We expect to achieve a net assets position upon the [REDACTED], as the preferred shares will be reclassified from financial liabilities to equity as a result of the automatic conversion into ordinary shares.
Summary · 第 10 页
Our net current liabilities increased from RMB3,103.6 million as of December 31, 2025 to RMB3,273.0 million as of March 31, 2026, primarily due to the decrease in trade receivables due to the seasonality of our operations, as we experienced slowdowns of the OEMs’ production schedules and temporary slowdowns around the Chinese New Year holiday period, which led to decreased trade receivables received from customers.
Summary · 第 10 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.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
各期末持续录得净流动负债
We recorded net current liabilities of HK$793.9 million, HK$673.6 million, HK$643.7 million, HK$397.1 million and HK$413.2 million as at 31 March 2023, 2024 and 2025, 30 November 2025 and 31 March 2026, respectively.
Financial Information · 第 241 页
Our net current liabilities during the Track Record Period was primarily due to the current portion of bank borrowings, which was mainly for our cost of operations as well as the additions of property, plant and equipment for our expansion of retail networks which are non-current.
Financial Information · 第 242 页
Further, we intend to repay our outstanding loans of HK$134.4 million by our net proceeds from the Global Offering.
Our net current liabilities decreased from RMB1,590.7 million as of December 31, 2023 to RMB1,191.5 million as of December 31, 2024, primarily due to (i) an increase in cash and cash equivalents of RMB241.1 million; (ii) a decrease in trade and notes payables of RMB165.5 million;
Financial Information · 第 242 页
We expect to improve our net current liabilities position as of December 31, 2025 by continuously enhancing our cash flows from operating activities as our business continues to expand and by implementing effective trade and notes receivables management measures, which is expected to increase our cash and cash equivalents.
Financial Information · 第 242 页
Taking into account our available financial resources including cash and cash equivalents, borrowings and the estimated [REDACTED] available to us from the [REDACTED], our Directors are of the view that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document.
Moreover, we recorded accumulated loss of RMB1,876.6 million, RMB1,891.7 million and RMB1,955.6 million as of December 31, 2023, 2024 and 2025, respectively.
Business · 第 179 页
As a result of the accumulated loss and the share-based payment during the Track Record Period, we were in a negative equity position during the Track Record Period.
Business · 第 179 页
Considering our sufficient working capital and healthy operating cash flow, we have not sought new equity financings since our Series D financing in 2021.
Our net current liability position as of December 31, 2023, 2024 and 2025, respectively are further discussed in "— Liquidity and Capital Resources — Net Current Liabilities."
Financial Information · 第 230 页
Taking into account the financial resources available to us, including cash flow from operating activities, banking facilities and the estimated net [REDACTED] from the [REDACTED], our Directors are of the view that we have sufficient working capital to meet our present requirements for the next 12 months from the date of this document, and fund our operations until we achieve net profit break-even and record operating cash inflows, based on the following factors:
We recorded net current liabilities of RMB1,610.4 million, RMB1,779.7 million, RMB1,347.6 million and RMB869.3 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · 第 237 页
Historically, we have financed our working capital requirements primarily through cash generated from our operating activities and bank loans.
Financial Information · 第 239 页
Taking into account the capital resources available to us as described above, our Directors are of the view that, after due and careful inquiry, we have sufficient available working capital to cover at least 125% of our working capital requirements as required under Rule 18.03(4) of the Listing Rules, that is, for at least the next 12 months from the date of this document.
Net current liabilities | (429,179) | (755,839) | (1,281,868)
Summary · 第 7 页
Net liabilities | (394,473) | (745,106) | (1,215,268)
Summary · 第 7 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 are of the opinion that we have sufficient working capital to cover our costs and operating expenses, including research and development expenses, selling expenses and administrative expenses, for at least the next 12 months from the date of this Document.
