Annual Report 2025 of Goneo Group Co., Ltd.
Stock Code: 603195 Stock Name: Goneo Group
公牛集团股份有限公司
GONEO GROUP CO., LTD.
Annual Report 2025
Annual Report 2025 of Goneo Group Co., Ltd.
Important Notes
Goneo Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the
contents of this Report are true, accurate and complete and free of any misrepresentations,
misleading statements or material omissions, and collectively and individually accept legal
responsibility for such contents.
unmodified unqualified opinion for the Company.
Financial Officer, and Shen Kewei, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the financial statements carried in this Report are true,
accurate and complete.
As audited by Pan-China Certified Public Accountants LLP, net profit attributable to shareholders
of the parent company stood at RMB4,070,632,747.77 for 2025, and the cumulative distributable profit
of the parent company was RMB3,788,561,204.15 as at December 31, 2025. The 2025 final dividend
plan is as follows: Based on the eligible shares at the record date of the dividend payout, the Company
intends to pay a cash dividend of RMB19 (tax inclusive) per 10 shares to shareholders.
According to the total share capital of 1,807,909,538 shares, the total cash dividend amount is
RMB3,435,028,122.20 (tax inclusive).
Where any change occurs to the eligible shares before the record date of the dividend payout, the
cash dividend per share shall remain the same while the total payout amount shall be adjusted
accordingly.
The final dividend plan is subject to final approval by the 2025 Annual Meeting of Shareholders.
Indicate whether the parent company had unrecovered losses as of the end of the Reporting
Period and the impact on the Company’s dividends and other matters.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Any plans, development strategies and other forward-looking statements mentioned in this Report
shall not be considered as promises to investors. Investors and those concerned shall be sufficiently
aware of the risks and understand the differences between plans and forecasts and promises.
Annual Report 2025 of Goneo Group Co., Ltd.
Company’s capital for non-operating purpose.
No.
prescribed decision-making procedure.
No.
completeness of this Report.
No.
The Company has described the possible risks in this Report. For further information, please refer
to the contents under the heading “Possible risks” under Item VI iv. in “Part III Management Discussion
and Analysis”.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
We Keep Moving Forward
——Message to Our Shareholders
Time marches on without pause. The past 2025 marked Goneo Group’s first full year
of its new journey as we entered our 30th year—a milestone of growth. Amid a complex
macroeconomic landscape and volatile global markets, we remained true to our founding
vision and maintained strategic focus, steadily advancing through every challenge.
Although industry cycles and market fluctuations posed challenges, we successfully
withstood the test of the market, with our core operations remaining solid and resilient.
Guided by a commitment to high-quality development, we drove steady growth in our core
categories through meticulous cost management, optimized product structures, and
deepened engagement with key customers. Our profitability and cash flow remained robust,
fully demonstrating our strong operational resilience and ability to navigate cyclical
pressures. On one hand, we continued to deepen our traditional core businesses, constantly
strengthening the Group’s competitive barriers and further consolidating our leadership in
key product categories; on the other hand, we actively embraced change, advancing new
business incubation, exploring new markets, and enhancing internal management efficiency.
These focused efforts have laid an even stronger foundation for the Group’s medium- to
long-term high-quality growth.
As we stand at a new milestone after 30 years of development, we clearly see the
industry’s emerging trends—the rapid growth of smart ecosystems and the new energy
sector is shaping the future of both our industry and the Company. Guided by this insight,
we will focus on these two strategic areas to build our next growth curve and, through a
comprehensive internationalization strategy, we aim to expand our global footprint,
establishing a more resilient and sustainable core engine to drive Goneo’s growth for the
next 30 years.
Riding the wave of industrial intelligence, we remain focused on our core strengths
and are harnessing technological innovation and AI to reimagine and add new value to
traditional products. In the smart lighting and home ecosystem sectors, we thoroughly
integrate healthy lighting environments, intelligent control technologies, and AI large
models, and have grandly launched the MOSGPT-powered AI smart lighting system,
achieving a leapfrog upgrade from passive scene settings to actively perceptive,
personalized lighting environments, offering an immersive smart lifestyle that anticipates
and responds to users’ needs. To consolidate the foundation of technological innovation,
Annual Report 2025 of Goneo Group Co., Ltd.
we have strengthened the functions of our Intelligent AI Research Institute, further scaled
up investment, and advanced the deep integration of AI technologies with the civil
electrical industry, promoting their large-scale, practical application. Meanwhile, with a
forward-looking vision, we have expanded into emerging areas such as data center power
distribution and contributed to building AI infrastructure, leveraging our professional
capabilities to support the steady development of the digital business. We are confident that
our long-term commitment to and investment in AI technology will establish our core
competitiveness for the future.
The global energy landscape is undergoing profound transformation, and investing in
the new energy sector represents our strategic choice to align with the times and secure
long-term growth. Even as the electric vehicle market experiences slower penetration, we
continue to advance steadily, maintaining our leadership in the residential charging market.
At the same time, we focus precisely on high-power ultra-fast charging technology and
specialized commercial applications. We have successfully launched one-stop energy
solutions such as heavy-duty truck charging products and megawatt cluster charging
products, providing efficient and reliable energy supply for emerging scenarios in logistics,
ports, and beyond. We commit to tangible actions in driving the global green and
low-carbon transition. In the energy storage sector, we have targeted the European market
as a breakthrough, steadily advancing the development and market validation of residential
energy storage and small and medium industrial & commercial energy storage products.
Through continuous product innovation, we aim to establish a distinctive competitive edge
in the rapidly growing global energy storage market.
Advancing its global footprint is Goneo’s unwavering strategic direction for
future-ready, leapfrog development. In our traditional strongholds, we have broken through
market barriers in mature, established markets by introducing more stylish and innovative
products, creating new avenues for growth. Meanwhile, we are actively deepening our
presence in emerging markets and seizing global growth opportunities with precision. In
the new energy sector, we have chosen Europe as a starting point and been steadily
developing localized operations for our residential, industrial & commercial energy storage
businesses. By focusing on innovative products and distinctive installation services, we
pursue a long-term development philosophy while driving the “GONEO” brand to expand
globally and establish a lasting presence in international markets.
Annual Report 2025 of Goneo Group Co., Ltd.
Our ability to achieve these strategic goals stems from the strength of our core culture.
The principle of “taking the long way with professionalism and devotion, and striving for
No. 1” guides us in navigating challenges and driving sustainable growth. It calls on us to
embrace innovation boldly and strengthen our capabilities continuously. In the year ahead,
we will accelerate digital transformation to create a more agile, efficient, and collaborative
operating model. We will refine our Bull Business System (BBS) across the entire business
chain and invest in developing strong talent pipelines to fully energize the Company. We
firmly believe that a resilient and capable organization is the foundation for long-term,
sustainable success.
Looking ahead, the industry continues to present both opportunities and challenges.
Goneo will remain committed to the pursuit of excellence, driven by continuous innovation,
and advance steadily along our three strategic pillars: smart ecosystems, new energy, and
internationalization.
We would like to express our sincere gratitude to every investor who has placed their
trust in Goneo. It is your unwavering support and confidence that enable us to navigate
market shifts with assurance and boldly explore new avenues of growth. As we pursue our
vision of “becoming a leader in the international civil electrical industry”, we will remain
true to our founding vision, honor the trust placed in us, and move forward with confidence,
delivering even stronger results in return for the trust and expectations of all our
stakeholders.
The Board of Directors of Goneo Group Co., Ltd.
April 2026
Annual Report 2025 of Goneo Group Co., Ltd.
Contents
The financial statements for the year ended December 31, 2025 signed and
stamped by the legal representative, the Chief Financial Officer, and the head
of the financial department
The Independent Auditor’s Report for the year ended December 31, 2025
Documents available for
stamped by the CPA firm, as well as signed and stamped by the relevant
reference
certified public accountants
The originals of all the Company’s documents and announcements disclosed
on newspapers and websites designated by CSRC during the Reporting
Period
Annual Report 2025 of Goneo Group Co., Ltd.
Part I Definitions
I Definitions
The expressions in the left column in the table below refer to the contents in the right column unless
otherwise specified.
Definitions of frequently used terms
The “Company”, “Goneo
refers to Goneo Group Co., Ltd.
Group”, “Goneo”, or “we”
Reporting Period refers to The period from January 1, 2025 to December 31, 2025
Ningbo Liangji Industrial Co., Ltd., the Company’s
Liangji Industrial refers to
controlling shareholder
Ningbo Ninghui Investment Management Partnership
Ninghui Investment refers to
(Limited Partnership) , the Company’s shareholder
Cixi Goneo Electrics Co., Ltd., a wholly-owned subsidiary of
Cixi Goneo refers to
the Company
Shanghai Goneo Electrics Co., Ltd., a wholly-owned
Shanghai Goneo refers to
subsidiary of the Company
Ningbo Goneo Electrics Co., Ltd., a wholly-owned subsidiary
Ningbo Goneo refers to
of the Company
Ningbo Banmen Electric Appliance Co., Ltd., a
Banmen Electric Appliance refers to
wholly-owned subsidiary of the Company
Ningbo Goneo Photoelectric Technology Co., Ltd., a
Goneo Photoelectric refers to
wholly-owned subsidiary of the Company
Ningbo Goneo Precision Manufacturing Co., Ltd., a
Goneo Precision refers to
wholly-owned subsidiary of the Company
Ningbo Goneo Digital Technology Co., Ltd., a wholly-owned
Goneo Digital refers to
subsidiary of the Company
Goneo International Ningbo Goneo International Trading Co., Ltd., a
refers to
Trading wholly-owned subsidiary of the Company
Ningbo Xingluo Trading Co., Ltd., a wholly-owned
Xingluo Trading refers to
subsidiary of the Company
Ningbo Goneo Electric Sales Co., Ltd., a wholly-owned
Electric Sales refers to
subsidiary of the Company
Goneo International Trading (HK) Limited, a wholly-owned
Goneo HK refers to
subsidiary of the Company
Ningbo Goneo Low Voltage Electric Co., Ltd., a
Goneo Low Voltage refers to
wholly-owned subsidiary of the Company
Hainan Dacheng Supply Chain Management Co., Ltd., a
Hainan Dacheng refers to
wholly-owned subsidiary of the Company
Guangdong Murora Intelligent Lighting Co., Ltd., a
Murora Intelligent refers to
wholly-owned subsidiary of the Company
Ningbo Goneo New Energy Technology Co., Ltd., a
Goneo New Energy refers to
wholly-owned subsidiary of the Company
Shanghai Goneo Information Technology Co., Ltd., a
Information Technology refers to
wholly-owned subsidiary of the Company
Intelligent Technology refers to Ningbo Goneo Intelligent Technology Co., Ltd.
Shenzhen Goneo Intelligent Information Co., Ltd., a
Shenzhen Intelligent refers to
wholly-owned subsidiary of the Company
Domestic Electrical Ningbo Goneo Domestic Electrical Appliance Co., Ltd., a
refers to
Appliance wholly-owned subsidiary of the Company
Ningbo Goneo Marketing Co., Ltd., a wholly-owned
Goneo Marketing refers to
subsidiary of the Company
Hangniu Hardware refers to Hangzhou Hangniu Hardware and Electrical Co., Ltd.
Dalitek Intelligent Technology (Shanghai) Inc., a
Dalitek refers to
majority-owned subsidiary of the Company
Annual Report 2025 of Goneo Group Co., Ltd.
Goneo Intelligent refers to Shanghai Goneo Intelligent Technology Co., Ltd.
Ningbo Yaopu Enterprise Management Partnership (Limited
Yaopu Partnership refers to
Partnership)
Liangniu Hardware refers to Hangzhou Liangniu Hardware and Electrical Co., Ltd.
Feiniu Hardware refers to Hangzhou Feiniu Hardware and Electrical Co., Ltd.
Qiudi Trading refers to Hebei Qiudi Trading Co., Ltd.
Nanjing U-Light Jianeng refers to Nanjing U-Light Jianeng New Energy Technology Co., Ltd.
Changsha Yutai Jianeng refers to Changsha Yutai Jianeng New Energy Technology Co., Ltd.
Chenhao Electronic refers to Beijing Chenhao Electronic Technology Co., Ltd.
Cixi Libo refers to Cixi Libo Electric Co., Ltd.
Huantian Technology refers to Hubei Huantian Technology Co., Ltd.
Guoxin Trading refers to Changde Guoxin Trading Co., Ltd.
Niuweiwang Trading refers to Suzhou Niuweiwang Trading Co., Ltd.
The “Articles of
refers to The Articles of Association of Goneo Group Co., Ltd.
Association”
The “Company Law” refers to The Company Law of the People’s Republic of China
The “Securities Law” refers to The Securities Law of the People’s Republic of China
A-stock refers to RMB-denominated ordinary stock
CSRC refers to China Securities Regulatory Commission
The Ministry of Finance refers to The Ministry of Finance of the People’s Republic of China
Sinolink Securities refers to Sinolink Securities Co., Ltd.
SSE refers to The Shanghai Stock Exchange
PCCPA or the
refers to Pan-China Certified Public Accountants LLP
“Independent Auditor”
RMB Expressed in the Chinese currency of Renminbi
RMB’000 Expressed in thousands of Renminbi
refers to
RMB’0,000 Expressed in tens of thousands of Renminbi
RMB’00,000,000 Expressed in hundreds of millions of Renminbi
Annual Report 2025 of Goneo Group Co., Ltd.
Part II General Information of the Company and Key Financial
Indicators
I Corporate Information
Company name in Chinese 公牛集团股份有限公司
Abbr. 公牛集团
Company name in English GONEO GROUP CO., LTD.
Abbr. GONEO
Legal representative Ruan Liping
II Contact Information
Board Secretary Securities Representative
Name Liu Shengsong Jin Xiaoxue
Tower A7, 3888 Yinggang East Road, Tower A7, 3888 Yinggang East Road, Qingpu
Address
Qingpu District, Shanghai District, Shanghai
Tel. 021-33561091 021-33561091
Fax 021-33561091 021-33561091
E-mail
liushengsong@gongniu.cn jinxx@gongniu.cn
address
III General Company Information
Registered address Industrial Park, Cixi City, Ningbo City, Zhejiang Province
(multiple business premises under one business license)
The registered address was changed from East Zone of
Changes of registered address Guanhaiwei Town Industrial Park, Cixi City, Zhejiang
Province to the current address on January 15, 2026.
Tower A7, 3888 Yinggang East Road, Qingpu District,
Office address
Shanghai
Zip code 201703
Company website http://www.gongniu.cn
Email address ir@gongniu.cn
IV Media for Information Disclosure and Place where this Report Is Lodged
Media and websites where this Report is China Securities Journal, Shanghai Securities News,
disclosed Securities Daily, and Securities Times
Stock exchange website where this Report is
http://www.sse.com.cn
disclosed
The Strategic Investment and Securities Center of the
Place where this Report is lodged
Company
V Stock Profile
Stock profile
Formerly used stock
Class of stock Stock exchange Stock name Stock code
name
Shanghai Stock
A-stock Goneo Group 603195 /
exchange
Annual Report 2025 of Goneo Group Co., Ltd.
VI Other Information
Name Pan-China Certified Public Accountants LLP
Block B, China Resources Building, 1366
Domestic CPA firm appointed Office address
Qianjiang Road, Jianggan District, Hangzhou
by the Company
Accountants
Yao Benxia, and Chen Zhuoyan
writing signatures
VII Key Financial Information for the Past Three Years
i. Key accounting information
Unit: RMB
Key accounting 2025-on-2024
information change (%)
Operating
revenue
Gross profit 4,905,381,965.08 5,080,455,920.70 -3.45 4,536,334,952.36
Net profit
attributable to the
listed company’s
shareholders
Net profit
attributable to the
listed company’s
shareholders 3,624,581,661.66 3,741,807,159.86 -3.13 3,703,188,544.28
before
exceptional gains
and losses
Net cash
generated
from/used in 4,743,692,351.84 3,730,346,896.27 27.16 4,827,282,098.55
operating
activities
Change of
December 31,
December 31, 2025 December 31, 2024 2025 on December 31, 2023
December 31,
Equity
attributable to the
listed company’s
shareholders
Total assets 22,556,242,542.63 20,494,034,490.68 10.06 19,762,205,724.93
ii. Key financial indicators
Key financial indicator 2025 2024 2023
change (%)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Basic earnings per share before
exceptional gains and losses 2.01 2.07 -2.90 2.05
(RMB/share)
Weighted average return on equity Down by 3.73
(%) percentage points
Weighted average return on equity Down by 2.91
before exceptional gains and losses percentage points
Annual Report 2025 of Goneo Group Co., Ltd.
(%)
Explanations about the key accounting and financial information for the past three years:
√ Applicable □ Not applicable
The Company implemented the 2024 final dividend payout on June 9, 2025. Based on the total
share capital of 1,292,158, 890 shares minus the shares in the repurchased share account at the record
date, a bonus issue of 0.4 additional share per existing share was carried out, and the total share capital
increased to 1,809,022,417 shares upon the bonus issue. The Company implemented the 2023 final
dividend payout on June 6, 2024. Based on the total share capital of 891,540,875 shares minus the shares
in the repurchased share account at the record date, a bonus issue of 0.45 additional share per existing
share was carried out, and the total share capital increased to 1,292,734,248 shares upon the bonus issue.
To ensure the comparability of basic and diluted earnings per share, data during 2023 and 2024 have
been adjusted accordingly.
VIII Accounting Data Differences under China’s Accounting Standards for Business Enterprises
(CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting
Standards
i. Differences in net profit and equity attributable to the listed company’s shareholders under CAS
and IFRS
□ Applicable √ Not applicable
ii. Differences in net profit and equity attributable to the listed company’s shareholders under
CAS and foreign accounting standards
□ Applicable √ Not applicable
iii. Reasons for accounting data differences above
□ Applicable √ Not applicable
IX Key Financial Information for 2025 by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
(January-March) (April-June) (July-September) (October-December)
Operating
revenue
Net profit
attributable
to the listed 974,916,307.50 1,084,711,296.13 919,195,491.23 1,091,809,652.91
company’s
shareholders
Net profit
attributable
to the listed
company’s
shareholders 855,232,293.27 987,239,959.20 858,725,558.23 923,383,850.96
before
exceptional
gains and
losses
Net cash
generated
Annual Report 2025 of Goneo Group Co., Ltd.
from/used
in operating
activities
Indicate whether any of the quarterly financial data in the table above differs from what have been
disclosed in the Company’s past periodic reports.
□ Applicable √ Not applicable
X Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Notes (if
Item 2025 2024 2023
applicable)
Gain or loss on disposal of
non-current assets (inclusive of
impairment allowance
write-offs)
Government grants recognized
in profit or loss (exclusive of
those that are closely related to
the Company’s normal business
operations and given in
accordance with defined criteria
and in compliance with
government policies, and have
a continuing impact on the
Company’s profit or loss)
Gain or loss on fair-value
changes in financial assets and
liabilities held by a
non-financial enterprise, as well
as on disposal of financial
assets and liabilities (exclusive
of the effective portion of
hedges that is related to the
Company’s normal business
operations)
Capital occupation charges on a
non-financial enterprise that are 93,701.43 51,647.67 331,702.44
recognized in profit or loss
Gain or loss on assets entrusted
to other entities for investment 376,870,519.52 540,843,952.06 190,904,769.99
or management
Gain or loss on loan
entrustments
Asset losses due to acts of God
such as natural disasters
Reversed portions of
impairment allowances for
receivables which are tested
individually for impairment
Gain equal to the amount by
which investment costs for the
Company to obtain
subsidiaries, associates and
joint ventures are lower than
Annual Report 2025 of Goneo Group Co., Ltd.
the Company’s enjoyable fair
value of identifiable net assets
of investees when making
investments
Current profit or loss on
subsidiaries obtained in
business combinations
involving entities under
common control from the
period-begin to combination
dates, net
Gain or loss on non-monetary
asset swaps
Gain or loss on debt
restructuring
One-off costs incurred by the
Company as a result of
discontinued operations, such
as expenses for employee
arrangements
One-time effect on profit or
loss due to adjustments in tax,
accounting and other laws and
regulations
One-time share-based payments
recognized due to cancellation
and modification of equity
incentive plans
Gain or loss on changes in the
fair value of employee benefits
payable after the vesting date -
for cash-settled share-based
payments
Gain or loss on fair-value
changes in investment property
of which subsequent -
measurement is carried out
using the fair value method
Income from transactions with
distinctly unfair prices
Gain or loss on contingencies
that are unrelated to the
Company’s normal business
operations
Income from charges on
entrusted management
Non-operating income and
-53,787,976.84 -32,089,672.59 -172,631,226.63
expense other than the above
Other gains and losses that
meet the definition of
exceptional gain/loss
Less: Income tax effects 101,992,383.19 96,001,318.69 45,407,663.66
Non-controlling interests
effects (net of tax)
Total 446,051,086.11 530,397,405.17 166,946,832.19
Annual Report 2025 of Goneo Group Co., Ltd.
Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for Companies
Offering Their Securities to the Public—Exceptional Gain/Loss Items are identified as exceptional and
the items are of a significant amount, and exceptional gain/loss items listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items are identified as recurrent.
□ Applicable √ Not applicable
XI A company with any equity incentive plan or employee stock ownership plan may elect to
disclose net profit net of share-based payments.
□ Applicable √ Not applicable
XII Items Measured at Fair Value
√ Applicable □ Not applicable
Unit: RMB
Change in the Effect on
Item Opening balance Closing balance
period profit
Held-for-trading
financial assets
Derivative
financial assets
Receivables
financing
Total 9,233,128,825.48 12,088,293,532.43 2,855,164,706.95
XIII Other Information
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part III Management Discussion and Analysis
I Principal Operations of the Company during the Reporting Period
During the Reporting Period, the Company focused on the three major businesses of electric
connection, smart electrical lighting and new energy towards its strategic objectives. The primary
products of electric connection are adapters (power strips), digital accessories, power tools, data center
power distribution products, etc. The products of smart electrical lighting mainly include wall switches
and sockets, LED lights (including smart lighting), safe circuit breakers, smart bathroom heaters, smart
clothes drying racks, smart door locks, smart curtain machines and so on. The products of new energy
mainly include new energy vehicle charging points/plugs, residential energy storage products, industrial
and commercial energy storage products, outdoor portable energy storage products, etc.
Electric Connection Smart Electrical Lighting New Energy
The Company adheres to the vision of “Becoming a Leader in the International Civil Electric
Industry”, the mission of “providing safe and comfortable electricity experience for customers” and the
development philosophy of “be professional, concentrated and go further”. Since its establishment in
quality. The Company started to from the segmentation of power strips, constantly promoting the
innovation of functions, technology and design, and developing batches of new products popular among
consumers. Focusing on innovation, the Company has the comprehensive advantages of product R&D,
marketing, supply chain and branding. After years of developing and expanding, the Company has
formed three major business segments: electric connection, smart electrical lighting and new energy.
Besides, it has also formed sustainable business layout in the fields of civil electrical industry and
lighting.
(1) Procurement model: The procurement business of the Company mainly includes the
procurement of operating supplies including copper, silver, aluminum, tin, plastic granule, paper pulp,
etc., and the procurement of non-operating supplies such as IT materials, administrative supplies and so
Annual Report 2025 of Goneo Group Co., Ltd.
on. The Company has established a procurement strategy with quality as the core. It has selected the
main supplier through the mechanism of strict supplier entrance and regular examination and inspection.
Besides, the Company established strategic cooperating relationships with the main suppliers to ensure
the quality and delivery. The Company has set up a procurement sharing platform with professional
personnel at the group level. It improves the ability of negotiating prices, lowers procurement costs, and
controls the quality of raw materials through centralized procurement, direct procurement from source
suppliers, tendering, etc. Furthermore, the Company has optimized and improved the suppliers
management system, ERP system, manufacturing and storage system, etc. Meanwhile, it has improved
the management of procurement and constantly improved the procurement efficiency.
The Company has performed centralized procurement of bulk raw materials such as copper, silver,
aluminum, tin, plastic granules, paper pulp and so on. In addition, the Company has locked the trading
price through ways such as forward hedging to reduce the uncertain risk brought by the price fluctuation
in spot market of raw materials.
(2) Production model: The Company has adopted the manufacturing model of “Market Forecast +
Safe Inventory”. Products are mainly self-made. Some new products and supporting products have been
made by adopting the OEM manufacturing mode. Every factory is responsible for the production of
corresponding products and parts. They have ensured product quality, efficient management and on-time
delivery at the same time. Meanwhile, the Company has constantly promoted the innovation of
manufacturing model. By building a balanced production and sales system, continuously improving lean,
automated and digital levels, and insisting on technical process innovation, the Company has gradually
enhanced its "order-driven" flexible production model while ensuring product quality and reducing
inventory slow moving losses.
(3) Sales model: The Company has established online and offline integrated sales model through
omnichannel. The offline sales model is mainly based on distribution and partially based on direct
selling. The Company has promoted the innovative offline sales mode of “distribution, delivery, visit
and sales” in the field of civil electrical appliances and implemented refined management of channels.
Through efficiently organizing and transferring dealer resources around the country, and long-term
accumulation, the Company has established distribution network with 1.1 million retail stores covering
national urban and rural areas. The online channel has covered the mainstream e-commerce platforms
through direct selling + distribution, with which we have made every effort to build the flagship stores
into a brand promotion window. The Company has actively implemented digital marketing to realize
“diversion outside the online channel and sales inside the channel” with the help of each traffic inlet.
Meanwhile, in terms of the smart electrical lighting products, the Company has beefed up development
and sales in the B-end channels of furnishing and engineering projects; and as for the new energy-related
products, active efforts have been made to develop B-end operator customers. Additionally, the
Company has actively strengthened the localized sales capacity of its home furnishing and new energy
products in overseas markets to speed up the global business layout.
Annual Report 2025 of Goneo Group Co., Ltd.
New important non-principal business during the Reporting Period:
□ Applicable √ Not applicable
II Introduction of the Industry where the Company Operates during the Reporting Period
According to the Industry Classification of National Economy (GB/T4754--2017) issued by the
National Bureau of Statistics, the main type of the Company’s business is assigned to “Manufacturing
Industry of C38 Electric Machine and Equipment”. Among them, adapters, wall switches and sockets,
and digital accessories are all assigned to the specific type of “3899 Other Not Classified Manufacture of
Electric Machine and Equipment”. LED lighting is assigned to the specific type of “3872 Manufacture
of Lighting Devices”. And new energy charging plugs/points fall in the specific type of “3829
Manufacture of Other Power Distribution and Control Facilities”.
With the further improved economic structure as well as the continuous increase of the resident
discretionary income and consumption level in China, industries such as household appliances,
consumer electronics, real estate, home furnishing, and new energy vehicles, grow continuously and
rapidly, promoting the market demand for products in electric connection, smart electrical lighting and
new energy charging and storage. Nowadays, China is the main producing base of adapters across the
world. The brands of wall switches and sockets in China’s market are nationally leading as well as
internationally famous. In the field of lighting, China has become the workshop of the world with
products sold to nearly all major worldwide markets. In the field of new energy vehicles, China is the
world’s largest producer and consumer. In general, traditional electric connection products such as
adapters and digital accessories, as well as wall switches and sockets, LED products, have entered a
mature period of development, but the sub-categories, such as smart ecosystem household products, and
new energy products are in a growing period with increasing policy support.
Products of electric connection, smart electrical lighting and new energy all have close connection
to people’s lives with no obvious characteristics of industry cycle and regions. Among them, some
products of electric connection and smart electrical lighting have been affected by some factors
including cessation of business in major retail terminal end outlets (such as hardware stores, specialized
markets and so on) and the reduction of housing fixtures during the Spring Festival. Therefore, the first
quarter always has the fewer sales volume all over the year.
The Company concentrates on the civil electric industry and always upholds the business
philosophy of “Be Professional and Concentrated, and Go Further”. Since its establishment in 1995, the
Company has gradually formed three main businesses: electric connection, smart electrical lighting and
new energy. Relying on excellent product quality and sound word of mouth, the reputation of the Goneo
brand has increased constantly and its sales volume has always been leading. During the Reporting
Period, the Company won honors such as "National Quality Inspection Trustworthy Product", "National
Annual Report 2025 of Goneo Group Co., Ltd.
Consumer Quality- and Reputation-Trustworthy Product", and "Quality Leading Brand of the National
Civil Electrical Industry". The Company and its wholly-owned subsidiary Goneo Photoelectric both won
the second prize of Zhejiang Province Science and Technology Progress Award.
According to the data provided by Info Master, in 2025, the Company’s products such as adapters,
wall switches and sockets, new energy vehicle charging points, and new energy vehicle charging plugs
had the No. 1 online sales volume on the e-commerce platform of Tmall.
III Discussion and Analysis on Operations
journey. In the face of domestic macroeconomic pressures and complex and volatile global markets, the
Company maintained strategic focus and navigated challenges with confidence. The Company not only
safeguarded its core operations but also laid the groundwork for long-term growth, successfully
withstanding the test of the market. On one hand, the Company strengthened the foundation of its
traditional business, steadily increased the market share of its key product categories, maintained stable
operating fundamentals, and, through refined management and control, sustained healthy profitability
and cash flow, demonstrating operational resilience and risk resistance. On the other hand, the Company
proactively embraced change and planned for the future, focusing on new business incubation and new
market expansion, while simultaneously optimizing management processes and strengthening the
organizational foundation, thereby building solid support for medium- to long-term high-quality
development. During the year, the Company’s total operating revenue reached RMB16.026 billion, and
net profit attributable to the parent company amounted to RMB4.071 billion. Although short-term
performance faced pressure, the Company achieved significant gains in brand and technological
strengths. During the Reporting Period, the Company was recognized with numerous honors, including
inclusion in the “Top 500 Private Manufacturing Enterprises of China”, the Ministry of Industry and
Information Technology’s “China Premium Consumer Brand”, “Manufacturing Segment Champion”,
“National Excellent Smart Factory”, and “Green Factory” awards. The Company has also been
recognized as “National Enterprise Technology Center” by the National Development and Reform
Commission and other authorities. These achievements have accelerated the Company’s transformation
toward high-end, stylish, and high-tech positioning, further reinforcing its overall leadership and core
technological advantages.
In 2025, the Company made unremitting efforts focusing on the following aspects of work:
i. Electric connection business: Strengthening the foundation, exploring new business models,
and enhancing operational resilience amid challenges
In 2025, in the face of a complex market environment, the electric connection business remained
closely focused on the core direction of “Strengthen the Foundation & Explore New Business Models”,
steadily advanced iterative upgrades of traditional products such as adapters and digital fast-charging
devices, accelerated the incubation and commercialization of new businesses such as embedded systems
and power tools, and drove innovation across channels such as hardware retail, instant retail, and
Annual Report 2025 of Goneo Group Co., Ltd.
e-commerce. These initiatives helped the business navigate market fluctuations, strengthen operational
resilience, and further enhance the Company’s market position in the electric connection sector,
providing a solid foundation for the Company’s overall growth.
The Company continued to strengthen the core competitiveness of its traditional business, and
consolidated its foundation through iterative product innovation. Our adapter business focused on
diverse application scenarios at home and abroad, accelerated the establishment of a global product
development platform, and further deepened the brand perception of “Expert in Safe Electrical
Solutions”. Key product launches included the GB7 high-end recessed track socket, which, with its
minimalist integrated design, upgraded touch control screen, and dual flush protection doors, has
become the top choice for premium interiors. The new-generation vertical digital and portable mini
sockets offer multiple fast-charging ports, digital displays, and compatibility with Xiaomi fast-charging
protocols, deepening ecosystem collaboration. The global travel adapters emphasize compactness,
modular series design, and fast charging, introducing innovative flexible and retractable cords to meet a
wide range of usage scenarios. At the same time, the Company actively responded to the updated
national standards, and took the lead in completing the over-power protection upgrades across all
four-digit and higher series products. The digital business focused on safe fast-charging, building
competitive barriers based on core technologies such as “zero-voltage switching”, “overcharge
protection”, and “semi-solid-state battery applications”. The Company participated in drafting the
national standard for portable chargers, and rolled out 3C-certified products such as semi-solid-state
power banks, “Ice Cube” chargers, desktop “Goneo Magic Box”, and a new generation of three-in-one
fast chargers, adapting to diverse scenarios such as aviation and high-speed rail, and providing users
with safer, more efficient, and smarter charging solutions.
The Company proactively positioned itself in new tracks, driving the embedded and power tools
businesses to achieve rapid breakthroughs and steady development. In response to the growing trend of
electrified furniture, the Company established a dedicated embedded business unit, focusing on
embedded sockets, track sockets, and integrated light strips, with a deep presence in both household and
office scenarios. For household scenarios, the Company collaborated with leading custom cabinet brands
to meet user demands for convenience, integration, intelligence, and aesthetic appeal, upgrading
products from standalone items to complete space solutions. In the office sector, the Company’s
embedded sockets featured concealed tracks, magnetic attachments, independent overload protection,
and remote control via mobile apps, making them the preferred choice for modern offices seeking
efficiency and tidiness. At the same time, embedded products, led by track sockets, successfully entered
European and Southeast Asian markets through localized innovation, laying a solid foundation for the
Company’s international expansion. The power tools business continued to expand and refine its product
portfolio, enriching series such as angle grinders and hammer drills. Notable launches included the
“Mini King” 100 angle grinder and the “Little Cannon” 16 V lithium electric drill, which have gained
market recognition for their efficiency, durability, and user-friendly design. At the same time, the
Company strengthened in-house development and manufacturing capabilities for key components,
Annual Report 2025 of Goneo Group Co., Ltd.
including motors and electronic controls, while defining and developing products for overseas markets,
fully tapping into new growth opportunities.
The Company also deepened channel transformation and innovation, using the integrated upgrading
of outlets and the deployment of instant retail to activate growth momentum. In terms of hardware
channels, the Company focused on advancing the development of integrated outlets and refined
management, increasing its penetration across all hardware product categories, and meeting users’
one-stop purchasing needs. Performance assessments guided the marketing team’s transformation, while
targeted, one-on-one support was provided to weaker markets, helping distributors upgrade to
standardized and more professional operations. In lighting and low-voltage circuit breakers, sales in
engineering projects steadily increased, supported by dedicated commercial lighting zones and
high-quality professional retail outlets. The power tools business focused on comprehensive hardware
stores and brand-exclusive shops, efficiently achieving coverage across 30,000 retail points. Solar
lighting advanced through precise and scaled retail deployment, securing an early strategic position in
the market. At the same time, the Company fully deployed the new instant retail model, accelerating the
development of “Flash Warehouses” and “Flash Stores” to enable online ordering and offline delivery at
retail points, precisely meeting the needs of younger consumers. In the e-commerce channel, growth was
driven by both bestselling products and innovative categories, with high-end track sockets and lift-up
sockets capturing consumer attention. Leveraging collaborations with popular animation IPs and
utilizing new media and short video platforms, the Company promoted a youthful brand image that
blends safety, quality, and style. These efforts strengthened online market share and propelled the
Company’s transformation toward a high-end, stylish, and youthful positioning.
ii. Smart electrical lighting business: Building product competitiveness with AI-powered and
healthy lighting products, fully capitalizing on the advantages of multi-category integration, and
continuously enhancing both business performance and brand presence
In 2025, amid a challenging industry environment and intensifying market competition, the smart
electrical lighting business remained firmly focused on its core development priorities. Centered on
AI-powered and healthy lighting products, the business upgraded traditional products such as wall
switches and LED lighting, accelerated the rollout of new offerings including eye-caring lamps and
Murora AI intelligent healthy lighting, and innovated channel models across furnishing and Murora
distribution. By leveraging the unique advantages of multi-category integrated solutions to mitigate
market uncertainties, the business demonstrated strong operational resilience, further solidifying its
industry leadership and enhancing the brand’s core influence.
The Company continued to deepen its traditional core businesses, reinforcing the foundation for
development through normalized product iteration and innovation while steadily expanding category
competitiveness. In the wall switch sector, the Company focused on premiumization, intelligentization,
and globalization, launching premium series such as acrylic and wood-grain toggles. Notably, the G70
toggle and G68 “Butterfly Wing III Ultra-Thin Switch” received international design awards including
iF and IDA. Simultaneously, the Company expanded smart switches compatible with Goneo and Xiaomi
Annual Report 2025 of Goneo Group Co., Ltd.
ecosystems, innovating with AC-free networking to reshape home networks, and established dedicated
overseas R&D and supply chain systems to enrich its international product lineup and accumulate
experience for global home furnishing markets. In LED lighting, the “Whole-House Healthy Lighting”
initiative drove the application of healthy spectrum technology, with the launch of the XC01 “JoyLife”
and XC02 “Stellar” series tailored to “personal beauty enhancement” and “human-centric stress relief”
scenarios. The lighting division also strengthened its competitiveness in commercial and industrial
sectors, significantly increasing overseas SKUs. In the electrical appliances business, ultra-thin,
decorative products such as Ultra?thin Decorative Fan Light and Flat?Panel Constant?Temperature
Bathroom Heater were introduced to meet home furnishing aesthetic demands. In low-voltage electrical
products, the “Slim-Cube” series of residual current devices improved core performance, while
expansion into molded-case circuit breakers and other industrial and agricultural segments tapped into
additional growth markets.
The Company proactively positioned itself in the new tracks of healthy lighting and intelligent
interaction, making every effort to accelerate the development of eye-caring lamp and Murora AI
intelligent healthy lighting businesses, and cultivating new drivers of business growth. Responding to
the rising public awareness of health, the Company strategically focused on eye-caring lamps, launching
products developed in collaboration with globally renowned chip companies. These feature a dual-mode
system—“Purple Light for Eye Protection + Red Light for Eye Nourishing”—and support wide-angle
top canopy illumination, adaptive dimming, and intelligent speech interaction, setting new standards for
quality and driving industry upgrades. The Murora AI Intelligent Healthy Lighting Solution achieved a
leapfrog upgrade by deeply integrating AI large models with the self-developed “cloud + network + edge
+ device” full-stack technology. Equipped with next-generation purple light chips, its ultra-soft natural
light spotlights leverage dynamic healthy-light fitting technology to protect vision and regulate circadian
rhythms. Through Matter protocol integration, the system connects multiple home ecosystems, offering a
“villa-level full-house intelligent control solution” adaptable to apartments, villas, and commercial
spaces. These innovations were showcased at the Shanghai and Guangzhou Design Weeks, significantly
enhancing the Company’s professional influence.
Leveraging its multi-category integration advantages, the Company continued to transform its
channel strategy and establish a diversified and comprehensive network to stimulate end-market growth.
The decorative channel focused on full-category flagship stores, carrying out initiatives such as “store
efficiency enhancement” programs, direct-order fairs, micro-live streaming, and upgraded in-store
displays to improve operational performance, with engagement with interior design firms further
increasing market penetration and coverage. Management support measures, including marketing leader
mentoring and on-site assistance, ensured standardized operations across partner stores. The Murora
channel, precisely focused on AI smart healthy lighting, enhanced in-store experiences to provide
immersive and professionally serviced retail environments. High-end cross-industry partnerships,
independent designer collaborations, new retail live streams, and targeted advertising strengthened
proactive marketing, improving customer conversion rates and brand recognition. In parallel, a refined
Annual Report 2025 of Goneo Group Co., Ltd.
layout of Murora retail points expanded market coverage and strengthened overall channel effectiveness.
iii. New energy business: Continuously improving product innovation and customer service
capabilities in residential and commercial charging, while accelerating the expansion of the energy
storage business
In 2025, the Company’s new energy business achieved new breakthroughs, demonstrating strong
overall momentum. Focusing on user needs and closely following industry trends, the Company
strengthened its independent full-stack R&D and product innovation capabilities, with smart products
reinforcing its leading position in the residential charging market while commercial high-power charging
and energy storage emerging as key growth areas. By optimizing end-user touchpoints and
scenario-based B2B channel layouts and enhancing service efficiency across the value chain, the
Company further strengthened its market competitiveness and brand influence, providing new drivers
for high-quality growth.
The Company reinforced its market leadership in residential charging points, its core category in
the new energy sector, by continuously innovating its product offerings. By addressing individual user
pain points and smart home demands, the Company launched the “Skyline” and “Premium” series of
intelligent residential charging products. The “Skyline” series delivers a premium aesthetic experience
with 3D curved glass design and matrix ambient lighting, while its smart display system enables
seamless activation and real-time charging feedback. The “Premium” series integrates Bluetooth-enabled
smart control, enhancing the overall user interaction. As one of the first industry players to obtain the
new national standard certification, the Company completed a full product iteration, upgrading six key
safety features, including leakage protection, short-circuit protection, and over-temperature protection.
These enhancements improved product safety and compatibility, strengthened market recognition, and
enhanced brand reputation.
In 2025, the Company focused on cultivating new growth avenues by accelerating expansion in the
commercial charging point and energy storage businesses, achieving core breakthroughs in high-power
heavy-duty truck charging products and residential energy storage innovations in Europe. In the
commercial sector, the Company optimized core hardware architectures and software protocols to
enhance its high-power solutions for heavy-duty vehicles. It launched the 400 kW high-power
single-unit charging point and accelerated the deployment of the 600 kW high-power single-unit
charging point and the 3 MW split cluster charging product series, completing a comprehensive
commercial product matrix. In energy storage, the Company concentrated on the European residential
market, advancing product innovation and local validation for single-phase, three-phase residential
energy storage, and small-scale commercial and industrial energy storage solutions. The next-generation
products are currently in the market preparation phase. For the domestic market, the Company
introduced the 125 kW/261 kWh liquid-cooled energy storage cabinet, designed to precisely meet the
needs of small- and medium-sized enterprises, industrial parks, data centers, and charging station energy
storage applications. The system supports peak-valley arbitrage, demand management, backup power,
and photovoltaic integration, providing users with flexible and intelligent energy solutions.
Annual Report 2025 of Goneo Group Co., Ltd.
In terms of channel development, the Company drove comprehensive transformation and
innovation in the new energy sector from the consumer (C-end) to the business (B-end) market,
achieving both channel layout optimization and efficiency improvement. In the consumer segment, the
Company maintained a strong presence across key cities, counties, and targeted townships, with over
consultation, purchase, installation, and after-sales support were enhanced, resulting in increased product
accessibility and an improved user experience. In the business segment, the Company focused on
high-value scenarios and applied a “channel + scenario” strategy. Expansion prioritized ports, mining
sites, industrial parks, and logistics hubs, with multiple benchmark integrated
photovoltaic-storage-charging stations for heavy-duty vehicles established during the Reporting Period.
Strategic partnerships with platforms such as Didi Charging and YKC were strengthened, while
coordinated efforts with local governments, logistics enterprises, and power grid operators facilitated
large-scale deployment of commercial charging projects, extending channel coverage while reinforcing
brand influence.
iv. New businesses: Proactively promoting data center and solar lighting business deployment
In 2025, the Company actively developed two newly incubated businesses: data centers and solar
lighting. The data center business, built on PDU (power distribution unit) products, expanded
collaboration with leading clients such as ByteDance and Tencent. New offerings, including high-power
DC PDUs and intelligent busbars designed for AI computing applications, were introduced, while the
research, production, and sales systems were further enhanced and localized after-sales services
established. In the solar lighting business, the Company leveraged existing hardware and e-commerce
channels to focus on streetlights and garden lights, launching innovative products that achieved solid
growth. Market research and product development initiatives were also conducted to identify overseas
opportunities and prepare for future expansion.
In 2025, the Company expanded its data center business based on PDU products. A professional
research, production, and sales organization was established, and the portfolio of power distribution
solutions was progressively broadened. Partnerships with leading industry clients were strengthened,
while the development of innovative products such as micro-modules advanced and distribution
capabilities were explored. During the Reporting Period, the Company gave full play to its accumulated
expertise in power supply and distribution to consolidate relationships with top-tier Internet companies,
including ByteDance, Tencent, Baidu, and JD.com, as well as major IDC service providers. Core
products such as PDUs, intelligent busbars, and precision rack cabinets served as the foundation for
these collaborations. In response to the high computing power demands of the AI era, the Company
rapidly iterated and developed a series of new products, such as high-power DC PDUs, intelligent PDUs,
and high-power small busbars, which have received favorable market feedback. Looking forward, the
Company has prepared for broader adoption of data center infrastructure by developing integrated
micro-modules and industry-specific intelligent integrated network cabinets, with products emphasizing
safety, reliability, and energy efficiency supporting pilot and large-scale deployment of computing
Annual Report 2025 of Goneo Group Co., Ltd.
infrastructure. The Company is also strengthening its nationwide professional and localized after-sales
service system, while exploring distribution models aligned with market requirements.
In 2025, the Company actively developed its solar lighting business, responding to the lasting
market opportunities for renewable energy applications in the lighting category. Drawing on its
accumulated expertise in both renewable energy and lighting, the Company quickly introduced
innovative products for residential courtyards, factories, and township roads, while establishing a
complete research, production, and sales system through both hardware and e-commerce channels.
During the Reporting Period, the Company focused on two primary product categories—solar
streetlights and solar courtyard lights. The product portfolio included the “Curved Smart Series”, the
“Full-Screen Smart Courtyard Lamp”, and the “Integrated Streetlight”, all designed to deliver high
brightness, waterproofing, long battery life, sensor-based control, and easy installation. These products
addressed user pain points through innovations in optics, lightweight structural design, optimization of
battery and electrical control, and the application of new materials, significantly enhancing product
quality and user experience. In terms of channels, the Company leveraged the sales network and refined
management capabilities developed in its traditional core categories to achieve strong synergies in the
solar lighting segment. By capitalizing on the established hardware and e-commerce channels, solar
lighting products reached a broad customer base, delivering solid business growth. At the same time, the
Company also initiated market research and product development for potential overseas expansion in the
solar lighting category.
v. Internationalization: Accelerating globalization with residential wall switches and new
energy storage as core drivers
In 2025, the Company firmly implemented its “Full-Product Export and Global Reach” strategy,
adhering to a long-term development philosophy. With residential wall switches and new energy storage
as core drivers, it accelerated overseas expansion, focusing on key regions such as Southeast Asia and
Europe, while simultaneously developing international e-commerce channels. Its business reached over
enhanced. This marked a significant step forward in global expansion and laid a solid foundation for
subsequent large-scale growth.
The Company’s overseas home furnishing business was primarily driven by a large client model,
steadily achieving simultaneous progress in both localized product innovation and market expansion.
Operations extended across Southeast Asia, East Asia, Europe, Latin America, and the Middle East, with
the overseas full-product portfolio gradually expanding and launching in succession. Based on core
product lines such as adapters, wall switches, and lighting, the Company upgraded its R&D approach,
shifting from co-creation with quality large clients in the early stage to a platform-based, locally adapted
development model that matched regional market needs. To strengthen global channels, the Company
established a standardized large client development process and set up dedicated market teams in
priority regions. Domestic senior sales personnel formed empowerment teams focused on point-of-sale
development, flagship market creation, and terminal support. By cultivating exemplary markets and
Annual Report 2025 of Goneo Group Co., Ltd.
hosting client visits, the Company expanded brand influence, while its participation in overseas
professional exhibitions provided opportunities for direct product demonstration and business
engagement, steadily enhancing brand visibility and reinforcing the global channel network.
The new energy sector overseas focused on Europe’s core markets, and used standardized
installation service processes to build a sustainable and well-structured business ecosystem that delivers
continuous value for both partners and end users. By deeply understanding European customers’ key
pain points and needs, the Company carefully developed energy storage products for residential and
small- and medium-sized industrial scenarios, positioning them around reliability, ease of installation,
and AI intelligence. The next-generation single-phase and three-phase residential energy storage units, as
well as small-scale commercial and industrial energy storage products, are now in the final stages of
market preparation. After extensive multi-channel validation, the Company established a differentiated
business model centered on installation services, and continuously refined localized sales and service
processes. In pilot markets such as Germany and Italy, more than 20 high-quality partners were
successfully developed, and the business gradually expanded into key markets such as Poland. By
leveraging professional product presentations, offline exhibition support, international trade shows, and
overseas online platforms, the Company enhanced partner competitiveness, broadened product reach,
and strengthened brand visibility. This approach ensures stable product and service support for partners
while providing end users with convenient and efficient energy storage solutions, achieving a win-win
outcome and long-term sustainable growth.
Additionally, the Company’s international e-commerce business achieved innovative breakthroughs
and expanded brand influence, becoming a key contributor to its global growth strategy. On the product
side, the Company highlighted overseas markets and user needs, and prioritized the launch and sales
development of innovative categories such as new energy charging plugs and fan lights. Through precise
product positioning and consistent quality, it achieved initial success and earned early recognition from
overseas consumers. On the channel side, the Company joined hands with high-quality large clients and
secured a presence on mainstream international e-commerce platforms such as Amazon and OTTO,
broadening channel coverage. It also supported large clients in building professional e-commerce
capabilities, optimizing operational processes, and enhancing promotional effectiveness, continuously
exploring diversified overseas sales channels. On the branding side, leveraging the advantages of online
platforms in new product promotion and brand communication, the Company reached overseas
consumers across multiple touchpoints and scenarios. Through targeted marketing and high-quality
content, it strengthened recognition and influence of the GONEO brand internationally, injecting new
momentum into the sustainable growth of its global business.
vi. Corporate operation: Driving digital transformation through production-sales integration
and direct data connectivity to strengthen organizational foundations and build future
competitiveness
In 2025, facing rapid changes in the external environment and profound transformation in the
industry, the Company highlighted the upgrade of production-sales integration and direct data
Annual Report 2025 of Goneo Group Co., Ltd.
connectivity. It steadily built a four-level production-sales integration system, gradually broke down
channel information barriers, simultaneously strengthened the Goneo Business System (BBS System)
and organizational talent development, deepened full-scenario empowerment through AI technology,
continuously optimized its operating system, and gradually built the operational capabilities needed to
support its future sustainable development, laying a solid foundation and accumulating sufficient
momentum for subsequent high-quality growth.
