Related-party transactions and balances

The Group has, in its ordinary and usual course of business, entered into the following transactions with CXMT Group which are expected to continue after the Listing.

Business · p. 226

As of the Latest Practicable Date, the Company had complied with such internal control measures, including, where applicable, the Shareholders’ approval for the transactions under the DRAM Provision Agreements.

Business · p. 228

During the Track Record Period, our transactions with related parties mainly comprised (i) purchases of property, plant and equipment from an associate, Jiangxi Tungsten Jinxun Resources Africa SAS; (ii) leasing of offices, staff dormitories and warehouse; and (iii) interest income earned from an associate from provision of a loan.

Financial Information · p. 338

It is the view of our Directors that each of the related party transactions set out in Note 33 of the Accountants' Report in Appendix I to this prospectus (i) were conducted on normal commercial terms and/or on terms not less favorable than terms available from Independent Third Parties, which are considered fair, reasonable and in the interest of our Shareholders as a whole; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.

Financial Information · p. 338

Our Directors confirm that all the guaranteed bank and other borrowings were released.

Financial Information · p. 338

We entered into transactions with our related parties in the ordinary course of our business from time to time, including: (i) purchase and sale of goods; (ii) provision of services; (iii) leasing and

Financial Information · p. 348

These related party transactions were conducted on an arm’s length basis and on normal commercial terms between the relevant parties. We are expected to continue entering into contracts for related party transactions of the foregoing nature as part of our ordinary business from time to time.

Financial Information · p. 348

Our Directors believe that our transactions with related parties during the Track Record Period and up to the Latest Practicable Date were conducted in the ordinary course of business and on an arm’s length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.

Financial Information · p. 348

During the Track Record Period, we sold GPGPU products to Customer L, amounting to RMB85.1 million in aggregate, representing 6.3% of our total sales for the same period.

Business · p. 209

Our unlisted equity investment increased from RMB50.0 million as of December 31, 2022 to RMB90.7 million as of December 31, 2023, primarily due to our investment in a subsidiary of Customer L (one of our five largest customers in 2022 and 2023), which engaged in a data infrastructure development project, for potential business opportunities.

Financial Information · p. 310

Our Directors are of the view that each of the related party transactions was conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties and does not distort our Track Record Period results or make our historical results not reflective of future performance.

Financial Information · p. 331

Our Directors are of the view that each of our transactions with related parties during the Track Record Period were conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.

Financial Information · p. 288

Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our results of operations or cause our historical results to become non-reflective of our future performance.

Financial Information · p. 288

Our prepayments, other receivables and other assets increased from RMB120.9 million as of December 31, 2022 to RMB348.7 million as of December 31, 2023, primarily due to an increase of RMB139.1 million in prepayments for contract manufacturing of TG Gen 2 and an increase of RMB105.2 million in receivables from shareholders, representing unpaid capital contributions from certain shareholder.

Financial Information · p. 313

We did not have non-trade related balance with related parties as of June 30, 2025.

Financial Information · p. 331

To the best of our knowledge, except for Jiangsu Sunview Garments Co., Ltd., which is a connected person, all store partners were Independent Third Parties as of the Latest Practicable Date.

Business · p. 208

All key terms of the agreements with Jiangsu Sunview Garments Co., Ltd. and these 34 store partners are generally comparable with those with other parties after negotiated on an arm's length basis.

Business · p. 208

Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm's length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.

Financial Information · p. 350

The below table sets forth material transactions between us and our related parties during the Track Record Period.

Financial Information · p. 420

Purchases of CRO services from: WuXi Group

Financial Information · p. 420

To the best of our knowledge, except for WuXi AppTec, none of them has any past or present relationships with us, our Directors, shareholders, senior management or any of their respective associates.

Business · p. 297

During the Track Record Period, other than the compensation to our key management personnel, we had certain related party transactions with our key management personnel, details of which are set out in note 35 to the Accountants' Report in Appendix I to this document.

Financial Information · p. 447

Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm's length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.

Financial Information · p. 334

As of December 31, 2023 and 2024 and August 31, 2025, our related party transactions were compensation for the services purchased from our related parties, mainly including conducting preclinical trials for our pipeline products and manufacturing of active pharmaceutical ingredients for HX301 and small molecule raw materials.

Financial Information · p. 494

It is the view of our Directors that our related party transactions during the Track Record Period (i) were conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.

Financial Information · p. 494

Apart from our Company, Dr. Zhang also held directorship and shareholding interests in Waterstone Pharmaceuticals.

Summary · p. 19

We have entered into certain transactions with Waterstone Pharmaceuticals which will constitute continuing connected transactions upon Listing.

Summary · p. 19

During the Track Record Period, such loan was unsecured and bore an interest rate 3.60% per annum, which was based on one-year loan prime rate (LPR).

