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 historical cash burn rate was RMB2.2 million, RMB3.1 million, RMB3.2 million, RMB4.4 million and RMB5.4 million in 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
Summary · 第 11 页
We had cash and cash equivalents, restricted cash and current financial assets at fair value through profit or loss of RMB194.7 million as of June 30, 2026.
Summary · 第 11 页
we estimate that our cash and cash equivalents and current financial assets at fair value through profit or loss as of June 30, 2026 will be able to maintain our financial viability for (i) approximately [REDACTED] months until [REDACTED]
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.
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 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.
Our historical cash burn rate was RMB[REDACTED] million in the 29 months from January 1, 2024 to May 31, 2026.
Financial Information · 第 236 页
We estimate that our cash and cash equivalents, bank acceptance bills, financial assets at FVTPL and unutilized bank facilities totaling RMB2,126.6 million as of May 31, 2026, will be able to maintain our financial viability for [REDACTED] months
Financial Information · 第 236 页
We expect to achieve cash flow breakeven in the foreseeable future, taking into account the factors including (i) growth of revenue and profits; (ii) adjustments for operating cash flow before movements in working capital;
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.
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.
Our historical monthly average cash burn rate was RMB7.8 million, RMB8.7 million and RMB10.0 million in 2023, 2024 and 2025, respectively.
Summary · 第 9 页
Based on the Group's cash and cash equivalents, financial assets at fair value through profit or loss and unutilised banking facilities as at the Latest Practicable Date, the Directors estimate that the Group has a cash runway of approximately 34 months, excluding net proceeds.
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.
Our historical monthly average cash burn rate was RMB10.2 million, RMB12.3 million and RMB9.9 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 245 页
We had cash and cash equivalents of RMB59.6 million and committed unutilized banking facility of RMB440.4 million as of April 30, 2026.
Financial Information · 第 245 页
We estimate that our cash and cash equivalents, financial investments measured at FVTPL and committed unutilized banking facility as of April 30, 2026 will be able to maintain our financial viability for approximately [REDACTED] months or, if we take into account [REDACTED]% of the estimated net [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [REDACTED] months or, if we also take into account all the estimated net [REDACTED] from the [REDACTED], 67.8 months.
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 historical cash burn rate was RMB15.5 million for the year ended December 31, 2025.
Summary · 第 8 页
Our monthly average cash burn for the four months ended April 30, 2026 was approximately RMB21.1 million.
Summary · 第 10 页
we estimate that our cash and cash equivalents and financial assets measured at FVPL, and bank facilities available for use as of April 30, 2026 will be able to maintain our financial viability for approximately 19 months or, if we take into account 10.0% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), approximately 23 months or, if we also take into account the estimated net proceeds from the Listing apart from the portion being allocated to the use for strategic investment or acquisition, 60 months.