Such loan with an amount of RMB5 million was provided to Mr. Cheng in August 2025
Financial Information · p. 228
Except for the loan due from Mr. Cheng which bears an interest rate of 10% per annum, our amounts due from related parties are unsecured, interest free and repayable on demand. As at the Latest Practicable Date, our amounts due from related parties have been fully settled.
Financial Information · p. 229
Balance of due to related parties and other party represented loans borrowed from related parties of our Company and other party to support the working capital of our Company during the Track Record Period.
During the Track Record Period, we have entered into a number of related party transactions, which primarily consisted of the purchase and sale of goods, provision and receipt of services, and leasing of properties with our associates and other related parties.
Financial Information · p. 264
During the Track Record Period, certain of our bank loans and issued bonds were guaranteed by related parties. All such guarantees had been fully released.
During the Track Record Period, at the request of certain customers outside Chinese Mainland of the Company, we entered into service contracts and received payments through Rong Cloud H.K. Limited (“RCHK”), which is indirectly wholly owned by Mr. Wang Cheng, one of our Controlling Shareholders.
Financial Information · p. 209
During the implementation of the Saudi Nationwide Communication Project, we provided temporary funding support to a company controlled by Customer A, which served as the PRC operating entity for the project.
Financial Information · p. 209
As of December 31, 2025, the amount due from third parties and related parties had been fully recovered.
During the Track Record Period, our related party transactions mainly involved guarantees provided by our Shareholders and compensation for key management personnel.
Financial Information · p. 197
Our Directors are of the view that each of the related party transactions set out in Note 38 to the Accountants’ Report 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 and their terms were fair, reasonable and in the interest of our Shareholders as a whole.
During the Track Record Period, we entered into certain transactions with our related parties.
Financial Information · p. 226
These transactions primarily include but are not limited to (i) compensation to our key personnel, (ii) guarantees provided by our subsidiaries with respect to certain banking facilities, (iii) sale of our products to our associates, (iv) purchase of goods from our associates, and (v) rental expenses paid to an associate.
Financial Information · p. 226
Our Directors confirm that our related party transactions did not cause any distortion of our results of operations or make our historical results not reflective in the Track Record Period.
As at 31 December 2023, 2024 and 2025, our amounts due to related parties were approximately RMB1.4 million, RMB3.1 million and RMB73.0 million, respectively.
Financial Information · p. 231
The trade balances amounted to RMB1.4 million, RMB3.1 million and RMB3.0 million, respectively, and primarily represented contract liabilities in relation to tourist attraction planning services engaged with the related party.
Financial Information · p. 231
As at 30 April 2026, the non-trade balance as at 31 December 2025, which represented dividends payable to one of our Controlling Shareholders, Henan Zhengqin, in respect of dividends declared for FY2025, had been fully settled.
During the Track Record Period, we entered into several transactions with our related parties: (i) our Company entered into an agreement with Dr. Wang Bing to acquire his equity interest in Xi’an Biocare in August 2023; as of December 31, 2024 and 2025, the balance was RMB28.3 million and nil, respectively, (ii) Zhongrui Zekang, on behalf of our Company, collected employees’ payments of exercise or subscription prices for share options or shares under our share incentive scheme; as of December 31, 2024 and 2025, the balance was RMB0.7 million and RMB1.1 million, respectively; as of the Latest Practicable Date, the amount due from Zhongrui Zekang had been settled, and (iii) we recognized RMB7.0 million and RMB10.5 million in 2024 and 2025, respectively, for the compensation of our key management personnel.
Financial Information · p. 269
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.
In 2024 and 2025, we purchased site management services from one of our associates to facilitate our clinical study services, amounting to RMB1.0 million and RMB7.5 million, respectively.
Financial Information · p. 229
Our Directors believe that the transactions were conducted on normal commercial terms and on an arm's length basis in the ordinary and usual course of business and did not distort our results of operations or render our historical results not reflective of our future performance.
Our prepayments to related parties consisted of (i) prepayments for property, plant and equipment from Yantai Dongcheng Heju Pharmaceutical Technology Co., Ltd. (“Dongcheng Heju”) (煙臺東誠核聚醫藥科技有限公司), and (ii) prepayments for research and development services, representing prepaid service fees to certain CROs which are our related parties, including MITRO Clinical Medical Research Limited (“MITRO Clinical”) (南京米度臨床醫學研究有限公司), Nanning MITRO Pharmaceutical Technology Co., Ltd. (“Nanning MITRO”) (南寧米度醫藥科技有限公司), and MITRO Biotech Co. Ltd. (“MITRO Biotech”) (米度（南京）生物技術有限公司).
Financial Information · p. 268
As of April 30, 2026, RMB18.7 million, or 51.5%, of our amounts due to related parties as of December 31, 2025 had been subsequently settled.
Financial Information · p. 272
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.
