Assuming an average cash burn rate going forward of 2.5 times the level of the average expenditure during 2024 and 2025, even without taking into account the estimated net [REDACTED] from the [REDACTED], we estimate that our cash and cash equivalents and financial assets at FVTPL as of December 31, 2025, will be able to maintain our financial viability for 10 months
Summary · p. 10
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Financial Information · p. 239
In the event that the [REDACTED] does not take place or experiences a significant delay compared to the expected timetable, we will promptly implement a prudent and conservative capital management strategy to ensure our long-term financial viability and business continuity.
We had bank balances and cash of US$24.6 million as of December 31, 2025.
Financial Information · p. 241
Assuming an average cash burn rate going forward of 1.5 times the level in 2025, we estimate that our bank balances and cash as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months, or, if we take into account the estimated net [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · p. 241
we have available sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses and other operating costs, for at least the next 12 months from the date of this document.
Assuming an average cash burn rate going forward of 2 times the average level of 2023 and 2024, we estimate that our cash and cash equivalents as of December 31, 2025, will be able to maintain our financial viability for 15 months, or, if we also take into account the estimated net proceeds (based on the Offer Price of HK$75.70 per Share and assuming the Offer Size Adjustment Option and the Over-Allotment Option are not exercised), 54 months.
Financial Information · p. 301
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents as of December 31, 2025, and the estimated net proceeds from the Global Offering, we have available sufficient working capital to cover at least 125% of the Group's costs, including research and development expenses and administrative expenses, for at least the next 12 months from the date of this prospectus.
Our historical cash burn rate was RMB35.3 million, RMB29.3 million and RMB33.9 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 256
Following the Series Pre-[REDACTED]+++ Financing proceeds of RMB3,553.4 million in April 2026, our total available financial resources amounted to RMB4,825.5 million.
Financial Information · p. 257
Taking into account the above as well as the written confirmation from the Company in respect of working capital sufficiency and due diligence work conducted by the Sole Sponsor, nothing has come to the attention of the Sole Sponsor that would reasonably cause the Sole Sponsor to disagree with the Directors’ view above.
Our historical cash burn rate was RMB10.2 million, RMB24.5 million and RMB3.2 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 255
We had relatively higher cash burn rate in 2024, primarily due to (i) uncollectible trade receivables from the distressed customer and increased working capital requirements associated with the ramp up of NEV solutions business, which led to net cash outflows from operating activities in 2024; and (ii) higher capital expenditures on property, plant and equipment during the same period.
Financial Information · p. 255
Assuming that the average cash burn rate going forward will be similar to the level in 2025, and based on the assumptions that (i) we do not expect a significant increase in workforce headcount; and (ii) before securing new financing, we will control the scale of expansion to avoid large short-term capital expenditures and continue to align spending with the pace of business growth, we estimate that our cash and cash equivalents, current financial assets at FVPL, restricted bank deposits and debt investments at FVOCI and committed but unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately [REDACTED].
Our historical monthly average cash burn rate was RMB13.0 million, RMB21.1 million and RMB15.7 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 281
we estimate that our cash and cash equivalents, financial assets at FVTPL and unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately 18.9 months or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general purposes), approximately 23.4 months or, if we take into account 100% of the estimated net proceeds (based on the Offer Price) from the Global Offering, for approximately 63.2 months
Financial Information · p. 281
Subsequent to December 31, 2025 and up to March 31, 2026, we had obtained additional banking facilities amounting to RMB210 million to further strengthen our working capital sufficiency.
Our historical cash burn rate was RMB8.6 million, RMB7.2 million and RMB19.2 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 247
Assuming that the average cash burn rate going forward will be approximately RMB19.2 million per month based on the cash burn rate for the 12 months ended December 31, 2025, we estimate financial viability for approximately 18.0 months until June 2027, or, if we take into account 10% of the estimated net proceeds from the Listing, approximately 21.1 months until September 2027 or, if we also take into account the estimated net proceeds from the Listing, approximately 48.7 months until December 2029.
