Although we recorded net current liabilities during the Track Record Period, such position was primarily attributable to the classification of Convertible Preference Shares as current liabilities.
Financial Information · 第 237 页
Considering that (i) the Convertible Preference Shares have been converted into ordinary shares and will no longer be recognized as current liabilities; and (ii) we recorded net current assets of US$65.0 million and US$75.1 million, respectively, as of June 30 and July 31, 2026, our Directors believe that our net current liabilities position in 2023, 2024 and 2025 does not adversely affect our liquidity or working capital sufficiency.
We had net current liabilities of RMB526.0 million as of December 31, 2025, consisting of total current assets of RMB471.2 million and total current liabilities of RMB997.1 million, as compared to our net current liabilities of RMB402.2 million as of December 31, 2024.
Financial Information · 第 238 页
We had net current liabilities of RMB139.9 million as of December 31, 2023, consisting of current assets of RMB226.2 million and current liabilities of RMB366.1 million.
Financial Information · 第 238 页
Our Directors are of the view that taking into account our available resources including cash and cash equivalents on hand, the operating cash flows, the available banking facilities and the net estimated [REDACTED] from the [REDACTED], we have sufficient working capital for our present requirements and for the next 12 months from the date of this document.
We had net current liabilities of RMB995.6 million and RMB590.7 million as of December 31, 2023 and 2024, respectively, and net current assets of RMB119.5 million and RMB1,146.6 million as of December 31, 2025 and June 30, 2026, respectively.
Financial Information · 第 205 页
We recorded net current liabilities of RMB995.6 million as of December 31, 2023 and net current liabilities of RMB590.7 million as of December 31, 2024, primarily attributable to a decrease in other payables and accruals from RMB565.0 million to RMB412.7 million, a decrease in interest-bearing bank and other borrowings from RMB294.5 million to RMB74.2 million, and an increase in inventories from RMB31.8 million to RMB55.7 million and an increase in cash and cash equivalents from RMB31.9 million to RMB44.7 million.
Financial Information · 第 205 页
Taking into account our Group's available financial resources, including (i) our cash and cash equivalents; (ii) our expected operating cash flows; and (iii) the estimated net [REDACTED] from the [REDACTED], our Directors are of the opinion, and the Sole Sponsor concurs, that our Group has sufficient working capital to satisfy at least 125% of our Group's costs and working capital requirements for at least the next 12 months from the date of this Document.
We also consistently recorded net liabilities position throughout the Track Record Period.
Business · 第 164 页
Upon the [REDACTED], such redemption liabilities are expected to be reclassified as equity and will no longer affect our results of operation, which is expected to significantly improve our net assets position and reported profitability.
Business · 第 168 页
Our Directors are of the view that, taking into account the financial resources available to our Group, including cash and cash equivalents, cash flows from operating and financing activities, and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital to meet our present requirements for at least the next 12 months from the date of this Document.
As at 31 March 2024, we had net current assets of approximately HK$36.5 million, and turned into net current liabilities of approximately HK$17.4 million and HK$45.1 million, respectively.
Financial Information · 第 165 页
Such net current liabilities were primarily attributable to significant contract liabilities arising from the sale of prepaid packages, while the corresponding cash received was deployed in the ordinary course of business.
Financial Information · 第 166 页
Our Directors consider that the net current liabilities position did not have any material adverse effect on our working capital position, as (i) the Group is able to generate operating profits and cash inflows to meet its financial obligation as they fall due; and (ii) the Group maintains sufficient bank balances and cash resources to fund its daily operations.
Although we recorded net current liabilities during the Track Record Period, we believe that our net current liabilities position is expected to improve through the following measures:
Financial Information · 第 247 页
A significant portion of our current liabilities during the Track Record Period was attributable to redemption liabilities on equity shares, which arose from instruments with special rights issued to Pre-[REDACTED] Investors in connection with our financing activities.
Financial Information · 第 247 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and bank balances and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development costs and administrative expenses, for at least the next 12 months from the expected date of this document.
