As of December 31, 2023, 2024 and 2025, amounts due from related parties were RMB69.8 million, RMB94.3 million and RMB14.1 million, respectively.
Financial Information · 第 216 页
As of the Latest Practicable Date, RMB14.1 million of our amounts due from related parties remained outstanding, which will be settled before [REDACTED].
Financial Information · 第 216 页
Our Directors believe that our transactions with the related parties during the Track Record Period were conducted in the normal 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.
浙江晶通新材料集团股份有限公司Zhejiang Kingdom New Material Group Co., Ltd.
与关连人士的非贸易借贷及结付
As of December 31, 2023, the amount due from related parties was approximately RMB1.6 million.
Financial Information · 第 240 页
These loans were non-trade in nature with interest at 3.65% per annum, and were settled in May 2024, February 2023 and January 2023 respectively.
Financial Information · 第 240 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 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, due from related parties primarily consisted of due from NUAG and Tincorp, both non-trade related in nature.
Financial Information · 第 241 页
In January 2024, we entered into an interest-free unsecured credit facility with no conversion features with Tincorp (the "Facility") to allow Tincorp to advance up to USD1.0 million from us.
Financial Information · 第 241 页
As at March 31, 2026, USD178.0 thousand, or 12.9% of due from related parties as at December 31, 2025 had been settled.
We intend to continue certain transactions with our related parties, including the purchase of industrial off-gas and energy medium, after the Listing.
Financial Information · 第 265 页
After our Listing, the non-trade balance of amounts due from and to our related parties will continue, comprising (i) the loan from Shougang Finance, (ii) pledged deposits placed with Shougang Finance, and (iii) cash and cash equivalents deposited with Shougang Finance.
During the Track Record Period, we provided loans to certain related parties, including our managed medical institutions and Puxiang Ren’ai.
Financial Information · 第 238 页
The amounts due from our managed medical institutions increased from RMB49.3 million as of December 31, 2023 to RMB53.4 million as of December 31, 2024, primarily due to additional loans provided to Beijing Fengtai Yikang Hospital to supports its business development.
Financial Information · 第 248 页
In September 2025, we entered into a supplemental agreement with Puxiang Ren’ai and agreed to change the intended use of the loan under the Loan Agreement, pursuant to which such loan in the amount of RMB48.8 million will solely be used to settle the considerations for the transfer of minority interests of the existing VIE Hospitals back to Puxiang Investment when it is legally permissible for us to hold these minority interests directly.
Our balances with related parties that are non-trade in nature, including capital contributions from non-controlling shareholders, dividends payable and loans from a related party, have been fully settled as of the date of this document.
Financial Information · 第 247 页
Our Directors are of the view that each of our transactions with related parties during the Track Record Period were 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 247 页
Our other receivables decreased from RMB301.3 million as of December 31, 2023 to RMB171.2 million as of December 31, 2024, primarily due to (i) a decrease in other payments on behalf of others of RMB116.1 million as we gradually ceased providing vehicle operation services to automobile dealerships; and (ii) a decrease in amount due from related parties of RMB16.0 million as we settled outstanding amounts with related parties.
中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
与控股公司大额非贸易往来及股东贷款经债转股处理
Our Directors are of the view that each such transaction was conducted in the ordinary course of business on an arm’s length basis and on normal commercial terms between the relevant parties.
Financial Information · 第 189 页
Our non-trade amounts due to holding companies primarily represented (i) intra-group funding arrangements, which were unsecured, interest-free and repayable on demand; and
Financial Information · 第 189 页
As part of the Spin-off Reorganization, non-trade amounts due to holding companies and the loans from China Travel HK of HKD4,358.4 million as of December 31, 2025 were assigned to the Company on May 13, 2026, in consideration of which the Company allotted and issued a certain number of Shares to China Travel HK.
As of December 31, 2023, 2024 and 2025, we had RMB10.0 thousand, nil and nil, respectively, due from a related party, and RMB275.8 million, RMB68.1 million and RMB8.0 million due to related parties.
Financial Information · 第 244 页
We recorded non-current non-trade nature amounts due to related parties of RMB100.0 million, nil, nil and nil, respectively, as of December 31, 2023, 2024 and 2025 and March 31, 2026.
Financial Information · 第 242 页
The decrease in amounts due to related parties/subsidiaries was primarily because (i) the decrease in non-trade in nature due to software license fees to Apollo Intelligent Techniques (Beijing) Co., Ltd, which were paid in annual installments and fully settled in 2025 and (ii) the decrease in both current and non-current non-trade in nature to Lionbridge Financing Leasing (China) Co., Ltd. as we made repayments to the shareholders’ borrowings.
