Our customers are predominantly SOEs, leading private energy groups and EPC contractors engaged in large-scale CSP plant development.
Summary · p. 2
Our major customers in each year during the Track Record Period were mainly plant owners, many of which are major SOE power generation conglomerates, and EPC contractors of CSP projects.
Business · p. 167
The CSP industry in China is still at a relatively early stage of development, with power plant owners and project developers predominantly consisting of large state-owned energy enterprises, resulting in a naturally concentrated customer base across the entire industry.
It was founded in May 2006 and is a subsidiary of a large state-owned enterprise (which is a Fortune Global 500 company with sound credit history).
Business · p. 164
However, the average collection period for receivables from public sector customers amounted to 125 days in 2022, 114 days in 2023, 235 days in 2024 and 566 days in nine months ended September 30, 2025.
Financial Information · p. 238
Our Directors are of the view that we do not face material collection risk in respect of such trade receivables.
Customer Group H is a PRC state-owned group, principally engaged in satellite communication services, telecommunications, media advertising design and publication, with registered capital ranging from approximately RMB350 million to RMB1 billion.
Business · p. 148
One of these customers is Customer Group H which is a state-owned group involved in, among others, telecommunications, media information services, advertisement design and publication, which engaged us for advertising marketing services.
Business · p. 151
The projects awarded through tendering generally involve leading brands or larger projects where customers require a formal selection and tendering process to procure suppliers, and state-owned or state-affiliated enterprises in the PRC.
We typically participate in tendering and bidding processes initiated by our customers and also secure orders through strategic cooperation arrangements and repeat purchases by existing customers.
Business · p. 161
Customer B: A state-owned company headquartered in Beijing, mainly engaged in investment, construction, and operation of power grids.
Business · p. 166
Saudi Electricity Company: A Saudi state-owned company headquartered in Riyadh, mainly engaged in electric power generation and electricity transmission.
The owners of these projects are the federal government or government-linked companies in Malaysia.
Summary · p. 5
We have relied heavily and will continue to focus on the provision of bridge engineering services for transportation infrastructure engineering projects in Malaysia, most of which are owned or initiated by the government or government-linked companies in Malaysia.
Financial Information · p. 260
With our proven track record in delivering bridge engineering works of varying scales and complexity, we are well positioned to benefit from the government’s continued supportive policy in national and regional transportation infrastructure development.
During the Track Record Period, a substantial part of our revenue was generated from sales, directly or indirectly, from public sector end-customers.
Summary · p. 8
(1) Public sector refers to end customers that are state-owned enterprises and/or are engaged in public services, including railway and other public transportation, power grid and other utilities services, government agencies, public medical and educational institutions, etc.
Summary · p. 8
certain of our sales are made to end customers from the public sector that feature relatively solid credit status yet a long payment cycle because of their internal financial management and payment approval processes
In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, our revenue derived from settlement through public medical insurance programs amounted to RMB968.9 million, RMB1,373.6 million, RMB1,410.4 million, RMB704.8 million and RMB700.9 million, respectively, accounting for 41.5%, 51.1%, 53.0%, 53.0% and 53.4% of our total revenue in the corresponding year/period.
Summary · p. 5
Whether our hospitals can remain to be a Medical Insurance Designated Medical Institution could affect our results of operations.
We focus on major state-owned energy groups, including the “five large and six small” power generation groups (五大六小) as well as State Grid and China Southern Grid (兩網兩建), which are key market players in the large-scale ESS markets.
Summary · p. 6
We have already been shortlisted as a qualified supplier by China Huaneng Group and Power Construction Corporation of China, and we plan to actively participate in their direct and indirect tendering processes to secure stable market-driven orders.
Business · p. 194
Customer H is an energy storage products manufacturer and an associate of State Power Investment Corporation Limited, principally engaged in the design and manufacture of energy storage equipment.
The majority of our customers are public higher education institutions and services and products are usually secured and contracted by way of open tender.
Business · p. 184
In determining whether to submit a bid, we will conduct an assessment, taking into account of various factors including, but not limited to, scope of work involved, expertise and qualifications required and prior experience.
Business · p. 184
(i) substantially all of our trade receivable and retention money receivables as of June 30, 2025 was due from higher education institutions primarily financed by government funds;
During the Track Record Period, we distributed government discount coupons with face values of RMB224.0 million, RMB453.1 million, RMB196.9 million and nil and consumption coupons with face values of RMB423.5 million, RMB324.9 million, RMB0.72 million and nil in 2022, 2023 and 2024 and the five months ended May 31, 2025, respectively.
Financial Information · p. 260
In 2025, government subsidies for promoting automobile consumption have been increasingly being given in the form of direct subsidies instead of distribution of regional discount coupons.
Business · p. 177
Based on the foregoing we believe that our operations, financial performance, and business prospects will not be negatively affected even if the favorable policies for the automobile industry do not continue.
Our customers mainly consist of (i) state-owned pharmaceutical distribution companies, and (ii) pharmacies and other retailers.
Summary · p. 18
During the Track Record Period, most of our major distributors were a few large-scale state-owned enterprises and various subsidiaries or entities within the same state-owned group, which were well-established and have demonstrated a stable track record of sales performance.
