As of December 31, 2023, 2024 and 2025, amounts due from related party was nil, RMB15.9 million and RMB19.6 million, respectively.
Financial Information · p. 256
It is the view of our Directors that our transactions with related parties during the Track Record Period was conducted on an arm's length basis and with normal commercial terms between the relevant parties.
Our Directors confirm 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. 220
Our amounts due from related parties increased by 38.5% from RMB2.6 million as of December 31, 2023 to RMB3.6 million as of December 31, 2024, primarily because we purchased commercial insurance services from Cathay Insurance Co., Ltd and made prepayments to it.
Financial Information · p. 220
With respect to the related party transactions set forth in Note 29 of the Accountants' Report in Appendix I to this document, our Directors confirm that these transactions were conducted on normal commercial terms or such terms that were no less favourable to our Group than those available to Independent Third Parties and were fair and reasonable and in the interest of our Shareholders as a whole.
Although investing cash flows fluctuated due to advances to a director, purchases of unlisted bonds and the placement of pledged bank deposits to secure banking facilities for procurement and production, these outflows were partially offset by proceeds from redemption/maturity of unlisted bonds and repayments received from the director during 2023 and 2024.
Financial Information · p. 247
Our Directors confirmed that we have ceased all related party transactions as of the Latest Practicable Date and do not expect to enter into any similar transactions in the future.
During the Track Record Period, we rendered loans to related parties and the loans were interest bearing and in compliance with the relevant laws and regulations.
Financial Information · p. 236
Our Directors are of the view that each of the related party transactions set out in Note 36 to the Accountants’ Report included in Appendix I to this Prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
We have entered into and expect to continue to conduct certain transaction after the [REDACTED] with our Controlling Shareholders and their respective associates, which will constitute non-exempt continuing connected transactions under Chapter 14A of Listing Rules.
Summary · p. 13
During the Track Record Period and up to the Latest Practicable Date, Huiyin Financial Leasing Co. Ltd. is a Connected Person with whom we enter into finance lease arrangements on mutually agreed terms following arm’s-length negotiations.
Business · p. 146
Our amounts due from related parties were non-trade in nature.
The amounts due to related parties as of December 31, 2023 and 2024 were mainly in relation to an equity transfer agreement and supplemental agreement entered into between the Company and its controlling shareholder, Qianhai Tianzheng, to transfer 100% equity interest in Hainan Pharmaceutical Research Institute Co., Ltd. from the Company to Qianhai Tianzheng, which have been fully settled.
Financial Information · p. 260
Our Directors confirm that, all material related party transactions during the Track Record Period were conducted on normal commercial terms or such terms that were no less favorable to our Group than those available to independent third parties and were fair and reasonable and in the interest of our Shareholders as a whole
Our prepayments, other receivables and other assets increased by 8.9% from RMB26.6 million as of December 31, 2023 to RMB28.9 million as of December 31, 2024 mainly due to an increase in amounts due from related parties of RMB7.7 million.
Financial Information · p. 225
We entered into transactions with related parties during the Track Record Period.
Financial Information · p. 230
Our Directors are of the view that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis, with normal commercial terms between the relevant parties and would 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. 220
Our Directors are of the view that each of the related party transactions set out in Note 34 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.
Financial Information · p. 220
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.
During the Track Record Period, certain of our borrowings, notes payables and performance bonds were secured by guarantees provided by related parties, which have been released before May 20, 2026, except for the guarantee provided by Mr. Han Lei for a borrowing obtained by Hangzhou Xunlongren, as disclosed in Note 28(b) and 34(v) to the Accountant's Report included in Appendix I to this Prospectus.
Financial Information · p. 221
Our Directors are of the view that each of the significant related party transactions set out in Note 34 to the Accountant's Report included in Appendix I to this Prospectus 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 included provision of certain research and development services to our associate company, guarantee provided by Ms. Cheong in respect of certain loan facility, guarantee provided by our Company in respect of repurchase obligation of Ms. Cheong pursuant to the shareholders’ agreement under Series B Financing, which had been terminated and considered void ab initio, and compensation paid to our key management personnel.
Financial Information · p. 255
It is the view of our Directors that each of the related party transactions set out in note 32 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. 255
Our prepayments, deposits and other receivables as recognized under current assets increased from RMB8.1 million as of December 31, 2024 to RMB11.7 million as of December 31, 2025, primarily due to (i) an increase in deferred listing expenses of RMB3.7 million; (ii) prepayments for purchases of inventories; and (iii) the recognition of loans receivables from related parties of RMB1.0 million, reflecting the loans we provided to our associate for working capital purpose.
