​

  ​ ​ ​

​

​

Leasehold

  ​ ​ ​

Office

  ​ ​ ​

Store operating

  ​ ​ ​

Motor

  ​ ​ ​

​

​

Construction

​

​

​

​

Apartments

​

improvements

​

equipment

​

equipment

​

vehicles

​

Moulds

​

in progress

​

Total

​

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

  ​ ​ ​

RMB’000

Cost:

​

​

​

  ​

​

  ​

​

  ​

​

  ​

​

​

​

​

​

  ​

At January 1, 2024

242,639

 ​

226,283

 ​

61,838

 ​

49,831

 ​

3,369

 ​

50,903

 ​

355,485

 ​

990,348

Additions

​

—

 ​

139,312

 ​

32,187

 ​

24,352

 ​

2,067

 ​

21,792

 ​

626,541

 ​

846,251

Transfer from construction in progress

​

—

 ​

353,298

 ​

—

 ​

—

 ​

—

 ​

—

 ​

(353,298)

 ​

—

Disposals

​

—

 ​

(12,810)

 ​

(12,200)

 ​

(3,619)

 ​

—

 ​

(5,909)

 ​

—

 ​

(34,538)

Exchange adjustments

​

—

 ​

6,405

 ​

(1,998)

 ​

1,825

 ​

(8)

 ​

—

 ​

1,060

 ​

7,284

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At December 31, 2024

​

242,639

 ​

712,488

 ​

79,827

 ​

72,389

 ​

5,428

 ​

66,786

 ​

629,788

 ​

1,809,345

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition of subsidiaries

​

—

​

—

​

20,824

​

—

​

—

​

—

​

—

​

20,824

Additions

​

—

 ​

273,789

 ​

13,531

 ​

24,137

 ​

3,818

 ​

13,665

 ​

680,254

 ​

1,009,194

Transfer from construction in progress

​

—

 ​

267,709

 ​

—

 ​

3,000

 ​

—

 ​

23,584

 ​

(294,293)

 ​

—

Disposals

​

(6,738)

 ​

(44,538)

 ​

(10,677)

 ​

(7,211)

 ​

(346)

 ​

(5,141)

 ​

—

 ​

(74,651)

Exchange adjustments

​

—

 ​

(2,616)

 ​

(236)

 ​

(291)

 ​

(14)

 ​

(2,378)

 ​

(4,151)

 ​

(9,686)

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

​

 ​

​

 ​

​

 ​

​

 ​

​

At December 31, 2025

​

235,901

 ​

1,206,832

 ​

103,269

 ​

92,024

 ​

8,886

 ​

96,516

 ​

1,011,598

 ​

2,755,026

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

Accumulated depreciation:

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At January 1, 2024

(20,607)

 ​

(69,363)

 ​

(37,543)

 ​

(24,001)

 ​

(2,167)

 ​

(41,152)

 ​

—

 ​

(194,833)

Charge for the year

(8,278)

 ​

(109,297)

 ​

(12,211)

 ​

(8,363)

 ​

(457)

 ​

(18,608)

 ​

—

 ​

(157,214)

Written back on disposals

​

—

 ​

3,703

 ​

8,343

 ​

85

 ​

—

 ​

5,765

 ​

—

 ​

17,896

Exchange adjustments

​

—

 ​

(5,142)

 ​

641

 ​

(346)

 ​

—

 ​

—

 ​

—

 ​

(4,847)

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At December 31, 2024

​

(28,885)

 ​

(180,099)

 ​

(40,770)

 ​

(32,625)

 ​

(2,624)

 ​

(53,995)

 ​

—

 ​

(338,998)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charge for the year

(8,076)

 ​

(190,226)

 ​

(17,905)

 ​

(22,367)

 ​

(2,512)

 ​

(28,914)

 ​

—

 ​

(270,000)

Written back on disposals

​

5,032

 ​

10,655

 ​

635

 ​

559

 ​

12

 ​

597

 ​

—

 ​

17,490

Exchange adjustments

​

—

 ​

1,092

 ​

37

 ​

153

 ​

38

 ​

3,379

 ​

—

 ​

4,699

 ​

​

​

 ​

​

 ​

​

 ​

​

 ​

​

 ​

​

 ​

 ​

 ​

​

At December 31, 2025

​

(31,929)

 ​

(358,578)

 ​

(58,003)

 ​

(54,280)

 ​

(5,086)

 ​

(78,933)

 ​

—

 ​

(586,809)

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

Impairment:

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At January 1, 2024

​

—

 ​

(21,919)

 ​

(1,658)

 ​

(2,632)

 ​

—

 ​

—

 ​

—

 ​

(26,209)

Addition

​

—

 ​

(5,801)

 ​

—

 ​

(3,045)

 ​

—

 ​

—

 ​

—

 ​

(8,846)

Written back on disposals

—

 ​

1,662

 ​

—

 ​

—

 ​

—

 ​

—

 ​

—

 ​

1,662

Exchange adjustments

​

—

 ​

(545)

 ​

150

 ​

380

 ​

—

 ​

—

 ​

—

 ​

(15)

 ​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

​

 ​

 ​

At December 31, 2024

​

—

 ​

(26,603)

 ​

(1,508)

 ​

(5,297)

 ​

—

 ​

—

 ​

—

 ​

(33,408)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Addition

​

—

 ​

(33,866)

 ​

—

 ​

(1,633)

 ​

—

 ​

—

 ​

—

 ​

(35,499)

Written back on disposals

—

 ​

3,039

 ​

—

 ​

5,713

 ​

—

 ​

—

 ​

—

 ​

8,752

Exchange adjustments

​

—

 ​

1,103

 ​

—

 ​

220

 ​

—

 ​

—

 ​

—

 ​

1,323

 ​

​

 ​

 ​

​

 ​

 ​

 ​

​

 ​

 ​

 ​

 ​

 ​

​

 ​

​

At December 31, 2025

​

—

 ​

(56,327)

 ​

(1,508)

 ​

(997)

 ​

—

 ​

—

 ​

—

 ​

(58,832)

 ​

​

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

Net book value:

​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At December 31, 2024

​

213,754

 ​

505,786

 ​

37,549

 ​

34,467

 ​

2,804

 ​

12,791

 ​

629,788

 ​

1,436,939

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

 ​

At December 31, 2025

​

203,972

 ​

791,927

 ​

43,758

 ​

36,747

 ​

3,800

 ​

17,583

 ​

1,011,598

 ​

2,109,385