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.
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.
As of December 31, 2025, we had net current liabilities of RMB8,284.6 million, primarily due to a decrease in cash and cash equivalents following our strategic investment in Yinwang, as well as the increase in trade and notes payables and other payables and accruals in connection with our business scale-up, including higher production volume and continued investment in research and development and marketing activities.
Business · 第 151 页
Our net current liabilities decreased from RMB8,284.6 million as of December 31, 2025 to RMB5,179.8 million as of April 30, 2026.
Financial Information · 第 252 页
Our Directors are of the view, and the Joint Sponsors concur, that we possess sufficient working capital, including sufficient cash and liquidity assets for the next 12 months from the date of the document, taking into account of (i) cash and cash equivalents of RMB9,687.4 million as of December 31, 2025, (ii) the estimated net [REDACTED] from the [REDACTED] of approximately HK$[REDACTED] (assuming the [REDACTED] of HK$[REDACTED] per [REDACTED] and that the [REDACTED] is not exercised), (iii) our unutilized banking facilities of RMB14,898.7 million as of April 30, 2026, and (iv) our expected operating cash inflows from ongoing vehicle deliveries under our current sales plan.
Our net current assets then decreased to net current liabilities of RMB447.2 million as at 31 December 2025, primarily due to the (i) increase in other payables and accruals of RMB1,683.0 million mainly resulting from the increase in dividends payables of RMB1,523.6 million as at 31 December 2025; (ii) decrease in cash and cash equivalents of RMB651.9 million mainly resulting from dividend paid partially offset by the cash generated from operations; and (iii) increase in bank loans of RMB380.2 million.
Financial Information · 第 232 页
Our net current liabilities then turned around to net current assets of RMB633.1 million as at 30 April 2026.
Financial Information · 第 232 页
Our Directors confirm that, taking into consideration the financial resources presently available to us, including our operating cash flow, available facilities, other internal resources, and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital for our present requirements and for at least the next 12 months commencing from the date of this document.
The change from net current assets as of December 31, 2023 to net current liabilities position as of December 31, 2024 was mainly due to the loss of RMB108.9 million in 2024.
Summary · 第 7 页
our Directors believe that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document.
We recorded net current liabilities of HK$6.0 million, HK$0.5 million, net current assets of HK$17.1 million and HK$36.8 million as at 31 December 2023, 2024 and 2025 and 28 February 2026 respectively.
Financial Information · 第 227 页
Our net current liabilities decreased from HK$6.0 million as at 31 December 2023 to HK$0.5 million as at 31 December 2024 primarily due to the increase in profit for the year resulting from our business expansion, such as extending our services to provision of brand management services.
Financial Information · 第 227 页
Our Directors confirm that, taking into consideration the financial resources presently available to us, including our operating cash flow, available facilities, other internal resources, and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital for our present requirements and for at least the next 12 months commencing from the date of this document.
In addition, we recorded net current liabilities of RMB422.6 million as of December 31, 2024 and RMB888.9 million as of December 31, 2025, mainly attributable to the increase in other payables and accruals.
Financial Information · 第 249 页
our Directors are of the view that we will have sufficient working capital for the next 12 months from the date of this document.
四川好医生云医疗科技集团股份有限公司GOOD DOCTOR CLOUD HEALTHCARE & TECHNOLOGY GROUP CO., LTD.
2025年末录得净流动负债1.345亿元
We recorded net current assets of RMB157.3 million as of December 31, 2024 and net current liabilities of RMB134.5 million as of December 31, 2025.
Summary · 第 11 页
Our net assets decreased by 92.1% from RMB215.7 million as of December 31, 2024 to RMB17.0 million as of December 31, 2025, primarily due to newly recognized redemption liabilities on equity shares of RMB396.3 million, partially offset by capital contribution from shareholders of RMB125.0 million.
Summary · 第 11 页
Taking into account the financial resources available to us, including our cash and cash equivalents on hand, our pledged deposits, our financial assets at fair value through profit or loss, our unutilized 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 and for the next 12 months from the date of this document.
We had net current liabilities positions as of September 30, 2025 and January 31, 2026 and net current assets positions as of December 31, 2023 and 2024.
