For the three months ended March 31, 2026, our net cash used in operating activities was RMB450.6 million, which was primarily attributable to profit before taxation of RMB558.7 million, partially offset by tax paid of RMB141.2 million, adjusted for certain non-cash and non-operating items, including (i) increase in inventories from RMB4,997.1 million as of December 31, 2025 to RMB5,568.9 million as of March 31, 2026 and (ii) a decrease in contract liabilities from RMB552.5 million as of December 31, 2025 to RMB335.4 million as of March 31, 2026.
We recorded net cash used in operating activities of RMB35.2 million, RMB33.7 million and RMB63.4 million in 2023, 2024 and 2025, respectively.
Business · 第 166 页
Against the background of long cash conversion cycle and the mismatch of the cash receipts from trade receivables and payments for trade payables during the Track Record Period, we recorded net operating cash outflows throughout the Track Record Period.
Financial Information · 第 236 页
Going forward, we will continue to implement inventory management measures to enhance inventory turnover and working capital status.
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.
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.
As the MGR Group is currently in its development phase, it has negative operating and investing cash flows, while financing cash flows are positive.
Financial Information · 第 257 页
This is due to the limited revenue generated by the MGR Group from mining equipment rentals and the high capital expenditure required to complete the construction of mining infrastructure and processing facilities.
Financial Information · 第 257 页
Net cash flows used in operating activities | (16,489) | (6,281) | (21,714)
Our net cash used in operating activities in the years ended December 31, 2023, 2024 and 2025 was primarily attributable to our continued investment in building up our NHPs for breeding and the impact of market conditions on our nonclinical study service business.
Summary · 第 10 页
Excluding cash payments for NHPs for breeding, we recorded net cash generated from operating activities in each period.
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 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
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.
We had negative operating cash flow of RMB697.0 million, RMB1,011.1 million and RMB872.2 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 259 页
Taking into account the financial resources available to us, including our cash and cash equivalents on hand, unutilized bank facilities, internally generated funds and the estimated [REDACTED] from the [REDACTED], our Directors are of the view that we have sufficient working capital to meet our present needs and for the next 12 months from the date of this document.
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.
In 2023, 2024 and 2025, we recorded net cash used in operating activities of RMB164.8 million, RMB338.2 million and RMB297.1 million, respectively.
Business · 第 162 页
Together with our loss-making operations, these factors contributed to our net cash used in operating activities during the Track Record Period.
Business · 第 158 页
Going forward, we plan to strengthen customer credit assessment, payment tracking and collection procedures, improve inventory planning based on production schedules and sales forecasts and manage procurement, prepayments and deposits based on actual production and project needs.
(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.