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.
During the Track Record Period, there were 400 loss-making projects. The total losses resulting from these projects were RMB132.7 million during the Track Record Period. The revenue generated from these projects represented 4.0% of our aggregate revenue for the Track Record Period.
Business · p. 147
We incurred losses from these projects primarily because (i) we priced certain projects competitively to secure strategic clients, enter into new client industries, establish benchmark cases, or promote new products, and (ii) certain projects required more man-days or more senior personnel than originally budgeted due to higher-than-expected implementation complexity.
Business · p. 148
Therefore, the occurrence of these loss-making projects did not have a material adverse effect on our overall business operations.
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.
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%.
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.
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).
During the Track Record Period, we had loss-making projects, which was primarily resulted from (i) business strategy to explore new types of business and customers with strategic value, with relatively low contract fee; and (ii) changes in customer requirements or their operation conditions during the project implementation process.
Business · p. 142
In particular, for 2025, we incurred loss of about RMB3.7 million for a project with Customer G being the first domestic PCB industry achieving IoT integrated CIM system.
Business · p. 142
During the year ended December 31, 2023, we had four project suspended due to the change in customers' requirements or their operation condition during the project implementation process.
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.
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.
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.