Net operating cash outflows during the Track Record Period were primarily attributable to continued R&D investments and working capital requirements arising from business expansion, including cash expenditures for R&D
Business · 第 188 页
activities and inventory procurement for new product launches, as well as timing differences between customer collections and supplier payments.
Business · 第 189 页
The relatively high cash burn rate of RMB32.5 million per month for the four months ended April 30, 2026 was primarily attributable to net cash used in operating activities of RMB100.9 million, which reflected loss before tax of RMB66.6 million and working capital movements, principally the RMB24.0 million increase in trade and bills receivables mainly attributable to prolonged customer settlements resulting from lower sales collection rate during the first four months of the year, as compared to the full-year rate.
In 2023, 2024 and 2025 and for the six months ended June 30, 2026, our net cash used in operating activities amounted to RMB482.2 million, RMB195.7 million, RMB34.3 million and RMB359.8 million, respectively, primarily reflecting our loss before tax of RMB1,008.0 million, RMB1,252.7 million, RMB812.4 million and RMB429.9 million, respectively.
Business · 第 164 页
Our cash conversion cycle improved from negative 40 days in 2023 to negative 135 days in 2025, and further to negative 148 days for the six months ended June 30, 2026, demonstrating increasingly efficient working capital dynamics.
During the Track Record Period, we incurred negative cash flows from our operations.
Financial Information · 第 252 页
Our operating cash outflows resulted from investments in research and development of our cardiopulmonary diagnostic and therapeutic devices, selling activities for commercialization of our products, and administrative activities, which are essential for our business development.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
经营活动现金净流出
Our net cash used in operating activities amounted to RMB106.0 million, RMB129.8 million, RMB67.6 million and RMB52.6 million in 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively.
Financial Information · 第 239 页
We expect to generate more cash flow from our operating activities, through income from launching and commercializing our Core Product, sebaloxavir marboxil tablets, advancing the development and eventually commercializing other pipeline products, and enhancing our cost containment capacity and operating efficiency.
Financial Information · 第 239 页
We relied on equity financing as the major sources of liquidity during the Track Record Period.
We recorded net cash used in operating activities of RMB77.4 million, RMB127.5 million, RMB53.4 million and RMB80.1 million for the years/periods ended December 31, 2024, 2025, and for the six months ended June 30, 2025 and 2026, respectively.
Financial Information · 第 254 页
During the Track Record Period, we funded our operations primarily through equity financing and revenue from the provision of research and development services and joint development arrangements.
Net cash used in operating activities | (159,518) | (94,205) | (28,804) | (9,209)
Financial Information · 第 251 页
Our primary sources of liquidity consist of cash at banks, which we have historically generated primarily through capital contribution from shareholders and proceeds from borrowings.
We recorded net cash used in operating activities of RMB94.3 million, RMB88.9 million, RMB104.7 million and RMB33.8 million in 2023, 2024 and 2025 and the five months ended May 31, 2026, respectively.
Financial Information · 第 249 页
During the Track Record Period, we primarily funded our working capital requirements through equity and debt financings.
Financial Information · 第 249 页
Going forward, we expect our liquidity requirements will be satisfied by a combination of cash and cash equivalents, time deposits, bank facilities, considerations received under respective license and collaboration agreements, [REDACTED] from the [REDACTED], as well as revenue generated from sales of our successfully commercialized products.
We recorded net cash outflow to operating activities of RMB145.6 million, RMB182.6 million and RMB180.7 million in 2024, 2025 and the five months ended May 31, 2026, respectively.
Financial Information · 第 233 页
During the Track Record Period, we had financed our operations mainly from series of financing and licensing revenue.
Our net operating cash outflow increased from RMB95.2 million in 2023 to RMB123.5 million in 2024 primarily due to (1) an increase in trade receivables/notes receivables measured at FVTOCI of RMB119.2 million, and (2) an increase in contract costs of RMB28.9 million, both in line with our business growth.
