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.
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.
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
Financial Information · 第 240 页
These preferred shares will be converted into ordinary shares upon [REDACTED], after which our financial liabilities at FVTPL, which were recorded as current liabilities during the Track Record Period, will be derecognized from our liabilities and recorded as equity, which can result in our Group turning into net current assets and net assets position.
Financial Information · 第 240 页
As of December 31, 2025, we had committed and unutilized banking facilities of RMB20.0 million, which were operating loans for general working capital purpose, granted by a reputable commercial bank in the PRC.
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.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
2023年末净流动负债及净负债
As of December 31, 2023, we recorded net current liabilities of RMB583.1 million and net deficit of RMB560.9 million, primarily due to redemption liabilities from the [REDACTED] Investments classified as current liabilities.
Business · 第 178 页
Had the redemption liabilities been reclassified from liabilities to equity with effect from the beginning of the Track Record Period, we would have recorded net assets throughout the Track Record Period.
Business · 第 178 页
We had net current liabilities of RMB583.1 million as of December 31, 2023, consisting of current assets of RMB494.2 million and current liabilities of RMB1,077.3 million.
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.
Our net current liabilities decreased from US$2,962.4 million as of December 31, 2023 to US$2,590.6 million as of December 31, 2024, and further to US$2,089.7 million as of December 31, 2025 and US$1,923.8 million as of March 31, 2026, primarily due to an increase in the operating cash inflow driven by our strong operational performances, which led to improved working capital position.
Financial Information · 第 255 页
Our Directors are of the opinion that taking into account the financial resources presently available to us, including cash and cash equivalents, the estimated net [REDACTED] from the [REDACTED] and the expected cash generated from operating activities, 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 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.
Our net current liabilities increased from RMB592.8 million as of December 31, 2023 to RMB621.8 million as of December 31, 2024, primarily due to a continuous increase in financial liabilities at FVTPL.
Business · 第 157 页
We also recorded net liabilities and net current liabilities primarily as of December 31, 2023 and 2024 as a result of the financial liabilities at FVTPL.
Business · 第 154 页
Our Directors are of the opinion that, taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources available to us, including expected cash generated from operating activities, we have sufficient working capital to cover our costs, including research and development expenses, selling expenses, general and administrative expenses and other operating costs, for the next 12 months 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.
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.
We recorded net current liabilities of RMB811.1 million as of December 31, 2023, primarily attributable to our liabilities from special shareholder rights.
Summary · 第 12 页
Consequently, we recorded net current assets of RMB415.5 million as of December 31, 2024 and RMB384.3 million as of December 31, 2025.
Summary · 第 12 页
Taking into account the aforementioned financial resources available to us, 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.
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.
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.
which is expected to turn our net liabilities position into net assets position following the [REDACTED]
Financial Information · 第 202 页
Taking into account the financial resources available to us, including our cash and cash equivalents, our available banking facilities, cash flows from operating activities and the estimated net [REDACTED] of 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.
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.