Taking into account our business operations needs, expansion plans, write-down of inventories and recoverability of receivables, we estimate that the existing financial resources available to us will be able to sustain our operations and maintain our financial viability for approximately two years, if we take into account all of the estimated net proceeds from the Listing, approximately four years.
we estimate that our cash and cash equivalents, pledged deposits and committed unutilized banking facilities as of April 30, 2026, will be able to maintain our financial viability for 46.4 months starting May 2026 or, if we take into account 10% of the estimated net proceeds from the Global Offering or HK$65.9 million (namely, the portion allocated for our working capital and other general corporate purposes), 52.6 months starting May 2026 or, if we also take into account the estimated net proceeds from the Global Offering, or HK$658.7 million, 108.8 months.
Financial Information · 第 257 页
We will continue to monitor our cash flows from operations closely.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
现金消耗率下不计募资仅可维持10个月
Taking into account our cash and cash equivalents, financial assets at fair value through profit or loss as of April 30, 2026 and assuming average monthly net cash used in operating activities and capital expenditures going forward of 1.8 times the average level in 2025, based on the underlying assumptions that (i) we will increase our investment in research and development by recruiting more R&D talents and conducting more clinical trials related to the upgrade and innovation of our products; (ii) we will increase our selling and distribution spending by recruiting more experienced sales and marketing staff; (iii) we do not expect a significant increase in capital expenditure; and (iv) we do not expect significant acquisition of any assets, we estimate we will be able to maintain our financial viability for 10 months from May 2026 without considering proceeds from the Global Offering; or, if we also take into account the net proceeds from Global Offering, assuming an Offer Price of HK$119.3 per Offer Share (being the low end of the indicative Offer Price range), we estimate we will be able to maintain our financial viability for 30 months from May 2026.
Financial Information · 第 253 页
Taking into account the estimated net proceeds from the Global Offering and the financial resources available to us, including cash and bank balances and considering our cash burn rate, our Directors are of the view that we have available sufficient working capital to cover at least 125% of our costs, including administrative and operating expenses (including any production costs), research and development expenses, and selling and distribution expenses, for at least the next 12 months from the date of this prospectus.
Our cash burn rate refers to the average monthly aggregate amount of net cash used in operating activities and payments for capital expenditures.
Business · 第 186 页
(i) cash and cash equivalents and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial viability for [17] months, (ii) if we take into account the AZ Upfront Payment, [57] months, (iii) if we take into account 10.0% of the estimated [REDACTED] from the [REDACTED] and the AZ Upfront Payment, [61] months, or (iv) if we take into account all estimated [REDACTED] from the [REDACTED] and the AZ Upfront Payment, [94] months.
Business · 第 187 页
Taking into account the financial resources available to us, and the estimated [REDACTED] from the [REDACTED], our Directors are of the view that we have available sufficient working capital for our present requirements that is for at least the next 12 months from the date of this document.
Excluding one-off capital expenditures spent on building our manufacturing facilities and assuming an average cash burn rate going forward of 1.4 times the level as of December 31, 2025, we estimate that our cash at bank and on hand and other financial assets as of December 31, 2025 will be able to maintain our financial viability for 47 months from December 31, 2025 taking into account the estimated net proceeds from the Global Offering, net of capitalized listing expenses; or we estimate that we will be able to maintain our financial viability for 15 months from December 31, 2025 without taking into account the estimated net proceeds from the Global Offering, net of capitalized listing expenses.
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 247 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and bank balances, the expected income from commercialization of GC101 in China, 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 expenses and administrative expenses for at least the next 12 months from the date of this Document.
Assuming an average cash burn rate going forward of 2.3 times the level in 2025, we estimate that our cash and cash equivalents and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial viability for 18 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 23 months or, if we also take into account the estimated net proceeds from the Listing, 69 months.
Financial Information · 第 277 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 cash burn rate refers to the average monthly amount of net cash used in operating activities and capital expenditures.
