We will enter into a number of continuing connected transactions with Hisense Group Entities, including provision of goods and related services, property leasing, shared services and financial services.
Summary · 第 9 页
(4) Represented our demand deposits with Hisense Finance;
Financial Information · 第 222 页
(7) Resulted primarily from our short-term interest-bearing borrowings from Hisense Finance;
Our largest customer, Fosun International Group, was also one of our suppliers in 2024, 2025 and the six months ended June 30, 2026.
Business · 第 127 页
During the Track Record Period, we funded our investments and operations principally with cash generated from our operations, bank and other borrowings, related party borrowings and capital investments by our Controlling Shareholders.
Financial Information · 第 170 页
We have entered into certain transactions with our Controlling Shareholders and/or their associates that will constitute our continuing connected transactions upon [REDACTED].
It is wholly-owned by the Government through Samruk-Kazyna, Kazakhstan’s sovereign wealth fund.
Summary · 第 1 页
In addition, passenger transportation tariffs are maintained at levels that may be low or unprofitable, and the Group receives Government grants as compensation for a portion of that shortfall.
Financial Information · 第 174 页
For the years ended 31 December 2023, 2024 and 2025, income from Government grants was KZT 38,912 million, KZT 41,124 million and KZT 43,275 million, respectively.
As of December 31, 2024 and 2025, our non trade-related amounts due from related parties was cash amounting to RMB453.1 million and RMB 339.9 million from Yankuang Energy, which conducts centralized cash management during the Track Record Period.
Financial Information · 第 238 页
The cash from us was interest bearing at a fix rate of 0.3% and fully refunded to us in March 2026 following termination of such centralized cash management.
Financial Information · 第 238 页
Non trade-related amounts due to related parties as of December 31, 2025 mainly include interest-bearing borrowings of RMB500.0 million from Shandong Energy Group and payables of RMB425.9 million in respect of the acquisition of Shandong Duanxin due to Yankuang Energy, which was settled in cash in January 2026.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
控股股东等关联方提供短期借款已结清
Our loans from related parties primarily represent short-term funding support provided by our related parties, including (i) our Controlling Shareholder, Mr. Lin, (ii) Ms. Bao, our executive Director,
Financial Information · 第 227 页
Our loans from related parties were nil, nil, RMB60.5 million and RMB24.2 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · 第 227 页
As of the date of this document, such balances had been fully settled.
Our net current assets decreased by 89.5% from RMB1,368.1 million as of December 31, 2024 to RMB144.0 million as of December 31, 2025, primarily due to (i) an RMB550.0 million increase in loans from the immediate holding company, which were provided to support the development of our drug candidates and our general operations, (ii) an RMB415.4 million increase in other payables, primarily for acquisition of additional interests in Megalith Biopharmaceutical, (iii) an RMB300.8 million increase in trade payables, in line with our continued investment in R&D activities, and (iv) an RMB231.9 million decrease in financial assets at FVTPL, in relation to structured bank deposits and certificates of deposits we purchased in 2025.
Financial Information · 第 224 页
This increase was partially offset by an RMB223.3 million increase in loans from the immediate holding company, which were provided to support the development of our drug candidates and our operations.
Financial Information · 第 224 页
We rely on loans from the immediate holding company and shareholders’ investment as a significant source of liquidity.
Our related party transactions during the Track Record Period primarily included certain loans from Dr. Li and Mr. Li.
Financial Information · 第 244 页
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
During the Track Record Period, approximately 66.7%, 84.2% and 82.2% of the finance lease amounts at the relevant period were guaranteed by Lingong Group.
Summary · 第 10 页
Our Directors believe that the guarantees provided by Lingong Group under finance lease arrangements do not indicate any material reliance by our Group on our Controlling Shareholders and their close associates, and are beneficial to the Company and our Shareholders as a whole.
Summary · 第 10 页
We have been in the transition process to undertake the repurchase guarantees by our own with respect to all newly-entered finance lease arrangements, and such transition process will complete prior to the [REDACTED].
Of the transaction value on Yangxiaomie involving payment installments, 25%, 51%, 36% and 32% were funded by Yingtan Guangda
Summary · 第 1 页
On January 1, 2025, Dr. Zhou entrusted his voting rights associated to all of his direct and indirect shareholding interests in Liangkebang to an independent third party and thereby Yingtan Guangda ceased to be our connected person.
Summary · 第 2 页
The trade receivable due from Yingtan Guangda as any outstanding payment to us on behalf of the borrowers for purchasing goods on Yangxiaomie were RMB243.0 million, RMB412.6 million, RMB619.6 million and RMB727.5 million as at 31 December 2022, 2023, 2024 and 31 May 2025.
During the Track Record Period, our operations and capital requirements were financed principally through (i) cash flow from our operating activities; (ii) funding from loans or facilities provided by banks; and (iii) loans from Controlling Shareholders and their close associates.
Financial Information · 第 253 页
We have historically funded our working capital principally from (i) cash flow from our operating activities; (ii) funding from loans or facilities from local banks; and (iii) loans from Controlling Shareholders and their close associates.
Financial Information · 第 288 页
To avoid any actual or potential competition between the business of the Controlling Shareholders and our Company, our Controlling Shareholders have provided non-competition undertakings to us to the effect that each of them shall not, and shall procure its close associates not to, directly or indirectly, engage in, invest in, participate in, or attempt to participate in, whether on its own account or with each other or in conjunction with or on behalf of any person or company, any business directly or indirectly in competition with or likely to be in competition with the Unsecured Loan Business.
During the Track Record Period, we financed our operations primarily through borrowings from Kelun Pharmaceutical, payments received in accordance with our license and collaboration agreements, and proceeds from our Series A
Financial Information · 第 526 页
We had other borrowings from Kelun Pharmaceutical of RMB2,358.0 million and RMB2,790.8 million, respectively, as of December 31, 2021 and 2022.
Financial Information · 第 529 页
During the Track Record Period, our finance costs primarily consisted of interest expenses on interest-bearing borrowings from Kelun Pharmaceutical, and interest expenses relating to the Shares we issued to Series A Investors.