Although investing cash flows fluctuated due to advances to a director, purchases of unlisted bonds and the placement of pledged bank deposits to secure banking facilities for procurement and production, these outflows were partially offset by proceeds from redemption/maturity of unlisted bonds and repayments received from the director during 2023 and 2024.
Financial Information · 第 247 页
Our Directors confirmed that we have ceased all related party transactions as of the Latest Practicable Date and do not expect to enter into any similar transactions in the future.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
与控股股东的股权转让应付款及相关交易
The amounts due to related parties as of December 31, 2023 and 2024 were mainly in relation to an equity transfer agreement and supplemental agreement entered into between the Company and its controlling shareholder, Qianhai Tianzheng, to transfer 100% equity interest in Hainan Pharmaceutical Research Institute Co., Ltd. from the Company to Qianhai Tianzheng, which have been fully settled.
Financial Information · 第 260 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
(ii) interest income from a related company, associated with our loan to Shandong LanYin Real Estate Co. (“Shandong Lanyin”) which has been fully settled as of the Latest Practicable Date
Financial Information · 第 215 页
Our prepayments, other receivables and other assets decreased from RMB450.2 million as of December 31, 2024 to RMB126.7 million as of December 31, 2025, primarily due to a decrease of RMB325.2 million in amount due from a related company as Shandong Lanyin repaid the loan.
Financial Information · 第 228 页
Our Directors confirm that each of the 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.
During the year, we placed deposits with a bank in which one of our substantial Shareholders has equity interest to receive interest income.
Financial Information · 第 289 页
After Listing, if we need to place deposits with any connected person, we will comply with the relevant the Listing Rules requirements (especially the requirements under Chapter 14A of the Listing Rules) as and when appropriate.
Financial Information · 第 289 页
Our Directors confirm that the related party transactions set out in Note 37 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.
The amounts due from related parties decreased from RMB13.1 million as of December 31, 2024 to RMB5 thousand as of December 31, 2025, mainly due to a loan extended to a related party, which was non-trade in nature and had already been settled.
Financial Information · 第 257 页
Our Directors are of the view that material related party transactions were conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, at the request of certain customers outside Chinese Mainland of the Company, we entered into service contracts and received payments through Rong Cloud H.K. Limited (“RCHK”), which is indirectly wholly owned by Mr. Wang Cheng, one of our Controlling Shareholders.
Financial Information · 第 209 页
During the implementation of the Saudi Nationwide Communication Project, we provided temporary funding support to a company controlled by Customer A, which served as the PRC operating entity for the project.
Financial Information · 第 209 页
As of December 31, 2025, the amount due from third parties and related parties had been fully recovered.
As at 31 December 2023, 2024 and 2025, our amounts due to related parties were approximately RMB1.4 million, RMB3.1 million and RMB73.0 million, respectively.
Financial Information · 第 231 页
The trade balances amounted to RMB1.4 million, RMB3.1 million and RMB3.0 million, respectively, and primarily represented contract liabilities in relation to tourist attraction planning services engaged with the related party.
Financial Information · 第 231 页
As at 30 April 2026, the non-trade balance as at 31 December 2025, which represented dividends payable to one of our Controlling Shareholders, Henan Zhengqin, in respect of dividends declared for FY2025, had been fully settled.
During the Track Record Period, we entered into several transactions with our related parties: (i) our Company entered into an agreement with Dr. Wang Bing to acquire his equity interest in Xi’an Biocare in August 2023; as of December 31, 2024 and 2025, the balance was RMB28.3 million and nil, respectively, (ii) Zhongrui Zekang, on behalf of our Company, collected employees’ payments of exercise or subscription prices for share options or shares under our share incentive scheme; as of December 31, 2024 and 2025, the balance was RMB0.7 million and RMB1.1 million, respectively; as of the Latest Practicable Date, the amount due from Zhongrui Zekang had been settled, and (iii) we recognized RMB7.0 million and RMB10.5 million in 2024 and 2025, respectively, for the compensation of our key management personnel.
Financial Information · 第 269 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.
Our amounts due to a related party represented payable to Dr. Ji Jianxin, totaling RMB328.0 thousand as of December 31, 2024. This payable was related to our purchase of two vehicles from Dr. Ji to support corporate hospitality, business visits and small-scale material procurement. We settled such payment in full in August 2025.
