上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
现金消耗率与29个月资金可维持期
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents, unutilized bank facilities and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have available sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, business development expenses and other operating costs, for at least the next 12 months from the date of this prospectus.
Financial Information · 第 448 页
Assuming an average cash burn rate going forward of 1.7 times the level during the Track Record Period, we estimate that our cash and cash equivalents as of June 30, 2025 will be able to maintain our financial viability for 29 months, taking into account the estimated net proceeds from the Global Offering.
Based on our available cash balance, the anticipated cash flow from operations, available banking facilities, the potential bank borrowings to be available to the Group and the anticipated net proceeds from the Global Offering, our Directors are of the opinion that we will have sufficient funds to meet our working capital requirements and financial requirements for capital expenditure for at least the next 12 months from the date of this prospectus.
Financial Information · 第 592 页
Our Directors are of the view that we will have adequate working capital and sufficient cash balance to support our business growth until we achieve a net operating cash inflow position, without taking account of the estimated proceeds from the Global Offering, on the following grounds: (i) we had cash and cash equivalents, restricted bank balances and term deposits of RMB8,881.3 million, which are all highly liquid assets, as of September 30, 2025;
Our historical cash burn rate was RMB65.9 million, RMB46.1 million, RMB60.5 million, RMB64.5 million and RMB137.7 million (US$19.2 million) for the years ended December 31, 2022, 2023 and 2024 and six months ended June 30, 2024 and 2025, respectively, which were mainly due to our investment in R&D activities.
Financial Information · 第 479 页
The increase in the cash burn rate from the year ended December 31, 2024 to the six months ended June 30, 2025 was primarily attributable to higher purchase of vehicle inventories in anticipation of foreseeable purchase orders, and an increase in purchase of property and equipment for R&D activities.
Financial Information · 第 479 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.
Assuming an average cash burn rate going forward of 1.3 times the level in 2024, taking into account the estimated net proceeds from the Global Offering (based on the Offer Price of HK$32.00 per Share, being the low-end of the indicative Offer Price range stated in this prospectus) and the financial resources available to us, we estimate that our cash and cash equivalents as of August 31, 2025 will be able to maintain our financial viability for 37 months from August 31, 2025.
Financial Information · 第 494 页
After taking into account the proceeds from the Global Offering and the cash burn rate, we expect to raise our next round of financing at least six months after the completion of the Global Offering, when we deem necessary.
Our historical cash burn rate was RMB23.1 million, RMB17.7 million, RMB10.8 million and RMB17.5 million in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, mainly representing our expenditure in selling and marketing activities, R&D activities and administrative management activities throughout the Track Record Period.
Financial Information · 第 385 页
we estimate that our cash and cash equivalents, financial assets at fair value through profit or loss and pledged cash as of June 30, 2025 will be able to maintain our financial viability for 17 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), 22 months or, if we also take into account the estimated net proceeds from the Listing, 69 months.
Financial Information · 第 385 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, bank facilities and external financings.
Our historical cash burn rate was RMB15.9 million, RMB7.1 million, RMB4.3 million, RMB4.4 million and RMB10.8 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively.
Financial Information · 第 479 页
we estimate that our cash and cash equivalents, current portion of time deposits with banks and financial assets measured at FVPL as of May 31, 2025 will be able to maintain our financial viability for approximately 42.7 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), approximately 55.2 months or, if we also take into account 100% of the estimated net proceeds from the Listing, approximately 167.2 months.
Financial Information · 第 479 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.
Assuming an average cash burn rate going forward of 1.0 times the level in 2024, we estimate that our cash and bank balances, time deposits and financial assets at FVTPL as of June 30, 2025 will be able to maintain our financial viability for 8 months from June 30, 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 52 months from June 30, 2025, if we take into account the estimated net proceeds from the Global Offering.
Financial Information · 第 475 页
Our Directors are of the opinion that, taking into account of the financial resources available to us, including cash and cash equivalents, revenue generated from the sales of our commercialized products, the estimated net proceeds from the Global Offering, and our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development costs, business development and marketing expenses, and administrative and operating costs for at least the next 12 months from the date of this prospectus.
Our historical monthly average cash burn rate was RMB53.3 million, RMB38.9 million, RMB76.4 million and RMB10.7 million in 2022, 2023, 2024 and for the five months ended May 31, 2025, respectively.
Financial Information · 第 421 页
Historically, our business requires a substantial amount of cash, which is mainly due to our significant upfront investments.
Financial Information · 第 421 页
Taking into consideration financial resources presently available to us, including cash and cash equivalents on hand, internally generated funds, available banking facilities, and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present needs and at least for the next 12 months from the date of this prospectus.
Assuming an average cash burn rate going forward of 1.1 times the level in 2024, we estimate that our cash at bank and on hand and other financial assets as of September 30, 2025 will be able to maintain our financial viability for 71 months from September 30, 2025 taking into account the estimated net proceeds from the Global Offering; or we estimate that we will be able to maintain our financial viability for 13 months from September 30, 2025 without taking into account the estimated net proceeds from the Global Offering.
Summary · 第 26 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.
广州银诺医药集团股份有限公司Guangzhou Innogen Pharmaceutical Group Co., Ltd.02591.HK
现金消耗率及资金可维持15至27个月
Assuming an average cash burn rate going forward of 3.4 times of the level in 2024, we estimate that (i) our cash and cash equivalents, financial assets at FVTPL and bank deposits as of May 31, 2025 will be able to maintain our financial viability for 15 months from May 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), 16 months, or, (iii) if we take into account all estimated net proceeds from the Global Offering, 27 months.
