These transactions mainly included the sales of our products to a related party, and provision of our services to our related parties.
Financial Information · 第 200 页
These transactions were conducted on normal commercial terms in the ordinary course of our business, with pricing policies consistent with those transactions conducted with independent third parties.
During the Track Record Period, we procured overseas delivery services from a subsidiary of our associate, namely Alreach Group (HK) Limited, the transaction amount of which amounted to RMB279.4 million, RMB15.3 million and nil in 2023, 2024 and 2025, respectively.
Financial Information · 第 211 页
During the Track Record Period, we procured customs clearance and international transportation services from our associate, namely Guangdong Deyun, the transaction amount of which amounted to RMB233.1 million and RMB17.9 million in 2023 and 2024, respectively.
Financial Information · 第 211 页
Our Directors are of the view that each of the above related party transactions was conducted on an arm's length basis and would not distort our track record results or cause our historical results to become non-reflective of our future performance.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
往绩记录期间关联交易（贷款担保及采购）
During the Track Record Period, we entered into transactions with related parties in relation to guarantee of loans and purchase of pharmaceuticals and related products.
Financial Information · 第 246 页
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountants’ Report in Appendix I to this Document was conducted on an arm’s length basis and would not distort our track record results or cause our historical results to be not reflective of our future performance.
The amounts due to a related party represent our payables to a related party in connection with our purchases of R&D and clinical-related services from such related party. We recorded RMB907 thousand and RMB1.8 million in amounts due to a related party as of December 31, 2024 and 2025, respectively.
Financial Information · 第 236 页
Our Directors confirm that the material related party transaction during the Track Record Period was conducted on an arm’s length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, our transactions with related parties mainly consisted of (i) sales of products; (ii) purchases of raw materials; and (iii) leased of low-value assets.
Financial Information · 第 268 页
It is the view of our Directors that each of the related party transactions (i) were conducted on normal commercial terms and/or on terms not less favorable than terms available from Independent Third Parties, which are considered fair, reasonable and in the interest of our Shareholders as a whole; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.
We enter into transactions with our related parties from time to time. For details about our material related party transactions, see Note 29 to the Accountants’ Report included in Appendix I to this document.
Financial Information · 第 188 页
Our Directors are of the view that each of the material related party transactions set out in Note 29 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
与持股50%合营企业的分包关连交易
During the Track Record Period, our related party transactions involved amount due from a joint venture, Shanxi Cellular.
Financial Information · 第 229 页
Our Directors are of the view that each of the related party transactions set out in note 39 to the Accountant's Report as set out in Appendix I to this document were conducted at arm's length and on normal commercial terms or better, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
Financial Information · 第 229 页
Shanxi Cellular | A joint venture company which was owned as to 50% by our Group, which principally engaging in construction of power projects.
Our Directors confirm that all material related party transactions during the Track Record Period were conducted on an arm's length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
Financial Information · 第 303 页
Our prepayments, other receivables and other assets then increased from RMB4.1 million as of December 31, 2024 to RMB7.6 million as of December 31, 2025, primarily due to (i) an occurrence of RMB3.8 million in deferred listing expenses, and (ii) an increase of RMB2.5 million in prepayments, mainly relating to the advance in our clinical trials in 2025, partially offset by our settlement of the receivable with Dr. Ma in 2025.
During the Track Record Period, we had entered into certain related party transactions, details of which are set out in Note 43 of the Accountants' Report included in Appendix I to this document. All of the amounts due to/from the related parties are trade in nature.
Financial Information · 第 257 页
Our Directors are of the view that each of the related party transactions set out in Note 43 to the Accountants' Report included in Appendix I to this document was conducted in the ordinary course of business on an arm's length basis and with normal commercial terms between the relevant parties.
These transactions primarily include (i) our sales of autonomous driving solutions to our joint venture, (ii) office rental expenses paid to a company controlled by our chief executive, and (iii) compensation of key management personnel of our Group.
Financial Information · 第 280 页
It is the view of our Directors that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis and with normal commercial terms.
Financial Information · 第 280 页
Due from related parties was RMB34 thousand as of December 31, 2023, then increased to RMB2.1 million as of December 31, 2024, and decreased to RMB12.1 thousand as of December 31, 2025.
For each year of the Track Record Period, revenue derived from such arrangements amounted to nil, HK$13.4 million and HK$29.0 million respectively, representing nil, 3.4% and 4.6% of our total revenue for the respective years.
Business · 第 125 页
This includes rental income and related income from our sub-lease of designated retail spaces to Deesse Vivante for sales of its skincare and health supplement products to Members, and sub-lease of office space to Deesse Vivante for office use.
With respect to the related party transactions set forth in the Accountants’ Report in Appendix I to this document, our Directors confirm that these transactions were conducted on normal commercial terms or such terms that were no less favourable to our Group than those available to Independent Third Parties and were fair and reasonable and in the interest of our Shareholders as a whole.
During the Track Record Period, we entered into certain sales transactions with related parties.
Financial Information · 第 246 页
Our Directors are of the view that each of the related party transactions was conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties and does not distort our Track Record Period results or make our historical results not reflective of future performance.
During the Track Record Period, we had entered into certain related party transactions.
Financial Information · 第 247 页
Our outstanding balance from related party which were non-trade in nature had been settled before the Latest Practicable Date.
Financial Information · 第 247 页
Our Directors confirm that, all material related party transactions during the Track Record Period were conducted on normal commercial terms or such terms that were no less favorable to our Group than those available to independent third parties and were fair and reasonable and in the interest of our Shareholders as a whole, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, we had the following material transactions during the Track Record Period with related parties.
Financial Information · 第 204 页
Our Directors believe that these transactions were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business and did not distort our results of operations or make our historical results not reflective of our future performance.
We enter into transactions with our related parties from time to time.
Financial Information · 第 194 页
Our Directors are of the view that each of the related party transactions set out in Note 36 to the Accountants’ Report included in Appendix I to this Document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
We enter into transactions with our related parties from time to time. For details about our material related party transactions, see Note 36 to the Accountants’ Report set out in Appendix I to this document.
Financial Information · 第 212 页
Our Directors are of the view that each of the material related party transactions set out in Note 36 to the Accountants’ Report set out in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
For details about our material related party transactions, see Note 29 to the Accountants’ Report set out in Appendix I to this document.
Financial Information · 第 208 页
Our Directors are of the view that each of the related party transactions set out in Note 29 to the Accountants’ Report set out in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Financial Information · 第 208 页
The current portion of our prepayments, other receivables and other assets consists primarily of (i) prepayments for purchasing research and development services and raw materials, (ii) other receivables representing deposits and miscellaneous receivables, (iii) deferred [REDACTED] expenses in relation to the [REDACTED], and (iv) amounts due from a related party in relation to ESOP platform.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
关联方交易及非贸易余额
In the fiscal years ended December 31, 2023, 2024 and 2025, the aggregate purchase amount with related parties was RMB92 thousand, RMB17.2 million and RMB12.5 million, respectively, and the aggregate sales amount with related parties was RMB0.8 million, RMB6.3 million and RMB14.9 million, respectively.
Financial Information · 第 234 页
The outstanding non-trade balances are expected to be settled by the end of June 2026.
Financial Information · 第 234 页
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.