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.
As of December 31, 2023, 2024 and 2025 and April 30, 2026, we recorded net current liabilities of RMB2,013.1 million, RMB2,442.4 million, RMB2,547.5 million and RMB2,570.9 million, respectively, primarily because the redemption rights issued to investors recorded as current liabilities amounted to RMB2,109.3 million, RMB2,476.3 million, RMB2,554.3 million and RMB2,572.1 million for the same periods, respectively.
Financial Information · 第 235 页
The redemption rights issued to investors are expected to be reclassified as equity upon [REDACTED], at which point our net current liabilities position is expected to improve significantly.
Financial Information · 第 235 页
We expect to fund our working capital during the profitability improvement primarily through cash flows from operating activities, net [REDACTED] from the [REDACTED] and available banking facilities.
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
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
优先股以负债列账致净资产及流动资产净额为负
Following such conversion, the carrying amount of these preferred shares will be reclassified to share capital/capital reserve, and we will revert to a net assets and net current assets position.
Summary · 第 22 页
These Preferred Shares will be reclassified from liabilities to equity as a result of the conversion into ordinary shares upon the [REDACTED]. Subsequently, we do not expect to record any further fair value change in financial instruments issued to investors.
We were in a loss-making and negative equity position during the Track Record Period, with accumulated losses amounting to RMB372.8 million as of January 1, 2023.
Business · 第 160 页
Our negative equity position was also significantly impacted by initial recognition and subsequent measurement of redemption liabilities, which will be converted into equity of our Company upon Listing.
Business · 第 161 页
We believe our financial position will improve going forward, based on the following factors:
Our net current liabilities amounted to RMB38.3 million as of April 30, 2026, which was primarily due to our puttable shares liabilities, representing the contingently redeemable preferred shares issued to investors.
Financial Information · 第 306 页
Our net current liabilities increased from RMB21.9 million as of December 31, 2024 to RMB50.1 million as of December 31, 2025, primarily due to (i) a decrease in trade receivables and (ii) an increase in trade and other payables, partially offset by (iii) an increase in bank and cash balances.
Financial Information · 第 307 页
Our Directors confirm that, taking into consideration of the financial resources presently available to us, which is primarily our internal resources and the estimated net proceeds from the Global Offering, we have sufficient working capital for our present requirements and for at least the next 12 months commencing from the date of this prospectus.
Our net current liabilities of RMB1,555.2 million as of December 31, 2024 changed to net current assets of RMB318.9 million as of December 31, 2025.
Summary · 第 10 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, the expected income from our commercialized product and the estimated net proceeds from the Listing, our cash burn rate as well as scheduled banking facilities repayment, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling expenses and administrative expenses for at least the next 12 months from the date of this Prospectus.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
2025年末净负债1.258亿元
After February 28, 2026, we reversed our net liabilities position to a net assets position.
Summary · 第 10 页
As compared to net current liabilities of RMB125.8 million as at December 31, 2025, we had net current assets of RMB102.2 million as at April 30, 2026, consisting of current assets of RMB422.7 million and current liabilities of RMB320.5 million.
Our redemption liabilities will be reclassified from liabilities to equity as a result of the termination of special rights upon Listing.
Summary · 第 9 页
Our net liabilities increased from RMB274.4 million as of December 31, 2023 to RMB482.6 million as of December 31, 2024, primarily due to loss for the year of RMB252.0 million in the year ended December 31, 2024, partially offset by equity-settled share-based transactions of RMB40.8 million in the same period.
Summary · 第 9 页
Our Directors are of the view, and the Joint Sponsors concur, that taking into account our available resources including cash and cash equivalents, time deposits and the net estimated proceeds 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 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.
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 242 页
A significant portion of our current liabilities during the Track Record Period was attributable to financial instruments issued to investors, which arose from instruments with special rights issued to pre-[REDACTED] investors in connection with our financing activities.
Financial Information · 第 242 页
As of April 30, 2026, we had total committed bank credit facilities of RMB130.0 million.
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.
Our net current liabilities decreased from RMB301.8 million as of December 31, 2023 to RMB6.0 million as of December 31, 2024, primarily due to (i) a decrease in financial liabilities at FVTPL of RMB318.2 million, brought by the termination of special rights attached to certain of our Shares with effect from December 20, 2024, and (ii) an increase in term deposits of RMB99.8 million, partially offset by an increase in trade and other payables of RMB124.0 million.
Financial Information · 第 219 页
Taking into account our cash and cash equivalents, operating cash flows, bank borrowings and the estimated net [REDACTED] available to us from the [REDACTED], 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 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.
Further, we recorded current liabilities related to shares with preferential rights of RMB4,333.3 million, RMB4,861.3 million and RMB5,299.3 million as of December 31, 2023 and 2024 and 2025, respectively.
Financial Information · 第 221 页
Although we recorded significant net current liabilities during the Track Record Period, taking into consideration the financial resources available to us, including our cash and cash equivalents, restricted and pledged deposits, financial assets at FVTPL, unutilized bank facilities, operating cash inflows, the estimated net [REDACTED] from the [REDACTED], the automatic conversion of our shares with preferential rights into ordinary shares upon [REDACTED], and the absence of any call loan for which the lender can require repayment at any time, in the absence of unforeseeable circumstances, the Directors confirm 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.