Leases

12 Months Ended

Dec. 31, 2024

Presentation of leases for lessee [abstract]

16.

Leases

Group as a lessee

The Group has lease contracts for land, motor vehicles, office space and staff accommodations used in its operations. These leases are generally with lease term of more than 1 year to 12 years.

The Group also has certain leases of office space and staff accommodations with lease terms of 12 months or less. The Group has applied the “short-term leases” recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognized and the movements during the year.


	Leasehold land RMB’000			Building and office space RMB’000			Office furniture, fittings and equipment RMB’000			Motor vehicles RMB’000			Total RMB’000			Total US$’000
At January 1, 2023		289,065			52,739			42			295			342,141			47,693
Addition		—			31,082			—			1,002			32,084			4,472
Depreciation		(12,282	)		(33,671	)		(7	)		(111	)		(46,071	)		(6,422	)
Disposal of subsidiary		(22,782	)		—			—			—			(22,782	)		(3,176	)
Disposal		(5,564	)		—			—			—			(5,564	)		(776	)
Termination		—			(1,382	)		—			—			(1,382	)		(193	)
Translation difference		—			18			1			—			19			3
At December 31, 2023 and January 1, 2024		248,437			48,786			36			1,186			298,445			41,601
Addition		—			55,196			—			152			55,348			7,715
Depreciation		(11,371	)		(38,963	)		(7	)		(120	)		(50,461	)		(7,034	)
Termination		—			(1,353	)		—			—			(1,353	)		(188	)
Translation difference		—			34			—			—			34			5
At December 31, 2024		237,066			63,700			29			1,218			302,013			42,099

Set out below are the carrying amounts of lease liabilities and the movements during the year:


	2023			2024			2024
	RMB’000			RMB’000			US$’000
At January 1		59,641			49,281			6,869
Additions		32,084			55,348			7,715
Accretion of interest (Note 7.3)		1,969			1,714			239
Payments		(43,073	)		(41,752	)		(5,820	)
Termination		(1,382	)		(1,353	)		(188	)
Translation difference		42			(7	)		(1	)
At December 31		49,281			63,231			8,814
Current (Note 25)		33,272			32,973			4,596
Non-current (Note 25)		16,009			30,258			4,218
Total		49,281			63,231			8,814

16.

Leases (cont’d)

Group as a lessee (cont’d)

The following are the amounts recognized in profit of loss:


	2023		2024		2024
	RMB’000		RMB’000		US$’000
Depreciation charge for right-of-use assets		46,071		50,461		7,034
Interest expenses on lease liabilities (Note 7.3)		1,969		1,714		239
Expenses relating to short-term leases (included in selling, general and administrative expenses and research and development expenses)		18,275		21,458		2,991
Total amount recognized in profit or loss		66,315		73,633		10,264

In 2024, the Group had total cash outflows for leases of RMB 63.2 million (US$8.8 million) (2023: RMB 61.3 million). The Group also had non-cash additions to right-of-use assets and lease liabilities of RMB 55.3 million (US$7.7 million) in 2024 (2023: RMB 32.1 million). The future cash outflows relating to leases that have not yet commenced are disclosed in Note 30.

Group as a lessor

The Group has entered into operating leases on some of its assets, including surplus offices and warehouses. These leases have terms between 1 to 20 years. Rental income recognized by the Group during the year is RMB 30.9 million (US$4.3 million) (2023: RMB 25.8 million).

Future minimum rental receivables under non-cancellable operating leases as of 31 December are as follows:


	31.12.2023		31.12.2024		31.12.2024
	RMB’000		RMB’000		US$’000
Within 1 year		13,239		14,156		1,973
After 1 year but within 5 years		41,920		41,106		5,730
More than 5 years		42,027		37,051		5,165
		97,186		92,313		12,868