As of December 31, 2023, 2024, 2025, June 30, 2026 and July 31, 2026, we had amounts due to Mr. Zhang, our executive Director and one of the Controlling Shareholders, of RMB0.7 million, RMB1.7 million, nil, nil and nil, respectively.
Financial Information · 第 229 页
Other balances were non-trade in nature and interest-free, and were fully paid in December 2025.
Financial Information · 第 229 页
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and 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.
Our prepayments and other receivables decreased significantly from RMB1,889.9 million as of December 31, 2024 to RMB345.9 million as of December 31, 2025, primarily due to a decrease of RMB1,622.4 million in amounts due from related parties as we accelerated the collection of such amounts.
Financial Information · 第 212 页
Save as those disclosed under the section entitled “Connected Transactions” in this document, all of the non-trade receivables from and payables to related parties will be settled prior to the Listing.
Financial Information · 第 222 页
Our Directors confirm that all of our related party transactions during the Track Record Period set out in Note 41 to the Accountants’ Report were conducted on arm’s length basis and would not distort our results of operations or make our historical results not reflective of our future performance.
Our Directors confirm that all the outstanding balance due from the Controlling Shareholders will be settled partially by cash and partially offset by dividend prior to or upon the [REDACTED].
Financial Information · 第 166 页
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.
Our amounts due to one related party, Ningbo Yunyi Enterprise Management Partnership (Limited Partnership), which are non-trade in nature, amounted to nil, RMB20.2 million and nil as of December 31, 2023, 2024 and 2025, respectively, which has been settled as of December 31, 2025.
Financial Information · 第 260 页
Our Directors are of the view that each of the material related party transactions set out in Note 39 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.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
与关连方的非贸易往来余额及其结算
Our amounts due to a related party were non-trade in nature and derived from the borrowings provided to us by a related party to fund our plant construction in Vietnam.
Financial Information · 第 253 页
As of the Latest Practicable Date, we have fully settled our borrowings due to a related party.
Financial Information · 第 253 页
Our net current assets decreased significantly from RMB3,389.6 million as of December 31, 2024 to RMB1,584.5 million as of December 31, 2025, primarily due to the settlement of amounts due from related parties, which were subsequently used for dividend payments.
We enter into transactions with our related parties from time to time, which have given rise to certain amounts due from and due to related companies.
Financial Information · 第 175 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.
Financial Information · 第 175 页
The decrease was partially offset by movements in balances with related companies, including an increase of EUR44.1 million in amounts due to related companies and a decrease of EUR22.8 million in amounts due from related companies.
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and 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.
Financial Information · 第 210 页
The increase in amounts due from related parties was connected in part with funding arrangements relating to jointly developed power station projects.
Financial Information · 第 191 页
The current portion of our prepayments, other receivables and other assets decreased by 24.5% from RMB6,265.5 million as of December 31, 2024 to RMB4,731.5 million as of December 31, 2025, primarily due to the substantial decrease in amounts due from related parties, mainly as we recovered balances from derecognized project companies.
During the Track Record Period, amounts due from Mr. Zhao Min and Ms. Zhou Zhongying were unsecured and interest-bearing at 2.50% to 4.75% per annum with no fixed terms of repayment.
Financial Information · 第 221 页
All outstanding amounts due from Mr. Zhao Min and Ms. Zhou Zhongying were fully repaid as of the Latest Practicable Date.
Financial Information · 第 221 页
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and at arm’s length basis.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
向关联方提供免息贷款等非贸易交易
During the Track Record Period, our related parties primarily included our Controlling Shareholders, namely Yuyantang Investment and Zhitongdaohe Investment, and an entity which we held 15% shareholding, namely Heilongjiang Qingzhu Female Medicine Management Co., Ltd., and our transactions with related parties were non-trade in nature.
Financial Information · 第 233 页
During the Track Record Period, we provided interest-free loans to our related parties for working capital purposes. These loans were unsecured and repayable on demand.
Financial Information · 第 234 页
Our Directors are of the view that each of the 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 nonreflective of our future performance.
There is no material difference in the pricing and credit terms of our purchase transactions with such related parties compared those with other independent third-party suppliers.
Financial Information · 第 225 页
Furthermore, there were amounts due from related parties as of December 31, 2023, 2024, 2025 and May 31, 2026 of non-trade nature, which amounted to RMB3.5 million, RMB13.5 million, RMB17.6 million and RMB12.9 million, respectively, recorded as loans to associates and a joint venture under prepayments, other receivables and other assets.
Financial Information · 第 225 页
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
During the Track Record Period, we had amounts due from and borrowings from related parties, as well as lease arrangements with related parties, all of which were of non-trade nature.