Our prepayments, other receivables and other assets consist primarily of (i) prepayments to suppliers, mainly representing advance payments made to social media platforms to support our campaign execution, (ii) deposits, primarily representing security deposits for office premise leases, platform cooperation and campaign execution, (iii) loans to an associate, primarily representing short-term non-trade advances to an associate of our Group for its temporary working capital needs, (iv) deductible input VAT, (v) other miscellaneous receivables in the ordinary course of our business, and
During the Track Record Period, we entered into a number of related party transactions concerning Wuzhou Xinhua and Shengzhou Xinhua controlled by the immediate family member of Mr. Zhang, which involves miscellaneous purchases and sales of goods and rendering of services.
Financial Information · p. 245
We also entered into a four-year lease contract in respect of certain leasehold properties from Shengzhou Xinhua as office and manufacturing premise in 2022.
Financial Information · p. 245
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.
(ii) interest income from a related company, associated with our loan to Shandong LanYin Real Estate Co. (“Shandong Lanyin”) which has been fully settled as of the Latest Practicable Date
Financial Information · p. 215
Our prepayments, other receivables and other assets decreased from RMB450.2 million as of December 31, 2024 to RMB126.7 million as of December 31, 2025, primarily due to a decrease of RMB325.2 million in amount due from a related company as Shandong Lanyin repaid the loan.
Financial Information · p. 228
Our Directors confirm that each of the material related party transactions during the Track Record Period were 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 over the Track Record Period not reflective of our expectations for our future performance.
During the year, we placed deposits with a bank in which one of our substantial Shareholders has equity interest to receive interest income.
Financial Information · p. 289
After Listing, if we need to place deposits with any connected person, we will comply with the relevant the Listing Rules requirements (especially the requirements under Chapter 14A of the Listing Rules) as and when appropriate.
Financial Information · p. 289
Our Directors confirm that the related party transactions set out in Note 37 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.
During the Track Record Period, we entered into the material related party transaction comprising key management personnel remuneration.
Financial Information · p. 257
Remuneration for key management personnel of our Group, including amounts paid to our Directors and supervisors, amounted to RMB16.0 million and RMB17.1 million in 2024 and 2025, respectively, comprising salaries, allowances and other benefits, discretionary bonuses, retirement scheme contributions and equity-settled share-based payments.
Financial Information · p. 257
Our Directors are of the view that such related party transactions and balances did not distort our track record results or cause our historical results to become non-reflective of our future performance.
The amounts due from related parties decreased from RMB13.1 million as of December 31, 2024 to RMB5 thousand as of December 31, 2025, mainly due to a loan extended to a related party, which was non-trade in nature and had already been settled.
Financial Information · p. 257
Our Directors are of the view that material related party transactions were 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 engaged (i) certain subsidiaries of CSPC Holdings Company Limited (石藥控股集團有限公司) (“CHL”) in China, and (ii) certain subsidiaries of CSPC Pharmaceutical in the United States, Germany and Spain as our distributors in operating our biopharmaceutical or nutritional products businesses.
Business · p. 163
In 2023, 2024, and 2025, our revenue generated from certain subsidiaries of CHL was RMB45.1 million, RMB23.7 million, and RMB33.8 million, respectively, and our revenue generated from certain subsidiaries of CSPC Pharmaceutical in the United States, Germany and Spain was an aggregate of RMB2.2 million, nil, and RMB1.3 million, respectively.
Business · p. 163
Our Directors are of the view that each of these related party transactions set out therein was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Our Directors and Commissioners are of the view that the related party transactions set out in Note 32 to the Accountant’s Report in Appendix I to this Prospectus, were conducted in the ordinary course of our business, on an arm’s length basis and with normal commercial terms between the relevant parties.
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountants’ Report in Appendix I to this document was conducted on an arm’s length basis and would not distort our track record results or cause our historical results to be not reflective of our future performance.
Financial Information · p. 202
The loans to related parties were unsecured, interest-free and repayable on demand.
Financial Information · p. 190
Amount due to a related party represented an interest-free, payable on demand cash advance from a related party[, which will be settled before the [REDACTED].]
In 2023, we provided full loss allowance of RMB17.4 million for the loans to Beijing Tao Niang, considering such party’s deteriorating financial condition and operating performance and the absence of a feasible recovery plan, which cast significant doubt on its ability to repay the outstanding balance.
Financial Information · p. 221
The consideration was determined with reference to the fact that Beijing Tao Niang had net liabilities and was making losses at the time of the 2022 Disposal.
Financial Information · p. 221
Our Directors are of the view that each of the related party transactions set out in Note 28 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.