Our historical monthly average cash burn rate was RMB22.3 million, RMB21.9 million and RMB13.7 million in 2023, 2024 and 2025, respectively.
Summary · p. 19
We estimate that our cash and cash equivalents, current portion of term deposits, current portion of financial assets at FVTPL and restricted cash as of December 31, 2025, will be able to maintain our financial viability for approximately 50 months or, if we take into account 10% of the estimated net proceeds (based on an Offer Price of HK$10.50 per Share) from the Global Offering (namely, the portion allocated for our working capital and other general purposes), approximately 59 months or, if we take into account 100% of the estimated net proceeds (based on an Offer Price of HK$10.50 per Share) from the Global Offering, for approximately 133 months.
Summary · p. 19
We assume that the average cash burn rate going forward will be similar to the cash burn rate level in 2023, which was the highest amount of average cash burn rate during each year/period of the Track Record Period, for the sake of prudence, although the cash burn rate is subject to change due to various factors, including but not limited to, the business development, industry trend and customers’ requirement.
We had cash and cash equivalents of RMB258.5 million as of December 31, 2025.
Financial Information · p. 253
If we take into account the estimated net proceeds from the Listing, assuming an average monthly cash burn rate going forward of approximately 2.7 times the level observed for the years ended December 31, 2024 and December 31, 2025, and for the one month ended January 31, 2026, we estimate that we will be able to maintain our financial viability for 55 months, or if we do not take into account the estimated net proceeds from the Listing, we estimate that we will be able to maintain our financial viability for 15 months assuming that there is no cash outflow arising from financial liabilities related to redemption rights under this circumstance.
Financial Information · p. 253
We will continue to monitor our cash flows from operations closely and expect to raise additional financing.
Assuming an average cash burn rate going forward of 1.5 times the level in December 31, 2025, we estimate that (i) our financial resources available to us, including cash and cash equivalents and current other financial assets at amortized cost as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months
Financial Information · p. 242
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and bank balances, financial assets held by us, and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses, for at least the next 12 months from the expected date of this document.
Financial Information · p. 242
We will continue to monitor our cash flows used in operations closely and expect to raise our next round of financing no earlier than six months after the completion of the [REDACTED].
Our cash burn for the years ended December 31, 2023, 2024 and 2025 amounted to RMB(710.6) million, RMB104.2 million and RMB752.1 million, respectively.
Financial Information · p. 265
As of December 31, 2025, we had cash and cash equivalents of RMB2,517.7 million, restricted cash of RMB1,991.2 million, and time deposit of RMB2,896.8 million, aggregating to RMB7,405.7 million.
Financial Information · p. 265
Based on the average cash burn rate for 2023, 2024 and 2025, our aggregate cash and cash equivalents, restricted cash, and time deposits are sufficient to sustain our operations on a going concern basis.
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, financial assets at fair value through profit or loss which represents wealth management products we purchased, and the estimated [REDACTED] from the [REDACTED] and our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, other expenses and necessary capital expenditure for at least the next 12 months from the date of this document.
Financial Information · p. 206
Assuming an average cash burn rate going forward of [REDACTED] times of the level in 2025, we estimate that our cash and cash equivalents and financial assets at fair value through profit or loss as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months from January 1, 2026 taking into account the proceeds from the Series C Financing completed in February 2026 and the estimated [REDACTED] from the [REDACTED]
Financial Information · p. 207
We will continue to monitor our cash flows closely and expect to raise additional financing, if needed, with a minimum buffer of 12 months.
We had cash and cash equivalents of RMB210.3 million as of December 31, 2025.
Summary · p. 14
Assuming a future average cash burn rate of 1.2 times that of the December 31, 2025, we estimate that our cash and cash equivalents as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months or, if we also take into account all estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Summary · p. 14
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
We had cash and cash equivalents of RMB1,883.8 million as of December 31, 2025.