Our net current liabilities decreased by 24.9% from RMB44.4 million as of December 31, 2023 to RMB33.3 million as of December 31, 2024, primarily due to (i) an increase in trade and bills receivables of RMB19.9 million, (ii) an increase in inventories of RMB18.2 million, (iii) an increase in financial assets at fair value through other comprehensive income of RMB13.8 million,
Summary · 第 10 页
Our net current liabilities changed to net current assets of RMB20.6 million as of December 31, 2025 from net current liabilities of RMB33.3 million as of December 31, 2024, primarily due to (i) an increase in trade and bills receivables of RMB53.3 million, (ii) a decrease in inventories of RMB6.0 million, (iii) a decrease in financial assets at fair value through other comprehensive income of RMB7.2 million, (iv) an increase in prepayments, other receivables and other assets of RMB13.1 million, and (v) an increase in cash and cash equivalents of RMB70.3 million; partially offset by (i) an increase in trade payables of RMB8.0 million, (ii) an increase in other payables and accruals of RMB21.3 million, (iii) an increase in current portion of interest-bearing bank and other borrowings of RMB34.7 million, (iv) an increase in tax payable of RMB2.2 million, and (v) an increase in lease liabilities of RMB2.9 million.
Summary · 第 10 页
Taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources presently available to us, including our cash and cash equivalents on hand, cash flows from operating activities, our Directors are of the opinion that we have sufficient funds to meet our working capital requirements for at least the next 12 months from the date of this Document.
Our net current liabilities increased from RMB957.2 million as of December 31, 2024 to RMB1,175.2 million as of December 31, 2025, primarily due to an increase of RMB273.4 million in the financial liabilities at FVTPL mainly as a result of the fair value change of our convertible redeemable preferred shares.
Financial Information · 第 228 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 proceeds from the [REDACTED], we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document.
Net current liabilities | 1,932,454 | 2,561,884 | 3,084,035
Summary · 第 7 页
Taking into account the financial resources available to us, including anticipated cash flow from our operating activities, existing cash and cash equivalents 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.
Financial Information · 第 201 页
Based on our available cash and cash equivalents, 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.
As of December 31, 2023, 2024 and 2025, our net current liabilities amounted to RMB218.1 million, RMB216.4 million and RMB278.6 million, respectively.
Financial Information · 第 259 页
Based on our current cash and cash equivalents, anticipated cash flows from operations and the net [REDACTED] from the [REDACTED], our Directors are of the view that we will have sufficient funds to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this document, despite our net liabilities as of December 31, 2025.
Financial Information · 第 252 页
Based on the review of financial documents and other due diligence documents, discussion with the Directors and the Directors’ confirmation, the Joint Sponsors concur with the Directors’ view.
We had net current liabilities of RMB176.0 million as of December 31, 2023, consisting of current assets of RMB290.4 million and current liabilities of RMB466.4 million, which represented an increase of RMB151.6 million from our net current liabilities of RMB24.3 million as of December 31, 2022.
Financial Information · 第 330 页
We had net current liabilities of RMB84.3 million as of December 31, 2024, consisting of current assets of RMB679.4 million and current liabilities of RMB763.7 million, which represented a decrease of RMB91.6 million from our net current liabilities of RMB176.0 million as of December 31, 2023.
Financial Information · 第 329 页
Taking into account the financial resources available to us, including cash flow from operating activities and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
往绩记录期间录得净流动负债
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 (including any production costs), for at least the next 12 months from the date of this prospectus.
Financial Information · 第 452 页
We anticipate generating approximately RMB160 million in 2026 from payments under existing licensing agreements, which will be received in stages throughout the year.
Financial Information · 第 452 页
As of October 31, 2025, we had RMB1,021.1 million of committed unutilized banking facilities.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
各期末均处净流动负债及净负债状态
We had net current liabilities of US$673.5 million as of December 31, 2024 and US$692.3 million as of June 30, 2025, respectively.
Financial Information · 第 405 页
The financial liabilities at FVTPL represents our convertible redeemable preferred shares, which will be re-classified as equity as the convertible redeemable preferred shares will automatically convert into ordinary shares upon the completion of the Global Offering, and no further loss or gain on fair value changes is expected to be recognized and the net current liabilities would turn into net current assets after the completion of the Global Offering.
Financial Information · 第 406 页
We will closely monitor and control our costs and operating expenses and increase our collaboration with customers from which we can generate more revenue and reduce R&D expenses by out-license or co-development of our pipeline products.
Despite that we had a net current liability position as of December 31, 2022, 2023 and 2024 and June 30, 2025, taking into account the financial resources available to us, including
Summary · 第 17 页
(i) cash inflow from operating activities, (ii) our current cash and cash equivalents of RMB117.2 million as of June 30, 2025, (iii) the time deposit of RMB0.7 million as of June 30, 2025, (iv) the unutilized banking facilities of RMB748.7 million as of June 30, 2025, and (v) the estimated net proceeds from the Global Offering, our Directors are of the view that we have available sufficient working capital for our present requirements, that is for at least the next 12 months from the date of this prospectus.