Financial Information · 第 247 页
During the Track Record Period, we have implemented effective credit management policies and enhanced control over the outstanding trade receivables and therefore, our net operating cash outflow decreased from RMB123.5 million in 2024 to RMB77.5 million in 2025, and our trade receivables turnover days decreased from 181.2 days to 165.5 days in 2024 and 2025, respectively.
Financial Information · 第 247 页
We plan to improve our net operating cash outflow position through four initiatives, including (1) optimizing payment terms in sales contracts; (2) further strengthening our tiered aging alert mechanism for trade receivables, coupled with rigorous monitoring of overdue payments; and (3) extending supplier payment terms through the use of instruments such as acceptances and letters of credit to ease cash flow pressure.
Historically, we have made significant investments in R&D and sales efforts to develop and commercialise our products and strengthen our brand presence.
Summary · 第 12 页
Projections for 2025–2029, based on an expected market CAGR of 32.1% per the Frost & Sullivan Report, indicate continued positive operating cash flows, further supported by planned product expansion in intelligent robotics.
In the meantime, during the Track Record Period, we recorded net losses, net current liabilities and net operating cash outflows.
Business · 第 155 页
we have implemented and will in the future continue to implement a wide array of initiatives to improve our ability to generate profit and operating cash inflow and increase operational leverages, all of which are expected to help us generate continued cash flows from our operations.
Financial Information · 第 194 页
As of December 31, 2025, we had cash and cash equivalents of RMB109.6 million.
We recorded net cash outflow from operating activities in 2025 primarily attributable to continuous investment in the research and development of our pipeline programs, administrative expenses, other recurring expenses, and [REDACTED] expenses, which was partially offset by the revenue from our out-licensing and collaboration agreements.
Financial Information · 第 247 页
During the Track Record Period and up to the Latest Practicable Date, we funded our working capital requirements primarily through proceeds from private equity financing and out-licensing arrangement.
Looking ahead, we expect our operating cashflow to stabilize in subsequent periods, as our revenue is anticipated to grow and we continue to improve our operational efficiency.
During the Track Record Period, we incurred net operating cash outflows because we incurred substantial research and development expenses to support the development of our product pipelines and administrative expenses to support our business activities.
We recorded net cash used in operating activities of RMB107.7 million and RMB137.1 million for 2024 and 2025, respectively.
Financial Information · 第 262 页
During the Track Record Period and up to the Latest Practicable Date, we had financed our operations primarily through equity and debt financing and we had not experienced any difficulty in obtaining such financing.
During the Track Record Period, we funded our working capital requirements through equity financing.
Financial Information · 第 230 页
While we had net operating cash outflows during the Track Record Period, we believe our liquidity requirements will be satisfied by using funds from a combination of our cash and cash equivalents, net [REDACTED] from the [REDACTED] and other funds raised from the capital markets from time to time.
We recorded a net loss and had net operating cash outflows during the Track Record Period.
Financial Information · 第 240 页
In 2024, we incurred net cash outflows in operating activities primarily due to a rapid growth in our trade receivables as a result of our enlarged business scale.
Financial Information · 第 248 页
We plan to adopt an incentive mechanism that links sales team’s performance-based bonuses directly to their collections of trade receivables.
We recorded net cash flows used in operating activities of RMB132.0 million and RMB143.3 million in 2024 and 2025, respectively.
Financial Information · 第 272 页
During the Track Record Period, we primarily funded our working capital requirements through equity financing.
Financial Information · 第 272 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents of RMB188.5 million as of April 30, 2026 and the estimated [REDACTED] from the [REDACTED], and considering our cash burn rate, we have available sufficient working capital to cover at least 125% of our costs, including research and development costs, administrative expenses, and other operating costs, for at least the next 12 months from the date of this document.
We experienced negative operating cash flows during the Track Record Period.
Financial Information · 第 221 页
Based on our available cash and cash equivalents, and despite the net operating cash outflows during the Track Record Period, we believe our cash balance is sufficient to meet our operating needs and support our planned expansion.
Financial Information · 第 221 页
Our accumulated deficit as of January 1, 2023, as well as net losses, adjusted net losses (non-IFRS measures), and net operating cash outflows during the Track Record Period primarily reflect these deliberate early-stage commitments.