Financial Information · 第 229 页
We recorded net current liabilities of RMB165.3 million as of September 30, 2025 as compared to net current liabilities of RMB327.4 million as of January 31, 2026, primarily due to (i) increase in bank and other borrowings (current portion) and (ii) a decrease in cash and cash equivalents following the increase in bank borrowing and use of company’s funds for settlement of FlareFlow’s selling and marketing expenses incurred in September 2025 which is a relatively large amount of trade payables due to FlareFlow’s early business development and expansion.
Financial Information · 第 229 页
Our Directors are of the view that, taking into account of the following financial resources available to us, we have sufficient working capital to cover our costs and operating expenses, including selling and marketing expenses, administrative expenses and research and development expenses, for at least the next 12 months from the date of this document.
We recorded net current assets of RMB166.4 million as of December 31, 2025, as compared to net current liabilities of RMB170.7 million as of September 30, 2025, primarily due to (i) a decrease in bank loans and borrowings of RMB767.4 million, and (ii) a decrease in trade and other payables of RMB54.8 million, partially offset by a decrease in cash and cash equivalents of RMB249.4 million.
Financial Information · 第 367 页
Taking into account the financial resources available to us, including our cash balances and existing credit facilities, net cash inflow from operating activities, 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 requirements for the next 12 months from the date of this prospectus.
We recorded net current liabilities of RMB523.0 million as of December 31, 2024 while we recorded net current assets of RMB260.7 million as of December 31, 2023, primarily due to (i) an increase in bank loans and other borrowings of RMB335.6 million to finance the construction of new Ecological Park production base; (ii) a decrease in inventories mainly as we wrote-down part of our inventories; (iii) a decrease in trade and bills receivables of RMB202.9 million as a result of a decrease in revenue; and (iv) a decrease in cash and cash equivalents of RMB74.0 million as we spent cash to support our business expansion.
Financial Information · 第 423 页
In light of the decreasing price trend of epitaxial wafers and substrate, we also entered into new strategic supply chain arrangement with certain suppliers, under which our suppliers rent a warehouse at our production site for storage of raw materials intended for our use.
Financial Information · 第 423 页
In addition, we are actively discussing with banks to increase the proportion of long-term loans in our financing structure to better match the life cycle of our capital expenditures and enhance financial stability.
We had net current liabilities of US$31.6 million as of December 31, 2022 and net current assets of US$35.8 million, US$66.0 million, US$119.4 million and US$149.7 million as of December 31, 2023 and 2024, April 30, 2025 and August 31, 2025, respectively.
Financial Information · 第 385 页
Our net current liabilities as of December 31, 2022 was primarily as a result of the significant borrowings recorded as of December 31, 2022 arising from the capital needs for the one-off acquisition of assets as part of the Reorganization.
Financial Information · 第 386 页
Our Directors are of the opinion that, taking into account the net proceeds from the Global Offering upon Listing and the financial resources available to us, including cash and cash equivalents, cash flows from operating activities and facilities, we have sufficient working capital for our present requirements, that is for at least 12 months from the date of this prospectus.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
2023及2024年末录得净流动负债
We had net current liabilities of RMB13.5 million as of December 31, 2024, consisting of current assets of RMB121.6 million and current liabilities of RMB135.1 million, which represented an increase of RMB13.2 million from our net current liabilities of RMB0.3 million as of December 31, 2023.
Financial Information · 第 357 页
(i) Monitoring our cash flow situation on a regular basis.
Financial Information · 第 358 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.
We had net current liabilities of US$13.3 million as of December 31, 2024, compared to net current assets of US$21.8 million as of December 31, 2023.
Financial Information · 第 535 页
We had net current liabilities of US$19.0 million as of March 31, 2025, compared to net current liabilities of US$13.3 million as of December 31, 2024.
Financial Information · 第 535 页
The Directors are of the opinion that, taking into account of the financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling and distribution expenses, general and administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this Prospectus:
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
往绩记录期间录得净流动负债
Our net current liabilities decreased from RMB192.1 million as at 31 December 2022 to RMB16.5 million as at 31 December 2023, primarily due to (i) the increase in trade and other receivables of RMB180.3 million mainly as a result of (a) the increase in revenue following the launch of our new product, namely polyether monomers in June 2022; and (b) the increase in the number of customers following the commencement of operation of new production plants which extended our geographical coverage; and (ii) the increase in cash and cash equivalents of RMB34.3 million, partially offset by the increase in trade and other payables of RMB26.2 million mainly as a result of the increase in trade and bills payables as a result of the increase in demand of raw materials as sales increased.
