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.
We actively engage in negotiations or advanced planning for the signing of additional projects.
Business · p. 143
The above estimates are based on the current status of negotiations, indicative terms under discussion with potential clients, and historical project benchmarks.
Business · p. 143
The intelligent driving safety business is not conducted on a project basis and, accordingly, is not included in the project backlog.
As of December 31, 2025, our GNSS-related solutions business had approximately RMB75.0 million of contracts on hand and RMB40.1 million of intended orders, and since December 31, 2025 and up to the Latest Practicable Date, the contract value of contracts on hand for our GNSS-related solutions business and our GNSS module and chip business was approximately RMB37.6 million and RMB135.8 million, respectively, which provide a foundation for further scaling this business line.
(1) The sum of backlog at the beginning of the year plus new orders for the year minus revenue recognized for the year from backlog at the beginning of the year and revenue recognized for the period from new orders for the period, in terms of both value and number of contracts, does not equal backlog at the end of the period, primarily because (i) certain orders spanned multiple fiscal years and were not fully executed within the current year; (ii) a few orders were canceled or discontinued during the current year; and (iii) work orders and instruction varied during the current year.
Business · p. 141
As of the Latest Practicable Date, there were 186 IMSS contract backlog with the total order backlog amounted to RMB431.3 million.
Business · p. 141
We entered into 145 new IMSS contracts with order value of approximately RMB169.0 million, including a new IMSS contract for supplying LOFA system to a 12-inch front-end semiconductor factory, which involves supply of 723 KVMs with a contract value of RMB3.7 million (tax inclusive).
We increasingly provided integrated marketing solutions to customers operating in AI-related sectors for their AI intelligent assistants products, with the aggregate contract value of such campaigns reaching a significantly higher level in the four months ended April 30, 2026, as compared to the same period in 2025.
Summary · p. 14
Leveraging AI across key workflows, we achieved an observable improvement in revenue generated per employee in the four months ended April 30, 2026, as compared to the same period in 2025.
As of December 31, 2025, we maintained a substantial backlog order, with the amount exceeding RMB200 million.
Business · p. 164
344.2 thousand units of harmonic reducers (with a value of RMB233.0 million)
Business · p. 164
As of the same date, we had indicative demand supported by letters of intention for approximately (1) 112.0 thousand units of harmonic reducers, with a value of RMB61.5 million; (2) 7.0 thousand units of joint modules, with a value of RMB29.5 million; and (3) 0.4 thousand units of robotic arms, with a value of RMB10.0 million.
Backlog refers to the estimated contract value of work that remains to be completed as of a specific date.
Business · p. 168
In the four months ended April 30, 2026, we had a total of 6,813 newly approved contracts with a contract value of RMB331.1 million, as compared to 6,197 newly approved contracts with a contract value of RMB281.1 million in the same period of 2025.
Summary · p. 14
The contract amount corresponding to unfulfilled service obligations under the smart parking management service agreements that were terminated during the Track Record Period amounted to approximately RMB59.4 million.
Our backlog, representing contract value in hand yet to be recognized as revenue, increased substantially from approximately RMB133.5 million as of December 31, 2024 to approximately RMB288.9 million as of December 31, 2025.
Business · p. 170
Our value of new contracts signed increased from approximately RMB284.1 million in 2023, to approximately RMB304.4 million in 2024, and further to RMB529.4 million in 2025, reflecting the success of our strategy in translating technology capabilities into strong commercial momentum.
As of December 31, 2025, our contracted future revenue was RMB979.6 million.
Summary · p. 2
Our contracts may be terminated by our clients and in that situation the revenue may not be earned as expected.
Business · p. 144
Our Directors believe that our approach to calculating contracted future revenue is appropriate, meaningful and within the range of methodologies employed in our industry.
Our future growth is underpinned by a strong order backlog, providing high visibility into our near-term revenue.
Business · p. 172
As of April 30, 2026, our total order backlog was RMB236.0 million.
Business · p. 172
For the years ended December 31, 2023, 2024 and 2025, our total bidding and tendering amounts were approximately RMB23.2 million, RMB45.9 million, and RMB101.5 million, respectively.
As of March 31, 2026, our order backlog for overseas orders of wind power equipment reached RMB8,331.8 million, with the majority scheduled for delivery over the next two years.
Business · p. 108
These projects span multiple wind farm clusters across the North Sea and Baltic Sea in Europe and involve high-specification production requirements and specialized heavy transport services.
Business · p. 108
The above-mentioned ships are expected to be delivered during 2028 and 2029.
For the years ended December 31, 2023, 2024 and 2025, we submitted 62, 68 and 82 tenders, with tender success rates of approximately 71.0%, 79.4% and 76.8%, respectively.
Business · p. 146
The termination of these projects was mainly caused by completion of projects.
In 2025, we obtained 605 design wins, covering a broad and expanding pipeline of vehicle models.
Financial Information · p. 177
Expected annualized revenue from design wins secured newly during each year refers to the aggregate estimated annual sales revenue expected to be generated by all newly secured design wins obtained by us during each year in the Track Record Period after such programs enter stable mass production.
Business · p. 115
Number of ongoing projects refers to the number of design wins that we have secured but have not been converted into mass production as of December 31 of the relevant year.
As of December 31, 2023, 2024 and 2025, we had 892, 690 and 612 contracts on hand, respectively.
Business · p. 142
The outstanding balance of our contracts decreased over the Track Record Period, primarily attributable to our improved project delivery efficiency, as evidenced by the steadily increasing revenue that we recognized.
Business · p. 142
During the years ended December 31, 2023, 2024 and 2025, we had 300, 297, 225 of our projects out of a total of 983, 980 and 957 gone through a bidding process, representing a success rate of 30.5%, 30.3% and 23.5%, respectively.
As of the Latest Practicable Date, our order backlog had a total contract value of RMB1,329.6 million, which is expected to be recognized by December 31, 2026.
This decline reflects the progressive completion and customer acceptance of projects originally secured before 2023, which transitioned from backlog to revenue recognition.
Business · p. 116
As of December 31, 2025, the outstanding contract sums to be recognized from rolling backlog of projects amounted to RMB2,706.8 million, of which smart intralogistics solutions represented 94.7%.
Business · p. 117
Our rolling backlog of projects by outstanding contract value increased from RMB3,053.0 million as of December 31, 2025 to RMB3,631.5 million as of March 31, 2026.
The table below sets forth the movement of our project backlog during the Track Record Period in terms of contract value and number of contracts:
Business · p. 133
We submitted 295, 329 and 245 tenders for the FY2023, FY2024 and FY2025, respectively, among which 45, 46 and 38 tenders were awarded to us, respectively, representing a tender success rate of approximately 15.3%, 14.0% and 14.7%, respectively. Our tender success rate remained stable during the Track Record Period.
Business · p. 144
During the Track Record Period, we had two early-terminated projects, which was primarily resulted from the changes in customer requirements or their operation conditions during the project implementation process.
As of the Latest Practicable Date, we have secured 22 design-win projects from 14 commercial vehicle OEMs and tier-1 suppliers, with 13 projects already reaching mass production; we have also secured 32 design-win projects from 13 passenger vehicle OEMs and tier-1 suppliers, with 23 projects already reaching mass production.
Financial Information · p. 232
This has demonstrated our ability to continuously expand our customer base and generate recurring orders and stable revenue over the respective product life cycles of these projects.
Financial Information · p. 232
Based on our current business plan, order backlog, capacity utilization and cost structure, we expect to record net profit for the year ending December 31, 2026.