Our historical cash burn rate was RMB5.8 million, RMB8.3 million, RMB12.4 million, RMB27.7 million and RMB32.5 million in 2023, 2024, 2025 and the four months ended April 30,
Financial Information · 第 273 页
We had cash and cash equivalents and financial assets at FVTPL of RMB131.2 million and committed unutilized banking facilities of RMB216.3 million as of August 31, 2026.
Financial Information · 第 274 页
The elevated cash burn rate is not expected to continue at the same level, since the relatively high cash burn rate for the four months ended April 30, 2026 was driven primarily by temporary working capital movements, particularly the increase in trade and bills receivables as discussed above.
Our historical cash burn rate was RMB154.2 million, RMB99.8 million and RMB126.9 million in 2023, 2024, 2025, respectively, mainly representing our investment in research and development activities, selling and distribution activities, and administrative activities.
Financial Information · 第 287 页
Assuming that the average cash burn rate going forward will be RMB67.8 million, being the average cash burn rate for the latest seven months ended July 31, 2026, we estimate that (i) our cash and cash equivalents, financial assets measured at fair value through profit or loss, restricted cash and unutilized bank facilities as of July 31, 2026 will be able to maintain our financial viability for 46.3 months from July 31, 2026, (ii) if we take into account 10.0% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), 49.1 months, or, (iii) if we take into account all estimated net proceeds from the Global Offering, 74.0 months.
Financial Information · 第 287 页
Our Directors are of the opinion that, taking into account the following financial resources available to us described below, we have sufficient working capital for our present requirement and for at least the next 12 months from the date of this Prospectus: (i) cash and cash equivalents; (ii) available equity financing and bank facilities; and (iii) the estimated net proceeds from the Global Offering.
Our historical average monthly cash burn was RMB5.1 million, RMB6.1 million, RMB7.4 million and RMB13.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.
Summary · 第 17 页
we estimate that our cash and cash equivalents as of June 30, 2026 will be able to maintain our financial viability for approximately 22 months from June 30, 2026 to April 30, 2028 without taking into account proceeds from the Global Offering, or approximately 29 months from June 30, 2026 to November 30, 2028 if we take into account 10% of the estimated net proceeds from the Global Offering, or approximately 87 months from June 30, 2026 to September 30, 2033 if we take into account 100% of such proceeds.
Summary · 第 17 页
We will continue to monitor our cash flows from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financings.
We assume that our future average cash burn rate will be similar to the historical average monthly rate of RMB16.0 million during the year ended December 31, 2025 and the three months ended March 31, 2026.
Financial Information · 第 248 页
Based on this assumption, we estimate that our available cash resources, including 10% of the estimated net proceeds from the Global Offering, will be sufficient to support our operations for approximately 33 months from March 31, 2026.
The historical monthly cash burn rate amounted to RMB7.3 million, being the average monthly cash burn over the 36 months from January 1, 2023 to December 31, 2025.
Financial Information · 第 261 页
We had cash and cash equivalents, current portion of time deposits, and financial assets at FVTPL of RMB328.0 million in aggregate as of June 30, 2026.
Financial Information · 第 261 页
Our Directors are of the opinion that, taking into account the estimated [REDACTED] from the [REDACTED] and other financial resources available to us, including cash and cash equivalents, current portion of time deposits, and financial assets at FVTPL, we have sufficient working capital to meet our present requirements and for the next 12 months commencing from the date of this document.
Assuming an average cash burn rate going forward of 2.4 times the level in the six months ended June 30, 2026 based on our future plans of an increasing number of clinical trials including Phase II clinical trial of PL-5 in the U.S, Phase II clinical trial of PL-18 gel formula in China and planned Phase I clinical trial of PL-MD-333 in China, taking into account the scheduled payment of indebtedness, we estimate that our cash at bank and on hand and committed unutilised banking facilities, together with other financial assets and time deposits as of June 30, 2026 will be able to maintain our financial viability for 25 months, or, if we also take into account the estimated [REDACTED] (based on the [REDACTED] of HK$[REDACTED] per Share), 59 months.
Summary · 第 10 页
The Directors are of the opinion that, taking into account of the following financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling and distribution expenses, administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this Document
Our historical cash burn rate was RMB17.7 million, RMB13.5 million, RMB11.2 million and RMB10.1 million in FY2023, FY2024, FY2025 and 3M2026, respectively.
Financial Information · 第 263 页
we estimate that our financial resources as at 30 June 2026 will be sufficient to maintain our financial viability for 36.5 months or, if we take into account 10% of the estimated net proceeds from the Listing (allocated for our working capital), it will increase to 41.5 months or, if we also take into account all estimated net proceeds from the Listing, 86.3 months.
Financial Information · 第 263 页
Based on the due diligence conducted by the Sole Sponsor which include but not limited to (i) obtained and reviewed facility letters and loan agreements in relation to major existing and expired and renewed banking facilities of the Group during the Track Record Period; (ii) conducted due diligence interviews with the principal banks which provided loans banking facilities to the Group during the Track Record Period; and (iii) obtained and reviewed the relevant written indication and consent from two major banks in relation to their respective extension and increase of available facilities granted to the Group, the Sole Sponsor has not identified any material matter which would cast doubt on the availability of the committed banking facilities.
We had cash and cash equivalents of RMB97.5 million and financial assets at FVTPL of RMB85.5 million as of June 30, 2026.
Financial Information · 第 248 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Our historical cash burn rate was RMB14.2 million, RMB4.0 million, RMB2.7 million and RMB16.4 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, mainly representing our investment in R&D activities.
