上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
项目结余变动、账龄及投标中标率
During FY2023, the backlog value decreased from RMB1,247.1 million to RMB995.6 million, due to the completion of a large number of projects which offset the newly awarded contracts.
Business · 第 160 页
During FY2025, the backlog value increased to RMB660.8 million, reflecting the increase in market demand from the aviation and aerospace sector which led to a significant in the number of newly secured contracts.
Business · 第 160 页
The tender success rate increased to 38.5% in FY2025 as a result of the improved alignment between submitted tenders and our expertise.
As of March 31, 2026, we had a backlog of customer contracts valued at RMB501.6 million.
Business · 第 162 页
We have continued to scale our business, adding a new backlog of customer contracts valued at approximately RMB162.5 million during the period from January 1, 2026 and up to the Latest Practicable Date in 2026.
Summary · 第 14 页
(1) We expect to realize the revenue from the backlog as of December 31, 2025 in 2026 and 2027.
As of the Latest Practicable Date, we had an order backlog of 516 units, out of which 416 units had been confirmed with deposits received, representing a contracted value of approximately RMB215.6 million.
Summary · 第 10 页
Given the build-to-order nature of the new energy heavy-duty truck industry, our order backlog is generally converted into deliveries within a relatively short period and therefore reflects near-term customer demand and execution status.
In parallel, our new contract value (exclusive of VAT) increased from RMB448.8 million in 2023 to RMB759.4 million in 2025, reflecting robust demand for our solutions and strong commercial momentum.
Financial Information · 第 182 页
This growth in new contract value, coupled with a year-end backlog of RMB502.5 million as of December 31, 2025, provides meaningful visibility into our future revenue streams.
Financial Information · 第 182 页
Backlog might not be indicative of our future operating results and difficulties in contract performance could lead to inaccuracies with respect to the ultimate income from uncompleted contracts.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
项目后备结存下降且2023年录得11个亏损项目
During the Track Record Period, there were 11, nil, and nil loss-making projects for DES and other asset development in 2023, 2024, and 2025, respectively.
Business · 第 106 页
The gross losses resulting from these projects were RMB10.8 million, nil, and nil in 2023, 2024, 2025, respectively.
Business · 第 106 页
Therefore, the occurrence of these loss-making projects did not have a material adverse effect on our overall business operations.
In particular, within Q4 2025, we secured multiple purchase orders of approximately RMB87.3 million for our Scale-up OCS solutions from (i) a major provider of communications equipment and ICT infrastructure in China, which includes about 8,200 Scale-up OCS modules and (ii) a developer of artificial intelligence computing chips, which includes about 2,000 Scale-up OCS modules.
Business · 第 187 页
Based on the current delivery and acceptance schedule, 56% of the total contract value (VAT excluded) was recognised as revenue in 2025, with the remaining 44% expected to be recognised as revenue in 2026.
Business · 第 187 页
Nonetheless, it is notable that certain letters of intent and framework agreements are legally non-binding in nature and do not constitute final agreements for the purchase of our products.
As of February 28, 2026, we had 92 outstanding agreements with customers with an aggregate transaction value of RMB440.5 million, including 36 agreements for AI recognition business with a total transaction value of RMB159.1 million, 50 agreements for AI vertical industry application business with a total transaction value of RMB235.5 million, and 6 agreements for AI computing technical service business with a total transaction value of RMB46.0 million.
Summary · 第 11 页
We expect that among the total transaction value of RMB440.5 million outstanding agreements with customers, RMB375.9 million is expected to be paid by end of 2026, with the rest to be paid by the end of 2027.
Summary · 第 11 页
Our business growth continued after December 31, 2025.
Project backlog represents an estimate of the remaining aggregate contract sum of our customized sensor solution projects as at each of December 31, 2023, 2024 and 2025.
Business · 第 156 页
During the Track Record Period and up to the Latest Practicable Date, none of our backlog projects is cancelled or is expected to be cancelled.
Our backlog value as at the year end increased significantly from RMB86.7 million as of December 31, 2023 to RMB635.3 million as of December 31, 2025, which was primarily driven by the strong market reception of our new EIIR products and the strategic acquisition of Jiangsu SVFactory and Agilebot.
Business · 第 153 页
The number of newly awarded projects in 2025 includes 73 backlog projects acquired through the Agilebot.