Our net current liabilities decreased from EUR1,041.0 million as of December 31, 2025 to EUR673.9 million as of June 30, 2026, primarily due to (i) a decrease of EUR346.8 million in amounts due to related companies, mainly reflecting the capitalization of certain payables in connection with the Reorganization and the settlement of certain non-trade related-party balances, and (ii) a decrease of EUR81.7 million in accrued liabilities and other payables, mainly reflecting the timing of services delivered to our customers.
Financial Information · 第 164 页
Although we recorded net current liabilities during the Track Record Period, 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, taking into account the financial resources available to us, including our cash and cash equivalents on hand, internally generated funds and available bank facilities.
Financial Information · 第 165 页
We seek to improve our net current liabilities position by enhancing our operating cash flows through continued business expansion and sales growth, along with strengthened cost control and improved operational efficiency.
Although we had net current liabilities of RMB277.3 million, RMB623.6 million, RMB339.5 million and RMB313.7 million as of December 31, 2023, 2024 and 2025 and June 30, 2026, respectively, we consider that we have sufficient working capital for our operations.
Financial Information · 第 243 页
The net current liability position during the Track Record Period was primarily attributable to our increased capital expenditure relating to the construction of manufacturing and R&D facilities to support the development and commercialization of our drug and drug candidates.
Financial Information · 第 243 页
Our operations have consistently generated strong operating cash flows, amounting to RMB914.2 million, RMB911.2 million, RMB911.3 million and RMB412.3 million in 2023, 2024 and 2025 and the six months ended June 30, 2026, respectively, which provide a stable source of liquidity for meeting working capital needs and repaying borrowings.
Although we recorded net current liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses, for at least the next 12 months from the date of this document, primarily for the reasons set out below.
Summary · 第 15 页
As of June 30, 2026, we had (i) cash and cash equivalents of RMB165.9 million, and (ii) financial assets at FVTPL of RMB38.0 million (collectively, “Financial Resources”).
Financial Information · 第 255 页
In addition, we have unutilized banking facilities of RMB50.0 million.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
2025年末录得净流动负债
We recorded net current liabilities of RMB28.6 million as of December 31, 2025 primarily because, in the course of our continued expansion of production capacity and global manufacturing footprint, our current liabilities increased materially, in particular due to increases in trade and notes payables, current other payables and accruals, liabilities under supplier financing arrangements and short-term bank borrowings.
Financial Information · 第 262 页
Following the implementation of the above measures, we improved our working capital position and recorded net current assets of RMB1,049.8 million as of June 30, 2026.
Financial Information · 第 262 页
In addition, we have increased cash inflows by disposing of certain existing assets, including the disposal of the equity interest in our wholly-owned subsidiary in Foshan, which generated cash inflow of RMB232.0 million.
The majority of our net current liabilities consisted of non-interest-bearing operating liabilities, primarily comprising contract liabilities and accounts payable.
Financial Information · 第 252 页
Such operating liabilities have grown in line with the expansion of our business, which reflects our favorable bargaining position and supports the sustainable operation of our business.
Financial Information · 第 252 页
We had net current liabilities of RMB3,658.6 million as of June 30, 2026, which represented a decrease of RMB333.2 million from our net current liabilities of RMB3,991.8 million as of December 31, 2025.
Although we recorded net current liabilities and net liabilities during the Track Record Period
Financial Information · 第 262 页
we have sufficient working capital to cover at least 125% of our costs, including administrative and operating costs as well as R&D costs, for at least 12 months from the date of publication of this document.
Financial Information · 第 263 页
As of 31 May 2026, we had unutilised bank facilities of RMB45.0 million, none of which were restricted.
Our net current liabilities increased from RMB870.8 million as of December 31, 2023 to RMB1,061.1 million as of December 31, 2024, and further to RMB1,282.9 million as of December 31, 2025.
Summary · 第 12 页
Our reported net current liabilities of RMB1,282.9 million as of December 31, 2025 were substantially attributable to redemption liabilities of RMB1,901.6 million, which are accounting in nature and do not involve any cash outflow prior to the Global Offering.