The upgrade of production-sales integration continued to advance, with initial results becoming
evident. Moving beyond the traditional “sales-driven production” model, the Company transformed the
production-sales system toward a more efficient and precise collaborative approach, gradually
establishing a four-level production-sales integration (PSI) system spanning the Group, business units,
components, and suppliers. At present, the Company is iterating and upgrading its APS automated
scheduling and other information systems, implementing a demand-driven production methodology, and
continuously optimizing inventory turnover and logistics efficiency. It is also steadily advancing
integrated R&D and manufacturing at wall switch factories, standardizing molding and process
equipment, and accelerating the deployment of flexible automated assembly lines. These efforts aim to
build an exceptionally efficient supply chain, enable end-to-end value chain coordination from
marketing to manufacturing, and progressively enhance the accuracy of supply-demand alignment and
overall operational performance.
At the same time, the direct data connectivity initiative is progressing steadily, breaking down
information barriers between the Company, distributors, and all-category flagship stores. Data from B2B
orders, CRM systems, and SAP product platforms are being integrated to create a unified, data-driven
operational dashboard, and structured data governance is being implemented across key areas such as
materials, procurement, and human resources, with consistent standards being established and
information silos being eliminated. These efforts strengthen digital capabilities across channels, enhance
value chain efficiency, and enable distributors to manage their operations and stores with greater
precision and insight.
AI technology was fully integrated into every stage of operations. The Company established an
Intelligent AI Research Institute and a Process and Digitalization Center, focusing respectively on AI
industrialization strategy and the development and application of lightweight AI tools. AI vision and
sensor technologies were applied in manufacturing processes such as quality inspection and logistics,
while vertical AI design software was introduced for channel services. In addition, AI tools supported
intelligent customer services, human resources, creative design, and brand promotion. These initiatives
significantly enhanced production efficiency, elevated the customer experience, and injected strong
momentum into operational performance through technological innovation.
Drawing on its BBS System and organizational talent reforms, the Company optimized the
innovation process through CVD core value indicators, PD strategic deployment priorities, and VSM
value stream analysis, upgraded its lean culture on the shop floor, refined its organizational structure,
and incubated new business units. A comprehensive talent assessment and reserve mechanism was
Annual Report 2025 of Goneo Group Co., Ltd.
established, alongside enhanced leadership management, implementation of a qualification-based
appointment system, a tiered, categorized talent development framework, a robust talent pipeline, and a
top-down, cascading performance management system, steadily reinforcing the Company’s
organizational capabilities, fully enhancing its capacity for innovation and growth, and providing a solid
foundation for the successful implementation of transformational initiatives and business breakthroughs.
IV Analysis on Core Competitiveness during the Reporting Period
√ Applicable □ Not applicable
The Company has always adhered to the core values of “Honest, Faithful, Professional and
Concentrated”. With forward-looking strategies and the tactics of high-performance operation, it has
built up a sustainable business portfolio and comprehensive competitive edges.
i. Product strength
(1) The Company has established an edge of innovative product development based on
consumer demand.
For long, the Company has attached great importance to research on consumer demand and the
innovation of product planning and research. It has always viewed the promotion of consumer
experience as the primary goal in product research. The Company has established an integrated
innovation system and teams of forward research, product planning and research. It has created and
applied all kinds of new technologies, materials and crafts. Through the constant superposition of micro
innovation, the Company has promoted a batch of products of electric connection, smart electrical
lighting and new energy with new and different characteristics in the aspects of design, performance,
technology and function, which are popular among consumers. By the end of the Reporting Period, the
Company has cumulatively won 94 domestic and international design awards, including Red Dot
(Germany), iF (Germany), G-Mark (Japan), IDEA, Red Star (China), AWE, DIA (China), etc. In
addition, it has a National Industrial Design Centre recognized by the Ministry of Industry and
Information Technology of China.
Each year, the Company formulates a three-year technical plan in a rolling manner, leveraging the
organisational structure of the Future Research Institute to plan prospective technologies, key
technologies, and product application technologies. It has developed a roadmap for achieving technical
development and leadership goals. Concurrently, the Company has actively integrated internal and
external resources, collaborating with top-notch universities and consulting firms in areas such as new
energy-based electrical products, digital intelligent control, healthy lighting, and AI industrial
applications. In 2025, the Company experienced a further boost in technological capabilities, achieving
Company had accumulated a total of 3,282 valid patents and 92 software copyrights, had been
recognised as a national demonstration enterprise in intellectual property rights, and had been approved
for establishing a national post-doctoral workstation.
Annual Report 2025 of Goneo Group Co., Ltd.
In terms of promoting healthy development of the industry, for years, the Company has participated
in drafting 156 national standards, industry standards and association standards. It is the vice chairman
unit of the Electrical Accessories and Household Controller Branch of the China Electrical Equipment
Industry Association. It is also the vice chairman unit of the National Technical Committee for
Standardization of Electrical Accessories. What’s more, it is the first electrical enterprise in the industry
to draft the “Made in Zhejiang” standard and attain certification.
(2) The Company has always adhered to the philosophy of winning through high quality and
put in place an efficient quality control system.
Since its founding, the Company has aimed to manufacture high-quality products. The idea of
winning through high quality has gained support among all in the Company. The Company has
established a good brand image and reputation on the market with reliable product quality.
In the aspects of selecting raw materials, procurement, research and production process control,
product testing and after-sales service, the Company has established a comprehensive and perfect quality
management system of product planning -- product design -- procurement -- production in batch quantity
-- post-sale strictly in line with the national standards, related laws and regulations, and enterprise
standards. To ensure the efficient operation of the quality management system, the Company has
established a domestically leading quality test centre. Covering a building area of 12,189 square metres,
the quality test centre is equipped with three nationally accredited laboratories, which have obtained
certifications such as "UL Witness Laboratory”, "CNAS Laboratory”, "CCC On-site Laboratory",
"WMT-certified Laboratory”, "DEKRA Cooperative Laboratory”, "HCT Cooperative Laboratory”, and
"T?V Rheinland Authorised Laboratory" from professional institutions. Meanwhile, boasting an
independent materials research institute, the Company has conducted pre-research and application
verification of technologies to bolster material quality, thereby continually enhancing product reliability,
durability, and sophistication. Additionally, leveraging information technology systems and software
platforms such as the Quality Management System ("QMS"), Manufacturing Execution System ("MES"),
System Applications and Products ("SAP"), and Product Lifecycle Management ("PLM"), the Company
has put in place a comprehensive process monitoring and problem-solving information technology-based
process that spans aspects such as customer quality feedback, new product quality risks, internal
manufacturing quality, and supplier quality. This ensures effective implementation and execution of the
Company’s quality control system.
With long-term accumulation, the Company has formed an efficient and systematic quality
management and control system. It has achieved the management system certification of ISO9001,
ISO14001, OHSAS18001, IATF16949, and AS9100D for its relevant business operations. Besides, it
has been successively awarded over 20 prizes related to quality such as “National Qualified Products of
Stable Quality”, “Products with Reliable Quality”, “Demonstration Enterprise of Export Quality and
Safety in China”, “Famous Brand Products in Zhejiang” and “Ningbo Mayor Quality Award”.
ii. Marketing strength
Annual Report 2025 of Goneo Group Co., Ltd.
(1) Always being responsive to changes in consumer demand and habits, the Company has
been foresighted in promoting channel reforms.
Supported by the offline marketing network covering urban and rural areas, as well as a
professional online marketing network, the Company has established a marketing system featuring
coordinative online and offline channels in the civil electrical industry. Over the years, with an
innovative offline sales model featuring “distribution, delivery, visit and sales”, it has put in place a
nationwide sales network consisting of more than 1.1 million retail outlets, including hardware channels
(hardware stores, grocery stores, office supplies stores, supermarkets and so on), specialized furnishing
and lamp furnishing retailers, digital accessories retailers, new energy product retailers, and retailers for
the intelligent lighting brand—Murora. These channels have expanded the selling points to stores, large
market places, professional markets in urban and rural areas, forming an offline marketing network hard
to be duplicated. At the same time, the Company has established a professional e-commerce direct
selling operational team and an online distributor system with strong ability. Nowadays, the Company
has comprehensively entered the leading e-commerce platforms such as Tmall, Taobao, JD.com,
Pinduoduo, Douyin, and so on. It has dozens of authorized online distributors. On the basis of
maintaining the sales on traditional e-commerce platforms, the Company also worked on hobby and
content-oriented e-commerce channels to strengthen its brand presence while driving sales. According to
the data provided by Info Master, in 2025, the Company’s products such as adapters, wall switches and
sockets, new energy vehicle charging points, and new energy vehicle charging plugs had the No. 1
online sales volume on the e-commerce platform of Tmall.
The high quality coordinated development between offline and online channels has helped the
Company establish a comprehensive, multilevel and stereoscopic marketing network, which is the
unique channel advantage of the Company to maintain competitiveness. With the changes in
consumption trends and footfall structure, comprehensive flagship stores for the furnishing channel and
the new retail model of online and offline integration have been gradually introduced and promoted,
which have become important directions for the Company’s channel development and innovation in the
future. Simultaneously, the Company has always adhered to the refined management of channels for
years, developing established systems in the aspects of development, management, operation, and so on.
It has had the advantage of developing new channels swiftly. The systematic channel layout of new
energy and Murora products in a short period of time is an effective manifestation of this underlying
capability.
(2) With “Goneo” being widely recognized as a safe and reliable brand, the Company is now
strengthening a high-end, trendy and high-tech brand image.
Through a branding model with selling point promotion as the foundation, over the past more than
retail stores and put advertising resources such as display inside and outside the stores, in so doing the
Goneo brand has been disseminated to cities, towns and counties. It has formed a simple, efficient and
unique branding model. Goneo has become a household name. Meanwhile, the Company has constantly
Annual Report 2025 of Goneo Group Co., Ltd.
enriched the brand connotation and improved the brand’s penetration and loyalty among different
consumers with the help of diversified, intelligent and young new products and the Internet new media
promotion. With the brand upgrading strategy, and based on continuous product innovation, the
“Goneo” brand has gradually shifted from “safe and reliable” to “high-end, trendy and high-tech”. And
the Company’s brand presence and reputation have been further enhanced.
iii. Operational strength
(1) The Company has a highly lean, automated and digitalized supply chain, helping it stay
competitive with respect to quality, efficiency and cost.
With products as the core, the Company deeply integrates the upstream supply chain, masters the
key components and core technology, and establishes a vertically integrated supply chain system from
basic raw materials to finished products. It has regarded manufacturing technology as the important
carrier of core competitiveness in the supply chain. It is equipped with mold, hardware, electronic,
spraying and other supporting factories. These factories design, develop and manufacture various high
precision molds for the Company’s diverse products. With automated injection molding and molding
integration, they have been developing and supplying sufficient precision electronic components for the
Company. Meanwhile, by giving full play to synergies among them, the product quality, production
efficiency and the product innovation competence have been greatly improved.
The Company has constantly improved the lean, automated and digitalized manufacturing
capabilities and established an industrial automatic team of integrated research, design and
manufacturing. The independent development and design, and the assembly application capability of
automatic devices and smart assembly devices have constantly improved. The flexible production mode
of “man-machine integration” has been promoted rapidly. With the help of a leading automatic
stereoscopic warehouse and smart sorting shipment system, the Company has achieved the
mechanization and automation of warehouse work, which greatly improves the speed of distribution and
delivery, and the customer response ability. The automatic stereoscopic warehouse has efficiently
connected the front-end automatic production. The smart manufacturing system for the whole process of
feedstock -- production -- storage -- shipment has been established. Meanwhile, by comprehensively
upgrading the MES system and integrating ERP, QMS, PLM and other hardware and software systems,
the Company has achieved digitalized whole-process information monitoring and management of
“integrated design and manufacturing, automated production and processing, transparent production
process, and precise logistics control”, providing solid support for the sustainable development of the
Company’s business.
(2) The Bull Business System (BBS) has become a powerful engine to drive the Company’s
business development.
As management reforms have been deepened over the past few years, BBS has become a pivotal
methodology and operational system driving the Company’s improvement of operational quality and a
robust catalyst for innovation-driven growth, cost reduction, and efficiency enhancement of the
Company. Focusing on the Company’s strategic goals, BBS has fully capitalised on tools and methods
Annual Report 2025 of Goneo Group Co., Ltd.
to empower the organisation to continuously pursue excellence, consolidate the foundation of its
advantageous business, and secure breakthroughs in new business, thereby attaining satisfactory
operating results.
V Major Operations during the Reporting Period
For the Reporting Period, operating revenue decreased 4.78% year on year to RMB16.026 billion
and the net profit attributable to the Company’s shareholders amounted to RMB4.071 billion, down
i. Analysis of Principal Operations
Unit: RMB
Change
Item 2025 2024
(%)
Operating revenue 16,026,312,556.45 16,830,541,086.13 -4.78
Cost of sales 9,113,186,646.36 9,551,809,101.31 -4.59
Selling expense 1,183,478,613.60 1,369,414,932.93 -13.58
Administrative expense 712,375,179.18 732,045,842.50 -2.69
Not
Finance costs -96,686,209.09 -118,167,719.43
applicable
R&D expense 643,963,783.60 745,510,215.17 -13.62
Net cash generated from/used in
operating activities
Net cash generated from/used in Not
-2,062,252,622.29 -706,309,760.89
investing activities applicable
Net cash generated from/used in Not
-2,798,884,480.25 -3,522,305,034.80
financing activities applicable
The change in finance costs was primarily driven by the decreased interest income.
The change in net cash generated from/used in operating activities was primarily driven by the increased
advance payments from customers in the year.
The change in net cash generated from/used in investing activities was primarily driven by a
year-on-year decrease in the redemption amount of wealth management products.
The change in net cash generated from/used in financing activities was primarily driven by the increased
borrowings.
Particulars about any significant change to the Company’s business nature, profit composition or sources
in the period.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
(1) Principal operations by operating division, product category, operating segment and sales
model
Unit: RMB
Principal operations by operating division
YoY YoY
Gross YoY change
change in change
Operating profit in gross
Operating revenue Cost of sales operating in cost
division margin profit margin
revenue of sales
(%) (%)
(%) (%)
Civil 15,996,154,942.04 9,095,041,487.62 43.14 -4.74 -4.53 Down by
Annual Report 2025 of Goneo Group Co., Ltd.
electrical 0.13 percen
appliances tage point
Principal operations by product category
YoY YoY
Gross YoY change
change in change
Product profit in gross
Operating revenue Cost of sales operating in cost
category margin profit margin
revenue of sales
(%) (%)
(%) (%)
Electric Up by 0.15
connection 7,076,551,275.31 4,166,704,001.71 41.12 -7.90 -8.14 percentage
products point
Smart
Up by 0.11
electrical
lighting
point
products
Down by
New
energy 821,824,954.31 579,008,380.77 29.55 5.71 14.24
percentage
products
points
Principal operations by operating segment
YoY YoY
Gross YoY change
change in change
Operating profit in gross
Operating revenue Cost of sales operating in cost
segment margin profit margin
revenue of sales
(%) (%)
(%) (%)
Down by 0.
Domestic 15,726,306,463.94 8,885,401,865.75 43.50 -4.99 -4.73 16 percenta
ge point
Up by 5.82
Overseas 269,848,478.10 209,639,621.87 22.31 12.68 4.83 percentage
points
Notes:
power tools, data center power distribution products, etc.
breakers, bathroom heaters, smart door locks, smart clothes drying racks, smart curtain machines and
other smart ecosystem products.
(2) Output and unit sales analysis
√ Applicable □ Not applicable
YoY YoY YoY
Primary change in change in change in
Unit Output Unit sales Inventory
products output unit sales inventory
(%) (%) (%)
Electricity
connecting 58,082.40 57,918.15 3,426.29 -2.61 -1.08 -23.12
pieces
products
Smart
electrical 0,000
lighting pieces
products
Annual Report 2025 of Goneo Group Co., Ltd.
New energy 0,000
products pieces
(3) Execution of significant purchase or sales contracts
□ Applicable √ Not applicable
(4) Cost analysis
Unit: RMB
By operating division
As % of As % of
Change in
Operating Cost total costs total costs
division category in 2025 in 2024
(%)
(%) (%)
Direct 7,535,100 7,740,932,
materials ,862.96 060.24
Civil Direct 547,724,1 617,003,2
electrical labor cost 03.57 42.91
appliances Manufactur
ing 11.11 12.23 -13.37
,521.09 598.11
expense
Notes:
The increase in direct materials as a percentage of total costs was primarily driven by rising raw material
prices.
(5) Changes to the consolidation scope due to changed ownership in principal subsidiaries in the
Reporting Period
√ Applicable □ Not applicable
For details, please refer to “IX Changes in Consolidation Scope” in “Part VIII Financial
Statements”.
(6) Significant changes to the business scope or product or service range in the Reporting Period
□ Applicable √ Not applicable
(7) Major customers and suppliers
A. Major customers and suppliers
√ Applicable □ Not applicable
Sales to the top five customers stood at RMB1,438.5782 million, accounting for 8.98% of the total
annual sales. Sales to the related-parties among the top five customers stood at RMB0, accounting for
Purchases from the top five suppliers stood at RMB1,995.0647 million, accounting for 17.65% of the
total annual purchases. Purchases from the related-parties among the top five suppliers stood at RMB0,
accounting for 0% of the total annual purchases.
B. Indicate whether sales to a single customer accounted for over 50% of the total sales, there was
any new customer in the top five customers, or the Company heavily relied on a few number of
customers in the Reporting Period.
□ Applicable √ Not applicable
Indicate whether purchases from a single supplier accounted for over 50% of the total purchases,
there was any new supplier in the top five suppliers, or the Company heavily relied on a few
number of suppliers in the Reporting Period.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
C. Indicate whether the stock was subject to the delisting risk warning or other risk warnings
during the Reporting Period.
Top 5 customers:
□ Applicable √ Not applicable
Top 5 suppliers:
□ Applicable √ Not applicable
D. Trading revenue during the Reporting Period
□ Applicable √ Not applicable
Top 5 customers where trading revenue accounts for more than 10% of total operating revenue:
□ Applicable √ Not applicable
Top 5 suppliers where trading revenue accounts for more than 10% of total operating revenue:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Change
Item 2025 2024 Amount of change
(%)
Selling
expense
Administrativ
e expense
Finance Not applic
-96,686,209.09 -118,167,719.43 21,481,510.34
costs able
R&D
expense
The change in selling expense was primarily driven by the decreased marketing and advertising
expenses.
The change in administrative expense was primarily driven by the decreased share-based payments.
The change in finance costs was primarily driven by the decreased interest income.
The change in R&D expense was primarily driven by refined control over R&D expense.
(1) R&D investments
√ Applicable □ Not applicable
Unit: RMB
Expensed R&D investments in the period 643,963,783.60
Capitalized R&D investments in the
period
Total R&D investments 643,963,783.60
Total R&D investments as % of operating
revenue
Capitalized R&D investments as % of
total R&D investments
(2) R&D personnel
√ Applicable □ Not applicable
Number of R&D personnel 1,472
R&D personnel as % of total employees 11.76
Annual Report 2025 of Goneo Group Co., Ltd.
Educational background of R&D personnel
Educational background Number of employees
Doctoral degree 2
Master’s degree 139
Bachelor’s degree 748
Junior colleges 363
Senior high school and below 220
Age structure of R&D personnel
Age Number of employees
Below 30 (exclusive) 381
(3) Other information
□ Applicable √ Not applicable
(4) Reasons for any significant change to the composition of R&D personnel and the impact on the
Company
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Change
Item 2025 2024 Amount of change
(%)
Net cash
generated
from/used in 4,743,692,351.84 3,730,346,896.27 1,013,345,455.57 27.16
operating
activities
Net cash
generated
Not
from/used in -2,062,252,622.29 -706,309,760.89 -1,355,942,861.40
applicable
investing
activities
Net cash
generated
Not
from/used in -2,798,884,480.25 -3,522,305,034.80 723,420,554.55
applicable
financing
activities
The change in net cash generated from/used in operating activities was primarily driven by the increased
advance payments from customers in the year.
The change in net cash generated from/used in investing activities was primarily driven by a
year-on-year decrease in the redemption amount of wealth management products.
The change in net cash generated from/used in financing activities was primarily driven by the increased
borrowings.
ii. Significant changes in profit incurred by non-principal business
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
iii. Analysis of assets and liabilities
√ Applicable □ Not applicable
Unit: RMB
As % of As % of
closing opening
Change
Item Closing amount total Opening amount total Note
(%)
assets assets
(%) (%)
Held-for-trading
financial assets
Derivative
financial assets
Receivables
financing
Other current
assets
Construction in
progress
Deferred
income tax 229,571,435.71 1.02 166,544,345.16 0.81 37.84
assets
Other
non-current 26,503,614.44 0.12 49,032,961.07 0.24 -45.95
assets
Short-term
borrowings
Other payables 828,846,841.77 3.67 639,246,264.15 3.12 29.66
Contract
liabilities
Long-term
borrowings
Deferred
income tax 83,687,180.86 0.37 53,168,103.95 0.26 57.40
liabilities
Deferred
income
Other
non-current 83,610,954.76 0.37 95,355,810.02 0.47 -12.32
liabilities
Paid-in capital
(or share 1,807,973,428.00 8.02 1,292,158,890.00 6.31 39.92
capital)
Other
comprehensive 70,589,897.94 0.31 21,880,910.00 0.11 222.61
income
Surplus reserves 870,311,904.48 3.86 646,079,445.00 3.15 34.71
Other notes:
Held-for-trading financial assets increased primarily driven by the increased investments in wealth
management instruments in the period.
Derivative financial assets increased primarily driven by the unrealized gains on futures hedging at the
end of the period.
Receivables financing increased primarily driven by the increased balance of bank acceptance notes
receivable.
Annual Report 2025 of Goneo Group Co., Ltd.
Other current assets decreased primarily driven by a decrease in prepaid value-added tax and income tax
Construction in progress decreased primarily driven by the transfer of construction in progress to fixed
assets in the period.
Deferred income tax assets increased primarily driven by an increase in deductible temporary
differences.
Other non-current assets decreased primarily driven by the decreased prepayments for equipment.
Short-term borrowings increased primarily driven by additional borrowings in the period.
Other payables increased primarily driven by the increased sales discount accruals.
Contract liabilities increased primarily driven by the increased advance payments from customers.
Long-term borrowings increased primarily driven by additional borrowings in the period.
Deferred income tax liabilities increased primarily driven by an increase in taxable temporary
differences.
Deferred income decreased primarily driven by the amortization of government grants in the period.
Other non-current liabilities decreased primarily driven by the decreased over-one-year obligations to
repurchase restricted shares.
Paid-in capital increased primarily driven by the bonus issue from capital reserves in the period.
Other comprehensive income increased primarily driven by the unrealized gains on futures at the end of
the period.
Surplus reserves increased primarily driven by the surplus reserves established in the period.
√ Applicable □ Not applicable
(1) Value of assets
Of which: overseas assets stood at RMB50,661,594.82, accounting for 0.22% of the total assets.
(2) Explanation for the high proportion of overseas assets
□ Applicable √ Not applicable
√ Applicable □ Not applicable
For details, please refer to “31. Assets with restricted ownership or right to use” under “VII Notes
to the Consolidated Financial Statements” of “Part VIII Financial Statements”.
□ Applicable √ Not applicable
iv. Industry environment analysis
√ Applicable □ Not applicable
For details, please refer to “i. Industry landscape and trends” under “VI Outlook Discussion and
Analysis” of Part III Management Discussion and Analysis”.
v. Investments made
Equity investments in other entities
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
For details, please refer to “22. Construction in progress” in “VII Notes to the Consolidated
Financial Statements” of “Part VIII Financial Statements”.
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
For details, please refer to “XII Items Measured at Fair Value” in “Part II Corporate Information
and Key Financial Information”.
Securities investments:
□ Applicable √ Not applicable
Notes to securities investments:
□ Applicable √ Not applicable
Investments in private equity funds:
□ Applicable √ Not applicable
Derivatives investments:
√ Applicable □ Not applicable
(1) Derivatives investments for hedging purposes in the Reporting Period
□ Applicable √ Not applicable
(2) Derivatives investments for speculation purposes in the Reporting Period
□ Applicable √ Not applicable
Other information:
The Company used commodity future contracts to hedge the expected bulk-purchase of raw
materials of copper and plastic particles to avoid the risk of fluctuations in the future cash flows caused
by the fluctuations in the price of raw materials.
The Company’s specific hedging methods are described below:
Hedged items Expected bulk-purchase of raw materials such as copper and plastic particles
Hedging instruments Commodity future contracts
Commodity future purchase contracts locked in changes of price in expected raw
Hedging instruments
materials bulk-purchase contract
Both the hedging instruments (commodity futures contracts) and the hedged items (expected
bulk-purchase of raw materials) are based on variables such as copper and plastic prices. The Company,
guided by the Group Purchasing Decision Committee and based on actual raw material demand for
production, conducts hedging to safeguard against price fluctuations effectively. The aforementioned
hedging is highly effective. Cash flow hedging is adopted for such hedging activities.
Additionally, the Company, in accordance with its risk management strategy, hedges certain raw
materials such as silver, aluminium, and tin. However, due to factors such as quantity conversion, the
hedging may not be highly effective after futures closing, resulting in ineffective hedging portions being
included in return on investment.
□ Applicable √ Not applicable
vi. Sale of significant assets and equity investments
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
vii. Principal subsidiaries and joint stock companies
√ Applicable □ Not applicable
Principal subsidiaries and joint stock companies with an over 10% effect on the consolidated net profit:
√ Applicable □ Not applicable
Unit: RMB’0,000
Registered Operating Operating
Name Type Principal operations Total assets Net assets Net profit
capital revenue profit
Household appliances manufacturing;
manufacturing of mechanical and
electrical equipment; manufacturing of
distribution switch control equipment;
lighting apparatus manufacturing;
general merchandising of hardware
products; electrical materials
manufacturing; manufacturing of
electronic components and
electromechanical components and
equipment; manufacturing of intelligent
home consumption equipment;
communication equipment
Ningbo Goneo
manufacturing; network equipment
Electrics Co., Subsidiary 10,000 709,432.69 466,133.50 472,741.79 209,631.33 179,207.84
manufacturing; IoT equipment
Ltd.
manufacturing; technical services,
technical development, technical
consulting, technical communication,
technical transfer, and technical
promotion (business activities shall be
conducted independently in accordance
with laws with the business license,
except the items that require approval in
accordance with laws). Items permitted:
Import and export of products; and
import and export of technologies
(business activities that require approval
in accordance with laws shall be subject
Annual Report 2025 of Goneo Group Co., Ltd.
to the approval by relevant authorities.
Specific business items are indicated on
the approval results).
Wholesale of hardware, sales of
electrical accessories, sales of household
appliances, sales of communication
equipment, sales of electronic products,
sales of daily necessities, sales of special
equipment for lighting apparatus
production, sales of mechanical and
electrical equipment, sales of lighting
apparatus, sales of general merchandise,
Ningbo Goneo sales of lamps, sales of wind and power
Marketing Co., Subsidiary tools, sales of metal tools, wholesale of 1,000 225,186.03 45,554.39 1,088,622.52 57,077.53 41,803.63
Ltd. electronic components, sales of plastic
products, sales of motor vehicle
chargers, sales of charging points, sales
of household goods, installation services
for household appliances (business
activities shall be conducted
independently in accordance with laws
with the business license, except the
items that require approval in accordance
with laws).
New subsidiaries and subsidiaries disposed of during the Reporting Period:
√ Applicable □ Not applicable
How the subsidiary was obtained or disposed of during Effect on the Company’s overall operations and
Name
the Reporting Period business performance
Ningbo Yaopu Enterprise Management Partnership
Incorporated No significant effect
(Limited Partnership)
Shanghai Goneo Intelligent Technology Co., Ltd. Incorporated No significant effect
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
viii. Structured entities controlled by the Company
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
VI Discussion and Analysis on the Company’s Future Development
i. Industry landscape and trends
√ Applicable □ Not applicable
According to the National Bureau of Statistics, in 2025, the national GDP grew by 5.0% year on
year; the national per capita disposable income reached RMB43,377, up by 5.0% year on year; the
national per capita consumption expenditure for the year was RMB29,476, up by 4.4% compared to the
previous year; the urbanization rate of the resident population was 67.89% at the end of the year, up by
continued to benefit from policy easing, focusing on two core objectives: establishing a foundational
framework for the real estate sector and reversing the market downturn to restore stability. The
relaxation of purchase and loan restrictions and the implementation of special policies to ensure the
timely delivery of homes were advanced in an orderly manner. Measures to improve the market
supply-demand relationship included promoting the construction of "high-quality homes", cutting
individual housing loan interest rates, and optimizing housing provident fund policies. These
adjustments led to the stabilization of the real estate market in core cities, and the share of existing-home
transactions in overall property sales rose further, effectively stabilizing market expectations.
With a stronger focus of consumers on the home light health, light environment and light effect,
intelligent home lighting solutions with light quality are gaining more and more popularity and enter
gradually into the mass market and become a trend from the previous commercial lighting and high-end
home furnishing field. Driven by innovations in LED lighting technology, improvements in light source
quality, and the rapid advancement of AI and IoT technologies, smart, healthy, and integrated lighting
systems are expected to become the preferred family lighting solutions, offering enhanced products and
experiences. After incubation and cultivation, the Company’s intelligent lighting business has built up
differentiated core competencies in hardware and software products, channels, supply chain, etc. In the
future, the Company will continue to promote business synergies, seize the minds of consumers, and
achieve ground-breaking development.
The integration of AI and IoT technologies is accelerating the development of integrated smart
ecosystems in China’s smart home industry. According to data from AVC, the market penetration rate of
smart home systems in China’s refined furnishing market was projected to rise further to over 30% in
perception and high usage frequency. The Company makes intelligent no-main-lamp lighting and
self-developed control system the entry point, and integrates with smart door locks, smart curtain
machines, smart clothes drying racks and other ecosystem product categories to provide whole-house
safe electrical solutions, which will be an important development direction and a differentiated
competitive edge for the smart electrical lighting business.
According to the China Association of Automobile Manufacturers, the production and sales of new
energy vehicles (NEVs) in China reached 16.626 million units and 16.49 million units, respectively, in
By the end of 2025, the number of new energy vehicles in China totaled 43.97 million. The rapid
Annual Report 2025 of Goneo Group Co., Ltd.
development of new energy vehicles necessitates parallel advancements in charging infrastructure.
According to the Guiding Opinions on Further Establishing a High-Quality Charging Infrastructure
System issued by the State Council, a high-quality charging infrastructure system featuring wide
coverage, an appropriate scale, a reasonable structure, and well-improved functions is expected to be
preliminarily established by 2030 to support the development of the new energy vehicle industry.
Furthermore, in line with the Three-Year Action Plan for Doubling the Service Capacity of Electric
Vehicle Charging Facilities (2025-2027) issued by the National Development and Reform Commission
and other departments, the target is to significantly improve the service capacity of charging facilities by
Company swiftly completed the layout of new energy vehicle charging plugs and points for both
individual consumers and operators, experiencing a business leap. Anticipating the future transformation
in energy structures, the Company has entered the emerging energy storage sector. Leveraging domestic
strengths in product innovation and supply chain in this sector, the Company promotes smart energy
systems for residential and small & medium-sized industrial and commercial scenarios in Europe, a
region with tight energy supplies and ample future market potential. Domestically, the Company has
promoted energy storage systems for industrial and commercial users. Meanwhile, the Company will
accelerate product innovation and technology reserves, proactively explore new business directions,
meet the storage and charging needs of more user groups in a wider variety of scenarios, and seize the
historical opportunities of the development of the new energy industry.
ii. Development strategies of the Company
√ Applicable □ Not applicable
With the vision of “Becoming a Leader in the International Civil Electrical Industry”, the Company
will grasp every opportunity in the changing times and accelerate the implementation of the smart
ecosystem, new energy and internationalization strategies. It will continue to build comprehensive
competitive edges in product, marketing and operational strengths, with an aim to provide consumers
with more and better electrical products and services.
iii. Business plans
√ Applicable □ Not applicable
In order to achieve its operating goals in 2026, the Company will work on the following priorities:
competitive edge, and expanding market opportunities
In 2026, the electric connection business will continue to advance product iteration and category
innovation, focusing on consolidating its core competitive advantages and expanding incremental market
space. In the adapter business, the Company will closely align with new application scenarios and
market demand, focus on advancing product innovations in embedded sockets and overseas track
sockets to achieve scaled growth, optimize and reshape the end-to-end production, sales, and inventory
processes to further enhance the digital efficiency of the supply chain. In the digital business, the
Annual Report 2025 of Goneo Group Co., Ltd.
Company will leverage its existing core strengths to develop an integrated online-offline system for
high- and low-voltage electric connection products and services, in order to reinforce market penetration.
In the power tools business, the Company will concentrate on enhancing product competitiveness and
increasing market share, actively explore potential opportunities in overseas markets, and steadily
advance business expansion.
AI-powered and healthy lighting products, and improving the overseas wall switch product matrix
In 2026, the smart electrical business will focus on AI-powered and healthy lighting products as its
core drivers, build differentiated competitive advantages, and continue to improve the overseas home
furnishing product matrix centered on wall switches. In wall switch business, the Company will focus on
the twin opportunities of smart technology and overseas markets, intensify product innovation, expand
practical smart product lines, and broaden the overseas portfolio while steadily upgrading product
categories toward a high-end, stylish positioning. In lighting business, the Company will concentrate on
deep integration of smart healthy lighting and AI technology, leverage new products and solutions such
as advanced eye-caring lamps and the Murora AI Intelligent Healthy Lighting Solution to achieve
simultaneous growth in scale and brand influence. In other ecosystem businesses, including electrical
appliances, the Company will continue pursuing differentiated innovation, deliver greater value and user
experience to consumers, and support synergistic growth across the segment.
accelerating overseas energy storage expansion
In 2026, the new energy business will focus on building the core technological and channel
capabilities of charging products for domestic heavy-duty trucks and other applications, and accelerate
the overseas expansion of energy storage business. In new energy charging business, the Company will
continue to strengthen its competitive edge in the online and offline residential charging market, solidify
its presence in the consumer market, further enhance the product matrix for technology-intensive
categories such as heavy-duty truck charging products and megawatt cluster charging products, and
improve sales service capabilities and supply chain flexibility to build both technological and market
leadership. In energy storage business, the Company will focus on core scenarios in European residential
and small- and medium-sized commercial segments, iterate and upgrade highly reliable, intelligent
products that meet mainstream market needs, steadily consolidate its overseas market foundation, and
drive scalable growth in energy storage.
In line with industry development trends, in 2026 the Company will accelerate the expansion of its
two major new businesses—data centers and solar lighting—to cultivate momentum for future growth.
In data center business, the Company will build on its existing strengths in power distribution, continue
exploring AI infrastructure applications in specific scenarios, and develop future core competitive
advantages through product innovation and channel capability enhancement. In solar lighting business,
the Company will focus on core user needs, continuously expand and refine its product line, actively
Annual Report 2025 of Goneo Group Co., Ltd.
develop differentiated innovative products, and explore opportunities in overseas markets, thus driving
the new business toward steady launch and gradual breakthrough.
businesses as driven by the “Full-Product Export and Global Reach” strategy
In 2026, the Company will follow the “Full-Product Export and Global Reach” strategy to
accelerate the overseas development of its home furnishing and new energy businesses, further
deepening its global presence. In home furnishing business, the Company will intensify efforts to
develop high-quality clients, accelerate the replication and promotion of mature business models, give
full play to the comprehensive advantages of its products, and strengthen overseas innovation in wall
switches, lighting, adapters, power tools, and smart ecosystems. In new energy business, the Company
will take installation services as its core business model, create unique user value, and promote
breakthrough development of energy storage products in the European market and increase in market
share.
development, and organizational talent cultivation, fully embracing AI technology, and enhancing
operational competitiveness
In 2026, the Company will continue to deepen production-sales integration and the digital
transformation of the entire value chain, strengthen the development of the BBS System, advance the
talent leadership strategy, actively embrace the intelligent industrial revolution, and comprehensively
enhance its operational and management standards and future core competitiveness. It will build on
organizational and talent development, leverage the BBS System, and use end-to-end digital
transformation as the driving force to continuously enhance operational efficiency and enable innovative
growth. At the same time, it will increase investment in AI, strengthen the intelligence level and system
integration of its entire product line, actively engage with open ecosystems such as OpenHarmony and
Matter, and expand deep collaboration to advance the overseas deployment and technological leadership
of smart products, in order to provide strong support for strategic development.
iv. Possible risks
√ Applicable □ Not applicable
Domestic and overseas political and economic environments are undergoing profound changes. The
main products of the Company are consumer goods widely used at home, office, and other places
needing electricity. The cyclical fluctuation of economy will directly influence the actual discretionary
income of consumers, consumers’ income structure, and the consumer confidence index. Then,
consumers’ demand for consumer goods including electric connection products and smart electrical
lighting products will be affected. If the growth rate of the domestic macroeconomy is sluggish or slides,
it will lead to a decrease in discretionary income and the power of consumption of residents. It will also
decrease consumers’ demand and purchasing capacity for the Company’s products. As a result, the
business development and the growth of results of the Company.
Annual Report 2025 of Goneo Group Co., Ltd.
The civil electrical industry demonstrates full market competition. There are not only many
domestic enterprises, but also some famous international brands. Meanwhile, adapters, wall switches and
sockets, and other products, as the main controlled entrance of future smart home, also have attracted
many powerful new enterprises to join in the competition. In the future, the civil electrical and lighting
industry is expected to remain its relatively fierce competition. There are uncertainties in the changes of
market competition. If the Company cannot adapt to the new competition situation, intensify and expand
its original competition advantages, it will face the risk of losing market shares.
At the time of intensifying and expanding the original competition advantages, centering on the
scenarios of new energy power consumption, charging and energy storage, as well as home furnishing,
the Company developed new business such as charging plugs/points, energy storage, intelligent lighting,
circuit breakers, bathroom heaters, smart door locks, smart clothes drying racks, and smart curtain
machines. However, considering uncertain factors including the development trend, market competition,
and changes of consumer preferences in relevant fields, the possibility that the development of new
businesses will fail to reach expectation cannot be excluded.
According to the differences and changes of consumers’ purchasing habits, the Company continued
to improve the layout of channels. Regarding channels such as the B-end business with engineering
projects as the core, the vehicle after-markets for new energy charging plugs/points, and B-end operators,
the Company remains in a stage of developing and building capabilities. Meanwhile, the Company is in
the early stage of business expansion in overseas markets and needs to gradually build up its competitive
edges; and the increasing uncertainty in international trade has also posed new challenges to the
Company’s market planning and business development. The possibility that the development of new
channels and markets will fail to reach expectation cannot be excluded.
The main materials that the Company needs for production are copper, plastic, assembly, hardware,
packaging materials, electronic parts, etc. There is certain relevance between the procurement prices of
raw materials and the prices of bulk commodities such as copper and plastic. The procurement prices of
raw materials have a relatively big impact on the cost of sales of the Company. If the procurement prices
of raw materials rise significantly or fluctuate sharply in the future, it will be harmful to the cost control
of the Company and then influence the Company’s results.
v. Other information
□ Applicable √ Not applicable
VII Explanation of circumstances and reasons for non-disclosure by the company inconsideration
of inapplicable regulations, state secrets and commercial secrets.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part IV Governance, Environmental and Social Information
I Overview of Corporate Governance
√ Applicable □ Not applicable
The Company is in strict accordance with the requirements of the Company Law, the Securities
Law and other relevant national laws and regulations, and the China Securities Regulatory
Commission’s Code of Corporate Governance for Listed Companies and other standardised documents,
and is constantly improving its corporate governance structure in light of the Company’s development.
The Company has established a governance structure consisting of the Meeting of Shareholders, the
Board of Directors and the senior management, with distinct responsibilities and powers at each level,
each with its own responsibilities, effective checks and balances, scientific decision-making and
coordinated operation, which builds a solid foundation for the Company’s sustained, steady and healthy
development.
The Board of Directors has set up four specialised committees, namely, Audit and Risk Committee,
Nomination Committee, Remuneration and Appraisal Committee and Strategy Committee, of which the
independent directors in the Audit and Risk Committee, Nomination Committee and Remuneration and
Appraisal Committee are in the majority and act as the conveners, providing professional and objective
advice to the Board of Directors to ensure the professionalism and comprehensiveness of the Board of
Directors’ deliberation and decision-making.
The Company has established a sound corporate governance system, forming a "1+2+N"
governance system composed of "Articles of Association + Rules of Procedure for Shareholders’ and
Board Meetings + Various Special Governance Systems". During the Reporting Period, the Company
upgraded its corporate governance structure by abolishing the Supervisory Committee, with the Audit
and Risk Committee taking over its functions. Meanwhile, to align with the optimization of the
governance framework, the Company conducted a comprehensive review and centralized revision of
existing governance rules. In total, 20 sets of rules including the Rules of Procedure for Shareholders’
Meetings were revised, and one new policy, namely the Public Opinion Management Rules, was
formulated. The Company has established a dynamic rule update mechanism to revise, in a timely
manner, relevant policies in response to changes in the market environment, laws and regulations, and
business models, ensuring that its governance rules remain consistent with actual business operations at
all times.
Meanwhile, the Company has established a relatively sound internal management and control
system, and has formulated relevant management systems in the areas of technology research and
development, procurement management, safe production, marketing management, quality control and
financial accounting. It conducted internal audit and supervision of the organization and management,
operating activities, financial revenues and expenditures and economic benefits of its subsidiaries, and
regularly inspected and evaluated the establishment and implementation of its internal control system to
ensure the effectiveness of internal control.
Annual Report 2025 of Goneo Group Co., Ltd.
The Company is committed to continuously building modern corporate governance and promoting
system establishment to effectively improve the quality of development as a public company.
Indicate whether there was any material incompliance with the applicable laws and regulations, as well
as the CSRC’s requirements in corporate governance. If yes, please explain.
□ Applicable √ Not applicable
II Specific Measures Taken by the Controlling Shareholder and Actual Controller to Guarantee
the Asset, Personnel, Financial, Organizational and Business Independence of the Company, as
well as Solutions, Progress and Subsequent Plans when the Company’s Independence Is
Intervened
√ Applicable □ Not applicable
As one of the Company’s actual controllers, Mr. Ruan Liping concurrently serves as the Chairman
of the Board and President (General Manager) of the Company. This market-oriented governance
arrangement is formulated in light of the Company’s operational and development needs, management
efficiency and industry characteristics. It complies with the Company Law, the Code of Corporate
Governance for Listed Companies and other applicable laws, regulations and normative documents, and
is reasonable and necessary. Such an arrangement facilitates the efficient integration of corporate
decision-making and execution, improves operational and management efficiency, ensures effective
alignment between the Company’s development strategy and daily operation and management, and
promotes the sustainable and stable development of the Company.
To safeguard the Company’s independence, in strict compliance with regulatory requirements for
listed companies, the Company maintains complete independence in personnel, assets, finance,
organization and business. It has established and improved a corporate governance structure with clear
division of rights and responsibilities as well as effective checks and balances. Through standardized
internal control rules, independent director rules, special committee operation rules, related-party
transaction decision-making and recusal rules, and information disclosure rules, the Company
effectively supervises and restricts the performance of duties by actual controllers, directors and senior
management personnel. The actual controllers have undertaken commitments in accordance with
relevant provisions, shall exercise shareholder rights in accordance with the law, refrain from
intervening in the Company’s normal operational decisions and management beyond their authority, and
shall not harm the interests of the Company and other shareholders.
Indicate whether the controlling shareholder, the actual controller, or any entity under their control is
engaged in the same or similar business with the Company. Please explain the impact of any significant
change to horizontal competition on the Company, solutions taken, progress and subsequent plans.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
III Directors and Senior Management
i. Shareholding changes and remunerations of incumbent directors and senior management and those who resigned before the end of their tenures during
the Reporting Period
√ Applicable □ Not applicable
Unit: share
Total
pre-tax Remuner
remuneratio ation
Change in
n received received
shareholding
Opening Closing from the from any
Gen Ag Start of End of in the Reason for
Name Office title shareholding shareholding Company in of the
der e tenure tenure Reporting change
(share) (share) the Company
Period
Reporting ’s related
(share)
Period parties
(RMB’ (yes/no)
Chairman of Bonus issue
Ruan Mal
the Board and 62 2017-12-23 2027-1-4 208,355,798 291,698,117 83,342,319 from capital 303.41 No
Liping e
President reserves
Bonus issue
Vice from capital
Ruan Mal
Chairman of 54 2017-12-23 2027-1-4 182,557,549 219,408,816 36,851,267 reserves, and 248.00 No
Xueping e
the Board shareholding
reduction
Fe
Zhou
Director mal 42 2021-5-20 2027-1-4 0 0 0 0.00 Yes
Wenchuan
e
Director,
Senior Vice
President and 2017-12-23 2027-1-4
Liu Bonus issue
Board Mal
Shengson 56 165,469 231,656 66,187 from capital 285.52 No
Secretary e
g reserves
Chief
Financial 2024-1-5 2027-1-4
Officer
Annual Report 2025 of Goneo Group Co., Ltd.
Director and Bonus issue
Zhou Mal
Senior Vice 54 2017-12-23 2027-1-4 229,190 320,866 91,676 from capital 304.29 No
Zhenghua e
President reserves
Bonus issue
Xie Employee Mal
Weiwei Director e
reserves
Fe
Chen Independent
mal 68 2024-1-5 2027-1-4 0 0 0 20.00 Yes
Zhen Director
e
Shareholding
increase, and
Independent Mal
Li Gang 62 2024-1-5 2027-1-4 0 700 700 bonus issue 20.00 Yes
Director e
from capital
reserves
Independent Mal
Li Jianbin 47 2024-1-5 2027-1-4 0 0 0 20.00 Yes
Director e
Bonus issue
Li Senior Vice Mal
Guoqiang President e
reserves
Total / / / / / 391,822,554 512,380,522 120,557,968 / 1,715.26 /
Name Main work experience
Born in 1964, Bachelor’s degree, Chinese nationality, with permanent residence in Singapore and a Hong Kong Identity Card. He once served as an
engineer at Hangzhou Mechanical Design Institute of the Ministry of Water Resources, and Chairman of the Board and President of Goneo Group
Ruan Liping
Co., Ltd. (the former private company). He is currently the Chairman of the Board and President of Goneo Group. Also, he is an Executive Director
of Liangji Industrial, among others.
Born in 1972, junior secondary education, Chinese nationality, with permanent residence in Singapore and a Hong Kong Identity Card. He once
Ruan served as the Production Manager of Cixi Goneo, Vice Chairman of the Board of Goneo Group Co., Ltd. (the former private company). He is
Xueping currently the Vice Chairman of the Board of Goneo Group. Also, he is the Executive Director of Cixi Goneo, and the Supervisor of Liangji
Industrial.
Born in 1970, Bachelor’s degree, engineer, Chinese nationality, no permanent residence abroad. He once served as the Director’s Assistant of the
Science and Technology Department of Kmk Group, Senior Manager of Midea Group Co., Ltd., Director of strategic operations and Deputy
Liu
General Manager of the Business Division of AUX Group Co., Ltd., President’s Assistant and General Manager of the Business Division of Jiangxi
Shengsong
Zhengbang Technology Co., Ltd., and Vice President of Goneo Group Co., Ltd. He is currently a director, Senior Vice President, General Manager
of the International Division, Board Secretary, and Chief Financial Officer of Goneo Group, with the professional qualification of Board Secretary
Annual Report 2025 of Goneo Group Co., Ltd.
of the Shanghai Stock Exchange.
Born in 1972, Master’s degree, Chinese nationality, no permanent residence abroad. He once served as a technician of incoming material quality
Zhou control (IQC) at Zhongshan Kawa Electronic(Group)Co., Ltd., the Managing Officer of quality control (QC) at One Earth Group Limited, General
Zhenghua Manager of the product company of Midea Group Co., Ltd., and Vice President of Goneo Group Co., Ltd. (the former private company). He is
currently a director and Senior Vice President of Goneo Group, as well as General Manager of the New Energy Division of Goneo Group.
Born in 1979, Master’s degree, Chinese nationality and no permanent residence abroad. He previously served as Operations Manager at Hi-P
Shanghai Home Appliance Co., Ltd., Global Operations Manager at Dell (China) R&D Center, Supply Chain Development Manager at Motorola
Xie Weiwei (China) Co., Ltd., Operations Director at Flex Precision Manufacturing Co., Ltd., as well as Director, Vice President and General Manager of the
Converter Division and the New Energy Division of Goneo Group. Currently he serves as Employee Director, Vice President, and General Manager
of the Wall Switch Division at Goneo Group Co., Ltd.