Financial Information · 第 275 页
Assuming an average cash burn rate going forward of 1.3 times the level during 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 [7] months, or, if we take into account the estimated [REDACTED] from the [REDACTED], [36] months.
Financial Information · 第 275 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing no earlier than six months after the completion of the [REDACTED].
Our historical cash burn rate was RMB7.6 million, RMB7.8 million and RMB8.0 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 245 页
We had cash and cash equivalents, financial assets at FVTPL, term deposits and unutilized bank facilities of RMB352.8 million as of April 30, 2026.
Financial Information · 第 245 页
we estimate that our cash and cash equivalents, financial assets at FVTPL, term deposits and unutilized bank facilities as of April 30, 2026 will be able to maintain our financial viability (i) for [22] months
Assuming the average cash burn rate going forward is 1.5 times the cash burn rate in 2025, we estimate that our cash and cash equivalents and term deposit as of April 30, 2026 will be able to maintain our financial viability for approximately 10.4 months from April 30, 2026 , without taking into account the estimated [REDACTED] from the [REDACTED], or, we estimate we will be able to maintain our financial viability for approximately 77.0 months from April 30, 2026 , if we take into account the estimated [REDACTED] from the [REDACTED].
Financial Information · 第 257 页
Our Directors are of the opinion that, taking into account the following financial resources available to us, including the cash and cash equivalents on hand, anticipated cash inflow from unutilized bank facilities and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, general and administrative expenses, and selling and marketing expenses, for at least the next 12 months from the date of this document.
Financial Information · 第 257 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing at least six months after the completion of the [REDACTED].
We had cash and cash equivalents, financial assets at FVPL and time deposits of RMB341.6 million as of April 30, 2026.
Financial Information · 第 243 页
Assuming an average cash burn rate going forward of 1.3 times of the level in the four months ended April 30, 2026 and without taking into account any cash inflows from milestone payments, we estimate that our cash and bank balances, financial assets at FVPL and time deposits as of April 30, 2026 will be able to maintain our financial viability for [REDACTED] months or, if we take into account the estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 243 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing.
Assuming that our cash burn rate going forward will be two times the cash burn rate level during the Track Record Period and taking into account the available financing facilities and expected repayments, we estimate that we will have sufficient cash to maintain our financial viability for approximately 10 months from December 31, 2025, or, if we take into account the estimated [REDACTED] from the [REDACTED], at least 30 months from December 31, 2025.
Financial Information · 第 261 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 261 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents, internally generated funds, available financing facilities and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling and distribution expenses and administrative expenses, for at least the next 12 months from the date of this document.
Assuming an average cash burn rate going forward of 3.1 times the level in 2025, we estimate that (i) our cash and cash equivalents will be able to maintain our financial viability for 21 months, (ii) if we take into account [REDACTED]% of the estimated [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [REDACTED] months, or, (iii) if we take into account all estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Summary · 第 10 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents as of December 31, 2025 and unutilized bank facilities as of December 31, 2025 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, administrative expenses, other operating expenses and necessary capital expenditure for at least the next 12 months from the date of this document.
Taking into account of the above, along with the estimated net proceeds from this Global Offering, the Directors are of the opinion, and the Sole Sponsor concurs, that we have sufficient working capital to cover at least 125% of our costs, including research and development costs, administrative expenses, finance costs and other operating costs, for at least the next 12 months from the date of this prospectus.
Summary · 第 10 页
Assuming an average cash burn rate going forward of 1.3 times the level in the year ended December 31, 2025, we estimate that (i) our cash and cash equivalents, restricted cash and financial assets at FVTPL as of December 31, 2025 will be able to maintain our financial viability for over 13 months from December 31, 2025, (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), 21 months, and (iii) if we take into account 100.0% of the estimated net proceeds from the Global Offering, 91 months.