Summary · 第 22 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, financial assets at fair value through profit or loss which represents wealth management products we purchased, and unutilized bank facilities as of May 31, 2025 and the estimated net proceeds from the Global Offering, 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 prospectus.
Summary · 第 22 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 Global Offering.
Taking into account our cash and cash equivalents as of May 31, 2025, and assuming average monthly net cash used in operating activities going forward of 1.2 times the level in the year ended December 31, 2024, and the estimated capital expenditures with reference to the capital commitments as of March 31, 2025, we estimate that we will be able to maintain our financial viability for 9 months, or, if we also take into account the net proceeds from the Global Offering provided that the Offer Price is set at HK$12.90 per Share, being the low end of the indicative Offer Price range, and that the Offer Size Adjustment Option is not exercised, 22 months.
Financial Information · 第 410 页
If the net proceeds from the Global Offering are less than expected or delayed, we might extract our unutilized unsecured credit facilities to maintain our daily operations, which applies to the case where the proceeds from the Global Offering are not available; other actions we might take include delaying the construction of our manufacturing facilities and reducing our R&D expenditures and/or the number of pipeline products we seek to develop.
We had cash and cash equivalents and financial assets at FVTPL in an aggregate of RMB376.1 million as of May 31, 2025.
Summary · 第 25 页
Assuming an average cash burn rate going forward of 2.5 times the level in the three months ended March 31, 2025, we estimate that (i) our cash and cash equivalents and financial assets at FVTPL as of May 31, 2025 will be able to maintain our financial viability for over 16 months from May 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), 19 months, or, (iii) if we take into account all estimated net proceeds from the Global Offering, 51 months.
Summary · 第 25 页
Taking into account the financial resources available to us, including cash and cash equivalents, financial assets at FVTPL, unutilized bank facilities and the estimated net proceeds from the Global Offering, 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 research and development expenses, administrative expenses, finance costs and other operating costs, for at least the next 12 months from the date of this prospectus.
Assuming an average cash burn rate going forward of 1.4 times of the level in the 12 months ended 31 December 2024, which is primarily based on the prospective monthly cash burn rate in the 12 months ending 31 December 2025, we estimate that our cash and cash equivalents as of 31 December 2024 will be able to maintain our financial viability for approximately 11 months, or, if we also take into account the estimated net proceeds (based on the Offer Price of HK$10.10) from the Global Offering, for approximately 32 months.
Financial Information · 第 493 页
As of 30 April 2025 and the Latest Practicable Date, we had unutilised banking facilities of US$45.0 million and US$45.0 million, respectively, and none of which were restricted.
Taking into account our cash and cash equivalents, financial assets at FVTPL and unutilized banking facilities as of April 30, 2025, assuming an average cash burn rate going forward of 1.5 times the average level in 2023 and 2024, we estimate that we will be able to maintain our financial viability for 16 months or, if we take into account the estimated net proceeds from the Listing, 20 months.
Financial Information · 第 485 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, capital expenditures and lease payments.
Financial Information · 第 453 页
Assuming an average cash burn rate going forward of 1.0 time the level in 2023, we estimate that our cash at bank and on hand, wealth management products and negotiable certificate of deposits with banks as of December 31, 2024 will be able to maintain our financial viability for 27 months from December 31, 2024 taking into account the estimated net proceeds from the Global Offering.
Financial Information · 第 453 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, wealth management product and negotiable certificate of deposits with banks and the estimated net proceeds from the Listing, 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 Prospectus.
We had cash and cash equivalents and restricted bank balances of US$11.1 million as of December 31, 2024.
Summary · 第 27 页
Assuming an average cash burn rate going forward of 1.0 times the level in the year ended December 31, 2024, we estimate that our cash and cash equivalents as of December 31, 2024, release of restricted bank balances and incoming loans from independent third-party lenders in an aggregate amount of US$28.1 million^*^ be able to maintain our financial viability for 5.6 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), 9.5 months or, if we also take into account the estimated net proceeds from the Listing, 40.9 months.
Assuming an average cash burn rate going forward of 1.2 times the level in 2024, we estimate that (i) our cash and cash equivalents as of December 31, 2024 will be able to maintain our financial viability for 19 months, (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, or, (iii) if we take into account all estimated net proceeds from the Global Offering, 39 months.
Financial Information · 第 467 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 Global Offering.
We had cash and cash equivalents of RMB242.6 million as of September 30, 2024.
Financial Information · 第 449 页
We estimate that our cash and cash equivalents as of September 30, 2024 will be able to maintain our financial viability for 12 months or, if we take into account 6.6% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 14 months or, if we also take into account the estimated net proceeds from the Listing, 42 months.
Financial Information · 第 449 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.
脑动极光医疗科技有限公司BrainAurora Medical Technology Limited06681.HK
现金仅可维持约六个月(含募资29个月)
Assuming an average cash burn rate going forward of one and half times the level for the first half of 2024, we estimate that our cash and cash equivalents, the current portion of restricted bank deposits and the current portion of financial assets as of October 31, 2024 will be able to maintain our financial viability for at least six months or, if we also take into account the estimated net proceeds from the Listing, for at least 29 months.
Summary · 第 30 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing.
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.