Born in 1983, Master’s degree, Ph.D. in progress, permanent resident of Hong Kong. She is currently the President of Meilleure Health
Zhou
International Group, Chairman of the Board of Shenzhen Xiaozhou Investment Co., Ltd., a member of the Standing Executive Committee of
Wenchuan
Shenzhen Federation of Industry & Commerce (Chamber of Commerce), and a director of Goneo Group.
Born in 1957, Master’s degree, Chinese nationality, and no permanent residence abroad. She previously served as Director of Legal Affairs Office
of Zhejiang Provincial Electric Power Bureau and is currently the Founder and Director of Zhejiang Sunshine Era Law Firm, Vice Chairman of
Legal Branch of China Electricity Enterprise Association, Vice Chairman of China Energy Law Research Association, Deputy Director of
Chen Zhen
Renewable Energy Committee of China Energy Research Association, Executive Deputy Chairman of Zhejiang Rail Transit and Energy Industry
Association, Director of Carbon Neutral Industry Promotion Center of Zhejiang Renewable Energy Association, and Independent Director of Goneo
Group Co., Ltd.
Born in 1963, Master’s degree, Chinese nationality and no permanent residence abroad. He previously served as Sales Manager of ABB Robotics
Business in China, Head of Automotive Industry Business, Head of Robot System Business, President of Robot Business Unit in China, President
Li Gang
of Robot and Motion Control Business Unit in China, Senior Vice President of ABB (China) Co., Ltd., Member of the 13th Shanghai Municipal
CPPCC. And he currently serves as Vice President of Shanghai Robotics Association, and Independent Director of Goneo Group Co., Ltd.
Born in 1979, graduated from Peking University with dual bachelor’s degrees in law and economics, Chinese nationality, no permanent residence
abroad, and holds qualifications as a "Chinese Certified Public Accountant", "Chinese Certified Tax Agent", and "National Legal Professional
Qualification (Chinese Certified Lawyer)". He previously served as Partner at Pricewaterhouse Coopers, Vice President of Finance Department at
Li Jianbin
Xiaomi Group, Managing Partner of Strategic Investment Department at Xiaomi Group. Currently he serves as Chief Financial Officer of Beijing
DP Technology Co., Ltd., Independent Director of Hong Kong-listed companies Chaoju Eye Care Holdings Limited (2219.HK) and Beijing
Born in 1967, junior college’s degree, Chinese nationality, no permanent residence abroad. He used to be a regional manager for TCL International
Li Guoqiang Electrical (Huizhou) Co., Ltd., the Marketing Director of Aidiwei International Electrical (Huizhou) Co., Ltd., and the Marketing Vice President of
Goneo Group. He is now a Senior Vice President of Goneo Group.
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
ii. Offices held by incumbent directors and senior management and those who resigned before the
end of their tenures during the Reporting Period
√ Applicable □ Not applicable
Office held in the
Name Shareholding entity shareholding Start of tenure End of tenure
entity
Ningbo Liangji November Currently
Ruan Liping Executive Director
Industrial Co., Ltd. 2011 ongoing
Ningbo Liangji November Currently
Ruan Xueping Supervisor
Industrial Co., Ltd. 2011 ongoing
Note Not applicable
√ Applicable □ Not applicable
Office held in other Start of End of
Name Other entity
entity tenure tenure
Ruan Wuhan Zhongjia Hongyi Technology January Currently
Director
Liping Information Industrial Park Co., Ltd. 2019 ongoing
Ruan Ningbo Goneo Precision September Currently
General Manager
Liping Manufacturing Co., Ltd. 2015 ongoing
Ruan Ningbo Meishan Bonded Port Shuojin November Currently
Executive Director
Liping Investment Management Co., Ltd. 2017 ongoing
Ruan January Currently
Cixi Goneo Electrics Co., Ltd. General Manager
Liping 2008 ongoing
Ruan December Currently
Wuhan Fenjin Power Tech Co., Ltd. Executive Director
Liping 2006 ongoing
Ruan Dalitek Intelligent Technology Chairman of the October Currently
Liping (Shanghai) Inc. Board 2021 ongoing
Ruan Ningbo Goneo Photoelectric Currently
General Manager June 2014
Liping Technology Co., Ltd. ongoing
Ruan Qingdao Haili Commercial Appliances Currently
Director May 2009
Liping Co., Ltd. ongoing
Ruan Vice Chairman of Currently
Shanghai Minshen Property Co., Ltd. July 1999
Liping the Board ongoing
Ruan Shenzhen Goneo Intelligent Currently
General Manager July 2022
Liping Information Co., Ltd. ongoing
Ruan Ningbo Meishan Bonded Port Shuojin November Currently
Supervisor
Xueping Investment Management Co., Ltd. 2017 ongoing
Ruan January Currently
Cixi Goneo Electrics Co., Ltd. Executive Director
Xueping 1995 ongoing
Ruan Currently
Shanghai Minshen Property Co., Ltd. Director July 1999
Xueping ongoing
Ruan Vice Chairman of August Currently
Shanghai Dumin Real Estate Co., Ltd.
Xueping the Board 2022 ongoing
Ruan Shanghai Minshen Real Estate August Currently
Director
Xueping Management Co., Ltd. 2005 ongoing
Liu Wuhan Goneo Investment October Currently
Supervisor
Shengsong Management Co., Ltd. 2021 ongoing
Liu Shanghai Goneo Information March Currently
Executive Director
Shengsong Technology Co., Ltd. 2024 ongoing
Liu Wuhan Goneo Investment October Currently
Supervisor
Shengsong Management Co., Ltd. 2021 ongoing
Liu Dalitek Intelligent Technology September Currently
Director
Shengsong (Shanghai) Inc. 2021 ongoing
Annual Report 2025 of Goneo Group Co., Ltd.
Liu Shanghai Goneo Intelligent Director and November Currently
Shengsong Technology Co., Ltd. Manager 2025 ongoing
Zhou Ningbo Goneo Intelligent Technology Executive Director February Currently
Zhenghua Co., Ltd. and Manager 2023 ongoing
Zhou Ningbo Goneo New Energy Director and October Currently
Zhenghua Technology Co., Ltd. Manager 2025 ongoing
Executive Director, September Currently
Xie Weiwei Ningbo Qiquanyang Trading Co., Ltd.
Manager 2023 ongoing
Director and September Currently
Xie Weiwei Ningbo Goneo Electrics Co., Ltd.
Manager 2025 ongoing
Zhou Currently
U-Home Group Co., Ltd. Supervisor June 2010
Wenchuan ongoing
Chief Executive
Zhou Meilleure Health International Group Officer, Executive August Currently
Wenchuan Co., Ltd. Director, and Vice 2013 ongoing
Chairman
Zhou Shenzhen Xiaozhou Investment Co., January Currently
General Manager
Wenchuan Ltd. 2009 ongoing
Zhou Wuhu Meilleure Health Management Director and Currently
April 2018
Wenchuan Co., Ltd. General Manager ongoing
Zhou Shenzhen Yinguan Biological February Currently
Director
Wenchuan Technology Co., Ltd. 2019 ongoing
Zhou Shenzhen Taiwa Smart Charging March Currently
Director
Wenchuan Technology Co., Ltd. 2024 ongoing
Executive Director
Zhou September Currently
Shenzhen Ruima Technology Co., Ltd. and General
Wenchuan 2019 ongoing
Manager
Zhou Shenzhen Meiray Vap Technology Chairman of the December Currently
Wenchuan Co., Ltd. Board 2019 ongoing
Zhou Shenzhen Skin Analysis Medical Chairman of the Currently
June 2017
Wenchuan Beauty Clinic Board ongoing
Director responsible
Zhou Nanjing Meijiarui Business August Currently
for the execution of
Wenchuan Information Consulting Co., Ltd. 2024 ongoing
company affairs
Executive Director
Zhou Wuhu Ruimei Kunhe Industrial September Currently
and General
Wenchuan Investment Co., Ltd. 2023 ongoing
Manager
Executive Director
Zhou Suzhou Ruimei Kuncheng Industrial September Currently
and General
Wenchuan Investment Co., Ltd. 2023 ongoing
Manager
Zhou Kunshan Ruimei Kunrun Industrial November Currently
Executive Director
Wenchuan Investment Co., Ltd. 2023 ongoing
Zhou Kunshan Ruixiao Kunyi Commercial November Currently
Executive Director
Wenchuan Management Co., Ltd. 2024 ongoing
Zhou Beijing Meiaikang Technology Co., February Currently
Director
Wenchuan Ltd. 2020 ongoing
Zhou Shenzhen Ruima Biotechnology Co., Director and September Currently
Wenchuan Ltd. General Manager 2024 ongoing
Zhou October Currently
Wuhu Xiaozhou Investment Co., Ltd. General Manager
Wenchuan 2019 ongoing
Zhou Shenzhen Jixiaojian Beauty Director and September Currently
Wenchuan Technology Service Co., Ltd. Manager 2024 ongoing
Zhou Shenzhen Zhoucheng Investment Co., Director and Currently
July 2024
Wenchuan Ltd. Manager ongoing
Zhou Shenzhen Zhoutuo Investment Co., Executive Director Currently
June 2024
Wenchuan Ltd. and General ongoing
Annual Report 2025 of Goneo Group Co., Ltd.
Manager
Zhou Guangdong Light Universe Mega November Currently
Director
Wenchuan Power New Energy Co., Ltd. 2023 ongoing
Founder and February Currently
Chen Zhen Zhejiang Sunshine Era Law Firm
Director 1995 ongoing
Executive Director
Shanghai Xiangguangyi Intelligent March Currently
Li Gang and Chief Financial
Technology Co., Ltd. 2024 ongoing
Officer
Chief Financial September Currently
Li Jianbin Beijing DP Technology Co., Ltd.
Officer 2025 ongoing
Executive Director
Li Ningbo Goneo International Trading October Currently
and General
Guoqiang Co., Ltd. 2024 ongoing
Manager
Li Director and September Currently
Ningbo Goneo Electric Sales Co., Ltd.
Guoqiang Manager 2024 ongoing
Note Not applicable
iii. Remunerations of directors and senior management
√ Applicable □ Not applicable
The remuneration of directors shall be deliberated
Decision-making procedures for the
and determined by the Meeting of Shareholders. The
remuneration of directors and senior
remuneration of senior management shall be
management
reviewed and determined by the Board of Directors.
Whether a director recused himself/herself from
the Board’s discussion of his/her remuneration Yes
matters
The Remuneration and Appraisal Committee has
Details of recommendations issued by the
approved the proposal on the matters relating to the
Remuneration and Appraisal Committee or
remunerations of directors and senior management
independent directors at any special meeting on
and unanimously agreed to submit the proposal to
matters relating to the remunerations of directors
the Board of Directors and a meeting of shareholders
and senior management
for review.
Internal directors and senior management are paid
remuneration in accordance with the specific
management positions they hold in the Company,
taking into account the Company’s business picture,
Basis for determining the remuneration of relevant remuneration system and results of
directors and senior management performance appraisals. The remuneration of
independent directors is based on an allowance
system, and directors who do not hold specific
management positions in the Company will not
receive remuneration.
The earnings disclosed in the report represent the
Actual payment of remuneration for directors
actual remuneration of the directors, supervisors and
and senior management
senior management.
Total actual remuneration received by all
directors and senior management at the end of RMB17.1526 million
the Reporting Period
Performance appraisal shall be conducted based on
Appraisal basis and execution of the actual
the completion of the Company’s annual business
remuneration received by all directors and senior
objectives and their performance of duties during the
management at the end of the Reporting Period
year.
Deferred payment arrangements for the actual
remuneration received by all directors and senior Not applicable
management at the end of the Reporting Period
Annual Report 2025 of Goneo Group Co., Ltd.
Payment termination and recovery of the actual
remuneration received by all directors and senior Not applicable
management at the end of the Reporting Period
iv. Changes of directors and senior management
√ Applicable □ Not applicable
Name Office title Type of change Reason for change
Xie Weiwei Director Resignation Job transfer
Xie Weiwei Employee Director Elected Job transfer
Note: Due to work adjustment, Mr. Xie Weiwei applied to resign as a Director of the Company’s Third
Board of Directors on December 11, 2025. On the same day, the Company convened the Employees’
Congress and elected Mr. Xie Weiwei as the Employee Director of the Company’s Third Board of
Directors. His term of office shall commence on the date of election and approval at the aforesaid
Employees’ Congress, and shall last until the expiration of the term of the Third Board of Directors.
v. Punishments imposed by securities regulators in the past three years
□ Applicable √ Not applicable
vi. Other information
□ Applicable √ Not applicable
IV Performance of Duty by Directors
i. Attendance of directors at board meetings and meetings of shareholders during the Reporting
Period
Attendance
at meetings
Attendance at board meetings of
shareholder
s
Indepe Total Board
Total
Name of ndent number of meeting Board The director
Board number of
director directo board s meeting failed to
meetin meetings of
r or not meetings attended s attend two
gs Absen shareholder
the by way attende consecutive
attende ce s the
director of d board
d on director was
was telecom through meetings
site supposed to
supposed municati a proxy (yes/no)
attend
to attend on
Ruan
No 7 7 5 0 0 No 3
Liping
Ruan
No 7 7 5 0 0 No 3
Xueping
Zhou
Wenchu No 7 7 5 0 0 No 3
an
Liu
Shengso No 7 7 5 0 0 No 3
ng
Zhou
Zhenghu No 7 7 5 0 0 No 3
a
Xie No 7 7 5 0 0 No 3
Annual Report 2025 of Goneo Group Co., Ltd.
Weiwei
Chen
Yes 7 7 5 0 0 No 3
Zhen
Li Gang Yes 7 7 5 0 0 No 3
Li
Yes 7 7 5 0 0 No 3
Jianbin
Explain why any director failed to attend two consecutive board meetings.
□ Applicable √ Not applicable
Total number of board meetings convened in
the Reporting Period
Of which: on-site meetings 2
Meetings convened by way of
telecommunication
Meetings where on-site attendance and
attendance by telecommunication were both 0
allowed
ii. Objections raised by directors on matters of the Company
□ Applicable √ Not applicable
iii. Other information
□ Applicable √ Not applicable
V Specialized Committees under the Board of Directors
√ Applicable □ Not applicable
i. Members of the specialized committees
Specialized committee Members
Audit and Risk Committee Li Jianbin (convener), Chen Zhen, and Ruan Xueping
Nomination Committee Li Gang (convener), Li Jianbin, and Ruan Liping
Remuneration and
Chen Zhen (convener), Li Gang, and Ruan Liping
Appraisal Committee
Ruan Liping (convener), Chen Zhen, Li Gang, Li Jianbin, and Liu
Strategy Committee
Shengsong
ii. The Audit and Risk Committee held three meetings during the Reporting Period.
Important
Other performance of
Date Contents comments and
duties
suggestions
The following proposals were reviewed The Audit and Risk
and approved: Proposal on the Annual Committee carried
Report and its Summary for 2024, out its work in For details, please refer
Proposal on the Financial Final Account strict accordance to the Report of Goneo
Report of 2024, Proposal on the First with laws, Group Co., Ltd. On the
April 18, Quarterly Report 2025, Report on the regulations and Duty Performance of
for 2024, Proposal on the 2024 Annual policies with Committee of the
Internal Control Evaluation Report, diligence. It put Board of Directors in
Proposal on the 2024 Audit Committee forward relevant 2025.
Performance Report, Proposal on the opinions based on
Supervision Report of the Audit and Risk the reality of the
Annual Report 2025 of Goneo Group Co., Ltd.
Committee under the Board of Directors Company. Upon
on the Accounting Firm’s Performance for full communication
Firm, Proposal on the Renewal of the unanimously
Annual Auditor for 2025, Proposal on approved.
Adding Implementation Sites for Certain
Raised Funds Invested Project, and
Proposal on the 2024 Audit and Inspection
Center Work Summary Report
The Audit and Risk
Committee carried
out its work in
strict accordance
with laws,
The following proposals were reviewed regulations and For details, please refer
and approved: Proposal on the 2025 relevant rules and to the Report of Goneo
Interim Report and the Summary, Proposal policies with Group Co., Ltd. On the
August on the Special Report on the Deposit and diligence. It put Duty Performance of
and Proposal on the 2025 First-Half Audit opinions based on Committee of the
and Inspection Center Work Summary the reality of the Board of Directors in
Report Company. Upon 2025.
full communication
and discussion, all
proposals were
unanimously
approved.
The Audit and Risk
Committee carried
out its work in
strict accordance
with laws,
regulations and For details, please refer
relevant rules and to the Report of Goneo
policies with Group Co., Ltd. On the
The following proposal was reviewed and
October diligence. It put Duty Performance of
approved: Proposal on the Third Quarterly
Report 2025
opinions based on Committee of the
the reality of the Board of Directors in
Company. Upon 2025.
full communication
and discussion, all
proposals were
unanimously
approved.
iii. The Remuneration and Appraisal Committee held two meetings during the Reporting Period.
Important
Other performance of
Date Contents comments and
duties
suggestions
The following proposals were reviewed The Remuneration
and approved: Proposal on the 2025 and Appraisal
April 23,
Restricted Share Incentive Plan (Draft) Committee carried
and Its Summary, Proposal on the out its work in
Management Measures for the Assessment strict accordance
Annual Report 2025 of Goneo Group Co., Ltd.
of the 2025 Restricted Share Incentive with laws,
Plan, Proposal on Verifying the List of regulations and
Awardees under the 2025 Restricted Share relevant rules and
Incentive Plan, Proposal on the 2025 policies with
Special Talent Stock Ownership Plan diligence. It put
(Draft) and Its Summary, Proposal on the forward relevant
Management Methods for the 2025 opinions based on
Special Talent Stock Ownership Plan, and the reality of the
Proposal on Extending the Term of the Company. Upon
and discussion, all
proposals were
unanimously
approved.
The Remuneration
The following proposals were reviewed and Appraisal
and approved: Proposal on Granting Committee carried
Restricted Shares to Awardees, Proposal out its work in
on the Achievement of the Conditions for strict accordance
Lifting Restrictions for the Third with laws,
Unlocking Period of the 2022 Restricted regulations and
Share Incentive Plan, Proposal on the relevant rules and
Achievement of the Conditions for Lifting policies with
June 9,
Restrictions for the Second Unlocking diligence. It put
Period of the 2023 Restricted Share forward relevant
Incentive Plan, Proposal on the opinions based on
Achievement of the Conditions for Lifting the reality of the
Restrictions for the First Unlocking Period Company. Upon
of the 2024 Restricted Share Incentive full communication
Plan, and Proposal on Adjusting the and discussion, all
Purchase Price and Upper Limit for the proposals were
approved.
iv. Objections
□ Applicable √ Not applicable
VI Risks Detected by the Audit Committee
□ Applicable √ Not applicable
The Audit Committee raised no objections during the Reporting Period.
VII Employees of the parent company and Its Principal Subsidiaries at the Period-end
i. Employees
Number of in-service employees of the parent
company
Number of in-service employees of principal
subsidiaries
Total number of in-service employees 12,512
Number of retirees to whom the parent company
or its principal subsidiaries need to pay retirement 0
pensions
Functions
Function Employees
Production 7,734
Sales 1,066
Annual Report 2025 of Goneo Group Co., Ltd.
Technical 2,010
Financial 134
Administrative 1,568
Total 12,512
Educational background
Educational background Employees
Bachelor’s degree and above 2,830
Junior college 2,115
Technical secondary school and below 7,567
Total 12,512
ii. Remuneration policy
√ Applicable □ Not applicable
The Company continues to advance the reform of its remuneration and performance system to
support the achievement of strategic development goals and enhance overall competitiveness. In terms
of remuneration system optimization, the Company combines key business priorities with market
benchmark data to systematically adjust the reference pay levels for positions, further strengthening the
market appeal of key positions and the ability to retain talent. In terms of performance management, the
Company has established a top-down, cascading performance management system to ensure that
individual goals are closely aligned with organizational strategy, thus driving an improvement in overall
organizational effectiveness. By implementing a multidimensional performance evaluation mechanism,
the Company measures employee contributions in an objective and fair manner, providing a reliable
basis for human resources decisions on remuneration allocation and talent development.
The Company will continue to optimize incentive and evaluation mechanisms to unlock employees’
potential and provide strong talent support for strategy implementation and sustainable development.
iii. Training plans
√ Applicable □ Not applicable
The Company continuously deepens employee development and talent cultivation, and by
establishing the Goneo Academy, implements multidimensional empowerment for different talent teams
and refines the talent pipeline. For professional teams, the Company aligns learning paths with
role-specific qualification standards, clearly mapping career development trajectories to support
on-the-job growth. For the management team, a systematic leadership development program is
implemented, offering tiered training and in-role education based on managerial competency standards.
Through a mix of classroom instruction, hands-on exercises, and case studies, the program enhances
strategic thinking and leadership capabilities. For the cultivation of young talent, the Company continues
to recruit outstanding university graduates and helps them quickly integrate and grow through cultural
immersion training, mentorship programs, cross-departmental rotations, etc. For blue-collar skilled
workers, the Company establishes clear development pathways for key roles, offering specialized
skill-training courses that combine theoretical learning, practical exercises, the “master-apprentice”
model, and skill certifications, thereby strengthening the skilled workforce and expanding growth
opportunities.
Annual Report 2025 of Goneo Group Co., Ltd.
Always upholding “cultivating talent as a means of organizational growth”, the Company creates an
open and inclusive learning atmosphere and encourages employees to constantly break through their
limits, providing solid talent support for its sustainable development.
iv. Labor outsourcing
√ Applicable □ Not applicable
Total hours of labor outsourcing 603,715.58
Total payment for labor outsourcing (RMB’0,000) 1,765.08
VIII Final Dividend Plan and Bonus Issue Plan
i. Formulation, execution and adjustments of the cash dividend policy
√ Applicable □ Not applicable
The Articles of Association clarifies the decision-making procedures and mechanism for profit
distribution, the principles of profit distribution, the conditions and proportion of cash dividends, etc.,
ensuring the transparency and operability of cash dividends to effectively safeguard the legitimate rights
and interests of small and medium shareholders and investors. The Company’s profit distribution plan is
strictly implemented in accordance with the provisions of the Articles of Association and the resolutions
of the Company’s Meeting of Shareholders.
The Company will implement sustaining and stable profit distribution methods in line with the
provisions of the Articles of Association. The Company may distribute dividends by means of cash,
stocks, a combination of cash and stocks, or other means permitted by laws and regulations.
Among the profit distribution methods, the Company gives priority to cash dividends over stock
dividends; if the Company adopts stock dividends for profit distribution, it shall have taken into account
factors such as its growth and stock liquidity.
Description of dividends in the Articles of Association: The Board of Directors of the Company
shall comprehensively consider factors such as the Company’s industry characteristics, development
phase, business model, profitability, debt repayment capacity, whether there are arrangements for major
capital expenditures, and investor returns, distinguish the following circumstances, and propose
differentiated cash dividend policies according to the procedures set forth in the Articles of Association:
(1) If the Company is in the phase of mature development and there is no arrangement for major
capital expenditures, cash dividends shall account for at least 80% in the profit distribution;
(2) If the Company is in the phase of mature development and there are arrangements for major
capital expenditures, cash dividends shall account for at least 40% in the profit distribution;
(3) If the Company is in the growth period and there are arrangements for major capital
expenditures, cash dividends shall account for at least 20% in the profit distribution; where it is difficult
to distinguish the Company’s development phase but there are arrangements for major capital
expenditures, it may be handled in accordance with the provisions of the preceding paragraph.
Annual Report 2025 of Goneo Group Co., Ltd.
(1) On the premise that the Company achieves a profit in the current year and its accumulated
retained earnings are positive, the Company shall conduct profit distribution at least once every year.
(2) The Company may make interim cash dividends. The Board of Directors may recommend
interim dividends in light of the Company’s development stage, current profit, cash flow conditions and
capital needs.
As approved at the 2024 Annual Meeting of Shareholders on May 15, 2025, the 2024 final dividend
payout was carried out. Based on the total share capital of 1,292,158,890 shares minus the 73 shares in
the repurchased share account at the record date of the dividend payout (i.e. June 6, 2025), the Company
paid out a cash dividend of RMB24 (tax inclusive) per 10 share to its shareholders, with a bonus issue of
the cash dividend payout was RMB3,101,181,160.80 (tax inclusive), accounting for 72.59% of the net
profit attributable to the Company’s ordinary shareholders during 2024. The dividend payout was
completed on June 9, 2025.
ii. Special statement on the cash dividend policy
√ Applicable □ Not applicable
In compliance with the Company’s Articles of Association or the relevant
√ Yes □ No
resolutions of meeting of shareholders
Specific and clear dividend standards and ratios √ Yes □ No
Complete decision-making procedure and mechanism √ Yes □ No
Independent directors have faithfully performed their duties and played their due
√ Yes □ No
role
Non-controlling shareholders are able to fully express their opinion and demand
√ Yes □ No
and their legal rights and interests are fully protected
iii. Where the Company fails to put forward a cash dividend proposal despite the facts that the
Company has made profits in the Reporting Period and the profits of the parent company
distributable to shareholders are positive, it shall give a detailed explanation of why, as well as of
the purpose and use plan for the retained earnings.
□ Applicable √ Not applicable
iv. Final dividend plan and bonus issue plan for the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Bonus issue from profit (share/10 shares) /
Cash dividend/10 shares (tax inclusive) 19.00
Bonus issue from capital reserves (share/10
/
shares)
Cash dividends (tax inclusive) 3,435,028,122.20
Consolidated net profit attributable to the ordinary
shareholders of the listed company
Cash dividends as % of consolidated net profit
attributable to the ordinary shareholders of the 84.39
listed company
Cash dividends in form of share repurchase in cash 250,200,132.90
Annual Report 2025 of Goneo Group Co., Ltd.
Total dividend amount (tax inclusive) 3,685,228,255.10
Total dividend amount as % of consolidated net
profit attributable to the ordinary shareholders of 90.53
the listed company
v. Cash dividends for the last three accounting years
√ Applicable □ Not applicable
Unit: RMB
Total cash dividend amount (tax inclusive) for the last
three accounting years (1)
Total amount used to repurchase and cancel shares in the
last three accounting years (2)
Total cash dividend amount and amount used to
repurchase and cancel shares for the last three accounting 9,299,985,852.90
years (3)=(1)+(2)
Average net profit in the last three accounting years (4) 4,070,990,896.42
Cash dividend payout ratio for the last three accounting
years (%) (5)=(3)/(4)
Net profit attributable to the listed company’s ordinary
shareholders in the consolidated financial statements of 4,070,632,747.77
the last accounting year
Closing retained earnings in the parent company’s
financial statements of the last accounting year
IX Status and Impact of Share Incentive Plans, Employee Shareholding Plan or Other Incentive
Measures for Employees
i. Relevant incentive matters disclosed in current announcement with no subsequent progress or
change
√ Applicable □ Not applicable
Overview Index to the disclosed information
For detailed information, please refer to the Shanghai Stock Exchange website
www.sse.com.cn, where the following documents are disclosed:
Announcement on the Repurchase and Cancellation of Some Restricted Shares
(Announcement No: 2025-016)
Announcement on Adjusting the Repurchase and Cancellation Price and Number
for the 2022 Restricted Share Incentive Plan (Announcement No: 2025-043)
Repurchase and
Announcement on Adjusting the Repurchase and Cancellation Price and Number
cancellation of
for the 2023 Restricted Share Incentive Plan (Announcement No: 2025-044)
restricted shares
Announcement on Adjusting the Repurchase and Cancellation Price and Number
under previous
for the 2024 Restricted Share Incentive Plan (Announcement No: 2025-045)
incentive plans
Announcement on the Implementation of the Repurchase and Cancellation of Some
Restricted Incentive Shares (Announcement No: 2025-055)
Announcement on the Repurchase and Cancellation of Some Restricted Shares
(Announcement No: 2025-082)
Announcement on the Implementation of the Repurchase and Cancellation of Some
Restricted Incentive Shares (Announcement No: 2025-091)
For detailed information, please refer to the Shanghai Stock Exchange website
Lifting of www.sse.com.cn, where the following documents are disclosed:
restrictions and Announcement on the Achievement of the Conditions for Lifting Restrictions for
listing of the Third Unlocking Period of the 2022 Restricted Share Incentive Plan
restricted shares (Announcement No: 2025-048)
under previous Announcement on the Achievement of the Conditions for Lifting Restrictions for
incentive plans the Second Unlocking Period of the 2023 Restricted Share Incentive Plan
(Announcement No: 2025-049)
Annual Report 2025 of Goneo Group Co., Ltd.
Announcement on the Achievement of the Conditions for Lifting Restrictions for
the First Unlocking Period of the 2024 Restricted Share Incentive Plan
(Announcement No: 2025-050)
Announcement on Lifting Restrictions and Listing of the Third Unlocking Period of
the 2022 Restricted Share Incentive Plan (Announcement No: 2025-056)
Announcement on Lifting Restrictions and Listing of the Second Unlocking Period
of the 2023 Restricted Share Incentive Plan (Announcement No: 2025-058)
Announcement on Lifting Restrictions and Listing for the First Unlocking Period of
the 2024 Restricted Share Incentive Plan (Announcement No: 2025-062)
For detailed information, please refer to the Shanghai Stock Exchange website
www.sse.com.cn, where the following documents are disclosed:
Grant Goneo Group 2025 Restricted Share Incentive Plan (Draft)
registration for Announcement on Adjusting the List of Awardees, Grant Numbers, and Grant
the 2025 Prices for the 2025 Restricted Share Incentive Plan (Announcement No: 2025-046)
Restricted Share Announcement on Granting Restricted Shares to Awardees (Announcement No:
Incentive Plan 2025-047)
Announcement on the Grant Results of the 2025 Restricted Share Incentive Plan
(Announcement No: 2025-063)
For detailed information, please refer to the Shanghai Stock Exchange website
www.sse.com.cn, where the following documents are disclosed:
Goneo Group 2025 Special Talent Stock Ownership Plan (Draft)
Grant
Announcement on Adjusting the Purchase Price and Upper Limit for the 2025
registration for
Special Talent Stock Ownership Plan (Announcement No: 2025-052)
the 2025 Special
Announcement on the Completion of Non-Transaction Transfer of the First Grant
Talent Stock
for the 2025 Special Talent Stock Ownership Plan (Announcement No: 2025-060)
Ownership Plan
Announcement on the Completion of Non-Transaction Transfer of the First
Reserved Portion for the 2025 Special Talent Stock Ownership Plan
(Announcement No: 2025-066)
Extending the For detailed information, please refer to the Shanghai Stock Exchange website
term of the 2020 www.sse.com.cn, where the following documents are disclosed:
Special Talent Announcement on Extending the Term of the 2020 Special Talent Stock Ownership
Stock Plan (Announcement No: 2025-023)
Ownership Plan Announcement on Progress of Extending the Term of the 2020 Special Talent Stock
and management Ownership Plan (Announcement No: 2025-057)
model Announcement on Adjusting the Management Model of the 2020 Special Talent
adjustments Stock Ownership Plan (Announcement No: 2025-070)
Re-purposing For detailed information, please refer to the Shanghai Stock Exchange website
and cancelling www.sse.com.cn, where the following document is disclosed:
repurchased Announcement on Re-purposing and Cancelling Repurchased Shares
shares (Announcement No: 2025-081)
ii. Incentive Plans undisclosed in current announcements or disclosed but with new progress
Equity Incentive Plans:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Employee stock ownership plans:
□ Applicable √ Not applicable
Other incentive measures:
□ Applicable √ Not applicable
iii. Equity incentives granted to directors and senior management during the Reporting Period
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
iv. Establishment and formulation of appraisal and incentive mechanisms for senior management
during the Reporting Period
√ Applicable □ Not applicable
The remuneration of the senior management personnel of the Company is implemented based on
the actual operations and the relevant rules of the Company.
X Development and implementation of internal control systems during the Reporting Period
√ Applicable □ Not applicable
During the Reporting Period, in strict compliance with the Company Law, Securities Law, Code of
Corporate Governance for Listed Companies, Guidelines for Evaluation of Enterprise Internal Control
and other relevant laws and regulations, the Company continuously established and improved its internal
control system and enhanced the level of internal control management. The risk and internal control
management organization system, comprising the Audit and Risk Committee, the Internal Audit
Department, the Financial Management Department, etc., supervises and evaluates the internal control
management of the Company. Through comprehensive risk identification and management, and sound
operation and checking of the internal control system, the Company has effectively prevented various
risks in its operation, promoted the realization of internal control objectives, and further strengthened
compliance in operation.
Explanation of material weaknesses in internal control during the Reporting Period:
□ Applicable √ Not applicable
XI Management and control over subsidiaries during the Reporting Period
√ Applicable □ Not applicable
During the Reporting Period, the Company strictly followed the requirements of the Shanghai
Stock Exchange and various rules and regulations of the Board of Directors of the Company to regulate
the management and risk control of subsidiaries. Subsidiaries reported significant information such as
operations to the Company, and there were no undisclosed matters that should have been disclosed.
Risk warning of abnormalities in the management and control of subsidiaries:
□ Applicable √ Not applicable
XII Independent auditor’s report on internal control
√ Applicable □ Not applicable
Upon its audit on the effectiveness of the Company’s internal control over financial reporting for
material respects, effective internal control over financial reporting as of December 31, 2025, based on
the Basic Rules on Enterprise Internal Control and other applicable regulations. For further information,
see the Independent Auditor’s Report on Internal Control for 2025, which has been disclosed together
with this Report on the website of the Shanghai Stock Exchange (www.sse.com.cn).
Whether the Independent Auditor’s Report on Internal Control is disclosed: Yes
Annual Report 2025 of Goneo Group Co., Ltd.
Type of the independent auditor’s opinion: Unmodified unqualified opinion
Indicate whether the Company was issued any modified opinion by the independent auditor on its
internal control for the Reporting Period or last year.
□ Yes √ No
XIII Remediation of problems identified by self-inspection in the special action on the governance
of the Company
Not applicable
XIV Environmental information of the listed company and its major subsidiaries included in the
list of enterprises that are required to disclose environmental information in accordance with the
law
√ Applicable □ Not applicable
Number of entities that are
required to disclose environmental
information in accordance with the
law
Serial Index to the environmental information disclosed in accordance
Name of entity
number with the law
Department of Ecology and Environment of Zhejiang Province-
System on Corporate Environmental Information Disclosed in
accordance with the Law:
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Department of Ecology and Environment of Zhejiang Province-
Ningbo Goneo Electrics System on Corporate Environmental Information Disclosed in
Co., Ltd. accordance with the Law:
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Other information:
□ Applicable √ Not applicable
XV Fulfillment of Social Responsibility
i. Indicate whether a separate social responsibility report, sustainability report or ESG report has
been disclosed.
√ Applicable □ Not applicable
For details, please refer to the 2025 Sustainability Report of Goneo Group Co., Ltd. published by
the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).
ii. Specific efforts in relation to social responsibility
√ Applicable □ Not applicable
Donations and public welfare
Number/content Description
programs
Total spending (RMB’0,000) 3,197.53
Of which: Funds
(RMB’0,000)
Worth of supplies RMB127,100 for Butuo County, Sichuan
(RMB’0,000) 32.87 Province, and RMB201,700 for
Rongjiang County, Guizhou Province
Number of beneficiaries
Detailed description:
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
For details, please refer to the 2025 Sustainability Report of Goneo Group Co., Ltd. published by
the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).
XVI Efforts in Poverty Alleviation, Rural Revitalization, etc.
√ Applicable □ Not applicable
Poverty alleviation and rural
Number/content Description
revitalization programs
Total spending (RMB’0,000) 1,749.40
Of which: Funds
(RMB’0,000)
Worth of supplies
(RMB’0,000)
Rural infrastructure construction,
cultural outreach programs in rural areas,
Number of beneficiaries 115,877
etc. for Guanhaiwei Town and Zhangqi
Town, Cixi City, Zhejiang Province
Way of helping (through Rural infrastructure
industrial development, construction, cultural
employment, educational outreach programs in
development, etc.) rural areas, etc.
Detailed description:
√ Applicable □ Not applicable
For details, please refer to the 2025 Sustainability Report of Goneo Group Co., Ltd. published by
the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).
XVII Other information
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part V Significant Events
I Fulfillment of Commitments
i. Commitments of the Company’s actual controller, shareholders, related parties and acquirers, as well as the Company and other entities during the
Reporting Period or commitments continuing to the Reporting Period
√ Applicable □ Not applicable
If it is not If it is not
Whether timely timely
Whether it is performed, performed,
Time of
Commitment Commitment there is a Term of timely the the plan
Promisor Commitment contents commitment
background category deadline for commitment and specific for the
making
performance strictly reasons next step
performed shall be shall be
stated stated
Within 36 months from the date of listing of the
Company’s shares, the promisor will not transfer or
entrust others to manage the shares he/she directly or
indirectly holds in the Company which were issued
before the IPO, nor will the Company repurchase such
shares. If the Company’s shares directly or indirectly
held by the promisor are reduced within two years after
the expiry of the lock-up period, the price of such
Ruan reduction shall not be lower than the issue price (if the
Liping, Company’s shares are subject to ex-rights and
Ruan ex-dividend matters such as dividend distribution, share
Xueping, bonus and capital reserves to share capital, the issue
Commitments Restricted Liu price will be adjusted ex-rights and ex-dividend, the February 6, Not Not Not
No Yes
related to IPO share sales Shengsong, same below); if the closing price of the Company’s 2020 applicable applicable applicable
Zhou shares for 20 consecutive trading days is lower than the
Zhenghua, issue price within six months after the listing of the
Li Company, or the closing price at the end of six months
Guoqiang after the listing is lower than the issue price, the lock-up
period for holding the Company’s shares will be
automatically extended for at least six months. After the
expiry of the above-mentioned commitment lock-up
period, during my term of office as a director,
supervisor or senior management personnel of the
Company, if I leave the Company before the expiry of
my term of office, during the term of office determined
at the time of my assumption of office and within six
Annual Report 2025 of Goneo Group Co., Ltd.
months after the expiry of my term of office: 1) I will
transfer no more than 25% of the total number of shares
of the Company held directly or indirectly by me each
year; 2) I will not transfer the shares of the Company
held directly or indirectly by me within six months after
leaving the Company; 3) iii. I will comply with laws,
administrative regulations, departmental rules and
regulations, regulatory documents and other regulations
for the transfer of shares by directors, supervisors and
senior management personnel of the business rules of
the stock exchange.
(1) The company and companies or other organizations
controlled by the company are not engaged in the same
or similar business as the issuer and its subsidiaries,
with no horizontal competition. (2) The company and
companies or other organizations controlled by the
company will not engage in the same or similar
business as the existing business of the issuer and its
subsidiaries in any form outside China, including not
investing in, acquiring or merging with companies or
other economic organizations outside China that
compete with the existing principal business of the
issuer and its subsidiaries. (3) If the issuer and its
subsidiaries engage in new business in the future, the
company and companies or other organizations
Settlement controlled by the company will not engage in business
Liangji February 6, Not Not Not
of horizontal activities in direct competition with the new business of No Yes
Industrial 2020 applicable applicable applicable
competition the issuer and its subsidiaries by share holding or
participating in but having substantial control over the
shares of the issuer and its subsidiaries within or
outside China, including investing in, acquiring or
merging with companies or other economic
organizations within or outside China that directly
compete with the new business of the issuer and its
subsidiaries in the future. (4) If the company and legal
entities controlled by the company have business
operations in direct competition with the issuer and its
subsidiaries, the issuer and its subsidiaries shall have
the right to centralize the competing businesses to the
operations of the issuer and its subsidiaries through
preferential acquisition or entrustment. (5) The
company undertakes not to use its position as a
Annual Report 2025 of Goneo Group Co., Ltd.
shareholder of the issuer and its subsidiaries to seek
improper benefits and thereby harm the rights and
interests of other shareholders of the issuer and its
subsidiaries. If the rights and interests of the issuer and
its subsidiaries are damaged due to a breach of the
above statements and commitments by the company
and companies or other organizations controlled by the
company, the company agrees to be liable to the issuer
and its subsidiaries for the corresponding damages.
(1) I and companies or other organizations controlled
by me are not engaged in the same or similar business
as the issuer and its subsidiaries, with no horizontal
competition. (2) I and companies or other organizations
controlled by me will not engage in the same or similar
business as the existing business of the issuer and its
subsidiaries in any form outside China, including not
investing in, acquiring or merging with companies or
other economic organizations outside China that
compete with the existing principal business of the
issuer and its subsidiaries. (3) If the issuer and its
subsidiaries engage in new business in the future, I and
companies or other organizations controlled by me will
not engage in business activities in direct competition
with the new business of the issuer and its subsidiaries
Ruan
Settlement by share holding or participating in but having
Liping, February 6, Not Not Not
of horizontal substantial control over the shares of the issuer and its No Yes
Ruan 2020 applicable applicable applicable
competition subsidiaries within or outside China, including
Xueping
investing in, acquiring or merging with companies or
other economic organizations within or outside China
that directly compete with the new business of the
issuer and its subsidiaries in the future. (4) If I and legal
entities controlled by me have business operations in
direct competition with the issuer and its subsidiaries,
the issuer and its subsidiaries shall have the right to
centralize the competing businesses to the operations of
the issuer and its subsidiaries through preferential
acquisition or entrustment. (5) I undertake not to use its
position as a shareholder of the issuer and its
subsidiaries to seek improper benefits and thereby harm
the rights and interests of other shareholders of the
issuer and its subsidiaries. If the rights and interests of
the issuer and its subsidiaries are damaged due to a
Annual Report 2025 of Goneo Group Co., Ltd.
breach of the above statements and commitments by me
and companies or other organizations controlled by me,
I agree to be liable to the issuer and its subsidiaries for
the corresponding damages.
The company will minimize and standardize the
related-party transactions with Goneo Group Co., Ltd.
and its wholly-owned or controlled subsidiaries. For
related-party transactions that are inevitable or occur
for reasonable reasons, the company will strictly
comply with the provisions of relevant laws,
regulations and the Articles of Association of the
company, follow the principles of equitable,
remunerative and fair transactions, perform legal
Settlement procedures, and determine the transaction prices in
of Liangji accordance with reasonable prices recognized by the February 6, Not Not Not
No Yes
related-party Industrial market to ensure the fairness of the related-party 2020 applicable applicable applicable
transactions transactions. The company will not leverage its
shareholder status to induce the Meeting of
Shareholders or the Board of Directors of the Company
to make resolutions that infringe upon the legitimate
rights and interests of the Company and other
shareholders. In operating decisions, the company will
strictly follow the relevant provisions of the Company
Law and the Articles of Association to implement the
avoidance system of related shareholders to safeguard
the legitimate rights and interests of all shareholders.
I will minimize and standardize the related-party
transactions with Goneo Group Co., Ltd. and its
wholly-owned or controlled subsidiaries. For
related-party transactions that are inevitable or occur
for reasonable reasons, I will strictly comply with the
provisions of relevant laws, regulations and the Articles
Settlement Ruan of Association of the company, follow the principles of
of Liping, equitable, remunerative and fair transactions, perform February 6, Not Not Not
No Yes
related-party Ruan legal procedures, and determine the transaction prices 2020 applicable applicable applicable
transactions Xueping in accordance with reasonable prices recognized by the
market to ensure the fairness of the related-party
transactions. I will not leverage its shareholder status to
induce the Meeting of Shareholders or the Board of
Directors of the Company to make resolutions that
infringe upon the legitimate rights and interests of the
Company and other shareholders. In operating
Annual Report 2025 of Goneo Group Co., Ltd.
decisions, I will strictly follow the relevant provisions
of the Company Law and the Articles of Association to
implement the avoidance system of related shareholders
to safeguard the legitimate rights and interests of all
shareholders.
The Company will not provide loans and any other
forms of financial assistance, including provision of
Goneo Not Not Not Not
Other guarantees for loans, to the awardees of the Restricted No Yes
Group applicable applicable applicable applicable
Share Incentive Plan for acquiring the relevant
restricted shares under the Incentive Plan.
Commitments
If the Company is not eligible for the grant of equity or
related to
Awardees exercise of equity arrangement due to a false record,
equity
of misleading statement or material omission in the
incentives
restricted information disclosure document, the awardee shall Not Not Not Not
Other No Yes
share return to the Company all the benefits received from the applicable applicable applicable applicable
Incentive share Incentive Plan after the false record, misleading
Plans statement or material omission are confirmed in
relevant information disclosure documents.
Annual Report 2025 of Goneo Group Co., Ltd.
ii. Where there had been an earnings forecast for an asset or project and the Reporting Period was
still within the forecast period, explain why the forecast has or has not been reached for the
Reporting Period.
□ Forecast reached □ Forecast unreached √ Not applicable
iii. Performance commitments
□ Applicable √ Not applicable
Changes to performance commitments:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
II Occupation of the Company’s Capital by the Controlling Shareholder or Other Related Parties
for Non-Operating Purposes during the Reporting Period
□ Applicable √ Not applicable
III Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
IV Explanation Given by the Board of Directors Regarding “Independent Auditor’s Report with
Modified Opinion”
□ Applicable √ Not applicable
V Reasons for Accounting Policy or Estimate Changes or Correction of Material Accounting
Errors and the Impact
i. Reasons for accounting policy or estimate changes and the impact
□ Applicable √ Not applicable
ii. Reasons for correction of material accounting errors and the impact
□ Applicable √ Not applicable
iii. Communications with the former CPA firm
□ Applicable √ Not applicable
iv. Approval process and other information
□ Applicable √ Not applicable
VI Appointment and Dismissal of CPA Firm
Unit: RMB’0,000
In service
Name of the domestic CPA firm Pan-China Certified Public Accountants LLP
The Company’s payment to the domestic CPA
firm
How many years the domestic CPA firm has
provided audit service for the Company
Name of certified public accountants of the
Yao Benxia, and Chen Zhuoyan
domestic CPA firm
How many years the certified public accountants
Yao Benxia: 3 years
of the domestic CPA firm have provided audit
Chen Zhuoyan: 3 years
service for the Company
Annual Report 2025 of Goneo Group Co., Ltd.
Note: The audit fees of the Company for the year 2025 amounted to RMB2,860,000, of which the
audit fee for the financial statements of the Company for the year 2025 amounted to RMB2,260,000, the
internal control audit fee amounted to RMB500,000 and the raised funds authentication fee amounted to
RMB100,000.
Name Payment
CPA firm for the audit of Pan-China Certified Public
internal control Accountants LLP
Appointment and dismissal of CPA firm:
√ Applicable □ Not applicable
As resolved by the 2024 Annual Meeting of Shareholders, the Company decided to re-appoint
Pan-China Certified Public Accountants LLP as the independent auditor for the financial statements and
internal control of 2025.
Change of the CPA firm during the audit:
□ Applicable √ Not applicable
Indicate whether the audit fee decreased over 20% (inclusive) compared with last year.
□ Applicable √ Not applicable
VII Delisting Risk
i. Reasons for the delisting risk warning
□ Applicable √ Not applicable
ii. The Company’s response
□ Applicable √ Not applicable
iii. Risk of termination of listing and the reasons
□ Applicable √ Not applicable
VIII Insolvency and Reorganization
□ Applicable √ Not applicable
IX Significant Legal Matters
□ The Company has material litigation and arbitration this year
√ The Company has no material litigation and arbitration this year
X Punishments on the Company as well as Its Directors, Senior Management, Controlling
Shareholder and Actual Controller for Violation of Laws or Regulations, as well as the Relevant
Rectifications
□ Applicable √ Not applicable
XI Credit Standings of the Company as well as Its Controlling Shareholder and Actual Controller
during the Reporting Period
□ Applicable √ Not applicable
XII Major Related-Party Transactions
i. Continuing related-party transactions
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
The Proposal on Estimated Continuing Related-Party Transactions for 2025 was approved at the
Ninth Meeting of the Third Board of Directors. For details, please refer to the Announcement on
Estimated Continuing Related-Party Transactions for 2025 (Announcement No. 2025-014) disclosed by
the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn). For the actual
execution of the aforesaid estimated related-party transactions, see the Announcement on Estimated
Continuing Related-Party Transactions for 2026 (Announcement No. 2026-007).
□ Applicable √ Not applicable
ii. Related-party transactions regarding purchase or sale of assets or equity investments
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
performance results for the Reporting Period shall be disclosed.
□ Applicable √ Not applicable
iii. Major related-party transactions regarding joint investments in third parties
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
iv. Amounts due to and from related parties
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
v. Financial transactions between the Company and related finance companies, or between finance
companies under the Company’s control and related parties
□ Applicable √ Not applicable
vi. Other information
□ Applicable √ Not applicable
XIII Major Contracts and the Execution
i. Entrustment, Contracting and Leases
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
ii. Guarantees
□ Applicable √ Not applicable
iii. Cash entrusted to other entities for management
(1) Total cash entrusted for wealth management
√ Applicable □ Not applicable
Unit: RMB
Type Risk characteristics Undue amount Unrecovered overdue amount
Bank’s wealth management product Low 508,500,000.00
Trust company’s wealth
Low to medium 1,740,428,571.43
management product
Securities firm’s wealth
Low to medium 8,337,500,000.00
management product
Public offering fund product Low to medium 1,470,000,000.00
Other information:
□ Applicable √ Not applicable
(2) Single Wealth Management Entrustment
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Impairment allowances for wealth management entrustment
□ Applicable √ Not applicable
(1) Total entrustment loans
□ Applicable √ Not applicable
Other information:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
(2) Single entrustment loans
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Impairment allowances for entrustment loans
□ Applicable √ Not applicable
□ Applicable √ Not applicable
iv. Other significant contracts
□ Applicable √ Not applicable
XIV Progress on the Use of Raised Funds
√ Applicable □ Not applicable
i. Overall use of raised funds
√ Applicable □ Not applicable
Unit: RMB’0,000
Total
committed Cumulative
Cumulative
investment Of which: investment Cumulative Investment
amount of
amount of Total amount Cumulative progress investment amount in Total
Source Raised raised Investment
Total Net raised of amount of with raised progress with the period amount of
of funds funds amount in
raised proceeds funds in over-subscribed over-subscribed funds as of over-subscribed as % of re-purposed
raised availability invested as the period
funds (1) the funds funds invested the funds as of the net raised
funds date of the (8)
prospectus (3)=(1)-(2) as of the period-end period-end (%) proceeds funds
period-end
or offering period-end (5) (%) (6)＝ (7)＝(5)/(3) (9)=(8)/(1)
（4）
statement (4)/(1)
(2)
Annual Report 2025 of Goneo Group Co., Ltd.