Summary · 第 10 页
Our cash burn rate refers to average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
As of October 31, 2025, we had cash and cash equivalents of RMB71.3 million.
Financial Information · 第 321 页
Assuming that the average cash burn rate going forward will be 2.5 times the level in the year ended December 31, 2024, we estimate that our cash and cash equivalents as of October 31, 2025 will be able to maintain our financial viability for 11.5 months, or, if we also take into account the estimated net [REDACTED] (based on the low-end of the indicative [REDACTED]) from the [REDACTED], for at least 109.0 months.
Financial Information · 第 321 页
After taking into consideration the above, and the net [REDACTED] from the [REDACTED], in the absence of unforeseeable circumstances, our Directors are of the opinion that we have sufficient working capital to cover at least 125% of our costs, including R&D costs, selling and distribution expenses and administrative expenses for at least the next 12 months from the date of this document.
Assuming an average cash burn rate going forward of 2.5 times the level of the average expenditure during 2024 and 2025, even without taking into account the estimated net [REDACTED] from the [REDACTED], we estimate that our cash and cash equivalents and financial assets at FVTPL as of December 31, 2025, will be able to maintain our financial viability for 10 months
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 239 页
In the event that the [REDACTED] does not take place or experiences a significant delay compared to the expected timetable, we will promptly implement a prudent and conservative capital management strategy to ensure our long-term financial viability and business continuity.
We had bank balances and cash of US$24.6 million as of December 31, 2025.
Financial Information · 第 241 页
Assuming an average cash burn rate going forward of 1.5 times the level in 2025, we estimate that our bank balances and cash as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months, or, if we take into account the estimated net [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 241 页
we have available sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses and other operating costs, for at least the next 12 months from the date of this document.
Assuming an average cash burn rate going forward of 2 times the average level of 2023 and 2024, we estimate that our cash and cash equivalents as of December 31, 2025, will be able to maintain our financial viability for 15 months, or, if we also take into account the estimated net proceeds (based on the Offer Price of HK$75.70 per Share and assuming the Offer Size Adjustment Option and the Over-Allotment Option are not exercised), 54 months.
Financial Information · 第 301 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents as of December 31, 2025, and the estimated net proceeds from the Global Offering, we have available sufficient working capital to cover at least 125% of the Group's costs, including research and development expenses and administrative expenses, for at least the next 12 months from the date of this prospectus.
Our historical monthly average cash burn rate was RMB13.0 million, RMB21.1 million and RMB15.7 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 281 页
we estimate that our cash and cash equivalents, financial assets at FVTPL and unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately 18.9 months 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 purposes), approximately 23.4 months or, if we take into account 100% of the estimated net proceeds (based on the Offer Price) from the Global Offering, for approximately 63.2 months
Financial Information · 第 281 页
Subsequent to December 31, 2025 and up to March 31, 2026, we had obtained additional banking facilities amounting to RMB210 million to further strengthen our working capital sufficiency.
Our historical monthly average cash burn rate was RMB22.3 million, RMB21.9 million and RMB13.7 million in 2023, 2024 and 2025, respectively.
Summary · 第 19 页
We estimate that our cash and cash equivalents, current portion of term deposits, current portion of financial assets at FVTPL and restricted cash as of December 31, 2025, will be able to maintain our financial viability for approximately 50 months or, if we take into account 10% of the estimated net proceeds (based on an Offer Price of HK$10.50 per Share) from the Global Offering (namely, the portion allocated for our working capital and other general purposes), approximately 59 months or, if we take into account 100% of the estimated net proceeds (based on an Offer Price of HK$10.50 per Share) from the Global Offering, for approximately 133 months.
Summary · 第 19 页
We assume that the average cash burn rate going forward will be similar to the cash burn rate level in 2023, which was the highest amount of average cash burn rate during each year/period of the Track Record Period, for the sake of prudence, although the cash burn rate is subject to change due to various factors, including but not limited to, the business development, industry trend and customers’ requirement.