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.
As of the Latest Practicable Date, we had 24 unfulfilled binding orders for our Specialist Technology Product with a total value of approximately RMB821.8 million.
Summary · p. 4
In addition, as of the Latest Practicable Date, we have entered into five framework sales agreements and 24 sales contracts for our Specialist Technology Product with a total value of approximately RMB1,240.7 million, which will contribute to our future revenue when realized.
The corresponding backlog value decreased by 64.2%, from RMB1,238.4 million to RMB443.2 million.
Business · p. 220
As of December 31, 2024, we recorded a relatively higher ending backlog value of approximately RMB1,001.1 million, as compared to RMB443.2 million, RMB363.3 million as of December 31, 2022 and 2023, respectively, primarily because we were awarded with one general contracting project (Project #16) with contract sum amounting to approximately RMB229.4 million as well as 13 large-scale PS building subcontracting projects with each contract sum over RMB50.0 million.
Business · p. 221
As of the Latest Practicable Date, we had 119 projects on hand, with an aggregate unrecognized revenue of approximately RMB789.2 million.
Project backlog value decreased from RMB195.4 million in 2022 to RMB107.9 million in 2024 and RMB126.2 million for the six months ended June 30, 2025 primarily due to our accelerated project execution processes and enhanced sales followup with customers regarding delivery requirements and acceptance procedures, resulting in increased revenue recognition from 2023 and a corresponding reduction in project backlog value.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, we had one, three, 13 and 15 ongoing projects, respectively, with aggregate outstanding balance of contract sum (tax included) of RMB154.8 million, RMB138.5 million, RMB32.3 million, and RMB44.2 million, respectively.
Summary · p. 12
This was primarily due to timing differences in customers’ acceptance of our products delivered for our projects (and sometimes at varying implementation phases), as well as the fact that many of our customers for our project-based businesses generally only engaged us for one-off projects rather than on a recurring basis.
Business · p. 248
We had a decreasing trend of the average contract sum per newly awarded projects and per ongoing projects during the Track Record Period from 2022 to 2024 which was mainly attributable to a higher contribution in the number of Technology Services projects newly awarded in 2024 and still ongoing as of December 31, 2024.
Our total order backlog value reached approximately RMB583.9 million as of June 30, 2025 and we received indicative orders for 357 autonomous mining trucks and 290 sets of standalone autonomous truck systems as of the same date, a strong indication of revenue growth as we begin to deliver for these customer orders.
Summary · p. 27
As of September 30, 2025, our total order backlog amounted to approximately RMB471.3 million, with 109 orders in hand.
We have secured orders from multiple licensing and application customers for an aggregate of over 13,000 units of domain controllers scheduled to be delivered by the end of 2026.
Business · p. 401
This ensures a baseline level of revenue while creating opportunities for additional upside as the partnership evolves.
As of August 31, 2025, our total order backlog value, which also includes estimated value of contracts under current framework agreements based on historical orders, was approximately RMB660 million.
Business · p. 387
Of this amount, approximately RMB260 million is expected to be delivered in 2025.
Business · p. 387
However, there is no guarantee that we will be able to deliver in accordance with the orders or ultimately receive payments for the orders.
As of the Latest Practicable Date, our order backlog had a total contract value of RMB16.0 billion, among which, RMB11.1 billion is expected to be recognized since the Latest Practicable Date to December 31, 2025, with the remaining RMB4.9 billion expected to be recognized in 2026.
Our overall backlog decreased from approximately HK$101.5 million as at 31 March 2024 to approximately HK$61.1 million as at 31 March 2025, which was mainly driven by that (i) during FY2024/25 we completed certain large projects (including Project No. #11, #12 and #14) which was awarded in FY2023/24, in which the entire contract sum was recognised in FY2024/25; and
Summary · p. 7
Project No. #01 is a three-year maintenance project, covering 38 properties with a contract sum of approximately HK$49.5 million.
Summary · p. 7
Furthermore, in August 2025, we successfully renewed Project No. #01 for a term of three years commencing from September 2025 with a contract sum of approximately HK$55.4 million in which we have obtained the letter of award.
As of March 31, 2025, we secured 22 OEMs globally across 120 vehicle models, ranked No. 1 in the LiDAR’s ADAS market in terms of number of design wins.
Business · p. 286
As such, design wins do not guarantee any definite order volume.