Initial
Public
January
Offering 356,700 350,320.85 350,320.85 365,497.99 104.33 29,250.63 8.35 150,873.45
of
Shares
Total / 356,700 350,320.85 350,320.85 365,497.99 / / 29,250.63 / 150,873.45
Other information:
□ Applicable √ Not applicable
ii. Details of raised funds invested projects
√ Applicable □ Not applicable
√ Applicable □ Not applicable
Unit: RMB’0,000
Whether
a Cumulativ Specific
Cumulativ
committe Date reasons
Total e amount e Whether
d when the for
Source planned Investme of raised investmen investme Cumulativ Significa
investme project is Project investme Earning
of Project Project Re-purpose investme nt amount funds t progress nt e earnings nt change Remainin
nt project as of the ready for conclude nt in the
raised name nature d or not nt amount in the invested progress or R&D in project g amount
in the period-en its d or not progress period
funds of raised period as of the meets the results feasibility
prospectu d (%) (3) intended not
funds (1) period-en plan
s or use meeting
d (2) ＝(2)/(1)
offering the plan
statement
Base
constructio
Initial n project
Production
Public for annual
and October
Offerin output of Yes No 58,310.39 1,107.70 58,373.66 100.11 No No N/A N/A No
constructio 2025
g of 410 million
n
Shares sets of wall
switches
and sockets
Constructio
Initial n project
Production Yes. This
Public for
and project has Novemb 61,387.1
Offerin automation Yes 58,883.63 - 47,851.03 81.26 Yes Yes N/A No 9,777.57
constructio been er 2023 2
g of upgrading
n cancelled.
Shares of annual
output of
Annual Report 2025 of Goneo Group Co., Ltd.
sets of
adapters
Constructio
n project
for a base
with annual
Initial
output of Production
Public Yes. This
Offerin Yes is a new 4,947.96 102.82 No No N/A No
sets of LED constructio 1 4 2025 8
g of project.
lamps, and n
Shares
R&D
center and
headquarter
s
Initial
Information Operation
Public
technology and October
Offerin Yes No 16,035.00 2,317.64 16,668.89 103.95 No No N/A N/A No
promotion manageme 2025
g of
project nt
Shares
Channel
Initial
end Operation
Public
constructio and August
Offerin Yes No 84,745.75 - 88,478.83 104.41 No No N/A N/A No
n and brand manageme 2024
g of
promotion nt
Shares
project
Initial Replenishin
Public g working
Offerin capital / No No 20,877.33 35,669.84 100.00 N/A N/A No
g of permanentl
Shares y
Total / / / / 29,250.63 / / / / / / / 9,777.57
Note: For details about the deposit, management and actual use of raised funds, please refer to the Special Report on the Deposit, Management and Actual Use of
Raised Funds for 2025 (Annoucement No. 2026-006) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).
□ Applicable √ Not applicable
□ Applicable √ Not applicable
iii. Changes in or termination of raised funds invested projects during the Reporting Period
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
iv. Other use of the raised funds during the Reporting Period
□ Applicable √ Not applicable
√ Applicable □ Not applicable
On December 26, 2024, the Seventh Meeting of the Third Board of Directors and the Sixth Meeting
of the Third Supervisory Committee of the Company approved the Proposal on the Continued Use of
Part of Idle Raised Funds for Temporary Replenishment of Working Capital, agreeing that the Company
would use no more than RMB200 million of temporarily idle raised funds to replenish working capital.
The period of use is from February 6, 2025 to February 5, 2026.
On October 17, 2025, the Company repaid RMB198.275 million to the dedicated account for raised
funds. All idle raised funds previously used for temporary replenishment of working capital have been
fully returned to the dedicated account for raised funds. As of December 31, 2025, the balance of idle
raised funds that had not yet been repaid was nil.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
v. The conclusive opinions of intermediary institutions regarding the special verification and
attestation of the deposit and use of raised funds
√ Applicable □ Not applicable
Pan-China Certified Public Accountants LLP: The Special Report on the Deposit, Management and
Actual Use of Raised Funds for 2025 prepared by Goneo Group’s management complies with the
provisions of the Rules for the Supervision of Raised Funds of Listed Companies (CSRC Announcement
[2025] No. 10) and the Self-Regulatory Guideline No. 1 for Listed Companies of the Shanghai Stock
Exchange - Standardized Operations (Revised in May 2025) (SSE Announcement [2025] No. 69), and
truthfully reflects Goneo Group’s actual deposit, management and actual use of raised funds in 2025.
Sinolink Securities Co., Ltd.: After due verification, we, as the sponsor, are of the opinion that the
Company has deposited, used and managed the raised funds in compliance with the requirements of
applicable laws and regulations, including the Shanghai Stock Exchange Listing Rules, the Rules for the
Supervision of Raised Funds of Listed Companies, and the Self-Regulatory Guideline No. 1 for Listed
Companies of the Shanghai Stock Exchange - Standardized Operations. The Company has also fulfilled
its relevant information disclosure obligations in a timely manner, which conforms to the provisions of
pertinent laws and regulations. Sinolink Securities has no objection to the Company’s deposit and use of
raised funds for 2025.
Anomalies found during the verification:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
vi. Subsequent rectification of unauthorized changes to the use of raised funds and illegal
misappropriation of raised funds
□ Applicable √ Not applicable
XV Other Significant Events for Investors’ Judgment of Value and Investment Decision-making
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part VI Changes in Ordinary Shares and Information about Shareholders
I Share Changes
i. Share changes
Unit: share
Before Increase/decrease in the period (+/-) After
Bonus
Bonus issue
Percentage issue Percentage
Shares New issue from capital Other Subtotal Shares
(%) from (%)
reserves
profit
I Restricted shares 5,697,253 0.44 2,278,901 -730,940 1,547,961 7,245,214 0.40
corporations
domestic investors
Including: Shares held by
domestic corporations
Shares held by domestic
individuals
investors
Including: Shares held by
overseas corporations
Shares held by overseas
individuals
II Unrestricted shares 1,286,461,637 99.56 514,584,626 -318,049 514,266,577 1,800,728,214 99.60
ordinary shares
shares
Annual Report 2025 of Goneo Group Co., Ltd.
shares
III Total shares 1,292,158,890 100.00 516,863,527 -1,048,989 515,814,538 1,807,973,428 100.00
√ Applicable □ Not applicable
(1) Capital reserve transfer to share capital
On June 9, 2025, the Company implemented the 2024 annual equity distribution. Based on the total share capital registered on the equity distribution record
date, minus the shares in the Company’s repurchase special account, the Company distributed a cash dividend of RMB2.40 per share (before tax) to all shareholders,
and to transfer 0.40 shares for every share held to all shareholders from the capital reserve. After this equity distribution, the total share capital of the Company
increased from 1,292,158,890 shares to 1,809,022,417 shares, with restricted shares in circulation increasing from 5,697,253 shares to 7,976,154 shares, and
unrestricted shares in circulation increasing from 1,286,461,637 shares to 1,801,046,263 shares. For more details, please refer to the 2024 Annual Equity
Distribution Implementation Announcement disclosed on the Shanghai Stock Exchange website www.sse.com.cn on May 31, 2025 (Announcement No: 2025-039).
(2) Repurchase and cancellation of restricted shares under the equity incentive plans
According to the Company’s past restricted share incentive plans, some awardees lost their eligibility due to reasons such as resignation. On June 17, 2025 and
December 25, 2025, the Company repurchased and cancelled a total of 1,048,989 restricted shares that had been granted but had not yet lifted the trading restrictions.
For more details, please refer to the Announcement on Repurchase and Cancellation of Certain Restricted Shares under the Equity Incentive Plans disclosed on the
Shanghai Stock Exchange website (www.sse.com.cn) on June 13, 2025 and December 23, 2025, respectively. (Announcement No. 2025-055 and No. 2025-091).
(3) Lifting of restrictions and listing of restricted shares under the equity incentive plans
In accordance with relevant regulations, the third unlocking period of the 2022 Restricted Share Incentive Plan has met the lifting conditions, with 502
awardees totaling 994,163 shares eligible for this unlocking. The second unlocking period of the 2023 Restricted Share Incentive Plan has met the conditions, with
conditions, with 800 awardees totaling 1,757,512 shares eligible for unlocking. After these changes, the total share capital of the Company remains unchanged, but
the restricted shares in circulation decreased by 3,825,251 shares, and the unrestricted shares in circulation increased by 3,825,251 shares. For more details, please
refer to the announcements disclosed on the Shanghai Stock Exchange website (www.sse.com.cn) on June 18, 2025, June 25, 2025 and July 11, 2025, respectively:
Annual Report 2025 of Goneo Group Co., Ltd.
Announcement on the Lifting of Restrictions and Listing of the Third Unlocking Period of the 2022 Restricted Share Incentive Plan (Announcement No: 2025-056),
Announcement on the Lifting of Restrictions and Listing of the Second Unlocking Period of the 2023 Restricted Share Incentive Plan (Announcement No:
No: 2025-062).
(4) Equity incentive grant (shares from repurchases)
On July 9, 2025, the Company granted 4,143,300 restricted shares to 644 awardees under the 2025 Restricted Share Incentive Plan, with the shares sourced
from the Company’s repurchased shares. After this change, the total share capital of the Company remains unchanged, but restricted shares in circulation increased
from 5,473,686 shares to 9,616,986 shares, while unrestricted shares in circulation decreased from 1,803,114,002 shares to 1,798,970,702 shares. For more details,
please refer to the announcements disclosed on the Shanghai Stock Exchange website (www.sse.com.cn) on July 8, 2025 and July 12, 2025, respectively:
Announcement on the Change in Share Nature and Progress of the 2025 Restricted Share Incentive Plan (Announcement No: 2025-061) and Announcement on the
Grant Results of the 2025 Restricted Share Incentive Plan (Announcement No: 2025-063).
period (if any)
√ Applicable □ Not applicable
During the Reporting Period, the Company implemented the 2024 annual profit distribution and capitalization of capital reserve, with a capital reserve bonus issue
of 0.40 additional share per share. This has diluted the Company’s financial indicators including basic earnings per share and net asset value per share for 2025.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
ii. Change of restricted shares
√ Applicable □ Not applicable
Unit: Share
Number of Number of
shares new Shares Reasons
Name of Opening Closing
lifted from restricted repurchas for Date of
shareholde restricted restricted
restriction shares ed and restricted unlocking
r shares shares
s during during the retired sales
the year year
Awardees Condition
of the s for
Equity the equity 2025
Incentive incentives
Plan are unmet
Awardees Condition
of the s for
Equity the equity 2025
Incentive incentives
Plan are unmet
Awardees Condition
of the s for
Equity the equity 2025
Incentive incentives
Plan are unmet
Awardees Condition
of the s for
Equity the equity
Incentive incentives
Plan are unmet
Total 5,697,253 3,825,251 6,422,201 1,048,989 7,245,214 / /
II Issuance and Listing of Securities
i. Securities issued during the Reporting Period
□ Applicable √ Not applicable
Description of securities issued during the Reporting Period (for bonds with different interest rates over
the lifetime, please specify separately):
□ Applicable √ Not applicable
ii. Changes in Total Shares and Shareholder Structure, as well as in Asset and Liability Structures
√ Applicable □ Not applicable
For changes in the shareholder structure, see “i. Share changes” under “I Share Changes” of “Part
VII Share in Ordinary Shares and Information about Shareholders”.
For changes in asset and liabilities structures, see “iii. Analysis of assets and liabilities” under “V
Business Overview for the Reporting Period” of “Part III Management Discussion and Analysis”.
iii. Existing staff-held shares
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
III Shareholders and Actual Controller
i. Total number of shareholders
Number of ordinary shareholders at the period-end 53,915
Number of ordinary shareholders at the month-end
prior to the disclosure of this Report
Number of preference shareholders with resumed
Not applicable
voting rights at the period-end
Number of preference shareholders with resumed
voting rights at the month-end prior to the Not applicable
disclosure of this Report
ii. Top 10 shareholders and public shareholders (or unrestricted shareholders) at the period-end
Unit: share
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareholding Shares in pledge,
Restrict Nature
increase/decre Shareholdin marked or frozen
Full name of Closing ed of
ase in the g percentage
shareholder shareholding shares sharehol
Reporting (%) Status Shares
held der
Period
Domesti
c
Ningbo Liangji
non-stat
Industrial Co., 278,121,600 973,425,600 53.84 N/A
e-owned
Ltd.
corporat
ion
Domesti
c
Ruan Liping 83,342,319 291,698,117 16.13 N/A
individu
al
Domesti
c
Ruan Xueping 36,851,267 219,408,816 12.14 N/A
individu
al
Hong Kong
Securities
Clearing 14,641,477 42,751,489 2.36 N/A Other
Company
Limited
Ningbo Ninghui
Investment
Management
Partnership
(Limited
Partnership)
National Social
Security
Fund—Portfolio
China Merchants
Bank Co., Ltd.－
Xingquan Herun 1,526,499 7,829,594 0.43 N/A Other
Mixed Securities
Investment Fund
Annual Report 2025 of Goneo Group Co., Ltd.
Wisdomshire
Asset
Management
Co., Ltd.－
Wisdomshire 6,213,766 7,612,298 0.42 N/A Other
Youfu Private
Securities
Investment Fund
No. 1
Wisdomshire
Asset
Management
Co., Ltd.－
Wisdomshire 5,451,732 6,578,863 0.36 N/A Other
Youfu Private
Securities
Investment Fund
No. 3
National Social
Security
-174,332 4,794,271 0.27 N/A Other
Fund—Portfolio
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing)
Class and number of shares
Name of shareholder Unrestricted public shares held Number of
Class
shares
RMB-deno
minated
Ningbo Liangji Industrial Co., Ltd. 973,425,600 973,425,600
ordinary
stock
RMB-deno
minated
Ruan Liping 291,698,117 291,698,117
ordinary
stock
RMB-deno
minated
Ruan Xueping 219,408,816 219,408,816
ordinary
stock
RMB-deno
Hong Kong Securities Clearing minated
Company Limited ordinary
stock
RMB-deno
Ningbo Ninghui Investment
minated
Management Partnership (Limited 12,236,782 12,236,782
ordinary
Partnership)
stock
RMB-deno
National Social Security minated
Fund—Portfolio 114 ordinary
stock
RMB-deno
China Merchants Bank Co., Ltd.－
minated
Xingquan Herun Mixed Securities 7,829,594 7,829,594
ordinary
Investment Fund stock
Wisdomshire Asset Management RMB-deno
Co., Ltd.－Wisdomshire Youfu minated
Private Securities Investment Fund ordinary
No. 1 stock
Wisdomshire Asset Management RMB-deno
Co., Ltd.－Wisdomshire Youfu minated
Private Securities Investment Fund ordinary
No. 3 stock
Annual Report 2025 of Goneo Group Co., Ltd.
RMB-deno
National Social Security minated
Fund—Portfolio 101 ordinary
stock
Share repurchase account among
Not applicable
the top 10 shareholders
Shareholders above
entrusting/entrusted with or Not applicable
waiving voting rights
Ruan Liping and Ruan Xueping are brothers and acting-in-concert parties. They
jointly control Ningbo Liangji Industrial Co., Ltd., the Company’s controlling
shareholder. Ningbo Meishan Bonded Port Area Shuo Jin Investment
Management Co., Ltd., under the joint control of Ruan Liping and Ruan
Related or acting-in-concert parties
Xueping, is an executive partner of Ningbo Ninghui Investment Management
among shareholders above
Partnership (Limited Partnership), one of the Company’s shareholders. Save as
disclosed above, the Company is not aware of any other related parties or
acting-in-concert parties as defined in the Administration Methods for
Acquisition of Listed Companies among the shareholders above.
Preference shareholders with
resumed voting rights and their Not applicable
shareholdings
refinancing shares lending:
□ Applicable √ Not applicable
Indicate whether there was any change to the top 10 shareholders or top 10 unrestricted public
shareholders due to refinancing shares lending/returning during the Reporting Period compared to the
same period of last year.
□ Applicable √ Not applicable
Shareholdings of the top 10 restricted shareholders and the restrictions:
√ Applicable □ Not applicable
Unit: share
Restricted shares allowed for public trading
Name of Increase in
Restricted shares
No. restricted Date when public restricted shares Restriction
held
shareholder trading is allowed allowed for public
trading
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
Annual Report 2025 of Goneo Group Co., Ltd.
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
To be unlocked when In the lockup period
equity incentives are met equity Incentive Plan
Related or
acting-in-concert
None
parties among
shareholders above
iii. Indicate whether any strategic investor or general corporation has become a top-10
shareholder in a rights issue.
□ Applicable √ Not applicable
IV Controlling Shareholder and Actual Controller
i. Controlling shareholder
√ Applicable □ Not applicable
Name Ningbo Liangji Industrial Co., Ltd.
Legal representative/company
Ruan Liping
principal
Date of establishment November 23, 2011
Principal activities Investment management
Interests held in other domestically
and overseas listed companies in the Not applicable
Reporting Period
Other information Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Ningbo Liangji Industrial Co., Ltd.
Goneo Group Co., Ltd.
ii. Actual controller
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
Name Ruan Liping
Nationality Chinese
Residency in other countries or regions
Yes
(yes/no)
Chairman of the Board and President of Goneo Group
Main occupations and positions
Co., Ltd.
Controlling interests in other domestically
and overseas listed companies in the past 10 Not applicable
years
Name Ruan Xueping
Nationality Chinese
Residency in other countries or regions
Yes
(yes/no)
Vice Chairman of the Board of Goneo Group Co., Ltd.
Main occupations and positions and General Manager of Shanghai Goneo Electrics Co.,
Ltd.
Controlling interests in other domestically
and overseas listed companies in the past 10 Not applicable
years
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
management.
□ Applicable √ Not applicable
iii. Other information about the controlling shareholder and the actual controller
□ Applicable √ Not applicable
V Indicate whether the cumulative number of shares put in pledge by the Company’s controlling
shareholder or the largest shareholder and its acting-in-concert parties accounts for over 80% of
their shareholdings in the Company.
□ Applicable √ Not applicable
VI Other 10% or Greater Corporate Shareholders
□ Applicable √ Not applicable
VII Restrictions on Shareholding Reduction
□ Applicable √ Not applicable
VIII Share Repurchases during the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Name of the share repurchase plan Plan for Share Repurchase on the Open Market
Date of the disclosure of the share
April 25, 2025
repurchase plan
The number of shares to be repurchased is 2,336,400 shares to
Number of shares to be repurchased
and that as % of the total share
repurchase price), accounting for 0.18% to 0.29% of the total
capital
share capital.
Amount to be used for the share
RMB250 million to RMB400 million
repurchase
Planned repurchase period April 24, 2025~April 23, 2026
The repurchased shares will be used for the Company’s equity
incentive plans and employee stock ownership plans. If the
Company fails to implement the above purposes within three
Purpose of the repurchased shares
years after the completion of this repurchase, the remaining
repurchased shares that have not been transferred (not fully
transferred) will be retired.
As of September 18, 2025, the Company’s share repurchase plan
Number of shares that have been
has been implemented, and the number of shares repurchased is
repurchased
Number of shares that have been
repurchased as % of the total
underlying shares of the equity
incentive plan (if any)
Progress on reduction of repurchased
None
shares on the open market
Note: For details, please refer to the Announcement of Goneo Group Co., Ltd. on the Results of Share
Repurchase and Share Changes (Announcement No.: 2025-073).
IX Relevant Information of Preference Shares
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part VII Relevant Information of Corporate Bonds
I Corporate Bonds (Including Enterprise Bonds) and Debt Financing Instruments of
Non-financial Enterprise
□ Applicable √ Not applicable
II Convertible Corporate Bonds
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Part VIII Financial Statements
I Independent Auditor’s Report
√ Applicable □ Not applicable
Independent Auditor’s Report
T.J.S.〔2026〕No. 10864
To the shareholders of Goneo Group Co., Ltd.:
I Opinion
We have audited the financial statements of Goneo Group Co., Ltd. (“Goneo” or the “Company”),
which comprise the consolidated and parent company (the parent company exclusive of subsidiaries)
balance sheets as at December 31, 2025, the consolidated and parent company statements of income,
cash flows and changes in owners’ equity for the year then ended, as well as the notes to the financial
statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated and parent company financial position of the Company at December 31, 2025, and the
consolidated and parent company operating results and cash flows for the year then ended, in conformity
with the Chinese Accounting Standards (CAS).
II Basis for Opinion
We conducted our audits in accordance with the Audit Standards for Chinese Registered
Accountants. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for Audit of Financial Statements section of our report. We are independent of the
Company in accordance with the China Certified Public Accountants Independence Standard No. 1 —
Independence Requirements for Financial Statement Audit and Review Engagements and the China
Code of Ethics for Certified Public Accountants, and we have fulfilled our other ethical responsibilities.
We have complied with the independence requirements applicable to audits of public interest entities.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
III Key Audit Matters
Key audit matters are matters that, based on our professional judgment, are deemed most important
to the audit of the financial statements of the period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
i. Revenue recognition
For relevant information disclosed, please refer to the Notes to the Financial Statements: III xxii., V
ii. 1, and XV i..
Annual Report 2025 of Goneo Group Co., Ltd.
The revenue of Goneo Group is mainly derived from electric connection, smart electrical lighting
and new energy products. In 2025, Goneo Group achieved operating revenue of RMB16.026 billion.
Goneo Group has identified different specific methods of revenue recognition for different sales
methods.
As operating revenue is one of the key performance indicators of Goneo Group, there may be an
inherent risk that Goneo Group’s management (hereinafter referred to as the “management”) will
achieve specific objectives or expectations through inappropriate revenue recognition. Therefore, we
have identified revenue recognition as a key audit matter.
The audit procedures we performed in relation to revenue recognition primarily include:
(1) Understanding the key internal controls relating to revenue recognition, evaluating the design of
those controls, determining whether they are implemented and testing the effectiveness of the operation
of the relevant internal controls;
(2) Examining major sales contracts for major contractual terms and evaluating whether the
revenue recognition policy is in line with the provisions of the Accounting Standard for Business
Enterprises;
(3) Implementing substantive analysis procedures for operating revenue and gross margin on a
monthly, product and customer basis to identify any significant or abnormal fluctuations and analyze the
causes of fluctuations;
(4) For domestic sales revenue, conducting sample-check on supporting documents related to
revenue recognition, including sales contracts, orders, sales invoices, outbound delivery orders, delivery
notes, transportation orders and customer sign-off sheets; for export revenue, obtaining information from
the Administration of Foreign Exchange and reconciling it with the carrying records, and checking
supporting documents such as sales contracts, export customs declarations, freight bills of lading and
sales invoices on a sample basis;
(5) Confirming with key customers on a sample basis regarding sales for the period based on the
accounts receivable letter;
(6) Verifying operating revenue recognized around the balance sheet date on a sample basis to
supporting documents such as outbound delivery orders, delivery notes, customer sign-off sheets and
freight bills of lading, and evaluating whether operating revenue is recognized in the appropriate period;
(7) Checking whether the information relating to operating revenue is properly presented in the
financial statements.
ii. Recognition, measurement and presentation of wealth management products
For relevant information disclosed, please refer to the Notes to the Financial Statements: III xi., V i.
As at December 31, 2025, the balance of held-for-trading financial assets of Goneo Group was
RMB12.056 billion, and the cumulative return on investment for wealth management products in 2025
Annual Report 2025 of Goneo Group Co., Ltd.
amounted to RMB377 million. We determined the recognition, measurement and presentation of wealth
management products as a key audit matter due to the large amount of wealth management products and
the fact that the return on investment of the relevant products had a significant impact on the net profit of
Goneo Group for 2025.
The audit procedures we performed in relation to the recognition, measurement and presentation of
wealth management products primarily include:
(1) Understanding the key internal controls relating to investments in wealth management products,
evaluating the design of those controls, determining whether they are implemented and testing the
effectiveness of the operation of the relevant internal controls;
(2) Checking whether the classification of wealth management products is correct based on the
contractual cash flow characteristics of the wealth management products and the business model of
Goneo Group in managing the wealth management products;
(3) Obtaining statements of account related to wealth management products, reconciling them with
the carrying amount and writing to banks, securities companies and trust companies to confirm the asset
balance and the existence of balances of wealth management products;
(4) Checking the supporting documents for increase and reduction in wealth management products
during the period on a sample basis, checking whether they have been authorized and approved, and
confirming that the amounts relating to the purchase, sale and return on investment of wealth
management products are correct and fully recorded;
(5) Reviewing the valuation method of wealth management products to check whether the basis for
obtaining their fair value, the measurement of their value at the end of the period and the accounting
treatment are correct;
(6) Checking whether information related to the recognition, measurement and presentation of
wealth management products has been properly presented in the financial statements.
IV Other Information
The Company’s management is responsible for the other information. The other information
comprises all of the information included in the Company’s 2021 Annual Report other than the financial
statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Annual Report 2025 of Goneo Group Co., Ltd.
V Responsibilities of Management and Those Charged with Governance for Financial
Statements
The Company’s management is responsible for the preparation of the financial statements that give
a fair view in accordance with CAS, and for designing, implementing and maintaining such internal
control as the management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern (if
applicable) and using the going concern basis of accounting unless the management either intends to
liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
VI Auditor’s Responsibilities for Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with CAS will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with CAS, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
i. Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
ii. Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
iv. Conclude on the appropriateness of the management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required by CAS to draw users’
attention in our auditor’s report to the related disclosures in the financial statements or, if such
Annual Report 2025 of Goneo Group Co., Ltd.
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
v. Evaluate the overall presentation, structure and content of the financial statements, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
vi. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Company to express an opinion on the financial statements. We are
responsible for the direction, supervision and performance of the Company audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any noteworthy deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Pan-China Certified Public Accountants LLP Chinese certified public accountant: Yao Benxia
(engagement partner)
Hangzhou·China Chinese certified public accountant: Chen Zhuoyan
April 28, 2026
Annual Report 2025 of Goneo Group Co., Ltd.
II Financial Statements
Consolidated Balance Sheet
December 31, 2025
Prepared by Goneo Group Co., Ltd.
Unit: RMB
Item Note December 31, 2025 December 31, 2024
Current assets:
Monetary assets 4,167,319,154.36 5,020,380,352.96
Settlement reserve
Loans to other banks and
financial institutions
Held-for-trading financial
assets
Derivative financial assets 12,044,802.44 10,010,725.00
Notes receivable 229,607.28 20,716.39
Accounts receivable 307,310,438.60 300,129,129.39
Receivables financing 19,820,158.56 8,118,100.48
Prepayments 72,055,820.67 71,041,713.00
Premiums receivable
Reinsurance receivables
Receivable reinsurance
contract reserve
Other receivables 10,796,346.34 14,247,382.42
Of which: Interest
receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories 1,630,826,167.95 1,573,672,819.32
Of which: Data resources
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets 44,356,990.92 124,773,108.67
Total current assets 18,321,188,058.55 16,337,394,047.63
Non-current assets：
Loans and advances to
customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments
Other equity investments
Other non-current financial
assets
Investment property
Fixed assets 3,419,722,246.68 3,224,304,800.67
Construction in progress 174,048,890.55 316,734,623.80
Productive living assets
Oil and gas assets
Right-of-use assets 25,219,573.63 31,309,235.19
Annual Report 2025 of Goneo Group Co., Ltd.
Intangible assets 321,852,074.34 332,784,504.01
Of which: Data resources
Development costs
Of which: Data resources
Goodwill
Long-term prepaid expense 38,136,648.73 35,929,973.15
Deferred income tax assets 229,571,435.71 166,544,345.16
Other non-current assets 26,503,614.44 49,032,961.07
Total non-current assets 4,235,054,484.08 4,156,640,443.05
Total assets 22,556,242,542.63 20,494,034,490.68
Current liabilities：
Short-term borrowings 550,017,188.62 282,663,754.75
Borrowings from the central
bank
Loans from other banks and
financial institutions
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable
Accounts payable 2,455,395,948.37 2,392,046,854.63
Advances from customers
Contract liabilities 592,672,243.31 254,249,946.23
Financial assets sold under
repurchase agreements
Customer deposits and
deposits from other banks and
financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 361,744,361.67 380,301,850.71
Taxes and levies payable 444,248,807.75 393,467,635.29
Other payables 828,846,841.77 639,246,264.15
Of which: Interest payable
Dividends payable
Fees and commissions
payable
Reinsurance payables
Liabilities directly associated
with assets held for sale
Current portion of
non-current liabilities
Other current liabilities 40,729,603.21 33,044,892.49
Total current liabilities 5,287,055,929.31 4,388,186,523.61
Non-current liabilities：
Insurance contract reserve
Long-term borrowings 225,126,000.00
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 12,231,497.99 18,791,925.77
Long-term payables
Annual Report 2025 of Goneo Group Co., Ltd.
Long-term employee benefits
payable
Provisions
Deferred income 55,960,962.38 63,551,756.57
Deferred income tax
liabilities
Other non-current liabilities 83,610,954.76 95,355,810.02
Total non-current
liabilities
Total liabilities 5,747,672,525.30 4,619,054,119.92
Owners’ equity (or shareholders’ equity)：
Paid-in capital (or share
capital)
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 2,666,401,019.77 3,284,401,753.57
Less: Treasury shares 171,181,492.01 186,706,622.57
Other comprehensive income 70,589,897.94 21,880,910.00
Specific reserve
Surplus reserves 870,311,904.48 646,079,445.00
General reserve
Retained earnings 11,553,520,442.57 10,808,301,315.08
Total equity attributable to
owners (or shareholders) of the 16,797,615,200.75 15,866,115,691.08
parent company
Non-controlling interests 10,954,816.58 8,864,679.68
Total owners’ equity (or
shareholders’ equity)
Total liabilities and
owners’ equity (or 22,556,242,542.63 20,494,034,490.68
shareholders’ equity)
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Balance Sheet of the Parent Company
December 31, 2025
Prepared by Goneo Group Co., Ltd.
Unit: RMB
Item Note December 31, 2025 December 31, 2024
Current assets：
Monetary assets 1,589,928,164.65 2,070,730,424.69
Held-for-trading financial
assets
Derivative financial assets
Notes receivable
Accounts receivable 46,302,307.03 215,670,003.92
Receivables financing 11,125,765.10 4,863,408.95
Prepayments 18,578,755.22 25,207,190.73
Other receivables 1,856,734,246.73 2,256,550,080.31
Of which: Interest
receivable
Dividends
receivable
Annual Report 2025 of Goneo Group Co., Ltd.
Inventories 432,800,518.71 333,463,918.47
Of which: Data
resources
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets
Total current assets 7,896,969,757.44 8,626,485,027.07
Non-current assets：
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments
Other equity investments
Other non-current
financial assets
Investment property
Fixed assets 1,966,671,141.29 1,776,303,935.29
Construction in progress 22,480,274.67 161,552,202.20
Productive living assets
Oil and gas assets
Right-of-use assets 2,122,586.01 2,238,295.81
Intangible assets 220,430,151.45 228,471,899.53
Of which: Data
resources
Development costs
Of which: Data
resources
Goodwill
Long-term prepaid
expense
Deferred income tax assets
Other non-current assets 24,012,061.88 39,763,255.82
Total non-current assets 3,439,387,185.11 3,125,453,426.72
Total assets 11,336,356,942.55 11,751,938,453.79
Current liabilities：
Short-term borrowings 12,663,754.75
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 70,000,000.00
Accounts payable 1,212,240,408.54 1,190,162,214.22
Advances from customers
Contract liabilities 378,643,789.97 2,535,200.37
Employee benefits payable 129,061,572.68 118,081,281.08
Taxes and levies payable 91,536,463.01 87,356,333.07
Other payables 179,095,282.05 245,825,508.52
Of which: Interest payable
Dividends
payable
Liabilities directly
Annual Report 2025 of Goneo Group Co., Ltd.
associated with assets held
for sale
Current portion of
non-current liabilities
Other current liabilities 48,154,839.82 329,576.05
Total current liabilities 2,040,499,622.15 1,729,008,334.12
Non-current liabilities：
Long-term borrowings 225,126,000.00
Bonds payable
Of which: Preference
shares
Perpetual bonds
Lease liabilities 147,642.01 201,447.16
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 4,865,714.28 9,731,428.57
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current
liabilities
Total liabilities 2,378,787,240.92 1,847,650,430.21
Owners’ equity (or shareholders’ equity)：
Paid-in capital (or share
capital)
Other equity instruments
Of which: Preference
shares
Perpetual bonds
Capital reserves 2,661,904,657.01 3,281,106,081.53
Less: Treasury shares 171,181,492.01 186,706,622.57
Other comprehensive
income
Specific reserve
Surplus reserves 870,311,904.48 646,079,445.00
Retained earnings 3,788,561,204.15 4,871,650,229.62
Total owners’ equity (or
shareholders’ equity)
Total liabilities and
owners’ equity (or 11,336,356,942.55 11,751,938,453.79
shareholders’ equity)
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Consolidated Income Statement
January-December 2025
Unit: RMB
Item Note 2025 2024
I Total revenues 16,026,312,556.45 16,830,541,086.13
Of which: Operating revenue 16,026,312,556.45 16,830,541,086.13
Annual Report 2025 of Goneo Group Co., Ltd.
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 11,709,846,718.14 12,413,790,449.55
Of which: Cost of sales 9,113,186,646.36 9,551,809,101.31
Interest expense
Fee and commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium expense
Taxes and levies 153,528,704.49 133,178,077.07
Selling expense 1,183,478,613.60 1,369,414,932.93
Administrative expense 712,375,179.18 732,045,842.50
R&D expense 643,963,783.60 745,510,215.17
Finance costs -96,686,209.09 -118,167,719.43
Of which: Interest expense 16,216,500.05 17,642,919.79
Interest income 112,150,814.86 135,627,737.79
Add: Other income 272,704,247.18 189,068,481.97
Return on investment (“－”
for loss)
Of which: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges
(“－” for loss)
Gain on changes in fair value
(“－” for loss)
Credit impairment loss (“－”
-1,194,049.98 -3,043,247.87
for loss)
Asset impairment loss (“－”
-19,949,077.74 -40,011,850.69
for loss)
Asset disposal income (“－”
for loss)
III Operating profit (“－” for loss) 4,959,212,810.60 5,113,455,536.08
Add: Non-operating income 3,278,558.19 4,813,819.55
Less: Non-operating expense 57,109,403.71 37,813,434.93
IV Gross profit (“－” for gross loss) 4,905,381,965.08 5,080,455,920.70
Less: Income tax expense 829,079,933.66 811,280,009.50
V Net profit (“－” for net loss) 4,076,302,031.42 4,269,175,911.20
i. By operating continuity
operations (“－” for net loss)
operations (“－” for net loss)
ii. By ownership
owners of the parent company (“－”
Annual Report 2025 of Goneo Group Co., Ltd.
for net loss)
non-controlling interests (“－” for net 5,669,283.65 -3,028,653.83
loss)
VI Other comprehensive income, net
of tax
i. Other comprehensive income, net
of tax attributable to owners of the 48,708,987.94 8,310,411.85
parent company
that will not be reclassified to profit or
loss
(1) Changes caused by
remeasurements on defined benefit
schemes
(2) Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
(3) Changes in the fair value of
other equity investments
(4) Changes in the fair value arising
from changes in own credit risk
that will be reclassified to profit or 48,708,987.94 8,310,411.85
loss
(1) Other comprehensive income
that will be reclassified to profit or
loss under the equity method
(2) Changes in the fair value of
other debt investments
(3) Other comprehensive income
arising from the reclassification of
financial assets
(4) Credit impairment allowance
for other debt investments
(5) Reserve for cash flow hedges 49,866,003.58 8,388,752.98
(6) Differences arising from the
translation of foreign
-1,157,015.64 -78,341.13
currency-denominated financial
statements
(7) Others
ii. Other comprehensive income,
net of tax attributable to
non-controlling interests
VII Total comprehensive income 4,125,011,019.36 4,277,486,323.05
i. Total comprehensive income
attributable to owners of the parent 4,119,341,735.71 4,280,514,976.88
company
ii. Total comprehensive income
attributable to non-controlling 5,669,283.65 -3,028,653.83
interests
VIII Earnings per share：
i. Basic earnings per share
(RMB/share)
ii. Diluted earnings per share
(RMB/share)
Annual Report 2025 of Goneo Group Co., Ltd.
Where business combinations involving entities under common control occurred in the period, the net
profit achieved by the acquirees before the combinations was nil, with the amount for last year being nil.
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Income Statement of the Parent Company
January-December 2025
Unit: RMB
Item Note 2025 2024
I Operating revenue 5,817,215,407.53 6,150,761,125.24
Less: Cost of sales 4,126,606,629.07 4,393,466,427.96
Taxes and levies 44,808,761.73 38,192,498.01
Selling expense 110,245,737.97 66,972,173.78
Administrative expense 366,679,996.18 348,224,000.20
R&D expense 263,632,390.93 280,702,842.99
Finance costs -41,446,182.45 -46,112,546.12
Of which: Interest expense 6,491,166.77 10,994,150.92
Interest income 48,461,358.73 58,086,127.03
Add: Other income 61,481,044.01 76,039,943.87
Return on investment (“－” for
loss)
Of which: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost
Net gain on exposure hedges
(“－” for loss)
Gain on changes in fair value
(“－” for loss)
Credit impairment loss (“－”
for loss)
Asset impairment loss (“－”
-4,447,711.99 -28,525,370.84
for loss)
Asset disposal income (“－”
for loss)
II Operating profit (“－” for loss) 2,441,875,299.62 2,872,676,399.13
Add: Non-operating income 1,857,762.97 3,212,970.28
Less: Non-operating expense 29,146,752.06 21,632,517.87
III Gross profit (“－” for gross loss) 2,414,586,310.53 2,854,256,851.54
Less Income tax expense 172,261,715.72 179,862,761.39
IV Net profit (“－” for net loss) 2,242,324,594.81 2,674,394,090.15
i. Net profit from continuing
operations (“－” for net loss)
ii. Net profit from discontinued
operations (“－” for net loss)
V Other comprehensive income, net of
tax
i. Other comprehensive income that
will not be reclassified to profit or loss
remeasurements on defined benefit
schemes
Annual Report 2025 of Goneo Group Co., Ltd.
that will not be reclassified to profit or
loss under the equity method
other equity investments
arising from changes in own credit risk
ii. Other comprehensive income that
will be reclassified to profit or loss
that will be reclassified to profit or
loss under the equity method
other debt investments
arising from the reclassification of
financial assets
for other debt investments
translation of foreign
currency-denominated financial
statements
VI Total comprehensive income 2,242,324,594.81 2,674,394,090.15
VII Earnings per share：
i. Basic earnings per share
(RMB/share)
ii. Diluted earnings per share
(RMB/share)
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Consolidated Cash Flow Statement
January-December 2025
Unit: RMB
Item Note 2025 2024
I Cash flows from operating activities:
Proceeds from sale of goods
and rendering of services
Net increase in customer
deposits and deposits from other
banks and financial institutions
Net increase in borrowings
from the central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Annual Report 2025 of Goneo Group Co., Ltd.
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting
trading of securities
Tax and levy rebates 11,393,925.78 15,786,459.02
Cash generated from other
operating activities
Subtotal of cash generated
from operating activities
Payments for goods and
services
Net increase in loans and
advances to customers
Net increase in deposits in the
central bank and other banks and
financial institutions
Payments for claims on original
insurance contracts
Net increase in loans to other
banks and financial institutions
Interest, fees and commissions
paid
Policy dividends paid
Cash paid to and for employees 2,323,469,285.41 2,423,958,676.60
Taxes and levies paid 1,820,016,527.81 1,855,102,751.85
Cash used in other operating
activities
Subtotal of cash used in
operating activities
Net cash generated
from/used in operating activities
II Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 391,057,656.68 541,099,431.51
Net proceeds from the disposal
of fixed assets, intangible assets 6,814,361.33 8,297,330.40
and other long-term assets
Net proceeds from the disposal
of subsidiaries and other business
units
Cash generated from other
investing activities
Subtotal of cash generated
from investing activities
Payments for the acquisition
and construction of fixed assets,
intangible assets and other
long-term assets
Payments for investments
Net increase in pledged loans
granted
Net payments for the
acquisition of subsidiaries and 31,308,628.23
other business units
Annual Report 2025 of Goneo Group Co., Ltd.
Cash used in other investing
activities
Subtotal of cash used in
investing activities
Net cash generated
-2,062,252,622.29 -706,309,760.89
from/used in investing activities
III Cash flows from financing activities:
Capital contributions received 121,877,654.37 120,093,721.20
Of which: Capital contributions
received by subsidiaries from
non-controlling interests
Borrowings received 1,712,624,081.26 384,244,915.37
Cash generated from other
financing activities
Subtotal of cash generated
from financing activities
Repayment of borrowings 1,227,701,482.79 1,084,824,646.03
Interest and dividends paid 3,108,832,113.40 2,778,937,711.08
Of which: Dividends paid by
subsidiaries to non-controlling
interests
Cash used in other financing
activities
Subtotal of cash used in
financing activities
Net cash generated
-2,798,884,480.25 -3,522,305,034.80
from/used in financing activities
IV Effect of foreign exchange
rate changes on cash and cash 2,174,931.25 2,396,099.03
equivalents
V Net increase in cash and cash
-115,269,819.45 -495,871,800.39
equivalents
Add: Cash and cash
equivalents, beginning of the 836,314,404.91 1,332,186,205.30
period
VI Cash and cash equivalents,
end of the period
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Cash Flow Statement of the Parent Company
January-December 2025
Unit: RMB
Item Note 2025 2024
I Cash flows from operating activities:
Proceeds from sale of goods
and rendering of services
Tax and levy rebates
Cash generated from other
operating activities
Subtotal of cash generated
from operating activities
Payments for goods and
services
Cash paid to and for employees 725,186,867.83 696,229,142.03
Annual Report 2025 of Goneo Group Co., Ltd.
Taxes and levies paid 398,929,886.90 405,362,326.28
Cash used in other operating
activities
Subtotal of cash used in
operating activities
Net cash generated from/used in
operating activities
II Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 1,228,345,302.40 1,783,805,563.40
Net proceeds from the disposal
of fixed assets, intangible assets 20,564,619.03 28,460,172.01
and other long-term assets
Net proceeds from the disposal
of subsidiaries and other business 7,468,485.22
units
Cash generated from other
investing activities
Subtotal of cash generated
from investing activities
Payments for the acquisition
and construction of fixed assets,
intangible assets and other
long-term assets
Payments for investments 266,273,722.00 81,319,177.80
Net payments for the
acquisition of subsidiaries and
other business units
Cash used in other investing
activities
Subtotal of cash used in
investing activities
Net cash generated
from/used in investing activities
III Cash flows from financing activities:
Capital contributions received 121,877,654.37 120,093,721.20
Borrowings received 470,000,000.00 116,504,026.48
Cash generated from other
financing activities
Subtotal of cash generated
from financing activities
Repayment of borrowings 257,651,482.79 719,824,646.03
Interest and dividends paid 3,107,459,197.27 2,775,131,977.52
Cash used in other financing
activities
Subtotal of cash used in
financing activities
Net cash generated
-3,049,707,032.12 -3,607,248,541.41
from/used in financing activities
IV Effect of foreign exchange
rate changes on cash and cash
equivalents
V Net increase in cash and cash
-98,800,754.98 -456,794,807.20
equivalents
Add: Cash and cash
equivalents, beginning of the
Annual Report 2025 of Goneo Group Co., Ltd.
period
VI Cash and cash equivalents,
end of the period
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong
Head of the financial department: Shen Kewei
Annual Report 2025 of Goneo Group Co., Ltd.
Consolidated Statements of Changes in Owners’ Equity
January-December 2025
Unit: RMB
Equity attributable to owners of the parent company
Other equity Non-contr Total
Item Paid-in Other Speci Gene
instruments Less: olling owners’
capital Capital comprehe fic Surplus ral Retained Oth interests equity
Prefere Perpet Treasury Subtotal
(or share Oth reserves nsive reser reserves reser earnings ers
nce ual shares
capital) ers income ve ve
shares bonds
I Balance as at the
end of the prior
year
Add: Adjustments
for changes in
accounting
policies
Adjustments
for correction of
previous errors
Other
adjustments
II Balance as at
the beginning of
the year
III
Increase/decrease 515,814, -618,000,73 -15,525,1 48,708,98 224,232,4 745,219,127 931,499,509 2,090,136. 933,589,646
in the period (“-” 538.00 3.80 30.56 7.94 59.48 .49 .67 90 .57
for decrease)
i. Total
comprehensive
income
ii. Capital
increased and -1,048,9 -100,013,62 -15,525,1 -85,537,481. -3,579,146 -89,116,628.
reduced by 89.00 3.32 30.56 76 .75 51
owners
increased by 89.00 56.61 5.61 .75 2.36
Annual Report 2025 of Goneo Group Co., Ltd.
owners
increased by other
equity holders
payments -100,013,62 -265,775, 165,761,963 165,761,963
recognized in 3.32 587.17 .85 .85
owners’ equity
-3,101,181,1 -3,101,181,1
iii. Profit 224,232,4 -3,325,413,
distribution 59.48 620.28
-224,232,45
to surplus reserves 59.48
to general reserve
-3,101,181, -3,101,181,1 -3,101,181,1
to owners (or
shareholders)
iv. Transfers
within owners’
equity
capital (or share 516,863, -516,863,52
capital) from 527.00 7.00
capital reserves
capital (or share
capital) from
surplus reserves
reserves used to
offset loss
defined benefit
schemes
transferred to
retained earnings
Annual Report 2025 of Goneo Group Co., Ltd.
comprehensive
income
transferred to
retained earnings
v. Specific reserve
period
period
-1,123,583. -1,123,583.4 -1,123,583.4
vi. Others
IV Balance as at
the end of the
period
Equity attributable to owners of the parent company
Total
Item Paid-in Other equity instruments Specif Gener Non-controll
Less: Other owners’
capital (or Capital ic Surplus al Retained Othe ing interests
Preferen Perpetu Treasury comprehens Subtotal equity
share Othe reserves reserv reserves reserv earnings rs
ce al shares ive income
capital) rs e e
shares bonds
I Balance as 891,540,8 3,760,75 165,893, 562,217, 9,383,734, 14,445,921, 14,460,411,
at the end of 75 1,5 72 89 87 9 5
the prior year .00 49.12 3.38 0.93 4.02 63.84 45.73
Add:
Adjustments
for changes in
accounting
policies
Adjustm
ents for
correction of
previous
errors
Other
adjustments
II Balance as 891,540,8 3,760,75 165,893, 13,570,49 562,217, 9,383,734, 14,445,921, 14,489,581 14,460,411,
Annual Report 2025 of Goneo Group Co., Ltd.
at the 75 1,5 72 8.15 89 87 9 .89 545
beginning of .00 49.12 3.38 0.93 4.02 63.84 .73
the year
III
Increase/decre 400,618,0 -476,349, 20,812,8 83,861,5 1,424,566, 1,420,193,7 1,414,568,8
ase in the 15 79 99 54 44 27 25.
.85 .21
period (“-” for .00 5.55 .19 .07 1.06 .24 03
decrease)
i. Total 4,272,204, 4,280,514,9 4,277,486,3
comprehensiv 56 7 23.
.85 .83
e income 5.03 6.88 05
ii. Capital
-75,863,2 20,812,8 -101,051,47
increased and -575,358. -97,251,473. -3,800,000
reduced by 00 96 .00
.77 .19 6
owners
-17,207,0 317,322, -335,105,05 -338,905,05
shares -575,358. -3,800,000
increased by 00 .00
.73 9.76 .49 9
owners
increased by
other equity
holders
Share-based
-58,656,1 -296,509 237,853,576
payments 237,853,576
recognized in .53
.04 70.57 53
owners’
equity
iii. Profit -2,763,776,5
distribution 69.90
.07 23.97 .90
Appropriation
to surplus
.07 07
reserves
Appropriation
to general
reserve
Annual Report 2025 of Goneo Group Co., Ltd.