Financial Information · 第 254 页
Upon Listing, the redemption liabilities will be reclassified from liabilities to equity following the termination of the Company's redemption obligation, and as a result, our net liabilities position will turn into a net assets position.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
三个资产负债表日录得净流动负债
We recorded net current liabilities of RMB12.2 million as of December 31, 2023, RMB22.0 million as of December 31, 2024 and RMB15.1 million as of May 31, 2026, primarily due to: (i) our purchases of property, plant and equipment with cash on hands; (ii) our entering into new lease agreements for our new licensed medical institutions resulting in increased current lease liabilities, reflecting our continuous efforts in business expansion; or (iii) dividend payments.
Financial Information · 第 228 页
We had net current liabilities of RMB15.1 million as of May 31, 2026, consisting of total current assets of RMB111.8 million and total current liabilities of RMB126.9 million, as compared to our net current assets of RMB14.6 million as of December 31, 2025.
Financial Information · 第 228 页
During the Track Record Period, we met our working capital requirements mainly from cash generated from operations, bank borrowings, and capital injection from shareholders.
We also recorded net current liabilities of RMB37.5 million and RMB322.4 million as of December 31, 2023 and 2024, respectively, and net liabilities of RMB42.6 million and RMB274.0 million as of the same dates.
Business · 第 182 页
Taking into account our stable operations, continued access to bank financing, including unutilized and committed credit facilities of RMB554.5 million as of the Latest Practicable Date, our working capital profile, and our cash and cash equivalents on hand, together with expected cash inflows from operations and the [REDACTED] from the [REDACTED], and based on our projected cash flow requirements, our Directors are of the view, and the Sole Sponsor concurs, that our Group has sufficient working capital for its present requirements and for at least the next 12 months from the date of this document.
As of April 30, 2026, we recorded net current liabilities of RMB88.1 million, primarily because our current liabilities included substantial trade and other payables and short-term borrowings incurred in connection with our business operations and working capital requirements, while a portion of our current assets remained invested in inventories and trade and other receivables.
Business · 第 142 页
Our net current liabilities nevertheless narrowed from RMB121.4 million as of December 31, 2025, principally reflecting improved cash generation from operations and more disciplined working capital management.
We recorded net current liabilities of HK$281.0 million, HK$336.6 million and HK$506.8 million as of March 31, 2024, 2025 and 2026, respectively.
Financial Information · 第 227 页
These net current liabilities were primarily due to large trade and other payables and contract liabilities, in particular, amounts due to the intermediate holding company and fellow subsidiaries.
Financial Information · 第 227 页
As of the date of this document, HK$350.0 million of the outstanding balance of the trade and other payables and contract liabilities has been capitalized into equity in preparation for the [REDACTED].
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
往绩记录期间各年末均为净流动负债
As at 31 December 2023, 2024 and 2025, our Group recorded net current liabilities of approximately RMB114.1 million, RMB68.9 million and RMB3.4 million, respectively.
Financial Information · 第 234 页
Consequently, this net current liabilities position does not reflect an operational liquidity deficit or an unmanageable liquidity risk.
Financial Information · 第 234 页
Going forward, we seek to improve our net current assets position by (i) drawing down on our available unutilised banking facilities to support our ongoing working capital needs; (ii) optimising our debt structure through the replacement of short-term borrowings with long-term facilities; and (iii) allocating 10.0% of the [REDACTED] from the [REDACTED] to working capital and general corporate purpose to immediately increase our current assets.
redemption rights will be terminated upon the [REDACTED] and financial liabilities recognised for financial instruments issued to [REDACTED] will be released such that the net liabilities position would turn into net assets
Summary · 第 10 页
Our Directors are of the opinion that, taking into account of the following financial resources available to us, we have sufficient working capital to cover our operating costs and expenses, including research and development costs, selling and marketing costs and administrative expenses, for at least the next 12 months from the date of this document:
In addition, the carrying amount of the redemption liabilities will be recognized to equity, and our net liabilities position is expected to turn into net assets position upon such recognization.
Financial Information · 第 252 页
Taking into account the financial resources available to us, including our cash and cash equivalents, future cash flow from operating activities, financial assets at FVTPL representing structured deposits and wealth management products, term deposits, available bank facilities and the estimated net proceeds from the Global Offering, our Directors are of the view, which is concurred by the Joint Sponsors, that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.