We recorded net cash outflows from operating activities in 2023, 2024 and 2025, amounting to RMB62.9 million, RMB18.2 million and RMB192.1 million, respectively, mainly due to our loss before tax amounting to RMB245.2 million, RMB109.8 million and RMB11.1 million in the respective years.
Summary · 第 7 页
We plan to improve our net operating cash outflows position by (i) enhancing inventory management, and (ii) optimizing our receivables and payables.
We recorded net cash flows used in operating activities of RMB104.1 million and RMB121.0 million for the years ended December 31, 2024 and 2025, respectively.
Financial Information · 第 241 页
During the Track Record Period and up to the Latest Practicable Date, we have primarily funded our working capital requirements through equity financing and debt financing.
During the Track Record Period, we incurred negative cash flows from our operations and substantially all of our operating cash outflows resulted from our R&D and administrative activities.
Financial Information · 第 238 页
We expect to generate more cash flow from our operating activities through the launch and commercialization of our products, enhanced cost containment capacity and operating efficiency, as well as potentially from collaboration and/or licensing arrangements.
(iii) notwithstanding the operating losses and net cash operating outflows during the years ended December 31, 2023, 2024 and 2025, the expected commercialization and revenue growth prospects did not indicate impairment
Financial Information · 第 199 页
However, we expect our net operating cash flow to turn positive in 2026, primarily driven by the collection of a substantial portion of our outstanding trade receivables, resulting in an overall improvement in our cash flow position.
We recorded net cash used in operating activities of RMB136.1 million for the year ended December 31, 2025. For the year ended December 31, 2024, we generated net cash from operating activities of RMB2.7 million, which was primarily derived from our collaboration, option and license agreement with Astellas.
Financial Information · 第 254 页
During the Track Record Period, we funded our operation primarily through bank borrowings and proceeds from equity financing.
Financial Information · 第 254 页
We currently do not have unutilized banking facilities but may negotiate with financial institutions to secure additional credit lines or financing options based on our future operational needs.
We recorded net cash used in operating activities of RMB192.4 million, RMB239.2 million and RMB121.6 million in 2023, 2024 and 2025, respectively.
Business · 第 187 页
Our increased net cash used in operating activities during the Track Record Period was primarily due to our net loss position and the increased operating expenses, reflecting the continuous upgrade and innovation of our technological capabilities and our rapid business expansion.
In 2025, we had net cash used in operating activities of RMB136.5 million, which represents our loss before tax of RMB62.5 million, adjusted for certain non-cash and non-operating items, primarily including (i) share-based payment compensation of RMB22.8 million, (ii) depreciation of property, plant and equipment of RMB8.8 million, and (iii) depreciation of right-of-use assets of RMB7.5 million.
Summary · 第 11 页
In 2023, we had net cash used in operating activities of RMB49.1 million, which represents our loss before tax of RMB68.5 million, adjusted for certain non-cash and non-operating items, primarily including (i) share-based payment compensation of RMB12.7 million, (ii) investment income from certificate of deposits of RMB7.0 million, (iii) depreciation of right-of use assets of RMB5.6 million, and (iv) depreciation of property, plant and equipment of RMB5.1 million.
Summary · 第 12 页
Our net cash flow used in operating activities during the Track Record Period was primarily due to our loss before taxes and the continued increase in trade and bill receivables.
In 2023, we recorded cash used in operating activities of RMB238.8 million, primarily due to the increase in trade and bills receivables and our net loss.
We recorded adjusted net loss (non-IFRS measure) and net operating cash outflow during the Track Record Period, and we currently anticipate that these positions may persist until we achieve full-scale commercialization of both our optical interconnect business, and our optical computing business.
Business · 第 183 页
During the Track Record Period, we funded our cash requirements primarily through capital contributions from shareholders and financing activities, including issuances of convertible preferred shares, convertible bond and financial instruments issued to investors with preference rights.
During the Track Record Period, we recorded net cash used in operating activities of RMB471.8 million, RMB174.1 million and RMB203.5 million in 2023, 2024 and 2025, respectively.
Summary · 第 9 页
During the Track Record Period, we recorded net cash flows used in operating activities of RMB471.8 million, RMB174.1 million and RMB203.5 million in 2023, 2024 and 2025, respectively, primarily due to our net loss position and changes in working capital during the relevant periods.
