the Company has accrued for the actual wages, bonuses, medical insurance for
employees based on standard rate, work injury insurance and maternity insurance and other social
insurance and housing fund incurred and these are recognized as liabilities and corresponding costs in
the profit or loss.
(3)Post-employment benefits
Post-employment benefit plan includes defined contribution plans and defined benefit plans. Defined
contribution plans are post-employment benefit plans under which an enterprise pays fixed contributions
into a separate fund and will have no future obligations to pay the contributions. Defined benefit plans
are post-employment benefit plans other than defined contribution plans.
Defined contribution plans.
Defined contribution plans include basic pension insurance, unemployment insurance, etc.
The Company shall recognize, in the accounting period in which an employee provides service, the
contribution payable to a defined contribution plan as a liability, with a corresponding charge to the profit
or loss for the current period or the cost of a relevant asset.
Defined benefit plans.
For defined benefit plans, an actuarial valuation is performed by an independent actuary at the annual
balance sheet date to determine the cost of providing benefits using the expected cumulative benefit
unit method. The employee compensation costs resulting from the Company's defined benefit plan
include the following components:
①Service costs, including current service costs, past service costs and settlement gains or losses.
Among them, the current service cost refers to the increase in the present value of the defined benefit
plan obligation caused by the service provided by the employee in the current period; Past service costs
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
refer to the increase or decrease in the present value of defined benefit plan obligations related to
employee services in previous periods resulting from modifications to defined benefit plans.
②Net interest on defined benefit plan net liabilities or net assets, including interest income on plan
assets, interest expense on defined benefit plan obligations, and interest affected by asset caps.
③Changes resulting from the re-measurement of net liabilities or net assets of defined benefit plans.
Unless other accounting standards require or allow the cost of employee benefits to be included in the
cost of assets, the Company will recognize items ① and ② above in the profit and loss of the current
period; Item ③ is included in other comprehensive income and is not carried back to profit or loss in
subsequent accounting periods, and the portion originally included in other comprehensive income is
fully carried forward to undistributed profit within the scope of equity upon termination of the original
defined benefit plan.
(4)Termination benefits
The Company provides for termination benefits to the employees and shall recognize an employee
benefits liability for termination benefits, with a corresponding charge to the profit or loss for the current
period, at the earlier of the following dates: When the Company cannot unilaterally withdraw the offer of
the termination benefits because of an employment termination plan or a redundancy proposal; or when
the Company recognizes the costs or expenses relating to a restructuring that involves the payment of
the termination benefits.
If an employee's internal retirement plan is implemented, the economic compensation before the official
retirement date belongs to the dismissal welfare. During the period from the day when the employee
ceases to provide services to the normal retirement date, the salary and social insurance premiums to
be paid to the employee for internal retirement shall be included in the profit and loss of the current
period in one lump sum. Financial compensation after the official retirement date (such as a regular
pension) is treated as post-employment benefits.
(5)Other long-term employee benefits
Other long-term employee benefits provided by the Company to the employees satisfied the conditions
for classifying as a defined contribution plan; those benefits shall be accounted for in accordance with
the above requirements relating to defined contribution plan. When the benefits satisfied a defined
benefit plan, it shall be accounted for in accordance with the above requirements relating to defined
benefit plan, but the movement of net liabilities or assets in re-measurement of defined benefit plan shall
be recorded in profit or loss for the current period or cost of relevant assets.
A provision is recognized for an obligation related to a contingency if all the following conditions are satisfied:
(1)The Company has a present obligation;
(2)It is probable that an outflow of economic benefits will be required to settle the obligation; and
(3)The amount of the obligation can be estimated reliably.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation. Factors pertaining to a contingency such as the risks, uncertainties and time value of
money are taken into account as a whole in reaching the best estimate. Where the effect of the time
value of money is material, provisions are determined by discounting the expected future cash flows.
The Company reviews the carrying amount of a provision at the balance sheet date and adjusts the
carrying amount to the current best estimate.
If all or part of the expenditure necessary for settling the provision is expected to be compensated by a
third party, the amount of compensation is separately recognized as an asset when it is basically certain
to be received. The recognized compensation amount shall not exceed the carrying amount of the
provision.
(1)General principles
The Company recognizes revenue when it has fulfilled its contractual performance obligation, that is,
when the customer acquires control of the relevant goods or services.
If the contract contains two or more performance obligations, the Company shall, on the
commencement date of the contract, allocate the transaction price to each single performance
obligation according to the relative proportion of the stand-alone selling prices of goods or services
committed by each single performance obligation, and measure the income according to the transaction
price allocated to each single performance obligation.
If one of the following conditions is met, the Company satisfies a performance obligation over time;
otherwise, the Company satisfies a performance obligation at a point in time:
① The customer simultaneously receives and consumes the economic benefits provided by the
Company's performance as the Company performs.
② The customer can control the goods under construction during the performance of the Company.
③ The goods produced by the Company during the performance of the contract do not have alternative
use, and the Company has the right to collect payment for the accumulated part of the performance
completed to date during the whole period of the contract.
For the performance obligations performed over time, the Company shall recognize the income in
accordance with the performance progress within that period. If the performance progress cannot be
reasonably determined and the Company is expected to be compensated for the costs already incurred,
the revenue shall be recognized according to the amount of the costs already incurred until the
performance progress can be reasonably determined.
For performance obligations performed at a point in time, the Company recognizes revenue at the point
when the customer acquires control of the relevant goods or services. In determining whether a
customer has acquired control of goods or services, the Company will take into account the following
indicators:
① The Company has a present right to payment for the good or service, that is, the customer is
presently obliged to pay for the good or service.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
② The Company has transferred the legal title of the good to the customer, that is, the customer has
the legal title to the good.
③ The Company has transferred physical possession of the good to the customer, that is, the customer
has physical possession of the good.
④ The Company has transferred the significant risks and rewards of ownership of the good to the
customer, that is, the customer has obtained the significant risks and rewards of ownership of the good.
⑤ The customer has accepted the good or service.
⑥ Other indicators that the customer has obtained control of the good.
(2)Specific methods
The Company's revenue is mainly derived from the following businesses: property rental and service,
jewelry sales and service.
Property rental and service
The specific methods of property rental and service revenue recognition are detailed in Note III, 28.
Jewelry sales and service
Whether the Company is the principal responsible person or the agent in the transaction is determined
by whether the Company has control of the goods or services before the transfer to the customer. If the
Company is able to control the goods or services before the transfer of the goods or services to the
customer, the Company is the main responsible person, and the revenue is recognized on the basis of
the total consideration received or receivable; Otherwise, the Company, acting as agent, recognizes
revenue on the basis of the amount of the commission or handling fee it is expected to be entitled to
receive, which is the net amount of the total consideration received or receivable after deducting the
price payable to other parties, or on the basis of the amount or proportion of the commission established,
etc.The company's gold jewelry sales mode is based on direct sales model, supplemented by
commission sales. The main sales channels of direct sales include wholesalers, e-commerce and direct
store retail. The timing of revenue recognition for each of the wholesalers, e-commerce and direct store
retail sales models is as follows:
① Wholesale distributor sales refer to the purchasing party directly entering into cooperation with the
company. The company recognizes revenue when control over the goods has transferred to the
purchasing party as per the sales contract completion obligation, typically upon customer acceptance
and issuance of a signed receipt confirming the receipt of income. This constitutes performance
obligations fulfilled at a specific point in time.
② E-commerce sales channels refer to the sale of goods through electronic commerce platforms. The
company recognizes sales revenue when the customer signs for receipt and payment has been
received or the right to claim payment has been obtained. This constitutes performance obligations
fulfilled at a specific point in time.
③ Direct store retail refers to the sale of goods through owned properties, and the Company recognizes
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
sales revenue when the goods are sold to customers and the payment is collected or the right to claim
payment is obtained. This constitutes performance obligations fulfilled at a specific point in time.
④ Commissioned consignment sales refer to transporting products to the consignee's stores. The
company recognizes revenue when the consignee sells the goods to the end consumers, who then sign
for receipt. Control over the goods has transferred to the end consumers as the completion of the sales
contract obligation, and revenue is recognized.
The Company's other revenue recognition methods are as follows:
Self-directed gold repurchase business refers to the company acquiring old gold from the market,
processing it into standard gold bars through refining factories, and selling them to the Shanghai Gold
Exchange. Based on the price at the time of the Shanghai Gold Exchange, the sale is confirmed (priced)
in the trading system, and revenue is recognized upon obtaining the settlement statement from the
Shanghai Gold Exchange.
Agency procurement of gold and jewelry business refers to the company acting as an agent, providing
agency services to principals under agency procurement agreements to earn agency fees. The
company recognizes agency fee revenue when the customer pays for the goods, and simultaneously
when the customer confirms receipt.
Agency gold repurchase business refers to the company acting as an agent for suppliers to repurchase
gold and charging a commission fee. Revenue is recognized based on the time of the agency gold
repurchase and the commission fee specified in the contract.
A government grant is recognized when there is reasonable assurance that the grant will be received
and that the Company will comply with the conditions attaching to the grant.
If a government grant is in the form of a transfer of a monetary asset, it is measured at the amount
received or receivable. If a government grant is in the form of a transfer of a non-monetary asset, it is
measured at fair value. If fair value cannot be reliably determined, it is measured at a nominal amount of
RMB 1.
Government grants related to assets are grants whose primary condition is that the Company qualifying
for them should purchase, construct or otherwise acquire long-term assets. Government grants related
to income are grants other than those related to assets.
For government grants with unspecified purpose, the amount of grants used to form a long-term asset is
regarded as government grants related to an asset, the remaining amount of grants is regarded as
government grants related to income. If it is not possible to distinguish, the amount of grants is treated
as government grants related to income.
A government grant related to an asset is recognized as deferred income and amortized to profit or loss
over the useful life of the related asset on a reasonable and systematic manner. A grant that
compensates the Company for expenses or losses already incurred is recognized in profit or loss
directly. A grant that compensates the Company for expenses or losses to be incurred in the future is
recognized as deferred income, and included in profit or loss in the periods in which the expenses or
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
losses are recognized. The Company applies a consistent approach to same or similar government
grant transactions.
A grant related to ordinary activities is recognized as other income based on the economic substance. A
grant not related to ordinary activities is recognized as non-operating income .
When a recognized government grant is reversed, carrying amount of the related asset is adjusted if the
grant was initially recognized as offset against the carrying amount of the related asset. If there is
balance of relevant deferred income, it is offset against the carrying amount of relevant deferred income.
Any excess of the reversal to the carrying amount of deferred income is recognized in profit or loss for
the current period. For other circumstances, reversal is directly recognized in profit or loss for the
current period.
Income tax comprises of current tax and deferred tax. Current tax and deferred tax are recognized in
profit or loss except to the extent that they relate to transactions or items recognized directly in equity
and goodwill arising from a business combination.
Deferred tax assets and deferred tax liabilities arise from deductible and taxable temporary differences
respectively, being the differences between the carrying amounts of assets and liabilities for financial
reporting purposes and their tax bases.
All the taxable temporary differences are recognized as deferred tax liabilities except for those incurred
in the following transactions:
(1)Initial recognition of goodwill, or assets or liabilities in a transaction that is not a business combination and
that affects neither accounting profit nor taxable profit (or deductible loss)(except for individual transactions in
which the initial recognition of assets and liabilities results in equal amounts of taxable temporary differences
and deductible temporary differences);
(2)Taxable temporary differences associated with investments in subsidiaries, associates and joint ventures,
and the Company is able to control the timing of the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable future.
The Company recognizes a deferred tax asset for deductible temporary differences, deductible losses
and tax credits carried forward to subsequent periods, to the extent that it is probable that future taxable
profits will be available against which deductible temporary differences, deductible losses and tax
credits can be utilized, except for those incurred in the following transactions:
(1)A transaction that is not a business combination and that affects neither accounting profit nor taxable profit
(or deductible loss) (except for individual transactions in which the initial recognition of assets and liabilities
results in equal amounts of taxable temporary differences and deductible temporary differences);
(2)Deductible temporary differences associated with investments in subsidiaries, associates and joint
ventures, the corresponding deferred tax asset is recognized when both of the following conditions are
satisfied: it is probable that the temporary difference will reverse in the foreseeable future; and it is probable
that taxable profits will be available in the future against which the temporary difference can be utilized.
At the balance sheet date, deferred tax is measured based on the tax consequences that would follow
from the expected manner of recovery or settlement of the carrying amount of the assets and liabilities,
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
using tax rates enacted at the reporting date that are expected to be applied in the period when the
asset is recovered or the liability is settled.
The carrying amount of a deferred tax asset is reviewed at each balance sheet date, and is reduced to
the extent that it is no longer probable that the related tax benefits will be utilized. Such reduction is
reversed to the extent that it becomes probable that sufficient taxable profits will be available.
At the balance sheet date, deferred tax assets and deferred tax liabilities are presented as net amounts
after offsetting when both of the following criteria are met:
(1)The taxpayer of the Company has the legal right to net settlement of current tax assets and current tax
liabilities;
(2)Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax
collection authority on the same taxpayer within the Company.
(1) Identification of leases
At inception of a contract, the Company, as a lessee or a lessor, shall assess whether the customer
under the contract has the right to obtain substantially all of the economic benefits from use of the
identified asset during the period of use and has to right to direct the use of the identified asset during
the period of use. The Company considers the contract to be a lease or to include a lease if one of the
parties to the contract conveys the right to control the use of one or more identified assets for a certain
period of time in exchange for consideration.
(2) The Company acts as the lessee
At the commencement date, the Company recognizes the right-of-use assets and lease liabilities for all
leases, except for short-term leases and leases of low value assets that are accounted for according to
the simplified method.
For the accounting policy of the right-of-use assets, see Note III.29.
Lease liabilities are initially measured at the present value of the outstanding lease payments at the
commencement date of the lease using the interest rate implicit in the lease. If the interest rate implicit
in the lease cannot be determined, the incremental borrowing rate shall be used as the discount rate.
The lease payments include: fixed payments and in-substance fixed payments; if there are lease
incentives, the relevant amount of lease incentives shall be deducted; variable lease payments
depending on an index or a rate; the exercise price of the option provided that the lessee is reasonably
certain that the option will be exercised; the amount to be paid to exercise the option to terminate the
lease if the lease term reflects that the lessee will exercise the option to terminate the lease; and the
amount expected to be payable based on the residual value of the security provided by the lessee. The
interest expense of the lease liability in each period of the lease term shall be calculated in accordance
with the fixed periodic interest rate and recorded into the profit or loss of the current period. The variable
lease payment not included in the measurement of lease liabilities shall be recorded into the current
profit or loss when actually incurred.
Short-term lease
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less,
except for a lease that contains a purchase option.
The Company will record the lease payment amount of short-term lease into the cost of relevant assets
or current profit or loss in each period of the lease term according to the straight-line method.
For short-term leases, the Company chooses to adopt the above simplified method for the items that
meet the short-term lease conditions in the following asset types according to the classes of leased
assets.
Leases of low value assets
Leases of low value assets refer to lease of a single leased asset whose value is less than 40,000 yuan
when it is a brand-new asset.
The Company will include the lease payment of the low-value asset lease into the cost of the relevant
asset or current profit or loss in each period of the lease term according to the straight-line method.
For leases of low value assets, the Company chooses to adopt the above simplified method according
to the specific situation of each lease.
Lease modifications
A lessee shall account for a lease modification as a separate lease if both: ① the modification increases
the scope of the lease by adding the right to use one or more underlying assets; and ② the
consideration for the lease increases by an amount commensurate with the stand-alone price for the
increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances
of the contract.
If a lease modification that is not accounted for as a separate lease, on the day of the lease modification,
the Company re-allocates the consideration in the modified lease, re-determines the lease term, and
re-measures the present value of lease liability according to the revised lease payments and revised
discount rate.
For lease modifications that result in decrease in the lease scope or the lease term, the Company
decreases the carrying amount of the right-of-use asset accordingly and recognizes in profit or loss of
current period any gain or loss relating to the partial or full termination of the lease.
For all other lease modifications that result in re-measurement of lease liabilities, the Company makes a
corresponding adjustment to the carrying amount of right-of-use asset.
(3) The Company acts as the lessor
When the Company acts as the lessor, the leases that substantially transfer all the risks and rewards
related to the ownership of the assets are recognized as finance leases, and other leases other than
finance leases are recognized as operating leases.
Finance leases
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
In the case of finance leases, the Company takes the net investments in the lease as the carrying
amounts of finance lease receivables at the commencement date, and the net lease investments are the
sum of the unguaranteed residual value and the present value of the lease payments receivable at the
commencement date discounted at the implicit interest rate. The Company, as the lessor, calculates and
recognizes interest income for each period of the lease term at a fixed periodic rate. The variable lease
payments obtained by the Company as the lessor and not included in the measurement of the net lease
investments shall be recorded into the current profit or loss when actually incurred.
The derecognition and impairment of finance lease receivable shall be accounted for in accordance with
the provisions of the “Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments” and the “Accounting Standards for Business Enterprises No. 23
- Transfer of Financial Assets”.
Operating lease
For the rent in the operating lease, the Company shall recognize the profit or loss of the current period
in accordance with the straight-line method during each period of the lease term. The initial direct costs
incurred in connection with the operating lease shall be capitalized, allocated on the same basis as the
recognition of rental income during the lease term and recorded into the current profit or loss in
installments. The variable lease payments obtained in connection with the operating lease and not
included in the lease payments shall be recorded into the current profit or loss when actually incurred.
Lease modifications
If an operating lease is modified, the Company will treat it as a new lease for accounting treatment from
the effective date of the modification, and the amount of lease payments received in advance or
receivable related to the lease before the modification will be regarded as the amount of new lease
payments.
The Company will treat the finance lease modification as a separate lease if the following conditions are
met: ① the modification increases the scope of the lease by adding the right to use one or more
underlying assets; and ② the consideration for the lease increases by an amount commensurate with
the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone
price to reflect the circumstances of the contract.
If the finance lease modification is not accounted for as a separate lease, the Company will deal with the
modified lease under the following circumstances: ① If the modification takes effect on the
commencement date of the lease, the lease will be classified as an operating lease, and the Company
will treat it as a new lease from the effective date of the lease modification, and take the net investment
in lease before the effective date of the lease modification as the carrying amount of the leased asset;
② If the modification takes effect on the commencement date of the lease, the lease will be classified
as a finance lease, and the Company will conduct accounting treatment in accordance with the
provisions of the “Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments” concerning the modification or renegotiation of the contract.
(4) Subleases
When the Company acts as a sublease lessor, it classifies the sublease based on the right-of-use
assets generated from the original lease. If the original lease is a short-term lease and the Company
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
uses the simplified method to account for the original lease, the sublease shall be classified as an
operating lease.
(1)Criteria for the recognition of right-of-use assets
The Company's right-of-use assets refer to the Company's right to use the leased assets during the
lease term as the lessee.
