In addition, as a result of the increases in our trade and bills receivables and inventories driven by our business expansion, as well as our net loss positions in 2023 and 2024, we recorded net cash used in operating activities in the amount of RMB34.8 million, and RMB40.0 million, respectively.
Summary · 第 16 页
As our net loss position continue to improve, we also expect our operating cash outflow position to improve.
The gradual decline in cash burn rate from 2023 to 2025 was mainly driven by a reduction in our net cash used in operating activities from RMB274.1 million in 2023 to RMB205.8 million in 2024 and further to RMB107.4 million in 2025, which constituted the largest component of our total cash burn.
Financial Information · 第 273 页
Such reduction primarily reflected (i) the increase in our revenue from RMB180.8 million in 2023 to RMB388.8 million in 2025; (ii) the increase in our gross profit from RMB70.6 million to RMB251.1 million and the improvement in our gross profit margin from 39.1% to 64.6% during the same period; and (iii) improved operating leverage, as our research and development and selling expenses remained broadly stable in absolute terms while decreasing significantly as percentages of revenue.
Our net cash used in operating activities was RMB39.4 million in 2023, which turned to net cash generated from operating activities of RMB23.4 million in 2024 and RMB47.6 million in 2025.
Financial Information · 第 202 页
This illustrates that, even where industry demand is improving and revenue is growing, the timing of collections, inventory build-up and customer acceptance can materially affect our operating cash flow.
We recorded a net operating cash inflow of RMB164.2 million and RMB292.4 million in 2023 and 2024, respectively, and a net operating cash outflow of RMB60.3 million in 2025.
Business · 第 142 页
The operating cash outflow in 2025 was primarily attributable to working capital movements, in particular a decrease of RMB125.8 million in trade and other payables as we settled operating liabilities, and an increase of RMB44.8 million in restricted bank deposits, which reduced the cash available for general operating purposes.
Business · 第 142 页
We achieved a turnaround from operating cash outflow of RMB55.2 million for the four months ended April 30, 2025 to operating cash inflow of RMB10.9 million for the corresponding period in 2026, principally reflecting improved operating performance and more favorable working capital movements.
We plan to improve our net operating cash outflows position primarily by: (1) reducing our loss before taxation and enhancing our profitability as discussed above; and (2) improving our ability on cash management through various measures, including:
Business · 第 176 页
in 2024, we revised our contract terms to require that the initial payment made by customers upon contract signing shall not be less than 20% to 30% of the total contract amount upon reviewing the creditability of customers; and
Business · 第 176 页
We have implemented a series of measures to control cash outflows, mainly through the following measures: (i) we strictly manage the payment schedule to our suppliers, aiming to secure longer payment terms, and under certain circumstances, we may adjust our payment to suppliers based on the collection of receivables under the sales contracts; and (ii) by leveraging our available credit facilities and utilizing diversified financial instruments, such as bank acceptance bills, we make payments to suppliers while reasonably managing the payment schedule to manage cash outflows.
Our operating cash flow improved from net operating cash outflow position in 2023, to a net operating cash inflow position of RMB1,755.1 million and RMB2,315.5 million in 2024 and 2025.
Financial Information · 第 252 页
We maintain a structured liquidity risk framework that includes: (i) rolling 12-month cash flow forecasts that are updated to reflect our delivery schedules and sales data; (ii) minimum on-hand cash buffers calibrated to our average monthly operating cash outflows and our expected near-term cash needs, including supplier settlements and planned launch expenditures; (iii) an early-warning budgeting policy under which management must escalate and implement measures, such as tightening working capital, deferring non-critical spending, or drawing on committed facilities, if projected cash approaches the buffer or forecast headroom narrows below pre-set thresholds; (iv) counterparty-concentration monitoring for distributors and key suppliers with adjustments to credit and settlement terms where appropriate; and (v) funding diversification, including the use of committed banking facilities, capital-market access and the allocation of expected [REDACTED].
Net cash used in operating activities | (1,068,557) | (835,881) | (281,382)
Financial Information · 第 275 页
Historically, we have funded our operations mainly through private rounds of equity financing.
Financial Information · 第 275 页
We believe our substantial cash reserves are instrumental in enabling us to sustain operations and pursue growth opportunities, even during periods when we might not be generating profits.
During the Track Record Period, we recorded net cash used in operating activities of RMB45.0 million in 2024 and RMB22.7 million in 2025.
Financial Information · 第 237 页
To fund our operations, we have relied primarily on equity financing from investors.
Financial Information · 第 237 页
In 2024, we completed Series C financing rounds, receiving RMB77.0 million in capital contributions by investors, which significantly strengthened our cash position.
We have historically financed our operations primarily through a consolidation of cash flow generated from our operations, proceeds from Pre-[REDACTED] Investments, and interest-bearing borrowings.
Financial Information · 第 225 页
Net cash flows (used in)/generated from operating activities | (76,329) | (25,340) | 1,024
While we recorded net cash outflows from operating activities in 2023 and 2024, our operating cash flow turned positive in 2025, generating net cash inflow of RMB37.9 million. This improvement was primarily driven by rapid revenue growth, enhanced working capital management and improved collection efficiency.
