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 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.
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.
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.
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.
During the Track Record Period, we had net current liabilities primarily attributable to the large amount of convertible redeemable preferred shares relating to the redemption right granted to our [REDACTED] Investors and the Old PNs issued to certain [REDACTED] Investors.
Financial Information · 第 246 页
We expect to achieve a net current asset position upon [REDACTED], as the convertible redeemable preferred shares will be reclassified from liabilities to equity upon [REDACTED].
Financial Information · 第 246 页
Taking into account the financial resources available to us, including cash flow from operating activities, cash and cash equivalents, available banking facilities and the estimated [REDACTED] from the [REDACTED], our Directors are of the view, and the Sole Sponsor concurs, that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this document.
Similarly, our net current liabilities primarily resulted from strategic investments to capture market opportunities and production line construction, funded through well-thought-out debt arrangements, and the net outflow of operating cash reflected our ongoing high investment in R&D, branding and production capacity to capture market opportunities.
Summary · 第 15 页
The Directors are of the opinion that, taking into account the financial resources available to us, including but not limited to our future operating cash flows, cash and cash equivalents on hand, bank facilities available, and the estimated net proceeds from the Global Offering, we have sufficient working capital to meet our present requirements for the next 12 months from the date of this prospectus.
We recorded net current liabilities as of December 31, 2023 and December 31, 2024, primarily due to the use of working capital to fund long-term asset purchases to support our business expansion.
Summary · 第 8 页
Our net current liabilities increased from RMB90.7 million as of December 31, 2023 to RMB185.8 million as of December 31, 2024, mainly due to increases in borrowings and trade and other payables, partially offset by increases in trade receivables and other receivables.
Summary · 第 8 页
Our net current liabilities of RMB185.8 million as of December 31, 2024 turned into net current assets of RMB539.9 million as of December 31, 2025, primarily due to an increase in our current assets.
In the meantime, during the Track Record Period, we recorded net losses, net current liabilities and net operating cash outflows.
Business · 第 155 页
pursuant to the capital contribution agreement on Pre-[REDACTED] financing on 15 June 2026, the Company increased its share capital of 11,495,449 shares at the consideration of RMB968,000,000
Financial Information · 第 194 页
we had committed unutilized banking facilities of RMB669.8 million as of April 30, 2026
We recorded net current liabilities of approximately RMB157.9 million, RMB287.3 million and RMB353.2 million as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively, and unaudited net current liabilities of approximately RMB238.6 million as at 30 April 2026.
Financial Information · 第 233 页
During the Track Record Period, we declared dividends of RMB80.0 million, RMB442.0 million and RMB282.0 million in FY2023, FY2024 and FY2025, respectively.
Financial Information · 第 233 页
Notwithstanding our net current liabilities positions, during the Track Record Period, we recorded net profit of RMB285.3 million, RMB278.0 million and RMB212.4 million for FY2023, FY2024 and FY2025, respectively, and net cash generated from operating activities of approximately RMB339.4 million, RMB426.7 million and RMB364.2 million for FY2023, FY2024 and FY2025, respectively.
As of December 31, 2025, we recorded net current liabilities of US$6.5 million, primarily attributable to elevated operational expenditures incurred in response to the competitive market environment, along with [REDACTED] expenses incurred and payments in relation to the Corporate Reorganization.
Business · 第 145 页
Our Directors believe that, after [REDACTED] and taking into account cash flows from operations, banking facilities and other borrowings, expected reclassification of redemption liabilities to equity and the estimated [REDACTED] from the [REDACTED], we will be able to realize net current asset and net asset positions, thereby normalizing our capital structure to support scale execution.
Our net current liabilities increased from RMB438.7 million as of December 31, 2023 to RMB738.4 million as of December 31, 2024, primarily due to (i) an increase in convertible redeemable preferred shares of RMB233.3 million due to changes in fair value of such shares; (ii) a decrease in financial assets at fair value through profit or loss of RMB73.7 million; and (iii) an increase of trade and bills payables of RMB60.0 million in line with our business expansion, partially offset by (i) an increase of trade receivables of RMB59.3 million and (ii) an increase of RMB68.2 million in cash and cash equivalents.
Financial Information · 第 242 页
We expect to improve our net current liabilities position with the following measures: (i) increasing our revenue as we expect demand from our key customers to continue to increase and as we scale up our AI cloud computing services; (ii) continuously monitoring and collecting outstanding trade receivables as they become due; and (iii) raising additional equity financing for stable financial resources.
Financial Information · 第 242 页
As the convertible redeemable preferred shares will be automatically converted into Ordinary Shares upon completion of the [REDACTED], such shares will be re-classified from liabilities to equity upon then, and we would achieve a net asset position.
We recorded net current liabilities of RMB701.3 million as of December 31, 2025, consisting of total current liabilities of RMB1,112.6 million and total current assets of RMB411.3 million, representing a further increase of RMB82.1 million from our net current liabilities of RMB783.5 million as of December 31, 2024, primarily due to (i) an increase of RMB82.1 million in restricted bank deposits, time deposits and cash and cash equivalents; and
Financial Information · 第 239 页
During the Track Record Period, we met our working capital requirements primarily from cash generated from operating activities, bank borrowings, as well as capital contributions from our shareholders.
Financial Information · 第 239 页
Taking into account our available financial resources, including our expected cash flows from operating activities and the estimated net [REDACTED] from the [REDACTED], our Directors are of the view that we have sufficient working capital to satisfy our present operational needs as well as our anticipated capital requirements for the next 12 months from the date of this document.