On the commencement date, the right-of-use assets shall be initially measured at cost. The cost
includes: the initial measurement of the lease liability; for the amount of lease payments paid on or
before the commencement date of the lease term, if there is a lease incentive, the relevant amount of
lease incentive already enjoyed will be deducted; initial direct costs incurred by the Company as the
lessee; the costs which the Company, as the lessee, expects to incur in dismantling and removing the
leased assets, restoring the premises on which the leased assets are located or restoring the leased
assets to the state agreed in the lease terms. The Company, as the lessee, shall recognize and
measure the costs of demolition and restoration in accordance with the “Accounting Standards for
Business Enterprises No.13 – Contingencies”. Subsequent adjustments are made for any
re-measurement of lease liabilities.
(2)Depreciation method of the right-of-use assets
The Company uses the straight line method of depreciation. Where the Company, as the lessee, can
reasonably determine that it obtains the ownership of the leased assets upon expiration of the lease
term, depreciation shall be accrued over the remaining useful life of the leased assets. Where it is
impossible to reasonably determine that the ownership of the leased asset can be acquired at the
expiration of the lease term, depreciation shall be accrued in the shorter period between the lease term
and the remaining useful life of the leased asset.
(3)See Note III.21 for the impairment test method of the right-of-use assets and the loss allowance.
At the time of the initial designation of the hedging relationship, the Company formally designates the
hedging instrument and the hedged item, and has a formal written document documenting the hedging
relationship, risk management strategy and risk management objectives. The content record includes
the hedging instrument, the hedged item, the nature of the hedged risk and the evaluation method of the
hedging effectiveness.
The Company continuously evaluates the validity of the hedge to determine whether the hedge meets
the validity requirements of using hedge accounting during the accounting period specified in the hedge
relationship. If it is not satisfied, the hedging relationship is terminated. The application of hedge
accounting shall meet the following requirements for the validity of hedging:
①There is an economic relationship between the hedged item and the hedged instrument.
②The influence of credit risk does not play a dominant role in the change of value generated by the
economic relationship between the hedged item and the hedged instrument.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
③The hedging ratio of the hedging relationship should be equal to the ratio of the actual number of
hedged items of the enterprise to the actual number of hedging instruments, but should not reflect the
imbalance of the relative weight of the hedged items and hedging instruments, which will lead to the
invalidity of the hedge and may produce accounting results inconsistent with the hedge accounting
objectives.
The Company shall terminate the use of hedge accounting under any of the following circumstances:
①Due to the change of risk management objectives, the hedging relationship no longer meets the risk
management objectives.
②The hedge instrument has expired, been sold, the contract has been terminated or has been
exercised.
③There is no longer an economic relationship between the hedged item and the hedged instrument, or
the impact of credit risk begins to dominate the value changes generated by the economic relationship
between the hedged item and the hedged instrument.
④The hedge relationship no longer satisfies the other conditions for applying the hedge accounting
method.
Fair value hedging
Fair value hedging refers to hedging of recognized assets or liabilities, unrecognized firm commitments,
or the risk exposure of changes in fair value of components of the above items. The change in fair value
arises from specific risks and will affect the company's profit or loss or other comprehensive income.
For fair value hedges, gains or losses generated by hedging instruments are recognized in the current
profit or loss. Gains or losses arising from hedging risk exposure of the hedged item shall be included in
the current profits and losses, and the book value of the hedged item that has not been measured at fair
value shall be adjusted.
For fair value hedging related to financial instruments (or their components) measured at amortized cost,
adjustments made to the book value of the hedged item are amortized at the effective interest rate
recalculated on the amortization date and recorded in the current period's profit or loss.
If the hedged item is a confirmed commitment (or its components) that has not been confirmed yet, the
cumulative fair value change caused by the hedged risk after the designation of the hedging relationship
is recognized as an asset or liability, and the relevant gains or losses are included in the current profit or
loss. When fulfilling a certain commitment to acquire assets or assume liabilities, the initial recognition
amount of the asset or liability should be adjusted to include the cumulative changes in the fair value of
the hedged item that has been recognized.
Cash flow hedging
Cash flow hedging refers to the hedging of the risk of changes in cash flow. The change in cash flow
originates from recognized assets or liabilities, highly likely expected transactions, or specific risks
related to the components of the aforementioned projects, and will affect the company's profit and loss.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The portion of the gains or losses on hedging instruments that belong to the effective hedging is
recognized as cash flow hedging reserves as other comprehensive income. The portion that belongs to
the ineffective hedging (i.e., after deducting other gains or losses recognized in other comprehensive
income) is recognized in the current profit and loss.
For a cash flow hedge, where the hedged item is an anticipated transaction and the anticipated
transaction causes the Company to subsequently recognize a non-financial asset or non-financial
liability, or where the anticipated transaction of a non-financial asset or non-financial liability forms a firm
commitment applicable to fair value hedge accounting, the Company transfers out the amount of the
cash flow hedge reserve originally recognized in other comprehensive income. The initial recognized
amount credited to the asset or liability.
For cash flow hedges that do not fall under the above circumstances, the Company transfers the cash
flow hedged reserve amount originally recognized in other comprehensive income to profit or loss during
the same period when the anticipated cash flows hedged affect profit or loss.
If the amount of the cash flow hedge reserve recognized in other comprehensive income is a loss, and
the loss is not expected to be recovered in whole or in part in future accounting periods, the Company
transfers the portion that is not expected to be recovered from other comprehensive income and
recognizes it in current profit or loss when it is not expected to be recovered.
When the Company terminates the use of hedge accounting for the cash flow hedge, if the hedged
future cash flows are still expected to occur, the amount of the accumulated cash flow hedge reserve
recognized in other comprehensive income will be retained until the anticipated transaction actually
occurs, and then treated in accordance with the above accounting policy for cash flow hedge. If the
hedged future cash flow is no longer expected to occur, the amount of the accumulated cash flow hedge
reserve recognized in other comprehensive income is transferred from other comprehensive income
and recognized in the current profit or loss. The hedged future cash flow expectation is no longer highly
likely to occur but may still be expected to occur, and in the event that it is still expected to occur, the
amount of the accumulated cash flow hedge reserve is retained until the anticipated transaction actually
occurs, and then treated in accordance with the accounting policy for cash flow hedging described
above.
The subsidiary of the company, Guorun Gold (Shenzhen) Co., Ltd. and Shenzhen Tellus Baoku Supply
Chain Technology Co., Ltd., hedges its gold products to avoid the risk of changes in the fair value of its
gold raw materials, using hedging tools such as the Shanghai Gold Exchange's gold spot deferred
delivery contract, the Shanghai Futures Exchange's gold futures contract, and on exchange gold options,
so as to avoid the risk of gold product price decline caused by the significant drop in gold price. This
hedge is a fair value hedge, and the designated accounting period for this hedging relationship is from
January 1, 2025 to December 31, 2025.
The Company conducts an ongoing evaluation of the significant accounting estimates and key
assumptions used in the light of historical experience and other factors, including reasonable
expectations of future events. Significant accounting estimates and key assumptions that are likely to
result in the risk of a material adjustment in the carrying amount of assets and liabilities during the next
fiscal year are set out below:
Classification of financial assets
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The Company's major judgments in determining the classification of financial assets include the analysis
of business models and contractual cash flow characteristics.
The Company determines the business model for the management of financial assets at the level of its
financial portfolio, taking into account factors such as the way in which the performance of financial
assets is evaluated and reported to key managers, the risks affecting the performance of financial
assets and their management methods, and the way in which managers of related businesses are
remunerated.
When evaluating whether the contractual cash flows of financial assets are consistent with the basic
lending arrangement, the Company uses the following key judgments: whether the time distribution or
amount of the principal in the duration period may change due to reasons such as prepayment; whether
interest solely includes the time value of money, credit risk, other fundamental borrowing risks, and
consideration for costs and profit. For example, whether the amount paid for early repayment only
reflect the outstanding principal and interest based on the outstanding principal and reasonable
compensation for early termination of the contract.
Measurement of expected credit losses in accounts receivable
The Company calculates the expected credit losses of accounts receivable through the default risk
exposure of accounts receivable and the expected credit loss rate, and determines the expected credit
loss rate based on the default probability and the credit loss rate. In determining the expected credit loss
rate, the Company uses data such as internal historical credit loss experience, and adjusts the historical
data in combination with the current situation and forward-looking information. When considering
forward-looking information, the indicators used by the Company include the risk of an economic
downturn, changes in the external market environment, the technological environment and customer
conditions. The Company regularly monitors and reviews assumptions relating to the calculation of
expected credit losses.
Deferred tax assets
Deferred tax assets should be recognized for all unutilized tax losses to the extent that there is likely to
be sufficient taxable profit to offset the loss. This requires management to use a great deal of judgment
to estimate when and how much future taxable profits will occur, in combination with tax planning
strategies, to determine the amount of deferred tax assets that should be recognized.
Determination of fair value of unlisted equity investments
The estimated value of an unlisted equity investment is the estimation of discounted future cash flows at
the current discount rate for projects with similar terms and risk characteristics. This valuation requires
the Company to estimate expected future cash flows and the discount rate and is therefore subject to
uncertainty. In limited circumstances, if the information used to determine fair value is insufficient, or if
the possible estimated amount of fair value is widely distributed, and the cost represents the best
estimate of fair value within that range, the cost can represent its appropriate estimation of fair value
within that distribution range.
(1)Significant changes in accounting policies
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The accounting policies used in the current financial statements are consistent with those of the prior
period..
(2)Significant changes in accounting estimates
There were no changes in accounting estimates in the current period.
IV. TAXATION
Tax type Tax basis Tax rate%
Taxable value-added amount (the taxable amount is calculated
Value-added tax (VAT) based on the balance of taxable sales multiplied by the applicable
tax rate after deducting the allowable input tax for the current period) or 3
For housing property levied on the basis of price, real estate tax is
levied at the rate of 1.2% of the balance after deducting 30% of the
Real estate tax 1.2 or 12
cost; for housing property levied on the basis of rent, real estate tax
is levied at the rate of 12% of rent revenue.
City maintenance and
Turnover tax payable 7
construction tax
Education surcharge Turnover tax payable 3
Local education surcharge Turnover tax payable 2
Enterprise income tax Taxable income 25 or 20
Tax rates of income tax of different subsidiaries are stated as below:
Name of Taxpayer Rate of Income Tax%
深圳市特力创盈科技有限公司(Shenzhen Teli Chuangying Technology Co., Ltd.) 20
深圳市宝安石泉实业有限公司 (Shenzhen Bao'an District Shiquan Industry Co.,Ltd.) 20
深圳市特发特力房地产有限公司 (Shenzhen Tefa Teli Real Estate Co., Ltd.) 20
深圳市汽车工业供销公司 (Shenzhen Automobile Industry Sales Company.) 20
上海泛粤钻石有限公司(Shanghai Pan Yue Diamond Co., Ltd. ) 20
深圳市华日安信汽车检测有限公司
(Shenzhen Huari Anxin Automotive Inspection Co., Ltd.)
Other taxable entities other than the above 25
①Enterprise income tax
In accordance with the "Announcement on Further Tax and Fee Policies to Support the Development of
Small and Micro Enterprises and Individual Businesses" (Announcement No. 12 [2023] of the Ministry of
Finance and the State Taxation Administration), for the years from January 1, 2023, to December 31,
at a rate of 20%.The Company's subsidiaries, Teli Chuangying, Bao'an Shiquan, Teli Real Estate,
Automobile Supply & Sales, Shanghai Fanyue, and Huarui Anxin, enjoy the above tax incentives.
②Value-added tax
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
According to the Notice of the State Administration of Taxation regarding the Adjustment of Tax Policies
for Diamonds and the Shanghai Diamond Exchange (Finance and Taxation (2006) No. 65), taxpayers
selling rough diamonds from the Shanghai Diamond Exchange to the domestic market are exempted
from import value-added tax. For taxpayers selling polished diamonds to the domestic market through
the Shanghai Diamond Exchange, any VAT burden exceeding 4% in relation to the import stage shall be
collected by customs and subsequently refunded. Upon entering the domestic market, taxpayers should
offset their input tax against VAT indicated in payment certificates issued by customs. Following
implementation of import value-added tax exemption and immediate collection/refund policies for
diamonds sold domestically via the Shanghai Diamond Exchange, such diamonds will be subject to
Customs regulations upon leaving said exchange. The Company's subsidiary, Shanghai fanyue
diamond Co., Ltd., is a member of this exchange and imports finished diamonds through it in order to
avail these aforementioned tax incentives.
③Education surcharge
According to the Notice of the State Administration of Taxation on Expanding the Exemption Scope of
Government Funds (Caishui [2016] No. 12), the scope of exemption for Urban maintenance and
construction tax, local education surcharge, and water conservancy construction fund will be expanded
from the current monthly taxable monthly sales or revenue not exceeding 30000 yuan (quarterly taxable
quarterly sales or revenue not exceeding 90000 yuan) to the monthly taxable monthly sales or revenue
not exceeding 100000 yuan (quarterly taxable quarterly sales or revenue not exceeding 300000 yuan).
Our subsidiary, Shenzhen Huari Anxin Automotive Inspection Co., Ltd., is entitled to the
above-mentioned tax benefits if its monthly taxable sales or revenue does not exceed 100000 yuan.
Ⅴ. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Item 2025.12.31 2024.12.31
Cash on hand 6,016.65 20,879.87
Bank deposit 45,536,363.87 280,040,887.67
Other monetary funds 103,586,472.03 97,727,003.23
Accrued interest on deposits 100,304.30 182,588.92
Total 149,229,156.85 377,971,359.69
Note：The monetary funds with the limited right to use the company are mainly bill margin, and futures
option margin.
The balances of restricted cash and cash equivalents are as follows：
Item 2025.12.31 2024.12.31
security deposit payable 42,100,334.71 33,113,263.10
Futures and options account margin 28,748,241.60 22,848,540.40
Deposit and interest of gold lease 0.01 20,069,638.91
Amount of judicial control - 663,948.65
Total 70,848,576.32 76,695,391.06
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item 2025.12.31 2024.12.31
Financial assets measured at fair value
through profit or loss
Including: Structural deposits and
financial products
Total 117,410,631.65 165,630,834.06
Item 2025.12.31 2024.12.31
Hedging instrument — Derivative financial assets with
- 292,078.00
specified hedging relationships
Commodity futures contracts and T+D contracts - 292,078.00
Total - 292,078.00
（1）Disclosure by aging
Aging 2025.12.31 2024.12.31
Within 1 year 60,980,767.02 44,225,898.09
More than 3 years 48,875,942.93 48,781,485.16
Subtotal 111,700,248.83 96,036,451.59
Less: Loss allowance 50,690,357.04 49,472,384.45
Total 61,009,891.79 46,564,067.14
（2）Disclose accounts receivable according to the method of bad debt provision
Book value Loss allowance
Type Expected
Percentage Carrying amount
Amount Amount credit loss
(%)
rate (%)
Loss allowance on an individual basis 49,796,666.52 44.58 49,570,436.52 99.55 226,230.00
Loss allowance by group 61,903,582.31 55.42 1,119,920.52 1.81 60,783,661.79
Including:Lease and other portfolio 20,689,280.75 18.53 707,286.49 3.42 19,981,994.26
Jewelry sales portfolio 41,214,301.56 36.89 412,634.03 1.00 40,801,667.53
Total 111,700,248.83 100.00 50,690,357.04 45.38 61,009,891.79
Continued：
Type
Book value Loss allowance Carrying amount
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Expected
Percentage
Amount Amount credit loss
(%)
rate (%)
Loss allowance on an individual basis 48,781,485.16 50.79 48,781,485.16 100.00 -
Loss allowance by group 47,254,966.43 49.21 690,899.29 1.46 46,564,067.14
Including:Lease and other portfolio 35,498,139.36 36.96 573,331.02 1.62 34,924,808.34
Jewelry sales portfolio 11,756,827.07 12.25 117,568.27 1.00 11,639,258.80
Total 96,036,451.59 100.00 49,472,384.45 51.51 46,564,067.14
Accounts receivable assessed for impairment individually:
Debtors Expected
Book value Loss allowance credit loss Reasons for provision
rate (%)
深 圳 市 金 路 工 贸 公 司 (Shenzhen Expected to be unrecoverable
Jinlu Industrial and Trading Co., Ltd.) due to long ages
广东湛江三星汽车股份有限公司
Expected to be unrecoverable
(Guangdong Zhanjiang Sanxing 4,060,329.44 4,060,329.44 100.00
due to long ages
Automobile Co., Ltd.)
Expected to be unrecoverable
王昌龙(Changlong.Wang) 2,370,760.40 2,370,760.40 100.00
due to long ages
惠州市建达城道桥工程公司
Expected to be unrecoverable
(Huizhou Jiandacheng Road and 2,021,657.70 2,021,657.70 100.00
due to long ages
Bridge Engineering Co., Ltd.)
广东省广物控股集团有限公司
Expected to be unrecoverable
(Guangdong Guangwu Holding Group 1,862,000.00 1,862,000.00 100.00
due to long ages
Co.,Ltd.)
江铃汽车制造厂(Jiangling Expected to be unrecoverable
Automobile Factory) due to long ages
阳江市汽车贸易有限公司
Expected to be unrecoverable
(Yangjiang Automobile Trading Co., 1,150,000.00 1,150,000.00 100.00
due to long ages
Ltd.)
Expected to be unrecoverable
Others 27,294,252.00 27,068,022.00 99.17
due to long ages
Total 49,796,666.52 49,570,436.52 99.55 /
Continued：
Debtors Expected
Book value Loss allowance credit loss Reasons for provision
rate (%)
深圳市金路工贸公司(Shenzhen Expected to be unrecoverable
Jinlu Industrial and Trading Co., Ltd.) due to long ages
广东湛江三星汽车股份有限公
Expected to be unrecoverable
司(Guangdong Zhanjiang Sanxing 4,060,329.44 4,060,329.44 100.00
due to long ages
Automobile Co., Ltd.)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Debtors Expected
Book value Loss allowance credit loss Reasons for provision
rate (%)
Expected to be unrecoverable
王昌龙(Changlong.Wang) 2,370,760.40 2,370,760.40 100.00
due to long ages
惠州市建达城道桥工程公司
Expected to be unrecoverable
(Huizhou Jiandacheng Road and 2,021,657.70 2,021,657.70 100.00
due to long ages
Bridge Engineering Co., Ltd.)
广东省广物控股集团有限公司
Expected to be unrecoverable
(Guangdong Guangwu Holding Group 1,862,000.00 1,862,000.00 100.00
due to long ages
Co.,Ltd.)
江铃汽车制造厂 Expected to be unrecoverable
(Jiangling Automobile Factory) due to long ages
阳江市汽车贸易有限公司
Expected to be unrecoverable
(Yangjiang Automobile Trading Co., 1,150,000.00 1,150,000.00 100.00
due to long ages
Ltd.)
