Our prepayments, other receivables and other assets increased from RMB48.8 million as of December 31, 2024 to RMB67.1 million as of December 31, 2025, primarily due to (i) an increase of RMB14.3 million in prepayments to our suppliers, in line with our business growth, and (ii) an increase of RMB7.2 million in amounts due from related parties in relation to loans to Dongguan Yingyu, partially offset by a decrease of RMB4.3 million in value-added tax recoverable arising from the timing differences between the issuance of invoice by our major customers and suppliers.
Financial Information · 第 233 页
We enter into transactions with our related parties from time to time.
Financial Information · 第 245 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.
These amounts represent outstanding payments arising from unfulfilled contractual obligations of Youngy Group and its affiliate.
Financial Information · 第 245 页
The amounts due from the then shareholder of RMB18.4 million was settled on August 13, 2026.
Financial Information · 第 245 页
we had fully settled all outstanding balances with Youngy Group, including other receivables of RMB18.4 million and capital reduction payables of RMB59.8 million.
During the Track Record Period, we had transactions with certain related parties.
Financial Information · 第 246 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.
Financial Information · 第 246 页
The amounts due from the related party have been fully settled as of March 31, 2026.
As of December 31, 2024 and 2025 and June 30, 2026, we had RMB54.5 million, RMB45.0 million and RMB43.1 million, respectively, of amounts due from related parties, and RMB3.0 million, RMB30,000 and RMB1.1 million, respectively, of amounts due to related parties.
Financial Information · 第 256 页
We have fully settled our amounts due from related parties as of December 31, 2025 that were of a non-trade nature.
Financial Information · 第 256 页
As of June 30, 2026, the amount due from Landes Therapeutics Ltd. and CoJourney Inc. had been fully settled.
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.
Financial Information · 第 267 页
As of December 31, 2023, 2024, 2025 and March 31, 2026, our outstanding balances was RMB3.0 million, RMB3.8 million, RMB336.9 million and RMB408.1 million with related parties of trade nature which mainly include trade and note receivables at amortized cost and prepayments, other receivables and other assets.
In 2023, 2024, 2025 and three months ended March 31, 2026, from our transaction with Shenzhen MicroBT Group, we generated revenues of RMB234.9 million, RMB284.3 million, RMB230.0 million and RMB19.3 million, representing approximately 89.9%, 51.1%, 22.0% and 9.0% of our revenues for the respective periods.
Financial Information · 第 201 页
As of December 31, 2023 and 2024, amount due from related parties, which was trade in nature, was RMB17.5 million and RMB29.3 million, respectively.
Financial Information · 第 198 页
All of these amounts are non-trade related, unsecured, interest free and repayable on demand and the balance will be fully settled before the [REDACTED].
Our amounts due from related parties increased from RMB271.6 million as of December 31, 2023 to RMB1,763.1 million as of December 31, 2024, primarily attributable to (i) the combination of Shandong Duanxin under common control in 2024 that brought its existing business with shareholder-related counterparties into our Group and resulted in increased related party transactions and corresponding receivables, and (ii) the steady growth of our port handling services business.
Financial Information · 第 238 页
Our trade-related amounts due from related parties, which consists of trade-receivables, other receivables and prepayments, were RMB271.5 million, RMB1,310.0 million and RMB976.4 million as of December 31, 2023, 2024 and 2025, respectively, the fluctuations of which were generally in line with the changes in our amounts due from related parties.
Financial Information · 第 238 页
Our Directors are of the view that each of the related party transactions set out in Note 40 to the Accountant’s Report 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.
During the Track Record Period, the vast majority of our consulting fee income was generated from services provided to Beijing Hanmi.
Financial Information · 第 184 页
As of December 31, 2025, all our amounts due from related parties were non-trade in nature and were based on arm’s length negotiations, which are expected to be settled prior to [REDACTED].
Financial Information · 第 202 页
Our Directors are of the view that each of the related party transactions set out in Note 30 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.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
与控股股东济南环能的往来结余
During the Track Record Period, our related party transactions concern about (i) key management compensation; and (ii) amounts due from/to Jinan Huanneng, our Controlling Shareholder.