Business · p. 292
As of the Latest Practicable Date, we had either achieved SOP for the vehicle models associated with our design wins or were actively working with the respective customers to reach SOP.
During the Track Record Period, the amount of our backlog orders amounted to approximately RMB881.1 million, RMB861.2 million and RMB883.6 million as of December 31, 2022, 2023 and 2024.
Business · p. 233
Our tender success rates in 2022, 2023 and 2024, and the five months ended May 31, 2025 were approximately 34.8%, 38.0% and 39.5% and 42.1%, respectively.
Business · p. 232
With our strong technological capacity, advanced manufacturing equipment and process, premium product quality, extensive customer service network and high customer service quality, during the Track Record Period, we have successfully reached these requirements on suppliers and maintained relationship with our major customers.
As of April 30, 2025, the amount of backlogs (representing confirmed purchase orders with specified amount that had not been fulfilled or delivered) was RMB349.0 million, consisting of RMB34.3 million and RMB314.7 million from CRO and CDMO services, respectively.
Summary · p. 23
This shift has led to a temporary decrease in our order backlog.
Summary · p. 23
The backlog from the U.S. customers is primarily driven by the clinical development stages and evolving clinical needs of our clients, and as such, it has historically fluctuated over time.
The total PV cells committed for purchase under these agreements in 2025 covered around 90% of our PV cell annual production capacities as of the Latest Practicable Date.
Business · p. 284
Furthermore, as of April 1, 2025, our signed long-term framework agreements had a total indicative order quantity for 2025 of approximately 39.2 GW, among which 25.1 GW and 14.1 GW is in- and outside Mainland China, respectively.
Business · p. 298
The total silicon wafers guaranteed for sale under these agreements are able to cover more than half of the PV cells committed for purchase under the aforementioned cooperation framework agreements.
As of the Latest Practicable Date, we had 48 design-wins that were subsequently converted into purchase orders.
Business · p. 287
As of the Latest Practicable Date, we had obtained 48 design-win projects of EV batteries covering 29 product types, including 16 PHEV battery products.
(i) Marine exhaust gas cleaning systems: we had 263 orders on hand as of November 27, 2024, including 24 orders for ship exhaust gas cleaning systems and 239 orders for spare parts, with a total contract value of RMB174.4 million, of which 188 orders, including four orders for ship exhaust gas cleaning systems and 184 orders for spare parts, with a total contract value of RMB45.2 million are estimated to be completed for the two months ending December 31, 2024.
Summary · p. 10
(iv) Maritime services: we had 1,297 orders on hand with a total contract value of RMB258.1 million as of November 27, 2024, of which 577 orders with a total contract value of RMB35.8 million are estimated to be completed for the two months ending December 31, 2024.
As of the Latest Practicable Date, the aggregate value of contracts in our backlog was approximately A$76.6 million (equivalent to RMB346.3 million).
Summary · p. 28
As of December 31, 2021, 2022 and 2023 and June 30, 2024, the aggregate value of contracts in our backlog was approximately A$62.9 million (equivalent to RMB284.3 million), A$90.4 million (equivalent to RMB408.7 million), A$81.6 million (equivalent to RMB368.9 million) and A$80.7 million (equivalent to RMB364.8 million), respectively.
Business · p. 235
Regarding the orders in 2023 and the six months ended June 30, 2024, we canceled a total of three and nine RVs, respectively.
Further, subsequent to the Track Record Period and up to the Latest Practicable Date, we had obtained 28 newly awarded contracts with a total contract value of approximately RMB127.1 million (excluding tax), including (i) eight contracts for the sale of ICV simulation testing software and platforms; (ii) two contracts for the sale of ICV data platform; (iii) 11 contracts for the provision of ICV testing and related services; (iv) six contracts for the provision of advisory and other services; and (v) one contract for the sale of ICV simulation testing software and platforms as well as provision of ICV testing and related services and advisory and other services.
As of the Latest Practicable Date, we had a backlog of unfulfilled orders totaling approximately RMB291.4 million, among which, approximately RMB196.4 million of the unfulfilled order is expected to be fulfilled by 2024, and approximately RMB95.0 million of the unfulfilled order is expected to be fulfilled by 2025.
Business · p. 286
In 2021, 2022, 2023 and the six months ended June 30, 2024, we secured six, 230, 244 and 244 design-wins, respectively, illustrating our strong ability to offer tailored products to the customers and forming a solid foundation for sustained revenue growth.