Expected to be unrecoverable
Others 26,279,070.64 26,279,070.64 100.00
due to long ages
Total 48,781,485.16 48,781,485.16 100.00
Accounts receivable collectively assessed for loss allowance based on analysis
Combination provision items: Lease and other portfolio
Aging Expected Expected
Book value Loss allowance credit loss Book value Loss allowance credit loss rate
rate (%) (%)
Within 1 year 19,296,399.10 192,183.10 1.00 32,469,071.02 322,296.93 0.99
More than 3 years 508,387.31 469,516.38 92.35 - - -
Total 20,689,280.75 707,286.49 3.42 35,498,139.36 573,331.02 1.62
Bad debt items by portfolio: Jewelry sales portfolio
Aging Expected credit Expected credit
Book value Loss allowance Book value Loss allowance
loss rate (%) loss rate (%)
Within 1 year 41,214,301.56 412,634.03 1.00 11,756,827.07 117,568.27 1.00
（3）Additions, recoveries or reversals of provision for the current period
Type Loss allowance
Amount as at 2025.01.01 49,472,384.45
Additions 1,658,055.85
Recoveries or reversals -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Type Loss allowance
Written off in the current period 484,803.08
Other Changes 44,719.82
Amount as at 2025.12.31 50,690,357.04
（4）Details of Accounts Receivable Actually Written Off in the Current Period
Item Amount Written Off
Accounts Receivable Actually Written Off 484,803.08
（5）Accounts receivable of the top five ending balance by the owing party
Proportion to total
Debtors 2025.12.31 accounts Loss allowance
receivable (%)
河南省邮电科技有限公司
(Henan Post & Telecommunications Technology Co., Ltd.)
深圳市金路工贸公司
(Shenzhen Jinlu Industry & Trade Co., Ltd.)
广东湛江三星汽车股份有限公司
(Guangdong Zhanjiang Sanxing Automobile Stock Co., Ltd.)
王昌龙(Changlong.Wang) 2,370,760.40 2.12 2,370,760.40
惠州市建达城道桥工程公司(Huizhou Jianda Chengdao
Bridge Engineering Company)
Total 57,120,223.89 51.14 18,687,579.74
（1）Prepayments disclosed by aging
Aging
Amount Percentage% Amount Percentage%
Within 1 year 831,960.48 98.73 795,544.97 99.77
More than 3 years 1,603.94 0.19 1,603.94 0.20
Subtotal 842,625.42 100.00 797,409.91 100.00
Less: Impairment Provision - - - -
Total 842,625.42 100.00 797,409.91 100.00
（2）Details of the top five prepayment recipients by ending balance, grouped by prepayment counterparty.
Percentage of Total
Prepayment Ending Prepayment
Counterparty Name
Balance Ending Balance
(%)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Percentage of Total
Prepayment Ending Prepayment
Counterparty Name
Balance Ending Balance
(%)
深圳华丽装修家私企业公司
(Shenzhen Huali Decoration & Furniture Enterprise Co., Ltd.)
国任财产保险股份有限公司深圳分公司
(Guoren Property & Casualty Insurance Co., Ltd. Shenzhen Branch)
中国电信股份有限公司深圳分公司
(China Telecom Corporation Limited Shenzhen Branch)
薯鸿文化传媒（上海）有限公司
(Shuhong Culture Media (Shanghai) Co., Ltd.)
杭州阿里妈妈软件服务有限公司
(Hangzhou Alimama Software Service Co., Ltd.)
Total 520,314.19 61.76
Item 2025.12.31 2024.12.31
Interests receivable - -
Dividends receivable - -
Other receivables 49,405,335.51 8,081,783.33
Total 49,405,335.51 8,081,783.33
（1）Dividends receivable
Investee 2025.12.31 2024.12.31
中国浦发机械工业股份有限公司
(China Perfect Machinery Industry Corp.,Ltd.)
Subtotal 1,305,581.86 1,305,581.86
Less: Loss allowance 1,305,581.86 1,305,581.86
Total - -
（2）Other receivables
①Disclosed by aging
Aging 2025.12.31 2024.12.31
Within 1 year 43,709,850.02 5,141,214.58
More than 3 years 49,176,102.93 51,016,753.37
Subtotal 95,331,715.69 60,283,587.96
Less: loss allowance 45,926,380.18 52,201,804.63
Total 49,405,335.51 8,081,783.33
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
②Disclosure by nature of payment
Item 2025.12.31 2024.12.31
Temporary advance payment receivable 3,943,137.76 6,258,271.82
Security deposit 44,330,855.20 3,195,494.08
Intercompany Balances 44,852,837.54 47,147,781.27
Others 2,204,885.19 3,682,040.79
Subtotal 95,331,715.69 60,283,587.96
Less: loss allowance 45,926,380.18 52,201,804.63
Total 49,405,335.51 8,081,783.33
③Loss allowance
Loss allowance in the first stage at the end of the period
Expected credit
loss rate over the
Type Book value Loss allowance Carrying amount
next 12 months
(%)
Loss allowance on an individual
- - - -
basis
Loss allowance by group 47,639,177.20 2.78 1,324,059.51 46,315,117.69
Ageing group 3,308,322.00 6.13 202,948.89 3,105,373.11
Security deposit 44,330,855.20 2.53 1,121,110.62 43,209,744.58
Total 47,639,177.20 2.78 1,324,059.51 46,315,117.69
At the end of the period, the Company did not have dividends receivable and other receivables in the
second stage.
Loss allowance in the third stage at the end of the period
Lifetime expected
Type Book value Loss allowance Carrying amount
credit loss rate (%)
Loss allowance on an individual
basis
Loss allowance by group
Ageing group - - - -
Security deposit - - - -
Total 47,692,538.49 93.52 44,602,320.67 3,090,217.82
Loss allowance in the first stage at the end of last year
Expected credit loss
Type Book value rate over the next 12 Loss allowance Carrying amount
months (%)
Loss allowance on an individual
- - - -
basis
Loss allowance by group 6,464,040.17 9.11 589,121.09 5,874,919.08
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Expected credit loss
Type Book value rate over the next 12 Loss allowance Carrying amount
months (%)
Ageing group 3,268,546.09 7.06 230,887.66 3,037,658.43
Security deposit 3,195,494.08 11.21 358,233.43 2,837,260.65
Total 6,464,040.17 9.11 589,121.09 5,874,919.08
At the end of the previous year, the Company did not have any dividends receivable or other receivables
in the second stage.
Loss allowance in the third stage at the end of last year
Expected credit loss
Type Book value rate over the next 12 Loss allowance Carrying amount
months (%)
Loss allowance on an individual
basis
Loss allowance by group - - - -
Ageing group - - - -
Security deposit - - - -
Total 53,819,547.79 95.90 51,612,683.54 2,206,864.25
④Additions, recoveries or reversals of provision for the current period
First stage Second stage Third stage
Lifetime expected
Loss allowance Expected credit Lifetime expected Total
credit losses (credit
losses over the next credit losses (no credit
impairment has
occurred)
Balance as at January 1, 2025 589,121.09 - 51,612,683.54 52,201,804.63
Balance as at January 1, 2025
- - - -
in the current period
- Transfer to the second stage - - - -
- Transfer to the third stage - - - -
- Transfer out to the second
- - - -
stage
- Transfer out to the first stage - - - -
Additions 831,129.13 - 50,494.49 881,623.62
Reversals 96,190.71 - 1,205,470.99 1,301,661.70
Charge-offs - - 5,306,106.09 5,306,106.09
Other changes 549,280.28 549,280.28
Balance as at December 31,
⑤Other receivables written off in the current period
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Amount written off
Other receivables written off 5,306,106.09
⑥Other receivables of the top five ending balances by the owing party
Proportion to
Nature of total other
Debtors 2025.12.31 Aging Loss allowance
receivables receivables
(%)
Security
国金黄金股份有限公司 Within 1
Deposit 21,830,000.00 22.90 155,871.90
(Guojin Gold Co., Ltd.) year
深圳市众恒隆实业有限公司 Security
Within 1
(Shenzhen Zhonghenglong Industrial Deposit 18,731,980.00 19.65 187,319.80
year
Co., Ltd.)
深圳中汽华南汽车销售公司
Current More than
(Shenzhen Zhongqi Huanan Automobile 9,832,956.37 10.31 9,832,956.37
account 3 years
Sales Company)
南方工贸深圳实业公司(Shenzhen Current More than
Nanfang Industry and Trade Co., Ltd) account 3 years
深圳中浩(集团)股份有限公司 Current More than
(Shenzhen Zhonghao(group)Ltd) account 3 years
Total 62,753,997.12 65.82 22,535,208.82
（1）Inventory by type
Loss allowance Loss allowance
of of
Items inventories/Imp inventories/Imp
Carrying Carrying
Book value airment Book value airment
amount amount
Allowance for Allowance for
Contract Contract
Fulfilment Costs Fulfilment Costs
Raw materials 146,932.23 - 146,932.23 8,281,211.63 - 8,281,211.63
Finished goods 39,330,164.36 28,997,998.14 10,332,166.22 29,558,580.97 29,094,882.38 463,698.59
Hedged items 49,178,442.27 - 49,178,442.27 114,856,873.15 - 114,856,873.15
Consigned
- - - 3,830,408.18 - 3,830,408.18
finished goods
Total 88,655,538.86 28,997,998.14 59,657,540.72 156,527,073.93 29,094,882.38 127,432,191.55
（1）Loss allowance of inventories/Impairment Allowance for Contract Fulfilment Costs
Decreases
Item 2025.01.01 Additions during the year 2025.12.31
during the year
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Changes in
Reversed or
Provision Others Consolidation
written-off
Scope
Finished goods 29,094,882.38 84,463.30 - 181,347.54 - 28,997,998.14
Item 2025.12.31 2024.12.31
Certificates of Deposit (CDs), Time
Deposits, and Accrued Interest 87,268,498.36 91,587,627.94
Maturing Within One Year
Item 2025.12.31 2024.12.31
Input VAT to be Verified 9,482,963.33 25,711,444.95
Advance tax 7,696,873.59 167,748.29
Certificates of Deposit (CDs), Time
Deposits, and Related Accrued Interest
Prepaid Expenses - 313,322.22
Reimbursable Advances of Agency 385,725.01 15,582,254.39
Total 19,312,300.83 96,743,827.38
Item 2025.12.31 2025.12.31
Negotiable certificates of deposit 661,117,925.76 133,545,478.92
Less: other debt investments due
within one year
Total 573,849,427.40 84,724,128.76
（1）Disclosure of Long-term Receivables by Nature
Item Loss Carrying Loss Carrying discount
Book value Book value rate
allowance amount allowance amount
Related party
transactions
Less: long-term
receivables due - - - - - -
within 1 year
Total 6,146,228.91 6,146,228.91 - 6,146,228.91 6,146,228.91 - -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Movements during the year
Investment Declared Ending balance
Investee Opening balance Increase in income Other Other distribution
Decrease in Provision for Increase in Ending balance of loss
recognised comprehensive equity of cash Others allowance
capital capital impairment capital
under equity income movements dividends
method or profits
①Joint venture
深圳特力吉盟投资有限
公司(Shenzhen 56,216,004.26 - 26,111,495.42 - - 20,000,000.00 - 62,327,499.68
Tellus-Gmond Investment
Co., Ltd.)
深圳市特力行投资有限
公司(Shenzhen Tellus 13,686,903.37 - 841,444.02 - - - - 14,528,347.39
Xing Investment Co.,
Ltd.)(Note1)
Subtotal 69,902,907.63 - - - 26,952,939.44 - - 20,000,000.00 - 76,855,847.07
②Associates
深圳市仁孚特力汽车服
务有限公司(Shenzhen 15,188,925.57 - 2,431,128.33 17,620,053.90
Renfu Tellus Automobiles
Service Co., Ltd.)
深圳特力汽车服务连锁
有限公司(Shenzhen - - - - - - - - - - - -
Tellus Automobile Services
Chain Co., Ltd.)(Note2)
深圳市永通信达检测设
备有限责任公司
(Shenzhen Yongtong Xinda - - - - - - - - - - - -
Inspection Equipment Co.,
Ltd.)(Note2)
深圳捷成电子有限公司
(Shenzhen Jiecheng
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Movements during the year
Investment Declared Ending balance
Investee Opening balance Increase in income Other Other distribution Ending balance of loss
Decrease in Provision for Increase in
recognised comprehensive equity of cash Others allowance
capital capital impairment capital
under equity income movements dividends
method or profits
Electronic Co., Ltd.)(Note3)
中国汽车工业深圳贸易
公司(China Automobile 400,000.00 400,000.00 - - - - - - - - 400,000.00 400,000.00
Shenzhen Trading Co.,
Ltd.)(Note3)
深圳通用标准件有限公
司(Shenzhen General 500,000.00 500,000.00 - - - - - - - - 500,000.00 500,000.00
Standard Parts Co.,
Ltd.)(Note3)
深圳中汽华南汽车销售
公司(Zhongqi South China 2,250,000.00 2,250,000.00 - - - - - - - - 2,250,000.00 2,250,000.00
Automobile Sales Co.,
Ltd. )(Note3)
深圳百力源电源有限公
司(Shenzhen Bailiyuan 1,320,000.00 1,320,000.00 - - - - - - - - 1,320,000.00 1,320,000.00
Power Co., Ltd.)(Note3)
深圳市益民汽车贸易公
司(Shenzhen Yimin 200,001.10 200,001.10 - - - - - - - - 200,001.10 200,001.10
Automobile Trading Co.,
Ltd.)(Note3)
深圳火炬火花塞工业公
司(Shenzhen Torch Spark 17,849.20 17,849.20 - - 865,445.32 - - 865,445.32 - - 17,849.20 17,849.20
Plug Industrial Co., Ltd.)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
深圳市特力新永通汽车
服务有限公司
（Shenzhen Teli 420,000.00 420,000.00 - - - - - - - - 420,000.00 420,000.00
Xinyongtong Automobile
Service Co., Ltd.）
湖南昌阳实业股份有限
公司(Hunan Changyang 1,810,540.70 1,810,540.70 - - - - - - - 1,810,540.70 - -
Industrial Co., Ltd.)(Note 4)
深圳先导新材料有限公
司(Shenzhen Xiandao New 4,751,621.62 4,751,621.62 - - - - - - - 4,751,621.62 - -
Materials Co., Ltd.)(Note4)
Subtotal 30,083,938.19 14,895,012.62 - - 3,296,573.65 - - 865,445.32 - 6,562,162.32 25,952,904.2 8,332,850.3
③ Associates
深圳汉力高技术陶瓷有
限公司(Shenzhen Haneco 1,956,000.00 1,956,000.00 - - - - - - - 1,956,000.00 - -
Technologies Ceramics
Co., Ltd.)(Note4)
深圳市南方汽车维修中
心(Nanfang Automobile 6,700,000.00 6,700,000.00 - - - - - - - 6,700,000.00 6,700,000.00
Repairing Center)(Note5)
Subtotal 8,656,000.00 8,656,000.00 - - - - - - - 1,956,000.00 6,700,000.00 6,700,000.00
Total 108,642,845.82 23,551,012.62 - - 30,249,513.09 - - 20,865,445.32 - 8,518,162.32 109,508,751.27 15,032,850.30
Note 1: The Company holds 51%of the equity of 深圳市特力行投资有限公司(Shenzhen Tellus Xing Investment Co., Ltd.). According to the articles of
association, the rights of voting and nominated directors cannot be unilaterally decided on the relevant decisions by the company's shareholders' meeting and
the board of directors, and the Company does not have a control.
Note 2: The book balances of these long-term equity investments have been adjusted to Nil by the recognition of profit and loss adjustments under equity
method.
Note 3: Industrial and commercial registration of these companies has been revoked, and the Company has made full provision for impairment for these
long-term equity investments.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Note 4: Hunan Changyang Industrial Co., Ltd., Shenzhen Xiandao New Materials Co., Ltd., and Shenzhen Hanli High-Tech Ceramics Co., Ltd. have all
completed their commercial deregistration. During the current year, with the approval of the Board of Directors, the long-term equity investments in three
investees and the corresponding impairment provisions thereof have been written o
Note 5: The operating period of Shenzhen Nanfang Automobile Repairing Center have ceased operation for many years and their industrial and commercial
registration has been revoked because they did not participate in the annual industrial and commercial inspection. The Company is unable to exercise effective
control over these companies. Therefore, they are not included in the consolidated scope of the Company’s consolidated financial statements. The carrying
amount of the Company’s investment in these companies is zero.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
（1）Details of other equity instrument investments
Items 2025.12.31 2024.12.31
Non-public equity instrument
- -
investment
（2）Details of equity instrument investments non-held-for-trading
Gains and losses Dividend
Cumulative gains or
recognized in other Cumulative income
losses transferred to Reason for
Items comprehensive gains or losses recognized in
retained earnings derecognition
income for the at year end the current
upon derecognition
current period period
中国浦发机械工业股
份有限公司(China - -10,176,617.20 - - -
Perfect Machinery
Industry Corp., Ltd.)
（1）Investment properties measured at cost
Item Buildings Land use rights Total
I. Cost
II. Accumulated depreciation or amortization
(1)Depreciated or amortised 43,745,919.41 2,119,130.04 45,865,049.45
III. Loss allowance
IV.Carrying amounts -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
（1）Investment properties pending certificates of ownership
Item Carrying amount Reason why certificates are pending
Due to historical reasons, certificate of titles has
Building 12 stores, Sungang 8,524.38
not been applied for.
Due to historical reasons, certificate of titles has
Zhonghe office building 3,493,294.17
not been applied for.
Due to historical reasons, certificate of titles has
Building 12, Sungang 2,653.97
not been applied for.
Total 3,504,472.52
Item 2025.12.31 2024.12.31
Fixed assets 61,870,381.34 70,699,928.84
Fixed assets to be disposed of - 63,754.41
Total 61,870,381.34 70,763,683.25
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
（1）Fixed assets
①Details of fixed assets
Machinery and Electronic Office and other
Item Plant and buildings Motor vehicles Renovation of fixed Total
equipment equipment equipment
assets
I. Cost:
(1)Purchases - - - 854,883.44 - 157,643.41 1,012,526.85
(1)Disposal or scrapping - 6,655,409.61 798,383.58 1,507,174.36 1,141,459.06 754,535.44 10,856,962.05
II. Accumulated depreciation:
(1)Provision 6,438,213.27 927,035.22 66,367.08 669,600.88 - 1,354,646.43 9,455,862.88
(1)Disposal or write-offs - 5,397,159.10 746,730.22 955,884.74 860,076.33 600,008.22 8,559,858.61
III. Provision for impairment
(1)Disposals or write-offs - 1,250,883.99 51,653.36 175,666.13 281,382.73 151,305.76 1,910,891.97
IV.Carrying amount
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Carrying amount
Plant and Buildings 45,648,811.88
③Fixed assets with certificate of titles being unsettled
Items Carrying amount Reason why certificates are pending
Due to historical reasons, certificate
Yongtong Building 16,694,176.87
of titles has not been applied for.