Financial Information · 第 239 页
As at the Latest Practicable Date, (i) approximately RMB166.4 million, or 74.3% of our prepayments made to third-party suppliers; (ii) approximately RMB2.0 million, or 80.0% of our amounts due from related parties; (iii) approximately RMB0.8 million, or 100.0% of our VAT recoverable; and (iv) approximately RMB3.4 million, or 10.9% of our deposits and other receivables, as at 31 December 2025, had been subsequently utilised, settled or recovered.
Trade receivables from related parties accounted for 33.3%, 20.5%, 13.6% and 9.7% of our trade and bills receivables as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · 第 254 页
During the Track Record Period, the credit term we offered to related parties was generally 360 days, while the credit term we offered to Independent Third Parties was generally 90 days.
Financial Information · 第 255 页
Based on our experience, Beijing Kaibao typically settles payments with us shortly after receiving payments from its end customers.
As of December 31, 2023, 2024 and 2025, amounts due from related party was nil, RMB15.9 million and RMB19.6 million, respectively.
Financial Information · 第 256 页
It is the view of our Directors that our transactions with related parties during the Track Record Period was conducted on an arm's length basis and with normal commercial terms between the relevant parties.
Our Directors confirm 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.
Financial Information · 第 220 页
Our amounts due from related parties increased by 38.5% from RMB2.6 million as of December 31, 2023 to RMB3.6 million as of December 31, 2024, primarily because we purchased commercial insurance services from Cathay Insurance Co., Ltd and made prepayments to it.
Financial Information · 第 220 页
With respect to the related party transactions set forth in Note 29 of the Accountants' Report in Appendix I to this document, 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 prepayments, other receivables and other assets increased by 8.9% from RMB26.6 million as of December 31, 2023 to RMB28.9 million as of December 31, 2024 mainly due to an increase in amounts due from related parties of RMB7.7 million.
Financial Information · 第 225 页
We entered into transactions with related parties during the Track Record Period.
Financial Information · 第 230 页
Our Directors are of the view that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis, with normal commercial terms between the relevant parties and would not distort our results of operations or make our historical results not reflective of our future performance.
Trade receivables due from related parties | 25,381 | 26,929 | 393
Financial Information · 第 241 页
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and they did not distort our results of operations or make our historical results not reflective of our future performance.
Financial Information · 第 255 页
Our non-trade balances with related parties will be settled prior to [REDACTED].
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
向联营公司成都成飞的销售及应收款项
Since the establishment of Chengdu Chenfei and as at the Latest Practicable Date, we held 14.48% equity interest in Chengdu Chenfei. Chengdu Chenfei was accounted for as an associate of our Company.
Business · 第 168 页
In FY2022, we entered into a sales contract with Chengdu Chenfei in a contract sum of RMB109.8 million for the sale of aviation and aerospace intelligent manufacturing equipment, namely six horizontal flip-type milling five-axis machine tools.
Business · 第 168 页
The increase in our trade receivables to RMB206.0 million as at 31 December 2025 was primarily attributable to the addition of trade receivables of RMB71.3 million due from Chengdu Chenfei (a subsidiary of Customer E, one of our top five customers in FY2025), as it completed final acceptance of aviation and aerospace intelligent manufacturing equipment during the year.
We enter into transactions with our related parties from time to time.
Financial Information · 第 224 页
Our Directors are of the view that each of the related party transactions set out in Note 42 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.
The following table sets forth a breakdown of our outstanding balances with related parties as of the dates indicated:
Financial Information · 第 243 页
Our Directors believe that each of the related-party transactions set out in Note 42 in the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business on an arm’s-length basis between the relevant parties and was entered into on normal commercial terms.
Financial Information · 第 243 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.
Our Directors believe that each of the related-party transactions set out in Note 34 in the Accountants' Report in Appendix I to this prospectus was conducted in the ordinary course of business on an arm's-length basis between the relevant parties and was entered into on normal commercial terms.
Financial Information · 第 256 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.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
与关联人士进行交易
We enter into transactions with our related parties from time to time.
Financial Information · 第 173 页
Our Directors are of the view that each of the related party transactions set out in Note 31 to the Accountants’ Report included in Appendix I to this Document was conducted on an arm’s length basis and with normal commercial terms between the relevant parties.
a decrease in amounts due from related parties – trade related, from RMB106.0 million to RMB14.5 million, as prepayments for semiconductor IP licensing were utilized.
Financial Information · 第 179 页
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and at arm’s length basis.