Moreover, we incurred operating cash outflows during the Track Record Period primarily due to (i) our net loss position during the Track Record Period, and (ii) the increase in our trade, other receivables and prepayments from 2023 to 2024 primarily driven by our business growth.
Business · 第 241 页
Specifically, to expedite the collection of trade receivables, we have increased product competitiveness through product iterations and have gradually increased the proportion of advance payments. Further, we have established a dedicated collection team to implement a weekly follow-up mechanism to further optimize the collection process.
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
往绩期间经营活动现金流出
We also experienced net operating cash outflows amounting to RMB104.3 million, RMB132.9 million, RMB114.3 million, RMB50.0 million and RMB41.7 million, respectively, in 2022, 2023 and 2024 and for the six months ended June 30, 2024 and 2025, primarily due to the net losses incurred.
Business · 第 256 页
We will continue to monitor our cash flows from operations closely.
Our net cash flows used in operating activities was RMB52.0 million, RMB104.9 million, RMB67.9 million and RMB59.4 million for the years ended December 31, 2023 and 2024 and the eight months ended August 31, 2024 and 2025, respectively, primarily due to the significant research and development costs and administrative expenses we incurred during the Track Record Period.
Financial Information · 第 487 页
As of the Latest Practicable Date, we have obtained additional committed banking facilities with a total amount of RMB170.0 million, out of which RMB120.0 million were unutilized.
During the Track Record Period, we primarily funded our working capital requirements through capital contributions from our Shareholders and private equity financing.
Financial Information · 第 467 页
While we had net operating cash outflows and net losses 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 proceeds from the Global Offering and other funds raised from the capital markets from time to time.
Net cash used in operating activities amounted to HK$143.5 million, HK$273.7 million, HK$183.3 million, HK$124.4 million and HK$266.3 million during the corresponding periods, respectively.
Summary · 第 9 页
Our operating cash outflows during the Track Record Period primarily reflect the nature of our business development cycle and the substantial upfront investments required to establish a licensed, compliant and scalable digital asset platform.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
经营活动现金持续净流出
We recorded net cash used in operating activities of RMB140.2 million, RMB219.8 million and RMB105.2 million in 2023, 2024 and the six months ended June 30, 2025, respectively.
Financial Information · 第 444 页
During the Track Record Period, we primarily funded our working capital requirements through equity and debt financings.
In addition, we experienced net operating cash outflow of RMB256.6 million, RMB618.0 million and RMB1,227.8 million in 2022, 2023 and the six months ended June 30, 2025, respectively, which was primarily due to our losses before tax, while we generated net operating cash inflow of RMB3,841.8 million in 2024, primarily due to our profit before tax.
We continue to experience net operating cash outflow and require capital expenditure to support our growth.
Summary · 第 39 页
As a technology-driven company that remains in the early commercialization stage, we have incurred net losses and sustained negative operating cash flows throughout the Track Record Period and is expected to continue to do so in the near to medium term.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
各期经营活动现金流量均为净流出
We used RMB133.2 million, RMB27.1 million, RMB115.6 million and RMB67.9 million in cash in 2022, 2023, 2024, and the three months ended March 31, 2025 for operating activities, respectively.
Business · 第 252 页
The increase in the cash used for operating activities from 2023 to 2024 was primarily because of an increase in inventories and prepayments and in prepayments, other receivables, and other assets as a result of our business growth.
Our operating activities used RMB202.1 million and RMB206.4 million in 2023 and 2024 and RMB136.9 million and RMB34.0 million for the four months ended April 30, 2024 and 2025, respectively.
Summary · 第 26 页
We expect to generate more cash flow from our operating activities, through income from launching and commercializing GFH925, forging productive collaboration agreements with third parties, advancing the development and eventually commercializing GFH925 overseas and other pipeline products, and enhancing our cost containment capacity and operating efficiency.
广州银诺医药集团股份有限公司Guangzhou Innogen Pharmaceutical Group Co., Ltd.02591.HK
经营现金流于往绩期间持续为负
Our net cash used in operating activities was RMB164.6 million, RMB162.6 million, and RMB64.8 million in 2023, 2024 and the five months ended May 31, 2025, respectively, which was mainly attributable to cash used in paying research and development expenses and administrative expenses we incurred during the Track Record Period.
Financial Information · 第 413 页
During the Track Record Period, we had financed our operations primarily through capital contributions from our shareholders and private equity financing.
