By mid-2020, we were informed that our works schedule of Project No. #02 would be revised primarily due to changes in design and drawings of structural steelwork by the project owner and that the substantial part of our construction site works would be rescheduled to 2021.
Summary · 第 3 页
Later in mid-2021, our Group was informed that the substantial part of our construction site works under Project No. #02 would be further rescheduled due to the late handover of the relevant work sites to us.
Summary · 第 3 页
Pursuant to the contract terms of the service agreement for Project No. #02, in the event our contract works under Project No. #02 was not completed within the original schedule due to reason(s) other than our default, our Group shall be entitled to apply in writing to Hip Hing Group for an extension to project duration and claim for any additional costs reasonably incurred by us arising from the delay.
For FY2020, FY2021, FY2022 and the nine months ended 30 September 2023, we recorded a tender success rate of approximately 16.7%, 8.9%, 10.1% and 11.5%, respectively.
Financial Information · 第 284 页
Our Directors consider that our success rate on project tendering depends on a range of factors, which primarily include our pricing and tender strategy, competitors’ tender and pricing strategy, the availability of our resources and subcontractors, level of competition and our customers’ evaluation standards.
天津建设发展集团股份公司Tianjin Construction Development Group Co., Ltd.02515.HK
项目式经营，逾95%收入经投标取得
During the Track Record Period, we obtained a large majority of our projects through tendering, accounting for more than 95% of our total revenue generated from construction projects.
Summary · 第 3 页
We are awarded construction projects by our customers on a project-by-project basis with no long-term commitment.
Financial Information · 第 284 页
As of September 30, 2023, we had 34 ongoing projects with a backlog value of RMB168.7 million, which represented a significant increase of RMB111.5 million as compared to June 30, 2023.
Project #25, a construction engineering project situated in Henan Province with a contract value (excluding VAT) of approximately RMB291.6 million was suspended from December 2020 to October 2022 as Customer C had financial difficulties due to COVID-19 pandemic.
Business · 第 143 页
During the years ended 31 December 2020 and 2021, our impairment losses recognised for Project #25 was approximately RMB22.8 million and RMB0.1 million, respectively, and during the year ended 31 December 2022 and the six months ended 30 June 2023, our reversal of impairment losses for Project #25 was approximately RMB22.7 million and RMB28,000, respectively.
Business · 第 143 页
In terms of recoverability of contract assets and trade receivables from Customer C, we consider that the contract assets and trade receivables are recoverable in view of (i) our receipts of payment of approximately RMB22.5 million in aggregate during the second half of 2022 and the first half of 2023; (ii) while Customer C had financial difficulties in settling our payments due to COVID-19 pandemic, COVID-19 pandemic had ended and all the related restrictions were lifted; and (iii) the improved financial conditions of Customer C after its bond issuance.
During the Track Record Period, we recorded losses in 10 construction projects. The aggregate amount of losses during the Track Record Period was approximately RMB2.2 million and was mainly attributable to cost overrun caused by the unexpected complexities during project implementation.
Business · 第 144 页
During the Track Record Period, save for the 10 lossmaking projects with an aggregate amount of losses of approximately RMB2.2 million, there were no material differences between our budgeted costs and the actual costs incurred for our construction projects.
The decrease in the closing aggregate contract sum of backlog from approximately RMB1,155.0 million for the year ended 31 December 2020 to approximately RMB654.8 million for the year ended 31 December 2021 was mainly driven by the decrease in new construction projects contracted.
Business · 第 146 页
The closing aggregate contract sum of backlog increased by approximately RMB646.2 million or 98.7% from approximately RMB654.8 million for the year ended 31 December 2021 to approximately RMB1,301.0 million for the year ended 31 December 2022.
Business · 第 146 页
During the Track Record Period, we submitted 2,918, 4,318, 3,293 and 1,642 tender documents, respectively, and our tender success rates were 1.5%, 1.0%, 0.9% and 1.1%, respectively.
For FY2020, FY2021, FY2022 and 6M2023, the overall success rate of our tenders (calculated based on the aggregate number of successful tenders divided by the aggregate number of tenders submitted for all business lines) was approximately 61.2%, 72.0%, 64.5% and 71.2%, respectively.