Our net cash outflow from operating activities decreased from RMB313.5 million in 2023 to RMB212.5 million in 2024, and then shifted to a net cash inflow from operating activities of RMB8.2 million in 2025, while experiencing business growth with our revenue increasing by RMB46.0 million, or 9.1%, from RMB507.5 million in 2023 to RMB553.5 million in 2024 and further to RMB702.7 million in 2025.
Business · 第 176 页
(iv) taking into consideration the collections of receivables in assessing the performance of sales personnel and the management team to encourage them to actively follow up with customers regarding receivables collection; (v) senior management’s regular review of overdue payments to ensure that timely measures are taken to resolve issues; and (vi) the use of legal measures, such as demand letters and litigation, to expedite collections.
We recorded net operating cash outflow of RMB190.1 million and RMB184.8 million for the years ended December 31, 2023 and 2024, respectively, then recorded an operating cash inflow for the year ended December 31, 2025 of RMB270.2 million.
Business · 第 157 页
During the Track Record Period, we have implemented stringent cash management measures to regularly review our cash position and optimize allocation to support our operations.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
2023年经营活动现金净流出及其后改善
As (i) our net loss showing an overall declining trend, with net losses increasing from RMB719.0 million in 2023 to RMB1,094.1 million in 2024, and then significantly decreasing to RMB400.9 million in 2025, (ii) our continued reduction in cooperation with slower-paying customers, particularly certain wholesale business customers, and strengthened accounts receivable management capabilities, with accounts receivable turnover days declining continuously during the Track Record Period, (iii) our digital capabilities continued to improve, and we continuously strengthened inventory management capabilities, with inventory turnover days declining continuously during the Track Record Period, and (iv) as business scale expanded and service capabilities improved, we enhanced bargaining power with suppliers, effectively increasing accounts payable turnover days through extending payment cycles and utilizing bank acceptance bills, our operating cash flow improved continuously, turning from a net operating cash outflow of RMB347.0 million in 2023 to a net inflow of RMB42.7 million in 2024, and further increasing to RMB138.2 million in 2025.
Business · 第 129 页
Our net cash used in operating activities was RMB347.0 million in 2023, our net cash generated from operating activities was RMB42.7 million and RMB138.2 million in 2024 and 2025, respectively. Our Directors confirm that we had no material defaults in payment of trade and non-trade payables during the Track Record Period.
In 2023 and 2024, our net cash used in operating activities amounted to RMB183.1 million and RMB23.9 million, respectively; in 2025, our net cash generated from operating activities amounted to RMB306.4 million.
Financial Information · 第 189 页
Some of our customers from the public sector typically have a relatively long payment cycle.
Financial Information · 第 189 页
We have strengthened cash flow management through a number of measures, such as optimizing accounts receivable management, enhancing inventory turnover control, and improving capital utilization efficiency.
In view of our net operating cash outflows in the nine months ended September 30, 2025, we plan to improve such position by (i) continuously increasing the market share of our commercialized product; (ii) continuously advancing our pipeline products towards commercialization to generate revenue from product sales; (iii) adopting comprehensive measures to effectively control our costs and operating expenses and enhancing working capital management efficiency; and (iv) successfully launching the [REDACTED] to obtain net [REDACTED].
We recorded net cash used in operating activities of RMB80.6 million and RMB99.9 million in 2022 and 2023, respectively, as well as net cash flows from operating activities of RMB40.2 million in 2024 and RMB84.4 million for the six months ended June 30, 2025.
Financial Information · 第 438 页
Our Directors are of the view that, taking into account the financial resources available to our Group, such as available bank loans and the estimated net proceeds of the Global Offering, our current cash and bank balances and our anticipated cash flows from operations, we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this prospectus.
We generated net cash outflows from operating activities amounting to RMB561.1 million, RMB117.4 million and RMB27.9 million for the years ended December 31, 2022, 2023 and 2024, respectively.
Financial Information · 第 422 页
Our net operating cash outflow decreased from RMB561.1 million in 2022 to RMB117.4 million in 2023, and further to RMB27.9 million in 2024.
Summary · 第 27 页
During the Track Record Period and up to the Latest Practicable Date, we funded our cash requirements principally from proceeds from business operations, bank borrowings, and preferred shares, warrants and convertible notes.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
往绩期间经营现金流出，2025年转正
However, CPaaS services also led to a large amount of prepayments, which resulted in net cash outflow from operating activities in 2022, 2023, and 2024.
Financial Information · 第 319 页
In the fourth quarter of 2024, we implemented several measures simultaneously to improve net operating cash flow and enhance the recoverability of trade receivables.
Financial Information · 第 339 页
According to the unaudited management accounts as of April 30, 2025, we recorded a net operating cash inflow, with net cash from operating activities reaching RMB40.9 million as of April 30, 2025, a significant turnaround from the net cash outflow of RMB59.2 million in the corresponding period of the previous year.
We had relatively limited quick assets but significant inventory balances, long inventory turnover days and net operating cash outflows throughout the Track Record Period.
Financial Information · 第 433 页
In 2022, 2023 and 2024, the net cash used in operating activities was RMB649.2 million, RMB477.4 million and RMB108.1 million, respectively.
Financial Information · 第 433 页
We are also optimizing operations to improve cash flow by streamlining production processes and reducing costs, further strengthening our liquidity position.