Financial Information · 第 274 页
We had amounts due to a related party totaling RMB328.0 thousand as of December 31, 2024, representing payable to Dr. Ji Jianxin.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
2025年末应收控股股东借款6.22亿元
Our non-trade balances of related party transactions consisted of (i) loans and borrowings from one of the Controlling Shareholders, which amounted to nil, nil and RMB622.0 million as of December 31, 2023, 2024 and 2025, respectively, and (ii) prepayments, other receivables and other assets, representing the outstanding amount receivable due to the transfer of fixed assets to a related party, which amounted to nil, RMB0.1 million and RMB0.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 217 页
Our Directors are of the view that each of the related party transactions set out in Note 30 to the Accountants' Report 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 recorded prepayments, other receivables and other assets of RMB26.6 million as of December 31, 2023, primarily reflecting a loan that we provided to a related party of RMB23.0 million at an annual interest rate of 3.2%, aiming to optimize the use of available cash and generate interest income.
Financial Information · 第 237 页
Loan from a related party was non-trade in nature, non-interest-bearing and repayable on demand.
Financial Information · 第 243 页
Our Directors are of the view that each of the related party transactions set out in note 30 to the Accountants’ Report in Appendix I was conducted on an arm’s length basis and with normal commercial terms between the relevant parties.
We purchased term deposits of RMB10.5 million, RMB41.8 million and nil from Nanjing Este and Nanjing Skytech, both being our related parties, in aggregate for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 217 页
The transfer procedures and the determination of the subscription price of the three CDs purchased from Nanjing Este and Nanjing Skytech were arranged through Industrial Bank Co., Ltd. in accordance with prevailing market principles, and our Directors are of the view that they were substantially on the same basis as the other CDs purchased by us from independent third parties.
Financial Information · 第 217 页
Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our track record results or cause our historical results to become non-reflective of our future performance.
It is the view of our Directors that each of the related party transactions set out in Note 38 of the Accountants’ Report in Appendix I to this document (i) were conducted on arm’s length basis and on normal commercial terms, which are considered fair, reasonable and in the interest of our Shareholders as a whole; and (ii) do not distort our financial results during the Track Record Period or make our historical results not reflective of our future performance.
Financial Information · 第 229 页
As of December 31, 2025, all our outstanding balances due from related parties of non-trade nature have been fully settled.
Our prepayments and other receivables comprised primarily of (i) prepayments to suppliers in relation primarily to the purchases of electricity, (ii) deductible VAT, (iii) deposits in relation to site services, (iv) amount due from shareholders; (v) amount due from a supplier; and (vi) amount due from an independent third party.
Financial Information · 第 234 页
Such balance was settled in full in March 2026.
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 non-reflective of our future performance.
As of December 31, 2023, 2024 and 2025, we recorded non-trade amounts due to related parties of RMB45.0 million, RMB86.7 million and nil, respectively.
Financial Information · 第 223 页
Our Directors are of the view that each of the related party transactions set out in Note 38 to the Accountants’ Report 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.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
与关联方非贸易往来结余
As of December 31, 2023, 2024 and 2025, our outstanding balances due to related parties amounted to RMB10.6 million, RMB7.8 million and RMB16.7 million, respectively.
Financial Information · 第 187 页
Our balances with related parties were non-trade in nature during the Track Record Period.
Financial Information · 第 187 页
Our Directors are of the view that each of the related party transactions set out in Note 33 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.
The outstanding balance was repaid in February 2025.
Financial Information · 第 251 页
The outstanding balance was repaid in May 2025.
Financial Information · 第 251 页
The commercial terms offered by the related parties and the third party to us were no less favorable than bank borrowings, particularly taking into account the fact that the we did not provide any security for the loans.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
与关连人士大额非贸易往来及上市前结清
We had amounts due from related parties which represented the entities controlled by Mr. Tse of HK$366.2 million, HK$412.3 million, HK$276.8 million and HK$154.7 million as at 31 March 2023, 2024 and 2025 and 30 November 2025, respectively.
Financial Information · 第 249 页
On 10 February 2026 and 21 May 2026, the Company declared dividends of HK$130 per share totaling HK$130,000,000 and HK$23 per share totaling HK$23,000,000, respectively, which were settled by way of an offsetting with the Group's amounts due from related parties.
Financial Information · 第 249 页
All the amounts due to related parties had been settled in full as at the date of this prospectus.
During the Track Record Period, our related party transactions, which are non-trade in nature, primarily comprised of: (i) a loan with PharMab, which was fully repaid by our Company in August 2025 along with its accrued interest; (ii) guarantees provided by Dr. Liu and his close associate, for certain bank loans made to the Group, which have been released as of the Latest Practicable Date; and (iii) compensation for key management personnel.
Financial Information · 第 245 页
Interests are charged at 2.45% annually, and principal and interest will be paid at maturity.
Financial Information · 第 244 页
Our Directors believe that these transactions were conducted on an arm’s length basis and did not distort our results of operations, nor did they make our historical results unreflective of our future performance.
Our Directors confirm that all 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 244 页
All of our related party balances as of December 31, 2024 and 2025 were non-trade in nature and our Directors confirm that all such non-trade balances will be fully settled prior to our [REDACTED].