Hong Kong IPO disclosure precedents · 24 companies, 24 items
Disclosures of tender win numbers, bid success rates, or conversion of design wins/tenders into purchase orders, particularly where rates declined period-on-period.
During the Track Record Period, we secured 25, 46 and 52 design wins in 2023, 2024 and 2025, respectively. Of these design wins, 24, 39 and 42 had been successfully converted into purchase orders during the respective or subsequent periods, respectively, representing conversion rates of 96.0%, 84.8% and 80.8%.
Business · p. 153
The fluctuations in conversion rates were primarily attributable to changes in our customers’ product development priorities and timelines, where certain customers pursued multiple technical solutions in parallel during the R&D stage and selected one solution for mass production based on market feedback, while certain small and medium-sized customers chose not to proceed to commercial sales even after completing product validation which, based on the Company’s understanding, was primarily due to factors such as changes in their product launch schedules, adjustments to product positioning or go-to-market strategies, budgetary or resource constraints, or their reassessment of the expected market demand and commercial viability of the relevant end products.
Business · p. 153
As of the Latest Practicable Date, based on the backlog of design wins as of July 31, 2026, revenue of approximately RMB174.8 million is expected to be recognized from September 2026 to December 2026, subject to product delivery and the relevant revenue recognition requirements.
Our number of newly awarded projects decreased from 110 for the six months ended June 30, 2025 to 46 for the same period in 2026, while the contract value of such newly awarded projects increased from RMB30.6 million to RMB64.0 million.
Summary · p. 22
Notwithstanding the decrease in our number of newly awarded projects, the contract value of such projects increased, as the newly awarded projects for the six months ended June 30, 2025 included a larger number of smaller-scale projects with relatively lower individual contract values.
During the Track Record Period, our tender success rate increased from 4.3% in 2023 to 18.2% in 2024, mainly because we obtained BCA Grade L6 workhead registrations which allowed us to tender and obtain more projects.
Business · p. 113
Our tender success rate decreased from 21.0% in 2025 to 16.7% in the six months ended 30 June 2026, as 20 projects we tendered for in 2025 and the six months ended 30 June 2026 were still pending outcome.
For the projects conducted through public tendering and competitive negotiation processes in China, our success rate was nil out of nine in 2023, four out of 13 in 2024, nine out of 11 in 2025 and nil out of six in the four months ended April 30, 2026.
Business · p. 165
We did not win any such projects in the four months ended April 30, 2026 primarily because the projects we targeted are expected to be launched in the second half of the year, and the relevant proposals were in the process of being prepared.
During the Track Record Period, we participated in 8, 14, 191 and 117 tenders in 2023, 2024 and 2025 and the five months ended May 31, 2026, respectively, of which we successfully won 5, 8, 74 and 58 tenders, respectively, representing success rates of approximately 62.5%, 57.1%, 38.7% and 49.6% for the respective years/period.
Business · p. 128
In aggregate, we participated in 330 tenders during the Track Record Period and successfully secured 145 projects, representing an overall success rate of approximately 43.9%.
During the Track Record Period, our products participated in six tender processes, comprising 3 for TH-S, 1 for TH-S Pro, 1 for TH-P, and 1 for TH-X MW; and were awarded five tenders, save for 1 bid for TH-S in 2025, representing a winning rate of 83.3%.
Business · p. 196
Due to the limited number of tender samples, such winning rate does not have statistical significance and may not indicate our future winning rates.
Business · p. 196
The total revenue generated from such successful bids during the Track Record Period and up to the Latest Practicable Date was RMB11.3 million.
For the years ended December 31, 2023, 2024 and 2025, we successfully secured 76, 62 and 58 open tenders, representing a tender success rate of approximately 33.8%, 23.5% and 23.0%, respectively.
Business · p. 156
Such decrease in our success rate in 2024 and 2025 compared to 2023 primarily attributable to our active participation in a larger number of biddings to expand our market presence, with our total number of submitted bids increasing from 225 in 2023 to 264 and 252 in 2024 and 2025, respectively.
Our tender success rate decreased from 70.9% in 2023 to 68.5% in 2024 and further to 56.0% in 2025.
Business · p. 143
Furthermore, as we have established and deepened long-term cooperative relationships with our customers over the years, we have increasingly acquired new contracts through methods other than tenders, such as request for proposal and direct commercial negotiations, to the extent permitted by customers’ internal policies.
During the Track Record Period, some of our intelligent energy operation and management projects and intelligent energy efficiency projects were secured by tender or quotations.
Business · p. 134
Number of projects for which we submitted a tender | 42 | 57 | 63
Business · p. 134
We were awarded and entered into 42, 57 and 63 contracts in 2023, 2024 and 2025, respectively.
The following table summarizes certain details of our revenue-generating projects of our core business lines, including the movement of projects on hand, tender success rate, contract value and revenue, for the periods indicated.
In 2023, 2024 and 2025, we submitted 117, 90 and 53 tenders and quotations and were awarded 59, 33 and 25 projects, respectively.
