Our historical cash burn rate was RMB9.0 million, RMB7.8 million and RMB16.4 million for each of the years ended December 31, 2023, 2024 and 2025, respectively, mainly representing our investment in R&D activities and business operations.
Financial Information · 第 252 页
We had cash and cash equivalents, and available bank facilities of RMB427.3 million in aggregate as of December 31, 2025.
Financial Information · 第 252 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.
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 263 页
Our Directors are of the view that, taking into account the financial resources available to us, including cash and cash equivalents, cash flows generated from operating activities and financing activities, and net [REDACTED] from the [REDACTED], we have sufficient working capital our present requirements and to cover at least 125% of our costs, including research and development expenses for at least 12 months from the date of this Document.
Financial Information · 第 262 页
We will continue to monitor our cash flows from operations closely and expect to raise additional financing, if needed, with a minimum buffer of 12 months.
Our historical cash burn rate was RMB10.3 million, RMB8.0 million, RMB7.3 million, RMB5.7 million and RMB6.0 million in 2022, 2023, 2024 and the ten months ended October
Financial Information · 第 235 页
Assuming that no proceeds from the global offering are taken into account, that the average cash burn rate going forward will be RMB6.0 million, similar to the cash burn rate level in the ten months ended October 31, 2025, we estimate that our cash and cash equivalents, unutilized bank facilities and current non-pledged time deposits as of October 31, 2025 will be able to maintain our financial viability for 23.7 months, which means we are expected to maintain sufficient working capital until October, 2027.
Financial Information · 第 236 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.
As of December 31, 2025, we had cash and cash equivalents of RMB184.9 million, term deposits of RMB21.3 million, financial assets at FVTPL of RMB140.0 million, and as of January 31, 2026, we had unutilized banking facilities of RMB200 million.
Financial Information · 第 257 页
Our cash burn rate refers to the average monthly amount of cash used in operating activities, property and equipment and lease payments.
Financial Information · 第 258 页
Assuming an average cash burn rate going forward of 2.2 times the level during the Track Record Period, and on the basis of our Existing Internal Resources as set out above, we estimate that we will be able to maintain our financial viability for [REDACTED] months, or if we take into account the [REDACTED] from the [REDACTED] (based on the low-end of the [REDACTED] range and assuming the [REDACTED] is not exercised), [REDACTED] months.
Our historical cash burn rate was RMB13.7 million and RMB5.1 million in 2022 and 2023, respectively.
Financial Information · 第 274 页
we estimate that our cash and cash equivalents, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income as of September 30, 2025 will be able to maintain our financial viability for 384.8 months, without taking into account the estimated net proceeds from the Global Offering.
Without taking into account the estimated net proceeds from the Global Offering, our Directors believe that we have sufficient working capital for approximately 12 months from the date of this prospectus.
Financial Information · 第 259 页
Assuming an average cash burn rate going forward of 1.1 times the level in 2024, we estimate that our total cash balance as of September 30, 2025 will be able to maintain our financial viability for approximately 7.6 months or, if taking into account the estimated net proceeds from the Global Offering (low-end), for at least 132.8 months.
Our historical cash burn rate was RMB7.0 million, RMB6.5 million, RMB1.9 million and RMB2.6 million in 2022, 2023 and 2024, and for the nine months ended September 30, 2025, respectively.
Financial Information · 第 253 页
Assuming that the average cash burn rate going forward will be RMB2.6 million, similar to the cash burn rate level for the year ended September 30, 2025, we estimate that our cash and cash equivalents, current financial assets at FVTPL and current time deposits as of September 30, 2025 will be able to maintain our financial viability for 76.9 months
As of December 31, 2025, we had capital resources of RMB236.9 million, consisting of cash and cash equivalents and our current and non-current time deposits.
Financial Information · 第 245 页
we have sufficient working capital to cover at least 125% of our costs, including research and development costs, selling and marketing expenses, and administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this document.
Financial Information · 第 245 页
Assuming an average cash burn rate going forward of 3 times the level in 2025, we estimate that our cash and cash equivalents, time deposits, and financial assets at fair value through profit or loss as of December 31, 2025 will be able to maintain our financial viability for at least [REDACTED] months
Assuming an average cash burn rate going forward of 1.0 time the level in the nine months ended September 30, 2025, which is HK$[REDACTED] per month, we estimate that (i) our cash and cash equivalents on hand as of September 30, 2025 will be able to maintain our financial viability for 38 months from September 30, 2025, (ii) or if we take into account all estimated net [REDACTED] from the [REDACTED], [REDACTED].
Financial Information · 第 240 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing at least 12 months after the completion of the [REDACTED].
Our historical cash burn was US$11.5 million, US$65.9 million, US$260.7 million and US$211.3 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · 第 447 页
Assuming an average monthly cash burn of US$28.1 million going forward at approximately 1.3 times of the average monthly cash burn of the twelve months ended December 31, 2024, although which is subject to change due to various factors such as our business development or investments in model training activities, we estimate that our cash balance is sufficient for us to operate for approximately 37 months without IPO proceeds, lasting approximately until October 2028.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
现金可维持财务可行性逾19个月
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, payment for property, plant and equipment and payment for intangible assets.
