四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
向控股股东关联方Kinna投资提供计息贷款
The increase in our prepayments, other receivables and other assets as of December 31, 2025, was primarily due to an increase in amount due from Chengdu Kinna Investment Co., Ltd., which was primarily related to interest-bearing loans we provided to Chengdu Kinna Investment Co., Ltd..
Financial Information · 第 227 页
Prior to the [REDACTED], the guarantee provided by related parties will be released, and the non-trade balances with related parties will be settled.
During the Track Record Period, we provided unsecured loans to a subsidiary that Mr. Qiu has 50% equity interests and certain subsidiaries controlled by Mr. Qiu to provide financial support for its business expansion.
Financial Information · 第 260 页
All outstanding non-trade balances with our related parties (including the aforementioned amounts due from related parties) will be fully settled before [REDACTED].
Financial Information · 第 260 页
It is the view of our Directors that each of the related party transactions set out in note 37 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.
As of December 31, 2025, our interest-bearing borrowing due to Kangwang Investment was RMB21.1 million.
Financial Information · 第 259 页
Our Directors confirmed that the outstanding balance due to Kangwang as well as other non-trade balances with related parties will be settled prior to the [REDACTED].
Financial Information · 第 259 页
In September 2025, the guarantees granted by Mr. Mu to us were fully released.
Amounts due from related parties decreased from RMB26.8 million as of December 31, 2024 to RMB3.9 million as of December 31, 2025 resulting from the repayment made during the year.
Financial Information · 第 240 页
All non-trade receivables from Wuhan Weiai, Wuhan Aiminisen and Wuhan Changsheng were waived on August 26, 2025 accordingly.
Financial Information · 第 248 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 make our historical results not indicative of our future performance.
During the year ended 31 December 2024, the Company provided two loans to Mr. Jin with total principal amount of RMB20.0 million in September 2024 and RMB10.0 million in November 2024, bearing an annual interest rate of 3%. Such loans were settled in December 2024, February and March 2025.
Financial Information · 第 231 页
Other receivables (including non-current and current) increased significantly from RMB11.3 million as at 31 December 2023 to RMB30.1 million as at 31 December 2024, primarily due to an amount due from the Controlling Shareholder of RMB20.0 million.
Financial Information · 第 231 页
Our Directors have confirmed that all related party transactions during the Track Record Period were conducted on normal commercial terms that are reasonable and in the interest of our Group as a whole.
In December 2024, a related party made a loan to our Group in the amount of RMB20.0 million, which we fully repaid in January 2025.
Financial Information · 第 208 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.
In 2025, employee advances of an aggregate amount of RMB11.4 million were granted to certain of our key management personnel and executive directors for their personal use.
Financial Information · 第 259 页
The relevant balances were non-trade in nature, unsecured, bore interest at 1% per annum and were due within eight months.
Financial Information · 第 259 页
(vii) amounts due from the controlling shareholders, which has been settled in 2025.
During the Track Record Period, such loan was unsecured and bore an interest rate 3.60% per annum, which was based on one-year loan prime rate (LPR).
Financial Information · 第 412 页
During the six months ended June 30, 2025, we provided certain short-term loans to Donghui Medical in an aggregate principal amount of RMB80 million, of which RMB60 million was repaid within the same period.
Financial Information · 第 412 页
As of the Latest Practicable Date, our Directors expect that the receivables due from Nanjing Yinxia Healthcare of RMB68.2 million as of June 30, 2025, will be settled in the second quarter of 2026.
As of December 31, 2022, 2023 and 2024, and June 30, 2025, our loans to third parties amounted to RMB1.6 million, RMB7.1 million, RMB57.8 million, and RMB15.8 million respectively, among which, RMB1.6 million, RMB3.4 million, RMB55.7 million and RMB15.4 million were business related, representing 100.0%, 47.6%, 96.4% and 97.5% of our loans to third parties, respectively; while the remaining were non-business related, which amounted to nil, RMB3.7 million, RMB2.1 million and RMB0.4 million as of December 31, 2022, 2023 and 2024, and June 30, 2025, representing nil, 52.4%, 3.6% and 2.5% of our loans to third parties, respectively.
Financial Information · 第 385 页
As of the Latest Practicable Date, industry player J was ultimately controlled as to 75.5% by Ms. Zhang Panpan, the sister-in-law of Mr. Liu, our founder, executive Director, executive president, and Controlling Shareholder.
Financial Information · 第 388 页
Accordingly, an application was made to the PRC court on October 24, 2025 for the enforcement of the judgment dated August 28, 2025 against industry player G.
Other receivables due from related parties represent (i) unsecured loans, with an interest rate of 4.35% and are generally repayable on demand, to Mr. Luo and Mr. Cen, and (ii) receivables from issues of shares of the Company pursuant to the Reorganisation, which were fully repaid in July 2023.
Financial Information · 第 333 页
The loan to Mr. Luo was fully repaid in August 2023, and the loan to Mr. Cen was fully repaid in January 2024.
Financial Information · 第 333 页
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountant’s Report included in Appendix I to this Prospectus was conducted on an arm’s-length basis and with normal commercial terms between the relevant parties.
健康160国际有限公司160 Health International Limited02656.HK
与控股股东及其他关连方的非贸易往来款项
All of the aforementioned amounts due from Mr. Luo were provided by our Group to facilitate his repurchase of Shenzhen Ningyuan’s shares from other shareholders through himself and his two controlled companies, Heyuan Chuangye and Weikang Yuanju.
Financial Information · 第 501 页
The loan agreement will be terminated prior to the Listing.
