The net cash used in our operating activities in 2023 and 2025 reflected an increase in working capital driven by the increase in revenue during those years, rather than any structural deterioration in our cash generation capacity.
Financial Information · 第 254 页
We intend to continue improving our operating cash flow position through sustained revenue growth, the continued ramp-up of NBC solutions, ongoing receivables management enhancements and disciplined cost control.
In 2023, 2024 and 2025 and for the four months ended April 30, 2025 and 2026, we recorded net cash used in operating activities of RMB55.6 million, RMB343.4 million, RMB93.3 million, RMB67.7 million and RMB314.7 million, respectively, primarily due to the working capital requirements of our sale of cold chain agricultural products business model, under which payments to suppliers are generally made prior to receipts from customers.
Summary · 第 10 页
These operating cash outflows were primarily driven by increases in inventory levels, prepayments and operating expenses incurred to support business expansion.
Our net cash used in operating activities in 2023, 2024, 2025 and the four months ended April 30, 2026 was RMB120.1 million, RMB27.2 million, RMB86.7 million and RMB64.5 million, respectively.
Business · 第 175 页
We believe this phase is transitional until we achieve greater scale, operational efficiency and market penetration.
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 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 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 consider that the net cash flows used in operating activities over the Track Record Period, and the discounting of bills receivables to support our operations, have not imposed any material risk on and have not materially and adversely affected our business operations, as the cash received from the discounting of bills receivables is immediately available for use in our normal business operations and expansion.
Financial Information · 第 232 页
As there remained a risk of recourse by the billholders, the relevant bills had not met the conditions for derecognition, and therefore we continued to recognise the full carrying amount of the relevant bills and the associated other borrowings associated with the cash received or the associated trade payables settled
Financial Information · 第 223 页
We have further implemented a policy of only accepting bank acceptance bills issued by Banks with Good Credit Standing since January 2025 (see ''— Liquidity Management'').
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.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
2025年经营活动现金流出约960万元
In addition to our net current liabilities position, we recorded negative cash flows from operating activities of approximately RMB9.6 million for the year ended 31 December 2025.
Financial Information · 第 234 页
This was primarily due to a temporary timing mismatch between our cash outflows for upfront project expenditures and the subsequent billing and receipt of payments from our customers.
Financial Information · 第 234 页
As at 30 April 2026, being the latest practicable date for the purpose of indebtedness statement, we had unutilised banking facilities of approximately RMB20.0 million available to fund our daily operations.
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.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
2023及2024年经营现金净流出
We recorded net cash used in operating activities of RMB2.6 million and RMB190.0 million for the years ended December 31, 2023 and 2024, respectively, and net cash flows generated from operating activities of RMB126.1 million in 2025.
Financial Information · 第 223 页
Partially due to the net cash outflow from operating activities in 2024, our cash and cash equivalents decreased significantly from RMB229.1 million as of December 31, 2023 to RMB56.6 million as of December 31, 2024.
Financial Information · 第 223 页
Taking into account the financial resources available to our Group, including the cash flow from operating activities, existing borrowings and the estimated net [REDACTED] from the [REDACTED], our Directors are of the view that, after due and careful inquiry, we have sufficient available working capital for our present requirements for at least the next 12 months from the date of this document.
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.
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.
In addition, our net cash outflow from operating activities amounted to RMB6.0 million, RMB112.3 million and RMB142.6 million, respectively, in 2023, 2024 and 2025.
Business · 第 194 页
We focus on the sustainable and long-term growth of our business instead of short-term financial returns or non-persistent net operating cash inflow.
Business · 第 193 页
Historically, we financed our capital expenditure and working capital requirements mainly through cash flow from operations, bank loans and capital injection from shareholders and [REDACTED] investments.
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.
Our net operating cash outflow expanded from 2023 to 2024, mainly due to higher loss before tax and increased receivables, prepayments and deposits as our business scale grew.
Summary · 第 9 页
Net cash used in operating activities decreased to RMB394.4 million in 2025, primarily due to lower working capital consumption, with increases in trade and other payables partially offsetting funding needs.
Summary · 第 9 页
Our principal sources of liquidity have been cash generated from financing activities.
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.