Business · 第 151 页
We plan to improve our net operating cash flow position through the following: (i) driving revenue growth and improving profitability through implementation of the above business strategies, thereby narrowing operating losses; and (ii) strengthening working capital management, including improving collection efficiency, prudently managing inventory levels and allocating financial resources appropriately.
We recorded net operating cash outflows of RMB73.4 million in 2025 primarily due to (i) our decreased operating income, mainly attributable to (a) increased research and development expenses as we expanded our research and development workforce to support our research and development initiatives; and (b) the [REDACTED] expenses incurred in 2025; and (ii) the impact of working capital changes, mainly attributable to (a) decreased trade and bills payables as the impact of certain credit term extensions in 2024 gradually phased out and we discontinued the stockpiling strategy in 2025; and (b) increased restricted cash related to discounted bills payables.
Financial Information · 第 239 页
Taking into consideration the financial resources available to us, including our cash and cash equivalents on hand of RMB476.7 million and time deposits of RMB54.2 million as of December 31, 2025 as well as our unutilized banking facilities of RMB570.0 million as of the same date, our operating cash flows and the estimated [REDACTED] from the [REDACTED], in the absence of unforeseeable circumstances, the Directors confirm, and the Sole Sponsor concurs, that we have sufficient working capital to meet our present requirements and for at least the next 12 months from the date of this document.
During the Track Record Period, we incurred positive operating cashflow of RMB99.3 million in 2024, and negative operating cashflow of RMB185.6 million in 2025.
Financial Information · 第 259 页
As of December 31, 2025, we had RMB839.1 million of cash and cash equivalents.
In 2024 and 2025, we recorded net cash used in operating activities of RMB368.4 million and RMB119.0 million, respectively.
Financial Information · 第 257 页
We expect to generate more cash flow from our operating activities, through launching and commercializing our products, enhancing our cost containment capacity and operating efficiency, as well as potentially from collaboration and/or licensing arrangements.
We experienced negative operating cash flows during the Track Record Period.
Financial Information · 第 260 页
We have historically financed our operations primarily through cash generated from financing activities.
Financial Information · 第 260 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.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
往绩记录期间经营活动现金净流出
We recorded net losses and experienced net operating cash outflows during the Track Record Period, and we anticipate continuing this trend into 2026, primarily due to being in a growth phase with significant investments in research and development, market expansion, and new product development.
Summary · 第 16 页
Leveraging our strong market position in four-way MSR and VFR products, where we maintain significant market share and customer recognition, we have successfully negotiated improved payment structures.
We had net operating cash outflow of RMB447.4 million, RMB460.2 million, RMB597.5 million and RMB548.9 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · 第 303 页
We expect to improve our net current liabilities position and net operating cash outflow position primarily through (i) capturing the opportunities presented by the fast-growing markets; (ii) enriching our product portfolio and expanding our customer base; (iii) optimizing business mix to maintain and improve our gross margin profile; (iv) enhancing our operational efficiency and economies of scale; and (v) continuing stringent cash management practices.
Our cash burn increased throughout the Track Record Period primarily due to increases in net cash used in operating activities as we scale up R&D activities.
Financial Information · 第 447 页
Our accumulated losses, adjusted net losses (non-IFRS measure) and net operating cash outflows were primarily due to the significant amounts of research and development expenses incurred during the Track Record Period while our commercialization of model was at nascent stage.
Business · 第 310 页
During the Track Record Period, we funded our cash requirements primarily through capital contributions from shareholders and financing activities, including issuances of convertible redeemable preferred shares and convertible bonds.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
经营活动现金流出净额逐年扩大
We had net cash flows used in operating activities of RMB68.2 million, RMB648.0 million, RMB2,244.9 million, RMB994.7 million and RMB1,327.2 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Business · 第 202 页
Our operating cash flows were primarily due to (i) our net losses and (ii) our significant investments in our research and development efforts to enhance our services during the Track Record Period.
Business · 第 202 页
We expect to improve our net operating cash outflows position by taking advantage of (i) our continuous revenue growth; (ii) our improved operating leverage; and (iii) our improved working capital.