We recorded net cash used in operating activities of RMB80.6 million and RMB99.9 million in 2022 and 2023, respectively, as well as net cash flows from operating activities of RMB40.2 million in 2024 and RMB84.4 million for the six months ended June 30, 2025.
Financial Information · p. 438
Our Directors are of the view that, taking into account the financial resources available to our Group, such as available bank loans and the estimated net proceeds of the Global Offering, our current cash and bank balances and our anticipated cash flows from operations, we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this prospectus.
During the Track Record Period, we primarily funded our working capital requirements through capital contributions from our Shareholders and private equity financing.
Financial Information · p. 467
While we had net operating cash outflows and net losses during the Track Record Period, we believe our liquidity requirements will be satisfied by using funds from a combination of our cash and cash equivalents, net proceeds from the Global Offering and other funds raised from the capital markets from time to time.
Our net cash used in operating activities increased from RMB42.5 million in the six months ended June 30, 2024 to RMB208.2 million in the six months ended June 30, 2025, primarily due to a significant increase in trade receivables.
Financial Information · p. 380
we proactively negotiate with customers and suppliers to optimize credit terms. For example, we negotiate with suppliers to settle payments only after receiving payments from customers for certain projects, thereby effectively alleviating cash flow pressure
Net cash used in operating activities amounted to HK$143.5 million, HK$273.7 million, HK$183.3 million, HK$124.4 million and HK$266.3 million during the corresponding periods, respectively.
Summary · p. 9
Our operating cash outflows during the Track Record Period primarily reflect the nature of our business development cycle and the substantial upfront investments required to establish a licensed, compliant and scalable digital asset platform.
During the Track Record Period, we recorded net cash outflows from operating activities of RMB30.3 million, RMB72.9 million, RMB51.9 million and RMB204.9 million for the years ended December 31, 2022 and 2023 and for the six months ended June 30, 2024 and 2025, respectively.
Summary · p. 6
Such increases were primarily attributable to the rapid scaling of the large-scale ESS business in the PRC, which involves significantly larger contract values and longer payment cycles compared with the residential ESS segment.
We recorded net cash used in operating activities of RMB140.2 million, RMB219.8 million and RMB105.2 million in 2023, 2024 and the six months ended June 30, 2025, respectively.
Financial Information · p. 444
During the Track Record Period, we primarily funded our working capital requirements through equity and debt financings.
In addition, we experienced net operating cash outflow of RMB256.6 million, RMB618.0 million and RMB1,227.8 million in 2022, 2023 and the six months ended June 30, 2025, respectively, which was primarily due to our losses before tax, while we generated net operating cash inflow of RMB3,841.8 million in 2024, primarily due to our profit before tax.
We continue to experience net operating cash outflow and require capital expenditure to support our growth.
Summary · p. 39
As a technology-driven company that remains in the early commercialization stage, we have incurred net losses and sustained negative operating cash flows throughout the Track Record Period and is expected to continue to do so in the near to medium term.
In view of our net operating cash outflows in 2024 and the first four months of 2024 and 2025, we plan to improve such position by (i) continuously advancing our pipeline products towards commercialization to generate revenue from product sales.
Financial Information · p. 493
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents and the estimated net proceeds from the Global Offering, as well as the available banking facilities, we have available sufficient working capital to cover at least 125% of the Group's costs, including general, administrative and operating costs (including any production costs), research and development costs, and repayments to amounts due to a related party, for at least the next 12 months from the date of this prospectus.
We generated net cash outflows from operating activities amounting to RMB561.1 million, RMB117.4 million and RMB27.9 million for the years ended December 31, 2022, 2023 and 2024, respectively.
Financial Information · p. 422
Our net operating cash outflow decreased from RMB561.1 million in 2022 to RMB117.4 million in 2023, and further to RMB27.9 million in 2024.
Summary · p. 27
During the Track Record Period and up to the Latest Practicable Date, we funded our cash requirements principally from proceeds from business operations, bank borrowings, and preferred shares, warrants and convertible notes.
We used RMB133.2 million, RMB27.1 million, RMB115.6 million and RMB67.9 million in cash in 2022, 2023, 2024, and the three months ended March 31, 2025 for operating activities, respectively.
Business · p. 252
The increase in the cash used for operating activities from 2023 to 2024 was primarily because of an increase in inventories and prepayments and in prepayments, other receivables, and other assets as a result of our business growth.