Financial Information · 第 292 页
The decrease in the tender success rate from FY2021 to FY2022 was mainly attributable to the increase in the number of tenders submitted by our Group for the relevant services from FY2021 to FY2022 in alignment with our business expansion with a view to undertaking more and new business opportunities.
Business · 第 147 页
Subsequent to the Track Record Period and up to the Latest Practicable Date, (i) we submitted 88 tenders and 29 quotations (for contracts under existing and new projects); and (ii) we were awarded 28 new projects through tenders and quotation with an aggregate contract sum (excluding tax) estimated to be more than approximately RMB56.1 million.
As a result, design wins do not guarantee any definite volume of order.
Business · 第 222 页
During the Track Record Period, there was no termination of design win contracts by any customer after we obtained design win from such customer.
Business · 第 222 页
Our design wins for mass production of LiDAR products increased from 58 vehicle models as of June 30, 2023 to 62 vehicle models as of the Latest Practicable Date.
As of the Latest Practicable Date, we have secured purchase orders of not less than RMB613 million, revenue of which are not at all and/or fully recognized during the Track Record Period and are expected to be recognized as revenue in FY2023.
Summary · 第 21 页
Our contract value as at the end of year/period increased by 18.2% from RMB109.4 million as at December 31, 2020 to RMB129.3 million as at December 31, 2021, further increased by 93.7% to RMB250.5 million as at December 31, 2022, and further increased by 17.2% to RMB293.6 million as at June 30, 2023.
Business · 第 385 页
It is expected that 53 of the aforementioned projects will be completed in FY2023 with contract value of not less than RMB175.0 million and the remaining 9 projects with contract value of RMB65.0 million will be completed after FY2023.
During the Track Record Period and up to the Latest Practicable Date, we had received a cumulative total of 30 letters of nomination associated with 16 OEM customers for various projects. Among these, three letters of nomination (in relation to three projects) were discontinued.
Business · 第 266 页
Among these, as of the Latest Practicable Date, 16 projects had successfully reached the series production stage, including two projects which discontinued sales after series production, 18 projects were in the project development stage, and one project had been temporarily paused.
Business · 第 266 页
During the Track Record Period and up to the Latest Practicable Date, we had ceased cooperation with two of our OEM customers who issued a total of three letters of nomination to us.
As of the Latest Practicable Date, we have total confirmed and indicative orders from our customers of 56.4GWh for our ESS battery products and 81.0GWh for our EV battery products, the majority of which were expected to be delivered gradually within next two to three years, subject to further confirmation from our customers.
Business · 第 273 页
We have received orders for our 320Ah ESS battery products of over 20GWh in aggregate from overseas ESS battery customers, including a large-scale energy storage solution provider in the United States, a leading photovoltaic power station system integrator and solar station developer in the United States and a leading renewable energy company in the Asia-Pacific region headquartered in Singapore.
Summary · 第 30 页
Going forward, we may also experience further delays in realizing our backlog if the price of lithium carbonate further decreases or the market demand weakens.
升辉清洁集团控股有限公司Shenghui Cleanness Group Holdings Limited02521.HK
中标率、客户保留率及项目储备变动
For the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2023, our tender success rate was approximately 33.8%, 28.1%, 50.8%, 39.2% and 48.3%, respectively, for all tenders and approximately 87.0%, 73.5%, 77.3%, 81.0% and 78.7%, respectively, for tenders involving new contracts for existing projects.
Summary · 第 3 页
Our customer retention rates in each year/period during the Track Record Period amounted to 61.8%, 62.0%, 64.7% and 73.3% for the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2023, respectively.
Summary · 第 3 页
For the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2022 and 2023, the ending value of backlog per project amounted to approximately RMB2.0 million, RMB2.4 million, RMB2.5 million, RMB2.0 million and RMB2.7 million, respectively.
升辉清洁集团控股有限公司Shenghui Cleanness Group Holdings Limited02521.HK
部分项目提前终止致收入损失
Our number of projects which was subject to early termination during the Track Record Period was 2, 1, 7 and nil, respectively, amounting to a loss of revenue of approximately RMB1,174,000, RMB10,000, RMB2,038,000 and nil, respectively.