Our overall success rate for the tenders and quotations submitted was approximately 50.4%, 36.7% and 47.2% in 2023, 2024 and 2025, respectively.
In January 2026, we won a tender of a food waste treatment project in Jinzhou city, Liaoning province with a contract price of RMB71.5 million for construction of the project.
The following table sets out the number of projects for which we have submitted tenders, the number of projects awarded and the tender success rate during the Track Record Period:
Business · p. 153
Our Directors believe that the tender success rate has remained largely stable during the Track Record Period, despite there was a slight reduction in FY2025 which was primarily attributable to a significantly higher volume of tenders submitted in FY2025 as we put in more effort in pursuing business opportunities to broaden and diversify our customer base.
Business · p. 153
Our Directors confirmed that there is no seasonality in the tendering cycle.
During the Track Record Period, our revenue derived from projects secured through bidding was RMB140.7 million, RMB100.9 million, RMB142.3 million and RMB58.4 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, accounting for 44.9%, 26.9%, 28.3% and 23.4% of our total revenue in the same respective periods.
Business · p. 270
Our bidding success rates were 40% to 49% during the Track Record Period.
Business · p. 270
During the Track Record Period, the proportion of our revenue contributed from projects secured through bidding decreased, primarily because (i) our existing customers prefer commercial negations or direct procurements rather than bidding for subsequent purchases, after the establishment of collaborative relationships through bidding; and (ii) we have acquired new customers through business negotiations during our business expansion.
The decline in our tender success rate from FY2023 to FY2024 was primarily due to: (i) our strategic decision to submit bids with higher profit margins as we were operating near full capacity in FY2024, which in turn reduced our competitiveness; and (ii) intensified competition for projects from our established contractor client base.
Summary · p. 3
Note: In July 2025, we were awarded one new project with a contract sum of approximately RM111.2 million.
Business · p. 152
Our Directors confirm that (i) our Group did not have, and did not expect to have, any loss-making projects during the Track Record Period or as of the Latest Practicable Date, respectively; and (ii) our Group did not experience any material cost overruns or progress delays due to our fault in any of the projects undertaken by us during the Track Record Period and up to the Latest Practicable Date.
For FY2023/24 and FY2024/25, we recorded a tender success rate of approximately 13.9% and 15.1%, respectively.
Financial Information · p. 249
Our Directors consider that our success rate on project tendering depends on a range of factors, which primarily include our pricing and tender strategy, competitors’ pricing and tender strategy, whether or not we remain to be our customers’ approved E&M contractors, availability of our resources and subcontractors, level of competition and our customers’ evaluation standards.
Financial Information · p. 249
2. Out of the 2,803 projects tendered during FY2024/25, the tender results of 1,064 projects were still pending as at the Latest Practicable Date.
In the intelligent driving solutions segment, for design wins secured in 2021, 2022 and 2023, the rate of commencing mass production by the end of the Track Record Period was 96.2%, 83.9% and 50.0%, respectively; for design wins secured in 2023 and the six months ended June 30, 2024, the rate of commencing mass production by the Latest Practicable Date was 90.9% and 58.3%, respectively.
Summary · p. 4
Despite the growing number of design wins obtained by us during the Track Record Period, there is no guarantee that such projects will eventually reach mass production nor any guarantee on the respective selling prices and commercial terms of our solutions.
For the three years ended 31 December 2023, the numbers of successful tender bidding were five, seven and four, representing the success rates of 55.6%, 87.5% and 80.0%, respectively.
Business · p. 246
Thus our sales and marketing practices are essentially consistent with industry norms.
For FY2020, FY2021, FY2022 and the nine months ended 30 September 2023, we recorded a tender success rate of approximately 16.7%, 8.9%, 10.1% and 11.5%, respectively.
Financial Information · p. 284
Our Directors consider that our success rate on project tendering depends on a range of factors, which primarily include our pricing and tender strategy, competitors’ tender and pricing strategy, the availability of our resources and subcontractors, level of competition and our customers’ evaluation standards.
The decrease in the closing aggregate contract sum of backlog from approximately RMB1,155.0 million for the year ended 31 December 2020 to approximately RMB654.8 million for the year ended 31 December 2021 was mainly driven by the decrease in new construction projects contracted.
Business · p. 146
The closing aggregate contract sum of backlog increased by approximately RMB646.2 million or 98.7% from approximately RMB654.8 million for the year ended 31 December 2021 to approximately RMB1,301.0 million for the year ended 31 December 2022.
Business · p. 146
During the Track Record Period, we submitted 2,918, 4,318, 3,293 and 1,642 tender documents, respectively, and our tender success rates were 1.5%, 1.0%, 0.9% and 1.1%, respectively.
During the Track Record Period, we recorded revenue generated from tenders of approximately RMB4.8 million, RMB6.0 million, RMB3.9 million and RMB3.5 million, representing approximately 4.7%, 3.8%, 1.9% and 4.6% of our total revenue, respectively.
Business · p. 248
The increase in the number of submitted and successful tenders in FY2021 and FY2022 were in line with the increase in our revenue for such years.