Due to historical reasons, certificate
Automobile Building 18,170,392.84
of titles has not been applied for.
Tellus Building underground parking Unable to apply for certificate of titles
lot for parking lot
Third – Fifth floor of Plant 1, Plant Due to historical reasons, certificate
Tellus Building transfer story 978,779.24 Unable to apply for certificate of titles
Due to historical reasons, certificate
Building 16 of Taohua Yuan 761,853.54
of titles has not been applied for.
Due to historical reasons, certificate
Warehouse 47,658.93
of titles has not been applied for.
First floor of commercial and Due to historical reasons, certificate
residential building in Bao’an of titles has not been applied for.
Due to historical reasons, certificate
Shuibei Zhongtian Complex Building 433,404.22
of titles has not been applied for.
Due to historical reasons, certificate
Warehouse of trade department 34,483.33
of titles has not been applied for.
Due to historical reasons, certificate
Factory and shop 5-7 of Buxin Road 14,317.22
of titles has not been applied for.
Due to historical reasons, certificate
Songquan Apartment (Mix) 10,086.79
of titles has not been applied for.
Due to historical reasons, certificate
Buxin generator room 5,994.58
of titles has not been applied for.
Due to historical reasons, certificate
Hostel on North Renmin Road 5,902.41
of titles has not been applied for.
Total 46,369,190.13
Item 2025.12.31 2024.12.31
Construction in progress 5,111,882.70 3,332,141.19
Total 5,111,882.70 3,332,141.19
（1）Construction in progress
①Details of construction in progress
Item Loss Carrying Loss Carrying
Book value Book value
allowance amount allowance amount
其他工程(Other construction) 5,111,882.70 - 5,111,882.70 3,332,141.19 - 3,332,141.19
Total 5,111,882.70 - 5,111,882.70 3,332,141.19 - 3,332,141.19
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Plant and buildings Total
I. Cost:
(1)Rent in 3,845,893.75 3,845,893.75
(2) Lease liability adjustment - -
(1)Expiry - -
(2)Lease modification - -
II. Accumulated depreciation
(1)Accrued 4,483,068.69 4,483,068.69
(2)Other additions - -
(1)Expiry - -
(2)Lease modification - -
III. Loss allowance - -
IV.Carrying amount -
（1）Intangible assets
Item Land use right The patent right Software Total
I. Cost -
(1)Purchase - 4.50 1,176,288.56 1,176,293.06
(1)Disposal - - 564,999.80 564,999.80
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Land use right The patent right Software Total
II. Accumulated amortization -
(1)Accrued 103,571.04 2,720.28 1,256,407.30 1,362,698.62
(1)Disposal - - 38,000.00 38,000.00
III. Loss allowance
IV.Carrying amount -
Additions in the Amortization in the
Item 2025.01.01 Other decreases 2025.12.31
current period current period
Renovation 47,932,696.85 1,218,945.3 15,091,948.28 - 34,059,693.87
Information
System service fee
Renovation Project 132,786.16 - 86,599.68 - 46,186.48
Total 48,095,409.37 1,218,945.30 15,196,503.80 34,117,850.87
(1) Deferred tax assets and deferred tax liabilities before offset
Deductible/
Item Deferred tax Deductible/ Deferred tax
taxable
assets/ liabilities taxable temporary assets/ liabilities
temporary
difference
difference
Deferred tax assets:
Asset impairment provision 7,953,897.05 31,815,588.17 8,747,158.83 34,988,635.30
Deferred income 106,384.69 425,538.76 139,118.44 556,473.76
Changes in fair value of trading financial
assets
Changes in fair value of investments in
other equity instruments
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Deductible/
Item Deferred tax Deductible/ Deferred tax
taxable
assets/ liabilities taxable temporary assets/ liabilities
temporary
difference
difference
Lease liabilities 18,213,711.52 72,854,846.05 21,110,941.41 84,443,765.66
Subtotal 29,342,459.39 117,369,837.50 32,641,001.79 130,564,007.16
Deferred tax liabilities:
Accelerated depreciation of fixed assets 18,684.85 74,739.40 31,644.25 126,577.00
Taxable temporary difference 1,691,712.74 6,766,850.96 4,273,564.60 17,094,258.40
Appreciation of Asset Valuation in Business
Combinations under Non - Common Control
Right-of-use assets 16,116,520.28 64,466,081.10 19,432,952.64 77,731,810.56
Subtotal 43,098,266.15 172,393,080.05 52,319,731.49 209,278,941.43
（2）Deferred Tax Assets or Liabilities Presented Net of Offset
Amounts Offset Between Amounts Offset
Net Deferred Tax Net DTA/(DTL)
Deferred Tax Assets (DTA) Between DTA and
Item Asset/(Liability) Position Position at End
and Liabilities (DTL) at End DTL at End of Prior
at End of Current Period of Prior Year
of Current Period Year
Deferred tax assets 22,942,743.95 6,399,715.44 27,144,223.01 5,496,778.78
Deferred tax liabilities 22,942,743.95 20,155,522.20 27,144,223.01 25,175,508.48
（3）Details of temporary differences and deductible losses for unrecognized deferred tax assets
Item 2025.12.31 2024.12.31
Deductible temporary differences 125,029,644.86 149,654,149.86
Deductible losses 36,370,445.85 45,273,526.35
Total 161,400,090.71 194,927,676.21
（4）Expiration of deductible tax losses for unrecognized deferred tax assets
Year 2025.12.31 2024.12.31 Note
Total 36,370,445.85 45,273,526.35
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Loss Loss
Carrying
Book value allow Book value allowa Carrying amount
amount
ance nce
Amortization of the Bundled
Construction Project for the
Teli-Gemeng Gold Jewelry 46,760,375.52 - 46,760,375.52 47,062,569.00 - 47,062,569.00
Industrial Park Upgrade and
Renovation Project
VAT input tax to be certified - - - 7,237,158.45 - 7,237,158.45
Certificates of Deposit (CDs),
Time Deposits, and Accrued
Interest Maturing Beyond One
Year
Prepayment for software 132,775.71 - 132,775.71 132,775.71 - 132,775.71
Total 195,306,959.38 - 195,306,959.38 199,748,111.29 - 199,748,111.29
Items
Book Balance Carrying amount Restricted type Reason for restriction
Restricted Margins for Notes
Monetary funds 70,848,576.32 70,848,576.32 Security deposit,etc.
Payable and Futures Margins, etc.
Continued:
Items
Book Balance Carrying amount Restricted type Reason for restriction
Restricted Margins for Notes
Monetary funds 76,695,391.06 76,695,391.06 Security deposit,etc.
Payable and Futures Margins, etc.
(1)Classification of short-term loans
Item 2025.12.31 2024.12.31
Unsecured loans 11,002,344.41 120,101,444.43
Additions in the current Decreases in the
Item 2025.01.01 2025.12.31
period current period
Financial liabilities
designated as
- 62,799,920.00 62,799,920.00 -
measured at fair value
through profit or loss
Including: Gold leasing
- 62,799,920.00 62,799,920.00 -
Total - 62,799,920.00 62,799,920.00 -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Items 2025.12.31 2024.12.31
Derivative financial liability that
specifies a hedging relationship
Including: commodity futures contracts
and T+D contracts
Total 2,702,318.10 46,660.00
Category 2025.12.31 2024.12.31
Commercial Acceptance Bills - -
Bankers' Acceptance Bills 180,000,000.00 110,000,000.00
Total 180,000,000.00 110,000,000.00
Items 2025.12.31 2024.12.31
Payment for goods and services 14,666,732.29 7,874,360.75
Payment for construction equipment 94,686,651.76 117,681,332.38
Total 109,353,384.05 125,555,693.13
Including: material accounts payable with aging of more than 1 year
Reasons for not being settled or
Items 2025.12.31 carried forward
中国建筑一局(集团)有限公司 Provisional amount,The project
(China Construction First Building(group)corporation Limited) has not been settled.
深圳市英龙建安(集团)有限公司
(Shenzhen Yinglong Jian’an (Group) Co., Ltd.)
深圳市易诺建设工程有限公司
(Shenzhen Yinuo Construction Engineering Co., Ltd.)
深圳市水贝壹号投资发展有限公司
(Shenzhen Shuibei Top 1 Investment and Development Co., Ltd.)
Total 73,904,728.47
Items 2025.12.31 2024.12.31
Rental 8,222,394.47 9,469,503.75
Items 2025.12.31 2024.12.31
Advance receipts for goods 3,074,162.93 2,404,815.58
Advance receipts for services 529,987.77 1,604,689.01
Total 3,604,150.70 4,009,504.59
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Increased in the Decrease in the
Item Beginning balance Ending balance
current period current period
Short-term compensation 36,774,351.19 51,423,146.98 45,977,015.48 42,220,482.69
Post-resignation benefits-Defined
contribution plan
Dismiss welfare 32,000.00 861,999.42 830,600.98 63,398.44
Total 36,835,623.94 57,500,302.71 52,052,045.52 42,283,881.13
(1) Short-term benefits
Beginning Increased in the Decrease in the
Item Ending balance
balance current period current period
Wages, bonuses, allowances, and
subsidies
employee services and benefits 518,171.62 1,600,566.28 1,454,761.35 663,976.55
Social insurance premiums 10,591.21 1,769,591.04 1,780,182.25 -
Including: medical treatment insurance
premium
maternity insurance premium 764.39 150,111.39 150,875.78 -
Industrial injury insurance premium 928.34 153,605.23 154,533.57 -
housing fund 1,012.80 3,659,509.09 3,660,521.89 -
Trade union funds and staff education
funds
Total 36,774,351.19 51,423,146.98 45,977,015.48 42,220,482.69
(2) Defined contribution plan
Increased in the Decrease in the
Item Beginning balance Ending balance
current period current period
Post-resignation
benefits
Among them: basic
endowment insurance 27,743.97 4,966,302.21 4,994,046.18 -
premium
unemployment
insurance expense
Total 29,272.75 5,215,156.31 5,244,429.06 -
Item Ending balance Beginning balance
Increment tax on land value 17,360,372.46 17,360,372.46
Corporate Revenue taxes 6,383,663.90 11,454,335.79
Added-value tax 3,954,478.65 5,266,527.71
Urban maintenance & construction tax 249,005.10 105,007.68
Extra charges of education funds 177,860.76 74,959.48
Individual Revenue tax 692,986.33 1,297,785.08
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Ending balance Beginning balance
Stamp duty 204,418.33 518,448.66
Land use tax 26,460.00 26,460.00
Consumption duty 4,864.11 964.82
Other taxes and fees 4,972.44 4,878.34
Total 29,059,082.08 36,109,740.02
Item Ending balance Beginning balance
Interest payable - -
dividends payable - -
accounts payable-others 139,483,702.52 126,312,280.55
Total 139,483,702.52 126,312,280.55
(1) Other payments payable
① According to the nature of the payment list
Item Ending balance Beginning balance
Deposit deposit 81,230,478.40 73,630,322.35
Related dealings 5,317,052.99 7,845,985.83
Advance payment 23,774,224.22 14,104,886.38
Receipt of temporary collection 29,161,946.91 30,731,085.99
Total 139,483,702.52 126,312,280.55
② Important other payables aged for more than 1 year
Name of creditor's right unit Ending balance Reasons for failure to repay
Rise Profit Investment Limited 2,255,339.58 The affiliates are not repaid
Shenzhen FuluXin Jewelry Co., Ltd 1,441,083.45 The deposit is not due
Shenzhen Longgang Teli Real Estate Company 1,095,742.50 The affiliates are not repaid
Total 4,792,165.53 -
Item Ending balance Beginning balance
Lease liabilities becoming due within 1 year 10,581,548.92 8,674,869.40
Item Ending balance Beginning balance
The amount of tax to be transferred 1,858,235.00 6,142,814.36
Others 355,990.00 -
Total 2,214,225.00 6,142,814.36
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item Ending balance Beginning balance
Lease payment amount 98,086,240.58 99,108,961.99
Less: Unrecognized financing charges 12,062,881.28 13,892,107.04
subtotal 86,023,359.30 85,216,854.95
Less: Non-current liabilities due within
one year
Net Lease liabilities 75,441,810.38 76,541,985.55
Item Ending balance Beginning balance
Long-term payable 3,920,160.36 3,920,160.36
account payable special funds - -
Total 3,920,160.36 3,920,160.36
(1) Long-term payment payable(presented by nature of payment)
Item Ending balance Beginning balance
Employee housing deposit 3,908,848.40 3,908,848.40
Grant funds for technology innovation Items 11,311.96 11,311.96
subtotal 3,920,160.36 3,920,160.36
Less: long-term payment due within one year - -
Total 3,920,160.36 3,920,160.36
Item Ending balance Beginning balance forming reason
pending action 9,956,800.00 - pending action
beginning Increased in the Decrease in the
Item Ending balance forming reason
balances current period current period
public subsidy 7,837,477.60 - 1,780,205.93 6,057,271.67
For the government subsidies included in the deferred Revenue, see Note VIII.
Increased in the current period or decreases (+, -)
Beginning
Item Issue new Provident fund Ending balance
balances Send shares other subtotal
shares conversion
Total number of
shares
Total 431,058,320.00 - - - - - 431,058,320.00
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Increased in the Decrease in the
Item beginning balances Ending balance
current period current period
capital stock premium 425,184,907.34 - - 425,184,907.34
Other capital reserves 5,681,501.16 - - 5,681,501.16
Total 430,866,408.50 - - 430,866,408.50
Other comprehensive Revenue attributable to the parent company in the balance sheet:
Amount incurred in the current period
Less: the retained
Beginning After-tax
Revenue transferred Ending balance
Item balances ownership is
into other (4)=(1)+(2)-(3)
（1） attributable to
comprehensive
the parent
Revenue in the early
company (2)
period (3)
-7,632,462.90 - - -7,632,462.90
be reclassified into profits and losses
-7,632,462.90 - - -7,632,462.90
other equity instruments
reclassification into profit and loss
convertible profit and loss under the equity 26,422.00 - - 26,422.00
method
Total of other comprehensive Revenue -7,606,040.90 - - -7,606,040.90
Increased in the Decrease in the
Item Beginning balance Ending balance
current period current period
legal earned surplus
reserve
Item The amount of this period The last amount
Undistributed profit at the end of the
previous period before the adjustment
Adjustment to the beginning balance of
undistributed profits (Positive
adjustment: +, Negative adjustment: -)
Adjust the late and early undistributed
profits
Plus: net profit attributable to the
shareholders of the parent company 142,865,677.77 136,629,870.80
for this period
Less: draw up the statutory surplus
reserves
Common stock dividend payable 43,105,832.00 13,362,807.92
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Item The amount of this period The last amount
Undistributed end profits 879,664,677.57 798,343,284.97
(1) Operating revenue and operating cost
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Principal business 1,461,603,400.53 1,212,036,648.67 2,613,678,204.37 2,376,764,300.06
Other business - - - -
Total 1,461,603,400.53 1,212,036,648.67 2,613,678,204.37 2,376,764,300.06
(2) Operating revenue and operating cost are divided by industry
Amount incurred in the current period Amount incurred in the previous period
firm name
Revenue Cost Revenue Cost
Principle business: -
Jewelry sales and services 1,131,888,850.11 1,083,515,862.78 2,320,842,052.78 2,273,354,439.85
Leasing and Services 329,714,550.42 128,520,785.89 292,836,151.59 103,409,860.21
Total 1,461,603,400.53 1,212,036,648.67 2,613,678,204.37 2,376,764,300.06
(3) Operating income and operating cost are divided by regions
Principle business Amount incurred in the current period Amount incurred in the previous period
areas Revenue Cost Revenue Cost
South China 943,760,912.51 714,612,561.75 1,971,504,250.32 1,743,354,212.66
Eastern China 173,615,831.08 166,772,471.71 241,495,799.74 238,075,580.05
The northern region 77,242,667.32 74,225,466.43 260,881,606.21 257,355,619.98
central China 243,245,121.80 233,662,659.62 121,099,408.56 119,547,197.35
Other areas 23,738,867.82 22,763,489.16 18,697,139.54 18,431,690.02
Total 1,461,603,400.53 1,212,036,648.67 2,613,678,204.37 2,376,764,300.06
(4) Operating revenue and operating cost are divided according to the commodity transfer time
Amount incurred in the current period
Item Revenue from jewelry sales and
Lease and service Revenue
services
Principle business -
Among them: confirm at a certain point 1,127,981,030.71 -
Confirm at some time 3,907,819.40 329,714,550.42
Total 1,131,888,850.11 329,714,550.42
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the Amount incurred in the previous
Item
current period period
urban maintenance & construction tax 1,212,666.92 1,830,648.40
extra charges of education funds 865,984.75 1,307,560.01
stamp duty 1,025,054.06 2,405,663.01
building taxes 7,423,432.99 7,172,545.32
use tax of land 421,607.18 442,956.07
other 23,265.10 13,275.47
Total 10,972,011.00 13,172,648.28
Note: See note 4 for all taxes and additional calculation and payment standards.