Financial Information · 第 440 页
Despite the net current liabilities we recorded as at 31 December 2023, our Directors’ considered that we will be able to maintain sufficient working capital, taking into account of the facts that: (i) our Group has the ability to (a) obtain new banking and other financing facilities; and (b) renew or refinance banking facilities upon maturity; (ii) our Group can adjust the schedule of certain planned capital expenditure for the next twelve months; and (iii) the available unutilised banking facilities amounted to RMB1,568.0 million as at 31 October 2024.
Financial Information · 第 440 页
Our Directors confirm, and the Sole Sponsor concurs, that taking into consideration the financial resources presently available to us, including cash flow from operations, the available unutilised banking facilities and other internal resources, and the estimated net proceeds from the Global Offering, we have sufficient working capital for our requirements within at least the next 12 months from the date of this prospectus.
脑动极光医疗科技有限公司BrainAurora Medical Technology Limited06681.HK
2023年末起处于净流动负债状况
Our net current assets of RMB271.6 million as of December 31, 2022 changed to net current liabilities of RMB90.1 million as of December 31, 2023.
Financial Information · 第 454 页
Our net current liabilities increased to RMB111.3 million as of June 30, 2024 and further increased to RMB118.7 million as of October 31, 2024.
Financial Information · 第 454 页
We expect that the automatic conversion of financial liabilities into ordinary shares at Listing and the proceeds from this Global Offering are expected to turn our net current liabilities position into net current asset position.
江苏国富氢能技术装备股份有限公司Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.02582.HK
2024年9月30日录得净流动负债6,270万元
We recorded net current assets of RMB7.9 million as of May 31, 2024 and net current liabilities of RMB62.7 million as of September 30, 2024, primarily due to a decrease in our current assets and an increase in our current liabilities.
Financial Information · 第 458 页
our Directors are of the view that, after due and careful inquiry, we have sufficient available working capital for our present requirements for at least the next 12 months from the date of this prospectus.
We relied on short-term bank borrowings to finance our working capital needs.
Financial Information · 第 426 页
We recorded net current liabilities of RMB1,255.5 million as of December 31, 2023 as compared with net current assets of RMB2,168.6 million as of December 31, 2022, primarily due to (i) a decrease in inventories of RMB1,397.0 million attributable to impairment losses on inventories in view of the sharp decline of lithium carbonate prices in 2023, (ii) a decrease in trade and other receivables of RMB800.1 million as a result of the decreased sales in 2023 and (iii) an increase in bank and other borrowings of RMB2,366.6 million, partially offset by (iv) an increase in cash and cash equivalent of RMB1,429.2 million.
Financial Information · 第 427 页
Our net current liabilities decreased by 54.2% from RMB1,255.5 million as of December 31, 2023 to RMB574.7 million as of June 30, 2024, primarily due to (i) a decrease in trade and other payables of RMB471.1 million, mainly attributable to the settlement of part of our bills payable and (ii) a decrease in bank and other borrowings of RMB334.7 million as we repaid some of our short-term bank loans.
We recorded net current liabilities of RMB1.9 million and RMB14.6 million as of December 31, 2022 and 2023, respectively, which was primarily attributable to the trade and other payables incurred to support our increased business scale.
Financial Information · 第 398 页
While we recorded net liabilities throughout the Track Record Period, this was primarily due to the convertible redeemable preferred shares that we recorded as of the end of each year during the Track Record Period.
Summary · 第 17 页
Our Directors believe that we have sufficient working capital to meet our present and future cash requirements for at least the next 12 months from the date of publication of this prospectus, taking into account our anticipated improvement in operating cash flows, management of working capital, efforts to obtain more favorable credit terms from suppliers and net proceeds from the Global Offering.
Our net current liabilities of US$31.5 million as of December 31, 2021 was primarily due to customer deposits and borrowings.
Financial Information · 第 416 页
Although we receive a relatively small amount of deposits as a percentage of sale price upfront and there is a relatively long delivery lead time for our aircraft, we have not experienced any issues with working capital sufficiency.
Business · 第 244 页
Taking into account the financial resources available to us, including the estimated net proceeds from the Global Offering, cash flow generated from our operations, and cash and cash equivalents on hand, our Directors are of the opinion that we will have sufficient funds to meet our working capital requirements and financial requirements for capital expenditure for at least the next 12 months from the date of this Prospectus.