As of December 31, 2023, 2024 and 2025 and June 30, 2026, the balance of the guarantees provided by related parties amounted to RMB2,465.5 million, RMB2,156.5 million, RMB2,976.4 million and RMB4,369.9 million, respectively.
Financial Information · 第 246 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.
During the Track Record Period, Mr. Liu and Mr. Song provided guarantee for our borrowings.
Financial Information · 第 256 页
These guarantees have been released in January 2026.
Financial Information · 第 256 页
With respect to the related party transactions set forth in the Accountant’s Report to this document, our Directors confirm that these transactions 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.
The Directors believe that each of the related party transactions set out in Note 33 to the Accountants’ Report in Appendix I to this document was carried out in the ordinary course of business on an arm’s length basis.
Financial Information · 第 206 页
During the Track Record Period, certain of our banking loans were guaranteed by related parties. As of the Latest Practicable Date, such guarantees remained outstanding.
As of December 31, 2023, 2024, 2025 and April 30, 2026, we have guarantee for bank loans and bill payables provided free of charge with the duration period from 2023 to 2030 and from 2023 to 2027, respectively, by Mr. Cai of RMB100.1 million, RMB163.3 million, RMB336.5 million, and RMB305.3 million, which is expected to be released before [REDACTED].
During the Track Record Period, certain of our borrowings, notes payables and performance bonds were secured by guarantees provided by related parties, which have been released before May 20, 2026, except for the guarantee provided by Mr. Han Lei for a borrowing obtained by Hangzhou Xunlongren, as disclosed in Note 28(b) and 34(v) to the Accountant's Report included in Appendix I to this Prospectus.
Financial Information · 第 221 页
Our Directors are of the view that each of the significant related party transactions set out in Note 34 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.
During the Track Record Period, our related party transactions mainly involved guarantees provided by our Shareholders and compensation for key management personnel.
Financial Information · 第 197 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 and their terms were fair, reasonable and in the interest of our Shareholders as a whole.
These transactions mainly included bank loans guaranteed by Mr. Li and Mr. Zhu, being members of our Controlling Shareholders. Such guarantees have been released 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 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.
During the Track Record Period, our related party transactions mainly included (i) provision of guarantees by Mr. Lu to our Company; and (ii) remuneration of key management personnel during the Track Record Period.
Financial Information · 第 241 页
In respect of the related-party transactions set forth in Note 39 to the Accountants' Report contained in Appendix I to this document, our Directors confirm that these transactions were conducted on normal commercial terms, and that their terms were fair and reasonable and in the interests of our Company and the Shareholders as a whole.
Certain related parties of the Group have provided guarantees in connection with our bank borrowings up to RMB166.8 million and RMB157.1 million as of December 31, 2024 and September 30, 2025, respectively.
Financial Information · 第 249 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.
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 376 页
Additionally, one of our Controlling Shareholders, Nanjing Primest, provided guarantees for certain of our bank facilities during the Track Record Period.
As of December 31, 2022, 2023, 2024 and June 30, 2025, bank loans of approximately RMB10.0 million, nil, RMB50.0 million and nil were guaranteed by Mr. Song, Mr. Su and Ms. Luo.
Financial Information · 第 365 页
Our Directors confirm that all guarantees provided by our Controlling Shareholders and their respective close associates are being procured to be and would be fully repaid or released before the Listing.
In addition to the share-based remuneration we awarded to our employees and Directors, we also recorded share-based payments to Good Taste Limited, one of our Controlling Shareholders, for the guarantee that it provided in connection with a three-year, RMB210.0 million bank facility that we entered into in October 2019, which we repaid early in full in March 2022.
Summary · 第 13 页
The total fees paid to Good Taste Limited were RMB4.4 million, RMB16.9 million, RMB16.1 million and RMB12.5 million in 2019, 2020, 2021 and 2022, respectively.
Summary · 第 13 页
We have fully repaid the balance of such bank borrowings by the end of March 2022.