During the Track Record Period, the Group entered into transactions with related parties.
Financial Information · p. 214
The Directors believe that the Group’s transactions with related parties during the Track Record Period were conducted on normal commercial terms and on an arm’s-length basis in the ordinary and usual course of business, and they did not distort its results of operations or make its historical results not reflective of its future performance.
As of December 31, 2023, 2024 and 2025, amounts due to related party in non-trade nature amounted to RMB210.7 million, RMB135.1 million and RMB101.7 million, respectively, primarily representing borrowings from a related party for our production and operation.
Financial Information · p. 251
The non-trade balances with related parties are expected to be settled upon the Listing.
During the Track Record Period, our material related party transactions primarily included services purchased from related parties and public cloud-based services provided to related parties.
Financial Information · p. 197
Our Directors are of the view that each of the material related party transactions set out in Note 31 to the Accountant’s Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, our transactions with related parties mainly consisted of (i) sales of goods; (ii) purchases of goods; (iii) leased out buildings to related parties, (iv) leased buildings from related parties; (v) provision of labor services and (vi) purchase of labor services.
Financial Information · p. 247
It is the view of our Directors that each of the related party transactions set out in Note 44 of the Accountants’ Report in Appendix I to this prospectus (i) was 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) does not distort our Track Record Period results or make our historical results not reflective of future performance.
Financial Information · p. 247
We have applied for, and the Stock Exchange has granted us, a waiver from strict compliance with certain requirements set out in Chapter 14A of the Listing Rules for certain continuing connected transactions.
During the Track Record Period, the vast majority of our consulting fee income was generated from services provided to Beijing Hanmi.
Financial Information · p. 184
As of December 31, 2025, all our amounts due from related parties were non-trade in nature and were based on arm’s length negotiations, which are expected to be settled prior to [REDACTED].
Financial Information · p. 202
Our Directors are of the view that each of the related party transactions set out in Note 30 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Related party transactions are set out in Note 40 to the Accountants’ Report included in Appendix I, Our Directors confirm that these transactions were conducted in the ordinary and usual 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.
During the Track Record Period, save for Channel Partner A (the ''Relevant Channel Partner''), in which we held an approximately 3% equity interest, all of our channel partners were Independent Third Parties.
Business · p. 150
Our equity interest in the Relevant Channel Partner was a minority, passive investment and did not confer control or significant influence over the Relevant Channel Partner.
Business · p. 150
We held such minority interest in, and conducted business with, the Relevant Channel Partner primarily because, to the best of our Directors' knowledge after making reasonable enquiries, the Relevant Channel Partner possessed downstream customer resources that were complementary to our business and could facilitate the development of our customer base.
During the Track Record Period, our related party transactions concern about (i) key management compensation; and (ii) amounts due from/to Jinan Huanneng, our Controlling Shareholder.
Financial Information · p. 239
As at the Latest Practicable Date, (i) approximately RMB166.4 million, or 74.3% of our prepayments made to third-party suppliers; (ii) approximately RMB2.0 million, or 80.0% of our amounts due from related parties; (iii) approximately RMB0.8 million, or 100.0% of our VAT recoverable; and (iv) approximately RMB3.4 million, or 10.9% of our deposits and other receivables, as at 31 December 2025, had been subsequently utilised, settled or recovered.
Our balance with related parties that was non-trade in nature represented interest-bearing bank and other borrowings with China South Industries Group Finance of RMB820.0 million, RMB1,500.0 million and RMB310.0 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 256
Such borrowings with related parties will be fully settled before the [REDACTED].
Our related party transactions during the Track Record Period were non-trade in nature, which primarily included (1) certain loans to the management and then shareholders of the Company, which have been settled during 2024, and (2) trade sales to an associate of our Company.
Financial Information · p. 254
Our Directors are of the view that our related party transactions during the Track Record Period were fair and reasonable, and would not distort our track record results or make our historical results not reflective of our future performance.
Our prepayments, deposits and other receivables increased from approximately RMB28.1 million as of 31 December 2023 to approximately RMB44.2 million as of 31 December 2024, which was primarily due to the disposal of subsidiaries in 2024 for which the share transfer consideration had not yet been collected in 2024.
