As of December 31, 2023, 2024 and 2025, our net current liabilities amounted to RMB218.1 million, RMB216.4 million and RMB278.6 million, respectively.
Financial Information · p. 259
Based on our current cash and cash equivalents, anticipated cash flows from operations and the net [REDACTED] from the [REDACTED], our Directors are of the view that we will have sufficient funds to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this document, despite our net liabilities as of December 31, 2025.
Financial Information · p. 252
Based on the review of financial documents and other due diligence documents, discussion with the Directors and the Directors’ confirmation, the Joint Sponsors concur with the Directors’ view.
We expect to turn our net liabilities position as of December 31, 2025 into net assets upon [REDACTED], as the carrying amount of redemption liabilities will be reclassified from financial liabilities to equity as a result of the termination of the aforesaid preferred rights upon [REDACTED].
Financial Information · p. 247
Based on the cash and cash equivalents on hand, the available financing facilities, the estimated net [REDACTED] available to us from the [REDACTED], the classification of redemption obligations as of December 31, 2025 as financial liabilities, whose holders have agreed that their redemption rights will automatically be canceled upon [REDACTED] and the related liabilities will be re-classified to equity, our Directors are of the view, that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this Document.
We had net current liabilities of RMB417.9 million as of December 31, 2024, consisting of current assets of RMB202.1 million and current liabilities of RMB620.0 million, which represented an increase of RMB123.6 million from our net current liabilities of RMB294.3 million as of December 31, 2023, primarily due to an increase in redemption liabilities of RMB171.4 million arising from the issuance of shares with special rights in 2024, and an increase in trade and other payables of RMB46.2 million, partially offset by growth in trade and other receivables of RMB62.1 million, inventories of RMB20.6 million, cash and cash equivalents of RMB14.8 million, and financial assets measured at FVTPL of RMB2.2 million, reflecting the continued expansion of our operations and higher customer orders during the year.
Financial Information · p. 236
Taken together, we believe these measures will gradually improve our net liability and liquidity position, ensuring the sustainable growth of our operations.
Financial Information · p. 238
Taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources available to us, including cash and cash equivalents and unutilized bank facilities, our Directors are of the view that we have available sufficient working capital to cover our present requirements and for at least the next 12 months from the date of this document.
Although we recorded significant net current liabilities during the Track Record Period, the above view is primarily based on the reasons set out below:
Financial Information · p. 258
These preferred shares will be converted into ordinary shares upon [REDACTED], after which our redemption liabilities at FVTPL, which were recorded as current liabilities during the Track Record Period, will be derecognized from our liabilities and recorded as equity, which can result in the Group turning into net current assets and net assets position.
Financial Information · p. 258
The availability of such facilities provides us with additional liquidity and financial flexibility to fund our R&D activities and daily operations.
We had net current liabilities positions as of September 30, 2025 and January 31, 2026 and net current assets positions as of December 31, 2023 and 2024.
Financial Information · p. 229
We recorded net current liabilities of RMB165.3 million as of September 30, 2025 as compared to net current liabilities of RMB327.4 million as of January 31, 2026, primarily due to (i) increase in bank and other borrowings (current portion) and (ii) a decrease in cash and cash equivalents following the increase in bank borrowing and use of company’s funds for settlement of FlareFlow’s selling and marketing expenses incurred in September 2025 which is a relatively large amount of trade payables due to FlareFlow’s early business development and expansion.
Financial Information · p. 229
Our Directors are of the view that, taking into account of the following financial resources available to us, we have sufficient working capital to cover our costs and operating expenses, including selling and marketing expenses, administrative expenses and research and development expenses, for at least the next 12 months from the date of this document.
We recorded net current assets of RMB166.4 million as of December 31, 2025, as compared to net current liabilities of RMB170.7 million as of September 30, 2025, primarily due to (i) a decrease in bank loans and borrowings of RMB767.4 million, and (ii) a decrease in trade and other payables of RMB54.8 million, partially offset by a decrease in cash and cash equivalents of RMB249.4 million.
Financial Information · p. 367
Taking into account the financial resources available to us, including our cash balances and existing credit facilities, net cash inflow from operating activities, the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and requirements for the next 12 months from the date of this prospectus.
We had net current liabilities of RMB1,275.4 million, RMB3,065.4 million, RMB3,805.3 million, RMB5,796.1 million and RMB5,818.5 million as of December 31, 2022, 2023 and 2024, September 30, 2025 and November 30, 2025, respectively.
Financial Information · p. 303
Upon Listing, all of our financial instruments issued to investors will be converted into ordinary shares.