Appropriation 6,5 69 69
to owners (or 69.90 .90 .90
shareholders)
iv. Transfers
within
owners’
.00 3.00
equity
capital (or 401,193,3 -401,193,
share capital) 73 37
from capital .00 3.00
reserves
capital (or
share capital)
from surplus
reserves
reserves used
to offset loss
defined
benefit
schemes
transferred to
retained
earnings
comprehensiv
e income
transferred to
retained
earnings
v. Specific
reserve
the period
period
Annual Report 2025 of Goneo Group Co., Ltd.
vi. Others 706,794.22
IV Balance as 1,292,158 3,284,40 186,706, 646,079, 10,808,30 15,866,115, 15,874,980,
at the end of ,8 1,7 62 44 1,3 691 370
the period 90.00 53.57 2.57 5.00 15.08 .08 .76
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong Head of the financial department: Shen Kewei
Statements of Changes in Owners’ Equity of the Parent Company
January-December 2025
Unit: RMB
Paid-in Other equity instruments Other
Less: Total
Item capital (or Capital comprehen Specific Surplus Retained
Preference Perpetual Treasury owners’
share Others reserves sive reserve reserves earnings
shares bonds shares equity
capital) income
I Balance as at the end of the 1,292,158,8 3,281,106, 186,706,62 646,079,4 4,871,650, 9,904,288,
prior year 90.00 081.53 2.57 45.00 229.62 023.58
Add: Adjustments for changes
in accounting policies
Adjustments for
correction of previous errors
Other adjustments
II Balance as at the beginning 1,292,158,8 3,281,106, 186,706,62 646,079,4 4,871,650, 9,904,288,
of the year 90.00 081.53 2.57 45.00 229.62 023.58
III Increase/ decrease in the 515,814,53 -619,201,4 -15,525,13 224,232,4 -1,083,089 -946,718,3
period (“-” for decrease) 8.00 24.52 0.56 59.48 ,025.47 21.95
i. Total comprehensive income
ii. Capital increased and -1,048,989. -100,013,6 -15,525,13 -85,537,48
reduced by owners 00 23.32 0.56 1.76
by owners 00 6.61 45.61
equity holders
recognized in owners’ equity 79.93 87.17 7.24
.61 .61
iii. Profit distribution 224,232,4 -3,325,413 -3,101,181
Annual Report 2025 of Goneo Group Co., Ltd.
reserves 59.48 59.48
shareholders) ,160.80 ,160.80
iv. Transfers within owners’ 516,863,52 -516,863,5
equity 7.00 27.00
capital) from capital reserves 7.00 27.00
capital) from surplus reserves
offset loss
schemes transferred to
retained earnings
income transferred to retained
earnings
v. Specific reserve
-2,324,274 -2,324,274
vi. Others
.20 .20
IV Balance as at the end of the 1,807,973,4 2,661,904, 171,181,49 870,311,9 3,788,561, 8,957,569,
period 28.00 657.01 2.01 04.48 204.15 701.63
Paid-in Other equity instruments Other
Less: Total
Item capital (or Capital comprehen Specific Surplus Retained
Preference Perpetual Treasury owners’
share Others reserves sive reserve reserves earnings
shares bonds shares equity
capital) income
I Balance as at the end of the 891,540,87 3,756,252, 165,893,72 562,217,8 5,044,894, 10,089,011
prior year 5.00 125.46 3.38 90.93 263.44 ,431.45
Add: Adjustments for
changes in accounting
policies
Adjustments for
Annual Report 2025 of Goneo Group Co., Ltd.
correction of previous errors
Other adjustments
II Balance as at the beginning 891,540,87 3,756,252, 165,893,72 562,217,8 5,044,894, 10,089,011
of the year 5.00 125.46 3.38 90.93 263.44 ,431.45
III Increase/ decrease in the 400,618,01 -475,146,0 20,812,899 83,861,55 -173,244,0 -184,723,4
period (“-” for decrease) 5.00 43.93 .19 4.07 33.82 07.87
i. Total comprehensive 2,674,394, 2,674,394,
income 090.15 090.15
ii. Capital increased and -575,358.0 -75,863,21 20,812,899 -97,251,47
reduced by owners 0 6.77 .19 3.96
by owners 0 2.73 9.76 50.49
equity holders
recognized in owners’ equity 45.18 70.57 5.39
.14 .14
iii. Profit distribution
reserves 4.07 4.07
(or shareholders) ,569.90 ,569.90
iv. Transfers within owners’ 401,193,37 -401,193,3
equity 3.00 73.00
capital) from capital reserves 3.00 73.00
capital) from surplus reserves
offset loss
schemes transferred to
retained earnings
income transferred to retained
earnings
v. Specific reserve
Annual Report 2025 of Goneo Group Co., Ltd.
vi. Others
IV Balance as at the end of 1,292,158,8 3,281,106, 186,706,62 646,079,4 4,871,650, 9,904,288,
the period 90.00 081.53 2.57 45.00 229.62 023.58
Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong Head of the financial department: Shen Kewei
Annual Report 2025 of Goneo Group Co., Ltd.
III Company Profile
√ Applicable □ Not applicable
Goneo Group Co., Ltd (hereinafter referred to as “the Company” or “Goneo”) is a joint stock
company transformed from Goneo Group Limited. It was registered with Ningbo Municipal Market
Supervision Administration on December 27, 2017 and is headquartered in Ningbo City, Zhejiang
Province. The Company now holds a business license with a unified social credit code of
shares (each with a par value of RMB1, and the discrepancy with the registered capital is attributable to
the share changes arising from share repurchase, for which the industrial and commercial registration
formalities have not yet been completed.). Among them, there are 7,245,200 restricted public A-shares
and 1,800,728,200 unrestricted public A-shares. The Company’s shares were listed for public trading on
the Shanghai Stock Exchange on February 6, 2020.
The Company pertains to the electrical machinery and equipment manufacturing industry. It is
mainly engaged in the research, development, production and sales of civil electrical products. Products
mainly include electric connection products, smart electrical lighting products, new energy products, etc.
These financial statements have been authorized for issue by the 15th Meeting of the Third Board
of Directors of the Company on April 28, 2026.
For the sake of conciseness, the subsidiaries and other related companies of the Company are
hereinafter referred to by their abbreviations as follows:
Full name Abbreviation
Subsidiaries
Ningbo Goneo Electrics Co., Ltd. Ningbo Goneo
Ningbo Goneo Photoelectric Technology Co., Ltd. Goneo Photoelectric
Ningbo Goneo Digital Technology Co., Ltd. Goneo Digital
Ningbo Goneo Precision Manufacturing Co., Ltd. Goneo Precision
Ningbo Banmen Electric Appliance Co., Ltd. Banmen Electric Appliance
Cixi Goneo Electrics Co., Ltd. Cixi Goneo
Shanghai Goneo Electrics Co., Ltd. Shanghai Goneo
Goneo International Trading (HK) Limited Goneo HK
Ningbo Goneo Supply Chain Management Co., Ltd. Goneo Management
Ningbo Goneo International Trading Co., Ltd. Goneo International Trading
Ningbo Goneo Electric Sales Co., Ltd. Electric Sales
Ningbo Xingluo Trading Co., Ltd. Xingluo Trading
Ningbo Goneo Low Voltage Electric Co., Ltd. Goneo Low Voltage Electric
Ningbo Goneo Domestic Electrical Appliance Co., Ltd. Domestic Electrical Appliance
Hainan Dacheng Supply Chain Management Co., Ltd. Hainan Dacheng
Ningbo Goneo Intelligent Technology Co., Ltd. Intelligent Technology
Dalitek Intelligent Technology (Shanghai) Inc. Dalitek
Shanghai Goneo Information Technology Co., Ltd. Information Technology
Ningbo Goneo Tool Technology Co., Ltd. Goneo Tool
Ningbo Goneo New Energy Technology Co., Ltd. Goneo New Energy
Shenzhen Goneo Intelligent Information Co., Ltd. Shenzhen Intelligent
Guangdong Murora Intelligent Lighting Co., Ltd. Murora Intelligent
Ningbo Goneo Marketing Co., Ltd. Goneo Marketing
PT Goneo Electronic Indonesia Goneo Indonesia
Annual Report 2025 of Goneo Group Co., Ltd.
GONEO New Energy Europe GmbH Goneo Germany
Goneo International Trading (SG) Pte. Ltd. Goneo Singapore
Suzhou Goneo Tools Co., Ltd. Suzhou Goneo
Goneo International Trading (Vietnam) Co., Ltd. Goneo Vietnam
Shanghai Goneo Intelligent Technology Co., Ltd. Goneo Intelligent
Ningbo Yaopu Enterprise Management Partnership (Limited
Yaopu Partnership
Partnership)
Other related parties
Ningbo Liangji Industrial Co., Ltd. Liangji Industrial
Hangzhou Liangniu Hardware and Electrical Co., Ltd. Liangniu Hardware
Hangzhou Hangniu Hardware and Electrical Co., Ltd. Hangniu Hardware
Hangzhou Feiniu Hardware and Electrical Co., Ltd. Feiniu Hardware
Shanghai Minshen Property Co., Ltd. Minshen Property
Hebei Qiudi Trading Co., Ltd. Qiudi Trading
Ningbo Goneo Property Co., Ltd. Goneo Property
Kunshan Gaoshu Decoration Co., Ltd. Kunshan Gaoshu
Shanghai Jiangcheng Industrial Co., Ltd. Jiangcheng Industrial
Kunshan Xuchuang Electronic Technology Co., Ltd. Kunshan Xuchuang
Kunshan Yudong Chuang Metal Products Co., Ltd. Kunshan Yudong
Nanjing U-Light Jianeng New Energy Technology Co., Ltd. Nanjing U-Light Jianeng
Changsha Yutai Jianeng New Energy Technology Co., Ltd. Changsha Yutai Jianeng
Beijing Chenhao Electronic Technology Co., Ltd. Chenhao Electronic
Cixi Libo Electric Co., Ltd. Cixi Libo
Hubei Huantian Technology Co., Ltd. Huantian Trading
Changde Guoxin Trading Co., Ltd. Guoxin Trading
Suzhou Niuweiwang Trading Co., Ltd. Niuweiwang Trading
IV Preparation Basis of Financial Statement
The financial statements of the Company are based on continuing operations.
√ Applicable □ Not applicable
The Company does not undergo any event or situation which may cause great concern about
sustainable operation ability within 12 months since the end of the reporting period.
V Significant Accounting Policies and Accounting Estimates
Specific accounting policies and accounting estimation hint:
√ Applicable □ Not applicable
Important note: The Company has formulated specific accounting policies and accounting estimates
for transactions or matters such as impairment of financial instruments, inventories, depreciation of fixed
assets, construction in progress, intangible assets, and revenue recognition based on its actual production
and operation characteristics.
Annual Report 2025 of Goneo Group Co., Ltd.
The Company’s Financial Statements are prepared in accordance with Accounting Standards for
Business Enterprises, and indicate relevant information about the Company’s financial status, business
results and cash flow truly and completely.
The fiscal year of the Company is from January 1 to December 31 of every calendar year.
√ Applicable □ Not applicable
The operating cycle of the Company is short, and 12 months is taken as the liquidity criterion for
assets and liabilities.
The Company adopts RMB as its recording currency.
Notes on overseas operating entities:
Goneo HK, Goneo Singapore, Goneo Germany, Goneo Indonesia and Goneo Vietnam are
respectively incorporated and conduct business operations in Hong Kong, Singapore, Germany,
Indonesia and Vietnam, with the Hong Kong Dollar, Singapore Dollar, Euro, Indonesian Rupiah and
Vietnamese Dong as their respective recording currencies.
√ Applicable □ Not applicable
Item Materiality standards
Disclosure matters involving materiality standard Method and basis of selection of materiality
determination standards
Significant individual provision for bad debts of
Exceeding 0.3% of the total assets
notes receivable
Significant individual provision for bad debts of
accounts receivable Exceeding 0.3% of the total assets
Significant write-off of accounts receivables
The Company recognises individual other
Significant individual provision for bad debts of
receivables exceeding 0.3% of the total assets as
other receivables
significant other receivables.
The Company recognises projects with amounts or
Significant construction in progress balances exceeding 0.3% of the total assets as
significant projects under construction.
The Company considers investing cash flows
Significant cash flows from investing activities exceeding 5% of the total assets as significant
investing cash flows.
The Company identifies a subsidiary with
Significant subsidiaries and non-wholly-owned operating revenue exceeding 15% of the Group’s
subsidiaries total operating revenue as a significant subsidiary
or non-wholly-owned subsidiary.
The Company considers commitments amounting
Significant commitment
to 0.3% of the total assets as significant
Annual Report 2025 of Goneo Group Co., Ltd.
commitments.
The Company considers events with amounts
Significant subsequent events as of the balance
exceeding 0.3% of the total assets as significant
sheet date
subsequent events on the balance sheet date.
not under common control
√ Applicable □ Not applicable
The Company’s assets and liabilities acquired from business combinations will be measured
according to the carrying value of the acquiree in financial statement of the final controlling party. The
Company will adjust capital reserves according to proportion of the acquiree’s carrying value in
consolidated financial statement of the final controlling party and the balance between carrying value
and the carrying value paid for combination consideration or total nominal value of issued shares; if the
capital reserve is insufficient to offset such difference, the difference will be offset against retained
earnings.
On the acquisition date, the difference between the combined cost and the fair value share of the
identifiable net assets of the acquiree obtained in the merger is recognized as goodwill. If the combined
cost is less than the fair value share of the identifiable net assets of the acquiree obtained in the
combination, firstly, the fair value of identifiable assets, liabilities and contingent liabilities of the
acquiree and the measurement of combined cost are reviewed. If the combined cost is still less than the
fair value share of identifiable net assets of the acquiree obtained in the merger after review, the
difference is recorded in profit and loss of the period.
√ Applicable □ Not applicable
Ownership of rights over the investee, variable returns through involvement in the investee’s
relevant activities, and the ability to influence the variable returns of the investee by exercising control
over it are recognized as control.
(1) The parent company brings all subsidiaries under its control into the consolidated scope of the
consolidated financial statements. The consolidated financial statements are based on the financial
statements of the parent company and its subsidiaries and are prepared by the parent company according
to other relevant information and Accounting Standards for Enterprises No. 33 - Consolidated Financial
Statements.
(2) Accounting treatment for the purchase and sale, or sale and purchase, of the same subsidiary’s
equity in two consecutive accounting years
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
Cash listed in cash flow statement refers to cash on hand and reserves always available for payment.
Cash equivalents refer to investments that are held for short term (generally due within three months
from the date of purchase), highly liquid, and readily convertible to known amounts of cash and subject
to insignificant risk of change in value.
√ Applicable □ Not applicable
At the initial recognition of foreign currency transactions, foreign currency shall be converted into
RMB at the spot exchange rate on the transaction date. On the balance sheet date, foreign currency
monetary items are converted at the spot exchange rate on the balance sheet date, and the exchange
difference arising from different exchange rates is recorded in profit and loss of the period except the
exchange difference between the principal and interest of foreign currency special loans related to the
purchase and construction of assets eligible for capitalization. Foreign currency non-monetary items
measured at historical cost adopt the spot exchange rate on the transaction date, without changing their
RMB amount. Foreign currency non-monetary items measured at fair value shall be converted at the
spot exchange rate on the date when the fair value is determined, and the difference shall be recorded in
the profit and loss of the period or other comprehensive income.
Assets and liabilities in the balance sheet shall be converted at the spot exchange rate on the
balance sheet date. Except for the “undistributed profit” item, other items of owner’s equity items are
converted at the spot exchange rate on the transaction date; the income and expense items in the income
statement are converted at the spot exchange rate on the transaction date. The differences arising from
the above conversion of foreign currency-denominated financial statements shall be recorded in other
comprehensive income.
√ Applicable □ Not applicable
Financial assets are classified into the following three categories when they are initially recognized:
(1) Financial assets measured at amortized cost; (2) financial assets at fair value through other
comprehensive income; (3) financial assets at fair value through current profit or loss.
Financial liabilities are classified into the following four categories when they are initially
Annual Report 2025 of Goneo Group Co., Ltd.
recognized: (1) Financial liabilities at fair value through current profit or loss; (2) financial liabilities
arising from the transfer of financial assets not meeting the de-recognition criteria or from the continuing
involvement in the transferred assets; (3) financial guarantee contracts which do not fall within the
category of (1) or (2) above, and loan commitments which do not fall within category (1) above and
made at an interest rate lower than the market rate; (4) financial liabilities measured at amortized cost.
financial liabilities
(1) Determination basis and measuring methods for financial assets and financial liabilities
A financial instrument is recognized as an asset or liability when the Company becomes a party
thereto. For financial assets or financial liabilities measured at fair value through profit or loss, the
transaction expenses are directly included in profit and loss of the period; for financial assets or financial
liabilities in other categories, the transaction expenses are included in the amount initially recognized.
However, accounts receivable initially recognized by the Company that do not include a significant
financing component or where the Company does not consider the financing component in a contract
with a term not exceeding one year will be initially measured at the transaction price defined in
Accounting Standard for Business Enterprises No.14-Income.
(2) Subsequent measurement of financial assets
Financial assets are subsequently measured at amortized cost by the effective interest method.
Gains or losses arising from a financial asset measured at amortized cost which does not form part of
any hedging relationship are recorded in current profit or loss at the time of de-recognition,
reclassification, amortization according to the effective interest method or recognition of impairment.
Such financial assets shall be subsequently measured at fair value. Interest, impairment loss or gain
and exchange gain/loss calculated using the effective interest method are recorded in current profit or
loss, other gains or losses are recorded in other comprehensive income. On derecognition, cumulative
gains or losses that were previously recorded in other comprehensive income are transferred from other
comprehensive income and recorded in current profit or loss.
Such financial assets shall be subsequently measured at fair value. Dividend received (except for
the portion which forms part of investment cost recovered) is recorded in current profit or loss, other
gains or losses are recorded in other comprehensive income. On derecognition, cumulative gains or
losses that were previously recorded in other comprehensive income are transferred from other
comprehensive income and recorded in retained earnings.
Gains or losses (including interest income and dividend income) arising from the subsequent
measurement at fair value are recorded in current profit or loss, unless the financial asset forms part of a
hedging relationship.
Annual Report 2025 of Goneo Group Co., Ltd.
(3) Method for the subsequent measurement of financial liabilities
Such financial liabilities include transactional financial liabilities (including derivative instruments
which belong to the category of financial liabilities) and financial liabilities designated as at fair value
through current profit or loss. Such financial liabilities are subsequently measured at fair value. The
amount of changes in the fair value of financial liabilities designated as at fair value through profit or
loss, which arise from the change in the credit risk of the Company, is recorded in other comprehensive
income, unless such accounting treatment would result in or increase the accounting mismatch of gain
and loss. Other gains or losses (including interest expense, except for the fair value changes arising from
the change in credit risk of the Company) on such financial liabilities are recorded in current profit or
loss, unless such financial liabilities form part of a hedging relationship. On derecognition, cumulative
gains or losses that were previously recorded in other comprehensive income are transferred from other
comprehensive income and recorded in retained earnings.
de-recognition criteria or from the continuing involvement in the transferred assets are measured
according to the relevant provisions of the Accounting Standard for Business Enterprises No.23-Transfer
of Financial Assets.
commitments that do not fall within the category of 1) above and made at an interest rate lower than the
market rate, are subsequently measured at the higher of the two following amounts after initial
recognition: ① The amount of loss provision determined according to the rules related to the impairment
of financial instruments; ② The remaining balance of the initially recognized amount after deducting the
amount of cumulative amortization determined according to relevant rules of the Accounting Standard
for Business Enterprises No.14-Income.
Such financial liabilities are measured at amortized cost using the effective interest method. Gains
or losses arising from a financial liability measured at amortized cost which does not form part of any
hedging relationship are recorded in current profit or loss at the time of de-recognition or amortization
according to the effective interest method.
(4) Derecognition of financial assets and financial liabilities
① The contractual rights to receive the cash flows from the financial assets terminate; or
② The financial asset has been transferred, and such transfer satisfies the criteria set out in the
Accounting Standard for Business Enterprises No.23-Transfer of Financial Assets regarding the
de-recognition of financial assets.
the Company de-recognizes the financial liability (or a portion thereof).
Annual Report 2025 of Goneo Group Co., Ltd.
If the Company has transferred substantially all risks and rewards of ownership of the financial
asset, the financial asset is de-recognized, and the right and obligation arising from or retained in the
transfer are individually recognized as an asset or liability. If substantially all risks and rewards of
ownership of the financial asset are retained, the financial asset transferred remains recognized. If the
Company has not transferred or retained nearly all the risks and remunerations of ownership of the credit
assets, different measures should be taken in accordance with the following circumstances respectively:
(1) If the Company gives up the control of the financial assets, these financial assets shall be
derecognized; (2) if the Company does not give up the control of the financial assets, the relevant
financial assets shall be recognized and the relevant liabilities shall be recognized accordingly in
accordance with the extent of their continued involvement in the transferred financial assets. If the
overall transfer of financial assets meets the conditions for derecognition, the difference between the
following two amounts shall be recorded in profit and loss of the period: (1) The carrying value of the
transferred financial asset as of the date of derecognition; (2) Sum of the consideration received for the
transfer of the financial asset, and the portion of the cumulative amount of fair value changes previously
recorded in other comprehensive income that corresponds with the portion of the asset de-recognized
(the transferred financial asset is an investment in debt instruments at fair value through other
comprehensive income). Where a portion of the financial asset has been transferred and the transferred
portion as a whole satisfies the derecognition criteria, the carrying value of the financial asset as a whole
prior to its transfer is allocated between the portion of the asset derecognized and the portion that
remains recognized, according to their relative fair value as of the transfer date, and the difference
between the two amounts mentioned below is recorded in current profit or loss: (1) The carrying value of
the derecognized portion; (2) Sum of the consideration received for the derecognition portion, and the
portion of the cumulative amount of fair value changes previously recorded in other comprehensive
income, which corresponds with the derecognized portion (the transferred financial asset is an
investment in debt instruments at fair value through other comprehensive income).
The Company applies valuation techniques that are applicable in the current situation and are
supported by sufficient available data and other information to determine the fair value of relevant
financial assets and financial liabilities. The Company classifies the inputs of valuation techniques into
the following levels and applies them accordingly:
(1) Level 1 inputs are the unadjusted quotation of the same assets or liabilities available on the
active market on the measurement day;
(2) Level 2 inputs are inputs for the relevant assets or liabilities other than the level 1 inputs, which
are directly or indirectly observable, including quotations for similar assets or liabilities in an active
market; quotations for the same or similar assets or liabilities in an inactive market; other observable
inputs other than quotations, such as interest rate and yield curve observable during normal quotation
intervals; and market-tested inputs;
Annual Report 2025 of Goneo Group Co., Ltd.
(3) Level 3 inputs are non-observable inputs for the relevant assets or liabilities, including interest
rate and stock volatility which cannot be directly observed or cannot be verified by observable market
data, the future cash flow of a retirement obligation assumed in a business combination, and financial
forecast performed based on internal data.
Based on the expected credit loss, for financial assets measured in amortized cost, investment in
debt instruments measured at fair value and whose changes are recorded in other comprehensive income,
contract assets, lease receivables, loan commitments classified as financial liabilities measured at fair
value and whose changes are recorded in profit and loss of the period, financial guarantee contracts that
do not belong to financial liabilities measured at fair value and whose changes are recorded in the profits
and losses of the period or financial liabilities formed by the transfer of financial assets that do not meet
the conditions for derecognition or continue to be involved in the transferred financial assets shall be
impaired and loss reserves shall be recognized.
Expected credit loss refers to the weighted average of credit loss of financial instruments weighted
with default risks. Credit loss refers to the difference between all contractual cash flow receivable by the
Company under contracts which are discounted according to the original effective interest rate, and all
the cash flow expected to be received, namely the present value of all cash shortfall. Specifically,
financial assets acquired or derived to which credit impairment has occurred are discounted by the
Company according to the credit-adjusted effective interest rate.
For the acquired or derived financial assets with credit impairment, the Company only recognizes
the cumulative change of expected credit loss over the lifetime after initial recognition as the loss reserve
on the balance sheet date.
For lease receivables, receivables and contract assets formed by transactions regulated by
Accounting Standards for Business Enterprises No.14-Income, the Company uses simplified
measurement methods to measure the loss reserve according to the expected credit loss amount over the
lifetime. For financial assets other than the above measurement methods, at each balance sheet date, the
Company assesses the financial assets to see if the credit risk has significantly increased after initial
recognition. If the credit risk has significantly increased after initial recognition, the Company calculates
provision for loss according to the amount of expected credit loss over the lifetime of the assets; if credit
risk has not significantly increased after initial recognition, the Company calculates loss provision based
on expected credit loss in the future 12 months.
The Company uses available reasonable and well-founded information, including forward-looking
information, to determine whether the credit risk of financial instruments has increased significantly
since the initial recognition by comparing the default risk of financial instruments on the balance sheet
date with the default risk on the initial recognition date. On the balance sheet date, if the Company
judges that the financial instrument only has low credit risk, it is assumed that the credit risk of the
financial instrument has not increased significantly since the initial recognition. The Company assesses
the expected credit risk and measures the expected credit loss on the basis of single financial instrument
Annual Report 2025 of Goneo Group Co., Ltd.
or portfolios of financial instruments. When based on the portfolio of financial instruments, the
Company classifies the financial instruments into different portfolios according to the common risk
characteristics. The Company re-measures expected credit loss at each balance sheet date, and the
amount of increase in loss provision or the written-back amount of loss provision arising from
re-measurement is recorded in current profit or loss as an impairment loss or gain. For financial assets
measured at amortized cost, impairment losses were allocated to offset the carrying value of the financial
asset presented in the balance sheet. For the debt investments measured at fair value through other
comprehensive income, the Company recognized its loss reserves in other comprehensive income but
did not offset the carrying value of the financial asset.
The financial assets and financial liabilities are respectively listed in the balance sheet, not
offsetting each other. However, when all the following criteria are met, financial assets and liabilities are
shown on a net basis after offsetting: (1) The Company has the statutory right to offset the recognized
amounts, and such right is currently enforceable; (2) The Company intends to settle the financial assets
and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously. For the
transfer of financial assets where the derecognition criteria are not met, the Company may not offset the
financial assets transferred against the related liabilities.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Categories of groups for which allowances for doubtful accounts are established on a grouping
basis of credit risk characteristics and the basis for determining them
√ Applicable □ Not applicable
Methods for measuring expected
Group category Basis for determining the group
credit loss
Calculate the expected credit
Bank acceptance bills receivable loss by referring to the historical
credit loss experience,
combining the current situation
Note type and the forecast of future
economic situation, and using
Trade acceptance bills receivable
the default risk exposure and the
expected credit loss rate for the
entire duration
Calculate the expected credit
loss by referring to the historical
credit loss experience,
Accounts receivable - aging combining the current situation
Aging
group and the forecast of future
economic situation, and
preparing a comparison table of
accounts receivable aging and
Annual Report 2025 of Goneo Group Co., Ltd.
expected credit loss rates
Calculate the expected credit
loss by referring to the historical
credit loss experience,
combining the current situation
Other receivables - aging group Aging and the forecast of future
economic situation, and
preparing a comparison table of
other receivables aging and
expected credit loss rates
Aging methodology for age-based recognition of a group of credit risk characteristics
√ Applicable □ Not applicable
Expected credit loss rate of Expected credit loss rate of
Aging
accounts receivable (%) other receivables (%)
Within 1 year (inclusive, the
same below)
Accounts receivable and other receivables are aged from the date of initial recognition.
Judgment criteria for establishing allowances for doubtful accounts on an individual basis
√ Applicable □ Not applicable
For receivables and contract assets of which the credit risk is significantly different from the group
credit risk, the Company makes allowances for expected credit losses on an individual basis.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Inventory categories, issue valuation method, inventory system, amortisation method for low-value
consumables and packing materials
√ Applicable □ Not applicable
Inventories refer to finished goods or commodities for sale held in daily activities, unfinished goods
in manufacturing process, and materials and supplies consumed in process of manufacturing products or
providing services, etc.
The cost measurement for the inventories delivered is made with a one-time weighted average
method at the end of the month.
Annual Report 2025 of Goneo Group Co., Ltd.
The perpetual inventory system is adopted for the inventories of the Company.
(1) Low-value consumables
Low-value consumables are amortized with a one-time write-off method.
(2) Packaging materials
Packaging materials are amortized with a one-time write-off method.
Recognition standards and establishment methods for inventory valuation allowances
√ Applicable □ Not applicable
On the balance sheet date, inventories should be measured whichever is lower in accordance with
the cost and net reliable value, and the provision for decline in value of inventories shall be made
according to the difference that the cost of inventories higher than the net realizable value. For
inventories directly used for sale, the net realizable value shall be determined by the estimated selling
price of the inventory minus the estimated selling expenses and relevant taxes and fees in the normal
production and operation process. For materials inventory requiring processing during normal process of
production and operation, the net realizable value shall be determined by deducting estimated costs
occurring during completion, estimated selling expenses and related taxes from estimated sale price of
finished products. On the balance sheet date, some of the same inventory have contract price agreed,
others not; their net realizable value shall be recognized respectively and compared with the
corresponding cost to determine the amount of provision or write-back of inventory depreciation reserve.
Categories of groups for which inventory valuation allowances are established on a grouping basis
and the basis for determining them, as well as the basis for determining net realizable value for
different categories of inventories
□ Applicable √ Not applicable
Calculation method and basis for determining the net realizable value of each age group for the
purpose of recognizing the net realizable value of inventories based on the age of the inventories
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Method and criteria for determining contract assets
√ Applicable □ Not applicable
The Company presented contract assets or contract liabilities on the balance sheet in accordance
with the relationship between performance obligations and customer payment. The Company will set off
the contract assets and contract liabilities under the same contract and present them in net amount.
The right of the Company to receive consideration from its customers unconditionally (i.e. only
Annual Report 2025 of Goneo Group Co., Ltd.
depending on the passage of time) is presented as receivables, and the right to receive consideration for
goods transferred to its customers (depending on factors other than the passage of time) is presented as a
contract asset.
The obligation to transfer goods to customers for consideration received or receivable from
customers is presented as a contract liability.
Categories of groups for which allowances for doubtful accounts are established on a grouping
basis of credit risk characteristics and the basis for determining them
□ Applicable √ Not applicable
Aging methodology for age-based recognition of a group of credit risk characteristics
□ Applicable √ Not applicable
Judgment criteria for establishing allowances for doubtful accounts on an individual basis
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Recognition Standards and Accounting Treatment for Non-current Assets or Disposal Groups
Classified as Held for Sale
√ Applicable □ Not applicable
(1) Initial measurement and subsequent measurement
When initially measuring or remeasuring non-current assets or disposal groups classified as held for
sale on the balance sheet date, if the carrying amount exceeds the fair value less the cost to sell, the
carrying amount will be written down to fair value less the cost to sell. The write-down amount is
recognized as an impairment loss, recorded in the current profit and loss, and a provision for impairment
of assets held for sale is recognized.
For non-current assets or disposal groups classified as held for sale on the acquisition date, the
initial measurement will compare the initial measurement amount if not classified as held for sale with
the fair value less the cost to sell. The lower of the two will be used for measurement. Except for
non-current assets or disposal groups acquired in a business combination, the difference arising from
using fair value less the cost to sell as the initial measurement amount will be recognized in the current
profit and loss.
For impairment losses recognized on assets in a held-for-sale disposal group, the impairment will
first reduce the carrying amount of goodwill in the disposal group, then reduce the carrying amount of
other non-current assets in the disposal group in proportion to their carrying amounts. Non-current assets
in a disposal group held for sale will not be depreciated or amortized. However, interest and other
expenses on liabilities in the disposal group held for sale will continue to be recognized.
(2) Accounting treatment for reversal of impairment losses
Annual Report 2025 of Goneo Group Co., Ltd.
If the fair value less the cost to sell of a non-current asset held for sale increases on subsequent
balance sheet dates, the previously written-down amount will be restored and the reversal will be
recognized within the amount of impairment loss recognized after the asset was classified as held for
sale. The reversal amount will be recorded in the current profit and loss. Impairment losses recognized
before the classification as held for sale will not be reversed.
If the fair value less the cost to sell of a disposal group held for sale increases on subsequent
balance sheet dates, the previously written-down amount will be restored and the reversal will be
recognized within the impairment loss amount recognized on non-current assets after the disposal group
was classified as held for sale. The reversal amount will be recorded in the current profit and loss. The
carrying amount of the previously written-down goodwill and impairment losses on non-current assets
recognized before the classification as held for sale will not be reversed.
For the reversal of impairment losses on non-current assets recognized in a disposal group held for
sale, the amount of reversal will be proportionally allocated to the carrying amount of each non-current
asset, except for goodwill.
(3) Accounting treatment for declassification from held for sale and derecognition
When non-current assets or disposal groups no longer meet the conditions for classification as held
for sale, or when non-current assets are removed from the disposal group held for sale, they will be
measured at the lower of: 1.The carrying amount before classified as held for sale, adjusted for
depreciation, amortization, or impairment that would have been recognized if the asset had not been
classified as held for sale; 2.The recoverable amount.
When derecognizing non-current assets or disposal groups classified as held for sale, any
unrecognized gains or losses will be included in the current profit and loss.
Recognition Standards and Reporting Method for Discontinued Operations
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Joint control refers to the control the Company shares with other entities over a certain arrangement
following relevant agreements by which any activity under the arrangement may be conducted only with
the unanimous agreement of all participants sharing the power of control. Significant influence refers to
the power to participate in making decisions on the financial and operating policies of an investee, but
not to control or do joint control together with other parties over the formulation of these policies.
(1) In case of a business combination under common control, if the acquirer pays cash, transfers
non-cash assets, assumes debts or issues equity securities as merger consideration, the share of the
owner’s equity of the acquiree obtained on combination date in the carrying value of the financial
Annual Report 2025 of Goneo Group Co., Ltd.
statements of the ultimate controlling party is deemed as an initial investment cost. Capital reserve is
adjusted based on the difference between initial investment cost of long-term equity investment and
carrying value of paid combination consideration or total nominal value of issued share; if the capital
reserve is insufficient to offset such difference, the difference will be offset against retained earnings. If
business combination under common control is realized step by step through multiple transactions,
whether the multiple transactions is a “Package Deal” is determined. If the deals fell into a "Package
Deal", all transactions shall be treated as a transaction to gain control. If it is not a “package deal”, on the
combination date, the initial investment cost of the long-term equity investment shall be determined
based on the share of net assets’ carrying value of the acquiree in the consolidated financial statements of
the ultimate controlling party. The capital reserve is adjusted based on the difference between the initial
investment cost of the long-term equity investment on the combination date and the sum of the carrying
value of the long-term equity investment before the acquisition and the carrying value of the new
payment consideration on the acquisition date. If the capital reserve is insufficient to offset such
difference, the difference will be offset against retained earnings.
(2) For business combinations not under common control, the fair value of the combination
consideration paid by it on the acquisition date shall be its initial investment cost.
For long-term equity investment formed by a business combination achieved step by step through
multiple transactions, relevant accounting treatment is performed with distinctions made between
separate financial statements and consolidated financial statements:
investment and the additional investment cost shall be taken as the initial investment cost when
converting to using the cost method.
deals fell into a "Package Deal", all transactions shall be treated as a transaction to gain control. If it is
not a “Package Deal”, the equity of the acquiree held prior to the acquisition date shall be re-measured
according to the fair value of the equity at the acquisition date, and the difference between the fair value
and the carrying value shall be recorded in the current investment income. Where the equity of the
acquiree held prior to the acquisition date involves other comprehensive income accounted for based on
the equity method, etc., the other comprehensive income related to it shall be converted into the current
investment income of the acquisition date. However, other comprehensive income arising from the
re-measurement of net liabilities or changes in net assets of defined benefit plans by the investee is
excluded.
(3) Except for business combination: If it is acquired by paying cash, the actual acquisition price
shall be taken as its initial investment cost; if it is acquired by issuing equity securities, the fair value of
the issued equity securities shall be taken as its initial investment cost; if it is acquired by means of debt
restructuring, the initial investment cost shall be determined according to the Accounting Standards for
Business Enterprises No. 12-Debt Restructuring; if it is acquired by exchange of non-monetary assets,
the initial investment cost shall be determined according to the Accounting Standards for Business
Annual Report 2025 of Goneo Group Co., Ltd.
Enterprises No. 7-Exchange of Non-monetary Assets.
The long-term equity investment controlled by the investee shall be accounted for by the cost
method; the long-term equity investment of associated enterprises and joint ventures shall be accounted
for by the equity method.
multiple transactions
(1) Principles for determining whether or not a transaction is a "package deal"
Multiple transactions for disposing of equity investments in subsidiaries until losing control, the
Company evaluates whether such step-by-step transactions constitute a "package deal" based on the
terms, conditions, disposal prices obtained separately, recipients of the equity sold, disposal methods,
and timing of each step of the transactions, taking into consideration their mutual influence. Terms,
conditions, and economic effects of transactions that meet one or more of the following criteria typically
indicate that the multiple transactions constitute a "package deal":
other transactions.
(2) Accounting treatment for transactions that are not "package deals"
For the disposal of long-term equity investments, the difference between the carrying value and the
actual price acquired shall be recorded into profit and loss of the period. For the remaining equity, if it
still has a significant impact on the investee or implements joint control with other parties, it shall be
accounted for by the equity method; if it is no longer possible to exercise control, joint control or
significant influence on the investee, accounting shall be carried out in accordance with the relevant
provisions of Accounting Standards for Business Enterprises No. 22-Recognition and Measurement of
Financial Instruments.
Before the loss of control right, the difference between the disposal price and the share of net assets
is continuously calculated by the subsidiary from the acquisition date or combination date corresponding
to the disposal of long-term equity investment shall be adjusted, and the capital reserve (capital premium)
shall be adjusted. If the capital premium is insufficient to offset, the retained earnings shall be offset.
In case of loss of control over the original subsidiary, the remaining equity shall be re-measured
according to its fair value on the date of loss of control. The aggregate of the consideration obtained by
disposing of the equity and the fair value of the remaining equity less the portion of the net assets of the
subsidiary that has been measured, as calculated at the original shareholding proportion, from the
acquisition date or combination date is recognized in profit and loss of the period on investments in
Annual Report 2025 of Goneo Group Co., Ltd.
which the control is lost, and goodwill shall be offset. Other comprehensive income, etc. related to the
original subsidiary’s equity investment will be converted into income from investment for the period
when the control is lost.
(3) Accounting treatment for transactions that are "package deals"
Each transaction is accounted for as a single disposal of a subsidiary and loss of control. However,
any difference between the disposal proceeds and the carrying value of the long-term equity investment
corresponding to the disposal investment is recognized in other comprehensive income in the individual
financial statements, and transferred to the profit or loss of the period when control is lost.
The Company treats each transaction as a transaction that disposes of a subsidiary and loses control.
However, the difference between each disposal price before losing control and the share of subsidiaries’
net assets corresponding to the disposed investment shall be recognized as other comprehensive income
in the consolidated financial statements, and shall be transferred into the profits and losses of the period
in case of loss of control.
Not applicable
(1). Recognition criteria
√ Applicable □ Not applicable
The fixed assets of the Company refer to tangible assets held for production of goods, provision of
labor services, lease or business with a service life of over a fiscal year. Fixed assets shall be recognized
when the economic benefits are flowing in and the cost can be measured reliably.
(2). Depreciation method
√ Applicable □ Not applicable
Depreciation Depreciable life Residual value Annual
Category
method (year) rate depreciation rate
Straight-line
Houses and
depreciation 20 3% 4.85%
buildings
method
Straight-line
Machinery
depreciation 4-10 3% 9.70%-24.25%
equipment
method
Straight-line
Means of
depreciation 2-10 3% 9.70%-48.50%
transportation
method
Straight-line
Electronic and
depreciation 2-10 3% 9.70%-48.50%
other equipment
method
Fixed assets Straight-line
fixtures depreciation
Annual Report 2025 of Goneo Group Co., Ltd.
method
√ Applicable □ Not applicable
measured reliably. The construction in progress is measured according to the actual cost incurred before
the construction of the asset reaches its intended serviceable condition.
into fixed assets based on its actual cost. For those that have reached their intended serviceable status but
have not yet completed the settlement, they shall be transferred to fixed assets according to the estimated
value, and the original provisional value shall be adjusted according to the actual cost after the final
accounts are completed, but the depreciation already accrued shall not be adjusted.
Category Standard and timing for transferring construction in progress to fixed assets
Buildings and
Transferred to fixed assets after completion inspection and fire inspection
constructions
Transferred to fixed assets after installation, commissioning, reaching the
Machinery equipment
intended usable state, and passing acceptance
Electronic and other Transferred to fixed assets after installation, commissioning, reaching the
equipment intended usable state, and passing acceptance
√ Applicable □ Not applicable
The borrowing costs that have occurred and can be directly attributed to the acquisition,
construction or production of assets eligible for capitalization are capitalized by the Company and
recorded in relevant cost of assets; other borrowing costs are recognized as expenses based on the
amount incurred when they occur, and shall be recorded in profit and loss.
(1) When all the following conditions are met by the borrowing costs, capitalization will start: 1)
asset expenditure has occurred; 2) borrowing costs have occurred; 3) acquisition, construction or
production activities have started in order to make the fixed asset be ready for the intended use or sale.
(2) If the acquisition, construction or production of an asset eligible for capitalization is
continuously suspended for over 3 months for abnormal reasons, capitalization of the borrowing costs
shall be suspended; borrowing costs incurred during the suspension shall be recognized as the current
expenses until the acquisition, construction or production of the asset is resumed.
(3) When the assets with the purchase, construction or production meeting the capitalization
conditions reach the expected available or marketable state, the borrowing cost ceases to be capitalized.
For a specifically borrowed fund for the acquisition, construction or production of an asset eligible
for capitalization, the amount of interest that shall be capitalized is determined based on the interest
Annual Report 2025 of Goneo Group Co., Ltd.
expenses incurred in the period when a specifically borrowed fund is obtained (including the
amortization of discounts or premiums recognized according to the effective interest method) less any
income earned on the unused borrowing fund as a deposit in a bank or as a temporary investment. Where
a general borrowing is used for the acquisition, construction and production of an asset eligible for
capitalization, the amount of interest that shall be capitalized is determined by multiplying the part of the
accumulative asset disbursements in excess of the weighted average asset disbursement for the
specifically borrowed fund by the capitalization rate of the general borrowing used.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Service life and determination basis, estimation, amortization method or review process
√ Applicable □ Not applicable
the expected method to realize economic benefits relating to the intangible assets. Where the expected
realization method cannot be reliably determined, Straight-line Amortization Method is adopted. The
details are as follows:
Service life and basis
Item Amortization method
for determination
Land use right Duration of land use Straight line method
Software use right 2-5 Straight line method
(2) Scope of R&D expenditures and related accounting treatment
√ Applicable □ Not applicable
(1) Personnel costs
Personnel costs include the salaries, basic pension insurance, basic medical insurance,
unemployment insurance, work injury insurance, maternity insurance, and housing provident fund for
the Company’s R&D personnel, as well as the labor costs for outsourced R&D personnel.
When R&D personnel serve multiple research and development projects simultaneously, the
personnel costs are confirmed based on the work hour records provided by the Company’s management
department for each research and development project, and the costs are proportionally allocated across
different R&D projects.
Annual Report 2025 of Goneo Group Co., Ltd.
For personnel directly engaged in R&D activities, or outsourced R&D personnel who are
simultaneously engaged in non-R&D activities, the Company allocates the actual personnel costs based
on the work hour records in different positions, using reasonable methods such as the actual work hour
percentage, and allocates them between R&D expenses and operating expenses.
(2) Direct input costs
Direct input costs refer to actual expenses incurred by the Company in carrying out research and
development activities. These include: 1) Directly consumed materials, fuel, and power costs; 2) Costs
related to molds, process equipment development, and manufacturing used for intermediate testing and
product trial production; costs for non-fixed assets such as samples, prototypes, and general testing
equipment; testing costs for trial products; and 3) Costs related to the operation, maintenance,
adjustment, inspection, testing, and repair of instruments and equipment used in research and
development activities.
(3) Depreciation and long-term deferred expenses
Depreciation costs refer to the depreciation of instruments, equipment, and buildings used in
research and development activities.
For instruments, equipment, and buildings used in R&D activities and simultaneously used in
non-R&D activities, necessary records are kept of the usage of these assets, and the actual depreciation
incurred is allocated proportionally between R&D expenses and operating expenses based on factors
such as actual work hours and area used.
Long-term deferred expenses refer to costs incurred during the remodeling, refurbishment, and
repair of R&D facilities. These expenses are collected based on actual expenditures and amortized
evenly over the prescribed period.
(4) Amortization of intangible assets
Amortization of intangible assets refers to the amortization of software, intellectual property, and
non-patent technologies (such as proprietary technology, licenses, designs, and calculation methods)
used in research and development activities.
(5) Design costs
Design costs refer to expenses incurred in the conception, development, and manufacturing of new
products and new processes, as well as in the design of processes, technical specifications, and
operational characteristics. This includes expenses related to creative design activities aimed at
developing innovative, creative, and breakthrough products.
(6) Equipment debugging and testing costs
Equipment debugging costs refer to expenses incurred during the preparation of production tools
for research and development activities. These include the costs of developing special or customized
production machinery, changing production and quality control procedures, or developing new methods
and standards.
Routine equipment preparation and industrial engineering for mass production and
commercialization are not included in the scope of collection.
Annual Report 2025 of Goneo Group Co., Ltd.
Testing costs include clinical trial costs for new drug development, on-site testing costs for
exploration and development technology, field trial costs, etc.
(7) External research and development costs
External research and development costs refer to expenses incurred by the Company when
commissioning domestic or foreign institutions or individuals to conduct research and development
activities (with the research and development results owned by the Company and closely related to its
main business activities).
(8) Other costs
Other costs refer to other expenses directly related to research and development activities,
excluding the above-mentioned expenses. This includes costs for technical books and materials,
translation fees, expert consulting fees, high-tech R&D insurance, costs for searching, reviewing,
evaluating, certifying, and accepting R&D results, intellectual property application, registration, and
agency fees, as well as meeting expenses, travel expenses, communication fees, etc.
in the research phase of internal R&D projects are recognized as expenses in the period. Expenditures in
the development phase of internal R&D projects are recognized as intangible assets if they meet the
following conditions: (1) The intangible asset is technically feasible for use or sale; (2) There is an
intention to complete the intangible asset and use or sell it; (3) The intangible asset will generate
economic benefits, including evidence that products produced using the intangible asset have a market,
or the intangible asset itself has a market. If the intangible asset will be used internally, its usefulness
must be demonstrated; (4) The Company has sufficient technical, financial, and other resources to
complete the development of the intangible asset and the ability to use or sell it; (5) The expenditures
attributed to the development phase of the intangible asset can be reliably measured.
Internal Research and Development Projects:
√ Applicable □ Not applicable
For long-term equity investments, fixed assets, construction in progress, right-of-use assets,
long-term assets with limited service life and other long-term assets, if there are signs of impairment on
the balance sheet date, the recoverable amount shall be estimated. Goodwill and intangible assets with
uncertain service life formed by business combinations are tested for impairment every year regardless
of whether there are signs of impairment. Goodwill is tested for impairment in conjunction with the asset
group or combination of asset groups to which it relates.
If the recoverable amount of the above-mentioned long-term assets is lower than its carrying value,
the asset impairment reserve shall be recognized according to the difference and recorded in profit and
loss of the period.
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
Long-term prepaid expenses are accounted for all expenses that have been paid and have an
amortization period of more than one year (excluding one year). The long-term prepaid expenses are
accounted for according to the actual amount incurred and are amortized averagely over the benefit
period or the specified period. If the long-term deferred expenses item cannot bring benefit in the
subsequent accounting period, the amortized value of the item that has not been amortized will be
transferred to the profit or loss for the period.
√ Applicable □ Not applicable
The Company presented contract assets or contract liabilities on the balance sheet in accordance
with the relationship of performance obligations and customer payment. The Company will set off the
contract assets and contract liabilities under the same contract and present them in net amount.
The right of the Company to receive consideration from its customers unconditionally (i.e. only
depending on the passage of time) is presented as receivables, and the right to receive consideration for
goods transferred to its customers (depending on factors other than the passage of time) is presented as
contract assets.
The obligations of transferring goods to customers as a result of the consideration that the Company
had received or shall receive from customers were presented as contract liabilities.
(1) Accounting treatment methods of short-term remuneration
√ Applicable □ Not applicable
Within the accounting period when employees provide service, the actual short-term remuneration
shall be recognized as liabilities and be recorded in profit and loss of the period or relevant asset costs.
(2) Accounting treatment method for post-employment benefits
√ Applicable □ Not applicable
The Company classifies post-employment benefit plans into the defined contribution plan and the
defined benefit plan.
(1) During the accounting period in which the employees provide services to the Company, the
amount to be contributed as calculated according to the defined contribution plan is recognized as a
liability and recorded in the profit or loss for the period or the related asset costs.
