港股IPO招股书披露先例 · 164 家公司，164 项
经营活动现金流为负，指公司在往绩期间经营活动所用现金净额为负数。招股书一般在概要、风险因素、业务及财务资料章节披露各期净流出金额及成因，如收入增长带动营运资金增加、研发投入或回款滞后，并说明股东出资、股权或债务融资等来源，提出预期转正及加强应收款项管理、成本控制等改善措施，部分亦声明营运资金足以应付未来十二个月需求。
In 2024 and 2025, we incurred negative cash flows from our operations.
Financial Information · 第 234 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We rely on equity financing as the major source of liquidity.
Financial Information · 第 234 页
We recorded net operating cash outflows of RMB73.4 million in 2025 primarily due to (i) our decreased operating income, mainly attributable to (a) increased research and development expenses as we expanded our research and development workforce to support our research and development initiatives; and (b) the [REDACTED] expenses incurred in 2025; and (ii) the impact of working capital changes, mainly attributable to (a) decreased trade and bills payables as the impact of certain credit term extensions in 2024 gradually phased out and we discontinued the stockpiling strategy in 2025; and (b) increased restricted cash related to discounted bills payables.
Financial Information · 第 239 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Taking into consideration the financial resources available to us, including our cash and cash equivalents on hand of RMB476.7 million and time deposits of RMB54.2 million as of December 31, 2025 as well as our unutilized banking facilities of RMB570.0 million as of the same date, our operating cash flows and the estimated [REDACTED] from the [REDACTED], in the absence of unforeseeable circumstances, the Directors confirm, and the Sole Sponsor concurs, that we have sufficient working capital to meet our present requirements and for at least the next 12 months from the date of this document.
Financial Information · 第 239 页
We had negative operating cash flows during the Track Record Period.
Financial Information · 第 245 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We may continue to record negative cash flows from operating activities in the future, in which case our working capital may be limited and our business, financial condition, results of operations and prospects may be materially and adversely affected.
Financial Information · 第 245 页
During the Track Record Period, we incurred positive operating cashflow of RMB99.3 million in 2024, and negative operating cashflow of RMB185.6 million in 2025.
Financial Information · 第 259 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As of December 31, 2025, we had RMB839.1 million of cash and cash equivalents.
Financial Information · 第 259 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our net operating cash outflows as of December 31, 2025 were partly attributable to (i) bulk purchases of ICs for our new products' inventory, and (ii) more investment in procurement and inventory management as our business scale expanded.
Financial Information · 第 238 页
In 2024 and 2025, we recorded net cash used in operating activities of RMB368.4 million and RMB119.0 million, respectively.
Financial Information · 第 257 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We expect to generate more cash flow from our operating activities, through launching and commercializing our products, enhancing our cost containment capacity and operating efficiency, as well as potentially from collaboration and/or licensing arrangements.
Financial Information · 第 257 页
We experienced negative operating cash flows during the Track Record Period.
Financial Information · 第 260 页
We have historically financed our operations primarily through cash generated from financing activities.
Financial Information · 第 260 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看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 260 页
We recorded net losses and experienced net operating cash outflows during the Track Record Period, and we anticipate continuing this trend into 2026, primarily due to being in a growth phase with significant investments in research and development, market expansion, and new product development.
Summary · 第 16 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Leveraging our strong market position in four-way MSR and VFR products, where we maintain significant market share and customer recognition, we have successfully negotiated improved payment structures.
Financial Information · 第 237 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看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].
Financial Information · 第 240 页
During the Track Record Period, we have funded our operations primarily through capital injection from shareholders and cash generated from financing activities.
Financial Information · 第 226 页
Net cash generated from/(used in) operating activities | 8,016 | (55,255) | (96,717) | (164,361)
Financial Information · 第 226 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our total cash balance is sufficient to cover our net cash flows used in operating activities and provide adequate liquidity for our expansion of business operations.
Business · 第 173 页
Meanwhile, the cash conversion cycle, which reflects how efficiently a company turns inventory into sales and then into cash relative to how long it defers payment to suppliers, increased to 161 days in 2024 from 124 days in 2023, further contributing to operating cash outflows.
Business · 第 257 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded net cash generated from operating activities of RMB300.1 million for the first nine months of 2025, as compared to net cash used in operating activities of RMB531.1 million in the same period of 2024, attributable to our net profit of RMB29.7 million for the nine months ended September 30, 2025 and our improved cash conversion cycle.
Business · 第 257 页
We had net operating cash outflow of RMB447.4 million, RMB460.2 million, RMB597.5 million and RMB548.9 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · 第 303 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We expect to improve our net current liabilities position and net operating cash outflow position primarily through (i) capturing the opportunities presented by the fast-growing markets; (ii) enriching our product portfolio and expanding our customer base; (iii) optimizing business mix to maintain and improve our gross margin profile; (iv) enhancing our operational efficiency and economies of scale; and (v) continuing stringent cash management practices.
Financial Information · 第 303 页
Our cash burn increased throughout the Track Record Period primarily due to increases in net cash used in operating activities as we scale up R&D activities.
Financial Information · 第 447 页
Our accumulated losses, adjusted net losses (non-IFRS measure) and net operating cash outflows were primarily due to the significant amounts of research and development expenses incurred during the Track Record Period while our commercialization of model was at nascent stage.
Business · 第 310 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看During the Track Record Period, we funded our cash requirements primarily through capital contributions from shareholders and financing activities, including issuances of convertible redeemable preferred shares and convertible bonds.
Business · 第 310 页
We had net cash flows used in operating activities of RMB68.2 million, RMB648.0 million, RMB2,244.9 million, RMB994.7 million and RMB1,327.2 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Business · 第 202 页
Our operating cash flows were primarily due to (i) our net losses and (ii) our significant investments in our research and development efforts to enhance our services during the Track Record Period.
Business · 第 202 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We expect to improve our net operating cash outflows position by taking advantage of (i) our continuous revenue growth; (ii) our improved operating leverage; and (iii) our improved working capital.
Business · 第 202 页
We had cash outflows from our operating activities during the Track Record Period.
Financial Information · 第 325 页
Specifically, our trade and bills receivables turnover days and inventory turnover days were substantially longer than our trade payable turnover days, which contributed to our net operating cash outflows during the Track Record Period.
Financial Information · 第 325 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Considering our internal resources, our cash flow from operations and the estimated net proceeds from the Global Offering, our Directors confirm that the working capital available to us is sufficient at present and for at least the next 12 months from the date of this prospectus.
Financial Information · 第 325 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Business · 第 241 页
We recorded net cash flows used in operating activities of RMB107.0 million and RMB31.3 million for the years ended December 31, 2022 and 2024, respectively, and recorded net cash flows generated from operating activities of RMB24.6 million for the year ended December 31, 2023.
Business · 第 302 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In 2024, we recorded net cash used in operating activities of RMB31.3 million, mainly due to increased working capital requirements to support our business expansion, such as the increase in our inventories to support our expanding sales activities.
Business · 第 302 页
Net cash flows used in operating activities | (184,965) | (193,980) | (170,223) | (107,316) | (128,114)
Financial Information · 第 322 页
To continue to improve our cash position, we plan to implement the following strategies:
Financial Information · 第 322 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看and (ii) improving our operational efficiency and achieving greater economies of scale.
Financial Information · 第 323 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看We will continue to monitor our cash flows from operations closely.
Financial Information · 第 336 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Financial Information · 第 487 页