Business · 第 183 页
As confirmed by our Directors, these circumstances was mainly due to the fact that (i) our customers ended their agreements (for example, lease agreements) with related parties (for example, landlords or property management companies); and (ii) the service scope for renewed projects granted by the tender offerors have been reduced/modified.
山西省安装集团股份有限公司Shanxi Installation Group Co., Ltd.02520.HK
手头订单项目取消及延迟
For the years ended December 31, 2020, 2021 and 2022, the six months ended June 30, 2023 and from July 1 2023 to the Latest Practicable Date, the Group had 22, nil, 11, eight and six projects cancelled, which were mainly due to external factors, such as the lack of funding on the part of the customers or investors or the change in design subsequent to the entering into of the contracts.
Summary · 第 3 页
Furthermore, the Group had 13 projects, with an aggregate contract value of RMB1,937.2 million, which had experienced delay (i.e. delay of more than 12 months from the original completion date as stated in the original contract) during the Track Record Period.
Business · 第 224 页
Our bidding success rate, which ranged between 47.0% and 57.7%, did not fluctuate materially during the Track Record Period.
Our backlog reached US$410.6 million as of June 30, 2023, which represents the aggregate amount of service fees for services that we have contracted to perform but have not performed yet.
Financial Information · 第 301 页
The continued increase in the number of projects during the Track Record Period reflects our customers’ trust in us and foretells our revenue and profit growth potential.
Financial Information · 第 301 页
We expect commercial manufacturing projects to be a strong driver of our future revenue growth after we launch the expected commercial manufacturing of the first ADC drug in the near future.
As at the Latest Practicable Date, we had a total of 202 ongoing projects with a total outstanding contract sum of approximately RMB16.8 million, of which:
Summary · 第 20 页
(including the rebates from the Media Partner), the contracts performed or entered into by us during FY2022 and 4M2023 were only framework agreements and therefore no contract sums were stated in the contracts.
Business · 第 238 页
Save for the Listing expenses in connection with the Global Offering, our Directors confirm that there had been no material adverse change in our financial or trading position since 30 April 2023, being the date of which our latest audited consolidated financial statements were made up, and up to the date of this prospectus.
During the Track Record Period, we recorded revenue generated from tenders of approximately RMB4.8 million, RMB6.0 million, RMB3.9 million and RMB3.5 million, representing approximately 4.7%, 3.8%, 1.9% and 4.6% of our total revenue, respectively.
Business · 第 248 页
The increase in the number of submitted and successful tenders in FY2021 and FY2022 were in line with the increase in our revenue for such years.
For the years ended 31 December 2020, 2021 and 2022 and the four months ended 30 April 2023, we submitted 101, 77, 67 and 8 tenders, and were awarded 78, 60, 53 and 6 projects, respectively.
Business · 第 205 页
Based on the above, our Directors consider that our overall tendering performance was satisfactory in general during the Track Record Period.
As a result of the effort made, as at the Latest Practicable Date, we have secured projects/works that we have completed or expect to complete during the year ending 31 December 2023 with corresponding contract value (excluding VAT) of RMB89.6 million, RMB47.3 million and RMB8.7 million for integrated IT solutions, sales of hardware and/or software and provision of standalone IT services, respectively.
Summary · 第 18 页
In particular, as at the Latest Practicable Date, we had (i) 22 ongoing integrated IT solutions projects with outstanding contract value (excluding VAT) of RMB76.2 million; (ii) contracts for sales of hardware and/or software with outstanding contract value (excluding VAT) of RMB40.3 million; and (iii) contracts for provision of standalone IT services with outstanding contract value (excluding VAT) of RMB9.1 million.
In 2020, 2021 and 2022 and the three months ended March 31, 2023, our tender success rate with local governments to provide cloud hospital platform services was 83%, 83%, 89% and 100%, respectively, and during the same periods, that with medical institutions was 81%, 86%, 97% and 100%, respectively.
Business · 第 294 页
For cloud hospital platform services, we typically utilize our internal customer resources and designate personnel to source the latest tender and bidding opportunities for obtaining new projects from local governments and hospitals.