Financial Information · p. 303
Considering our internal resources, our future cash flow from operations, available bank facilities and the estimated net proceeds from the Listing, our Directors confirm that we have sufficient working capital for our current requirements and for the next 12 months from the date of this prospectus.
We had net current liabilities of RMB176.0 million as of December 31, 2023, consisting of current assets of RMB290.4 million and current liabilities of RMB466.4 million, which represented an increase of RMB151.6 million from our net current liabilities of RMB24.3 million as of December 31, 2022.
Financial Information · p. 330
We had net current liabilities of RMB84.3 million as of December 31, 2024, consisting of current assets of RMB679.4 million and current liabilities of RMB763.7 million, which represented a decrease of RMB91.6 million from our net current liabilities of RMB176.0 million as of December 31, 2023.
Financial Information · p. 329
Taking into account the financial resources available to us, including cash flow from operating activities and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
Although we recorded net current liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses (including any production costs), for at least the next 12 months from the date of this prospectus.
Financial Information · p. 452
We anticipate generating approximately RMB160 million in 2026 from payments under existing licensing agreements, which will be received in stages throughout the year.
Financial Information · p. 452
As of October 31, 2025, we had RMB1,021.1 million of committed unutilized banking facilities.
In addition, we incurred net current liabilities of RMB9,548.0 million as of June 30, 2025, primarily because our redemption liabilities were reclassified to current liabilities based on the redemption date specified in the investment contracts, amounting to RMB12,145.4 million as of June 30, 2025. We expect to achieve net current assets upon the completion of the Global Offering when such redemption liabilities will be automatically converted into the equity of our Company.
We had net current liabilities of US$673.5 million as of December 31, 2024 and US$692.3 million as of June 30, 2025, respectively.
Financial Information · p. 405
The financial liabilities at FVTPL represents our convertible redeemable preferred shares, which will be re-classified as equity as the convertible redeemable preferred shares will automatically convert into ordinary shares upon the completion of the Global Offering, and no further loss or gain on fair value changes is expected to be recognized and the net current liabilities would turn into net current assets after the completion of the Global Offering.
Financial Information · p. 406
We will closely monitor and control our costs and operating expenses and increase our collaboration with customers from which we can generate more revenue and reduce R&D expenses by out-license or co-development of our pipeline products.
Taking into account the redesignation of preferred shares into ordinary shares upon the completion of the Global Offering, which will turn the net current liabilities position into the net current assets position, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
Financial Information · p. 279
Our convertible redeemable preferred shares represented shares with preferential rights issued to investors.
Despite that we had a net current liability position as of December 31, 2022, 2023 and 2024 and June 30, 2025, taking into account the financial resources available to us, including
Summary · p. 17
(i) cash inflow from operating activities, (ii) our current cash and cash equivalents of RMB117.2 million as of June 30, 2025, (iii) the time deposit of RMB0.7 million as of June 30, 2025, (iv) the unutilized banking facilities of RMB748.7 million as of June 30, 2025, and (v) the estimated net proceeds from the Global Offering, our Directors are of the view that we have available sufficient working capital for our present requirements, that is for at least the next 12 months from the date of this prospectus.
Our net current liabilities increased from approximately RMB49.0 million as at 31 December 2022 to approximately RMB97.8 million as at 31 December 2023.
Financial Information · p. 319
As the underground mine has been in commercial operation, the ores from the new mine will directly contribute to the concentrate output increase hence improving the total sales revenue, which translates into increased cash inflows.
Financial Information · p. 320
Based on our consolidated financial information as at 31 October 2025, being the latest practicable date on which such information was available to us, we recorded unaudited net current assets of approximately RMB123.9 million, representing an increase of approximately RMB132.6 million from our net current liabilities of approximately RMB8.7 million as at 31 July 2025.
We recorded net current liabilities of RMB523.0 million as of December 31, 2024 while we recorded net current assets of RMB260.7 million as of December 31, 2023, primarily due to (i) an increase in bank loans and other borrowings of RMB335.6 million to finance the construction of new Ecological Park production base; (ii) a decrease in inventories mainly as we wrote-down part of our inventories; (iii) a decrease in trade and bills receivables of RMB202.9 million as a result of a decrease in revenue; and (iv) a decrease in cash and cash equivalents of RMB74.0 million as we spent cash to support our business expansion.
Financial Information · p. 423
In light of the decreasing price trend of epitaxial wafers and substrate, we also entered into new strategic supply chain arrangement with certain suppliers, under which our suppliers rent a warehouse at our production site for storage of raw materials intended for our use.