(2) The accounting handling of the defined benefit plan usually includes the following steps:
are estimated by using unbiased and mutually compatible actuarial assumptions, the obligations under
the defined benefit plan are measured, and the periods to which relevant obligations are attributed are
Annual Report 2025 of Goneo Group Co., Ltd.
determined. Meanwhile, the Company will discount the obligations incurred from a defined benefit plan,
to determine present value of defined benefit plan and current service cost.
the fair value of assets of the defined benefit plans is recognized as one net liabilities or net profits of the
defined benefit plans. If the defined benefit plans have a surplus, the Company shall measure the net
profit of the defined benefit plans according to whichever is lower between the surplus and upper limit
on the assets of the defined benefit plans.
recognized as service cost, net interest arising from the net liabilities and net assets of the defined benefit
plan, and changes in the net liabilities or net assets of the remeasured defined benefit plan. Of which, the
net interest arising from the net liabilities or net assets of the defined benefit plan is recorded in profit
and loss of the period or related asset cost, and changes in the net liabilities or net assets of the
remeasured defined benefit plan are recorded in other comprehensive income, and is not written-back to
profits and losses in subsequent accounting periods. But these amounts recognized in other
comprehensive income can be transferred within the scope of equity.
(3). Accounting treatment method for dismissal benefits
√ Applicable □ Not applicable
If the Company provides the employee with dismissal benefits, the Company shall recognize the
employee remuneration liabilities and record them in profit or loss for the period on the following dates
(whichever is earlier): (1) the date when the Company may not unilaterally withdraw dismissal benefits
provided due to termination of labor relationship plans or layoff proposals; (2) the date when the
Company recognizes costs or expenses relating to the restructure of payments of dismissal benefits.
(4). Accounting treatment method for other long-term employee benefits
√ Applicable □ Not applicable
If other long-term benefits provided by the Company to employees meet the conditions of the
defined contribution plan, accounting treatment shall be carried out according to the relevant provisions
of defined contribution plan. Except for that, the other long-term benefits shall be subject to the
accounting handling according to the defined benefit plan. To simplify the related accounting treatment,
employee compensation cost incurred in the defined benefit plan is recognized as service costs. Net
interests of net liabilities or net assets of other long-term employee benefits, as well as the total net
amount of changes caused by re-measurement of net liabilities or net assets of other long-term employee
benefits, will be recorded in profit and loss of the period or the related asset costs.
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
The Company’s share-based payment includes equity-settled share-based payment and cash-settled
share-based payment.
share-based payment plans
(1) Equity-settled share-based payment
For an equity-settled share-based payment in return for services of employees, if the right can be
exercised immediately after the grant, the fair value of the equity instruments shall, on the grant date, be
recorded in the relevant costs or expenses and the capital reserve shall be adjusted accordingly. For an
equity-settled share-based payment in return for employee services, if the right cannot be exercised only
after completing the service during the vesting period or meeting the prescribed performance conditions,
then on each balance sheet date within the vesting period, the services acquired in the period shall, based
on the best estimate of the number of vested equity instruments, be recorded in the relevant costs or
expenses at the fair value of the equities instruments on the grant date, and the capital reserve shall be
increased accordingly.
For an equity-settled share-based payment in return for the service of any other party, if the fair
value of the service of any other party can be reliably measured, it shall be measured at the fair value of
the service of any other party on the acquisition date; if the fair value of the service of any other party
cannot be reliably measured, but the fair value of the equity instruments can be reliably measured, it
shall be measured at the fair value of the equity instruments on the acquisition date and recorded in the
relevant costs or expenses, and the owner’s equity shall be increased correspondingly.
(2) Cash-settled share payment
For a cash-settled share-based payment in return for services of employees, if the right can be
exercised immediately after the grant, the fair value of liabilities assumed by the Company shall, on the
grant date, be recorded in the relevant costs or expenses and the liabilities shall be increased accordingly.
For a cash-settled share-based payment, if the right cannot be exercised only after completing the service
during the vesting period or meeting the prescribed performance conditions, on each balance sheet date
within the vesting period, the services acquired in the period shall, based on the best estimate of the
information about the vesting right, be recorded in the relevant costs or expenses and the corresponding
liabilities at the fair value of the liabilities assumed by the Company.
(3) Modification and termination of share-based payment plans
If the modification increases the fair value of the granted equity instruments, the Company shall
recognize the increase of the services acquired according to the increase of the fair value of the equity
instruments. If the modification increases the number of the granted equity instruments, the Company
shall recognize the increased fair value of equity instruments as the increase of the services acquired. If
the Company modifies the vesting conditions in a way that is favorable to employees, the Company shall
Annual Report 2025 of Goneo Group Co., Ltd.
consider the modified vesting conditions when processing vesting conditions.
If the modification reduces the fair value of the granted equity instruments, the Company shall
continue to recognize the amount of the service acquired based on the fair value of the equity
instruments on the grant date, and shall not consider the decrease of the fair value of the equity
instruments. If the modification reduces the number of equity instruments, the Company shall process
equity instruments by reducing some of them as the cancellation of the granted equity instruments. If the
vesting conditions are modified in a way that is unfavorable to employees, the Company shall not
consider the modified vesting conditions when processing vesting conditions.
If the Company cancels the granted equity instruments or settles the granted equity instruments (not
including those canceled due to failure to meet vesting conditions) during the vesting period, the
cancellation or settlement shall be processed as the vested right and the amount to be recognized within
the remaining vesting period originally shall be recognized immediately.
□ Applicable √ Not applicable
(1). Accounting policy for recognition and measurement of revenue by type of business
√ Applicable □ Not applicable
On the commencement date of a contract, the Company shall assess the contract, identify each
single performance obligation in the contract, and determine that each single performance obligation is
satisfied whether within a certain period of time or at a certain point in time.
When one of the following conditions is met, it belongs to fulfilling the performance obligation
within a certain period of time, otherwise, it belongs to fulfilling the performance obligation at a certain
point in time: (1) The customer obtains and consumes the economic benefits brought by the Company’s
performance while the Company performs the obligation; (2) The customer can control the goods under
construction during the performance of the Company; (3) The goods produced during the performance
of the Company have irreplaceable uses, and the Company has the right to collect amount for the
cumulative performance completed so far during the whole contract period.
For the performance obligations performed within a certain period of time, the Company recognizes
the revenue according to the performance progress within that period of time. When the performance
progress cannot be reasonably determined, if the cost incurred is expected to be compensated, the
revenue shall be recognized according to the amount of the cost incurred until the performance progress
can be reasonably determined. For performance obligations performed at a certain point in time, revenue
is recognized at the time when the customer obtains control over related goods or services. To decide
whether the customer has obtained the control over goods, the Company takes into account the following
signs: (1) the enterprise has the present right to collection for the goods, meaning the customer bears the
Annual Report 2025 of Goneo Group Co., Ltd.
present obligation to payment for the goods; (2) the enterprise has passed the legal title to the goods to
the customer, meaning the customer has had the legal title to the goods; (3) the enterprise has transferred
the physical possession of the goods to the customer, meaning the customer has had the physical
possession of the goods; (4) the enterprise has transferred the major risks and remunerations concerning
the title to the goods to the customer, meaning the customer has obtained the major risks and
remunerations concerning the title to the goods; (5) the customer has accepted the goods; (6) other signs
to show that the customer has obtained the control over the goods.
(1) The Company measures revenue on the basis of the transaction price allocated to each
performance obligation. Transaction price is the amount of consideration that the Company is expected
to be entitled to receive for transferring goods or services to customers, excluding the amount received
on behalf of third parties and the amount expected to be refunded to customers.
(2) If there is variable consideration in a contract, the Company shall determine the best estimate of
the variable consideration according to the expected value or the most likely amount, but the transaction
price including the variable consideration shall not exceed the amount that the cumulative recognized
income will most likely not be significantly written-back when the relevant uncertainty is eliminated.
(3) If there is a significant financing component in a contract, the Company shall determine the
transaction price according to the amount payable in cash when the customer assumes control of the
goods or services. The difference between the transaction price and the contract consideration shall be
amortized by the effective interest rate method during the contract period.
(4) If a contract contains two or more performance obligations, the Company shall allocate the
transaction price to each single performance obligation according to the relative proportion of the single
selling price of the goods promised by each single performance obligation on the commencement date of
the contract.
The Company mainly sells adapters, wall switches and sockets, LED lighting, digital accessories,
and new energy products.
(1) The specific time points for revenue recognition of various domestic sales methods of the
Company
the distributor receives the goods.
goods and publishes the information on the quantity and amount of goods received on its supplier
platform, the Company recognizes the revenue when it completes the reconciliation. For sales by
opening an online shop on the e-commerce platform, the Company recognizes the revenue when the
customer receives the goods and confirms such receipt on the e-commerce platform. For offline direct
sales to customers in Shanghai, etc., the Company recognizes the revenue when the goods are delivered
to the customer.
Annual Report 2025 of Goneo Group Co., Ltd.
list.
(2) The Company recognizes its revenue when it has completed the customs declaration formalities
and obtained the bill of lading.
(2) Different recognition and measurement methods for revenue for different business models
adopted in the same type of business
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Assets related to contract costs include costs of obtaining a contract and costs to fulfill a contract.
The Company recognizes as an asset the incremental costs of obtaining a contract if it expects to
recover those costs. The costs of obtaining a contract shall be included in profit or loss if the asset’s
amortization period is one year or less.
If the costs incurred in fulfilling a contract are not within the scope of standards related to
inventories, fixed assets or intangible assets, etc., the Company shall recognize the costs to fulfill a
contract as an asset if all the following criteria are satisfied:
materials, manufacturing overhead cost (or a similar cost), costs that are explicitly chargeable to the
customer under the contract, and other costs that are only related to the contract.
obligations in the future.
An asset related to contract costs shall be amortized on a systematic basis that is consistent with
related goods or services and included in profit or loss.
The Company shall make provision for impairment and recognize it as impairment losses on assets
to the extent that the carrying amount of an asset related to the contract costs exceeds the remaining
amount of consideration that the Company expects to receive in exchange for the goods or services to
which the asset relates less the costs expected to be incurred. If the remaining amount of consideration
that the Company expects to receive in exchange for the goods or services to which the asset relates
minus the costs expected to be incurred is higher than the carrying amount of the asset due to the
subsequent changes in the factors of impairment in previous periods, the asset impairment provisions set
aside should be reversed and included in profit and loss of the period. However, the carrying amount of
the asset upon the reversal should not exceed the carrying amount of the asset on the reversal date,
supposing that impairment provisions are not set aside.
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
able to satisfy all the conditions attached to such government grant; (2) The Company is able to receive
the grants from the government. Government grants were measured at the amount received or receivable
if they were monetary assets. Non-monetary government grants were measured at fair value; if the fair
value could not be reliably obtained, they were measured at the nominal amount.
Government documents stipulate that government grants used to purchase, build or otherwise form
long-term assets are classified as government grants related to assets. If the government documents
concerning a government grant do not specify the target of the grant, it should be determined based on
the basic conditions that must be met in order to receive the grant, and government grants which are
conditional upon a long-term asset acquired, constructed or otherwise formed are classified as
asset-related government grants. Government grants related to assets are used to offset carrying value of
assets or are recognized as deferred income. If recognized as deferred income, government grants related
to assets shall be recorded in the profit and loss in stages in a reasonable and systematic manner within
the useful life of the relevant asset. Government grants measured at nominal amount were directly
recognized as profit or loss for the period. If the underlying assets were sold, transferred, scrapped, or
damaged before the end of the useful life, the unallocated balance of the relevant deferred income was
transferred to the profit or loss for the period of assets disposal.
Government grants other than government grants related to assets were classified as government
grants related to income. For government grants, including both asset-related parts and income-related
parts that are difficult to be distinguished, overall government grants shall be classified as government
grants related to income. Government grants related to income shall be recognized as deferred income if
they are used to compensate related future expenses or losses and recorded in profit and loss of the
period during the period when relevant expenses are recognized, or shall be recognized as current profit
and loss or offset the related costs if they are used to compensate related expenses or losses incurred.
relevant costs according to the substance of business activities. Government grants that are not related to
daily activities are recognized as non-operating income and expenses.
(1) If the fiscal system allocated the funds of interest subsidies to the lending bank, and the lending
bank provided loans to the Company at a policy prime interest rate, the actual loan amount received by
the Company was recognized as the carrying value of the loan, and the relevant borrowing costs were
calculated in accordance with the loan principal and the policy prime interest rate.
(2) If the fiscal system allocated the funds of interest subsidies to the Company directly, the
Company reduced the corresponding interest subsidies against relevant borrowing costs.
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(the difference between the tax base and the carrying value, where tax bases of items that are not
recognized as assets and liabilities can be determined according to the tax law), deferred income tax
assets or deferred income tax liabilities are recognized in accordance with the applicable tax rates during
the expected period in which such assets are to be recovered or such liabilities are to be settled.
that is likely to be obtained and deducted from deductible temporary difference. On the balance sheet
date, if there is conclusive evidence that it is probable that sufficient taxable income will be available to
offset the deductible temporary differences in the future, the deferred income tax assets that have not
been recognized in the previous accounting period shall be recognized.
determined that the Company is not Period likely to obtain adequate taxable income to offset benefits
from deferred tax assets, the carrying values of deferred tax assets are written down. Such write-downs
are reversed when it becomes probable that sufficient taxable income should be available.
loss of the period as income tax expenses or incomes, excluding the income taxes incurred in the
following circumstances: (1) Business combination; (2) Transactions or events directly recognized in the
owner’s equity.
offsetting when the following conditions are simultaneously met: (1) there is a legal right to settle
current income tax assets and current income tax liabilities on a net basis; (2) the deferred income tax
assets and deferred income tax liabilities are related to income taxes levied by the same tax authority on
the same taxable entity or are related to different taxable entities, but are not expected to reverse in the
future in each of the periods in which the deferred income tax assets and deferred income tax liabilities
are material; and the taxable entities involved intend to settle current income tax assets and current
income tax liabilities on a net basis. However, in each future period in which the deferred tax assets and
deferred tax liabilities are reversed, the taxable entity involved intends to either settle the current income
tax assets and current income tax liabilities on a net basis or to acquire the assets and settle the liabilities
at the same time.
√ Applicable □ Not applicable
Judgment criteria and accounting treatments for simplified treatments for short-term leases and
leases of low-value assets as lessee
√ Applicable □ Not applicable
not exceeding 12 months and excluding the purchase option as a short-term lease. Leases with lower
value when a single leased asset is a brand-new asset are identified as low-value asset leases. If the
Annual Report 2025 of Goneo Group Co., Ltd.
Company sublets or expects to sublet the leased assets, the original lease shall not be deemed as a
low-value asset lease.
The Company records the payments of short-term and low-value asset leases incurred during each
period of the lease term in the relevant asset costs or the profit or loss for the period by the straight-line
method.
The Company will recognize right-of-use assets and lease liabilities on the inception date of the
lease term, excluding the above short-term and low-value asset leases.
(1) Right-of-use assets
Right-of-use assets are initially measured at costs, including: 1) The initial measurement amount of
lease liabilities; 2) If there is a lease incentive for the lease payment paid on or before the start date of
the lease term, the relevant amount of the lease incentive already enjoyed shall be deducted; 3) Initial
direct expenses incurred by the lessee; 4) The expected cost to be borne by the lessee in order to
dismantle and remove the assets leased, restore original state of the place where the assets leased are in,
or restore the assets leased to the state stipulated in the lease terms.
The Company depreciates right-of-use assets on a straight-line/workload basis. If it is reasonably
certain that ownership of the leased asset(s) will be obtained at the end of the lease term, the Company
depreciates the leased asset(s) over its/their remaining service life. If it is not reasonably certain that the
ownership of the leasehold property will be obtained at the end of the lease term, the Company will
depreciate the leased asset(s) over the lease term or the remaining service life, whichever is shorter.
(2) Lease liabilities
On the start date of the lease term, the Company recognizes the present value of the outstanding
lease payments as lease liabilities. The Company regards the interest rate implicit in lease as the rate of
discount when calculating the present value of the lease payment. The incremental lending rate of the
lessee will be deemed as the rate of discount, if the interest rate implicit in lease cannot be confirmed.
The difference between the lease payment and its present value is regarded as an unrecognized financing
expense. Interest expense is recognized at the discount rate of the present value of the recognized lease
payment during each period of the lease term and is recorded in the profits and losses of the period.
Variable lease payments that are not recorded in the lease liabilities measurement are recorded in profits
and losses of the period when they are actually incurred.
After the start of the lease term, in case of any changes in actual fixed payment amount, the
expected payable amount of the guarantee residual value, the index or ratio used to determine the lease
payment amount, and the evaluation result or actual exercise of the purchase option, renewal option or
termination option, the Company will re-calculate the lease obligation using the present value of the
changed lease payment, and adjusts the carrying value of right-of-use assets accordingly. If the carrying
value of right-of-use assets has been reduced to zero, while lease liabilities still needs to be further
reduced, the remaining amount will be recorded in the profits and losses of the period.
The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in
Annual Report 2025 of Goneo Group Co., Ltd.
accordance with relevant provisions of the Accounting Standards for Business Enterprises No. 14 -
Income.
If the asset transfer in a sale and leaseback transaction is a sale, the Company measures the
right-of-use assets formed by the sale and leaseback based on the portion of the original asset’s carrying
value that is related to the use right acquired by the leaseback, and recognizes related gains or losses
only for the right transferred to the lessor.
If the asset transfer in a sale and leaseback transaction is not a sale, the Company continues to
recognize the transferred asset and at the same time recognizes a financial liability equivalent to the
transfer income, and conducts corresponding accounting treatment for the financial liability in
accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments.
Classification criteria and accounting treatments for leases as lessor
√ Applicable □ Not applicable
almost all risks and rewards related to the ownership of the leased assets into finance leases, except for
operating leases.
(1) Operating leases
The Company recognizes the lease payments receivable as rental earnings in each period within the
lease term on a straight-line basis. The initial direct costs related to the operating lease are capitalized,
amortized within the lease term on the same basis as the recognition of rental earnings, and included in
the profit or loss for the period. Variable lease payments obtained by the Company in relation to
operating leases that are not included in the lease receivable are included in the profit or loss for the
period when they are actually incurred.
(2) Finance leases
At the commencement date, the Company recognizes the finance lease payment receivable based
on the net investment in the lease (sum of the present value of unguaranteed residual value and lease
receipts that are not received at the commencement date, discounted by the interest rate implicit in the
lease), and derecognizes assets held under the finance lease. Variable lease payments not included in the
measurement of the net investment in the lease are charged as profit or loss in the periods in which they
are incurred.
The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in
accordance with relevant provisions of the Accounting Standards for Business Enterprises No. 14 -
Income.
If the asset transfer in a sale and leaseback transaction is a sale, the Company applies other
accounting standards for business enterprises to the accounting treatment for asset purchase, and
conducts corresponding accounting treatment for asset lease in accordance with the Accounting Standard
Annual Report 2025 of Goneo Group Co., Ltd.
for Business Enterprises No. 21 - Leases. If the asset transfer in a sale and leaseback transaction is not a
sale, the Company does not recognize the transferred asset, but recognizes a financial asset equivalent to
the transfer income, and conducts corresponding accounting treatment for the financial asset in
accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments.
√ Applicable □ Not applicable
(1) The hedging relationship is classified into fair value hedge, cash flow hedge and hedge of net
investment in foreign operations.
(2) For hedging that meets the following conditions, hedging accounting methods are used to deal
with it: 1) The hedging relationship is only composed of qualified hedging instruments and hedged
instruments; 2) At the beginning of hedging, the Company formally designated hedging instruments and
hedged items, and prepared written documents on hedging relationship and risk management strategies
and risk management objectives of the Company engaged in hedging; 3) The hedging relationship meets
the requirements of hedging effectiveness.
When the hedging meets the following conditions at the same time, the Company determines that
the hedging relationship meets the requirements of hedging effectiveness: 1) There is an economic
relationship between the hedged item and the hedging instrument; 2) Credit risk does not play a
dominant role in the value changes caused by the economic relationship between hedged items and
hedging instruments; 3) The hedging ratio of the hedging relationship is equal to the ratio of the number
of hedged items actually hedged by the Company to the actual number of hedging instruments, but does
not reflect the imbalance of the relative weights of hedged items and hedging instruments.
The Company continuously evaluates whether the hedging relationship meets the hedging
effectiveness requirements on and after the hedging start date. If the hedging relationship no longer
meets the requirements of hedging effectiveness due to the hedging ratio, but the risk management
objectives of the designated hedging relationship have not changed, the Company shall rebalance the
hedging relationship.
(3) Hedging accounting treatment
① Gain or loss arising from a hedging instrument shall be recorded in profit and loss of the period.
If the hedging instrument is used to hedge a non-trading equity instrument (or a component thereof) that
is chosen to be measured at fair value and whose changes are included in other comprehensive income,
the gains or losses arising from the hedging instrument are included in other comprehensive income.
② Gain or loss of a hedged item arising from hedged risk exposure shall be recorded in profit and
loss of the period and meanwhile the carrying value of the hedged item not measured at fair value shall
be adjusted. If a hedged item is classified as financial assets (or a component thereof) that are measured
at fair value and whose changes are recorded in other comprehensive income according to Article 18 of
Accounting Standards for Business Enterprises No.22-Recognition and Measurement of Financial
Instruments, its gains or losses due to hedged risk exposure are recorded in profit and loss of the period,
and its carrying value has been measured at fair value and will not be adjusted. If the hedged item is a
Annual Report 2025 of Goneo Group Co., Ltd.
non-trading equity instrument investment (or a component thereof) that the Company chooses to
measure at fair value and its changes are recorded in other comprehensive income, the gains or losses
arising from the hedged risk exposure are recorded in other comprehensive income, and its carrying
value has been measured at fair value and will not be adjusted.
If a hedged item is an unrecognized firm commitment (or a component thereof), the cumulative
changes in the fair value arising from hedged risk after the designation of hedging relationship shall be
recognized as an asset or liability, and the related gain or loss shall be recorded in profit and loss of the
respective periods. In case of acquiring assets or bearing liabilities for performing a firm commitment,
the initially recognized amount of the assets or liabilities shall be adjusted to include the cumulative
changes in the fair value of the recognized hedged item.
If a hedged item is a financial instrument (or a component thereof) at measured amortized cost, the
adjustment to the carrying value of the hedged item shall be amortized based on the actual interest rate
recalculated on the commencement date of amortization and recorded in profit and loss of the period. If
a hedged item is classified as financial assets (or a component thereof) that are measured at fair value
and whose changes are recorded in other comprehensive income according to Article 18 of Accounting
Standards for Business Enterprises No.22-Recognition and Measurement of Financial Instruments,
cumulative recognized hedging gains or losses are amortized in the same manner and recorded in profit
and loss of the period, but the carrying value of financial assets (or their components) is not adjusted.
① The part of the gain or loss of the hedging instrument that belongs to the effective hedging is
included in the other comprehensive income as a reserve for cash flow hedges, and the invalid part is
included in profit and loss of the period. The amount of reserve for cash flow hedges is recognized as the
absolute amount of the lower of the following two items: A. The cumulative gains or losses of hedging
instruments since hedging; B. The cumulative change in the present value of the estimated future cash
flows of the hedged item since hedging.
② If a hedged item is a forecast transaction and the forecast transaction leads the Company to
subsequently recognize a non-financial asset or non-financial liability, or the forecast transaction of the
non-financial asset or non-financial liability forms a recognized commitment to which fair value hedge
accounting is applicable, the original amount of reserve for cash flow hedges recognized in other
comprehensive income shall be transferred out and recorded in the initially recognized amount of such
non-financial asset or non-financial liability.
③ For other cash flow hedges, the amount of reserve for cash flow hedges originally included in
other comprehensive income is transferred out during the same period when the hedged expected
transaction affects the profit and loss, and is recorded in the profit and loss of the current profit.
The part of the gains or losses formed by hedging instruments that belong to effective hedging is
recognized as other comprehensive income, and when disposing of foreign operations, it is transferred
out and recorded in the profit and loss of the current profit. The part of the gains or losses resulting from
hedging instruments that belong to invalid hedging shall be recorded in profit and loss of the period.
Not applicable.
Annual Report 2025 of Goneo Group Co., Ltd.
new accounting standards or interpretations of the standards for the first time since 2025
□ Applicable √ Not applicable
□ Applicable √ Not applicable
VI Taxation
Major types of taxes and tax rates
√ Applicable □ Not applicable
Tax Tax basis Tax rate
Revenue from commodity sales and taxable services
calculated according to the tax law are the basic
VAT calculation of output tax. After deducting the amount
of input tax which is allowed to be deducted in the
period, the difference is the VAT payable.
Ad valorem tax: levied at 1.2% of the remaining value
after deducting 30% from the original value of the
Real estate tax 1.2%, 12%
housing property; Tax levied from rent: levied at 12%
of the rental income.
Urban
maintenance and Turnover tax paid 5%, 7% [Note 2]
construction tax
Enterprise 25%, 15%, 8.25%,
Amount of taxable income
income tax 15.83%, 20%, 22%, 17%
Educational fee Turnover tax paid 3%
Local educational
Turnover tax paid 2%
fee
[Note 1] The tax of the Company’s main products is levied at the tax rate of 13%, and VAT of
interest income is levied at the tax rate of 6%; VAT of the real estate rental income of subsidiaries
Banmen Electric Appliance and Shanghai Goneo is levied at a tax rate of 5% according to the simple
method; VAT of Lingbo Goneo’s real estate rental income is partly levied at a tax rate of 9% and partly
at 5% according to the simple method.
[Note 2] Electric Sales is levied at a tax rate of 7%, and other companies at a tax rate of 5%
Explanation of disclosure if different income tax rates apply to different corporate taxpayers
√ Applicable □ Not applicable
Name of taxpayer Income tax rate (%)
The Company 15
Ningbo Goneo 15
Goneo Photoelectric 15
Goneo Digital 15
Goneo Low Voltage 15
Intelligent Technology 15
Dalitek 15
Goneo HK 8.25
Goneo Germany 15.83
Goneo Vietnam 20
Annual Report 2025 of Goneo Group Co., Ltd.
Goneo Indonesia 22
Goneo Singapore 17
Other taxpayers except the above 25
√ Applicable □ Not applicable
Accreditation Authority in 2025 issued by the Office of the National Leading Group for the
Identification and Management of Innovation Companies on December 26, 2025, the Company was
identified as an innovation company in Ningbo in 2025, with a valid term of 3 years. Therefore, from
Ningbo City’s Accreditation Authority in 2024 issued by the National Innovation Company Certification
Management Task Force Office on December 24, 2024, Ningbo Goneo and Goneo Photoelectric passed
the innovation company review, and its qualification is valid for 3 years. From 2024 to 2026, Ningbo
Goneo and Goneo Photoelectric enjoy a preferential corporate income tax rate of 15%.
Reported by the Ningbo Municipal Accreditation Organization for Filing in 2023 issued by the Office of
the National Leading Group for the Identification and Management of Innovation Companies on 8
December 2023, Intelligent Technology and Goneo Low Voltage were recognized as Innovation
Companies in Ningbo in 2023, and Goneo Digital passed the Innovation Company review, with a valid
period of three years. As such, from 2023 to 2025, Intelligent Technology, Goneo Low Voltage, and
Goneo Digital enjoy a preferential corporate income tax rate of 15%.
Shanghai’s Accreditation Authority in 2025 issued by the National Innovation Company Recognition
Steering Taskforce Office on December 19, 2025, Dalitek was recognized as an innovation company in
Shanghai in 2025. From 2025 to 2027, Dalitek enjoys a preferential corporate income tax rate of 15%.
□ Applicable √ Not applicable
VII Notes to the Consolidated Financial Statements
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Cash on hand 5,641.58 23,396.58
Bank deposits 3,864,590,724.28 4,749,120,137.68
Other monetary assets 125,965,975.27 114,806,385.62
Interest receivable on
time deposits
Annual Report 2025 of Goneo Group Co., Ltd.
Total 4,167,319,154.36 5,020,380,352.96
Of which: Total
amount deposited 28,944,937.01 23,736,739.09
overseas
√ Applicable □ Not applicable
Unit: RMB
Reasons and basis for
Item Closing balance Opening balance
recognition
Financial assets at fair value
through profit or loss
Of which:
Banking WM products 508,500,000.00 434,000,000.00 /
Trust product 1,740,428,571.43 3,400,000,000.00 /
Asset management plan 8,337,500,000.00 5,381,000,000.00
Public fund 1,470,000,000.00
Total 12,056,428,571.43 9,215,000,000.00 /
Other information:
√ Applicable □ Not applicable
(1) Details of banking WM products
Bank Closing amount Opening amount
Agricultural Bank of China Limited,
Cixi Shiqiao Sub-branch
Industrial Bank Co., Ltd., Ningbo
Qiaocheng Sub-branch
Bank of Ningbo Co., Ltd., Cixi
Sub-branch
Total 508,500,000.00 434,000,000.00
(2) Details of trust products
Trust company Closing amount Opening amount
Shaanxi International Trust Co., Ltd. 930,000,000.00 1,340,000,000.00
Huaneng Guicheng Trust Co., Ltd. 530,428,571.43 140,000,000.00
COFCO Trust Co., Ltd. 280,000,000.00 1,080,000,000.00
Bridge Trust Co., Ltd. 350,000,000.00
China Railway Trust Co., Ltd. 250,000,000.00
China Fortune International Trust Co.,
Ltd.
Zhonghai Trust Co., Ltd. 50,000,000.00
Everbright Xinglong Trust Co., Ltd. 30,000,000.00
Total 1,740,428,571.43 3,400,000,000.00
(3) Asset management plan
Securities firm Closing amount Opening amount
Shanghai Everbright Securities Asset
Management Co., Ltd.
Shanghai Guotai Junan Securities Asset
Management Co., Ltd.
Sinolink Securities Asset Management
Co., Ltd.
Huafu Securities Co., Ltd. 881,000,000.00 880,000,000.00
Nanjing Securities Co., Ltd. 840,000,000.00 691,000,000.00
Founder Securities Co., Ltd. 700,000,000.00 750,000,000.00
CITIC Securities Company Limited 562,000,000.00
Huayuan Securities Co., Ltd. 500,000,000.00 420,000,000.00
Changjiang Securities Co., Ltd. 500,000,000.00
Annual Report 2025 of Goneo Group Co., Ltd.
China Securities Co., Ltd. 72,000,000.00
GF Asset Management (Guangdong)
Co., Ltd.
Haitong Futures Co., Ltd. 60,000,000.00
Changjiang Securities (Shanghai) Asset
Management Co., Ltd.
Southwest Securities Co., Ltd. 200,000,000.00
Soochow Securities Co., Ltd. 200,000,000.00
Total 8,337,500,000.00 5,381,000,000.00
(4) Public fund
Fund company Closing amount Opening amount
Bank of China Investment
Management Co., Ltd.
Fullgoal Fund Management Co., Ltd. 60,000,000.00
Total 1,470,000,000.00
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Hedge instruments - commodity future
contract
Total 12,044,802.44 10,010,725.00
Other information:
The Company hedged raw materials such as copper and plastic particles purchased, performed
accounting treatment as cash flow hedges, and recorded the profit on the book in the derivative financial
assets.
(1) Notes receivable listed by category
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bill
Commercial acceptance bill 229,607.28 20,716.39
Total 229,607.28 20,716.39
(2) Notes receivable in pledge at the end of the period
□ Applicable √ Not applicable
(3) Notes receivable endorsed or discounted by the Company at the end of the period and not
expired yet on the balance sheet date
□ Applicable √ Not applicable
(4) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Type Bad debt Carry Bad debt Carry
Gross amount Gross amount
provision ing provision ing
Annual Report 2025 of Goneo Group Co., Ltd.
Per Provis amou Provis amou
cen ion nt Perce ion nt
Amou Amou Amou
Amount tag perce ntage percen
nt nt nt
e ntage (%) tage
(%) (%) (%)
Bad debt
provision
establishe 100.0
d on an 0
individual
basis
Of which:
Trade 3,712, 3,712,
acceptanc 829.7 99.42 829.7
e notes 5 5
Bad debt
provision
establishe 100 12,08 229,6 21,80 1,090. 20,71
d on a .00 4.59 07.28 6.73 34 6.39
grouping
basis
Of which:
Trade
acceptanc 241,691.87 5.00 0.58 5.00
.00 4.59 07.28 6.73 34 6.39
e notes
Total 241,691.87 5.00 636.4 920.0 99.45
.00 4.59 07.28 0 6.39
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
√ Applicable □ Not applicable
Unit: RMB
Closing balance
Name Provision percentage
Gross amount Bad debt provision
(%)
Trade acceptance
receivable
Total 241,691.87 12,084.59 5.00
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of a note receivable with change in loss provision in the period:
□ Applicable √ Not applicable
(5) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Opening Changes for the period Closing
Type
balance Established Reversed Charged-off Other balance
Annual Report 2025 of Goneo Group Co., Ltd.
or /Written-off changes
transferre
d-back
Bad debt
provision
established -3,712,8
on an 29.75
individual
basis
Bad debt
provision
established
on a
grouping
basis
-3,712,8
Total 3,713,920.09 10,994.25 12,084.59
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(6) Notes receivable actually written off in the period
□ Applicable √ Not applicable
Of which, significant notes receivable written off:
□ Applicable √ Not applicable
A description of notes receivable written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 316,899,414.82 312,739,320.44
Within 1 year 316,899,414.82 312,739,320.44
Total within 1 year 316,899,414.82 312,739,320.44
Over 3 years 9,178,006.83 7,151,837.78
Over 5 years
Total 334,532,121.07 329,004,450.12
(2) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Type Closing balance Opening balance
Annual Report 2025 of Goneo Group Co., Ltd.
Bad debt Bad debt
Gross amount Gross amount
provision provision
Carry Carry
Provis Provis
ing ing
Perce ion Perce ion
Amou Amou amou Amou Amou amou
ntage perce ntage percen
nt nt nt nt nt nt
(%) ntage (%) tage
(%) (%)
Bad debt
provision
established 100.0 100.0
on an 0 0
individual
basis
Of which:
Bad debt
provision 329,7 22,40 307,3 323,5 23,45 300,1
established 10,98 98.56 0,545. 6.79 10,43 88,21 98.35 9,084. 7.25 29,12
on a grouping 4.36 76 8.60 4.11 72 9.39
basis
Of which:
Total 32,12 1,682. 8.14 10,43 04,45 5,320. 29,12
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
√ Applicable □ Not applicable
Unit: RMB
Closing balance
Name Provision percentage
Gross amount Bad debt provision
(%)
Within 1 year 316,899,414.82 15,844,970.74 5.00
Over 3 years 5,465,177.08 5,465,177.08 100.00
Total 329,710,984.36 22,400,545.76 6.79
Notes to bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of an account receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(3) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Opening Closing
Type Recover Transferred or Other
balance Established balance
ed or written-off chan
Annual Report 2025 of Goneo Group Co., Ltd.
reversed ges
Bad debt
provision
established on 23,459,084.72 833,477.09 1,892,016.05 22,400,545.76
a grouping
basis
Bad debt
provision 3,712
established on 5,416,236.01 4,307,929.05 ,829. 4,821,136.71
an individual 75
basis
Total 28,875,320.73 833,477.09 6,199,945.10 ,829. 27,221,682.47
Notes to other changes: Trade notes receivable became overdue and were not recovered; therefore, they
were transferred to accounts receivable during the period, for which a bad debt provision was established
on an individual basis.
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(4) Accounts receivable actually written off in the period
√ Applicable □ Not applicable
Unit: RMB
Item Amount written off
Accounts receivable written off 6,199,945.10
Of which, significant accounts receivable written off:
□ Applicable √ Not applicable
Of which, significant accounts receivable written off:
□ Applicable √ Not applicable
(5) Top five entities with respect to accounts receivable and contract assets
√ Applicable □ Not applicable
Unit: RMB
As % of
the closing
Closi
balance of
ng Closing balance of
total
Closing balance balan accounts Closing
accounts
Entity of accounts ce of receivable and balance of bad
receivable
receivable contr contract assets debt provision
and
act combined
contract
assets
assets
combined
Beijing Jingdong
Century Trading 84,686,894.89 84,686,894.89 25.32 4,234,344.74
Co., Ltd.
ALPHA. LTD 20,583,702.85 20,583,702.85 6.15 1,029,185.14
Zhejiang TMALL
Technology Co., 8,880,423.49 8,880,423.49 2.65 444,021.17
Ltd.
Annual Report 2025 of Goneo Group Co., Ltd.
PetroChina
Company Limited
Guangxi Sales
Branch
Shenzhen
Oushangte
Technology Co.,
Ltd.
Total 127,883,774.06 127,883,774.06 38.23 6,440,358.69
Other information:
□ Applicable √ Not applicable
(1) Contract assets
□ Applicable √ Not applicable
(2) Significant changes in the amount of carrying amount and the reason in the Reporting Period
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of a contract asset with change in loss provision in the period:
□ Applicable √ Not applicable
(4) Bad debt provision for contract assets in the period
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(5) Contract assets actually written off in the period
□ Applicable √ Not applicable
Of which, significant contract assets written off:
□ Applicable √ Not applicable
A description of contract assets written off:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Other information:
□ Applicable √ Not applicable
(1) Breakdown of receivables financing
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Bank acceptance notes 19,820,158.56 8,118,100.48
Total 19,820,158.56 8,118,100.48
(2) Receivables financing in pledge at the end of the period
□ Applicable √ Not applicable
(3) Receivables financing endorsed or discounted by the Company at the end of the period and not
expired yet on the balance sheet date
□ Applicable √ Not applicable
(4) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of a receivable financing with change in loss provision in the
period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(6) Receivables financing actually written off in the period
□ Applicable √ Not applicable
Of which, significant receivables financing written off
□ Applicable √ Not applicable
A description of receivables financing written off:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
(7) The changes of receivables financing in the period and the changes in fair value
□ Applicable √ Not applicable
(8) Other information
□ Applicable √ Not applicable
(1) Breakdown of prepayments by aging
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Aging
Amount Percentage (%) Amount Percentage (%)
Within 1 year 67,772,033.34 94.06 69,397,741.92 97.69
Over 3 years 74,565.53 0.10 73,602.53 0.10
Total 72,055,820.67 100.00 71,041,713.00 100.00
(2) Top five entities with respect to prepayments
√ Applicable □ Not applicable
Unit: RMB
As % of the closing
Entity Closing balance balance of total
prepayments
Hangzhou Alimama Software Service Co.,
Ltd.
Guangxi Jingdong Qingchuan E-commerce
Co., Ltd.
State Grid Zhejiang Electric Power Co., Ltd.
Cixi Power Supply Company
PDD Holdings Inc. 2,724,944.03 3.78
Tianjin Bohua Chemical Development Co.,
Ltd.
Total 39,210,713.84 54.41
Other information:
□ Applicable √ Not applicable
Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interests receivable
Dividends receivable
Other receivables 10,796,346.34 14,247,382.42
Total 10,796,346.34 14,247,382.42
Other information:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
Interest receivable
(1) Breakdown of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(4) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of an interest receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off in the period
□ Applicable √ Not applicable
Of which, significant interest receivable written off
□ Applicable √ Not applicable
A description of interest receivable written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(8) Significant dividends receivable aging over 1 year
□ Applicable √ Not applicable
(9) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(10) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of a dividend receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(11) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(12) Dividends receivable actually written off in the period
□ Applicable √ Not applicable
Of which, significant dividends receivable written off
□ Applicable √ Not applicable
A description of dividends receivable written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year
Of which: Sub-items within 1 year
Within 1 year (including 1 year) 7,179,570.29 10,343,176.91
Total within 1 year 7,179,570.29 10,343,176.91
Over 3 years 113,918,355.92 111,790,320.30
Annual Report 2025 of Goneo Group Co., Ltd.
Total gross amount 126,045,292.78 129,317,750.22
Less: Bad debt provision 115,248,946.44 115,070,367.80
Total carrying amount 10,796,346.34 14,247,382.42
(14) Breakdown by nature
√ Applicable □ Not applicable
Unit: RMB
Nature Closing gross amount Opening gross amount
Call money 110,000,000.00 110,000,000.00
Guaranteed deposit 12,161,853.41 13,537,117.90
Housing loan for employees 1,643,496.31 2,698,445.63
Others 2,239,943.06 3,082,186.69
Total gross amount 126,045,292.78 129,317,750.22
Less: Bad debt provision 115,248,946.44 115,070,367.80
Total carrying amount 10,796,346.34 14,247,382.42
(15) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Bad debt 12-month Lifetime expected Lifetime expected
Total
provision expected credit credit loss (without credit loss (with
loss credit impairment) credit impairment)
Balance of
January 1, 2025
Balance of
January 1, 2025 in 517,158.85 269,809.46 114,283,399.49 115,070,367.80
the period
- Transferred to
-187,758.91 187,758.91
Stage 2
- Transferred to
-476,875.34 476,875.34
Stage 3
- Transferred back
to Stage 2
- Transferred back
to Stage 1
Amount accrued
for the period
Amount
transferred-back
for the period
Amount
charged-off for the
period
Amount
written-off for the 171,000.00 171,000.00
period
Other changes
Balance as at
December 31, 358,978.52 375,517.82 114,514,450.10 115,248,946.44
Significant change in the gross amount of an other receivable with change in loss provision in the
period:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial instrument in the
period:
□ Applicable √ Not applicable
(16) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Reverse
Opening Charged-of Other
Type d or Closing balance
balance Established f/Written-o change
transferr
ff s
ed-back
Bad debt
provision
established on 110,500,000.00 110,500,000.00
an individual
basis
Bad debt
provision
established on 4,570,367.80 349,578.64 171,000.00 4,748,946.44
a grouping
basis
Total 115,070,367.80 349,578.64 171,000.00 115,248,946.44
Of which the bad debt provision recovered or transferred-back with significant amount during the
period:
□ Applicable √ Not applicable
(17) Other receivables actually written off in the period
□ Applicable √ Not applicable
Of which, significant other receivables written off:
□ Applicable √ Not applicable
A description of other receivables written off:
□ Applicable √ Not applicable
(18) Top five entities with respect to other receivables
√Applicable□Not applicable
Unit: RMB
As % of the
closing Nature of Closing balance
Entity Closing balance balance of other Aging of bad debt
total other receivable provision
receivables
Sunac Real
Over 3
Estate Group 110,000,000.00 87.27 Call money 110,000,000.00
years
Co., Ltd.
The Security Within 1
Intermediate deposit year
Annual Report 2025 of Goneo Group Co., Ltd.
People’s Court
of Hangzhou 1 to 2
City, Zhejiang years
Province
Changzhou
Pa’erlingke
Intelligent
Over 3
Lifting 1,099,532.00 0.87 Loans 1,099,532.00
years
Lighting
Equipment Co.,
Ltd.
Within 1
year
Beijing
Jingdong 50,000.00 0.04 5,000.00
Security years
Century
deposit 2 to 3
Trading Co., 150,000.00 0.12 75,000.00
years
Ltd.
Over 3
years
Jiangsu Within 1
Qianxihe Food year
Supply Chain Other
Management 61,883.20 0.05 6,188.32
years
Co., Ltd.
Total 115,875,817.47 91.94 / / 112,017,173.18
(19) Presentation in other receivables due to centralized management of funds
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Category of inventories
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Inventory Inventory
valuation valuation
allowances or allowances or
Item impairment impairment
Gross amount Carrying amount Gross amount Carrying amount
allowances for allowances
contract for contract
performance performance
costs costs
Raw materials 103,175,997.64 5,128,432.20 98,047,565.44 104,391,299.17 4,559,448.93 99,831,850.24
Work-in-progress 234,385,964.49 234,385,964.49 188,248,879.24 188,248,879.24
Finished goods 885,924,974.77 21,483,520.76 864,441,454.01 995,330,895.42 23,159,780.29 972,171,115.13
Goods in transit 343,028,388.99 343,028,388.99 232,759,929.45 232,759,929.45
Commissioned
products
Low-value
consumables
Packaging
material
Total 1,657,438,120.91 26,611,952.96 1,630,826,167.95 1,601,392,048.54 27,719,229.22 1,573,672,819.32
Annual Report 2025 of Goneo Group Co., Ltd.
(2) Data resources recognized as inventories
□ Applicable √ Not applicable
(3) Inventory valuation allowances and impairment allowances for contract performance costs
√ Applicable □ Not applicable
Unit: RMB
Increase in the period Decrease in the period
Item Opening balance Other Reversed or Other Closing balance
Established
s charged off s
Raw
materials
Finished
goods
Total 27,719,229.22 19,949,077.74 21,056,354.00 26,611,952.96
Reasons for charge-off/write-off of inventory valuation provisions in the period
√ Applicable □ Not applicable
Reasons for
The specific basis Reasons for charged-off
transferred-backing the
Item for determining the net the reserve for
reserve for inventory
realizable value inventory shrinkage
shrinkage
Realizable net value
determined by
Realizable net value of Inventory for which
deducting estimated
inventory for which impairment reserves
selling price of related
impairment reserves were previously
Raw materials finished products from
were previously recognized was
estimated cost to
recognized increased consumed/sold during
completion, estimated
during the period the period
selling expenses, and
related taxes
The net realizable value Realizable net value of Inventory for which
is determined by inventory for which impairment reserves
estimated selling price impairment reserves were previously
Finished goods
deducting the estimated were previously recognized was
selling expense and the recognized increased consumed/sold during
relevant taxes during the period the period
Inventory valuation allowances established on a grouping basis:
□ Applicable √ Not applicable
Basis for establishing inventory valuation allowances on a grouping basis:
□ Applicable √ Not applicable
(4) Note on closing balance of inventories containing the capitalized amount of borrowing costs
and the accounting standards and basis
□ Applicable √ Not applicable
(5) Notes of the amount of contract performance costs amortized for the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Current portion of debt investments
□ Applicable √ Not applicable
Current portion of other debt investments
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Contract acquisition costs
Refund costs receivable
Input VAT to be credited 37,362,023.02 62,597,492.77
Advance payment of enterprise
income tax
Total 44,356,990.92 124,773,108.67
(1) Debt investments
□ Applicable √ Not applicable
Changes in the impairment allowance for debt investments in the period
□ Applicable √ Not applicable
(2) Significant debt investments at the end of the period
□ Applicable √ Not applicable
(3) Provision for impairment
□ Applicable √ Not applicable
Significant change in the gross amount of a debt investment with change in loss provision in the period:
□ Applicable √ Not applicable
Basis for a significant increase in a provision for impairment and the credit risk of a financial instrument
in the period:
□ Applicable √ Not applicable
(4) Debt investments actually written off in the period
□ Applicable √ Not applicable
Of which, significant debt investments written off
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
A description of debt investments written off
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Other debt investments
□ Applicable √ Not applicable
Changes in the impairment allowance for other debt investments in the period
□ Applicable √ Not applicable
(2) Significant other debt investments at the end of the period
□ Applicable √ Not applicable
(3) Provision for impairment
□ Applicable √ Not applicable
Significant change in the gross amount of an other debt investment with change in loss provision in the
period:
□ Applicable √ Not applicable
Basis for a significant increase in a provision for impairment and the credit risk of a financial instrument
in the period:
□ Applicable √ Not applicable
(4) Other debt investments actually written off in the period
□ Applicable √ Not applicable
Of which, significant other debt investments written off
□ Applicable √ Not applicable
A description of other debt investments written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Long-term receivables
□ Applicable √ Not applicable
(2) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(3) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of a long-term receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial instrument in the
period:
□ Applicable √ Not applicable
(4) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(5) Long-term receivables actually written off in the period
□ Applicable √ Not applicable
Of which, significant long-term receivables written off:
□ Applicable √ Not applicable
A description of long-term receivables written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Long-term equity investments
□ Applicable √ Not applicable
(2) Impairment tests of long-term equity investments
□ Applicable √ Not applicable
(1) Other equity instrument investment
□ Applicable √ Not applicable
(2) Derecognition in the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Not applicable
Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Fixed assets 3,411,070,167.71 3,221,831,377.65
Fixed assets disposed of 8,652,078.97 2,473,423.02
Total 3,419,722,246.68 3,224,304,800.67
Other information:
□ Applicable √ Not applicable
Fixed assets
(1) Fixed assets
√ Applicable □ Not applicable
Unit: RMB
Electron
Building Machine Decorati
Transpor ic and
s and ry on of the
Item tation other Total
construc equipme fixed
vehicle equipme
tions nt assets
nt
I Gross amount:
period 826.27 237.88 5.79 40.14 51.57
(1) Purchased 55,388,311.18
(2) Transfer from 229,260, 88,733,9 45,492,6 64,959,1
construction in progress 370.96 19.24 24.30 45.97
(3) Increase from
business combination
period 06.13 5.89 83.18 4.74
(1) Disposal or 52,897,6 2,724,78 17,635,8 1,402,75
retirement 06.13 5.89 83.18 4.74
II Accumulated depreciation
period 561.58 398.48 0.30 47.61 51.76
Annual Report 2025 of Goneo Group Co., Ltd.
