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.
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
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.
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.
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.
Assuming the average cash burn rate going forward of 2.5 times the level in the year ended December 31, 2025, we estimate that (i) our cash and cash equivalents along with the financial assets measured at fair value through profit or loss as of June 30, 2026 will be able to maintain our financial viability for 21 months, (ii) if we take into account all of the estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Summary · 第 11 页
Our cash burn rate refers to the average monthly (i) net cash used in operating activities, (ii) cash paid for purchases of property, plant and equipment, (iii) principal and interest payments on lease liabilities.
Financial Information · 第 262 页
The Directors are of the opinion that, taking into account the financial resources available to us, including (i) our existing cash and cash equivalents; (ii) financial assets at fair value through profit or loss; (iii) available bank facilities; and (iv) the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover 125% of our cash expenditure for at least the next 12 months following the date of this document.
Our cash burn rate refers to the average monthly (i) net cash used in operating activities, including R&D expenses; (ii) capital expenditures; and (iii) lease payments.
Financial Information · 第 263 页
Assuming an average cash burn rate going forward of [4.3] times the level in 2025, we estimate that (i) our cash and cash equivalent, financial assets at FVTPL and restricted bank deposits as of 30 June 2026 will be able to maintain our financial viability for [REDACTED] months and (ii) if we take into account all estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 263 页
Our Directors and our management team will continue to monitor our working capital, cash flows, and our business development progress.
As of April 30, 2026, we had cash and cash equivalents of RMB127.7 million.
Summary · 第 10 页
Assuming an average cash burn rate going forward of 1.3 times the level for the year ended December 31, 2025, we estimate that our cash and cash equivalents as of April 30, 2026 will be able to maintain our financial viability for over [REDACTED] months without taking into account the net proceeds from the [REDACTED], or, if taking into account such [REDACTED], over [REDACTED] months.
Summary · 第 10 页
The Directors are of the opinion that, taking into account the financial resources available to us, including (i) our existing cash, (ii) available bank facilities, and (iii) the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover 125% of our cash expenditure for at least the next 12 months following the date of this document.
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
Financial Information · 第 261 页
Assuming an average cash burn rate going forward of 1.6 times of the cash burn rate level for the five months ended May 31, 2026, we estimate that our cash and cash equivalent as of May 31, 2026, will be able to maintain our financial viability for [REDACTED] taking into account the estimated net [REDACTED] from the [REDACTED] and 8 months without taking into account the estimated net [REDACTED] from the [REDACTED].
Financial Information · 第 261 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents and the estimated net [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, general and administrative expenses and other expenses for at least the next 12 months from the date of this Document.
During the Track Record Period, our average monthly cash burn in 2023, 2024 and 2025 and the five months ended May 31, 2026 was RMB8.8 million, RMB11.2 million, RMB9.9 million and RMB7.0 million, respectively. We had cash and cash equivalents of RMB17.0 million as of May 31, 2026.
Financial Information · 第 253 页
Assuming an average cash burn rate going forward of [1.2] times the level in 2025, we estimate that our cash and cash equivalents and time deposits as of May 31, 2026, together with aggregate bank facilities as of the Latest Practicable Date. will be able to maintain our financial viability for [REDACTED] months, or [REDACTED] months if we take into account [REDACTED]% of the estimated [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and general corporate purposes), or [REDACTED] months if we take into account all estimated [REDACTED] from the [REDACTED].
Financial Information · 第 253 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.
Assuming an average cash burn rate going forward of 1.1 times the level in 2025, we estimate that (i) our cash and cash equivalents as of May 31, 2026 at RMB604.9 million, will be able to maintain our financial viability for [REDACTED] months
Financial Information · 第 235 页
Our Directors are of the view that, taking into account the financial resources available to our Group, including cash and cash equivalents, cash flows from operating and financing activities, and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital to meet our present requirements and 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.
Financial Information · 第 235 页
Directors and our management team will continue to monitor our working capital, cash flows, and our business development progress.
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 232 页
we estimate we will be able to maintain our financial viability for 14 months; or, 46 months if we take into account the net [REDACTED] from [REDACTED], assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the low end of the indicative Offer [REDACTED] range).
Financial Information · 第 232 页
Excluding the [REDACTED] and taking into account (i) our cash and bank balances as of May 5, 2026, (ii) our completed Series C+ financing, and (iii) our existing bank loans and available bank facilities, we expect to have sufficient working capital for at least the next 12 months from the date of this document without relying on the [REDACTED] from the [REDACTED].
Our historical cash burn rate was RMB12.7 million, RMB7.5 million and RMB0.9 million in 2023, 2024 and 2025, respectively, mainly representing our investment in research and development activities, selling and marketing activities, and administrative activities.
Financial Information · 第 241 页
We had cash and cash equivalents, pledged bank deposits and credit facility of RMB256.5 million as of December 31, 2025.
Financial Information · 第 241 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.