As of February 28, 2026, our order backlog amounted to a total value in the hundreds of millions of RMB.
Financial Information · 第 211 页
As of December 31, 2025, we had 443 ongoing new product development projects with total expected annual revenue potential of over RMB1 billion.
Financial Information · 第 211 页
Among these projects, 84 have reached the business-win stage, having secured signed sales agreements and initial low-volume production orders, a stage critical for turning into mass production.
The year-on-year increase in the closing balance of contract value at the end of the year from 2023 to 2025 was primarily due to an increase in the volume of signed contracts driven by the continued business growth.
Business · 第 107 页
During the Track Record Period, there were nil, 2, and 8 loss-making projects in 2023, 2024, and 2025, respectively.
Business · 第 107 页
The total losses resulting from these projects were nil, RMB0.1 million, and RMB6.6 million in 2023, 2024, and 2025, respectively.
The Group expects to generate revenue from these projects in 2026 primarily from the supply of spare parts and/or the provision of technical service and/or O&M service.
Business · 第 173 页
For the Jinta 100MW Project, the remaining revenue to be recognized relates to spare parts supply which is expected to be completed by April 2026 and the provision of O&M service fees to be recognized over the five-year O&M period ending August 2030.
As of the Latest Practicable Date, we secured over 2.4 million units in total purchase orders for 2026. Notably, over 25.0% of this volume, representing approximately RMB70.0 million, was contributed by customers other than Customer A.
Summary · 第 13 页
Our current and projected order volumes indicate continued revenue expansion in 2026 and beyond.
As of January 31, 2026, we currently hold orders on hand totaling approximately RMB171.0 million, which comprises approximately RMB46.1 million supported by confirmed customer orders and approximately RMB124.9 million supported by potential customer demand.
Business · 第 179 页
Furthermore, we have secured aggregate indicative orders of RMB37.2 million from this customer, which are expected to be formally placed progressively in early 2026 based on the customer’s production schedule, with corresponding revenue recognition anticipated within 2026.
Business · 第 179 页
However, based on gross profit margins of comparable products in the industry, such as the 36.1% comprehensive gross margin reported by our competitor in China and the 50%−60% gross margin for analog chips reported by our other global competitor, we anticipate achieving a gross profit margin in the range of 35% to 40% for these products.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
截至2025年底机器人及系统在手订单约22亿元
As of December 31, 2025, we have achieved an aggregate backlog value of robots and systems of approximately RMB2.2 billion, which we expect to fulfill within the next three years.
Business · 第 125 页
Specifically, approximately 44.7% of the backlog is expected to be fulfilled in 2026, and 47.3% in 2027, with the remaining balance expected to be fulfilled in 2028.
Business · 第 125 页
As of December 31, 2025, we have achieved an aggregate backlog value of robots and systems of approximately RMB2.2 billion, out of which 46 were ongoing overseas projects with an aggregate backlog of RMB685.0 million.
As at 31 December 2023, 31 December 2024 and 31 December 2025, we had a total of 12, 19 and 8 projects in our backlog (including projects that have commenced but not completed as well as projects that have been awarded to us but not yet commenced) with revenue derived or expected to be derived from such projects as follows:
As of January 31, 2026, the total value of our confirmed orders pending revenue recognition was RMB26.1 million, representing a 163.1% increase compared to January 31, 2025.
Summary · 第 19 页
Subsequent to the Track Record Period and up to the Latest Practicable Date, our business operations had remained stable.
As of September 6, 2025, we had an aggregate order value of approximately RMB95.8 million to be fulfilled. We expect to deliver products to our customers under these orders in around two months.
Business · 第 225 页
Our average order-to-revenue cycle is one to two months, which is relatively short and consistent with industry practice as advised by CIC.
in terms of contractual sales volume, we have entered into agreements for sales of 61 units of our Core Products globally as of June 30, 2025.
Summary · 第 7 页
In terms of contractual sales volume, we have entered into agreements for sales of 31 units of Edge Multi-Port Endoscopic Surgical Robot in the six months ended June 30, 2025.
Summary · 第 2 页
In terms of contractual sales volume, we have entered into agreements for sales of 118 units of our Core Products globally as of the Latest Practicable Date, including 46 units in China and 72 units in overseas countries.