Financial Information · 第 249 页
In addition, we entered into a lease agreement with our associate, Beijing Yueshi Robot, to lease certain properties used as office premises, with transaction amounts of RMB246,000, RMB309,000 and RMB86,000 in 2024 and 2025 and for the four months ended April 30, 2026, respectively.
Financial Information · 第 249 页
Except for the amount due from Langfang State-owned Assets Service Co., Ltd., which is expected to continue to be held in accordance with the relevant lease arrangement, all other balances with related parties had been fully settled as of the Latest Practicable Date.
During the Track Record Period, we had entered into certain transactions with our related parties.
Financial Information · 第 262 页
All the outstanding balances as at December 31, 2024 were unsecured, interest-free and of non-trade in nature.
Financial Information · 第 262 页
Our Directors confirm that all transactions with related parties described in Note 35 of the Accountants’ Report set out in Appendix I to this document were conducted on normal commercial terms and/or on terms not less favourable than terms available from independent third parties, which are considered fair, reasonable and in the interest of the Shareholders as a whole.
Sales to fellow subsidiaries represented our sales of certain branded PCM products to subsidiaries of JBM Group for trading purposes, which amounted to HK$12.0 million, HK$6.5 million and HK$10.5 million for the years ended March 31, 2024, 2025 and 2026, respectively.
Financial Information · 第 237 页
We had logistics and distribution fees to a fellow subsidiary of HK$11.3 million, HK$20.3 million and HK$6.6 million for the years ended March 31, 2024, 2025 and 2026, respectively.
Financial Information · 第 237 页
We ceased to incur such fees since April 1, 2026 following the completion of the physical segregation of the relevant costs and expenses relating to us and started to record them directly under the relevant cost items for the purpose of the [REDACTED].
As of December 31, 2023, 2024 and 2025, amounts due to related party in non-trade nature amounted to RMB210.7 million, RMB135.1 million and RMB101.7 million, respectively, primarily representing borrowings from a related party for our production and operation.
Financial Information · 第 251 页
The non-trade balances with related parties are expected to be settled upon the Listing.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
其他应收款含大额关联方垫款及应收关联方款项
Our prepayments, deposits and other receivables increased from approximately RMB28.1 million as of 31 December 2023 to approximately RMB44.2 million as of 31 December 2024, which was primarily due to the disposal of subsidiaries in 2024 for which the share transfer consideration had not yet been collected in 2024.
Financial Information · 第 229 页
Our Directors confirm that the related party transactions set out in note 40 to the Accountants' Report in Appendix I to this document were conducted in the ordinary course of business on arm's length basis and with reference to the normal commercial terms of each party.
Our amounts due to related parties (non-trade) amounted to RMB38.3 million as of December 31, 2023, RMB56.1 million as of December 31, 2024, nil as of December 31, 2025 and nil as of April 30, 2026.
Financial Information · 第 254 页
We had settled these amounts as of December 31, 2025.
Financial Information · 第 254 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.
For the year ended December 31, 2023, our Company repurchased 14,144,584, 7,818,640, 7,818,640 and 2,418,136 ordinary shares from Fun Can, Penelope Goose Co., Ltd., Lotus Lantern Co., Ltd. and The Black Bone Co., Ltd., respectively.
Financial Information · 第 250 页
As of December 31, 2025, amounts due to Hangzhou Beiqi amounted to RMB73.0 thousand, which were non-trade in nature.
Financial Information · 第 251 页
Our Directors believe that our transactions with related parties during the Track Record Period disclosed above (i) were conducted on arm’s length basis; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.
As at 31 December 2025, the only outstanding balances with related parties amounted to approximately RMB1.8 million, which were non-trade in nature and arose from interest-free, unsecured loans advanced by Mr. Ma Jiankang to Guangdong Mai Ge Er Intelligent Technologies Co., Ltd. (廣東麥格爾智能科技有限公司) (''Mai Ge Er''), a non-wholly owned subsidiary in which he is a minority shareholder.
Financial Information · 第 270 页
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
For the years ended December 31, 2023, 2024 and 2025, procurement of pharmaceuticals, medical consumables and other inventories from fellow subsidiaries amounted to RMB126.5 million, RMB186.3 million and RMB209.8 million, respectively.
Financial Information · 第 271 页
We had amounts due to and due from related parties of non-trade in nature primarily in accordance with the unified fund management of TRT or to satisfy the short-term capital needs.
Financial Information · 第 272 页
Except for the receivables from Shanghai Zhongyou, Hangzhou CZT and a few miscellaneous receivables from ultimate holding company and fellow subsidiaries, all of our amounts due from related parties which are non-trade in nature have been settled as of December 31, 2025.
The terms of these related party transactions were mutually agreed following arm's length negotiations.
Financial Information · 第 205 页
a decrease in interest income from related parties from RMB1.0 million to nil, as deposits that had been placed in bank accounts of our related parties in 2023 were withdrawn to fund our operations in 2024.