Our amounts due to a related party represented payable to Dr. Ji Jianxin, totaling RMB328.0 thousand as of December 31, 2024. This payable was related to our purchase of two vehicles from Dr. Ji to support corporate hospitality, business visits and small-scale material procurement. We settled such payment in full in August 2025.
Financial Information · p. 274
We had amounts due to a related party totaling RMB328.0 thousand as of December 31, 2024, representing payable to Dr. Ji Jianxin.
A loan that we borrowed from Huiyuan Group with principal amount of RMB5.0 million (equivalent to approximately US$0.7 million) on April 6, 2022.
Financial Information · p. 233
The remaining loans from related parties of a non-trade nature amounted to approximately US$1.4 million (equivalent to RMB10.0 million) as of December 31, 2025, and had been fully settled as of the Latest Practicable Date.
Financial Information · p. 235
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.
During the Track Record Period, we entered into certain trade nature transactions with our related parties, including purchases of goods and services from related parties amounting to RMB35.7 million, RMB46.0 million and RMB37.1 million in 2023, 2024 and 2025, respectively, primarily comprising property management services and other services from entities controlled by Mr. Zheng Jianjiang.
Financial Information · p. 226
We also acquired certain rehabilitation hospitals from related parties during the Track Record Period.
Financial Information · p. 226
Such amounts primarily represented investment payment due to a number of equity investment partnerships controlled by an associate of our Group and other related parties for the purpose of acquiring certain hospitals.
Our non-trade balances of related party transactions consisted of (i) loans and borrowings from one of the Controlling Shareholders, which amounted to nil, nil and RMB622.0 million as of December 31, 2023, 2024 and 2025, respectively, and (ii) prepayments, other receivables and other assets, representing the outstanding amount receivable due to the transfer of fixed assets to a related party, which amounted to nil, RMB0.1 million and RMB0.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 217
Our Directors are of the view that each of the related party transactions set out in Note 30 to the Accountants' Report 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.
See Note 38 to the Accountants' Report set out in Appendix I to this Document for further details on our material related party transactions.
Financial Information · p. 228
Our Directors confirm that all transactions with related parties described in Note 38 of the Accountants' Report set out in Appendix I to this Document were conducted in the ordinary course of business on an arm's length basis and with 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 the Shareholders of our Company as a whole.
Our other receivables and prepayments increased from RMB34.0 million as of December 31, 2023 to RMB74.0 million as of December 31, 2024, primarily due to an increase in the loan to a shareholder of RMB39.3 million.
Financial Information · p. 191
The loan bears no contractual interest and the shareholder used the loan proceeds to acquire our Shares.
Financial Information · p. 191
Our other income and gains/(loss), net decreased from net gains of RMB5.0 million in 2024 to net gains of RMB1.6 million in 2025, primarily due to the recognition of income from loan to a shareholder of RMB4.8 million in 2024, representing gains entitled to us under a loan arrangement whereby the shareholder used the loan proceeds to acquire shares and agreed to remit to us the gains from any subsequent transfer of such shares.
We recorded prepayments, other receivables and other assets of RMB26.6 million as of December 31, 2023, primarily reflecting a loan that we provided to a related party of RMB23.0 million at an annual interest rate of 3.2%, aiming to optimize the use of available cash and generate interest income.
Financial Information · p. 237
Loan from a related party was non-trade in nature, non-interest-bearing and repayable on demand.
Financial Information · p. 243
Our Directors are of the view that each of the related party transactions set out in note 30 to the Accountants’ Report in Appendix I was conducted on an arm’s length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, we entered into certain transactions with our related parties.
Financial Information · p. 245
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.
During the Track Record Period, we entered into certain related party transactions from time to time, primarily related to sales of NEV domain-controlled electric drive solutions and NEV domain-controlled electric drive solution components and purchase of NEV domain-controlled electric drive solution components.
Financial Information · p. 215
During the Track Record Period, we have sold our NEV domain-controlled electric drive solutions and NEV domain-controlled electric drive solution components to Geely Related Group, who is a related party to our Group.
Financial Information · p. 215
Our Directors believe that our transactions with related parties during the Track Record Period 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.
We purchased term deposits of RMB10.5 million, RMB41.8 million and nil from Nanjing Este and Nanjing Skytech, both being our related parties, in aggregate for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 217
The transfer procedures and the determination of the subscription price of the three CDs purchased from Nanjing Este and Nanjing Skytech were arranged through Industrial Bank Co., Ltd. in accordance with prevailing market principles, and our Directors are of the view that they were substantially on the same basis as the other CDs purchased by us from independent third parties.
Financial Information · p. 217
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.
It is the view of our Directors that each of the related party transactions set out in Note 38 of the Accountants’ Report in Appendix I to this document (i) were conducted on arm’s length basis and on normal commercial terms, which are considered fair, reasonable and in the interest of our Shareholders as a whole; and (ii) do not distort our financial results during the Track Record Period or make our historical results not reflective of our future performance.
Financial Information · p. 229
As of December 31, 2025, all our outstanding balances due from related parties of non-trade nature have been fully settled.