Financial Information · p. 412

During the six months ended June 30, 2025, we provided certain short-term loans to Donghui Medical in an aggregate principal amount of RMB80 million, of which RMB60 million was repaid within the same period.

Financial Information · p. 412

As of the Latest Practicable Date, our Directors expect that the receivables due from Nanjing Yinxia Healthcare of RMB68.2 million as of June 30, 2025, will be settled in the second quarter of 2026.

Financial Information · p. 414

During the Track Record Period, we entered into transactions with certain of our related parties, such as engaging in futures trading, subscribing to funds and asset management products, subscribing to subordinated debts and engaging in OTC derivatives transactions.

Financial Information · p. 395

Our Directors believe that these related party transactions were carried out on an arm's-length basis and would not distort our results of operations during the Track Record Period or cause such results not to be reflective of our future performance.

Financial Information · p. 395

Our current amounts due to related parties decreased from HK$347.2 million as of December 31, 2022 to HK$240.4 million as of December 31, 2023, and increased to HK$432.1 million as of December 31, 2024, primarily attributed to the variation of amounts due to parties under common control of ultimate controlling party representing IT services payable rendered by related parties.

Financial Information · p. 456

Except for amount due to related parties as disclosed in Note 36 to the Accountants' Report set out in Appendix I, all amount due to related parties are in non-trade nature, and such amounts will be settled prior to the Listing.

Financial Information · p. 456

As of October 31, 2025, all of our amounts due to related parties were trade in nature.

Financial Information · p. 456

As of December 31, 2022, 2023 and 2024, and June 30, 2025, our loans to third parties amounted to RMB1.6 million, RMB7.1 million, RMB57.8 million, and RMB15.8 million respectively, among which, RMB1.6 million, RMB3.4 million, RMB55.7 million and RMB15.4 million were business related, representing 100.0%, 47.6%, 96.4% and 97.5% of our loans to third parties, respectively; while the remaining were non-business related, which amounted to nil, RMB3.7 million, RMB2.1 million and RMB0.4 million as of December 31, 2022, 2023 and 2024, and June 30, 2025, representing nil, 52.4%, 3.6% and 2.5% of our loans to third parties, respectively.

Financial Information · p. 385

As of the Latest Practicable Date, industry player J was ultimately controlled as to 75.5% by Ms. Zhang Panpan, the sister-in-law of Mr. Liu, our founder, executive Director, executive president, and Controlling Shareholder.

Financial Information · p. 388

Accordingly, an application was made to the PRC court on October 24, 2025 for the enforcement of the judgment dated August 28, 2025 against industry player G.

Financial Information · p. 389

After the Closing Date of the Series A Preferred Share financing, based on the terms stipulated in the Series A Share Subscription Agreements, terms and pricing policies of these transactions entered into by JD Group for our Group or between JD Group and us were established.

Financial Information · p. 345

The logistics service fees are determined after arm’s length negotiations, and are charged based on a variety of factors including storage space taken and the weights and the delivery distances of the packages.

Financial Information · p. 346

Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.

Financial Information · p. 347

During the Track Record Period, to better utilize the excessive cash for higher returns, we participated in the treasury management scheme managed by JD Group, through transferring excessive cash to JD Group and charges interest accordingly.

Financial Information · p. 346

The amounts due from JD Group primarily represented balances with JD Group, including (i) the profits generated by the Remaining Listing Business in JD Group and held by JD Group on behalf of us, which were unsecured, interest-free and repayable on demand, and (ii) our participation in the treasury management scheme managed by JD Group, which were unsecured, and interest bearing.

Financial Information · p. 347

We have received the amounts under the treasury management scheme paid by JD Group in cash, and terminated this arrangement in 2023.

Financial Information · p. 347

Our amounts due from related parties represented (i) our short-term loan to one of our Share Incentive Platforms to support its normal operations, and (ii) advances to a Supervisor for coverage of reimbursable expenses, such as traveling and transportation expenses, incurred during her performance of obligations.

Financial Information · p. 438

All non-trade balances with related parties and capital injection from shareholders had been fully settled as of December 31, 2024 and we do not expect to enter into any such arrangements thereafter.

Financial Information · p. 438

Our Directors confirm that each of the significant related party transactions during the Track Record Period was conducted on an arm's length basis, and would not distort our results of operations over the Track Record Period or make our historical results not reflective of our future performance.

Financial Information · p. 454

As of December 31, 2022, 2023, 2024 and June 30, 2025, bank loans of approximately RMB10.0 million, nil, RMB50.0 million and nil were guaranteed by Mr. Song, Mr. Su and Ms. Luo.

Financial Information · p. 365

Our Directors confirm that all guarantees provided by our Controlling Shareholders and their respective close associates are being procured to be and would be fully repaid or released before the Listing.

Financial Information · p. 365