All of our related party balances as of December 31, 2023, 2024 and 2025 were non-trade in nature. We do not expect these non-trade balances to be settled or terminated prior to the completion of the [REDACTED], as the underlying transactions are entered into in the ordinary course of business and are expected to continue thereafter.
Financial Information · 第 230 页
We have entered into certain transactions with our Controlling Shareholders and/or their respective associates that will constitute our continuing connected transactions upon [REDACTED].
(2) amounts due from related parties, which mainly represent interest-free loans extended to a joint venture of our Group to support its working capital needs;
Financial Information · 第 203 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 entered into certain related party transactions from time to time, primarily related to the compensation of our key management personnel.
Financial Information · 第 255 页
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary and usual course of business and on an arm’s length basis, and they did not distinct our results of operations or make our historical results not reflective of our future performance.
Financial Information · 第 255 页
a decrease of RMB31.2 million in other receivables from share incentive platform due to the settlement of such amounts in July 2025;
Our outstanding non-trade balances with related companies as of December 31, 2023, 2024 and 2025 amounted to nil, RMB35.1 million and nil, respectively, representing loan to related companies.
Financial Information · 第 218 页
Such balances had been fully settled as of the Latest Practicable Date.
Financial Information · 第 218 页
Our other income and gains primarily consists of (i) government grants, (ii) bank interest income, (iii) interest income from related companies, primarily derived from loans to eKontrol and its subsidiary, Beijing eKontrol Drive Technology Co., Ltd.
湖南明珠矿用化工科技股份有限公司Hunan Mingzhu Mining Chemical Technology Co., Ltd.
关联方非贸易股东贷款已于上市前结清
Amounts due from related parties are predominantly shareholder loans, which are non-trade in nature, unsecured, interest-bearing at prevailing comparable-term benchmark lending rate of the People’s Bank of China, and have no fixed repayment terms.
Financial Information · 第 197 页
The amounts had been fully settled as of the Latest Practicable Date.
Financial Information · 第 197 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 from related parties primarily consist of mainly represented receivable for capital contributions due from related parties for series of financing. All the outstanding receivable balances were subsequently settled in cash in September 2025.
Financial Information · 第 260 页
The amounts due to a related party as of December 31, 2024 represent a net payable position of the transactions arising from the reorganization steps.
Financial Information · 第 262 页
Our Directors are of the view that each of the related party transactions set out in Note 39 to the Accountant’s Report included in Appendix I to this Prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
As of December 31, 2023, 2024 and 2025, we recorded amounts due from related parties of RMB111.5 million, RMB157.3 million and RMB196.0 million.
Financial Information · 第 227 页
Our Directors confirm that RMB1.2 million of the related party balances which are non-trade in nature and did not occur in our ordinary course of business has been settled as of the Latest Practicable Date and the remaining of which will be settled upon Listing.
Financial Information · 第 227 页
Our Directors are of the view that each of the related party transactions set out 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.
We expect to settle the outstanding non-trade related party balances as of December 31, 2025 by the date of this document.
Financial Information · 第 226 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 net current assets increased from approximately RMB28.3 million as at 31 December 2023 to approximately RMB93.8 million as at 31 December 2024, representing an increase of approximately RMB65.5 million, which was mainly attributable to the combined effects of (i) our trade and other receivables increase of approximately RMB10.3 million; (ii) increase in balance of amount due from the Controlling Shareholders of approximately RMB71.5 million; (iii) our bank balances and cash increase of approximately RMB2.3 million; and (iv) decrease in lease liabilities of approximately RMB0.9 million, which was partially offset by (v) our inventories decrease of approximately RMB16.9 million; (vi) increase in trade and other payables of approximately RMB19.1 million; (vii) increase in income tax payables of approximately RMB4.5 million; and (viii) increase in interest-bearing borrowing of approximately RMB4.6 million.
Financial Information · 第 236 页
Our Directors are of the view that these related party transactions as a whole were conducted on normal commercial terms and on arm’s length basis.
Trade receivables from related companies were primarily related to sales of packaging materials to related companies.
Financial Information · 第 243 页
(v) amounts due from related companies mainly with regard to, deposit for warehouse we provided to a related company, and (vi) others.
Financial Information · 第 243 页
Our Directors are of the view that each of the related party transactions set out in Note 34 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.
At December 31, 2025, the balances with related parties mainly represented rental deposits, which were classified as non-trade in nature and will be returned upon the expiration of the lease term on March 31, 2026 and July 31, 2026, respectively.
Financial Information · 第 213 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.
There were amounts due from Neura Robotics when it was our associate as of December 31, 2022, which amounted to RMB84.0 million.
Financial Information · 第 271 页
Such amounts were non-trade in nature, unsecured and collectable within one year.
Financial Information · 第 271 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.