Business · p. 300
We submit bids in a centralized tender process to supply our products to public institutions at specified prices.
In 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, we generated revenue of RMB269.4 million, RMB441.0 million, RMB489.8 million, RMB117.3 million and RMB106.4 million from sales of CF017 through VBP channels, representing 77.2%, 79.3%, 80.6%, 83.9% and 78.3% of our total revenue for the same period, respectively.
Summary · p. 19
As of the Latest Practicable Date, Jiangsu Alliance (comprising Jiangsu and 10 other provinces) was the only alliance that completed the 2025 VBP Scheme negotiation and we have won the bid in the Jiangsu Alliance with a unit price of RMB2.95 and a minimum annual procurement amount of 20.1 million.
Summary · p. 19
In addition, we have taken various measures to enhance our overall revenue and profitability going-forward, including but not limited to (i) planning to continue to participate in any upcoming VBPs negotiations to expand our sales coverage through VBP channels in other provinces, including those included in 2021 VBP Scheme but yet to be renewed as of the Latest Practicable Date and other new provinces; (ii) the efforts in expanding the sales opportunities of CF017 via Non-VBP Channels and overseas; and (iii) the marketing plans of other approved products.
During the Track Record Period, our trade and bills receivables turnover days remained relatively high, primarily due to (i) a considerable number of our customers are state-owned enterprises, whose payment cycles are generally longer as a result of more complex internal approval procedures; and (ii) a significant portion of our energy storage batteries are for telecom base stations and data centers, which typically involve longer construction and deployment timelines compared to other application scenarios, thereby leading to slower payment collection.
Financial Information · p. 376
The majority of our trade and bills receivables are attributable to state-owned enterprises (''SOEs'') and publicly listed companies.
We sell our quadrivalent subunit influenza vaccines, which are Class II vaccines, directly to CDCs at the district or county level.
Business · p. 308
We are required to participate in the public tender and re-tender process held by provincial-level CDCs to sell our products, which are, or are expected to be, Class II vaccines, in China.
The turnover days for public sector customers were 234, 330 days and 338 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 319
We believe that our expansion in the public sector aligns with our long-term growth objectives, and has the potential to deliver value by broadening the application of our offerings to meet the diverse needs of the public in multiple facets of daily life.
Financial Information · p. 319
Our trade receivables turnover days remained relatively high at 254 days in 2022, 283 days in 2023 and 277 days in 2024, primarily because (i) during the Track Record Period, we had been continuously expanding our business in the public sectors such as transportation and healthcare, the customers of which, mainly including government departments, public institutions and state-owned enterprises, typically have a longer payment cycle in accordance with their internal financial management and payment approval processes.
For the years ended December 31, 2022, 2023 and 2024, the received amount of public medical insurance accounts from local medical insurance centers of our self-owned hospitals under our hospital business, accounted for 55.6%, 52.3% and 55.2% of our revenue derived from hospital business for the same years, respectively.
Business · p. 399
For the portion of medical fees covered by the public medical insurance programs and payable by the local medical insurance bureaus, our In-network Hospitals typically receive reimbursement of a majority of such portion in the following month or the month after next, with the remainder to be settled generally within the six months of the end of each public medical insurance settlement year
Business · p. 396
In 2022 and 2023, the difference between the expected amount and the actual reimbursement amount from the local public medical insurance bureau was RMB0.6 million and RMB4.7 million, respectively, and the differences were immaterial.
In November 2022, the Government of Ghana directed all gold mining companies, effective January 2023 to sell up to 20% of their products produced in Ghana to the Bank of Ghana at the World Market Spot Price for Ghanaian Cedis.
Summary · p. 32
4. Bank of Ghana
Business · p. 371
We generally are able to utilize all Ghanaian Cedis for our operating expenses, but there is a risk that our holding of Ghanaian Cedis is subject to fluctuation and foreign exchange loss.
Specifically, during FY2021, our revenue derived from public sector customers amounted to approximately RMB84.8 million, accounting for approximately 79.3% of our total revenue, respectively. As we kept expanding our products and services offerings, and diversifying our customer base (especially in the private sector), the revenue contribution from our private sector customers increased to approximately 84.3% during 6M2024, and the revenue contribution from our public sector customers decreased to approximately 15.7% during 6M2024.
Business · p. 258
Our public sector customers mainly include SOEs and the PRC governments and our products and services offered thereto are ultimately for the government’s administrative and public usage purposes, such as, in respect of our ICV data platforms, the collection, storage, processing and management of vehicle data of ICVs so as to facilitate the government’s administration of ICVs (including the determination of liabilities in traffic accidents involving ICVs).
Summary · p. 8
During the Track Record Period, our tendered projects concentrated on public sector customers or government-commissioned projects.
Regional healthcare administrators constitute our largest customer group in terms of revenue contribution, followed by hospitals as our second largest customer group.
Financial Information · p. 389
Most of our trade receivables aged over one year are due from our regional healthcare administrator and other SOE customers.
Financial Information · p. 435
This is primarily because our regional healthcare administrator and other SOE customers are in the public sector and typically have a long payment cycle as required by their internal financial management and payment approval processes.