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.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
往绩期经营活动现金净流出
We had a net operating cash outflow throughout the Track Record Period primarily due to our proactive approach to improving technological strengths, fulfilment capacity and customer acquisition, which resulted in large amounts of project fulfillment costs, cloud service fees and employee benefit expenses.
Business · 第 178 页
Consequently, along with notable revenue growth, our net operating cash outflow position is expected to be improved in the long term.
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.
Furthermore, we had net cash outflow from operating activities of RMB130.1 million in 2024. We believe that such short-term net operating cash outflow shall not have continuous material impact on our working capital in the long run.
Financial Information · 第 230 页
In 2025, we have tightened our credit policy for customers to improve our cash flow, such as shortening our credit term granted to certain customers, and bringing forward the settlement date.
We had relatively high cash burn rate in 2025, attributable to net cash used in operating activities of RMB182.5 million, which resulted from our (i) strategic focus on expanding the sales of robot bodies and the associated increase in inventory levels, and (ii) an increase in our contract fulfillment costs due to the increase in solutions scheduled for delivery subsequent to the Track Record Period.
Financial Information · 第 247 页
Additionally, a significant portion of our business is centered on robotics solutions, which have a long operating cycle and require relatively high upfront working capital investment. This resulted in net cash outflows from operating activities.
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.
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.
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.
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.
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.
We recorded net cash inflows from operating activities of RMB14.6 million in 2024, and net cash outflows from operating activities of RMB26.1 million in 2023.
Summary · 第 6 页
We recorded net cash outflows from operating activities of RMB86.4 million in 2025, mainly due to an increase in trade receivables.
Summary · 第 6 页
To improve our net operating cash flow position, we plan to engage customers with credible payment histories and intensify our collection efforts on outstanding trade receivables, thereby reducing such balances and accelerating cash inflows, while concurrently negotiating with suppliers to extend payment terms on our procurements to better manage cash outflows.
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.
While we have recorded net operating cash outflows during the Track Record Period, we believe we have sufficient liquidity to ensure continuous operations, as the net operating cash outflow has been primarily used in working capital purposes as a consequence of rapidly expanding business operations and the rapid increase in sales volume rather than concerns about liquidity or recoverability, while we have recorded a corresponding significant increase in net profit in line with our rapid business growth.
Financial Information · 第 244 页
We have adopted various liquidity and capital management policies to ensure sufficient liquidity for our operations.
Net cash used in operating activities | (542,307) | (466,367) | (529,866)
Financial Information · 第 233 页
During the Track Record Period and as of the Latest Practicable Date, our principal sources of liquidity have been cash generated from Pre-[REDACTED] investments, and borrowings from banks.
Financial Information · 第 233 页
Taking into account the financial resources available to us, including anticipated cash flow from our operating activities, existing cash and cash equivalents, available bank facilities and the estimated net [REDACTED] from the [REDACTED], our Directors believe that we have sufficient working capital for our present requirements and for the next 12 months from the date of this Document.
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.