Additionally, we recorded net operating cash outflow of RMB463.7 million, RMB270.6 million and RMB705.8 million in 2022, 2023 and 2024, and net operating cash inflow of RMB90.4 million for the five months ended May 31, 2025, respectively.
Financial Information · p. 378
The significant increase in our net operating cash outflow in 2024 compared to that in 2023 was primarily due to the increase in our trade receivables in line with the overall growth in our business scale.
Financial Information · p. 378
As of July 31, 2025, we had unutilized committed banking facilities of RMB814.8 million.
Our operating activities used RMB202.1 million and RMB206.4 million in 2023 and 2024 and RMB136.9 million and RMB34.0 million for the four months ended April 30, 2024 and 2025, respectively.
Summary · p. 26
We expect to generate more cash flow from our operating activities, through income from launching and commercializing GFH925, forging productive collaboration agreements with third parties, advancing the development and eventually commercializing GFH925 overseas and other pipeline products, and enhancing our cost containment capacity and operating efficiency.
These outflows primarily stemmed from operating costs and expenses paid surpassing the net cash generated from our operating activities, as we were in a phase of business expansion requiring significant investments in operational capacity, technology enhancement, and market presence scaling.
Business · p. 382
We have implemented a series of measures to enhance our operating cash flow and maintain sufficient working capital to support our business operations and expansion plans, including continuously expanding our business to generate more revenue, monitoring our trade receivables, enhancing our collection to assure quick trade receivables turnover, and improving our cost efficiency.
Financial Information · p. 494
From a cash flow perspective, our net operating cash outflows decreased by 13.2% in 2024 compared to 2023, and further declined by 56.6% for the three months ended March 31, 2025 compared to the same period in 2024, demonstrating our enhanced discipline in working capital and expense management.
Our net cash used in operating activities was RMB164.6 million, RMB162.6 million, and RMB64.8 million in 2023, 2024 and the five months ended May 31, 2025, respectively, which was mainly attributable to cash used in paying research and development expenses and administrative expenses we incurred during the Track Record Period.
Financial Information · p. 413
During the Track Record Period, we had financed our operations primarily through capital contributions from our shareholders and private equity financing.
We recorded net cash used in operating activities of RMB192.7 million, RMB118.8 million, RMB36.9 million and RMB26.4 million in 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively.
Financial Information · p. 478
During the Track Record Period and up to the Latest Practicable Date, we primarily funded our working capital requirements through equity financing, payments received under our collaboration and licensing arrangements and debt financing.
However, CPaaS services also led to a large amount of prepayments, which resulted in net cash outflow from operating activities in 2022, 2023, and 2024.
Financial Information · p. 319
In the fourth quarter of 2024, we implemented several measures simultaneously to improve net operating cash flow and enhance the recoverability of trade receivables.
Financial Information · p. 339
According to the unaudited management accounts as of April 30, 2025, we recorded a net operating cash inflow, with net cash from operating activities reaching RMB40.9 million as of April 30, 2025, a significant turnaround from the net cash outflow of RMB59.2 million in the corresponding period of the previous year.
We had relatively limited quick assets but significant inventory balances, long inventory turnover days and net operating cash outflows throughout the Track Record Period.
Financial Information · p. 433
In 2022, 2023 and 2024, the net cash used in operating activities was RMB649.2 million, RMB477.4 million and RMB108.1 million, respectively.
Financial Information · p. 433
We are also optimizing operations to improve cash flow by streamlining production processes and reducing costs, further strengthening our liquidity position.
We recorded net losses and net operating cash outflow during the Track Record Period, and we currently expect such positions may continue until we achieve a greater scale.
Business · p. 245
We also expect to have net operating cash outflows in 2025, primarily due to the expected loss before tax position.
Summary · p. 14
We have strengthened our trade receivable management by assigning dedicated personnel to follow up on collections, negotiate repayment plans with customers and take legal action when necessary.
Our net cash generated from operating activities was RMB136.4 million and RMB235.9 million in 2023 and 2024, respectively, as compared to our net cash used in operating activities of RMB1.1 billion in 2022, primarily due to the improvement of profitability.
Financial Information · p. 411
In terms of cash flows, we pivoted to generating positive net operating cash flow in 2023 and 2024 from a state of negative net operating cash flow in 2022.