Financial Information · 第 502 页
Our subsidiary, Shenzhen Ningyuan, provided an unsecured loan of RMB4.5 million to a Shareholder in January 2024 to address the Shareholder’s short-term liquidity needs.
We had borrowings from Mr. An and Mr. He, two of our Controlling Shareholders.
Financial Information · 第 415 页
Our Directors believe that our related party transactions set out in note 39 to the Accountants' Report in Appendix I were conducted on an arm's-length basis, and they would not distort our results of operations or cause our historical results to become not reflective of our future performance.
As of December 31, 2022, 2023, and 2024, and April 30, 2025, our loans from related parties were RMB112.1 million, RMB195.2 million, RMB900.7 million, and RMB1,167.9 million, respectively.
Financial Information · 第 396 页
As of the Latest Practicable Date, our loans from related parties amounted to RMB220.7 million, all of which have been settled thereafter.
Financial Information · 第 396 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.
佛山市海天调味食品股份有限公司FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.03288.HK
控股股东旗下小贷及保理公司向业务伙伴提供融资
During the Track Record Period, Jiaxing Haitian Small Loan, a subsidiary held as to 80% equity interest by Guangdong Haitian, provided some of our distributors with loans and financing using its own funds.
Business · 第 158 页
During the Track Record Period and up to the Latest Practicable Date, our distributors have not received any financing or financial assistance directly from us.
Business · 第 158 页
Our suppliers may select to use factoring service in connection with our procurements from them. During the Track Record Period, certain suppliers obtained such services from Haitian Commercial Factoring.
In June 2021, we provided a loan to Beijing Yuanfeng with a maximum aggregate limit of RMB20.0 million, accruing interest at an annual rate of 2%.
Financial Information · 第 336 页
Our net impairment losses on financial assets consist primarily of impairment losses or reversals of such losses recognized on loan and other receivables from Beijing Yuanfeng Technology Co., Ltd. (“Beijing Yuanfeng”), a related party in which we currently hold a 36% equity interest, and Beijing Jianwu Zhongyuan Technology Co., Ltd. (“Beijing Jianwu”), an entity in which we currently hold an 18% equity interest as we deemed these loan and other receivables uncollectable due to the severe financial difficulties faced by these entities.
Financial Information · 第 324 页
Our Directors are of the view that each of the material related party transactions set out in Note 32 to the Accountants’ Report included in Appendix I to this Prospectus was conducted on an arm’s length basis and would not distort our track record results or make our historical results not reflective of our future performance.
容大合众(厦门)科技集团股份公司Rongta Technology (Xiamen) Group Co., Ltd.09881.HK
曾向控股股东提供无抵押非贸易贷款
Our Group had an outstanding balance due from related parties of RMB39.0 million, RMB32.5 million and nil as at 31 December 2022, 2023 and 2024, respectively.
Financial Information · 第 370 页
In FY2022, to address the financial needs of Xiamen Rongxin to acquire the Shares from Xiamen Yijiayi and Xiamen Shangzhi Lianyao, our Group granted five short-term loans to Xiamen Rongxin of approximately RMB33.1 million in aggregate, and one short-term loan to Mr. Xu Kaiming of RMB6.5 million.
Financial Information · 第 378 页
In March 2024, pursuant to a loan settlement agreement entered into between our Company and Xiamen Rongxin, (i) the amount due from Xiamen Rongxin to our Group of RMB32.5 million was offset by share repurchase and capital reduction, and (ii) the balance of remaining RMB43,000 was settled by bank transfer.
The amounts due to related parties and outstanding balances with related parties include lease fees and property fees payable to Beijing Eagleleap and interest-bearing fund loans payable to the member of the Single Largest Shareholder Group, Ms. Li Jinyang, which is to maintain our daily operation.
Financial Information · 第 555 页
The non-trade outstanding balances with related parties, which was the loan of RMB1,074.2 million from the Single Largest Shareholder Group, was fully repaid in January 2024.
Financial Information · 第 555 页
Our Directors confirm that these transactions were conducted on arm’s length basis and entered into in the ordinary course of business and would not distort our track record results or make our historical results not reflective of our future performance.
As of December 31, 2021, 2022 and 2023, we recorded amounts due to related parties as loan payables of RMB18.7 million, RMB44.7 million and RMB25.9 million, respectively, which were unsecured, interest-free and repayable on demand.
Financial Information · 第 310 页
Those loans were mainly used for general corporate purposes and were of non-trade nature, which was fully repaid in April 2024.
Financial Information · 第 310 页
Our Directors confirm that these transactions were conducted at arm's length basis.
江苏国富氢能技术装备股份有限公司Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.02582.HK
向关联方金鲁通及员工提供贷款
Pursuant to the loan agreement, Jinlutong borrowed RMB10.0 million from our Company for its working capital with a fixed interest rate of 4.0% per annum.
Financial Information · 第 463 页
Pursuant to the loan agreement, the staff borrowed RMB2.2 million from our Company with fixed interest rate of 4.75% per annum.
Financial Information · 第 463 页
Our Directors believe that our transaction with related party during the Track Record Period was conducted in the ordinary course of business, and it did not distort our track record results or make our historical results not reflective of our future performance.
傲基（深圳）跨境商务股份有限公司AuGroup (SHENZHEN) Cross-Border Business Co., Ltd.02519.HK
联营公司为五大供应商及股东认购可转债
Shenzhen Zbao Logistics Technology Co., Ltd. is an associate of our Company.
Business · 第 242 页
Our convertible loan notes represent the debt and derivative notes issued to two of our employees and seven independent third parties who purchased our convertible loan notes primarily to support our development and alleviate our temporary financial burden after the Amazon Incident.
Financial Information · 第 379 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.