Amount incurred in the Amount incurred in the
Item
current period previous period
Employee compensation 7,362,395.79 6,552,554.33
E-commerce channel operation service fee 2,793,224.28 6,284,555.98
Depreciation and amortization 2,435,673.37 3,089,169.78
Advertising promotion fee 890,795.54 1,514,296.05
Water, electricity and cleaning costs 375,508.95 423,458.67
Insurance 574,103.82 548,338.28
Consultation and service fees 494,660.94 1,054,392.27
Transportation and travel expenses 238,850.81 271,940.20
Communication fees 177,004.52 424,139.87
Administrative expenses 86,310.28 171,365.99
Business entertainment 19,727.00 60,070.06
Material consumption - 444.42
other 220,780.99 1,837,954.99
Total 15,669,036.29 22,232,680.89
Amount incurred in the current Amount incurred in the
Item
period previous period
Employee compensation 42,311,186.52 38,432,977.77
Depreciation and amortization 5,074,482.25 4,766,354.91
Professional fees for intermediary institutions 5,491,265.54 4,538,253.56
Rental fee\property management fee \ cleaning fee \ utility
fee
Administrative expenses 238,824.26 992,490.75
Business entertainment 47,767.63 81,061.23
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the current Amount incurred in the
Item
period previous period
Communication expense 260,449.78 137,608.06
Transportation travel expenses 127,448.60 136,973.90
Travel expenses 51,539.75 115,146.22
Information service expense 652,000.25 162,934.17
Other 3,332,433.36 1,187,180.21
Total 58,791,177.35 51,362,592.45
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 1,970,701.92 2,980,237.50
Equipment and outsourced
service fees
Depreciation and amortization 178,434.56 70,296.60
other 10,841.35 218,285.78
Total 3,098,228.24 3,268,819.88
Item Amount incurred in the current period Amount incurred in the previous period
Total interest fee 6,563,081.07 9,096,305.49
Less: interest capitalization - -
Net interest expense 6,563,081.07 9,096,305.49
less: interest income 2,571,339.77 2,984,792.54
exchange gain or loss -13,353.94 -53,888.97
Page and other 504,674.59 331,390.71
Total 4,483,061.95 6,389,014.69
Amount incurred in Amount incurred in the
Item
the current period previous period
Including: the government subsidies related to the deferred benefits 1,780,205.93 1,780,205.93
Government subsidies directly included in the current profit and loss 478,581.87 4,744,190.54
Among them: individual income tax withholding tax handling fees and
job stabilization subsidy
Total 2,309,127.32 6,597,836.15
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the Amount incurred in the
The sources of the investment income
current period previous period
Long-term equity investment income calculated by the equity
method
Investment income during the holding period of financial
instruments
Among them: classified as financial assets measured at fair
value and whose changes are included in the current profit 9,429,149.49 5,770,977.63
and loss
Interest income from large certificates of deposit and time
deposits
Commodity futures contracts and T + D contracts (hedging) -29,716,862.63 -15,331,164.53
Closing earnings of commodity futures contracts and T + D
-414,329.87 -886,055.89
contracts (unspecified hedging)
Total 17,211,942.15 19,470,482.47
Amount incurred in the Amount incurred in
The sources of income from changes in fair value
current period the previous period
Trading financial assets -977,729.35 -12,410,718.88
Where: changes in fair value designated as trading financial assets -977,729.35 134,917.39
Equity tool investment - -12,545,636.27
Tradable financial liabilities gold lease - 3,002,660.00
Derivatives of effective hedging -1,754,539.23 -1,159,804.74
Among them: income from changes in the fair value of hedging
-3,373,018.10 139,823.00
instruments
Changes in the fair value of hedged Items 1,618,478.87 -1,299,627.74
other - 120.00
Total -2,732,268.58 -10,567,743.62
Amount incurred in the Amount incurred in the
Item
current period previous period
Bad debt losses of accounts receivable -1,658,055.85 339,597.30
Bad debt losses of other receivables 420,038.08 6,719,894.33
Impairment losses of other current assets 157,396.51 -157,396.51
Loss of bad debts on dividends receivable - -1,305,581.86
Total -1,080,621.26 5,596,513.26
Item Amount incurred in the current period Amount incurred in the previous period
loss on inventory -84,463.30 -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the Amount incurred in the
Item
current period previous period
Disposal benefit of fixed assets (losses filled as "-") 15,413.83 -227.20
Other -22,500.92 -
Total -7,087.09 -227.20
Amount incurred in the Amount incurred in Amount included in the current
Item
current period the previous period non-recurring gains and losses
Unable to pay the proceeds - 492,565.25
Liquidated damages income 5,459,720.92 3,405,795.28 5,459,720.92
Land Occupancy and Usage
Fees
other 624,094.27 2,592.54 624,094.27
Total 13,030,508.37 3,900,953.07 13,030,508.37
Amount incurred in the Amount incurred in Amount included in the current
Item
current period the previous period non-recurring gains and losses
Late fine and liquidated
damages expenses
Contingent compensation
expenditures
other 164,184.95 812,183.78 164,184.95
Total 10,137,861.33 2,195,959.84 10,137,861.33
Note: Compensation expenditure related to contingent matters is detailed in Note XII, Commitments and
Contingent Matters, “2. Contingent Matters”, “(1) Contingent liabilities arising from provision of debt
guarantees for other entities and their financial effects”
(1) Income tax expense
Amount incurred in the current Amount incurred in the previous
Item
period period
Current income tax expense calculated in accordance
with the tax laws and related provisions.
Deferred income tax -5,922,922.94 -11,380,243.86
Total 33,562,806.50 24,258,270.37
(2) Accounting profit and income tax expense adjustment process
Amount incurred in the Amount incurred in the
Item
current period previous period
total profit 175,062,513.31 163,290,002.41
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the Amount incurred in the
Item
current period previous period
Income tax expenses at legal/applicable tax rate(total profit*25%) 43,765,628.33 40,822,500.60
Impact of the different tax rate applicable to subsidiaries -420,550.94 -1,053,341.75
Impact of income tax adjusted in previous period 1,929,889.77 -31,159.40
Profit or loss of joint ventures and associates calculated by equity
-7,346,016.94 -5,895,086.41
method
Income without income tax expense (to be listed with "-") -2,374,966.80 -172,644.40
Effect of cost, expense and loss nondeductible 4,432,488.45 2,088,898.27
Effect of using previously unrecognized deductible losses of previous
-7,982,589.86 -13,133,718.97
years and deductible temporary differences (to be listed with "-")
Effect of using previously unrecognized deductible losses and
deductible temporary differences
Tax impact of ESD bonus deduction (to be listed with "-") - -612,054.48
Income tax expenses 33,562,806.50 24,258,270.37
(1) Other received cash related to operating activities
Amount incurred in the current Amount incurred in the
Item
period previous period
Deposit deposit 75,662,606.60 33,248,403.97
interest revenue 1,142,296.52 1,595,629.53
Received as government subsidies 518,814.78 4,822,034.27
receipt of payment guarantee 22,987,350.00
Exchange money and other 46,689,700.52 14,089,935.20
Total 124,013,418.42 76,743,352.97
(2) Other cash paid relating to operating activities
Amount incurred in the current Amount incurred in the
Item
period previous period
Out-of-pocket expenses 42,520,229.74 30,628,305.96
Pay the gold lease deposit, futures margin,
the bill margin,refund of lease margin etc
Fine liquidated damages 132,760.17 1,300,150.00
Exchange money and other 18,754,302.64 12,048,639.24
Total 142,457,953.42 79,807,994.24
(3) Cash received related to important investment activities
Amount incurred in the Amount incurred in the previous
Item
current period period
Principal and interest of structured deposits,
financial products, CDs and time deposits
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(4) Other cash received related to investment activities
Amount incurred in the Amount incurred in the previous
Item
current period period
Shenzhen SDG Huari AUTOMOBILE Enterprise
- 5,964,034.76
Co., Ltd. into the merger merged funds
(5) Cash paid related to important investment activities
Amount incurred in the current Amount incurred in the previous
Item
period period
Structured deposits, financial products,
certificates of deposit and time deposits
(6) Pay other cash related to investment activities
Amount incurred in the previous
Item Amount incurred in the current period
period
Margin of hedging instruments 10,561,808.00 14,659,543.80
(7)Payment of other cash related to financing activities
Amount incurred in the Amount incurred in the
Item
current period previous period
Repayment of lease liabilities 13,692,202.73 12,180,403.46
(8) Changes in various liabilities arising from financing activities
Cash changes Non-cash changes
Beginning Change Ending
Item Inward Interest
balances Cash drain in fair Other balance
cash-flow accrued
value
Short-term
borrowings
Lease
obligation
Total 205,318,299.38 64,500,000.00 188,874,865.42 5,831,192.75 - 10,251,077.00 97,025,703.71
(1) Supplementary information of the cash flow statement
Amount incurred in the Amount incurred in
Supplementary information
current period the previous period
Net profit 141,499,706.81 139,031,732.04
Add: provision for impairment of assets 84,463.30 -
Credit impairment loss 1,080,621.26 -5,596,513.26
Depreciation of fixed assets and investment real estate depreciation 55,320,912.33 41,583,661.32
Depreciation of right-of-use assets 4,483,068.69 9,474,215.37
amortization of intangible assets 1,362,698.62 560,018.46
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount incurred in the Amount incurred in
Supplementary information
current period the previous period
Long-term deferred amortization of expenses 15,196,503.80 13,059,696.03
Loss on disposal of fixed assets, intangible assets and other long-term
assets (gains to be listed as "-")
Loss of fixed assets (gains to be listed as as "-") - -
Loss of change in fair value (gains to be listed as "-") 2,732,268.58 10,567,743.62
Financial expenses (gains to be listed as "-") 6,563,081.07 9,100,270.87
Investment loss (gains to be listed as "-" number) -17,211,942.15 -19,470,482.47
Decrease of deferred income tax assets ((increase to be listed with "-") -902,936.66 32,339,878.65
Increase in deferred tax liabilities (decrease to be listed with "-") -5,115,815.70 -15,330,211.35
Decrease of inventory (increase to be listed with "-") 67,871,535.07 45,716,613.09
Decrease of operating receivables (increase to be listed with "-") 26,674,386.07 100,475,881.49
Increase in operating payable items (decrease to be listed with "-") 28,108,259.70 28,776,082.79
Others
Net cash flow from operating activities 327,753,897.88 390,288,813.85
receipts and payments:
Conversion of debt into capital - -
Current portion of convertible corporate bonds - -
New access right assets - -
Ending balance of the cash 78,380,580.53 301,275,968.63
Less: the beginning balance of the cash 301,275,968.63 160,223,387.69
Add: the ending balance of the cash equivalents -
Less: the beginning balance of the cash equivalents -
Net increase in cash and cash equivalents -222,895,388.10 141,052,580.94
(2) Composition of cash and cash equivalents
Item Ending balance Beginning balance
Including: cash on hand 6,016.65 20,879.87
Bank deposits ready for payment 45,536,363.87 241,190,505.42
Other monetary funds ready for payment 32,838,200.01 60,064,583.34
Including: bond investment due within three months
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(3) Monetary funds that are not cash and cash equivalents
Reason for not being in cash and
Item Ending balance Beginning balance
cash equivalents
Note- -security deposit payable 42,100,334.71 33,113,263.10 Bill deposit
Margin for the gold futures
Futures and options account margin 28,748,241.60 22,848,540.40
trading business is limited
The deposit of gold leasing
Gold lease deposit and its interest 0.01 20,069,638.91
business is limited
Amount of judicial control - 663,948.65 Judicial control
Total 70,848,576.32 76,695,391.06
(1) Foreign currency and monetary items
The RMB balance is
Final foreign currency
Item Conversion rate converted at the end of the
balance
period
Cash at bank and on hand
Including: USD 857.08 7.0288 6,024.24
HKD 109,623.44 0.90322 99,014.08
Others account payable
Including: USD 205,381.99 7.0288 1,443,588.93
Others account payable
Including: HKD 3,376,679.37 0.90322 3,049,884.34
VI. R&D EXPENSES
Amount incurred in the current period Amount incurred in previous period
Item
Expenses Capitalization Expenses Capitalization
Employees fee 1,970,701.92 - 2,980,237.50 -
Materials and Outsourced
Purchases
Depreciation and amortization 178,434.56 - 70,296.60 -
Others expenses 10,841.35 - 218,285.78 -
Total 3,098,228.24 - 3,268,819.88 -
VII. INTEREST IN OTHER ENTITIES
(1) Composition of the Company
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Registered Shareholding%
capital (ten Registration Business Acquisition
Name
thousand place nature Direct Indirect method
yuan)
Shenzhen Tell Jewelry
Technology Development 3,290.00 Shenzhen commerce 5.00 95.00 establish
Co., Ltd.
Shenzhen Bao'an District
Shiquan Industry Co.,Ltd.
Shenzhen Tefa Teli Real
Estate Co., Ltd
Shenzhen Teli
Chuangying Technology 150.00 Shenzhen commerce 100.00 - establish
Co., Ltd
Shenzhen Xinyongtong
Motor Vehicle Testing 960.78 Shenzhen commerce 51.00 - establish
Equipment Co., Ltd
Shenzhen Tell Shuibei
Jewelry Co., Ltd.
Shenzhen Automobile
Industry Sales Company
Shenzhen Zhongtian
Industry Co., Ltd.
Shenzhen Huari
Automobile Sales and 200.00 Shenzhen commerce 60.00 - establish
Service Co., Ltd.
Shenzhen Telibaoku
Supply Chain Technology 5,000.00 Shenzhen commerce 100.00 - establish
Co., Ltd.
Shenzhen Jewelry
Industry Service Co., 10,000.00 Shenzhen commerce 65.00 - establish
LTD
Shanghai Pan Yue
Diamond Co., Ltd
Guorun Gold (Shenzhen)
Co., Ltd.
Acquired in
a
Shenzhen SDG Huari
four million non-commo
AUTOMOBILE Shenzhen commerce 60.00 -
dollars n control
Enterprise Co., Ltd.
business
combination
The basis for the shareholding ratio in Guorun Gold (Shenzhen) Co., Ltd being different from the voting
rights ratio, and holding half or less of the voting rights but still controlling the investee:
In June 2022, the Company, together with its subsidiary Shenzhen Jewelry Industry Service Co., LTD
and other companies Shenzhen High-tech Investment Group Co.,Ltd., Chow Tai Fook Jewelry Cultural
Industry Park (Wuhan) Co., Ltd, Chow Tai Seng Jewellery Co.,Ltd., Beijing Caishikou Department Store
Co.,Ltd. and Shenzhen ZHL Industrial Co.,Ltd., jointly invested to establish Guorun Gold (Shenzhen)
Co., Ltd Among them, our company contributed 72 million yuan, holding a 36% stake; our subsidiary
Shenzhen Jewelry Industry Service Co., LTD contributed 10 million yuan, holding a 5% stake; B Co., Ltd.
held a 10% stake; and the remaining shareholders held a total of 49% of the shares. Our company and
Shenzhen High-tech Investment Group Co.,Ltd. signed a concerted action agreement, stipulating that
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Shenzhen High-tech Investment Group Co.,Ltd. would maintain consistent opinions with our company
when voting in the shareholders' meeting and board of directors of Guorun Gold (Shenzhen) Co., Ltd.
Therefore, our company and its subsidiary Shenzhen Jewelry Industry Service Co., LTD actually hold
(2) Material non-wholly owned subsidiaries (unit: ten thousand yuan)
Proportion of Profit or loss
Dividend declared to Balance of
ownership interest allocated to
non-controlling non-controlling
Name held by non-controlling
shareholders in the interests as at
non-controlling interests in the
current period 2024.12.31
interests % current period
Guorun Gold (Shenzhen)
Co., Ltd.
(3) Key financial information about material non-wholly owned subsidiaries:
As at 2025.12.31
Name Current Non-current Current Non-current Total
Total assets
assets assets liabilities liabilities liabilities
Guorun Gold
(Shenzhen) Co., Ltd.
Continued (1)：
As at 2024.12.31
Name Current Non-current Current Non-current Total
Total assets
assets assets liabilities liabilities liabilities
Guorun Gold
(Shenzhen) Co., Ltd.
Continued (2)：
Year ended 2025.12.31 Year ended 2024.12.31
Cash flows Total Cash flows
Name Total
Operating Net from Operating comprehe from
comprehensi Net profit
income profit operating income nsive operating
ve income
activities income activities
Guorun Gold
(Shenzhen) 112,293.26 -795.50 -795.50 8,314.45 229,983.54 15.07 15.07 20,407.00
Co., Ltd.
Shenzhen Huari Anxin Vehicle Inspection Co., Ltd. has completed the business deregistration
procedures on December 18, 2025.
(1) Material joint ventures or associates
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Principal Shareholding (%) Accounting treatment of
Registration Business
Name place of investments in joint
place nature Direct Indirect
business ventures or associates
①Joint ventures
Shenzhen Teli
Rental
Jimeng Investment Shenzhen Shenzhen 50.00 - Equity accounting
services
Co., Ltd.
②Associates
Shenzhen Renfu Teli
Automotive Service Shenzhen Shenzhen Car sales 35.00 - Equity accounting
Co., Ltd.
(2) Key financial information of material joint ventures:
Shenzhen Teli Jimeng Investment Co., Ltd.
Item
As at 2025.12.31 As at 2024.12.31
Current assets 51,397,472.16 64,308,170.72
Including：Cash and cash equivalents 50,299,349.75 63,261,490.89
Non-current assets 279,903,774.39 301,569,595.17
Total assets 331,301,246.55 365,877,765.89
Current liabilities 48,653,180.34 46,770,664.57
Non-current liabilities 157,993,066.85 206,675,092.80
Total liabilities 206,646,247.19 253,445,757.37
Net assets 124,654,999.36 112,432,008.52
Including: Non-controlling interests
Equity attributable to shareholders of the Company 124,654,999.36 112,432,008.52
Company’s share of net assets 62,327,499.68 56,216,004.26
Adjustments
Carrying amount of interests in joint ventures 62,327,499.68 56,216,004.26
Fair value of investments in joint ventures which have quoted
market price
Continued:
Shenzhen Teli Jimeng Investment Co., Ltd.
Item
Year ended 2025.12.31 Year ended 2024.12.31
Operating income 137,742,396.17 132,430,277.65
Finance expenses 5,794,114.38 9,163,348.96
Income tax expenses 17,869,914.75 15,182,681.66
Net profit 52,222,990.84 44,108,769.17
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 52,222,990.84 44,108,769.17
Dividends received from joint ventures in the current period 20,000,000.00 15,000,000.00
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(3) Key financial information of material associates
Shenzhen Renfu Teli Automotive Service Co., Ltd.
Item
As at 2025.12.31 As at 2024.12.31
Current assets 65,962,048.08 142,897,387.81
Non-current assets - 23,459,468.10
Total assets 65,962,048.08 166,356,855.91
Current liabilities 15,619,036.94 122,597,583.76
Non-current liabilities - 362,341.96
Total liabilities 15,619,036.94 122,959,925.72
Net assets 50,343,011.14 43,396,930.19
Including: Non-controlling interests - -
Equity attributable to shareholders of the Company 50,343,011.14 43,396,930.19
Company’s share of net assets 17,620,053.90 15,188,925.57
Adjustments
Carrying amount of interests in associates 17,620,053.90 15,188,925.57
Fair value of investments in associates which have quoted
market price
Continued:
Shenzhen Renfu Teli Automotive Service Co., Ltd.
Item
Year ended 2025.12.31 Year ended 2024.12.31
Operating income 330,908,023.73 814,278,410.46
Net profit 6,946,080.95 3,515,984.72
Net profit from discontinued operations - -
Other comprehensive income - -
Total comprehensive income 6,946,080.95 3,515,984.72
Dividends received from associates in the
- -
current period
(4) Summarised financial information of immaterial joint ventures and associates:
Item As at/Year ended 2025.12.31 As at/Year ended 2024.12.31
Joint ventures:
Aggregate carrying amount of investments 14,533,606.99 13,680,093.35
Aggregate amount of share of
Net profit 1,649,890.24 754,101.51
Other comprehensive income - -
Total comprehensive income 1,649,890.24 754,101.51
(5) Excess loss from joint ventures or associates
Investee Accumulated Unrecognized loss (or Accumulated
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
unrecognized loss in share of net profit) for the unrecognized loss as at
prior periods year 2025.12.31
Associates
Shenzhen Teli Automotive
Service Chain Co., Ltd.