Financial Information · 第 261 页
We had (i) cash and cash equivalents of RMB26.2 million, (ii) committed unutilized bank facilities of RMB50.0 million, and (iii) term deposits (current and non-current) of RMB74.0 million as of July 31, 2026.
Taking into account the financial resources available to us, including cash from operations, cash and cash equivalents, borrowings and the estimated [REDACTED] from the [REDACTED], our Directors are of the opinion that we have sufficient working capital to cover at least 125% of our costs, including administrative costs and research and development expenses for at least the next 12 months from the date of this document.
Financial Information · 第 263 页
Our cash burn rate refers to our average monthly (i) net cash used in operating activities, which includes research and development expenses and administrative expenses; and (ii) capital expenditures.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
现金消耗率及财务可行性测算
Our cash burn rate refers to the average monthly amount of net cash used in research and development and other operating activities, capital expenditures and lease payments including related interests.
Summary · 第 17 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated [REDACTED] from the [REDACTED], and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, and selling and marketing expenses, for at least the next 12 months from the date of this document.
Summary · 第 17 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing.
Our cash burn rate refers to the average monthly amount of cash used in operating activities.
Summary · 第 12 页
Assuming an average monthly cash burn rate going forward of [2.3] times the level during the six months ended June 30, 2026, we estimate that (i) without taking into account the estimated [REDACTED] for the [REDACTED], our total cash balance as of June 30, 2026, including cash and cash equivalents and financial assets measured at FVTPL, will be able to maintain our financial viability for [12] months
Summary · 第 12 页
We expect to raise our next round of financing no earlier than six months after the completion of the [REDACTED].
We had cash and cash equivalents of RMB52.3 million and time deposits of RMB79.0 million as of June 30, 2026.
Summary · 第 10 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Financial Information · 第 254 页
The Directors are of the opinion that, taking into account of the following financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including R&D expenses, selling and distribution expenses, administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this document
Our cash burn rate refers to our average monthly (i) net cash used in operating activities, which includes research and development expenses; and (ii) capital expenditures.
Financial Information · 第 261 页
Taking into account our cash and cash equivalents and financial products we purchased, and assuming monthly net cash used in operating activities and capital expenditures going forward of 1.8 times the average level in 2025, we estimate we will be able to maintain our financial viability for 21 months without considering the estimated [REDACTED] from the [REDACTED]; or if we also take into account the estimated [REDACTED] from the [REDACTED], assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the low-end of the indicative [REDACTED] Range), 102 months.
Financial Information · 第 261 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, cash flows from operating and investing activities and the estimated [REDACTED] from the [REDACTED], as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses, for at least the next 12 months from the date of this document.
We had cash and cash equivalents of RMB178.9 million, and financial assets at FVPL of RMB1,556.9 million as of June 30, 2026.
Financial Information · 第 261 页
As of June 30, 2026, the latest practicable date for determining our indebtedness, our cash and cash equivalents were RMB178.9 million. As of the same date, we had committed unutilized banking facilities of RMB680.0 million.
Financial Information · 第 260 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents, financial assets at fair value through profit or loss and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover 125% of our costs, including net cash used in operating activities, payment for the acquisition of property, plant and equipment and intangible assets, and capital element of lease rental paid, for at least the next 12 months from the proposed date of publication of the [REDACTED] document.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
现金消耗率与营运资金充足性
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents and unutilized bank facilities and the estimated [REDACTED] from the [REDACTED], as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development costs, selling expenses and administrative and other operating expenses for at least the next 12 months from the date of this document.
Financial Information · 第 240 页
We had cash and cash equivalents of RMB95.4 million, time deposits of nil and financial assets measured at FVPL of RMB138.2 million as of June 30, 2026.
Our historical cash burn rate was RMB25.7 million, RMB19.6 million, RMB12.0 million, RMB10.3 million and RMB24.3 million in 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026, respectively, mainly representing our investment in research and development activities, selling activities, and administrative activities.
Financial Information · 第 273 页
The relatively higher cash burn rate for the three months ended March 31, 2026 was primarily due to increased procurement payments made for memory chips in advance to build up inventory in support of our planned full-year sales.
Financial Information · 第 273 页
Assuming that the average cash burn rate going forward will be similar to the cash burn rate level in the three months ended March 31, 2026, approximately 2.0 times the level in the year ended December 31, 2025, we estimate that our cash balance as of July 31, 2026 will be able to maintain our financial viability for approximately 33 months ending April 2029 or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), approximately 40 months ending November 2029 or, if we also take into account the estimated net proceeds from the Global Offering, approximately 106 months ending May 2035.
For the six months ended June 30, 2026, our average monthly cash used amounted to approximately RMB13.8 million.
Summary · 第 16 页
Going forward, we forecast an average cash burn of RMB27.8 million per month for the 18-month period from July 1, 2026 to December 31, 2027, which represents approximately 2.0 times the level for the six months ended June 30, 2026.
Summary · 第 16 页
our Financial Resources as of June 30, 2026, without taking into account the estimated [REDACTED], will be sufficient to maintain our financial viability for over 7 months, assuming our research and development progress remains unchange
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
Summary · 第 12 页
we have sufficient working capital to cover at least 125% of our costs, including research and development costs and general and administrative expenses for at least the next 12 months from the date of this Document.
Our historical cash burn rate was RMB7.2 million, RMB5.7 million, RMB10.8 million for the years ended December 31, 2023, 2024 and 2025, respectively, mainly representing our investment in R&D activities and business operations.
Financial Information · 第 262 页
Assuming that the average cash burn rate going forward will be RMB10.8 million, similar to the cash burn rate level for the year ended December 31, 2025
Financial Information · 第 262 页
We had cash and cash equivalents on hand of RMB71.9 million as of June 30, 2026.