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].
Our historical cash burn rate was RMB11.2 million, RMB2.8 million, RMB7.8 million and RMB17.1 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
Financial Information · 第 231 页
We had cash and cash equivalents, and financial assets at FVTPL of RMB102.4 million in aggregate as of May 31, 2026.
Financial Information · 第 231 页
Solely on the basis that our cash and cash equivalents, financial assets at FVTPL and unutilized banking facilities as of the Latest Practicable Date will be able to maintain our financial viability for approximately 14.8 months assuming an average cash burn rate of RMB13.1 million, we expect to raise the next round of financing around October 2027.
As of April 30, 2026, we had cash and cash equivalents of approximately RMB311.1 million (excluding the balance of wealth management products and including restricted cash) and RMB233.0 million in committed unutilized banking facilities, which our Directors believe, and the Joint Sponsors concur, are sufficient to support our operations and expansion for at least the next 12 months, even without taking into account the estimated [REDACTED] of approximately [REDACTED] million (assuming the [REDACTED] is determined at [REDACTED] per Share, being the [REDACTED] of the indicative [REDACTED] range) from the [REDACTED].
We had cash and cash equivalents of RMB231.3 million as of April 30, 2026.
Financial Information · 第 249 页
We estimate that our cash and cash equivalents as of April 30, 2026 without taking into account the estimated net [REDACTED] from the [REDACTED] will be able to maintain our financial viability for [9] months or, if we take into account the estimated net [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 249 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development costs and administrative expenses, for at least the next 12 months from the expected date of this document.
Assuming an average cash burn rate going forward of 4.2 times the level in 2025, taking into account the scheduled payment of indebtedness, we estimate that our cash at bank and on hand, together with other investments as of April 30, 2026 will be able to maintain our financial viability for 9 months, or, if we also take into account the estimated net [REDACTED] (based on the [REDACTED] of HK$[REDACTED] per Share), 54 months.
Financial Information · 第 258 页
Taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources available to us, including cash and cash equivalents, and considering our cash burn rate, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and general and administrative expenses and for at least the next 12 months from the date of this Document.
Assuming an average cash burn rate going forward of 1.5 times of the level for 2025, we estimate that our cash and cash equivalents and term deposits of RMB202.5 million as of April 30, 2026 will be able to maintain our financial viability for approximately 10 months or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion used for working capital and general corporate purposes), approximately 15 months or, if we also take into account the estimated net proceeds from the Global Offering, approximately 54 months.
Financial Information · 第 266 页
Our Directors are of the view that, taking into account the financial resources available to us, including cash and cash equivalents, and the estimated net proceeds from the Global Offering, we have sufficient working capital to cover at least 125% of our costs, including R&D expenses, administrative expenses, other operating expenses and necessary capital expenditure, for at least the next 12 months from the date of this prospectus.
Taking into account our cash and cash equivalents and financial products we purchased, and assuming average monthly net cash used in operating activities and capital expenditures going forward of 1.5 times the average level in the year ended December 31, 2025, we estimate we will be able to maintain our financial viability for 12 months without considering [REDACTED] from the [REDACTED]; or, if we also take into account the net [REDACTED] from [REDACTED], assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the low-end of the indicative [REDACTED]), [REDACTED] months.
Financial Information · 第 230 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 that the average cash burn rate going forward will be similar to the cash burn rate level in 2025, we estimate that our cash and cash equivalents of RMB98.7 million and pledged deposits of RMB23.7 million (which will be gradually released before December 31, 2026), amounting to an aggregate of RMB122.4 million as of March 31, 2026, will be able to maintain our financial viability for approximately 11 months.
Business · 第 168 页
our Directors are of the view that we have sufficient working capital to meet our present and future requirements for at least the next 12 months from the date of publication of the Prospectus and until we achieve cash flow breakeven.
Assuming that the average cash burn rate going forward of 2.3 times the level in nine months ended September 30, 2025, we estimate that our total cash balance as of September 30, 2025 will be able to maintain our financial viability for approximately 4 months or, if taking into account the estimated net proceeds (based on the mid-point of the indicative Offer Price of HK$40.50 per Offer Share and assuming the Over-allotment Option is not exercised) from the Global Offering, for at least 40 months.
Summary · 第 21 页
Our Directors and our management team 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 RMB3.5 million, RMB12.1 million and RMB20.6 million in 2021, 2022 and 2023 and RMB11.1 million for the 12 months ended June 30, 2024, respectively.
Financial Information · 第 329 页
We had cash and cash equivalents and financial assets at FVTPL of RMB219.0 million in aggregate as of June 30, 2024.
Taking into account our cash and cash equivalents and short-maturity financial products we purchased, and assuming average monthly net cash used in operating activities and capital expenditures going forward of 1.5 times the average level in 2021 and 2022, we estimate we will be able to maintain our financial viability for 12.9 months from the date of this prospectus 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$19.80 per Offer Share (being the low-end of the indicative Offer Price range), 18.5 months from the date of this prospectus.
Financial Information · 第 498 页
Taking into account of the above, together with the estimated net proceeds from this Global Offering, the Directors are of the opinion that we have sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs and research and development costs, for at least the next 12 months from the date of this prospectus.
For the years ended December 31, 2021 and 2022, we had a positive net cash inflow from our operating activities (the net cash generated from operating activities less lease-related cash outflow from financing activities (cash outflow from payment of the principal and interest elements of lease liabilities)) of RMB136.4 million and RMB77.1 million respectively, which were primarily driven by revenue growth and enhanced store-level profitability during the period as we continued to expand our store network.
Financial Information · 第 352 页
The abovementioned analysis is for illustrative purposes only and our Directors estimate that the likelihood of such a situation occurring is extremely remote.