Shenzhen Yongtong Xinda
Testing Equipment Co., Ltd.
Total 1,275,077.99 1,275,077.99
Ⅷ. GOVERNMENT GRANTS
Additions in the cur Decreases in the
Type Opening balnce Ending balance
rent period current period
Government Grants
related to assets
(1)Government grants recognized in deferred income, and subsequently measured using the gross
presentation method
Additions in Presentation item
Opening Recognition in Other Ending
Type the current recognized in profit
balance profit and loss changes balance
period and loss
Government Grants
related to assets：
Subsidy income of
consumption promotion
support projects of
Shenzhen Municipal
Bureau of Commerce in
Green and innovative
development in the
engineering construction
field of Shenzhen
Municipal Housing and
Construction Bureau
Futian District old
elevator renovation
working group elevator
renewal subsidy funds
Luohu District 2021
Industrial Transformation
and Upgrading Special 1,385,869.69 - 326,086.92 - 1,059,782.77 Other income
Fund — Industry
Service Platform project
Luohu District in
Transformation and
Upgrading Special Fun 51,445.22 - 19,914.29 - 31,530.93 Other income
— Green building
support subsidy
Total 7,837,477.60 1,780,205.93 6,057,271.67 -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
method
Recognised in Recognised in profit
Presentation item
profit and loss for and loss for the
Items recognized in profit
the year ended year ended
and loss
AEO Advanced Certification Subsidy 300,000.00 - Other income
Receipt of maternity allowance from Medical Insurance
Bureau
Funds for Buyer Support of the 130th Canton Fair 10500.00 Other income
One-time Job Expansion Subsidy disbursement transferred
from Shenzhen Luohu District Public Employment 4,000.00 - Other income
Promotion Center in May 2025.
Government subsidy under the 2023 Industrial
Development Special Fund ("Encouraging Enterprises to
- 180,000.00 Other income
Scale Up and Strengthen") from the Shenzhen Luohu
District Industry and Information Technology Bureau
the Commerce Bureau
Industrial Development Special Fund - High-quality
Development of the Gold and Jewelry Industry -
- 2,116,400.00 Other income
Encouraging the Construction of Jewelry and Gemstone
Trading Platforms
Other 4,322.75 17,790.54 Other income
Total 478,581.87 4,744,190.54
Ⅸ. RISK MANAGEMENT OF FINANCIAL INSTRUMENTS
The Company's principal financial instruments include monetary funds, notes receivable, accounts
receivable, financing receivables,other receivables, non-current assets maturing within one year, other
current assets, trading financial assets, other investments in debt, long-term receivables, accounts
payable, other payables, short-term borrowings, trading financial liabilities, non-current liabilities
maturing within one year, and leases Liabilities and long-term payables. Details of the various financial
instruments are disclosed in the relevant notes. The risks associated with these financial instruments
and the risk management policies adopted by the Company to mitigate these risks are described below.
The management of the Company manages and monitors these exposures to ensure that the above
risks are contained within limits.
The main risks arising from the Company's financial instruments are credit risk, liquidity risk and market
risk (including exchange rate risk, interest rate risk and commodity price risk).
The Company's overall risk management plan addresses the unpredictability of the financial markets
and seeks to reduce the potential adverse impact on the Company's financial results.
The Company has developed a risk management policy to identify and analyze the risks faced by the
Company, set appropriate acceptable levels of risk and design appropriate internal control procedures
to monitor the Company's risk levels. The Company periodically reevaluates these risk management
policies and related internal control systems to adapt to changes in market conditions or the Company's
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
operating activities. The internal audit function also periodically and irregularly reviews the
implementation of internal control systems for compliance with risk management policies.
The Company diversifies its financial instrument risk through appropriate diversification of its
investments and business portfolio, and reduces the risk of concentration in a single industry, a specific
region or a specific counter party by developing appropriate risk management policies.
(1) Credit risk
Credit risk refers to the risk that the counter party fails to perform its contractual obligations, resulting in
financial losses for the Company.
The Company manages credit risks according to portfolio classification. Credit risks mainly arise from
bank deposits,notes receivable, notes receivable, accounts receivable, other receivables, long-term
receivables, and other debt investments.
The Company's bank deposits are mainly deposited in state-owned banks and other large and
medium-sized listed banks, which are mainly deposited in financial institutions with good reputations
and high credit ratings. The Company does not expect any significant credit risk in bank deposits. For
notes receivable, accounts receivable, other receivables and long-term receivables, the Company
establishes policies to control credit risk exposure. The Company evaluates the customer's credit
qualification based on the customer's financial condition, credit history and other factors such as the
current market conditions and sets the corresponding credit period. The Company will regularly monitor
the credit history of customers, and for customers with poor credit history, the Company will use written
reminders, shorten the credit period or cancel the credit period to ensure that the overall credit risk of
the Company is under control.
The debtors of the Company's accounts receivable are artificially distributed among customers in
different industries and regions. The Company conducts credit assessments of the financial position of
accounts receivable on an ongoing basis and purchases credit guarantee insurance where appropriate.
The Company's maximum credit exposure is the carrying amount of each financial asset on the balance
sheet. The Company does not provide any other guarantees that may expose the Company to credit
risk.
Of the Company's accounts receivable, accounts receivable from the top five customers accounted for
receivables, other receivables of the top five companies in terms of the amount owed accounted for
(2) Liquidity risk
Liquidity risk refers to the risk that the Company will encounter a shortage of funds in meeting its
obligations to settle in cash or other financial assets.
In managing liquidity risk, the Company maintains and monitors cash and cash equivalents deemed
adequate by management to meet the Company's operating needs and mitigate the impact of cash flow
fluctuations. The Company's management monitors the use of bank loans and ensures compliance with
the loan agreements. It also secured commitments from major financial institutions to provide sufficient
stand-by funding to meet short-term and long-term funding needs.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The Company raises its working capital through funds generated from its operations and bank and other
borrowings. At the end of the period, the Company's unused bank borrowings were RMB889 million (at
the end of the previous year: RMB20 million).
The Company will also consider negotiating with suppliers to adopt supplier financing arrangements to
extend payment terms, or sell long-overdue accounts receivable to obtain funds in advance, so as to
alleviate the Company's cash flow pressure.
At the end of the period, the financial liabilities and off-balance sheet guarantee items held by the
Company are analyzed according to the maturity period of undiscounted remaining contract cash
flowsas follows (unit: ten thousand yuan)
Ending balance
Project More than 3
Within 1 year 1-2 Years 2-3 Years Amount to
years
Financial liabilities: -
Short-term loan 1,100.23 - - - 1,100.23
Derivative financial assets 270.23 - - - 270.23
Bills payable 18,000.00 - - - 18,000.00
Accounts payable 1,475.25 2,092.40 2,457.15 4,910.53 10,935.34
Other payable 4,940.38 2,488.48 1,827.54 4,691.97 13,948.37
Non-current liabilities due within one year 1,348.13 - - - 1348.13
Other current liabilities(Excluding deferred
income)
Lease liability - 1,370.55 1,386.72 5,703.22 8,460.49
Long-term payable - - - 392.02 392.02
Total financial liabilities and contingent
liabilities
At the end of last year, the financial liabilities and off-balance sheet guarantee items held by the
Company were analyzed according to the maturity period of discounted remaining contract cash flows
as follows (unit: ten thousand yuan)
Balance at the end of last year
Project More than 3
Within 1 year 1-2 Years 2-3 Years Amount to
years
Financial liabilities:
Short-term loan 12,010.14 - - - 12,010.14
Derivative financial liabilities 4.67 - - - 4.67
Accounts payable 3,624.12 3,825.94 0.71 5,104.80 12,555.57
Other payable 4,145.11 2,375.5 364.18 5,746.43 12,631.23
Non-current liabilities due within one year 867.49 - - - 867.49
Lease liability - 1,129.41 1,149.10 6,471.98 8,750.49
Long-term payable - - - 392.02 392.02
Total financial liabilities and contingent
liabilities
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The maximum guaranteed amount of a guarantee contract entered into does not represent the amount
to be paid. The amounts of financial liabilities disclosed in the above table are undiscounted contractual
cash flows and may therefore differ from the carrying amounts in the balance sheet.
(3) Market risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate due to changes in market prices, including interest rate risk, exchange rate risk
and other price risks.
Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in market interest rates. Interest rate risk can arise from recognized
interest-bearing financial instruments and unrecognized financial instruments (such as certain loan
commitments).
The Company's interest rate risk arises primarily from long-term bank borrowings and long-term
interest-bearing liabilities such as bonds payable. Floating interest rate financial liabilities expose the
Company to cash flow interest rate risk, and fixed interest rate financial liabilities expose the Company
to fair value interest rate risk. The Company determines the relative proportion of fixed rate and floating
rate contracts based on prevailing market conditions and maintains an appropriate mix of fixed rate and
floating rate instruments through regular review and monitoring.
The Company closely monitors the impact of interest rate changes on the Company's interest rate risk.
The Company does not currently have an interest rate hedging policy. However, management is
responsible for monitoring interest rate risk and will consider hedging significant interest rate risk as
needed. An increase in interest rates will increase the cost of new interest-bearing debt and interest
expense on the Company's outstanding interest-bearing debt bearing floating interest rates, and will
have a material adverse impact on the Company's financial results. Management will make timely
adjustments based on the latest market conditions, which may be through interest rate swap
arrangements to reduce interest rate risk.
For financial instruments held at the balance sheet date that expose the Company to fair value interest
rate risk, the effects of net profit and shareholders' equity in the sensitivity analysis above are the effects
of remeasuring these financial instruments at the new interest rate, assuming that interest rates change
at the balance sheet date. For floating interest rate non-derivative instruments held at the balance sheet
date that expose the Company to cash flow interest rate risk, the impact of net income and
shareholders' equity in the sensitivity analysis above is the impact of such interest rate changes on the
annual estimated interest expense or income. The previous year's analysis was based on the same
assumptions and methodology.
Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in foreign exchange rates. Exchange rate risk can arise from financial
instruments denominated in foreign currencies other than the bookkeeping standard currency.
The Company's principal operations are located in the PRC and its principal business is settled in RMB.
Therefore, the Company considers that the exchange rate risk is not material.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The Company closely monitors the impact of exchange rate movements on the Company's exchange
rate risks. The Company does not currently take any measures to avoid exchange rate risk. However,
management is responsible for monitoring currency risk and will consider hedging significant currency
risk if needed.
The objective of the Company's capital management policy is to ensure that the Company is able to
continue as a going concern, so as to provide returns to shareholders and benefit other stakeholders,
while maintaining an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the method of financing,
adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares
and other equity instruments, or sell assets to reduce debt.
The Company monitors its capital structure on the basis of its asset-liability ratio (total liabilities divided
by total assets). At the end of the period, the Company's asset-liability ratio was 24.68% (year-end:
(1)Fair value hedges
The Company's subsidiaries, Guorun Gold (Shenzhen) Co., LTD., and Shenzhen Tellus Baoku Supply
Chain Technology Co., LTD., in order to avoid the risk of fair value changes of the gold raw materials
held by them (i.e. the risk of being hedged), analyze the expected purchase transactions of gold raw
materials based on the number of investment gold bars ordered by customers. On the basis of this, the
Company use the gold spot deferred settlement contract of Shanghai Gold Exchange, the gold futures
contract of Shanghai Futures Exchange, the on-market gold options and other hedging tools to avoid
the risk of gold products falling due to the sharp decline in gold prices. Guorun Gold, a subsidiary of the
Company, has formulated the "Measures for the Management of Hedging Business", which clearly
stipulates the approval authority, operation process and risk control of the Company's hedging business.
The hedge is a fair value hedge and the accounting period specified for the hedge relationship is
January 1, 2025 to December 31, 2025.
The Company's approval procedures for using its own funds to carry out hedging business comply with
relevant national laws and regulations and the relevant provisions of the Articles of Association. The
gold extended transaction hedging business carried out to avoid gold price fluctuations is conducive to
controlling operational risks and improving the Company's ability to withstand market fluctuations.
The book value of the hedged item and related adjustments are as follows:
Accumulated amount adjusted by Balance Change in the fair
Book value of the hedged the fair value of hedged items sheet value of the hedged
item (included in the carrying value of item item used as the basis
Items
hedged items) containing for recognizing the
hedged ineffective portion of
Assets Liabilities Assets Liabilities
items the hedge in 2025
Commodit 48,422,300.40 - 756,141.87 - Inventories -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
y price risk
- Inventory
Accumulated amount Change in the fair
adjusted by the fair value of value of the
Book value of the hedged item hedged items (included in the Balance sheet hedged item used
carrying value of hedged item as the basis for
Items
items) containing recognizing the
hedged items ineffective portion
Assets Liabilities Assets Liabilities of the hedge in
Commodity
price risk - 115,731,218.89 - -874,345.74 - Inventories -
Inventory
The carrying value and fair value of the hedging instrument changes as follows:
Book value of the hedging Change in the
instrument fair value of the
hedged item
Hedging Balance sheet used as the
Items instruments item containing basis for
Nominal amount Assets Liabilities hedged items recognizing the
ineffective
portion of the
hedge in 2025
Commodity
Derivative financial
price risk - 48,422,300.40 - 2,702,318.10 -
assets/liabilities
Inventory
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Book value of the hedging Change in the fair
instrument value of the
hedged item used
Hedging Balance sheet
as the basis for
Items instruments item containing
recognizing the
Nominal amount Assets Liabilities hedged items
ineffective portion
of the hedge in
Commodity price Derivative
risk - Inventory financial liability
Explanation: The void part of the hedge mainly comes from the basis risk, the risk of supply and
demand changes in the spot or futures market and other uncertainty risks in the spot or futures market.
The amount of void hedges recognised in the current and previous years is not material.
Ⅹ. FAIR VALUE
The level in which fair value measurement is categorized is determined by the level of the fair value
hierarchy of the lowest level input that is significant to the entire fair value measurement. The levels are
defined as follows:
Level 1 inputs: unadjusted quoted prices in active markets that are observable at the measurement date
for identical assets or liabilities.
The financial liabilities designated by the company to be measured at fair value with changes
recognized in the current period's profit and loss are the physical gold leasing business of the company
from banks. Gold exists in an active market (i.e. the Shanghai Gold Exchange), and the Shanghai Gold
Exchange publishes the closing price of gold contract transactions on each trading day. At the end of
the period, the company determines the market price based on the closing price announced by the
Shanghai Gold Exchange on the last trading day.
The hedged item of our company is the inventory of gold products, and the hedging instrument is the
asset/liability formed by the fair value changes of the gold futures contracts and gold spot deferred
delivery contracts held by the company. The company determines the fair value based on the public
quotations of gold spot trading and futures trading on the Shanghai Gold Exchange and Shanghai
Futures Exchange.
Level 2 inputs: inputs other than Level 1 inputs that are either directly or indirectly observable for
underlying assets or liabilities.
The trading financial assets held by the company are one-year guaranteed floating income bank wealth
management products, and their fair value is determined by discounting future cash flows using the
agreed expected rate of return. There is no significant difference between the fair value and book value
of other non-current financial assets held by the company.
Level 3 inputs: inputs that are unobservable for underlying assets or liabilities.
The equity instrument investment is measured at fair value based on the investment cost as there have
been no significant changes in the operating environment, situation, or financial condition of the
invested enterprise China Pudong Machinery Industry Co., Ltd.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
As at December 31, 2025, the assets and liabilities measured at fair value are listed as follows
according to the above three levels:
Level 1 fair value Level 2 fair value Level 3 fair value
Item Total
measurement measurement measurement
A.Recurring fair value
- - - -
measurement
(1) Financial assets held for
- 117,410,631.65 - 117,410,631.65
trading
- 117,410,631.65 - 117,410,631.65
products
(2) Derivative financial assets - - - -
(3)Other debt investments - 573,849,427.40 - 573,849,427.40
(4)Other equity instrument
- - - -
investment
(5)Hedged items 49,178,442.27 - - 49,178,442.27
Total assets measured at fair
value on an ongoing basis
(6)Held-for-trading financial
- - - -
liabilities
fair value and changes in which
- - - -
are recorded in profit or loss for
the period
a. Gold leasing - - - -
(7).Derivative financial liabilities 2,702,318.10 - - 2,702,318.10
Total liabilities measured at fair
value on a recurring basis
During 2025, there were no transfers between different levels of the Company’s assets and liabilities.
For financial instruments with active market, the Company measures fair value at quoted price in active
market; for financial instrument without active market, the Company measures fair value using valuation
techniques. Valuation models used are mainly cash flow discount model and market comparable entity
model. Inputs include non-risk interest rate, base rate, foreign exchange rate, credit spread, liquidity
premium, lack of liquidity discount, etc.
Item Ending fair value Valuation techniques Input values
Derivative: - - -
Derivative financial assets - Discounted cash flow method Expected interest rate
Derivative financial
- Discounted cash flow method Expected interest rate
liabilities
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Fair value Valuation Unobservable Range
Item
As at 2025.12.31 techniques inputs (weighted average)
Equity instrument investments:
Unlisted equity investments - Net assets N/A N/A
XI. RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Percentage of equity
Name of the Registered Nature of the Registered Voting rights in
interests in the
parent address business capital the Company
Company
Real estate
CNY
Shenzhen SDG development and
Shenzhen 6,179.41 49.09% 49.09%
Group Co., Ltd. management,
million
domestic business
The Company’s ultimate controlling party is Shenzhen SASAC.
Details of the subsidiaries please refer to Note VII INTERESTS IN OTHER ENTITIES.
Details of significant joint ventures and associates please refer to Note VII INTERESTS IN JOINT
VENTURES OR ASSOCIATES.
Details of other joint ventures or associates trading with or with outstanding to the Company during the
reporting period:
Name of Joint Ventures or Associates Relationship with the Company
深圳市特力新永通汽车服务有限公司
Associate
(Shenzhen Telixin Yongtong Automotive Service Co., Ltd)
深圳特力汽车服务连锁有限公司
Associate
(Shenzhen Tellus Automobile Services Chain Co., Ltd.)
深圳市永通信达检测设备有限责任公司
Associate
(Shenzhen Yongtong Xinda Testing Equipment Co., Ltd.)
深圳火炬火花塞工业公司
Associate
(Shenzhen Huoju Spark Plug Industry Company)
深圳先导新材料有限公司
Associate
(Shenzhen Pioneer New Materials Co., Ltd.)
深圳市特力行投资有限公司
Joint venture
(Shenzhen Telixing Investment Co., Ltd.)
Name of Related Party Relationship with the Company
深圳市特发小额贷款有限公司
Holding subsidiary of the parent Company
(Shenzhen SDG Microfinance Co., Ltd.)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Name of Related Party Relationship with the Company
深圳市特发城市更新投资有限公司
Holding subsidiary of the parent Company
(Shenzhen Tellus Urban Renewal Investment Co., Ltd.)
