As of February 28, 2026, our order backlog amounted to a total value in the hundreds of millions of RMB.
Financial Information · p. 211
As of December 31, 2025, we had 443 ongoing new product development projects with total expected annual revenue potential of over RMB1 billion.
Financial Information · p. 211
Among these projects, 84 have reached the business-win stage, having secured signed sales agreements and initial low-volume production orders, a stage critical for turning into mass production.
The year-on-year increase in the closing balance of contract value at the end of the year from 2023 to 2025 was primarily due to an increase in the volume of signed contracts driven by the continued business growth.
Business · p. 107
During the Track Record Period, there were nil, 2, and 8 loss-making projects in 2023, 2024, and 2025, respectively.
Business · p. 107
The total losses resulting from these projects were nil, RMB0.1 million, and RMB6.6 million in 2023, 2024, and 2025, respectively.
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 Group expects to generate revenue from these projects in 2026 primarily from the supply of spare parts and/or the provision of technical service and/or O&M service.
Business · p. 173
For the Jinta 100MW Project, the remaining revenue to be recognized relates to spare parts supply which is expected to be completed by April 2026 and the provision of O&M service fees to be recognized over the five-year O&M period ending August 2030.
As of the Latest Practicable Date, we secured over 2.4 million units in total purchase orders for 2026. Notably, over 25.0% of this volume, representing approximately RMB70.0 million, was contributed by customers other than Customer A.
Summary · p. 13
Our current and projected order volumes indicate continued revenue expansion in 2026 and beyond.
As of January 31, 2026, we currently hold orders on hand totaling approximately RMB171.0 million, which comprises approximately RMB46.1 million supported by confirmed customer orders and approximately RMB124.9 million supported by potential customer demand.
Business · p. 179
Furthermore, we have secured aggregate indicative orders of RMB37.2 million from this customer, which are expected to be formally placed progressively in early 2026 based on the customer’s production schedule, with corresponding revenue recognition anticipated within 2026.
Business · p. 179
However, based on gross profit margins of comparable products in the industry, such as the 36.1% comprehensive gross margin reported by our competitor in China and the 50%−60% gross margin for analog chips reported by our other global competitor, we anticipate achieving a gross profit margin in the range of 35% to 40% for these products.
As of December 31, 2025, we have achieved an aggregate backlog value of robots and systems of approximately RMB2.2 billion, which we expect to fulfill within the next three years.
Business · p. 125
Specifically, approximately 44.7% of the backlog is expected to be fulfilled in 2026, and 47.3% in 2027, with the remaining balance expected to be fulfilled in 2028.
Business · p. 125
As of December 31, 2025, we have achieved an aggregate backlog value of robots and systems of approximately RMB2.2 billion, out of which 46 were ongoing overseas projects with an aggregate backlog of RMB685.0 million.
As at 31 December 2023, 31 December 2024 and 31 December 2025, we had a total of 12, 19 and 8 projects in our backlog (including projects that have commenced but not completed as well as projects that have been awarded to us but not yet commenced) with revenue derived or expected to be derived from such projects as follows:
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, we had recorded two loss-making projects.
Business · p. 143
In light of the above incidents leading to loss-making projects, we have strengthened our internal control measures over project execution and cost management.
As of January 31, 2026, the total value of our confirmed orders pending revenue recognition was RMB26.1 million, representing a 163.1% increase compared to January 31, 2025.
Summary · p. 19
Subsequent to the Track Record Period and up to the Latest Practicable Date, our business operations had remained stable.
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 total losses generated from those loss-making projects amounted to RMB7.8 million, RMB3.0 million, RMB7.2 million and RMB0.8 million in 2022, 2023, 2024 and in the nine months ended September 30, 2025, respectively.
Business · p. 273
A small number of projects were terminated after contract signing but prior to customers' acceptance, primarily due to customers adjusting their project scope or technical specifications, or reallocating budgets in response to evolving business needs or financial considerations.
Business · p. 273
Despite the occurrence of these loss-making or terminated projects, these projects did not have any material adverse impact on our overall business operations.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, our cancelled orders (as evidenced by a subsequent cancellation agreement) amounted to RMB248.4 million, RMB238.0 million, RMB605.4 million and RMB307.5 million, respectively, accounting for 1.8%, 1.4%, 5.1% and 3.0% of our total revenue for the year or period, respectively.
Financial Information · p. 321
We have not suffered material losses due to cancellation of orders during the Track Record Period, as we have to the extent possible conducted resales to other customers with limited adjustment to our products.
As of September 6, 2025, we had an aggregate order value of approximately RMB95.8 million to be fulfilled. We expect to deliver products to our customers under these orders in around two months.
Business · p. 225
Our average order-to-revenue cycle is one to two months, which is relatively short and consistent with industry practice as advised by CIC.
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.
in terms of contractual sales volume, we have entered into agreements for sales of 61 units of our Core Products globally as of June 30, 2025.
Summary · p. 7
In terms of contractual sales volume, we have entered into agreements for sales of 31 units of Edge Multi-Port Endoscopic Surgical Robot in the six months ended June 30, 2025.
Summary · p. 2
In terms of contractual sales volume, we have entered into agreements for sales of 118 units of our Core Products globally as of the Latest Practicable Date, including 46 units in China and 72 units in overseas countries.
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.
The delay was primarily because: (i) our client's customs clearance delays impeded the timely entry of the PS building components manufactured by us; and (ii) the rainy season in Thailand rendered the site unsuitable for construction activities from June to late October in 2024.
Business · p. 226
During the Track Record Period, for projects where delays resulted in significant additional costs, we received sufficient compensation from our customers.
Business · p. 227
Save for disclosed above, none of the construction projects carried out by us experienced material delays, project cancellation, cost overruns and loss-making during the Track Record Period and up to the Latest Practicable Date.