(1) Established 284,887,869.73
period 40.66 6.58 82.40 07
(1) Disposal or 43,936,7 2,660,61 17,334,2 677,071.
retirement 40.66 6.58 82.40 07
III Impairment allowances
period
(1) Established
period 23
(1) Disposal or 344,005.
retirement 23
amount 5,089.98 011.53 2.03 88.78 95.39 1
amount 5,825.29 032.37 5.85 94.89 79.25 5
(2) Fixed assets that are temporarily idle
□ Applicable √ Not applicable
(3) Fixed assets leased out under operating leases
√ Applicable □ Not applicable
Unit: RMB
Item Closing carrying amount
Buildings and constructions 3,344,656.31
(4) Fixed assets with pending ownership certificate
√ Applicable □ Not applicable
Unit: RMB
Reason for not obtaining
Item Carrying amount
ownership certificate
Information needs to be changed,
R&D centre and headquarters base
construction project
to be replaced
The 3# Factory in the Western Base of Delivered and procedures are in
the Company and ancillary works process
(5) Impairment tests of fixed assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Disposal of fixed assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Scrapped machinery equipment
yet to be completely disposed
Total 8,652,078.97 2,473,423.02
Breakdown
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Construction in progress
(1) Details of construction in progress
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
I I
m m
pa pa
ir ir
m m
en en
Item Carrying
Gross amount t Carrying amount Gross amount t
amount
al al
lo lo
w w
an an
ce ce
s s
Base construction
project for annual
output of 180
million sets of
LED lamps, R&D 124,245,609.36 124,245,609.36
centre and
headquarters base
construction
project
Huizhou Goneo
intelligent lighting
R&D and 120,419,957.56 120,419,957.56 86,456,688.60 86,456,688.60
manufacturing
base project
Ningbo Goneo
Longshan
Community 16,413,677.99 16,413,677.99
construction
project
Annual Report 2025 of Goneo Group Co., Ltd.
Base construction
project for annual
output of 410
million sets of
wall switches and
sockets
Information
technology 3,851,851.47 3,851,851.47
promotion project
Equipment to be
installed
Other
miscellaneous 10,629,345.76 10,629,345.76 27,661,414.45 27,661,414.45
projects
Total 174,048,890.55 174,048,890.55 316,734,623.80 316,734,623.80
(2) Changes in significant construction in progress during the period
√ Applicable □ Not applicable
Unit: RMB’0,000
Ot
he Of
Inter
r whic
est
Trans de Cum h:
Cumulat capit Fu
ferre cr ulati Capi
ive aliza nd
Openi d to ea Projec ve taliz
Increase project tion in
Projec Bud ng fixed se Closing t capit ed
in the investm rate g
t get balan assets s balance progre alize inter
period ent as % for so
ce in the in ss (%) d est
of the the ur
perio th inter in
budget peri ce
d e est the
od
pe peri
(%)
rio od
d
Base
constru
ction
project
for
annual
output
of 180
Ra
million
ise
sets of
LED 4,710.84 102.82
lamps,
nd
R&D
s
centre
and
headqu
arters
base
constru
ction
project
Huizho
u O
Goneo w
intellig 20,70 8,645.6 n
ent 2.37 7 fu
lighting nd
R&D s
and
Annual Report 2025 of Goneo Group Co., Ltd.
manufa
cturing
base
project
Ningbo
Goneo
O
Longsh
w
an
Commu 3,711.78 92.27
nity
nd
constru
s
ction
project
Base
constru
ction
project
for Ra
annual ise
output 1,679.5 1,878. 100.0 d
of 410 0 10 0 fu
million nd
sets of s
wall
switche
s and
sockets
Informa
Ra
tion
ise
technol
ogy 385.19 487.04 103.95
promoti
nd
on
s
project
Total 12,504.58 12,042.00 / / / /
(3) Impairment allowance for construction in progress
□ Applicable √ Not applicable
(4) Impairment tests of construction in progress
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Engineering materials
(5) Engineering materials
□ Applicable √ Not applicable
(1) Productive living assets measured using the cost model
□ Applicable √ Not applicable
(2) Impairment tests of productive living assets measured using the cost model
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(3) Productive living assets measured using the fair value model
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Oil and gas assets
□ Applicable √ Not applicable
(2) Impairment tests of oil and gas assets
□ Applicable √ Not applicable
(1) Right-of-use assets
√ Applicable □ Not applicable
Unit: RMB
Item Buildings and constructions Total
I Gross amount
(1) Rent 31,865,001.55 31,865,001.55
(1) Disposed amount 49,685,470.07 49,685,470.07
II Accumulated depreciation
(1) Accrued amount 17,743,951.02 17,743,951.02
(1) Disposed amount 29,474,757.98 29,474,757.98
III Impairment allowances
(1) Accrued amount
(1) Disposed amount
IV Carrying amount
(2) Impairment tests of right-of-use assets
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(1) Intangible assets
√ Applicable □ Not applicable
Unit: RMB
Non-p
atente
Patent d Patent and
Item Land use rights Software Total
rights techn know-how
ologie
s
I Gross amount
Opening 384,569,924.07 101,602,975.56 30,283,018.69 516,455,918.32
balance
Increase in the 357,249.12 357,249.12
period
(1)
Purchased
(2)
Developed
internally
(3)
Increase
through
business
combination
Decrease in 2,283,340.71 2,283,340.71
the period
(1)
Disposal
balance
II Accumulated amortization
Opening 61,802,370.26 91,586,025.36 30,283,018.69 183,671,414.31
balance
Increase in the 7,632,970.89 3,656,707.90 11,289,678.79
period
(1)
Established
Decrease in 2,283,340.71 2,283,340.71
the period
(1)
Disposal
Closing 69,435,341.15 92,959,392.55 30,283,018.69 192,677,752.39
balance
III Impairment allowances
Opening
Annual Report 2025 of Goneo Group Co., Ltd.
balance
Increase in the
period
(1)
Established
Decrease in
the period
(1)
Disposal
Closing
balance
IV Carrying amount
Closing
carrying
amount
Opening
carrying
amount
The proportion of intangible assets developed internally by the Company at the period-end to the closing
balance of intangible assets is 0.
(2) Data resources recognized as intangible assets
□ Applicable √ Not applicable
(3) Land use right with pending ownership certificate
□ Applicable √ Not applicable
(4) Impairment tests of intangible assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Gross amounts of goodwill
√ Applicable □ Not applicable
Unit: RMB
Decrease in the
Increase in the period
period
Investee or
Generated
item
Opening balance due to Closing balance
generating Dispos
business
goodwill al
combinatio
n
Dalitek 45,133,442.04 45,133,442.04
Suzhou 20,749,741.40 20,749,741.40
Annual Report 2025 of Goneo Group Co., Ltd.
Goneo
Total 65,883,183.44 65,883,183.44
(2) Impairment allowances for goodwill
√ Applicable □ Not applicable
Unit: RMB
Investee or Decrease in the
Increase in the period
item period
Opening balance Closing balance
generating
Established Disposal
goodwill
Dalitek 45,133,442.04 45,133,442.04
Suzhou
Goneo
Total 65,883,183.44 65,883,183.44
(3) Information on the asset group or combination of asset groups to which goodwill is
apportioned
□ Applicable √ Not applicable
Changes in the assets group or combination of assets groups
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(4) Approaches to calculating recoverable amounts
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□ Applicable √ Not applicable
The recoverable amount is determined by the present value of the forecasted future cash flow
□ Applicable √ Not applicable
The reason for the discrepancy between the foregoing information and the information used in the
impairment tests in prior years or external information
□ Applicable √ Not applicable
The reason for the discrepancy between the information used in the Company’s impairment tests in prior
years and the actual situation of those years
□ Applicable √ Not applicable
(5) Performance commitments and corresponding goodwill impairment
When goodwill is formed, there is a commitment to the results and the Reporting Period or the period
preceding the Reporting Period is within the commitment period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase in the Amortization in Other decreases Closing balance
Annual Report 2025 of Goneo Group Co., Ltd.
balance period the period
Special
Talent
Sharehold
ing Plan
Payment
for 1,128,745.06 1,012,952.76 1,762,243.42 379,454.40
fixtures
Total 35,929,973.15 21,921,601.68 17,417,500.74 2,297,425.36 38,136,648.73
Note: For details of Special Talent Shareholding Plans, please refer to Part VIII Financial
Statements-XV Share-based Payments-6. Others.
(1) Deferred income tax assets before offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Deductible Deductible
Deferred income Deferred income
temporary temporary
tax assets tax assets
differences differences
Discount on sale accrued
in advance
Unrealized profit of
internal transactions
Restricted share
incentive plan
Credit impairment loss 17,573,496.55 3,910,218.41 19,650,417.53 4,803,932.53
Asset impairment
allowances
Special Talent
Shareholding Plan
Lease liabilities 7,789,175.09 1,755,802.96 14,606,971.22 3,426,151.49
Deductible losses 179,371,406.44 44,842,851.62 98,541,352.03 24,635,338.01
Deferred income
Total 1,030,114,636.04 250,263,501.55 862,175,611.54 202,979,203.60
(2) Deferred income tax liabilities before offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Taxable Taxable
Deferred income Deferred income
temporary temporary
tax liabilities tax liabilities
differences differences
Increase in valuation of
assets obtained in a
business combination not
involving entities under
common control
Changes in the fair value
of other debt investments
Changes in the fair value
of other equity
Annual Report 2025 of Goneo Group Co., Ltd.
investments
Depreciation policy on
fixed assets subject to tax 572,832,516.93 102,601,259.21 479,182,131.12 86,237,454.95
variances
Gain and loss of hedge
instrument included in
the other comprehensive
income
Right-of-use assets 7,960,984.35 1,777,987.49 31,309,235.19 3,365,507.44
Total 580,793,501.28 104,379,246.70 510,491,366.31 89,602,962.39
(3) Deferred income tax assets or liabilities listed by net amount after offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Balance of Balance of
Offset amount of Offset amount of
deferred income deferred income
Item deferred income deferred income
tax assets and tax assets and
tax assets and tax assets and
liabilities after liabilities after
liabilities liabilities
offsetting offsetting
Deferred income tax
assets
Deferred income tax
liabilities
(4) Schedule of deferred income tax assets unrecognized
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Deductible temporary
differences
Deductible losses 277,760,618.30 254,808,078.88
Total 439,442,614.09 414,167,002.95
(5) Deductible losses on which deferred income tax assets were recognized will expire in the
following years
√ Applicable □ Not applicable
Unit: RMB
Year Closing balance Opening balance Remark
Total 277,760,618.30 254,808,078.88 /
Other information:
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Impa Impa
irme irme
Item Carrying
Gross amount nt Gross amount nt Carrying amount
amount
allow allow
ances ances
Contract
acquisition
costs
Contract
performanc
e costs
Refund
costs
receivable
Contract
assets
Prepayment
for
equipment
acquisition
Special
Talent
Shareholdin
g Plan
Total 26,503,614.44 26,503,614.44 49,032,961.07 49,032,961.07
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Ty
Type Conditio pe
Ite Condition
Carrying of n of Carrying of
m Gross amount Gross amount of
amount restric restrictio amount rest
restriction
tion n rict
ion
Mo Margin
Margin
neta deposits
Froze Fro deposits
ry 89,888,183.63 89,888,183.63 not 65,387,542.63 65,387,542.63
n zen not freely
asse freely
available
ts available
Not
es
rece
ivab
le
Inv
ento
ries
Of
whi
ch:
Annual Report 2025 of Goneo Group Co., Ltd.
Dat
a
reso
urce
s
Fix
ed
asse
ts
Inta
ngi
ble
asse
ts
Of
whi
ch:
Dat
a
reso
urce
s
Tot
al
(1) Category of short-term borrowings
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Borrowings secured by pledge 250,000,000.00
Borrowings secured by collateral
Borrowings secured by
guarantee
Unsecured borrowings 299,950,000.00 282,651,482.79
Interest payable on short-term
borrowings
Total 550,017,188.62 282,663,754.75
(2) Short-term borrowings overdue but not returned
□ Applicable √ Not applicable
Of which the significant overdue unpaid short-term borrowings are as follows:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(1) Breakdown of notes payable
□ Applicable √ Not applicable
(1) Breakdown of accounts payable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Payment for goods 2,234,474,423.08 2,064,677,344.90
Engineering equipment 199,581,929.76 272,023,559.39
Payment for expense 21,339,595.53 55,345,950.34
Total 2,455,395,948.37 2,392,046,854.63
(2) Significant accounts payable that are over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Presentation of advances from customers
□ Applicable √ Not applicable
(2) Significant advances from customers that are over one year or overdue
□ Applicable √ Not applicable
(3) Amount of significant changes in the carrying amount and the reason in the Reporting Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Details of contract liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Advance receipt of payment for
goods
Total 592,672,243.31 254,249,946.23
(2) Significant contract liabilities aging over one year
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(3) Amount of significant changes in the carrying amount and the reason in the Reporting Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Breakdown of employee benefits payable
√ Applicable □ Not applicable
Unit: RMB
Opening Increase in the Decrease in the
Item Closing balance
balance period period
I Short-term Benefits 369,562,330.86 2,093,807,085.93 2,113,107,353.61 350,262,063.18
II After-service
Benefits-defined 10,593,209.85 163,270,401.05 162,457,042.41 11,406,568.49
Contribution Schemes
III Severance Benefits 146,310.00 48,246,107.21 48,316,687.21 75,730.00
IV Other Benefits that
are due within 1 year
Total 380,301,850.71 2,305,323,594.19 2,323,881,083.23 361,744,361.67
(2) Breakdown of short-term benefits
√ Applicable □ Not applicable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
I Salaries, Bonuses,
Allowances and 360,827,882.04 1,871,382,357.55 1,888,668,056.02 343,542,183.57
Subsidies
II Staff welfare 64,389,021.76 64,389,021.76
III Social Insurance
Premiums
Of which: Medical
insurance premiums
Work-related
injury insurance 1,274,189.14 7,330,970.80 7,932,458.49 672,701.45
premiums
Maternity
insurance
IV Housing Allowance 733,042.00 60,684,109.77 61,348,805.77 68,346.00
V Labour Union
Expense and Employee 46,253.27 24,945,733.04 24,958,814.27 33,172.04
Education Budget
VI Short-term Paid
Absence
VII Short-term Profit
Sharing Plan
Total 369,562,330.86 2,093,807,085.93 2,113,107,353.61 350,262,063.18
(3) List of defined contribution plan
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase in the Decrease in the Closing balance
Annual Report 2025 of Goneo Group Co., Ltd.
balance period period
insurance premiums
payment
Total 10,593,209.85 163,270,401.05 162,457,042.41 11,406,568.49
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Enterprise income tax 286,940,857.17 270,018,312.65
VAT 100,821,316.10 71,367,580.37
Real estate tax 25,596,813.57 15,915,365.69
Disability allowance 9,052,032.94
Personal income tax 9,364,609.40 8,952,811.61
Stamp duty 5,931,222.48 6,055,452.11
Land use tax 4,973,630.45 4,848,982.55
Urban construction and
maintenance tax
Educational surcharges 3,140,437.87 2,134,422.01
Local educational fee 2,134,295.17 1,421,172.15
Vehicle and vessel use tax 15,943.41 15,943.41
Environmental protection tax 97.41
Total 444,248,807.75 393,467,635.29
(1) Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest payable
Dividends payable
Other payables
Discount on sale accrued in advance 480,541,415.38 301,883,645.65
Obligations of restricted stock
repurchase within one year
Security deposits 165,781,351.41 145,642,464.40
Accrued expenses 97,806,393.84 95,849,863.02
Temporary receipts and advances
payable
Total 828,846,841.77 639,246,264.15
Other information:
□ Applicable √ Not applicable
(2) Interest payable
Presentation by category
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Significant overdue unpaid interest
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Dividends payable
Presentation by category
□ Applicable √ Not applicable
(4) Other payables
Other payables listed by nature of account
□ Applicable √ Not applicable
Significant other accounts payable aging over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Current portion of long-term
borrowings
Current portion of bonds
payable
Current portion of long-term
payables
Lease obligation matured
within 1 year
Total 13,400,934.61 13,165,325.36
Other current liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Short-term bond payable
Refunds payable
Output VAT to be charged off 40,729,603.21 33,044,892.49
Total 40,729,603.21 33,044,892.49
Increase/decrease of the short-term bonds payable:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Other information:
□ Applicable √ Not applicable
(1) Classification of long-term borrowings
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Borrowings secured by pledge
Borrowings secured by collateral
Borrowings secured by guarantee
Unsecured borrowings 225,126,000.00
Total 225,126,000.00
Other information:
□ Applicable √ Not applicable
(1) Bonds payable
□ Applicable √ Not applicable
(2) Details of bonds payable (excluding the financial instruments divided as financial liabilities
such as preference shares, perpetual bonds and other financial instruments)
□ Applicable √ Not applicable
(3) Notes to convertible corporate bonds
□ Applicable √ Not applicable
Accounting treatment and judgment basis for equity conversion
□ Applicable √ Not applicable
(4) Other financial instruments classified as financial liabilities
Basic information about other outstanding financial instruments such as preference shares and perpetual
bonds at the end of the period
□ Applicable √ Not applicable
Changes of outstanding financial instruments such as preference shares and perpetual bonds at the end of
the period
□ Applicable √ Not applicable
A description of the basis for the classification of other financial instruments as financial liabilities
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Unit: RMB
Item Closing balance Opening balance
The amount of the lease payment
that has not yet been made
Less: Unrecognized financing
expenses
Total 12,231,497.99 18,791,925.77
Breakdown
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Long-term payables
(1) Long-term payables presented by nature
□ Applicable √ Not applicable
Specific payables
(2) Specific payables presented by nature
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Deferred income
√ Applicable □ Not applicable
Unit: RMB
Opening Increase in Decrease in the Reason for
Item Closing balance
balance the period period formation
Government Related to
grants assets
Total 63,551,756.57 7,590,794.19 55,960,962.38 /
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Contract liabilities
Obligations of restricted stock 83,610,954.76 95,355,810.02
Annual Report 2025 of Goneo Group Co., Ltd.
repurchase for over one year
Total 83,610,954.76 95,355,810.02
√ Applicable □ Not applicable
Unit: RMB
Increase/decrease in the period (+/-)
Opening Bonus Closing
Bonus issue
balance New issue balance
from capital Others Subtotal
issue from
reserves
profit
Total
shares
Other information:
by 516,863,527 shares and the share capital by RMB516,863,527.00.
period, the Company repurchased 1,048,989 shares of restricted shares, reducing the share capital by
RMB1,048,989.00.
(1) Basic information about other outstanding financial instruments such as preference shares and
perpetual bonds at the end of the period
□ Applicable √ Not applicable
(2) Changes of other outstanding financial instruments such as preference shares and perpetual
bonds at the end of the period
□ Applicable √ Not applicable
Changes of other equity instruments in the period, reasons thereof and basis of related accounting
treatment:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
Capital premium
(share premium)
Other capital
reserves
Total 3,284,401,753.57 165,375,360.28 783,376,094.08 2,666,401,019.77
Other information, including a description of the increase or decrease for the period and the reasons for
the change:
Annual Report 2025 of Goneo Group Co., Ltd.
RMB516,863,527.00 due to capitalization of capital reserves in the period; ②During the period, the
Company granted restricted shares and received RMB98,776,272.00 from the restricted share incentive
recipients, the Company decreased the treasury shares by RMB205,922,010.00 based on the repurchase
cost in the secondary markets, and deducted the share premium by RMB107,145,738.00 at the difference
between the repurchase cost in the secondary markets and the subscription amount received; ③During
the period, the Company implemented the 2025 Special Talent Shareholding Plan, and deducted the
share premium by RMB20,803,832.70 at the difference between the contribution money received of
RMB20,469,883.16 and the repurchase cost in the secondary markets of RMB41,273,715.86; ④The
Company repurchased restricted shares and deducted the share premium by RMB22,522,001.49 due to
the departure of employees participating in the restricted share incentive plan; ⑤During the period, the
Company acquired minority shareholding in Dalitek, and deducted the share premium by
RMB1,123,583.48 for the portion of the new shareholding ratio in the net assets of Dalitek that was
lower than the acquisition consideration; ⑥The restricted shares under Restricted Share Incentive Plans
were unlocked, the equity incentive expenditure of RMB114,917,411.41, recorded in other capital
reserves in the prior period, was reclassified to capital reserves (share premium).
conditions and service vesting period of the restricted shares, the Company recognized the share-based
payment cost, increasing other capital reserves by RMB29,549,299.95; ②The difference between the
grant cost and the fair value under the grant of 2025 Special Talent Shareholding Plan increased other
capital reserves by RMB20,908,648.92.
√ Applicable □ Not applicable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
Treasury shares 186,706,622.57 349,026,728.61 364,551,859.17 171,181,492.01
Total 186,706,622.57 349,026,728.61 364,551,859.17 171,181,492.01
Other information, including a description of the increase or decrease for the period and the reasons for
the change:
own stocks from the secondary market and recorded them in treasury shares worth RMB250,250,456.61;
the Company used the repurchased stocks for equity incentive, reducing the treasury shares worth
RMB205,922,010.00, and accrued the repurchase obligation, increasing the treasury shares worth
RMB98,776,272.00.
RMB79,643,445.22; Due to the departure of employees participating in the restricted share incentive
plan in the period, the Company repurchased the restricted shares, reducing the treasury shares worth
RMB23,570,990.49; and the dividend for the period includes locked-up restricted share incentives and
the cash dividend is revocable, resulting in a decrease in treasury shares worth RMB14,141,697.60.
worth RMB41,273,715.86.
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
Unit: RMB
Amount incurred in the period
Less: Less:
amount amount
previously previously
recognized recognized After-tax
Amount After-tax
in other in other amount
before Less: amount
Opening comprehe comprehe attributabl Closing
Item income Income attributabl
balance nsive nsive e to balance
tax tax e to the
income income non-contro
incurred in expense parent
and and lling
the period company
currently currently interests
transferred transferred
to profit or to retained
loss earnings
I Other
comprehe
nsive
income
that will
not be
reclassifie
d to profit
or loss
Of which:
Changes
caused by
remeasure
ments on
defined
benefit
schemes
Other
comprehe
nsive
income
that will
not be
reclassifie
d to profit
or loss
under the
equity
method
Change
s in the
fair value
of other
equity
investment
s
Change
s in the
fair value
arising
from
changes in
own credit
risk
II Other 21,880,91 48,708,98 48,708,98 70,589,89
comprehe 0.00 7.94 7.94 7.94
Annual Report 2025 of Goneo Group Co., Ltd.
nsive
income
that will
be
reclassifie
d to profit
or loss
Of which:
Other
comprehe
nsive
income
that will
be
reclassifie
d to profit
or loss
under the
equity
method
Change
s in the
fair value
of other
debt
investment
s
Other
comprehe
nsive
income
arising
from the
reclassific
ation of
financial
assets
Credit
impairmen
t
allowance
s for other
debt
investment
s
Reserve
for cash 22,624,01 49,866,00 49,866,00 72,490,01
flow 0.75 3.58 3.58 4.33
hedges
Differen
ces arising
from the
translation
-743,100.7 -1,157,015 -1,157,015 -1,900,116
of foreign
currency-d
enominate
d financial
statements
Total
other
comprehe
nsive
income
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
Statutory surplus
reserves
Discretionary
surplus reserves
Reserve funds
Enterprise
development funds
Others
Total 646,079,445.00 224,232,459.48 870,311,904.48
Notes, including changes and reason of change:
In accordance with the provisions of the Company Law and the Articles of Association, the Company
accrued the statutory surplus reserves based on 10% of the net profit of the parent company.
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Retained earnings as at the end of the
prior year before adjustment
Adjustment to opening retained
earnings (“+” for increase, “-” for
decrease)
Opening retained earnings after
adjustment
Add: Net profit attributable to owners
of the parent company in the period
Less: Appropriation to statutory
surplus reserves
Appropriation to discretionary
surplus reserves
Appropriation to general reserve
Dividends payable to ordinary
shareholders
Dividends for ordinary
shareholders that are converted to
share capital
Closing retained earnings 11,553,520,442.57 10,808,301,315.08
Specific adjustments to the opening retained earnings:
conducted according to the Accounting Standards for Business Enterprises and relevant new regulations.
policies.
accounting errors.
Annual Report 2025 of Goneo Group Co., Ltd.
scope arising from same control.
On May 15, 2025, the Company convened the 2024 Annual Meeting of Shareholders and approved
the profit distribution plan for 2024, based on the total share capital registered on the equity registration
date for the implementation of the equity distribution, a cash dividend of RMB24.00 (inclusive of tax)
was distributed to all shareholders for every 10 shares, totaling RMB3,101,181,160.80 in cash dividends.
(1) Operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item
Revenue Costs Revenue Costs
Principal
operations
Other
operations
Total 16,026,312,556.45 9,113,186,646.36 16,830,541,086.13 9,551,809,101.31
Of which:
Revenue
generated by 16,020,665,824.65 9,111,759,854.38 16,827,478,031.80 9,551,590,052.89
contracts with
customers
(2) Breakdown of operating revenue and cost of sales
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Notes to performance obligations
□ Applicable √ Not applicable
(4) Notes to apportion to the remaining performance obligation
□ Applicable √ Not applicable
(5) Significant contract changes or significant transaction price adjustments
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Consumption tax
Business tax
Urban maintenance and
construction tax
Educational surcharges 29,239,578.73 26,617,722.27
Local education surcharge 19,551,710.11 17,745,148.20
Annual Report 2025 of Goneo Group Co., Ltd.
Real estate tax 28,164,807.30 18,739,997.67
Environment protection tax 3,554.52 18,923.14
Land use tax 5,089,348.06 4,923,850.56
Vehicle and vessel use tax 35,099.84 37,842.24
Stamp duty 21,640,263.05 19,786,055.26
Total 153,528,704.49 133,178,077.07
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Marketing expense 547,229,128.76 593,987,443.21
Employee remuneration 434,575,762.57 432,451,737.67
Advertising expense 77,118,028.87 161,385,339.95
Travel expense 56,797,264.78 98,276,438.72
Administrative expense 60,690,405.40 73,883,454.97
Lease rental 1,933,088.13 2,297,837.11
Others 5,134,935.09 7,132,681.30
Total 1,183,478,613.60 1,369,414,932.93
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Employee remuneration 428,846,390.73 381,888,040.85
Share-based payments 45,204,557.27 122,973,177.90
Depreciation and amortization 109,312,698.87 67,049,662.72
Office expense 65,252,341.00 70,472,914.15
House and equipment maintenance expense 20,312,139.40 19,527,000.47
Tax 10,812,355.19
Consultant service expense 26,747,956.73 35,106,294.23
Lease rental 4,106,820.76 9,328,891.66
Business entertainment expense 8,155,734.52 6,637,806.75
Others 4,436,539.90 8,249,698.58
Total 712,375,179.18 732,045,842.50
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
R&D of adapters 285,937,646.56 344,152,810.63
R&D of wall switches and sockets 163,365,223.62 172,454,432.36
R&D of LED 82,235,030.47 86,804,015.70
R&D of digital accessories 32,629,181.99 42,650,804.84
R&D of electrical appliances 15,722,029.31 43,354,070.30
R&D of circuit breakers 21,955,614.78 24,503,039.77
R&D of smart door locks 4,139,300.24 13,024,172.14
R&D of smart lighting 7,741,056.44 8,831,095.12
R&D of electric power tools 30,238,700.19 9,735,774.31
Total 643,963,783.60 745,510,215.17
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Interest costs 16,216,500.05 17,642,919.79
Interest income -112,150,814.86 -135,627,737.79
Exchange profit and loss -2,174,931.25 -2,396,099.03
Auxiliary expense 1,597,476.94 2,537,838.44
Cash discount -174,439.97 -324,640.84
Total -96,686,209.09 -118,167,719.43
√ Applicable □ Not applicable
Unit: RMB
By nature 2025 2024
Government grants related to
income
Over-deduction in the
calculation of the taxable income 47,536,793.49 72,777,463.01
amount for value added tax
Return of auxiliary expense for
individual income tax withheld
Employment VAT reduction or
exemption for veterans and key 4,813,250.00 6,002,100.00
groups
Government grants related to
assets
Total 272,704,247.18 189,068,481.97
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Return on long-term equity investments
measured using the equity method
Income from the disposal of long-term
equity investments
Income derived during the period of
holding held-for-trading financial assets
Dividend income derived during the
period of holding other equity
investments
Interest income derived during the
period of holding debt investments
Interest income derived during the
period of holding other debt investments
Income from the disposal of
held-for-trading financial assets
Income from the disposal of other equity
investments
Income from the disposal of debt
investments
Income from the disposal of other debt
investments
Annual Report 2025 of Goneo Group Co., Ltd.
Income from debt restructuring
Return on investments in bank’s wealth
management products
Income from the disposal of financial
instruments
Of which: futures investments 14,187,137.16 8,316,155.00
Total 391,057,656.68 549,160,107.06
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Loss on bad debts of notes receivable
Bad debt loss of accounts receivable
Bad debt loss of other receivables
Impairment loss on investment in debt
obligations
Impairment loss on other investment in
debt obligations
Bad debt loss of long-term receivables
Impairment loss on financial guarantees
Bad debt loss -1,194,049.98 -3,043,247.87
Total -1,194,049.98 -3,043,247.87
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
I Impairment loss on contract assets
II Inventory valuation loss and
impairment loss on contract -19,949,077.74 -19,262,109.29
performance costs
III Impairment loss on long-term
equity investment
IV Impairment loss on investment
property
V Impairment loss on fixed assets
VI Depreciation loss of engineering
materials
VII Impairment losses on
construction in progress
VIII Impairment losses on productive
living assets
IX Impairment losses of oil & gas
assets
X Impairment losses on intangible
assets
Annual Report 2025 of Goneo Group Co., Ltd.
XI Impairment losses on goodwill -20,749,741.40
XII Others
Total -19,949,077.74 -40,011,850.69
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Gains on disposal of fixed assets -74,780.73 1,952,804.48
Gains on disposal of right-of-use
assets
Total 128,196.15 1,531,409.03
Details of non-operating income:
√Applicable□Not applicable
Unit: RMB
Amount recognized in
Item 2025 2024 exceptional gains and
losses
Total gains on the
disposal of
non-current assets
Of which: Gains on
the disposal of fixed
assets
Gains on
the disposal of
intangible assets
Gains on the swap of
non-monetary assets
Donations received
Government grants
Damages for
infringement and 1,762,429.18 2,962,011.37 1,762,429.18
contract breaching
Default revenue of
suppliers
Default revenue of
dealers
Payment not required
to be made
Others 169,507.89 232,831.15 169,507.89
Total 3,278,558.19 4,813,819.55 3,278,558.19
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Amount recognized in
Item 2025 2024
exceptional gains and
Annual Report 2025 of Goneo Group Co., Ltd.
losses
Total loss on the
disposal of 42,868.68 909,942.78 42,868.68
non-current assets
Of which: Loss on
the disposal of fixed
assets
Loss on the
disposal of intangible
assets
Loss on the swap of
non-monetary assets
Donations made 31,975,257.20 35,222,619.76 31,975,257.20
Amercement outlay 1,700.00 513,365.64 1,700.00
Compensation
expense
Others 20,891,981.12 935,237.25 20,891,981.12
Total 57,109,403.71 37,813,434.93 57,109,403.71
(1) Income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Current income tax expense 861,587,947.30 811,352,201.94
Deferred income tax expense -32,508,013.64 -72,192.44
Total 829,079,933.66 811,280,009.50
(2) Reconciliation between accounting profit and income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025
Gross profit 4,905,381,965.08
Income tax expense based on the
statutory/applicable tax rates
Effects of different tax rates of subsidiaries 112,891,806.54
Effects of adjustments to income tax of the prior
period
Effects of non-taxable income
Effects of non-deductible costs, expenses and
losses
Effects of the utilization of deductible losses on
which deferred income tax assets were 5,813,902.84
unrecognized in the prior period
Effects of deductible temporary differences or
losses on which deferred income tax assets are -4,074,294.27
unrecognized in the period
Effect of over-deduction in the calculation of the
-77,371,321.60
taxable amount in relation to R&D costs
Income tax expense 829,079,933.66
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
For details, please refer to the Note.
(1) Cash flows from operating activities
Cash generated from other operating activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Income from government subsidy 211,088,493.72 104,052,558.50
Deposit received 175,361,843.10 218,928,487.13
Interest income 8,012,450.42 24,766,000.23
Return of housing loan for employees 1,448,650.75 1,241,052.00
Others 4,953,473.97 6,157,345.24
Total 400,864,911.96 355,145,443.10
Cash used in other operating activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Out-of-pocket expense 793,304,945.88 1,034,430,955.52
Deposit payment 202,991,326.00 150,894,432.92
Donation expenditure 31,975,257.20 35,222,619.76
Housing loan for employees 300,000.00
Others 32,672,282.28 15,406,438.12
Total 1,061,243,811.36 1,235,954,446.32
(2) Cash flows from investing activities
Cash generated from important investing activities:
□ Applicable √ Not applicable
Cash used in important investing activities:
□ Applicable √ Not applicable
Cash generated from other investing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Redemption of investments such as
bank wealth management
Return of margin 224,005,302.42 127,981,411.81
Total 18,215,867,956.25 18,922,934,976.07
Cash used in other investing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Investment expenditure such as bank
wealth management
Payment for futures margin 196,854,141.77 143,545,304.87
Total 20,175,853,486.31 19,208,813,252.21
Annual Report 2025 of Goneo Group Co., Ltd.
(3) Cash flows from financing activities
Cash generated from other financing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Return of term deposits and interests
in pledge
Total 200,662,465.75
Cash used in other financing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Repurchase from secondary markets 250,250,456.61 324,981,396.08
Repurchase of share incentives 23,570,990.49 17,782,380.73
Repayment of lease liabilities 18,078,442.36 16,980,003.20
Acquisition of minority interests 4,952,730.23 3,800,000.00
Term deposits in pledge
Total 296,852,619.69 363,543,780.01
Changes in liabilities incurred in financing activities:
□ Applicable √ Not applicable
(4) Description of cash flows presented on a net basis
□ Applicable √ Not applicable
(5) Significant activities and financial impact that do not involve current cash receipts and
disbursements but affect the Company’s financial position or may affect the Company’s cash flows
in the future
□ Applicable √ Not applicable
(1) Supplementary information to the cash flow statement
√ Applicable □ Not applicable
Unit: RMB
Supplementary information 2025 2024
Net profit 4,076,302,031.42 4,269,175,911.20
Add: Asset impairment allowances 19,949,077.74 40,011,850.69
Credit impairment loss 1,194,049.98 3,043,247.87
Depreciation of fixed assets, depletion
of oil and gas assets, and depreciation 284,887,869.73 249,347,395.38
of productive living assets
Amortization of right-of-use assets 17,743,951.02 15,177,575.94
Amortization of intangible assets 11,289,678.79 12,408,400.51
Amortization of long-term prepaid
expense
Loss on the disposal of fixed assets,
intangible assets and other long-term -128,196.15 -1,531,409.03
assets (“-” for gain)
Annual Report 2025 of Goneo Group Co., Ltd.
Loss on the retirement of fixed assets
(“-” for gain)
Loss on changes in fair value (“-” for
gain)
Finance costs (“-” for income) -90,003,094.21 -95,614,916.80
Loss on investment (“-” for income) -391,057,656.68 -549,160,107.06
Decrease in deferred income tax assets
-63,027,090.55 18,949,300.37
(“-” for increase)
Increase in deferred income tax
liabilities (“-” for decrease)
Decrease in inventories (“-” for
-77,102,426.37 -215,653,479.25
increase)
Decrease in operating receivables (“-”
for increase)
Increase in operating payables (“-”
for decrease)
Others 29,549,299.95 122,973,177.90
Net cash generated from/used in
operating activities
Conversion of debt to capital
Current portion of convertible
corporate bonds
Fixed assets under finance leases
Closing balance of cash 721,044,585.46 836,314,404.91
Less: Opening balance of cash 836,314,404.91 1,332,186,205.30
Add: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net increase in cash and cash
-115,269,819.45 -495,871,800.39
equivalents
(2) Net cash paid for acquisition of subsidiaries in the period
□ Applicable √ Not applicable
(3) Net cash received from disposal of the subsidiaries in the period
□ Applicable √ Not applicable
(4) Breakdown of cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
I Cash 721,044,585.46 836,314,404.91
Of which: Cash on hand 5,641.58 23,396.58
Bank deposits that can be
readily drawn on demand
Other monetary assets that
can be readily drawn on demand
Deposits in the central bank
that can be used for payment
Annual Report 2025 of Goneo Group Co., Ltd.
Deposits in banks and other
financial institutions
Borrowings from banks
and other financial institutions
II Cash equivalents
Of which: Bond investments that will
be due within three months
III Cash and cash equivalents, end of
the period
Of which: Restricted cash and cash
equivalents of the parent company
and subsidiaries within the Group
(5) Items that were restricted in use but still presented as cash and cash equivalents
□ Applicable √ Not applicable
(6) Monetary assets that were not recorded in cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance Reason
With obtaining interest income
Term deposits 3,179,629,572.04 3,962,247,972.34 as the primary purpose and
holding until maturity
Interest receivable on
term deposits
Futures margins 29,094,324.85 56,245,485.50 Not withdrawable on demand
Security deposits for
letters of guarantee
Margin for bank
acceptance bills
Total 3,446,274,568.90 4,184,065,948.05 /
Other information:
√ Applicable □ Not applicable
Changes in liabilities incurred in financing activities:
Increase in the period Decrease in the period
Item Opening balance Change in Change in Closing balance
Change in cash Change in cash
non-cash items non-cash items
Short-term
borrowings
Long-term
borrowings
(inclusive of
the current 270,000,000.00 126,000.00 45,000,000.00 225,126,000.00
portion of
long-term
borrowings)
Lease
liabilities
(inclusive of
the current 31,957,251.13 31,865,001.56 18,078,442.36 20,111,377.71 25,632,432.62
portion of
lease
liabilities)
Annual Report 2025 of Goneo Group Co., Ltd.
Increase in the period Decrease in the period
Item Opening balance Change in Change in Closing balance
Change in cash Change in cash
non-cash items non-cash items
Total 314,621,005.88 1,712,624,081.26 39,421,836.96 1,245,779,925.15 20,111,377.71 800,775,621.24
Notes to the name of “Other” of closing balance at the end of the previous year adjusted and the amount
adjusted:
□ Applicable √ Not applicable
(1) Monetary items denominated in foreign currencies
√ Applicable □ Not applicable
Unit: RMB
Closing balance in Closing balance in
Item Exchange rate
foreign currency RMB
Monetary assets - - 64,311,546.90
Of which: USD 7,144,592.09 7.0288 50,217,908.88
EUR 647,839.55 8.2355 5,335,282.61
HKD 6,745.55 0.9032 6,092.58
VDN 25,036,585,551.00 0.000266 6,659,569.66
IDR 4,987,662,112.00 0.000420 2,092,693.17
Accounts receivable - - 77,685,816.99
Of which: USD 9,616,815.42 7.0288 67,594,672.24
EUR 451,008.33 8.2355 3,714,279.10
IDR 7,260,199,666.00 0.000420 3,046,190.76
VDN 12,521,638,939.00 0.000266 3,330,674.89
Accounts payable 2,854,518.18
Of which: EUR 341,480.54 8.2355 2,812,262.99
IDR 5,000,000.00 0.000420 2,097.87
VDN 150,971,058.00 0.000266 40,157.32
Other receivables 210,545.99
Of which: EUR 25,565.66 8.2355 210,545.99
Other payables - - 46,898.17
Of which: VDN 176,313,195.00 0.000266 46,898.17
(2) Overseas business entities (for substantial overseas business entities, the following information
shall be disclosed: principal place of business, functional currency and basis for the choice, change
of functional currency and reasons)
√ Applicable □ Not applicable
Goneo HK was established and conducts business activities in Hong Kong with HKD as its
functional currency; Goneo Germany was established and conducts business activities in Germany with
EUR as its functional currency; Goneo Indonesia was established and conducts business activities in
Indonesia with IDR as its functional currency; and Goneo Vietnam was established and conducts
business activities in Vietnam with VDN as its functional currency.
(1) As the lessee
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Item 2025 2024
Expenses on short-term leases 9,135,021.89 16,830,068.13
Total 9,135,021.89 16,830,068.13
Variable lease payments not included in lease liabilities
□ Applicable √ Not applicable
Simplified expenses on short-term leases or leases of low-value assets
□ Applicable √ Not applicable
Sale and leaseback transactions and judgment basis
√ Applicable □ Not applicable
Item 2025 2024
Interest expense of lease
liabilities
Total cash outflows related to
leases
Total cash outflows related to leases were RMB27,213,464.25.
(2) As the lessor
Operating leases as the lessor:
√ Applicable □ Not applicable
Unit: RMB
Of which: Income related to
Item Lease income variable lease payments and not
included in lease receipts
Lease income 4,494,512.14
Total 4,494,512.14
Operating leases as the lessor:
□ Applicable √ Not applicable
Reconciliation of undiscounted lease receipts to net investment in leases:
□ Applicable √ Not applicable
Undiscounted lease receipts for the next five years:
□ Applicable √ Not applicable
(3) Recognition of gains and losses on sales under finance leases as a producer or distributor
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
VIII R&D Expenditures
√ Applicable □ Not applicable
Unit: RMB
Annual Report 2025 of Goneo Group Co., Ltd.
Item 2025 2024
Employee remuneration 385,630,669.64 465,156,814.44
Direct expenditures 184,718,535.54 196,711,152.61
Depreciation and amortization 15,145,096.80 15,486,108.16
Others 58,469,481.62 68,156,139.96
Total 643,963,783.60 745,510,215.17
Of which: expensed R&D expenditures 643,963,783.60 745,510,215.17
Capitalized R&D expenditures
□ Applicable √ Not applicable
Significant capitalized R&D projects
□ Applicable √ Not applicable
Provision for impairment of development costs
□ Applicable √ Not applicable
□ Applicable √ Not applicable
IX Changes to the Scope of the Consolidated Financial Statements
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Indicate whether there was any transaction or matter in the period where the Company ceased to control
a subsidiary
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Indicate whether Company ceased to control a subsidiary in multiple disposals of its investment in the
subsidiary
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Changes to the scope of the consolidated financial statements due to other reasons (incorporation,
liquidation, etc.):
√ Applicable □ Not applicable
Name of acquiree Way to gain Time of gaining Cost of gaining Proportion of
Annual Report 2025 of Goneo Group Co., Ltd.
equity equity the equity equity (%)
Yaopu
Incorporation July 1, 2025 RMB4.75 million 95
Partnership
November 27,
Goneo Intelligent Incorporation / /
Other information:
In July 2025, Murora Intelligent and employees of Dalitek jointly established Yaopu Partnership.
The registered capital of Yaopu Partnership was RMB5 million, of which Murora Intelligent subscribed
RMB4.75 million, representing a 95.00% equity interest, and employees of Dalitek subscribed
RMB250,000, representing a 5.00% equity interest. As at the end of 2025, Murora Intelligent had
contributed RMB4.75 million. The Company has included Yaopu Partnership in its consolidated
financial statements since the date of its establishment. Pursuant to the investment agreement,
subsequent profits and losses of Yaopu Partnership are entitled 90% to Murora Intelligent and 10% to
the minority shareholders, respectively.
In November 2025, the Company newly incorporated Goneo Intelligent. The registered capital of
Goneo Intelligent was RMB50 million, all of which was subscribed by the Company, representing a
The Company has included Goneo Intelligent in its consolidated financial statements since the date of its
establishment.
□ Applicable √ Not applicable
X Interests in Other Entities
(1) Subsidiaries
√ Applicable □ Not applicable
Unit: RMB’0,000
Principal The Company’s interest How the
Registered Place of Nature of
Subsidiary place of subsidiary
capital registration business Direct Indirect
business was obtained
Combination
Ningbo Ningbo, Ningbo, Manufacturi under
Goneo Zhejiang Zhejiang ng industry common
control
Goneo
Ningbo, Ningbo, Manufacturi
Photoelectri 1,000 100 Incorporated
Zhejiang Zhejiang ng industry
city
Goneo Ningbo, Ningbo, Manufacturi
Digital Zhejiang Zhejiang ng industry
Banmen
Ningbo, Ningbo, Manufacturi
Electrical 1,034.70 100 Incorporated
Zhejiang Zhejiang ng industry
Appliances
Goneo
Precision Ningbo, Ningbo, Manufacturi
Manufactur Zhejiang Zhejiang ng industry
ing
Combination
Electric Ningbo, Ningbo, under
Sales Zhejiang Zhejiang common
control
Combination
Ningbo, Ningbo, under
Cixi Goneo 3,066 Commercial 100
Zhejiang Zhejiang common
control
Shanghai Combination
Shanghai 3,800 Shanghai Commercial 100
Goneo under
Annual Report 2025 of Goneo Group Co., Ltd.
common
control
Goneo
Ningbo, Ningbo,
Manageme 10,000 Commercial 100 Incorporated
Zhejiang Zhejiang
nt
Goneo
Ningbo, Ningbo,
Internationa 1,000 Commercial 100 Incorporated
Zhejiang Zhejiang
l Trade
Combination
Hong Kong under
Hong Kong Hong Kong Commercial 100
Goneo common
control
Goneo Low Ningbo, Ningbo,
Voltage Zhejiang Zhejiang
Domestic
Ningbo, Ningbo, Manufacturi
Electrical 1,000 100 Incorporated
Zhejiang Zhejiang ng industry
Appliance
Hainan Sanya, Sanya, Commercial
Dacheng Hainan Hainan services
Intelligent Ningbo, Ningbo, Manufacturi
Technology Zhejiang Zhejiang ng industry
Combination
not under
Dalitek Shanghai 1,500 Shanghai Commercial 70 10.02
common
control
Information
Shanghai 10,000 Shanghai Commercial 100 Incorporated
technology
Goneo Ningbo, Ningbo,
Tools Zhejiang Zhejiang
Goneo New Ningbo, Ningbo,
Energy Zhejiang Zhejiang
Murora Manufacturi
Guangdong 10,000 Guangdong 100 Incorporated
Intelligent ng industry
Shenzhen Manufacturi
Shenzhen 1,000 Shenzhen 100 Incorporated
Intelligent ng industry
Goneo Ningbo, Ningbo,
Marketing Zhejiang Zhejiang
Combination
Suzhou Suzhou, Suzhou, Manufacturi not under
Goneo Jiangsu Jiangsu ng industry common
control
Goneo
Shanghai 5,000 Shanghai Commercial 100 Incorporated
Intelligent
(2) Substantial non-wholly-owned subsidiaries
□ Applicable √ Not applicable
(3) The main financial information of substantial non-wholly-owned subsidiaries
□ Applicable √ Not applicable
(4) Significant restrictions on leveraging the assets and liquidating the liabilities of the Company
□ Applicable √ Not applicable
(5) Financial support or other support provided to structural entities incorporated into the scope
of consolidated financial statements
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
controls the subsidiary
√ Applicable □ Not applicable
(1) Changes in owner’s equity share in subsidiaries
□ Applicable √ Not applicable
(2) Effects of the transactions on non-controlling interests and equity attributable to owners of the
parent company
√ Applicable □ Not applicable
Unit: RMB
Dalitek
Acquisition cost/disposal consideration
--Cash 4,457,457.21
--Fair value of non-cash assets
Total acquisition cost/disposal consideration 4,457,457.21
Less: Share of the subsidiary’s net assets with
respect to the acquired/disposed interest
Difference 1,123,583.48
Of which: Adjustment to capital reserves 1,123,583.48
Adjustment to surplus reserves
Adjustment to retained earnings
Other information:
√ Applicable □ Not applicable
In July 2025, Yaopu Partnership entered into a share transfer agreement with Shanghai Houqi
Investment Center (Limited Partnership), Zhang Wenying and Pan Xiaobin, the minority shareholders of
Dalitek, to acquire the 11.136% equity interest in Dalitek held by them. The consideration for the
acquisition was RMB4,952,730.23, which was paid by Yaopu Partnership in August 2025.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Notes to the structured entity excluded in the scope of consolidated financial statements:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
XI Government Grants
□ Applicable √ Not applicable
Reasons for not receiving the expected government grant at the expected time
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
√ Applicable □ Not applicable
Unit: RMB
Increa Amount
Financ se in recorded Other
ial the in chan
Transferred to Related to
statem Opening govern non-oper ges
other income Closing balance assets/inco
ent balance ment ating in the
in the period me
line grant income perio
item in the in the d
period period
Deferr
ed Related to
incom assets
e
Total 63,551,756.57 7,590,794.19 55,960,962.38 /
√ Applicable □ Not applicable
Unit: RMB
Type 2025 2024
Related to income 218,679,287.91 108,937,593.27
Total 218,679,287.91 108,937,593.27
XII Risks Related to Financial Instruments
√ Applicable □ Not applicable
The Company is engaged in risk management to achieve balance between risks and returns,
minimizing the negative effects of risks on its operation performance and maximizing the interests of its
shareholders and other equity investors. Based on that risk management goal, the fundamental strategy
of its risk management is to identify and analyse various risks facing the Company, establish an
appropriate risk bottom line, carry out risk management and monitor various risks in a timely and
reliable manner to control them within a restricted scope.
The Company faces various risks related to financial instruments in its routine activities, mainly
including credit risk, liquidity risk market risk. The management has reviewed and approved the policies
of managing those risks, which are summarized as follows.
i. Credit risk
Credit risk means the risk of financial losses incurred to the other party when one party of a
financial instrument is unable to fulfil its obligations.
(1) Methods for evaluating credit risk
On each balance sheet date, the Company shall evaluate whether the credit risk of relevant financial
instruments has increased significantly since the initial recognition. After determining whether the credit
Annual Report 2025 of Goneo Group Co., Ltd.
risk has increased significantly since the initial recognition, the Company shall consider obtaining
reasonable and reliable information without paying unnecessary extra costs or efforts, including
qualitative and quantitative analysis based on historical data, external credit risk rating and
forward-looking information. On the basis of the single financial instrument or combination of financial
instruments with similar credit risk characteristics, the Company compares the risk of default of
financial instruments on the balance sheet date with the risk of default on the initial recognition date to
determine the change of default risk of financial instruments during their expected duration.
