Annual Report 2025

舜宇光學科技（集團）有限公司 • 2025 年報 35 Management Discussion and Analysis 管理層討論與分析 於二零二五年十二月三十一日，非上市金融產 品以公允值進行計量。該等投資活動主要由本 集團的閒置自有資金撥付。 董事會認為，該等非上市金融產品的條款符合 正常商業條款，屬公平合理及符合本公司及股 東的整體利益。 截至二零二五年十二月三十一日止年度，本集 團的資本開支約人民幣 2,931,000,000 元，主 要用作購置物業、機器及設備。該等投資增強 了本集團的研發及技術應用能力，並提升了生 產效率，進而拓寬了收入來源。 未來作重大投資或購入資本資產的計 劃 展望未來，本集團將繼續令其於不同銀行的投 資更多元化，以降低集中風險，並將密切監察 根據其審慎的融資及財政政策所作投資及未來 投資計劃之表現，以動用及增加本集團閒置資 金收益，同時維持高水平流動資金及低水平風 險。該等投資活動進行及將進行的前提為其不 會對本集團營運資金或本集團主要業務營運產 生不利影響。除此之外，本集團在資本性投資 方面將加強管理，提高投入產出效率，側重優 化經營效益。本集團將依賴內部資源、銀行借 貸、債務融資或股權融資以滿足未來重大投資 或購入資本資產的需求。 為促進本公司汽車產品的快速發展，本公司正 考慮通過單獨上市並分拆本公司的一家附屬公 司以尋求股權融資。更多詳情，請參閱本年報 「自二零二五年十二月三十一日起的重要事項」 一節。 The unlisted financial products were measured at fair value as at 31 December 2025. Such investment activities were funded primarily by the idle self-owned funds of the Group. The Board considers that the terms of such unlisted financial products are on normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole. For the year ended 31 December 2025, the Group’s capital expenditure amounted to approximately RMB2,931.0 million, which were primarily for the purchases of property, plant and equipment. These investments enhanced the Group’s R&D and technological application capability and production efficiency, and thus expanded the sources of revenue. Future Plans for Material Investments or Capital Assets Acquisition Looking forward, the Group will continue to further diversify its investments among different banks to lower the concentration risk and will closely monitor the performance of investments made and future investments plan in accordance with its prudent funding and treasury policy to utilise and to increase the yield of the idle funds of the Group while maintaining a high level of liquidity and a low level of risk. Such investment activities were made and will be made on the premises that it would not adversely affect the working capital of the Group or the operation of the Group’s principal business. In addition, the Group will strengthen management in capital investment, improve input – output efficiency and focus on optimizing operational efficiency. The Group will rely on the internal resources, bank borrowings, debt financing or equity financing to meet the future demands for material investments or capital assets acquisition. In order to promote the rapid development of the Company’s vehicle products, the Company is considering seeking equity financing, by way of a separate listing and spin-off of a subsidiary of the Company. For more details, please refer to the section headed “Important Events since 31 December 2025” of this annual report.