Financial Information · p. 235
It is estimated that our cash and cash equivalents as of December 31, 2025 will be able to maintain financial viability for approximately 20 months or, taking into account [REDACTED]% of the estimated [REDACTED] from the [REDACTED] allocated for working capital and other general corporate purposes, 37 months.
Financial Information · p. 235
Taking into account the financial resources presently available to us, including our cash and cash equivalents on hand, anticipated cash flow from operations, bank loans and the estimated [REDACTED] from the [REDACTED], our Directors are of the view that we have sufficient working capital to meet our present and anticipated cash needs for the next twelve months from the date of this document.
Assuming an average cash burn rate going forward of 1.5 times the level in 2024 and 2025, we estimate that our cash at bank and on hand, available debt financing and other financial assets as of December 31, 2025 will be able to maintain our financial viability for 35 months from December 31, 2025 taking into account the estimated net proceeds from the Global Offering.
Summary · p. 13
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, the expected income from our commercialized products, and the estimated net proceeds from the Listing, as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including R&D costs and administrative expenses for at least the next 12 months from the date of this Prospectus.
Our historical cash burn rate was RMB19.3 million, RMB24.9 million and RMB34.2 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 271
Our average monthly cash burn in 2025 was RMB34.2 million, which was higher than that in 2024 and 2023, because we completed the front-end R&D work for PACE 3 in 2025, which was in line with the relevant stage of our R&D cycle.
Financial Information · p. 272
we estimate that our cash balance as of December 31, 2025 would be sufficient for us to operate for approximately 16 months, or approximately 64 months after taking into account the estimated IPO proceeds
In 2025, our cash burn (defined as net cash used in operating activities) was RMB19.2 million.
Summary · p. 11
Taking into account our available resources, including cash and cash equivalents of RMB131.3 million and committed unutilized bank loan facilities of RMB1.0 billion as of February 28, 2026, as well as cash inflow from our operating activities, our Directors are of the view, and the Joint Sponsors concur, that we have sufficient funds for its present working capital needs and for the next 12 months from the date of this prospectus.
Business · p. 167
Our net loss has substantially decreased in the past years, and we have achieved positive operating cash flow in the second half of 2025.
We had cash and cash equivalents of RMB54.7 million as of December 31, 2025, and received RMB20 million of [REDACTED] investment in January 2026.
Financial Information · p. 244
Assuming an average cash burn rate going forward of 1.7 times the level in the year ended December 31, 2025, we estimate that our cash and cash equivalents as of December 31, 2025 together with [REDACTED] investment subsequently received as mentioned above will be able to maintain our financial viability for 21 months (without considering the estimated [REDACTED] from the [REDACTED]) or, if we take into account the entire estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Our cash burn rate refers to the average monthly cash used in operating activities, purchases of items of property, plant and equipment, and principal portion of lease payments.
Financial Information · p. 246
Assuming an average cash burn rate going forward of [REDACTED] times the level in 2025, we estimate that our cash and cash equivalents, time deposits, and current financial assets at FVTPL as of February 28, 2026 will be able to maintain our financial viability for [REDACTED] months or, if we take into account the estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · p. 246
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Assuming our average monthly amount of net cash used in operating activities, capital expenditure, other scheduled cash payments and interest payments going forward of 2.0 times the level in 2024, we estimate that (i) our cash and cash equivalents as of December 31, 2025 will be able to maintain our financial viability for 37 months, (ii) if we take into account 5.0% of the estimated net [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [40] months, or, (iii) if we take into account the estimated net [REDACTED] from the [REDACTED] (based on the low-end of the indicative [REDACTED]), [93] months.
Financial Information · p. 237
Our Directors are of the opinion that, taking into account of the following financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, finance costs and other operating expenses for at least the next 12 months from the date of this Document: