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.
In 2023, certain of our logistics projects incurred losses in an aggregate amount of approximately RMB407.0 thousands.
Business · p. 146
These projects were primarily undertaken as pilot demonstrations and for technical validation purposes during our early development stage, rather than for immediate profitability.
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.
Due to intense competition for patient recruitment, enrollment for the Phase III clinical trial of Hemay022 for advanced ER+/HER2+ breast cancer has been slower than anticipated.
Business · p. 173
As of the Latest Practicable Date, 212 of the planned 339 subjects have been enrolled.
Business · p. 173
Based on these measures, our Directors are of the view that the updated development plan and timeline are feasible.
As of the Latest Practicable Date, we had cumulatively secured 40 design wins with ten OEMs, either directly or through tier-1 suppliers, and our solutions had been adopted in 16 commercially launched vehicle models across 12 vehicle brands.
Summary · p. 3
As of the same date, we had 24 projects in the customer engagement and solution design stage.
Summary · p. 3
In 2023, 2024 and 2025, our design wins were three, four and 17, among which, our design wins from Geely Related Group were three, nil and seven during the same years, 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.
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.
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.
During the Track Record Period, we recorded a number of lossmaking smart intralogistics solution projects, with associated losses of RMB6.1 million, RMB22.2 million, and RMB74.2 million in 2023, 2024, and 2025, respectively.
Business · p. 117
In 2024, the number of lossmaking projects increased, driven mainly by: (i) revenue write-downs due to certain customers entering bankruptcy and liquidation proceedings; and (ii) low-margin, strategic contracts aimed at expanding into new markets such as fast-moving consumer goods and cold chain logistics. All such lossmaking projects are one-off in nature and do not indicate a structural deterioration in profitability.
Business · p. 117
In 2025, we incurred a loss of RMB57.4 million due to three projects, which further increased the overall loss of smart intralogistics solution projects.
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.
During the Track Record Period, we incurred losses exceeding RMB1.0 million on four satellite and related services projects and four satellite-based solution projects, primarily because, during the ramp-up phase, we offered lower prices for certain projects to facilitate customer acquisition and project execution.
Business · p. 165
The decrease was primarily due to write-down of inventories in relation to one project where the contract value fell below our carrying cost.
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.