Financial Information · p. 229
Our Directors confirm that the related party transactions set out in note 40 to the Accountants' Report in Appendix I to this document were conducted in the ordinary course of business on arm's length basis and with reference to the normal commercial terms of each party.
Trade receivables from related parties accounted for 33.3%, 20.5%, 13.6% and 9.7% of our trade and bills receivables as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 254
During the Track Record Period, the credit term we offered to related parties was generally 360 days, while the credit term we offered to Independent Third Parties was generally 90 days.
Financial Information · p. 255
Based on our experience, Beijing Kaibao typically settles payments with us shortly after receiving payments from its end customers.
Our amounts due to related parties (non-trade) amounted to RMB38.3 million as of December 31, 2023, RMB56.1 million as of December 31, 2024, nil as of December 31, 2025 and nil as of April 30, 2026.
Financial Information · p. 254
We had settled these amounts as of December 31, 2025.
Financial Information · p. 254
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.
For the year ended December 31, 2023, our Company repurchased 14,144,584, 7,818,640, 7,818,640 and 2,418,136 ordinary shares from Fun Can, Penelope Goose Co., Ltd., Lotus Lantern Co., Ltd. and The Black Bone Co., Ltd., respectively.
Financial Information · p. 250
As of December 31, 2025, amounts due to Hangzhou Beiqi amounted to RMB73.0 thousand, which were non-trade in nature.
Financial Information · p. 251
Our Directors believe that our transactions with related parties during the Track Record Period disclosed above (i) were conducted on arm’s length basis; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.
As at 31 December 2025, the only outstanding balances with related parties amounted to approximately RMB1.8 million, which were non-trade in nature and arose from interest-free, unsecured loans advanced by Mr. Ma Jiankang to Guangdong Mai Ge Er Intelligent Technologies Co., Ltd. (廣東麥格爾智能科技有限公司) (''Mai Ge Er''), a non-wholly owned subsidiary in which he is a minority shareholder.
Financial Information · p. 270
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
In 2024 and 2025, we entered into related party transactions of RMB65.2 million and RMB42.1 million, primarily relating to sales of autonomous mining trucks.
Financial Information · p. 239
The amount due from related parties of RMB9.9 million as of December 31, 2025 is non-trade in nature and is expected to be collected upon the Listing.
Financial Information · p. 233
Our Directors are of the view that each of the related party transactions was conducted in the ordinary course of business on an arm’s-length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, we primarily conducted related party transactions with our associates, investee companies and entities controlled by our ultimate controlling party.
Financial Information · p. 226
Our Directors believe that our transactions set out in Note 36 to the Accountants’ Report in Appendix I during the Track Record were conducted in the normal 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.
We enter into transactions with our related parties from time to time.
Financial Information · p. 209
Our Directors are of the view that each of the related party transactions set forth in Note 34 of the Appendix I to this Document was conducted in the ordinary course of business and with normal commercial terms on an arm’s length basis between the relevant parties.
Financial Information · p. 209
Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our track record results or cause our historical results to become non-reflective of our future performance.
For the years ended December 31, 2023, 2024 and 2025, procurement of pharmaceuticals, medical consumables and other inventories from fellow subsidiaries amounted to RMB126.5 million, RMB186.3 million and RMB209.8 million, respectively.
Financial Information · p. 271
We had amounts due to and due from related parties of non-trade in nature primarily in accordance with the unified fund management of TRT or to satisfy the short-term capital needs.
Financial Information · p. 272
Except for the receivables from Shanghai Zhongyou, Hangzhou CZT and a few miscellaneous receivables from ultimate holding company and fellow subsidiaries, all of our amounts due from related parties which are non-trade in nature have been settled as of December 31, 2025.
The terms of these related party transactions were mutually agreed following arm's length negotiations.
Financial Information · p. 205
a decrease in interest income from related parties from RMB1.0 million to nil, as deposits that had been placed in bank accounts of our related parties in 2023 were withdrawn to fund our operations in 2024.