深圳市机械设备进出口公司
Holding subsidiary of the parent Company
(Shenzhen Machinery and Equipment Import and Export Co., Ltd.)
香港裕嘉投资有限公司
Holding subsidiary of the parent Company
(Hong Kong Yujia Investment Co., Ltd.)
深圳市特发工程管理有限责任公司
Holding subsidiary of the parent Company
(Shenzhen SDG Engineering Management Co., Ltd.)
深圳市特力阳春房地产公司
Holding subsidiary of the parent Company
(Shenzhen Tellus Yangchun Real Estate Co., Ltd.)
深圳市特发地产有限公司
Holding subsidiary of the parent Company
(Shenzhen SDG Real Estate Co., Ltd.)
深圳龙岗特力房地产公司
Holding subsidiary of the parent Company
(Shenzhen Longgang Tellus Real Estate Co., Ltd.)
深圳市特发特力物业管理有限公司
Holding subsidiary of the parent Company
(Shenzhen SDG Tellus Property Management Co., Ltd.)
深圳市特发黎明光电（集团）有限公司
Holding subsidiary of the parent Company
(Shenzhen Tellus Liming Optoelectronics (Group) Co., Ltd.)
深圳市特发服务股份有限公司
Holding subsidiary of the parent Company
(Shenzhen SDG Service Co., Ltd.)
深圳市特发楼宇科技有限公司
Holding subsidiary of the parent Company
(Shenzhen Tellus Building Technology Co., Ltd.)
深圳特发东部服务有限公司
Holding subsidiary of the parent Company
(Shenzhen Tellus Eastern Service Co., Ltd.)
软通智慧信息技术有限公司 Enterprises controlled by the parent
(iSoftStone Intelligence Information Technology Co., Ltd.) company within 12 months
深圳华丽装修家私企业公司
Associate of the parent company
(Shenzhen Huali Decoration Furniture Enterprise Co., Ltd.)
Entities over which the shareholders of
深圳市智谷金云科技有限公司 material subsidiaries exercise significant
(Shenzhen Zhigu Jinyun Technology Co., Ltd. ) influence
深圳市众恒隆实业有限公司 Minority shareholders of significant
(Shenzhen ZHL Industrial Co., Ltd. ) subsidiaries
北京菜市口百货股份有限公司 Minority shareholders of significant
(Beijing Caishikou Department Store Co.,Ltd) subsidiaries
深圳市舜天电动车技术发展有限公司(Shenzhen Shuntian
Investment
Electric Vehicle Technology Development Co., Ltd.)
Entities over which the shareholders of
深圳市众明隆投资有限公司 material subsidiaries exercise significant
(Shenzhen Zhongminglong Investment Co., Ltd.) influence
深圳金链通数字科技有限公司 Companies controlled by minority
(Shenzhen Jinliantong Digital Technology Co., Ltd. ) shareholders of significant subsidiaries
深圳市粤鹏金珠宝金行有限公司 Companies controlled by minority
(Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. ) shareholders of significant subsidiaries
深圳市粤鹏金电商有限公司 Companies controlled by minority
(Shenzhen Yuepengjin e-commerce Co., Ltd. ) shareholders of significant subsidiaries
国任财产保险股份有限公司 Enterprise controlled by the indirect
(Guoren Property and Casualty Insurance Co., Ltd.) controlling shareholder
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(1)Purchases or sales of goods, rendering or receiving of services
①Purchases of goods, receiving of services:
Related party Current Amount incurred in
Affiliated party
transaction content amount the previous period
深圳市特发服务股份有限公司 Property management
(Shenzhen SDG Service Co., Ltd.) services
深圳市特发特力物业管理有限公司
Property management
(Shenzhen SDG Tellus Property Management 4,039,761.51 1,734,135.69
services
Co., Ltd.)
深圳市特发楼宇科技有限公司 Property management
(Shenzhen Tellus Building Technology Co., Ltd.) services
国任财产保险股份有限公司(Guoren Procurement of
Property and Casualty Insurance Co., Ltd.) insurance services
深圳市众恒隆实业有限公司(Shenzhen Gold processing
Zhonghenglong Industrial Co., Ltd.) services
深圳市粤鹏金珠宝金行有限公司
Gold processing
(Shenzhen Yuepengjin Jewelry & Gold Co., 41,590.29 54,091.15
services
Ltd. )
深圳华丽装修家私企业公司(Shenzhen Engineering Repair
Huali Decoration and Furniture Enterprise and Maintenance 10,014,262.73 11,634,732.07
Company) Services
深圳市智谷金云科技有限公司
Software Usage Fee 28,318.56 25,994.42
(Shenzhen Zhigu Jinyun Technology Co., Ltd. )
深圳市特发工程管理有限公司(Shenzhen
Supervision Services 361,060.15 775,830.53
TF Engineering Management Co., Ltd.)
深圳特发东部服务有限公司(Shenzhen Installation Services of
- 117,768.00
Tellus Eastern Service Co., Ltd.) Monitoring Systems
②Sales of goods and rendering of services:
Nature of the
Related parties 2025 2024
transaction(s)
北京菜市口百货股份有限公司
Sales of goods 10,579,497.89 5,942,165.99
(Beijing Caishikou Department Store Co.,Ltd.)
深圳市粤鹏金珠宝金行有限公司 Property management
(Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. ) expenses
深圳火炬火花塞工业公司 Management
(Shenzhen Huoju Spark Plug Industry Company) esoenses
深圳市特发小额贷款有限公司 Property management
(Shenzhen SDG Microfinance Co., Ltd.) expenses
深圳市众恒隆实业有限公司
Agency services 126,903.27 452,001.02
(Shenzhen ZHL Industrial Co.,Ltd. )
深圳华丽装修家私企业公司
Property management
(Shenzhen Huali Decoration Furniture Enterprise Co., 15,756.97 -
expenses
Ltd.)
深圳粤鹏金电商有限公司(Shenzhen Yuepengjin Sales of goods - 83,815,902.66
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
E-commerce Co.,Ltd.)
深圳市特力行投资有限公司 Property management
- 283,018.87
(Shenzhen Telixing Investment Co., Ltd.) expenses
(2)Leases
①The Company as lessor:
Name of lessee Type of assets leased 2025 2024
深圳市粤鹏金珠宝金行有限公司
House leasing 1,776,970.14 357,182.10
(Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. )
深圳市特发小额贷款有限公司
House leasing 1,098,644.46 1,101,847.98
(Shenzhen SDG Microfinance Co., Ltd.)
深圳市特发特力物业管理有限公司
House leasing 358,688.48 163,762.85
(Shenzhen SDG Tellus Property Management Co., Ltd.)
深圳市特发服务股份有限公司 House leasing and
(Shenzhen SDG Service Co., Ltd. ) others
深圳火炬火花塞工业公司 Safe deposit box
(Shenzhen Huoju Spark Plug Industry Company) leasing
深圳市仁孚特力汽车服务有限公司
House leasing - 5,190,476.19
(Shenzhen Renfu Tellus Automobiles Service Co., Ltd.)
深圳市永通信达检测设备有限责任公(Shenzhen
House leasing - 8,000.00
Yongtong Xinda Inspection Equipment Co., Ltd.)
(3)Key management personnel compensation
The company currently has 12 key management personnel and had 16 key management personnel in
the previous period, with their respective compensations presented in the following table.
Unit: ten thousand yuan
Items 2025 2024
Key management personnel 500.97 468.03
(1) Receivables from related parties
As at 2025.12.31 As at 2024.12.31
Items Related parties
Book value Loss allowance Book value Loss allowance
Accounts 深圳市众恒隆实业有限公司
receivable (Shenzhen ZHL Industrial Co., Ltd. )
Accounts 深圳市特发小额贷款有限公司
receivable (Shenzhen SDG Microfinance Co., Ltd.)
深圳火炬火花塞工业公司
Accounts
(Shenzhen Huoju Spark Plug Industry 1,000.00 10.00
receivable
Company)
深圳华丽装修家私企业公司
Prepayments (Shenzhen Huali Decoration Furniture 133,260.81 - - -
Enterprise Co., Ltd.)
Prepayments 国任财产保险股份有限公司(Guoren 133,186.80 - 162,704.37 -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
As at 2025.12.31 As at 2024.12.31
Items Related parties
Book value Loss allowance Book value Loss allowance
Property and Casualty Insurance Co.,
Ltd.)
深圳市特发服务股份有限公司
Prepayments 6,605.50 - 7,200.00 -
(Shenzhen Tellus Services Co., Ltd.)
Other 深圳市众恒隆实业有限公司
receivables (Shenzhen ZHL Industrial Co.,Ltd. )
深圳特力汽车服务连锁有限公司
Other
(Shenzhen Tellus Automobile Services 1,360,390.00 1,360,390.00 1,360,390.00 1,360,390.00
receivables
Chain Co., Ltd.)
深圳市特力行投资有限公司
Other
(Shenzhen Tellus Xing Investment Co., 127,299.21 1,272.99 733,103.55 36,057.45
receivables
Ltd.)
深圳市特发特力物业管理有限公司
Other
(Shenzhen SDG Tellus Property 57,472.05 5,695.31 18,834.77 3,641.74
receivables
Management Co., Ltd.)
深圳市智谷金云科技有限公司
Other
(Shenzhen Zhigu Jinyun Technology Co., 50,000.00 2,500.00 50,000.00 500.00
receivables
Ltd. )
Other 深圳先导新材料有限公司(Shenzhen
- - 660,790.09 660,790.09
receivables Xiandao New Materials Co., Ltd.)
深圳市永通信达检测设备有限责任
Other
公司(Shenzhen Yongtong Xinda 531,882.24 531,882.24 531,882.24 531,882.24
receivables
Inspection Equipment Co., Ltd.)
深圳市特力新永通汽车服务有限公
Other
司(Shenzhen Tellus Xinyongtong 114,776.33 114,776.33 114,776.33 114,776.33
receivables
Automobile Service Co., Ltd.)
深圳市特发黎明光电(集团)有限公
Other
司(Shenzhen Tefa Liming - - 2,886.00 2,886.00
receivables
Photo-Electric(Group)Co.,Ltd.)
深圳特力汽车服务连锁有限公司
Long-term
(Shenzhen Tellus Automobile Services 6,146,228.91 6,146,228.91 6,146,228.91 6,146,228.91
receivables
Chain Co., Ltd.)
(2)Payables from related parties
As at
Item Related party As at 2024.12.31
Accounts 深圳市特发服务股份有限公司
payable (Shenzhen SDG Service Co., Ltd.)
深圳华丽装修家私企业公司
Accounts
(Shenzhen Huali Decoration Furniture Enterprise Co., 1,493,996.39 5,371,011.83
payable
Ltd.)
Accounts 深圳市特发特力物业管理有限公司
payable (Shenzhen SDG Tellus Property Management Co., Ltd. )
Accounts 深圳特力吉盟投资有限公司
payable （Shenzhen Teli Jimeng Investment Co., Ltd.）
Accounts 深圳市特发工程管理有限责任公司
payable (Shenzhen SDG Engineering Management Co., Ltd. )
深圳市机械设备进出口公司
Accounts
(Shenzhen Machinery and Equipment Import and Export 45,300.00 45,300.00
payable
Co., Ltd. )
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
As at
Item Related party As at 2024.12.31
Accounts 深圳市特发服务股份有限公司
payable (Shenzhen SDG Service Co., Ltd.)
Accounts 深圳市智谷金云科技有限公司
payable (Shenzhen Zhigu Jinyun Technology Co., Ltd. )
Accounts 深圳市众恒隆实业有限公司
payable (Shenzhen ZHL Industrial Co., Ltd. )
Accounts 深圳市粤鹏金珠宝金行有限公司
- 28,000.00
payable (Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. )
Advance from 深圳市粤鹏金珠宝金行有限公司
customers (Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. )
Advance from 深圳市特发特力物业管理有限公司
customers (Shenzhen Tellus-Tellus Property Management Co., Ltd.)
深圳市永通信达检测设备有限责任公司
Advance from
（Shenzhen Yongtong Xinda Testing Equipment Co., 68.00 68.00
customers
Ltd.）
Advance from 深圳市特发服务股份有限公司
customers (Shenzhen SDG Service Co., Ltd.)
Advance from 深圳市特发小额贷款有限公司
- 42,625.39
customers (Shenzhen SDG Microfinance Co., Ltd. )
香港裕嘉投资有限公司(Hong Kong Yu jia Investment
Other payables 2,255,339.58 2,255,339.58
Co., Ltd. )
深圳市机械设备进出口公司
Other payables (Shenzhen Machinery and Equipment Import and Export 1,554,196.80 1,575,452.52
Co., Ltd.)
深圳华丽装修家私企业公司
Other payables (Shenzhen Huali Decoration Furniture Enterprise Co., 1,086,322.83 150,929.85
Ltd.)
Other payables 深圳特力阳春公司(Tellus Yangchun Co., Ltd. ) 476,217.49 476,217.49
深圳市粤鹏金珠宝金行有限公司
Other payables 388,102.00 388,102.00
(Shenzhen Yuepengjin Jewelry & Gold Co., Ltd. )
深圳市特发小额贷款有限公司
Other payables 237,804.66 237,804.66
(Shenzhen SDG Microfinance Co., Ltd. )
深圳市特发特力物业管理有限公司
Other payables 151,818.00 441,842.84
(Shenzhen SDG Engineering Management Co., Ltd. )
深圳市特发服务股份有限公司
Other payables 68,026.80 50,506.00
(Shenzhen SDG Service Co., Ltd.)
深圳市特发城市更新投资有限公司(Shenzhen
Other payables 28,766.05 28,766.05
Special Development Urban Renewal Investment Co., Ltd)
深圳市特发集团有限公司(Shenzhen SDG Group Co.,
Other payables 3,000.00 3,000.00
Ltd. )
深圳火炬火花塞工业公司
Other payables 2,000.00 143,746.10
(Shenzhen Huoju Spark Plug Industry Company)
深圳特力汽车服务连锁有限公司
Other payables 800.00 800.00
(Shenzhen Tellus Automobile Services Chain Co., Ltd.)
深圳龙岗特力房地产公司
Other payables 1,095,742.50 1,095,742.50
(Shenzhen Long gang Tellus Real Estate Co., Ltd.)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
As at
Item Related party As at 2024.12.31
Accounts 深圳市特发服务股份有限公司
payable (Shenzhen SDG Service Co., Ltd.)
深圳市仁孚特力汽车服务有限公司
Other payables - 833,334.00
(Shenzhen Renfu Tellus Automobiles Service Co., Ltd.)
深圳市特发工程管理有限责任公司
Other payables - 148,302.24
(Shenzhen SDG Engineering Management Co., Ltd. )
深圳市众明隆投资有限公司
Other payables - 14,100.00
(Shenzhen Zhongminglong Investment Co., Ltd.)
深圳市舜天电动车技术发展有限公司(Shenzhen
Other payables Shuntian Electric Vehicle Technology Development Co., 2,000.00 2,000.00
Ltd.)
XII. COMMITMENTS AND CONTINGENCIES
As of December 31, 2025, the Company had no material capital commitments.
(1)Contingent liabilities arising from debt guarantees provided to other entities and their financial impact
The Company’s subsidiary, Teli Shuibei Jewelry Co., Ltd., was formerly known as Shenzhen
Automobile Industry and Trade Corporation. It was restructured from an enterprise owned by the whole
people to a limited liability company and renamed in November 2017, and further renamed Shenzhen
Teli Shuibei Jewelry Co., Ltd. in July 2025.In September 2011, Teli Shuibei entered into a State-owned
Property Rights Transfer Contract with Zhu Jinchao, pursuant to which the 14.731% equity interest in
Shenzhen Southern Great Wall Investment Holdings Co., Ltd. (hereinafter referred to as “Southern
Great Wall”) held by Teli Shuibei was listed and transferred in accordance with the law. On the same
date, Teli Shuibei and Southern Great Wall entered into a Debt Assumption and Asset Repurchase
Agreement (hereinafter referred to as the “Repurchase Agreement”), which stipulates that all actual,
potential and contingent liabilities and disputes of Southern Great Wall arising from non-capital
contribution assets of Teli Shuibei (including operation, financing, guarantees, etc.) prior to 31
December 2001 shall be borne by Teli Shuibei Jewelry in respect of all economic and legal liabilities.
In 1997, Southern Great Wall Company provided a guarantee for the bank loan of China National
Automobile Industry Shenzhen Trading Co., Ltd. with Bank of Communications. Such guaranteed
liability was incurred prior to 31 December 2001.As the principal debtor failed to perform its obligations,
the case was enforced by the court and resumed enforcement in 2024 ((2024) Yue 0304 Zhi Hui 1936).
Southern Great Wall Company reached a settlement with the applicant executor and paid the relevant
amounts. Nanfang Great Wall Company, together with its former shareholders Zhu Jinchao and Yu
Zhanglin, has delivered a Letter of Notification and relevant supporting documents. raising the following
claims:Designating a responsible department to re-establish a communication mechanism;Requesting
Teli Shuibei Jewelry to bear the claimed guarantee loss of RMB 10,754,400, including principal of RMB
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
As of December 31, 2025, the Company had no pending litigation, external guarantees and other
contingencies that should be disclosed.
XIII. EVENTS AFTER THE REPORTING PERIOD
Pursuant to the proposal Regarding the 2025 Profit Distribution Plan reviewed and approved at the 18th
formal meeting of the 10th Board of Directors held on April 20, 2026, the Company intends to distribute
cash dividends of RMB 1.10 per 10 shares (tax included) to all shareholders based on the total share
capital of 431,058,320 shares as of December 31, 2025, with total cash dividends to be distributed
amounting to RMB 47,416,415.20.No bonus shares will be issued and no capital reserve will be
converted into share capital for the current year.The profit distribution plan is subject to the deliberation
and approval of the Company’s shareholders’ general meeting.
As of April 20, 2026, the Company has no other material post-balance sheet events to be disclosed.
XIV.OTHER IMPORTANT MATTERS
According to the internal organizational structure, management requirements, and internal reporting
system of our company, our business operations are divided into2 reporting segments. These report
segments are determined based on the financial information required by the company's daily internal
management. The management of the group regularly evaluates the operating results of these reporting
segments to determine the allocation of resources and evaluate their performance.
The reporting segments of our company include:
(1) Jewelry sales and service, wholesale and retail of gold jewelry;
(2) Leasing and service, real estate and commercial property leasing;
Segment reporting information is disclosed based on the accounting policies and measurement
standards adopted by each segment when reporting to management. These accounting policies and
measurement bases are consistent with those used in the preparation of financial statements.