Financial Information · 第 453 页
We estimate that our cash on hand as of October 31, 2025 will be able to maintain our financial viability for over 19 months from October 31, 2025, without taking into account the estimated net proceeds from the Global Offering; or, we estimate we will be able to maintain our financial viability for over 23 months, if we take into account 8.1% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes).
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
现金消耗率与资金可支撑月数
Our historical cash burn rate was RMB3.0 million, RMB105.9 million, RMB194.5 million and RMB327.3 million for each of the years ended December 31, 2022, 2023 and 2024 and for the six months ended June 30, 2025, respectively, mainly representing our investment in R&D activities and business operations.
Financial Information · 第 279 页
We had cash and cash equivalents, short-term investment measured at FVPL, and available committed bank facilities of RMB8,943.1 million in aggregate as of October 31, 2025.
Financial Information · 第 279 页
we estimate that our cash and cash equivalents, short term investment measured at FVPL, and available committed bank facilities as of October 31, 2025 will be able to maintain our financial viability for 27.3 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), 28.5 months or, if we also take into account the estimated net proceeds from the Listing, 38.9 months.
Our cash burn rate refers to the average monthly (i) net cash used in operating activities,
Financial Information · 第 481 页
We estimate that our cash and cash equivalents along with the financial assets measured at FVPL with high liquidity as of June 30, 2025 will be able to maintain our financial viability for 36 months without taking into account the estimated net proceeds from the Offering or, if we take into account the estimated net proceeds from the Global Offering, 75 months.
Financial Information · 第 481 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 RMB113.0 million, RMB90.2 million, RMB109.0 million, RMB83.0 million and RMB226.8 million in 2022, 2023 and 2024 and for the six months ended June 30, 2024 and 2025, respectively, mainly representing our average monthly cash operating costs plus the capital expenditure and the lease payments for the respective periods.
Financial Information · 第 405 页
Also, we estimate that our balance of cash-based assets as of October 31, 2025 will be able to maintain our financial viability for 31.6 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 corporate purposes), 35.1 months or, if we also take into account the estimated net proceeds from the Global Offering, 66.8 months.
Financial Information · 第 405 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.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
现金可支撑约33个月，上市后延至约75个月
Assuming an average monthly cash burn consistent with the first half of 2025, our cash and cash equivalents as of June 30, 2025 are estimated to support our financial viability for approximately 33 months, until March 2028.
Business · 第 242 页
Taking into account the estimated net proceeds based on the Offer Price, our cash and cash equivalents will be US$472 million, the runway is estimated to extend to approximately 75 months, until September 2031, with 42 additional months, compared with that without taking the IPO net proceeds into account.
Financial Information · 第 415 页
We will continue to monitor our cash flows from operations closely by utilizing our existing financial resources, such as our cash on hand and utilised banking facilities and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
现金及银行融资可维持约40个月
Our historical monthly average cash burn rate was RMB10.1 million, RMB12.6 million, RMB13.8 million and RMB8.1 million in 2022, 2023 and 2024 and for the six months ended June 30, 2025, respectively.
Financial Information · 第 336 页
We estimate that our cash and cash equivalents, current portion of other financial assets (which primarily includes certificates of deposit, bank structured deposits and fixed deposits which are readily liquidatable on demand) and unutilized banking facilities as of October 31, 2025 will be able to maintain our financial viability for approximately 40 months ending February 28, 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 46 months ending September 30, 2029 or, if we also take into account 100% of the estimated net proceeds from the Global Offering, approximately 98 months ending December 31, 2033.
Assuming an average cash burn rate going forward of 1.9 times the level in 2024, we estimate that our cash and cash equivalents as of August 31, 2025 will be able to maintain our financial viability for approximately 31 months, taking into account the estimated net proceeds (assuming the Over-allotment Option is not exercised, at the Offer Price of HK$28.0 per H Share, being the low-end of the indicative Offer Price range stated in this prospectus).
Financial Information · 第 491 页
Taking these into account, our Directors believe that we have sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs as well as research and development costs, for at least the next 12 months from the Latest Practicable Date.
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 RMB30.6 million, RMB20.1 million, RMB13.5 million and RMB36.2 million in 2022, 2023, 2024 and June 30, 2025, respectively, mainly representing our investment in R&D activities.
Financial Information · 第 458 页
we estimate that our cash and cash equivalents, financial assets at FVTPL, term deposits, restricted bank deposits and committed unutilized bank facilities totaling RMB591.9 million as of October 31, 2025, will be able to maintain our financial viability for 16 months from October 30, 2025 to February 28, 2027 or, if we take into account 10% of the estimated net proceeds from the Listing
Financial Information · 第 458 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.
Our net operating cash outflow in the three months ended September 30, 2025 was HK$122.7 million, which is equivalent to HK$40.9 million per month.
Summary · 第 12 页
By taking a prudent approach, we are assuming an average cash burn rate of HK$40.9 million per month based on recent levels of operational cash outflow, to conduct the cash flow sufficiency analysis.
Summary · 第 12 页
Our Directors are of the view, and the Joint Sponsors concur, that we have sufficient working capital without considerations of digital assets and IPO proceeds, to fund our operations for the next 12 months since October 31, 2025.