Financial Information · p. 423
In addition, we are actively discussing with banks to increase the proportion of long-term loans in our financing structure to better match the life cycle of our capital expenditures and enhance financial stability.
We recorded net current liabilities of approximately RMB22.5 million and RMB12.3 million as of December 31, 2022 and 2023, respectively.
Financial Information · p. 350
Our net current liabilities decreased by RMB10.2 million from RMB22.5 million as of December 31, 2022 to RMB12.3 million as of December 31, 2023, primarily due to (i) a decrease of RMB73.8 million in trade and other payables, due to a decrease in payables for purchase of property, plant and equipment and other intangible assets and a decrease in dividends payables; (ii) an increase in inventories of RMB13.3 million; (iii) an increase in trade and bills receivables of RMB15.7 million, which was attributable to the increased sales volumes during the same period as well as the changes in credit terms and payment methods of our customers; and (iv) partially offset by a decrease in cash and cash equivalents of RMB62.5 million, which was caused by our increased spending to fund the construction of a production line for precision casting mullite products with an annual production capacity of 200,000 tonnes.
Financial Information · p. 351
Our Directors confirm that, taking into consideration the financial resources presently available to us, which are primarily our cash and cash equivalents on hand, our cash from operating activities, our bank and other borrowings, our available banking facilities, and the estimated net proceeds available to us from the Global Offering, our Directors believe that we have sufficient working capital for 125% of our present requirements and for at least the next 12 months from the date of this Prospectus as required by the Listing Rules.
We had net current liabilities of RMB17.92 million as at 31 December 2022 mainly attributable to the redemption liability incurred from redemption right of an investor, namely Cornerstone Yixiang, who entered into an investment agreement with our Company in December 2017.
Financial Information · p. 344
We recorded net current liabilities of RMB15.61 million as at 31 December 2024, of which RMB10.17 million mainly due to the negotiable certificate of deposits with a term of two years in which we subscribed for better use of idle fund.
Financial Information · p. 344
To maintain our working capital sufficiency and improve our liquidity position, we will take the following measures: (i) plan and monitor our cash flow situation on a regular basis to ensure the cash flow of our Group remains at a healthy level; (ii) maintain stable relationships with our principal banks so as to timely obtain or renew bank borrowings and negotiate for better terms of loans; (iii) continue our cost control strategy and tighten cost controls over administrative and other expenses aiming at improving working capital and cash flow position of our Group, including closely monitoring the daily operating expenses.
We had net current liabilities of US$31.6 million as of December 31, 2022 and net current assets of US$35.8 million, US$66.0 million, US$119.4 million and US$149.7 million as of December 31, 2023 and 2024, April 30, 2025 and August 31, 2025, respectively.
Financial Information · p. 385
Our net current liabilities as of December 31, 2022 was primarily as a result of the significant borrowings recorded as of December 31, 2022 arising from the capital needs for the one-off acquisition of assets as part of the Reorganization.
Financial Information · p. 386
Our Directors are of the opinion that, taking into account the net proceeds from the Global Offering upon Listing and the financial resources available to us, including cash and cash equivalents, cash flows from operating activities and facilities, we have sufficient working capital for our present requirements, that is for at least 12 months from the date of this prospectus.
As of December 31, 2022, 2023 and 2024, we recorded net current liabilities of RMB7,964.0 million, RMB7,465.5 million and RMB7,385.1 million, respectively.
Financial Information · p. 422
Taking into account our financial resources on hand, the anticipated cash flows to be generated from our operations, and the estimated net proceeds we expect to receive from the Global Offering, our Directors are of the view that we will have available sufficient working capital to meet our present requirements and for at least the next twelve months from the date of this document.
Financial Information · p. 423
As of August 31, 2025, we had cash and cash equivalent of RMB348.4 million.
As of December 31, 2022, 2023, 2024 and June 30, 2025, we recorded net liabilities of RMB1,513.1 million, RMB3,673.2 million, RMB3,649.5 million and RMB3,683.1 million, respectively.
Summary · p. 17
The significant increase of our net current liabilities from RMB227.0 million as of December 31, 2022 to RMB3,270.3 million as of December 31, 2023 was mainly due to the reclassification of convertible redeemable preferred shares from non-current liabilities to current liabilities.
Summary · p. 17
Our net liabilities increased from RMB1,513.1 million as of December 31, 2022 to RMB3,673.2 million as of December 31, 2023, primarily driven by (i) the issuance of conversion redeemable preferred shares amounted to RMB3,127.9 million in 2023 in relation to the Reorganization, and (ii) our net loss of RMB490.0 million in 2023.