（1）Financial information of reportable segments
Wholesale and
Current period / end of current
Leasing and services retail jewelry Offsetting Amount to
period
services
Operating Revenue 332,053,853.84 1,132,159,330.29 -2,609,783.60 1,461,603,400.53
Operating Cost 115,617,665.42 1,083,245,382.60 13,173,600.65 1,212,036,648.67
Total Assets 2,862,056,543.60 507,589,782.51 -719,487,883.58 2,650,158,442.53
Total Liabilities 447,751,556.45 230,597,178.41 -24,310,138.87 654,038,595.99
Operating Revenue 297,565,080.67 2,320,842,052.78 -4,728,929.08 2,613,678,204.37
Operating Cost 106,803,428.99 2,273,354,439.85 -3,393,568.78 2,376,764,300.06
Total Assets 2,815,496,452.17 540,229,156.29 -761,266,370.57 2,594,459,237.89
Total Liabilities 513,961,364.49 258,257,775.16 -75,485,873.49 696,733,266.16
Xv. NOTES TO THE COMPANY’S FINANCIAL STATEMENTS
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(1)Disclosure by aging
Accounts Receivable Aging
Ending number Year-end balance of the previous year
Within 1 year 10,660,018.72 17,614,712.56
Two to three years - 77,741.87
More than 3 years 77,741.87 484,803.08
subtotal 10,796,328.30 20,529,703.84
deduct: provision for bad debts 146,014.99 815,673.02
Amount to 10,650,313.31 19,714,030.82
(2)Classified by loss allowance method
Ending number
Class Balance Bad debt provision
Amount of Expected credit Value
Amount Scale (%)
money loss rate(%)
Individual provision for bad debts
Portfolio provision for bad debts 10,796,328.30 100.00 146,014.99 1.35 10,650,313.31
Among them: age combination
portfolio
Portfolio of Related-Party Balances
within the Consolidated Scope
Amount to 10,796,328.30 100.00 146,014.99 1.35 10,650,313.31
continuous:
Year-end balance of the previous year
Class Balance Bad debt provision
Amount of Expected credit Value
Amount Scale (%)
money loss rate (%)
Individual provision for bad debts 484,803.08 2.36 484,803.08 100.00 -
Portfolio provision for bad debts 20,044,900.76 97.64 330,869.94 1.65 19,714,030.82
Among them: age combination
portfolio
Portfolio of Related-Party Balances
within the Consolidated Scope
Amount to 20,529,703.84 100.00 815,673.02 3.97 19,714,030.82
Accounts receivable assessed for impairment individually:
Ending Balance
Name Expected
Bad debt Basis for provision
Balance credit loss
provision
rate (%)
Shenzhen Bijia Mountain Club Co., LTD 172,000.00 172,000.00 100.00 The account is old and is not
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Ending Balance
Name Expected
Bad debt Basis for provision
Balance credit loss
provision
rate (%)
expected to be recovered
The account is old and is not
Gong Yanqing 97,806.64 97,806.64 100.00
expected to be recovered
Guangzhou Tianhe Lemins Computer The account is old and is not
Center expected to be recovered
The account is old and is not
other 128,056.44 128,056.44 100.00
expected to be recovered
Amount to 484,803.08 484,803.08 100 .00
Credit account receivables prepared by the combination of credit risk characteristics:
Accounts receivable collectively assessed for general bad debt provision based on aging analysis:
Ending number Year-end balance of the previous year
Aging Expected Expected
Bad debt Bad debt
Amount credit loss Amount of money credit loss
provision provision
rate (%) rate (%)
Within 1 year 10,415,141.55 104,215.66 1.00 17,437,667.82 174,376.68 1.00
Two to three years - - - 77,741.87 38,870.94 50.00
More than 3 years 77,741.87 38,870.94 50.00 - - -
Amount to 10,551,451.13 146,014.99 56.00 19,867,856.02 330,869.94 56.00
(3)Addition, recoveries or reversals of provision for the current period
Item Bad debt provision amount
Beginning balances 815,673.02
Accrual for the period -
Current period recoveries or reversals 184,854.95
Write-offs 484,803.08
Ending balance 146,014.99
(4)Accounts receivable written off in the current period
Item Amount written off
Accounts receivable written off 484,803.08
(5) Details of the top 5 debtors with largest balances
Accounts receivable The proportion of Ending balance of bad
the total balance of
Name of organization debt provision for
Ending balance accounts
accounts receivable
receivable
Zhongbao Jinyuan (Shenzhen) Industrial
Development Co., LTD
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Accounts receivable The proportion of Ending balance of bad
the total balance of
Name of organization debt provision for
Ending balance accounts
accounts receivable
receivable
Shenzhen Jinyu Jewelry Co., Ltd. 1,003,030.88 9.29 10,030.31
Zhou Shengsheng (China) Commercial Co., LTD 991,143.46 9.18 9,911.43
Shenzhen Qidu Yinjiang Shijia Industrial Co., Ltd. 625,595.33 5.79 6,255.95
Shenzhen Baijue Industrial Development Co.,Ltd. 623,891.20 5.78 6,238.91
Amount to 4,632,897.23 42.91 46,328.96
Year-end balance of the previous
Item Ending Balance
year
interest in black - -
dividends receivable - -
Other receivables 3,711,404.11 2,839,370.67
Amount to 3,711,404.11 2,839,370.67
(1) Dividends receivable
Year-end balance of the previous
Investee Ending balance
year
China Pudong Development Machinery Industry
Co., LTD
deduct: provision for bad debts 1,305,581.86 1,305,581.86
Amount to - -
(2) Other receivables
①Other receivables categorized by ages
Aging Ending number Year-end balance of the previous year
Within 1 year 1,980,198.21 404,467.63
Two to three years 1,837,736.29 1,091.61
More than 3 years 7,201,884.00 12,561,229.35
Subtotal 11,298,900.41 15,524,043.23
deduct: bad debt provision 7,587,496.30 12,684,672.56
Amount to 3,711,404.11 2,839,370.67
②Other receivables categorized by nature
The amount at the end of the previous
Nature of receivables Ending amount
year
Temporary advance payment receivable 8,125,713.98 13,967,525.96
Deposit and deposit 1,610,786.54 1,556,456.36
Related transactions within the consolidation 1,562,399.89 61.00
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
The amount at the end of the previous
Nature of receivables Ending amount
year
scope
Subtotal 11,298,900.41 15,524,043.32
Less: provision for bad debts 7,587,496.30 12,684,672.56
Total 3,711,404.11 2,839,370.67
③Other receivables categorized by methods of provision for bad debts
Loss allowance in the first stage at the end of the period
Expected credit loss
Type Book value rate over the next 12 Loss allowance Carrying amount
months (%)
Loss allowance on an individual basis
Loss allowance by group 4,146,777.43 10.50 435,373.32 3,711,404.11
Ageing group 973,591.00 13.17 128,263.70 845,327.30
Deposits and security deposits group 1,610,786.54 19.07 307,109.62 1,303,676.92
Intercompany accounts within
consolidation scope
At the end of the period, the Company did not have any dividends receivable or other receivables in the
second stage.
Loss allowance in the third stage at the end of the period.
The expected credit
Bad debt
Type Balance loss rate for the whole Value
provision
duration period (%)
Loss allowance on an individual
basis
Loss allowance by group - - - -
Ageing group - - - -
Deposits and security deposits
- - - -
group
Total 7,152,122.98 100.00 7,152,122.98 -
Loss allowance in the first stage at the end of last year.
Expected credit loss
Type Book value rate over the next 12 Loss allowance Carrying amount
months (%)
Loss allowance on an individual
- - - -
basis
Loss allowance by group 3,012,518.40 5.75 173,147.73 2,839,370.67
Ageing group 1,456,062.04 4.35 63,267.36 1,392,794.68
Deposits and security deposits
group
Total 3,012,518.40 5.75 173,147.73 2,839,370.67
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
At the end of the previous year, the Company did not have any outstanding accrued interest, dividends
receivable, or other receivables in the second stage.
Loss allowance in the third stage at the end of last year.
Lifetime expected
Type Book value Loss allowance Carrying amount
credit loss rate (%)
Loss allowance on an
individual basis
Loss allowance by
- - - -
group
Ageing group - - - -
Deposits and security
- - - -
deposits group
Total 12,511,524.83 100.00 12,511,524.83 -
④ The provision for bad debts accrued, recovered or reversed in the current period
First stage Second stage Third stage
Lifetime expected Lifetime expected
Loss allowance Expected credit Total
credit losses (no credit losses (credit
losses over the
credit impairment impairment has
next 12 months
occurred) occurred)
Balance as at January 1, 2025 173,147.73 - 12,511,524.83 12,684,672.56
Balance as at January 1, 2025 in
- - - -
the current period
- Transfer to the second stage - - - -
- Transfer to the third stage - - -
- Transfer out to the second stage - - - -
- Transfer out to the first stage - - - -
Addition 262,225.59 - -17,899.51 244,326.08
Reversals - - - -
Charge-offs - - 5,306,106.09 5,306,106.09
Write-offs 35,396.25 35,396.25
Balance as at December 31, 2025 435,373.32 - 7,152,122.98 7,587,496.30
⑤Other receivables written off in the current period
Item Amount written off
Other receivables written off 5,306,106.09
Material other receivables written off
Whether
Nature of
Amount Reason for Written off p generated by
Name of the entity other
written off written off rocedures related party
receivables
transactions
深圳市金贝丽电器有限公 Intercompany 2,706,983.51 The Company Approved by No
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Whether
Nature of
Amount Reason for Written off p generated by
Name of the entity other
written off written off rocedures related party
receivables
transactions
司 transactions has been the Board of
Shenzhen Jinbeili Electric revoked Directors
Appliances Co., Ltd.
深圳市特发华通包装实业
The Company Approved by
有 限 公 司 Shenzhen Special Intercompany
Development Huatong transactions
revoked. Directors
Packaging Industrial Co., Ltd.
深圳先导新材料有限公司 The Company Approved by
Intercompany
Shenzhen Pioneer New 660,790.09 has been the Board of No
transactions
Materials Co., Ltd. revoked. Directors
Total 4,580,147.39
⑥Top five other receivables by debtor based on closing balance
Proportion to the
Nature of total balance of Provision for
Debtors Book balance Ages
receivables other receivables bad debts
(%)
深圳中浩(集团)股份有限公司 Intercompany More than 3
Shenzhen Sinohao(group) Co., Ltd. transactions years
深圳石化集团有限公司 Shenzhen Intercompany More than 3
Petrochemical Group Co., Ltd. transactions years
深圳市金洲精工科技股份有限
公 司 Shenzhen Jinzhou Precision Deposit 1,515,467.96 2 to 3 years 13.41 303,093.59
Technology Co., Ltd.
深圳市特力宝库供应链科技有 1 to 2
Intercompany
限公司 Shenzhen Teli Baoku Supply 745,497.20 yearsWithin 6.60 -
transactions
Chain Technology Co., Ltd. 1 year
中国建筑一局（集团）有限公司 2 to 3
China Construction First Bureau others 583,978.93 years,1 to 2 5.17 74,998.00
(Group) Co., Ltd. years
Amount to 9,772,777.43 86.49 7,305,924.93
Closing balance Opening balance
Item Provision for Carrying Provision for
Book balance Book balance Carrying amount
impairment amount impairment
Investment in subsidiaries 713,610,774.41 713,610,774.41 715,566,774.41 1,956,000.00 713,610,774.41
Investments in associates 76,855,847.07 76,855,847.07 69,902,907.63 - 69,902,907.63
Investments in joint
ventures
Total 811,311,675.38 3,225,000.00 808,086,675.38 810,445,769.93 11,743,162.32 798,702,607.61
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(1) Investment in subsidiaries
Impairment Changes in the current period Impairment
reserve
Investees Opening balance Additional Reduce Provision for Closing balance reserve ending
beginning Other
investment investment impairment balance
balance
深圳市特发特力房地产有限公司
Shenzhen Tefateli Real Estate Co., Ltd.
深圳市特力创盈科技有限公司
Shenzhen Tellus Innovation Technology Co., Ltd.
深圳市特力珠宝科技发展有限公司
Shenzhen Tell Jewelry Technology Development Co., 2,883,644.26 - - - - - 2,883,644.26 -
Ltd.
深圳市中天实业有限公司
Shenzhen Zhongtian Industry Co., Ltd.
深圳市特力水贝珠宝有限公司
Shenzhen Tell Shuibei Jewelry Co., Ltd.
深圳特发华日汽车企业有限公司
Shenzhen Tefa Huari Automobile Enterprise Co., Ltd.
深圳市华日丰田汽车销售服务有限公司
Shenzhen Huari Toyota Sales Service Co., Ltd.
深圳市新永通机动车检测设备有限公司
Shenzhen Xinyongtong Motor Vehicle Testing 4,900,000.00 - - - - - 4,900,000.00 -
Equipment Co., Ltd.
深圳市特力宝库供应链科技有限公司
Shenzhen Telibaoku Supply Chain Technology Co., 50,000,000.00 - - - - - 50,000,000.00 -
Ltd.
深圳汉力高技术陶瓷有限公司 Shenzhen Hanli
High Tech Ceramics Co., Ltd.
深圳珠宝产业服务有限公司 Shenzhen Jewelry
Industry Service Co., Ltd.
国润黄金(深圳)有限公司
Guorun Gold (Shenzhen) Co., Ltd.
Total 715,566,774.41 1,956,000.00 - - - -1,956,000.00 713,610,774.41 -
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(2)Investment in joint venture and cooperative enterprises
Current period changes
Investment gains Declaration of Impairment
Opening Impairment Additional/ Other Closing reserve
Invitees and losses Other cash Provision
balance reserve new Reduce comprehensiv balance ending
recognized changes dividends or for Other
beginning investmen investment e income balance
under the equity in equity profits impairment
balance t adjustments
method
① Joint ventures
深圳特力吉盟投
资有限公司
(Shenzhen Tellus 56,216,004.26 - - - 26,111,495.42 - - 20,000,000.00 - 62,327,499.68
Jimeng Investment
Co., Ltd.)
深圳市特力行投
资有限公司
(Shenzhen Tellus 13,686,903.37 - - - 841,444.02 - - - - 14,528,347.39
Xing Investment Co.,
Ltd.)(Note1)
Subtotal 69,902,907.63 - - - 26,952,939.44 - - 20,000,000.00 - 76,855,847.07
② Associates
深圳市仁孚特力
汽车服务有限公
司(Shenzhen Renfu 15,188,925.57 - 2,431,128.33 17,620,053.90
Tellus Automobiles
Service Co., Ltd.)
湖南昌阳实业股
份有限公司(Hunan
Changyang 1,810,540.70 1,810,540.70 1,810,540.70 - -
Industrial Co.,
Ltd.)(Note3)
深圳捷成电子有
限公司(Shenzhen 3,225,000.00 3,225,000.00 - - - - - - - - 3,225,000.00 3,225,000.00
Jiecheng Electronic
Co., Ltd.)(Note3)
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Current period changes
Investment gains Declaration of Impairment
Opening Impairment Additional/ Other Closing reserve
Invitees and losses Other cash Provision
balance reserve new Reduce comprehensiv balance ending
recognized changes dividends or for Other
beginning investmen investment e income balance
under the equity in equity profits impairment
balance t adjustments
method
深圳先导新材料
有限公司
(Shenzhen Xiandao 4,751,621.62 4,751,621.62 - - - - - - - - 4,751,621.62 4,751,621.62
New Materials Co.,
Ltd.)(Note3)
深圳特力汽车服
务连锁有限公司
(Shenzhen Tellus - - - - - - - - - - - -
Automobile Services
Chain Co.,
Ltd.)(Note2)
Subtotal 23,745,493.23 9,787,162.32 - - 1,230,594.66 - - - - - 24,976,087.89 9,787,162.32
Total 86,298,649.89 9,787,162.32 - - 23,580,345.63 - - 15,000,000.00 - - 94,878,995.52 9,787,162.32
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
Amount in the current period Amount in the previous period
Items
Revenue Cost Revenue Cost
Primary operations 117,402,423.15 53,554,271.59 118,323,197.59 51,537,706.69
Other operations - - - -
Total 117,402,423.15 53,554,271.59 118,323,197.59 51,537,706.69
Amount in the current Amount in the
Items
period previous period
Investment income from long-term equity investments under equity method 133,425,000.00 71,225,000.00
Investment income from long-term equity investments under cost method 29,384,067.77 23,580,345.63
Investment income from holding tradable financial assets 1,882,201.18 5,651,479.29
Gain from remeasurement of remaining equity to fair value after the loss of
control
Total 173,267,700.81 103,747,991.59
XVI. Supplementary information
Items 2025 Note
Gains on disposal of non-current assets, including written-off of provision for
-7,087.09 -
impairment
Government grant included in profit or loss (excluding those closely related to
operating activities, or regular government grants)
Except for effective hedging business conducted in the ordinary course of
business of the Company, gain or loss arising from the change in fair value of
financial assets held for trading and financial liabilities held for trading, as well as 412,414.59 -
investment gains from disposal of financial assets held for trading, financial
liabilities held for trading and financial assets available for sale
Reversal of provision for impairment of receivables individually tested for
impairment
Other gain or loss items within the definition of extraordinary gain or loss Total
extraordinary gains or losses
Total extraordinary gains or losses 6,596,237.97 -
Less: Effect of income tax of extraordinary gains or losses 1,644,348.45 -
Net extraordinary gains or losses 4,951,889.52 -
Less: Net effect of extraordinary gains or losses attributable to minority interest
(after tax)
Extraordinary gains or losses attributable to ordinary shareholders of the
Company
(1)According to the "Interpretative Announcement No. 1 on Non-Recurring Profit and Loss (Revised in 2023)",
the tax withholding service fee refunds by our company and its subsidiaries are classified as other income
related to daily activities, and are not of a special or incidental nature, thus they are defined as recurring
gains and losses.
ShenZhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2025(All amounts in RMB unless otherwise stated)
(2)Due to the price fluctuation risks associated with gold, the effective hedging of gold futures by the
Company's subsidiaries, Guorun Gold andShenzhen Tellus Baoku Supply Chain Technology Co., Ltd., is a
means of mitigating these risks and is considered a normal business operation. Therefore, based on the
nature and characteristics of the Company's normal operations, the Company classifies the effective hedging
of gold futures, as well as the fair value changes in financial assets and liabilities held and the gains or
losses from disposal of financial assets and liabilities, as ordinary income items, in accordance with the
"Interpretative Announcement No. 1 on Non-Recurring Profit and Loss (Revised in 2023)" for non-financial
enterprises engaged in normal business operations disclosed in the public issuance of securities by
companies.
Earnings per share
Weighted average
Profit for the reporting period Basic Diluted
return on equity
(RMB per share) (RMB per share)
Net profit attributable to ordinary shareholders
of the company
Net profit attributable to ordinary shareholders
of the company after deducting non-recurring 7.81% 0.32 -
items
Name of the Company:Shenzhen Tellus Holding Co., Ltd.
April 20, 2026
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