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Fair value of financial assets and liabilities

12 Months Ended

Dec. 31, 2025

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

9. Fair value of financial assets and liabilities

The Company’s financial instruments consist of non-derivative financial assets and liabilities. The fair value of these non-derivative financial instruments is determined using internally generated valuation models, which are usually developed from generally accepted valuation models. The majority of the significant inputs into these models may not be observable in the market, and may be derived from interest rates based on assumptions. The selection of the appropriate valuation model, as well as the determination of key inputs used such as the expected future cash flows on the financial instrument, the probability of counterparty default and the appropriate discount rate to be used, require management judgment and estimation.

	As of December 31, 2025
	Fair value		Carrying Amount
	RMB’000		RMB’000
Financial assets
Cash and cash equivalents		3,339		3,339
Trade receivable		16,678		16,678
		20,017		20,017

Financial liabilities
Convertible notes payable		5,393		5,393
Trade payable		2,422		2,422
Salary and benefit payable		4,262		4,262
Other payable		22,424		22,424
		34,501		34,501

	As of December 31, 2024
	Fair value		Carrying Amount
	RMB’000		RMB’000
Financial assets
Cash, cash equivalents and restricted cash		79		79
Trade receivable		12,568		12,568
		12,647		12,647

Financial liabilities
Convertible notes payable		12,922		12,922
Trade payable		1,302		1,302
Salary and benefit payable		3,764		3,764
Other payable		387		387
		18,375		18,375