Hong Kong IPO disclosure precedents · 106 companies, 106 items
Disclosures of contract backlog/order reserve amounts and their growth or decline over the track record period, including drivers such as new order intake and expected recognition timing.
For the years ended December 31, 2023 2024, 2025 and the six months ended June 30, 2026, our revenue generated from our project-based business amounted to RMB106.2 million, RMB395.3 million, RMB1,020.5 million, and RMB434.5 million, respectively, which accounted for 100.0%, 99.95%, 92.9%, and 73.9% of our total revenue, respectively.
Business · p. 153
Due to the scale and nature of these infrastructure developments, our customers generally engage us for discrete, one-off projects rather than on a recurring basis, although they may subsequently engage us for expansion phases or operational support.
As of June 30, 2026, backlog of SiPh assembly and testing equipment amounted to RMB2.0 billion.
Summary · p. 20
As of June 30, 2026, we were executing multiple overseas orders for our PV manufacturing solutions from customers primarily in India, with an aggregate contract value of approximately RMB100 million, all of which was expected to be recognized as revenue in 2026.
Summary · p. 19
We believe our existing facilities have established sufficient capacity to support our high-volume delivery schedule for the remainder of the year.
During the Track Record Period, our order backlog increased from RMB1,789 million as of December 31, 2023 to RMB2,266 million as of December 31, 2024, and further to RMB3,087 million as of December 31, 2025.
Business · p. 163
At the same time, our order backlog may not necessarily be indicative of our future revenue, as the timing and amount of revenue recognized from backlog are subject to various factors, including delivery schedules, customer acceptance, changes in project implementation plans and other factors beyond our control.
As of June 30, 2026, our order backlog of custom ASIC solutions amounted to over RMB1.5 billion, representing an increase of 416.5% from June 30, 2025.
As of June 30, 2026, our contract value as of the end of the period amounted to RMB504.5 million, which we expect to fulfill within the next two years.
In 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, our new EPC contract value was RMB2,184.2 million, RMB2,647.0 million, RMB830.0 million, RMB775.8 million and RMB538.6 million, respectively.
Business · p. 125
The decreases in our new EPC contract value in 2025 and the six months ended June 30, 2026 were primarily attributable to decreased market demand.
Business · p. 125
As of December 31, 2023, 2024 and 2025 and June 30, 2026, the backlog of our ongoing EPC projects was RMB7,589.4 million, RMB3,808.9 million, RMB2,918.1 million and RMB3,218.3 million, respectively.
The following tables set out the movement of our project backlog in relation to our (i) consulting services and (ii) technology and platform development services under our digital intelligence services, which are the only parts of our business operations which adopted a project-based revenue model, during the Track Record Period in terms of number of projects and contract value:
Business · p. 125
The number of new projects for FY2025 includes the number of projects of Wuxi Chulei as at and since March 2025 incorporated into the Group’s project backlog after the completion of the acquisition of Wuxi Chulei in February 2025.
Business · p. 125
During the Track Record Period, there were no loss-making projects in relation to our (i) consulting services and (ii) technology and platform development services under our digital intelligence services.
Our order backlog was approximately RMB201.0 million as of the Latest Practicable Date.
Business · p. 171
Our tender success rate has also grown from 67% in 2023 to 69% in 2024, further to 73% in 2025 and increased from 70% for the six months ended June 30, 2025 to 71% for the same period ended June 30, 2026, reflecting the enhanced competitiveness and industry recognition of our solutions.
Our contracted future revenue as of June 30, 2026 was RMB578.3 million.
Business · p. 146
The future revenue associated with a contract may not be realized as initially expected, including as a result of adjustments to contract value arising from supplemental agreements entered into during project execution, as well as changes resulting from project termination or completion settlement.
Business · p. 146
As such, our FSP business does not generate backlog in the sense of unrecognized contract value.
The ending value of overall backlog of our projects increased from S$104.1 million in 2023 to S$107.4 million in 2024, and further increased to S$723.9 million in 2025, primarily due to backlog obtained through the acquisition of Guthrie Engineering and new contracts awarded as we continued to expand our business in ELECT and ACMV services.
Business · p. 112
As at 30 June 2026, our total outstanding order book amounted to S$838.2 million and further exceeded S$1.0 billion as at the Latest Practicable Date.
Summary · p. 1
As at 30 June 2026, we had 170 projects on hand which represents projects that have commenced but not completed as well as projects that have been awarded to us but not yet commenced.