Our net current liabilities increased from approximately RMB49.0 million as at 31 December 2022 to approximately RMB97.8 million as at 31 December 2023.
Financial Information · 第 319 页
As the underground mine has been in commercial operation, the ores from the new mine will directly contribute to the concentrate output increase hence improving the total sales revenue, which translates into increased cash inflows.
Financial Information · 第 320 页
Based on our consolidated financial information as at 31 October 2025, being the latest practicable date on which such information was available to us, we recorded unaudited net current assets of approximately RMB123.9 million, representing an increase of approximately RMB132.6 million from our net current liabilities of approximately RMB8.7 million as at 31 July 2025.
安徽金岩高岭土新材料股份有限公司ANHUI JINYAN KAOLIN NEW MATERIALS CO., LTD.02693.HK
2022及2023年末录得净流动负债
We recorded net current liabilities of approximately RMB22.5 million and RMB12.3 million as of December 31, 2022 and 2023, respectively.
Financial Information · 第 350 页
Our net current liabilities decreased by RMB10.2 million from RMB22.5 million as of December 31, 2022 to RMB12.3 million as of December 31, 2023, primarily due to (i) a decrease of RMB73.8 million in trade and other payables, due to a decrease in payables for purchase of property, plant and equipment and other intangible assets and a decrease in dividends payables; (ii) an increase in inventories of RMB13.3 million; (iii) an increase in trade and bills receivables of RMB15.7 million, which was attributable to the increased sales volumes during the same period as well as the changes in credit terms and payment methods of our customers; and (iv) partially offset by a decrease in cash and cash equivalents of RMB62.5 million, which was caused by our increased spending to fund the construction of a production line for precision casting mullite products with an annual production capacity of 200,000 tonnes.
Financial Information · 第 351 页
Our Directors confirm that, taking into consideration the financial resources presently available to us, which are primarily our cash and cash equivalents on hand, our cash from operating activities, our bank and other borrowings, our available banking facilities, and the estimated net proceeds available to us from the Global Offering, our Directors believe that we have sufficient working capital for 125% of our present requirements and for at least the next 12 months from the date of this Prospectus as required by the Listing Rules.
We had net current liabilities of RMB17.92 million as at 31 December 2022 mainly attributable to the redemption liability incurred from redemption right of an investor, namely Cornerstone Yixiang, who entered into an investment agreement with our Company in December 2017.
Financial Information · 第 344 页
We recorded net current liabilities of RMB15.61 million as at 31 December 2024, of which RMB10.17 million mainly due to the negotiable certificate of deposits with a term of two years in which we subscribed for better use of idle fund.
Financial Information · 第 344 页
To maintain our working capital sufficiency and improve our liquidity position, we will take the following measures: (i) plan and monitor our cash flow situation on a regular basis to ensure the cash flow of our Group remains at a healthy level; (ii) maintain stable relationships with our principal banks so as to timely obtain or renew bank borrowings and negotiate for better terms of loans; (iii) continue our cost control strategy and tighten cost controls over administrative and other expenses aiming at improving working capital and cash flow position of our Group, including closely monitoring the daily operating expenses.
As of December 31, 2022, 2023 and 2024, we recorded net current liabilities of RMB7,964.0 million, RMB7,465.5 million and RMB7,385.1 million, respectively.
Financial Information · 第 422 页
Taking into account our financial resources on hand, the anticipated cash flows to be generated from our operations, and the estimated net proceeds we expect to receive from the Global Offering, our Directors are of the view that we will have available sufficient working capital to meet our present requirements and for at least the next twelve months from the date of this document.
Financial Information · 第 423 页
As of August 31, 2025, we had cash and cash equivalent of RMB348.4 million.
We recorded net current liabilities of RMB4,760 million, RMB17,388 million, RMB3,401 million, RMB2,788 million and net current liabilities of RMB1,260 million as of December 31, 2022, 2023 and 2024, March 31, 2025 and July 31, 2025, respectively.
Financial Information · 第 411 页
We seek to improve our net current liabilities position by improving our operating cash flows.
Financial Information · 第 414 页
We also intend to improve our net current liabilities position by (i) optimizing our debt structure through replacement of short-term debt with long-term ones; and (ii) increasing our current assets through (a) promoting increased dividend payouts from joint ventures and associates; and (b) receipt of the net proceeds from the Global Offering.