During FY2023, the backlog value decreased from RMB1,247.1 million to RMB995.6 million, due to the completion of a large number of projects which offset the newly awarded contracts.
Business · p. 160
During FY2025, the backlog value increased to RMB660.8 million, reflecting the increase in market demand from the aviation and aerospace sector which led to a significant in the number of newly secured contracts.
Business · p. 160
The tender success rate increased to 38.5% in FY2025 as a result of the improved alignment between submitted tenders and our expertise.
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.
For our intelligent energy operation and management projects, if the recoverable revenue over a project’s entire lifecycle is expected to be insufficient to cover both incurred and perspective costs, we will identify it as a loss-making project after conducting a comprehensive assessment.
Business · p. 116
During the Track Record Period, we identified three intelligent energy operation and management projects as loss-making and therefore we made sufficient impairment provisions.
Business · p. 116
The losses recognized for these projects are immaterial and do not have a material adverse impact on the overall operations, financial performance and profitability of our Group.
As of March 31, 2026, we had a backlog of customer contracts valued at RMB501.6 million.
Business · p. 162
We have continued to scale our business, adding a new backlog of customer contracts valued at approximately RMB162.5 million during the period from January 1, 2026 and up to the Latest Practicable Date in 2026.
Summary · p. 14
(1) We expect to realize the revenue from the backlog as of December 31, 2025 in 2026 and 2027.
As of the Latest Practicable Date, we had an order backlog of 516 units, out of which 416 units had been confirmed with deposits received, representing a contracted value of approximately RMB215.6 million.
Summary · p. 10
Given the build-to-order nature of the new energy heavy-duty truck industry, our order backlog is generally converted into deliveries within a relatively short period and therefore reflects near-term customer demand and execution status.
During the Track Record Period, we had five loss-making projects for our industry-class scenario, with aggregated gross loss of approximately RMB2.7 million.
Business · p. 154
Our Directors consider that the losses recognised as a result of these loss-making contracts were acceptable losses that may arise out of our ordinary course of business and such losses were insignificant to our operations, financial performance and profitability as a whole.
In parallel, our new contract value (exclusive of VAT) increased from RMB448.8 million in 2023 to RMB759.4 million in 2025, reflecting robust demand for our solutions and strong commercial momentum.
Financial Information · p. 182
This growth in new contract value, coupled with a year-end backlog of RMB502.5 million as of December 31, 2025, provides meaningful visibility into our future revenue streams.
Financial Information · p. 182
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.
During the Track Record Period, we had three loss-making projects, with aggregated gross loss of RMB4.9 million.
Business · p. 134
Our Directors consider that the losses recognized as a result of these loss-making projects were acceptable losses that may arise out of our ordinary course of business and such losses were insignificant to our operations, financial performance and profitability as a whole.
During the Track Record Period, we had three major loss-making new energy investment and development projects.
Business · p. 172
During the Track Record Period, the total revenue and gross loss from these projects were RMB1,230.8 million and RMB81.0 million, respectively.
Business · p. 172
These losses were primarily due to (i) the relatively low project selling price, impacted by the declined market electricity prices; and (ii) the increased construction costs, resulting from project delays caused by the public health incidents.
During the Track Record Period, there were 11, nil, and nil loss-making projects for DES and other asset development in 2023, 2024, and 2025, respectively.
Business · p. 106
The gross losses resulting from these projects were RMB10.8 million, nil, and nil in 2023, 2024, 2025, respectively.
Business · p. 106
Therefore, the occurrence of these loss-making projects did not have a material adverse effect on our overall business operations.
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 particular, within Q4 2025, we secured multiple purchase orders of approximately RMB87.3 million for our Scale-up OCS solutions from (i) a major provider of communications equipment and ICT infrastructure in China, which includes about 8,200 Scale-up OCS modules and (ii) a developer of artificial intelligence computing chips, which includes about 2,000 Scale-up OCS modules.
Business · p. 187
Based on the current delivery and acceptance schedule, 56% of the total contract value (VAT excluded) was recognised as revenue in 2025, with the remaining 44% expected to be recognised as revenue in 2026.
Business · p. 187
Nonetheless, it is notable that certain letters of intent and framework agreements are legally non-binding in nature and do not constitute final agreements for the purchase of our products.
For certain sales, such as sales to automotive manufacturers and sales of smart laboratory equipment and software, there is normally a tender process where we are required to submit tender with design proposals for some of our customers' new projects.
Business · p. 137
We had a sustainable tender success rate at 26.7%, 25.4% and 31.2% for FY2023, FY2024 and FY2025, respectively, and we believe that demonstrates our capability to capture new projects and business opportunities.
As of February 28, 2026, we had 92 outstanding agreements with customers with an aggregate transaction value of RMB440.5 million, including 36 agreements for AI recognition business with a total transaction value of RMB159.1 million, 50 agreements for AI vertical industry application business with a total transaction value of RMB235.5 million, and 6 agreements for AI computing technical service business with a total transaction value of RMB46.0 million.
Summary · p. 11
We expect that among the total transaction value of RMB440.5 million outstanding agreements with customers, RMB375.9 million is expected to be paid by end of 2026, with the rest to be paid by the end of 2027.
Summary · p. 11
Our business growth continued after December 31, 2025.
Project backlog represents an estimate of the remaining aggregate contract sum of our customized sensor solution projects as at each of December 31, 2023, 2024 and 2025.
Business · p. 156
During the Track Record Period and up to the Latest Practicable Date, none of our backlog projects is cancelled or is expected to be cancelled.
For each year during the Track Record Period, we recorded seven, six and four loss-making projects, incurring a total loss of approximately RMB2.9 million, RMB16.4 million and RMB6.3 million for the corresponding year.
Business · p. 157
The losses incurred from the loss-making projects were primarily attributable to underestimation of project costs.
Our backlog value as at the year end increased significantly from RMB86.7 million as of December 31, 2023 to RMB635.3 million as of December 31, 2025, which was primarily driven by the strong market reception of our new EIIR products and the strategic acquisition of Jiangsu SVFactory and Agilebot.
Business · p. 153
The number of newly awarded projects in 2025 includes 73 backlog projects acquired through the Agilebot.
During the Track Record Period, we undertaken eight projects that were loss-making upon completion.
Business · p. 154
The loss-making outcomes were primarily attributable to: (i) initial equipment batches for new projects often incur higher upfront costs, which we view as necessary investments to facilitate future, high-margin replicable orders; and (ii) we proactively absorbed additional labor and customization costs arising from evolving customer requirements during delivery to maintain long-term relationships with KAs.
During the Track Record Period, 11 projects with an aggregate contract value of approximately RMB18.8 million were terminated or cancelled prior to completion.
Business · p. 154
These project cancellations were isolated and case-specific, and did not have a material adverse effect on our operations or financial condition.