When one or more of the following quantitative and qualitative criteria prevails, the Company shall
believe the credit risk of financial instruments has increased significantly:
balance sheet date increases by more than a certain percentage from the time of initial recognition;
status, changes in the existing or expected technical, market, economic or legal environment that will
have a material adverse impact on the debtor’s ability to repay the Company.
(2) Definition of default and asset with credit impairment
When a financial instrument meets one or more of the following conditions, the Company shall
define the financial asset as having defaulted, and its criteria are consistent with the definition of having
incurred credit impairment:
difficulties, gives concessions to the debtor which would not have been made in any other
circumstances.
The key parameters for measuring expected credit loss included default probability, loss given
default and exposure at default. The Company considered quantitative analysis and forward-looking
information of historical statistical data (such as counter-party rating, guarantee method, repayment
method, etc.) to establish a model of probability of default, default loss ratio and default risk exposure.
instrument loss provision, please refer to Note V-i.-4, Note V-i.-5, Note V-i.-6, Note V-i.-8 to these
financial statements.
The Company’s credit risk mainly comes from monetary assets and accounts receivable. To control
the aforementioned relevant risks, the Company has adopted the following measures.
(1) Monetary assets
The Company places the bank deposit and its monetary assets with financial institutions of high
credit ratings. Thus, its credit risk is low.
Annual Report 2025 of Goneo Group Co., Ltd.
(2) Accounts receivable
The Company termly/continuously conducted credit assessments for customers who trade on credit
lines. Based on the credit assessment result, the Company chooses to trade with recognized customers
with good credit and monitor the balance of the accounts receivable from them to ensure that the
Company will not face any significant bad debt risk.
Due to the Company merely trades with the authorized third party with good credit, the guarantee is
not required. Credit risk concentration is managed in accordance with the customers. As at December 31,
receivable of the Company (38.41% on December 31, 2024) came from the top 5 customers by balance.
The Company hasn’t held any guarantee or other credit enhancement for the balance of accounts
receivable.
The maximum credit risk exposure the Company undertook shall be the carrying amount of each
financial asset on balance sheet.
ii. Liquidity risk
Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement
obligation in the mode of cash delivery or other financial assets. Liquidity risk may originate from the
failure to sell financial assets at fair value as soon as possible; or from the other party’s failure to pay off
its contractual debts; or from the earlier maturity of debts; or from the failure to generate the expected
cash flow.
To control the risk, the Company comprehensively used a variety of financing methods such as
bank clearing and bank borrowing, and adopted the appropriate combination of long-term and short-term
financing methods to optimize the financing structure and maintain a balance between financing
sustainability and flexibility. The Company has obtained the line of credit from a number of commercial
banks to satisfy its operation fund needs and capital expenditure.
Financial liabilities classified by remaining maturity:
As at the end of the period
Item Undiscounted
Carrying amount Within 1 year 1-3 years Over 3 years
contract amount
Bank
borrowings
Accounts
payable
Other
payables
Current
portion of
non-current
liabilities
Lease
liabilities
Subtotal 4,085,018,411.36 4,089,023,597.55 3,841,492,353.52 245,325,215.51 2,206,028.52
(Continued)
As at the end of the prior period
Item Undiscounted
Carrying amount Within 1 year 1-3 years Over 3 years
contract amount
Bank 282,663,754.75 282,813,035.31 282,813,035.31
Annual Report 2025 of Goneo Group Co., Ltd.
borrowings
Accounts
payable
Other
payables
Current
portion of
non-current
liabilities
Lease
liabilities
Subtotal 3,345,914,124.66 3,348,007,504.52 3,328,150,774.20 12,783,922.87 7,072,807.45
iii. Market risk
Market risk refers to the risk of fluctuations in the fair value or future cash flows of financial
instruments arising from changes in market prices. Market risk mainly includes interest rate risk and
foreign exchange risk.
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial
instruments arising from changes in market interest rates. Interest-bearing financial instruments with
fixed interest rates may bring the fair value interest rate risk to the Company, while those with floating
interest rate may bring the cash flow interest rate risk to the Company. The Company will determine the
proportion between the financial instruments with fixed interest rate and those with floating interest rate
in combination with market environment, and maintain an appropriate portfolio of financial instruments
through regular review and monitoring.
As at December 31, 2025, the Company had no borrowings with floating income, and the interest
rate change would not have a significant influence on the Company’s gross profit and shareholders’
equity.
Foreign exchange risk refers to the risk that may lead to the changes of fair value of financial
instruments or future cash flows due to fluctuation in exchange rate. The Company operates in mainland
China, and the main activities are recorded by RMB. Thus, the foreign exchange market risk undertaken
is insignificant for the Company.
For details of the Company’s foreign currency monetary assets and liabilities at the end of the
period, please refer to Note V-v.-1 to these financial statements.
(1) The Company conducts hedging operations for risk management
□ Applicable √ Not applicable
Other information:
√ Applicable □ Not applicable
The Company used commodity future contracts to hedge the expected bulk-purchase of raw
materials of copper and plastic particles to avoid the risk of fluctuations in the future cash flows caused
by the fluctuations in the price of raw materials.
Annual Report 2025 of Goneo Group Co., Ltd.
The Company’s specific hedging methods are described below:
Expected bulk-purchase of raw materials such as copper and plastic
Hedged items
particles
Hedge instruments Commodity future contracts
Commodity future purchase contracts locked in changes of price in
Hedging method
expected raw materials bulk-purchase contract
Both the hedging instruments (commodity futures contracts) and the hedged items (expected
bulk-purchase of raw materials) are based on variables such as copper and plastic prices. The Company,
guided by the Group Purchasing Decision Committee and based on actual raw material demand for
production, conducts hedging to safeguard against price fluctuations effectively. The aforementioned
hedging is highly effective. Cash flow hedging is adopted for such hedging activities.
Additionally, the Company, in accordance with its risk management strategy, hedges certain raw
materials such as silver, aluminum, and tin. However, due to factors such as quantity conversion, the
hedging may not be highly effective after futures closing, resulting in ineffective hedging portions being
included in investment income.
As at December 31, 2025, the Company’s futures margin reported under other monetary assets
amounted to RMB29,094,324.85. The commodity futures contracts purchased by the Company were
reported under derivative financial assets, with a fair value of RMB49,917,810.00 as at the end of the
period. The Company withdrew RMB37,873,007.56 in cash, and the amount reported under derivative
financial assets was RMB12,044,802.44. The Company recognized pre-tax gains from fair value
changes of cash flow hedging instruments included in other comprehensive income of
RMB72,490,014.33, which is expected to gradually transfer to the Company’s income statement during
subsequent raw material procurement periods.
In 2025, due to hedging, the Company recognized operating costs of RMB66,516,942.84 in the
income statement, and ineffective hedging of aluminum, and tin accounted for RMB14,187,137.16 in
investment income.
(2) The Company conducts qualifying hedging operations and applies hedge accounting
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) The Company conducts hedging operations for risk management, expects to achieve its risk
management objectives, but does not apply hedge accounting.
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Classification of transfer methods
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(2) Financial assets derecognized due to transfer
□ Applicable √ Not applicable
(3) Transferred financial assets that continue to be involved
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
XIII Disclosure of Fair Value
√ Applicable □ Not applicable
Unit: RMB
Closing fair value
Level 2
Item Level 1 fair value fair value Level 3 fair value
Total
measurement measurem measurement
ent
I Continuous fair value
measurement
i. Held-for-trading
financial assets
value through profit or 12,044,802.44 12,056,428,571.43 12,068,473,373.87
loss
(1) Bank’s wealth
management and other 12,056,428,571.43 12,056,428,571.43
products
(2) Equity investments
(3) Derivative financial
assets
(1) Debt investments
(2) Equity investments
ii. Other debt investments
iii. Other equity
investments
iv. Investment property
rental
for the purpose of sale for
appreciation
v. Living assets
assets
Total assets
continuously measured 12,044,802.44 12,076,248,729.99 12,088,293,532.43
at fair value
Annual Report 2025 of Goneo Group Co., Ltd.
vi. Held-for-trading
financial liabilities
fair value through profit
or loss
Of which: Trading bonds
issued
Derivative
financial liabilities
Others
liabilities at fair value
through profit or loss
Total liabilities
continuously measured
at fair value
II Non-continuous fair
value measurement
i. Assets held for sale
Total assets not
continuously measured
at fair value
Total liabilities not
continuously measured
at fair value
measurement items
√ Applicable □ Not applicable
The Company’s Level 1 fair value measurement items were derivative financial assets (futures
contracts), of which the fair value was determined based on the open quotations in the futures market.
used, and the qualitative and quantitative information of important parameters
□ Applicable √ Not applicable
used, and the qualitative and quantitative information of important parameters
√ Applicable □ Not applicable
As the bank’s wealth management products, trust products, etc. held by the Company had lower
expected rates of return and smaller changes in fair value, their fair value was determined at their
initially recognized costs.
The receivables financing held by the Company were bankers’ acceptance receivable, which have
low credit risk and short remaining maturities, and the Company determined the fair value of them based
on their face amount.
Annual Report 2025 of Goneo Group Co., Ltd.
adjustment between the opening and closing carrying amounts, and sensitivity analysis of
unobservable parameters
□ Applicable √ Not applicable
reasons for such conversion and the policies for determining the conversion point
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
The Company’s financial assets and financial liabilities not measured at fair value consist primarily
of: monetary assets, notes receivable, accounts receivable, other receivables, short-term borrowings,
accounts payable, other payables, lease liabilities, etc. The difference between their carrying amount and
fair value is small.
□ Applicable √ Not applicable
XIV Related Parties and Related-party Transactions
√ Applicable □ Not applicable
Unit: RMB’0,000
The parent
Name of the The parent
company’s
Company’s Place of Nature of Registered company’s voting
shareholding
parent registration business capital right percentage in
percentage in the
company the Company
Company
Liangji Ningbo,
Investment 50,000 53.84 53.84
Industrial Zhejiang
Notes to the Company’s parent company:
Ruan Liping and Ruan Xueping are the joint actual controllers of the Company, and the two jointly
hold 100% of Liangji Industrial, 53.84% of the equity of the Company through Liangji Industrial,
directly hold 28.27% of the equity of the Company, and indirectly holds 0.68% of the voting rights of
the Company through Ningbo Ninghui Investment Management Partnership (Limited Partnership).
The ultimate controllers of the Company are Ruan Liping and Ruan Xueping.
Details of the subsidiaries of the Company are in the notes
√ Applicable □ Not applicable
The Company’s subsidiaries are detailed in Note VII to these financial statements.
Details of joint ventures and associated enterprises of the Company are in the notes
Annual Report 2025 of Goneo Group Co., Ltd.
□ Applicable √ Not applicable
The following are the circumstances of other joint ventures or associated enterprises that have a balance
with the Company for the period or that have formed balances from related-party transactions with the
Company for the previous period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
For details of the Company’s significant joint ventures or associates, please refer to the
explanations in Note VII to these financial statements. Other joint ventures or associates that had related
party transactions with the Company during the period, or that had balances arising from related party
transactions with the Company in prior periods, are as follows:
Name of other
Relationship with the Company
related party
Shenghui A company controlled by Liangji Industrial
Electronics
Goneo Property A company controlled by Liangji Industrial
Liangniu A company controlled by the actual controller, Ruan Liping’s wife’s brother Pan Minfeng
Hardware and his wife Xu Yirong
Hangniu A company controlled by the actual controller, Ruan Liping’s wife’s brother Pan Minfeng
Hardware and his wife Xu Yirong
Feiniu The actual controller Ruan Liping’s wife’s brother Pan Minfeng and his wife Xu Yirong’s
Hardware son Pan Qianliang holds 55% of the shares, and Xu Yirong holds 45% of the shares
Ruan Shuhong Daughter of the actual controller Ruan Liping
Jiangcheng
A company controlled by Zhu Funing, son-in-law of the actual controller Ruan Liping
Industrial
Kunshan
A company controlled by Sun Xiaoping, spouse of the actual controller Ruan Xueping
Xuchuang
Kunshan
A company controlled by Sun Xiaoping, spouse of the actual controller Ruan Xueping
Yudong
Kunshan
A company controlled by Sun Xiaoping, spouse of the actual controller Ruan Xueping
Gaoshu
Qiudi Trading A company controlled by the siblings of the spouse of the Senior Executive Li Guoqiang
Nanjing
U-Light A company controlled by the Director Zhou Wenchuan
Jianeng
Changsha
A company controlled by the Director Zhou Wenchuan
Yutai Jianeng
Guoxin A company controlled by Ying Jianguo, brother-in-law of the former Director Cai
Trading Yingfeng
Niuweiwang A company controlled by Yu Shoufu, father of the former Director Cai Yingfeng’s
Trading daughter’s spouse
Cixi Libo An entity controlled by Cai Libo, sister of the former Director Cai Yingfeng
Huantian Xu Yanhao, son of Zhang Meina, sister of the former Senior Executive Zhang Lina, holds
Trading 32% of the shares
Chenhao A company controlled by Xia Zhonggui, brother of the former Supervisor Li Yu’s spouse,
Electronics and his spouse Zeng Minhui
Annual Report 2025 of Goneo Group Co., Ltd.
(1) Related-party transactions involving purchase and sale of goods, as well as receipt and
rendering of services
Purchases of goods/receipt of services:
□ Applicable √ Not applicable
Sale of goods/rendering of services:
√ Applicable □ Not applicable
Unit: RMB
Related party Contents of transaction 2025 2024
Adapters, wall
Hangniu Hardware switches, LEDs, digital 26,939,408.50 38,569,652.16
accessories
Adapters, wall
Liangniu Hardware switches, LEDs, digital 17,550,212.75 10,556,167.61
accessories
Adapters, digital
Feiniu Hardware 1,281,211.09 912,739.76
accessories
Subtotal of Hangniu
Hardware
Adapters, LEDs,
Qiudi Trading 4,622,726.89 4,959,702.53
digital accessories
Adapters, wall
Kunshan Gaoshu switches, LEDs, digital 197,868.18
accessories
Adapters, wall
Kunshan Xuchuang switches, LEDs, digital 47,956.72
accessories
Adapters, wall
Kunshan Yudong switches, LEDs, digital 47,685.76
accessories
Adapters, wall
Jiangcheng Industrial switches, LEDs, digital 32,137.92 2,655.29
accessories
Goneo Property Luminaries 241,660.61 34,809.73
Nanjing U-Light Jianeng Adapters 1,292,460.10 6,812,402.68
Changsha Yutai Jianeng Adapters 790,346.91
Adapters, LEDs,
Niuweiwang Trading 20,578,115.36
digital accessories
Adapters, LEDs,
Guoxin Trading 14,823,138.29
digital accessories
Adapters, LEDs,
Huantian Trading 16,278,974.70
digital accessories
Adapters, LEDs,
Cixi Libo 15,831,135.97
digital accessories
Adapters, LEDs,
Chenhao Electronics 1,037,789.38
digital accessories
Subtotal 52,750,164.77 130,690,794.12
Notes to related-party transactions involving purchase and sale of goods, as well as receipt and rendering
of services:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(2) Management entrustment and contracting between the Company and related parties
The Company as the trustee of management/contractor:
□ Applicable √ Not applicable
Notes to related-party transactions with the Company as the trustee of management/contractor:
□ Applicable √ Not applicable
The Company as the trustor of management/contractee:
□ Applicable √ Not applicable
Notes to related-party transactions with the Company as the trustor of management/contractee:
□ Applicable √ Not applicable
(3) Leases between the Company and related parties
The Company as the lessor:
□ Applicable √ Not applicable
The Company as the lessee:
√ Applicable □ Not applicable
Unit: RMB
Rental Rental
Variabl Variabl
expens expens
e lease e lease
e of e of
paymen paymen
simplif simplif
ts that ts that
ied Intere ied Intere
are not are not
short-t st short-t st
Type of covered covered
erm expen Added erm expen Added
the in the Rent in the Rent
Lessor leases se on right-o leases se on right-o
leased measure payabl measure payabl
and lease f-use and lease f-use
asset ment of e ment of e
low-va liabili assets low-va liabili assets
the the
lue ties lue ties
lease lease
asset borne asset borne
liabilitie liabilitie
leases leases
s (if s (if
(if (if
applicab applicab
applic applica
le) le)
able) ble)
Buildin
Ruan
gs and 424,58 12,88 172,80 768,98 45,36 723,61
Shuho
construc 8.50 0.67 0.00 5.00 6.96 8.04
ng
tions
Sheng Buildin
hui gs and 233,53 15,30 467,07 233,53
Electro construc 9.20 6.27 8.40 9.21
nics tions
Notes to leases between the Company and related parties:
□ Applicable √ Not applicable
(4) Guarantees between the Company and related parties
The Company as the guarantor:
□ Applicable √ Not applicable
The Company as the guaranteed party:
□ Applicable √ Not applicable
Notes to guarantees between the Company and related parties:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
(5) Loans between the Company and related parties
□ Applicable √ Not applicable
(6) Asset transfers and debt restructuring involving related parties
□ Applicable √ Not applicable
(7) Remuneration of key management
√ Applicable □ Not applicable
Unit: RMB’0,000
Item 2025 2024
Remuneration of key management 1,715.26 2,011.60
(8) Other related-party transactions
□ Applicable √ Not applicable
(1) Amounts due from related parties
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Related party Bad debt
Gross amount Gross amount Bad debt provision
provision
Nanjing
U-Light 2,026,969.70 101,348.49 3,000.00 150.00
Accounts
Jianeng
receivable
Changsha Yutai
Jianeng
Subtotal 2,920,061.70 146,003.09 3,000.00 150.00
(2) Amounts due to related parties
√ Applicable □ Not applicable
Unit: RMB
Item Related party Closing gross amount Opening gross amount
Hangniu Hardware 344,572.91 126,727.47
Liangniu Hardware 321,773.81 134,875.43
Feiniu Hardware 230,055.11 3,833.39
Subtotal of Hangniu
Hardware
Qiudi Trading 300,309.46 146.14
Contract liabilities
Goneo Property 213,858.95
Huantian Trading 846,127.34
Cixi Libo 207,369.20
Guoxin Trading 137,106.26
Niuweiwang Trading 58,978.97
Chenhao Electronics 7,147.27
Subtotal 1,196,711.29 1,736,170.42
Liangniu Hardware 70,000.00 70,000.00
Hangniu Hardware 80,000.00 70,000.00
Other payables
Feiniu Hardware 20,000.00 20,000.00
Subtotal of Hangniu 170,000.00 160,000.00
Annual Report 2025 of Goneo Group Co., Ltd.
Hardware
Qiudi Trading 23,000.00 23,000.00
Nanjing U-Light
Jianeng
Chenhao Electronics 30,000.00
Cixi Libo 30,000.00
Huantian Trading 20,000.00
Guoxin Trading 20,000.00
Niuweiwang Trading 20,000.00
Subtotal 216,000.00 306,000.00
(3) Other items
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
XV Share-based Payments
(1) Details
√ Applicable □ Not applicable
Quantity unit: share Currency unit: RMB
Exercis Lapsin
ed in g in
Granted in the period Unlocked in the period
the the
Type
period period
of
Q Q A
awar A
ua ua m
dee m
Quantity Amount nt Quantity Amount nt o
ou
it it u
nt
y y nt
Mana
geme 4,143,300 98,776,272.00 3,825,251 79,785,348.83
nt
Total 4,143,300 98,776,272.00 3,825,251 79,785,348.83
(2) Issued and outstanding share options or other equity instruments at the period-end
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Recipients of equity-settled share-based payments
Method of determining the fair value of equity
instruments at the date of grant
Important parameters for the fair value of equity The fair value of restricted shares is the closing
instruments at the date of grant price at the date of grant
Basis for determining the number of exercisable Number of persons expected to exercise
equity instruments multiplied by the number of grants per person
Annual Report 2025 of Goneo Group Co., Ltd.
Reasons for significant differences between current
No significant differences
and prior period estimates
Cumulative amount of equity-settled share-based
payments recorded in capital reserves
Other information:
(1) 2022 Restricted Share Incentive Plan
According to the resolutions of the 10th and 12th Meeting of the 2nd Board of Directors and the
Incentive Plan with shares of the Company’s common stock repurchased from the secondary market.
The Company granted 1,501,800 restricted shares to 646 employees who met the conditions for the grant
at a price of RMB63.06 per share on May 20, 2022.
The main performance appraisal requirements for restricted shares in 2022: For the first release
period, the performance appraisal target was the operating revenue or net profit attributable to the
shareholders of the listed company in 2022 should be not less than the average of the previous three
fiscal years (i.e. 2019 - 2021) and should be not less than 110% of the average level of the previous two
fiscal years (i.e., 2020-2021); for the second release period, the performance appraisal target was the
operating revenue or net profit attributable to the shareholders of the listed company in 2023 should be
not less than the average of the previous three fiscal years (i.e. 2020 - 2022) and should be not less than
the performance appraisal target was the operating revenue or net profit attributable to the shareholders
of the listed company in 2024 should be not less than the average of the previous three fiscal years (i.e.
In 2025, the Company’s 2022 Restricted Share Incentive Plan recognized equity incentive expenses
of RMB2,401,244.76.
(2) 2023 Restricted Share Incentive Plan
According to the resolutions of the 18th Meeting of the 2nd Board of Directors and the 2022
Annual Meeting of Shareholders of the Company, the Company granted 2,189,848 restricted shares to
The main performance appraisal requirements for restricted shares in 2023: For the first release
period, the performance appraisal target was the operating revenue or net profit attributable to the
shareholders of the listed company in 2023 should be not less than the average of the previous three
fiscal years (i.e. 2020 - 2022) and should be not less than 110% of the average level of the previous two
fiscal years (i.e., 2021-2022); for the second release period, the performance appraisal target was the
operating revenue or net profit attributable to the shareholders of the listed company in 2024 should be
not less than the average of the previous three fiscal years (i.e. 2021 - 2023) and should be not less than
the performance appraisal target was the operating revenue or net profit attributable to the shareholders
of the listed company in 2025 shall be not less than the average of the previous three fiscal years (i.e.
In 2025, the Company failed to meet its performance appraisal target, and the Company’s 2023
Restricted Share Incentive Plan reversed equity incentive expenses of RMB8,959,887.57 in this year.
(3) 2024 Restricted Share Incentive Plan
According to the resolutions of the 3rd Meeting of the 3rd Board of Directors and the 2023 Annual
Meeting of Shareholders of the Company, the following proposals were reviewed and approved:
Proposal on 2024 Restricted Share Incentive Plan (Draft) and Its Abstract, Proposal on the Adjustment
of the List of Incentive Recipients, Number of Grants and Grant Price of 2024 Restricted Share
Incentive Plan, and Proposal on the Grant of Restricted Shares to the Incentive Recipients. The
Company determined June 6, 2024 as the equity grant date, and actually granted an aggregate of
The main performance appraisal requirements for restricted shares in 2024: For the first release
period, the operating revenue or net profit in 2024 should be not less than the average of the previous
three fiscal years (i.e. 2021-2023) and not less than the 110% of the average of the previous two fiscal
years (i.e. 2022-2023); for the second release period, the operating revenue or net profit in 2025 shall be
not less than the average of the previous three fiscal years (i.e. 2022-2024) and not less than the 110% of
the average of the previous two fiscal years (i.e. 2023-2024); for the third release period, the operating
Annual Report 2025 of Goneo Group Co., Ltd.
revenue or net profit in 2026 shall be not less than the average of the previous three fiscal years (i.e.
In 2025, the Company failed to meet its performance appraisal target, but is expected to meet it in
RMB21,002,562.31 in this year.
(4) 2025 Restricted Share Incentive Plan
According to the resolutions of the 9th Meeting of the 3rd Board of Directors and the 2024 Annual
Meeting of Shareholders of the Company, the following proposals were reviewed and approved:
Proposal on 2025 Restricted Share Incentive Plan (Draft) and Its Abstract, Proposal on the Adjustment
of the List of Incentive Recipients, Number of Grants and Grant Price of 2025 Restricted Share
Incentive Plan, and Proposal on the Grant of Restricted Shares to the Incentive Recipients. The
Company determined June 9, 2025 as the equity grant date, and actually granted an aggregate of
The main performance appraisal requirements for restricted shares in 2025: For the first release
period, the operating revenue or net profit in 2025 should be not less than the average of the previous
three fiscal years (i.e. 2022-2024) and not less than the 110% of the average of the previous two fiscal
years (i.e. 2023-2024); for the second release period, the operating revenue or net profit in 2026 shall be
not less than the average of the previous three fiscal years (i.e. 2023-2025) and not less than the 110% of
the average of the previous two fiscal years (i.e. 2024-2025); for the third release period, the operating
revenue or net profit in 2027 shall be not less than the average of the previous three fiscal years (i.e.
In 2025, the Company failed to meet its performance appraisal target, but is expected to meet it in
expenses of RMB15,105,380.45 in this year.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Equity-settled share-based Cash-settled share-based
Type of awardee
payments payments
Management 29,549,299.95
Total 29,549,299.95
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
On April 23, 2020, the Company held the 11th Meeting of the 1st Board of Directors, where the
Special Talent Stock Ownership Plan (hereinafter referred to as the “Stock Ownership Plan”) was
deliberated and adopted, which granted shares of the Stock Ownership Plan to eligible employees of the
Company. The number of people involved included supervisors, specially introduced talents and talents
with special contribution. The source of funds for the Stock Ownership Plan is the special fund of the
Stock Ownership Plan accrued by the Company, and the total amount is RMB50 million. The total
number of shares in the Stock Ownership Plan is 50 million, with an amount of RMB1 per share.
In 2025, 2,297,425 shares under the Stock Ownership Plan were reclaimed following employee
resignations. As of December 31, 2025, the Company had granted 38,127,968 shares under the Stock
Ownership Plan, with 11,872,032 ungranted shares. The Company presents the granted share of the plan
Annual Report 2025 of Goneo Group Co., Ltd.
as the long-term prepaid expense, confirmed the amortization of expense by the evaluation period, and
presents the portion not granted as the other non-current assets. In 2025, the Company’s amortization by
service period was included in the administrative expense of RMB5,450,285.25.
The 2nd Meeting of the 3rd Board of Directors convened by the Company on April 25, 2024
reviewed and approved the Proposal on the Company’s 2024 Special Talent Stock Ownership Plan
(Draft) and Its Abstract and Proposal on Management Measures of the Company’s 2024 Special Talent
Stock Ownership Plan. The participants are the directors (independent directors are not eligible unless
otherwise specified), supervisors, senior management, special introduced talents and special contributing
talents of the Company (including its subsidiaries) who have significant roles in and influences on the
Company’s overall performance and medium-and long-term development, with the source of funds
being a portion of the employees’ individual lawful remuneration, i.e. RMB35 million of the employees’
long-term incentive reward fund drawn by the Company in accordance with the Remuneration
Management System of Goneo Group Co., Ltd.
The performance appraisal requirement for 2024 Special Talent Stock Ownership Plan was: the
operating revenue or net profit for the appraisal year shall not be less than the average of the previous
three fiscal years and not less than 110% of the average of the previous two fiscal years, and the shares
shall be unlocked in four phases, namely 12, 24, 36 and 48 months from the date of transferring the
subject shares granted by the Company for the first time into the name of this Stock Ownership Plan,
with the shares being 25% of the granted shares.
As of December 31, 2025, the Company had granted shares amounting to RMB22,771,550.48
under the 2024 Special Talent Stock Ownership Plan, with ungranted shares amounting to
RMB12,228,449.52. The Company presents the granted share of the plan as the long-term prepaid
expense, confirmed the amortization of expense by the evaluation period, and presents the portion not
granted as the other non-current assets. In 2025, the Company’s amortization by service period was
included in the administrative expense of RMB7,239,440.67.
According to the 2025 Special Talent Stock Ownership Plan passed at the 9th Meeting of the 3rd
Board of Directors held by the Company on April 23, 2025, the Company plans to offer equity
incentives to the talent playing a crucial role in the Company’s overall operating performance and its
medium- and long-term development, including directors (independent directors are not eligible unless
otherwise specified), supervisors, senior management, special introduced talents and special contributing
talents. The size of the fund of this Stock Ownership Plan shall not exceed RMB53 million, of which
RMB26.5 million shall be sourced from employees, the other RMB26.5 million comes from part of the
employees’ individual legal remuneration, i.e. the employees’ long-term incentive reward fund drawn by
the Company in accordance with the Remuneration Management System of Goneo Group Co., Ltd.
The underlying shares obtained in each batch of this Stock Ownership Plan (including first granting
and reserved granting) are granted in three phases. The proportion of underlying shares granted in each
phase is 40%, 30%, and 30%, respectively. The underlying shares of a first granting shall be granted
respectively after 12 months, 24 months, or 36 months from the date when the Company releases them
to this Stock Ownership Plan for the first time. The Board of Directors has authorized the Management
Committee to set unlocking arrangements and assessment targets for the reserved grant equity shares,
which shall not be earlier than the unlocking schedule for the initial grant shares and shall not be lower
than the unlocking performance requirements for the initial grant shares. The actual releasing proportion
and number of the underlying shares in each year shall be determined based on the Company’s operating
performance and relevant individual performance assessment.
If the Company’s operating performance targets concerning this Stock Ownership Plan are
achieved, the management committee will sell the batch of corresponding underlying shares according to
market conditions and the proceeds will be distributed to holders based on their holding proportions after
deducting relevant taxes (including personal income tax) in accordance with the law, or transfer the
corresponding underlying shares to a holder’s personal securities account in a non-trading manner.
Unallocated underlying shares and relevant dividends (if any) belong to the Company.
To meet the performance assessment target for releasing each batch of underlying shares
concerning the Stock Ownership Plan, the operating revenue or net profit in the current year shall not be
lower than the average of the previous three fiscal years and also not be less than 110% of the average of
the previous two fiscal years.
Annual Report 2025 of Goneo Group Co., Ltd.
As of December 31, 2025, the Company had granted shares amounting to RMB20,469,883.16
under the 2025 Special Talent Stock Ownership Plan, with ungranted shares amounting to
RMB32,530,116.84. The Company presents the granted share of the plan as the long-term prepaid
expense, confirmed the amortization of expense by the evaluation period, and presents the portion not
granted as the other non-current assets. In 2025, the Company’s amortization by service period was
included in the administrative expense of RMB2,965,531.40.
XVI Commitments and Contingencies
√ Applicable □ Not applicable
Significant ongoing commitments on the balance sheet date, as well as the nature and amounts involved:
i. Significant commitments
As of December 31, 2025, the Company’s investment projects with funds raised through public
offering are as follows:
Raised funds investment Cumulatively used amount of
Project
amount (RMB’0,000) raised funds (RMB’0,000)
Construction project for a base
with annual output of 180
million sets of LED lamps, and
R&D centre and headquarters
Channel end construction and
brand promotion project
Base construction project for
annual output of 410 million
sets of wall switches and
sockets
Construction project for
automation upgrading of annual
output of 400 million sets of
adapters
Information technology
promotion project
Permanently replenishing
working capital
Total 333,178.38 365,497.99
ii. As of December 31, 2025, the Company had no significant contingencies that were required to
be disclosed.
(1) Significant ongoing contingencies on the balance sheet date
□ Applicable √ Not applicable
(2) The Company shall make it clear if it has no significant contingencies that are required to be
disclosed.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
XVII Events after the Balance Sheet Date
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Profit or dividends to be distributed 3,435,028,122.20
Approved and declared profit or
dividends to be distributed
On April 28, 2026, the 15th Meeting of the 3rd Board of Directors approved the 2025 profit
distribution plan. Based on the number of shares of the Company eligible for distribution recorded on
the record date for the implementation of the equity distribution, the Company proposes to distribute a
cash dividend of RMB19 (tax inclusive) for every 10 shares held to all shareholders.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
On April 28, 2026, the 15th Meeting of the 3rd Board of Directors approved the 2026 Employee
Stock Ownership Plan (the “ESOP”). The participants of the ESOP include directors (independent
directors are not eligible unless otherwise specified), senior management and other key employees of the
Company (including its subsidiaries) who play an important role in and have a significant impact on the
Company’s overall performance and medium-to-long-term development. The total amount of funds to
be allocated to the ESOP shall not exceed RMB255,245,350, of which RMB127,622,675 will be
contributed by the participating employees themselves, and the remaining RMB127,622,675 will be
sourced from a portion of the employees’ legitimate remuneration, i.e. the employees’ long-term
incentive reward fund drawn by the Company in accordance with the Remuneration Management
System of Goneo Group Co., Ltd. If the actual amount of self-raised funds by the employees is less than
RMB127,622,675, the reward fund portion will be reduced accordingly.
The ESOP will acquire the Company’s shares through non-trade transfers or other methods
permitted by laws and regulations. The initial grant of ESOP units shall be locked up from the date on
which the underlying shares are transferred to the ESOP trust, and the units will be released from the
lock-up in three tranches upon the satisfaction of the respective performance targets. For the first release,
the weighted average return on equity (ROAE) for the fiscal year 2026 shall not be less than 22%; for
the second release, the ROAE for the fiscal year 2027 shall not be less than 20%; and for the third
release, the ROAE for the fiscal year 2028 shall not be less than 20%.
Annual Report 2025 of Goneo Group Co., Ltd.
The Company held the 15th Meeting of the 3rd Board of Directors on April 28, 2026, where it
intended to repurchase its shares through a call auction transaction with its own funds and/or special
loans for share repurchase, and the repurchase price shall not exceed RMB62 per share (inclusive); the
total amount of repurchase shall not be less than RMB200 million (inclusive) and shall not exceed
RMB400 million (inclusive), and the repurchase period shall be within 12 months from the date when
the Company’s Board of Directors deliberates and adopts the repurchase scheme.
The shares repurchased by the Company will be used for equity incentives or employee stock
ownership plan at an appropriate time in the future. The unutilized portion within the statutory period
will be retired by the Company through relevant procedures, with a corresponding reduction in the
registered capital.
XVIII Other Significant Events
Not applicable
□ Applicable √ Not applicable
(1) Swap of non-monetary assets
□ Applicable √ Not applicable
(2) Swap of other assets
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Basis for the determination of the reporting segment and accounting policies
√ Applicable □ Not applicable
The Company determines the reporting segments on the basis of the regional divisions, the revenue from
principal operations and the cost of principal operations are divided based on the final sales places, and
the assets and liabilities are divided based on the locations of the operating entities.
(2) Financial information of reporting segments
√ Applicable □ Not applicable
Unit: RMB
Overseas Offset
Item Domestic Total
Overseas Overseas among
Annual Report 2025 of Goneo Group Co., Ltd.
operations of operations of segme
domestic overseas nts
companies companies
Revenue from
principal 15,726,306,463.94 244,732,396.90 25,116,081.20 15,996,154,942.04
operations
Cost of principal
operations
Total assets 22,505,580,947.81 50,661,594.82 22,556,242,542.63
Total liabilities 5,709,208,653.42 38,463,871.88 5,747,672,525.30
(3) If there was no reportable segment, or the total amount of assets and liabilities of each
reportable segment could not be reported, relevant reasons shall be clearly stated
□ Applicable √ Not applicable
(4) Other information
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
XIX Notes to Key Items of the Financial Statements of the Parent Company
(1) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year
Of which: Sub-items within 1 year
Within 1 year 47,248,817.23 226,923,667.28
Over 3 years
Over 5 years
Total gross amount 48,835,310.85 227,026,467.28
Less: Bad debt provision 2,533,003.82 11,356,463.36
Total 46,302,307.03 215,670,003.92
(2) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Type Bad debt Carry Bad debt Carry
Gross amount Gross amount
provision ing provision ing
Annual Report 2025 of Goneo Group Co., Ltd.
Provis amou Provis amou
Perce ion nt Perce ion nt
Amou Amou Amou Amou
ntage perce ntage percen
nt nt nt nt
(%) ntage (%) tage
(%) (%)
Bad debt
provision
established
on an
individual
basis
Of which:
Bad debt
provision 48,83 2,533, 46,30 227,0 11,35 215,6
established 5,310. 003.8 5.19 2,307. 26,46 6,463. 5.00 70,00
on a grouping 85 2 03 7.28 36 3.92
basis
Of which:
Total 5,310. 003.8 5.19 2,307. 26,46 6,463. 5.00 70,00
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of an account receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(3) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Transfer
Opening Recover Other Closing
Type red or
balance Established ed or change balance
written-
reversed s
off
Bad debt
provision
established on 11,356,463.36 -8,823,459.54 2,533,003.82
a grouping
basis
Total 11,356,463.36 -8,823,459.54 2,533,003.82
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(4) Accounts receivable written off in the period
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Significant accounts receivable written off:
□ Applicable √ Not applicable
Notes to the accounts receivable written off:
□ Applicable √ Not applicable
(5) Top five entities with respect to accounts receivable and contract assets
√ Applicable □ Not applicable
Unit: RMB
As % of the
Closing
closing
Closing Closing balance of
balance of Closing
balance of balance of accounts
Entity total accounts balance of bad
accounts contract receivable and
receivable and debt provision
receivable assets contract assets
contract assets
combined
combined
PetroChina
Company
Limited Guangxi
Sales Branch
Chongqing AITO
Premium
Automotive Parts
Co., Ltd.
Guangzhou
KEYDAK
Communication 2,293,330.00 2,293,330.00 4.7 114,666.50
Equipment
Co., Ltd.
Volcano Cloud
(Datong)
Technology Co.,
Ltd.
Nanjing Guangyu
Jianeng New
Energy 2,026,969.70 2,026,969.70 4.15 101,348.49
Technology Co.,
Ltd.
Total 19,810,769.56 19,810,769.56 40.57 1,036,708.48
Other information:
□ Applicable √ Not applicable
Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interests receivable
Dividends receivable 1,440,000,000.00 1,290,000,000.00
Other receivables 416,734,246.73 966,550,080.31
Total 1,856,734,246.73 2,256,550,080.31
Annual Report 2025 of Goneo Group Co., Ltd.
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Breakdown of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(4) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of an interest receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off in the period
□ Applicable √ Not applicable
Of which, significant interest receivable written off
□ Applicable √ Not applicable
A description of interest receivable written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(7) Dividends receivable
√ Applicable □ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Unit: RMB
Item (or investee) Closing balance Opening balance
Ningbo Goneo 500,000,000.00 600,000,000.00
Goneo Digital 200,000,000.00
Photoelectric Technology 200,000,000.00
Goneo Precision 200,000,000.00
Electric Sales 240,000,000.00 400,000,000.00
Domestic Electrical Appliance 80,000,000.00
Goneo Low Voltage Electric 50,000,000.00
Goneo Marketing 170,000,000.00 90,000,000.00
Total 1,440,000,000.00 1,290,000,000.00
(8) Significant dividends receivable that are over one year
□ Applicable √ Not applicable
(9) Breakdown by method of bad debt provision establishment
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(10) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Significant change in the gross amount of dividends receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
(11) Bad debt provision
□ Applicable √ Not applicable
Of which significant amount of recovered or transferred-back bad debt provision for the period:
□ Applicable √ Not applicable
(12) Dividends receivable written off in the period
□ Applicable √ Not applicable
Of which, significant dividends receivable written off
□ Applicable √ Not applicable
A description of dividends receivable written off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Other receivables
(13) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 259,958,928.27 479,271,896.01
Total within 1 year 259,958,928.27 479,271,896.01
Over 3 years 671,896.87 316,181.77
Over 5 years
Total 449,331,555.87 1,050,059,104.63
(14) Breakdown by nature
√ Applicable □ Not applicable
Unit: RMB
Nature Closing gross amount Opening gross amount
Intercourse funds 443,809,397.53 1,043,764,816.67
Guaranteed deposit 5,033,997.89 4,901,386.06
Housing loan for employees 349,585.45 962,877.27
Others 138,575.00 430,024.63
Total gross amount 449,331,555.87 1,050,059,104.63
Less: Bad debt provision 32,597,309.14 83,509,024.32
Total carrying amount 416,734,246.73 966,550,080.31
(15) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Lifetime expected
Bad debt 12-month Lifetime expected
credit loss Total
provision expected credit credit loss (with
(without credit
loss credit impairment)
impairment)
Balance of
January 1, 2025
Balance of
January 1, 2025 in
the period
- Transferred to
-9,427,862.44 9,427,862.44
Stage 2
- Transferred to
-57,392.78 57,392.78
Stage 3
- Transferred back
to Stage 2
- Transferred back
to Stage 1
Amount accrued
-1,537,785.94 -47,016,311.20 -2,357,618.04 -50,911,715.18
for the period
Amount
transferred-back
Annual Report 2025 of Goneo Group Co., Ltd.
for the period
Amount
charged-off for the
period
Amount
written-off for the
period
Other changes
Balance as at
December 31, 12,997,946.42 18,855,724.88 743,637.84 32,597,309.14
Significant change in the gross amount of an other receivable with change in loss provision in the
period:
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial instrument in the
period:
□ Applicable √ Not applicable
(16) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Reverse
Opening Charged Other
Type d or Closing balance
balance Established -off/Writ change
transferr
ten-off s
ed-back
Bad debt
provision
established on 83,509,024.32 -50,911,715.18 32,597,309.14
a grouping
basis
Total 83,509,024.32 -50,911,715.18 32,597,309.14
Of which the bad debt provision recovered or transferred-back with significant amount during the
period:
□ Applicable √ Not applicable
(17) Other receivables actually written off in the period
□ Applicable √ Not applicable
Of which, significant other receivables written off:
□ Applicable √ Not applicable
A description of other receivables written off:
□ Applicable √ Not applicable
(18) Top five entities with respect to other receivables
√ Applicable □ Not applicable
Unit: RMB
Annual Report 2025 of Goneo Group Co., Ltd.
As % of the
closing Nature of Closing balance
Entity Closing balance balance of other Aging of bad debt
total other receivable provision
receivables
Within 1
Ningbo 232,299,185.70 51.70 Transaction 11,614,959.29
year
Goneo amount
Electric 55,000,000.00 12.24 Transaction 1-2 years 5,500,000.00
Sales 105,083.87 0.02 amount 2-3 years 52,541.94
Digital
Transaction Within 1
Technolog 21,896,492.07 4.87 1,094,824.60
amount year
y
The Within 1
Intermedia year
te People’s
Deposits
Court of
and
Hangzhou
City,
Zhejiang
Province
Cixi Transaction Within 1
Goneo amount year
Total 446,809,397.53 99.43 / / 31,794,789.78
(19) Centrally managed funds presented in other receivables
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Impairme Impairme
Item Carrying Gross Carrying
Gross amount nt nt
amount amount amount
provision provision
Investments in 1,249,400,24 83,486,47 1,165,913, 965,809,082 83,486,47 882,322,609.
subsidiaries 8.02 2.54 775.48 .52 2.54 98
Investments in
joint ventures
and associates
Total
(1) Investments in subsidiaries
√ Applicable □ Not applicable
Unit: RMB
Opening Increase/decrease in the period Closing
balance Closing
Increase Decrease balance balance of
Invest Opening balance of Impairme
in in impairme
ee (carrying amount) impairm nt Others (carrying
investmen investmen nt
ent allowance amount)
t t allowance
allowan
Annual Report 2025 of Goneo Group Co., Ltd.
ce
Ningb
o 7,687,551. 198,599,8
Gone 07 11.70
o
Gone
o
Photo 36,242,070.81
electri
city
Gone
o 1,255,855. 34,085,64
Digita 65 4.08
l
Banm
en
Electr 278,909.6 13,079,00
ical 8 9.18
Appli
ances
Gone
o
Precis
ion 110,414,446.24
Manu
factur
ing
Cixi
Gone 43,663,299.40
o
Shang
hai 263,394.3 43,672,01
Gone 4 4.54
o
Gone
o
Mana 30,327,895.50
geme
nt
Gone
o
Intern 7,058,802. 10,619,82
ationa 83 2.68
l
Trade
Electr
ic 35,406,334.12
Sales
Xingl
uo 9,910,274.
Tradi 20
ng
Gone
o
Low 5,426,625.86
Volta
ge
Dome
stic
Electr 872,426.9 16,681,89
ical 8 7.39
Appli
ance
Haina 442,603.7 12,044,57
n 5 6.55
Annual Report 2025 of Goneo Group Co., Ltd.
Dach
eng
Intelli
gent 9,190,720. 16,257,09
Techn 61 8.87
ology
Dalite 62,736,7 28,263,26 62,736,73
k 31.14 8.86 1.14
Infor
matio
n 129,656,959.23
techn
ology
Gone
o
New 12,334,948.85
Energ
y
Shenz
hen 2,081,925. 11,158,67
Intelli 27 3.91
gent
Muro
ra 50,138,38 100,979,0
Intelli 5.07 35.05
gent
Gone 5,724,707. 37,883,43
o HK 85 0.18
Gone
o 10,000,000.00
Tools
Gone
o 12,668,02 21,999,43
Mark 9.65 2.99
eting
Suzho
u 20,749,7 11,272,88 20,749,74
Gone 41.40 1.43 1.40
o
Total 882,322,609.98
(2) Investments in joint ventures and associates
□ Applicable √ Not applicable
(3) Impairment tests of long-term equity investments
□ Applicable √ Not applicable
(1) Details of operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item
Revenue Costs Revenue Costs
Principal
operations
Other
operations
Total 5,817,215,407.53 4,126,606,629.07 6,150,761,125.24 4,393,466,427.96
Annual Report 2025 of Goneo Group Co., Ltd.
Of which:
Revenue
generated
by contracts
with
customers
(2) Breakdown of operating revenue and cost of sales
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Notes to contract performance obligations
□ Applicable √ Not applicable
(4) Notes to allocation to residual contract performance obligations
□ Applicable √ Not applicable
(5) Significant contract change or significant adjustment to the transaction price
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Return on long-term equity investments
measured using the cost method
Return on long-term equity investments
measured using the equity method
Income from the disposal of long-term
equity investments
Income derived during the period of
holding held-for-trading financial assets
Dividend income derived during the
period of holding other equity
investments
Interest income derived during the
period of holding debt investments
Interest income derived during the
period of holding other debt investments
Income from the disposal of
held-for-trading financial assets
Income from the disposal of other equity
investments
Income from the disposal of debt
investments
Income from the disposal of other debt
investments
Income from debt restructuring
Return on investments in bank’s wealth
management products, etc.
Annual Report 2025 of Goneo Group Co., Ltd.
Interest income derived from loan at call 7,329.14 10,374.02
Total 1,378,352,631.54 1,783,815,937.42
□ Applicable √ Not applicable
XX Supplementary Information
√ Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets
(inclusive of impairment allowance write-offs)
Government grants recognized in profit or loss
(exclusive of those that are closely related to the
Company’s normal business operations and given
in accordance with defined criteria and in 211,088,493.72
compliance with government policies, and have a
continuing impact on the Company’s profit or
loss)
Gain or loss on fair-value changes in financial
assets and liabilities held by a non-financial
enterprise, as well as on disposal of financial
assets and liabilities (exclusive of the effective
portion of hedges that is related to the Company’s
normal business operations)
Capital occupation charges on a non-financial
enterprise that are recognize in profit or loss
Gain or loss on assets entrusted to other entities
for investment or management
Gain or loss on loan entrustments
Asset losses due to acts of God such as natural
disasters
Reversed portions of impairment allowances for
receivables which are tested individually for
impairment
Gain equal to the amount by which investment
costs for the Company to obtain subsidiaries,
associates and joint ventures are lower than the
Company’s enjoyable fair value of identifiable net
assets of investees when making investments
Current profit or loss on subsidiaries obtained in
business combinations involving entities under
common control from the period-begin to
combination dates, net
Gain or loss on non-monetary asset swaps
Gain or loss on debt restructuring
One-off costs incurred by the Company as a result
of discontinued operations, such as expenses for
employee arrangements
One-time effect on profit or loss due to
adjustments in tax, accounting and other laws and
regulations
One-time share-based payments recognized due to
Annual Report 2025 of Goneo Group Co., Ltd.
cancellation and modification of equity incentive
plans
Gain or loss on changes in the fair value of
employee benefits payable after the vesting date
for cash-settled share-based payments
Gain or loss on fair-value changes in investment
property of which subsequent measurement is
carried out using the fair value method
Income from transactions with distinctly unfair
prices
Gain or loss on contingencies that are unrelated to
the Company’s normal business operations
Income from charges on entrusted management
Non-operating income and expense other than the
-53,787,976.84
above
Other gains and losses that meet the definition of
exceptional gain/loss
Less: Income tax effects 101,992,383.19
Non-controlling interests effects (net of tax) 493,733.16
Total 446,051,086.11
Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for Companies
Offering Their Securities to the Public—Exceptional Gain/Loss Items are identified as exceptional and
the items are of a significant amount, and exceptional gain/loss items listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items are identified as recurrent.
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Weighted average EPS
Profit in the Reporting Period
ROE (%) Basic EPS Diluted EPS
Net profit attributable to
ordinary shareholders of the 24.91 2.26 2.26
Company
Net profit attributable to
ordinary shareholders of the
Company before exceptional
gains and losses
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Annual Report 2025 of Goneo Group Co., Ltd.
Chairman of the Board: Ruan Liping
Date when this Report was authorized for issue: April 28, 2026
Revised information:
□ Applicable √ Not applicable
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