We recorded net cash used in operating activities of RMB192.7 million, RMB118.8 million, RMB36.9 million and RMB26.4 million in 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively.
Financial Information · 第 478 页
During the Track Record Period and up to the Latest Practicable Date, we primarily funded our working capital requirements through equity financing, payments received under our collaboration and licensing arrangements and debt financing.
云知声智能科技股份有限公司UNISOUND AI TECHNOLOGY CO., LTD.09678.HK
经营活动现金净流出及2025年预期持续
We recorded net losses and net operating cash outflow during the Track Record Period, and we currently expect such positions may continue until we achieve a greater scale.
Business · 第 245 页
We also expect to have net operating cash outflows in 2025, primarily due to the expected loss before tax position.
Summary · 第 14 页
We have strengthened our trade receivable management by assigning dedicated personnel to follow up on collections, negotiate repayment plans with customers and take legal action when necessary.
As a development-stage biopharmaceutical company, we incurred negative cash flows from our operations during the Track Record Period.
Financial Information · 第 481 页
During the Track Record Period, our primary uses of cash were to fund the development of our drug pipeline, clinical trials, procurement of services, payment for the purchase of plant and equipment, administrative expenses and other recurring expenses.
Financial Information · 第 481 页
we will have sufficient working capital to cover at least 125% of our costs, including research and development costs and administrative expenses, for at least the next twelve months from the date of this prospectus
We recorded net cash used in operating activities of RMB52.7 million, RMB113.9 million, RMB314.3 million, RMB126.2 million and RMB134.1 million in 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, respectively.
Summary · 第 18 页
Our operating cash outflow is mainly due to increases in our trade and other receivables during the same periods as a result of increases in the sales of our products and services and the longer payment cycles of certain regional healthcare administrator customers.
Business · 第 237 页
Our Directors are of the view, and the Joint Sponsors concur, that we have sufficient working capital required for our operations at present and for at least the next 12 months from the date of this prospectus based on our cash flow projections and taking into account our business operations as well as the financial resources available to us, including our cash and cash equivalents, unutilized banking facilities and estimated net proceeds from the Global Offering.
We recorded net operating cash outflows in 2021, 2022, 2023 and the five months ended May 31, 2024, primarily due to (i) the significant operating expenses incurred to support our business development. These expenses encompassed various aspects, including the purchase of raw materials for our productions, research and development expenditures to enhance our R&D capabilities, selling and marketing expenses, and administrative expenses to support the development and promotion of our products; and (ii) the prolonged settlement of trade receivables.
Summary · 第 22 页
As of September 30, 2024, we had unutilized banking facilities of RMB348.4 million, which were committed and unrestricted.
Business · 第 345 页
Our Directors are of the view that we have sufficient working capital to support our business operations up to 2026, even without the net proceeds from the Global Offering, after taking into account our existing cash and cash equivalents, unutilized banking facilities and our ability to obtain additional banking facilities, supply chain financing and/or other equity financing when necessary.
We recorded net cash used in operating activities of RMB79.4 million, RMB149.3 million, RMB69.1 million and RMB51.0 million for the years ended December 31, 2022 and 2023 and the five months ended May 31, 2023 and 2024, respectively.
Financial Information · 第 471 页
During the Track Record Period, we financed our operations primarily through equity financing.
Financial Information · 第 471 页
Our Directors are of the view that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including cost of sales, selling and distribution expenses, R&D expenses and administrative expenses for at least the next 12 months from the expected date of this prospectus.
We had net operating cash outflow of RMB1,111.0 million, RMB1,557.3 million, RMB1,744.5 million, RMB1,166.0 million and RMB726.0 million in 2021, 2022 and 2023, and for the six months ended June 30, 2023 and 2024, respectively
Summary · 第 27 页
Our total cash balance is sufficient to cover our cash needs for operating activities and provides adequate liquidity for our expansion and growth strategies.
浙江太美医疗科技股份有限公司Zhejiang Taimei Medical Technology Co., Ltd.02576.HK
往绩记录期间经营活动现金净流出
In addition, we experienced net cash flows used in our operating activities of RMB217.5 million, RMB329.2 million and RMB351.2 million and RMB112.6 million for 2021, 2022, 2023 and the three months ended March 31, 2024, respectively.
Summary · 第 10 页
The reasons of our cash flows used in our operating activities in 2023 and the three months ended March 31, 2024 primarily include our loss for the year/period, which is in turn primarily attributable to our cost of sales, administrative expenses, R&D expenses and selling expenses.