The following table sets forth our project backlog movement in terms of contract value during the Track Record Period.
Business · p. 170
In addition, from June 1, 2026 to June 30, 2026, we entered into 592 contracts with an aggregate contract value of RMB287.1 million, as compared with 288 contracts with an aggregate contract value of RMB223.7 million for the corresponding period in 2025.
Closing balance of contract value (excluding VAT) at the end of the year/period | 1,765,503 | 1,987,276 | 2,091,207 | 2,044,883 | 2,177,348
Business · p. 146
We submitted 8,490, 8,678, 9,232, 3,042, and 3,146 tenders in 2023, 2024, and 2025 and for the four months ended April 30, 2025 and 2026, respectively, of which 4,327, 4,429, 4,595, 1,531, and 1,581 were awarded, representing tender success rates of 51.0%, 51.0%, 50.0%, 50.3%, and 50.3%, respectively.
Business · p. 121
In addition, for the two months from May 1 to June 30, 2026, we secured 1,009 projects with an aggregate contract value of RMB402.0 million.
Our backlog increased from RMB128.3 million as of December 31, 2023 to RMB326.8 million as of December 31, 2024, to RMB334.9 million as of December 31, 2025, and amounted to RMB300.1 million as of May 31, 2026.
Business · p. 129
The value of newly signed contracts (net of contract adjustments) was RMB354.5 million, RMB525.6 million, RMB516.7 million and RMB175.8 million in 2023, 2024 and 2025 and the five months ended May 31, 2026, respectively.
Business · p. 129
As our contracts typically have a duration of more than one year, a substantial portion of the contract value from newly signed contracts remains in backlog at year end pending future recognition.
The total original contract value of our projects for which we newly signed increased from RMB963.9 million in 2023 to RMB1,106.1 million in 2024.
Financial Information · p. 221
During the Track Record Period, our bidding success rates were 87.9%, 89.1% and 93.9% in 2023, 2024 and 2025, respectively.
Financial Information · p. 221
As of the Latest Practicable Date, we have recorded a total of three ongoing projects, among which we have a total of two major ongoing projects with a total original contract value of RMB151.4 million.
The was primarily driven by the substantial recognition of revenue during the period, which outpaced the value of new contracts added.
Business · p. 116
The tender success rate remained stable during the Track Record Period, while there was a higher number of tender bids submitted in the year ended 31 December 2023, as we participated in more tenders with lower contract value.
Business · p. 120
During the Track Record Period, we recorded four loss-making projects which has completed construction during the Track Record Period, with the total contract sum of these projects being approximately RMB6.8 million.
As of March 31, 2026, we had confirmed orders in process of RMB577.3 million, including RMB510.2 million of robotic product orders and RMB66.3 million of robotic solution orders.
Summary · p. 10
Backlog represents our estimate of contract value that remains to be completed as of a certain date.
Business · p. 157
Backlog might not be indicative of our future operating results and difficulties in contract performance could lead to inaccuracies with respect to the ultimate income from uncompleted contracts.
As of the Latest Practicable Date, we had 77 projects that had been contracted with an aggregate contract value of RMB35.7 million yet to be recognized as revenue.
We provide digitalization and business solutions to our customers in return for a fee, which in certain projects is paid to us in stages, subject to negotiations with individual customers. The initial payment typically constitutes 10% to 50% of the total fee.
As of December 31, 2023, 2024 and 2025, we had 13, 25 and 34 backlog technical development projects, respectively.
Business · p. 167
These amounts represent the aggregate value attributable to the unfulfilled portions of signed projects as of the relevant period-end, and do not include potential future revenue that may be generated from subsequent technical development services, post-SOP licensing or other commercialization arrangements.
Business · p. 167
During the Track Record Period, there were no loss-making or early terminated technical development services projects for reasons attributable to us.
As of December 31, 2023, 2024 and 2025, the backlog of our automotive-grade SiC power modules was 2,530, 6,715 and 732 pieces, with the decrease from December 31, 2024 to December 31, 2025 mainly due to orders being more concentrated towards the end of 2024 but earlier in 2025, resulting in a higher backlog at the end of 2024 and a lower backlog at the end of 2025.
Business · p. 196
As of December 31, 2025, we successfully secured design-wins for 30 vehicle models.
Business · p. 195
As of the date of this prospectus, we have cumulatively secured sales orders for more than 120,000 units of industrial-grade SiC power module products for industrial applications, applied in scenarios such as welding machines, induction heating and electroplating.