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.
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.
During the Track Record Period, Beijing Shengji Power Technology Co., Ltd. (北京生機動力科技有限公司) (“Shengji Power”) was our Joint Venture, and we also appointed a Director to Shengji Power.
Business · 第 185 页
Pinggao Xinsong was also our channel partner.
Business · 第 185 页
Our Directors believe that these transactions were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and did not distort our results of operations or make our historical results not reflective of our future performance.
In August 2025, we engaged a new distributor, which at the commencement of engagement was an Independent Third Party, under normal commercial terms and on an arm’s length basis.
Business · 第 141 页
Our revenue generated from this distributor amounted to RMB8.0 million, accounting for 1.7% of our revenue in 2025.
Business · 第 141 页
As of the Latest Practicable Date, we already terminated the transactions with this distributor.
We had the following material transactions during the Track Record Period with related parties.
Financial Information · 第 215 页
Our Directors believe that these transactions were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and did not distort our results of operations or make our historical results not reflective of our future performance.
(i) amounts due from related parties of RMB16.7 million; (ii) receivables of reimbursable R&D expense of RMB12.5 million and (iii) deferred [REDACTED] of RMB7.5 million.
Financial Information · 第 231 页
Our Directors are of the view that each of the related party transactions 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, we had outstanding balances with related parties of RMB220.2 million that are included in trade and other receivables, RMB0.2 million that are included in trade and other payables and RMB12.8 million that are included in lease liabilities.
Financial Information · 第 257 页
As of December 31, 2025, we had a current loan from the entity under common control of the Controlling Shareholders with a principal amount of RMB310 million, which is maturing at the end of 2026.
Financial Information · 第 252 页
Our Directors believe that our transactions with the related parties during the Track Record 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.
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.
Shanghai Jiebote is a limited partnership whose general partner is ultimately controlled by Mr. He Yan, a non-executive Director of the Company.
Financial Information · 第 230 页
The consideration was determined through arm's length negotiations and was consistent with the valuation and commercial terms offered to independent third-party sellers in the same transaction batch.
Financial Information · 第 230 页
Our Directors are of the view that these related party transactions were conducted on normal commercial terms and an 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.
During the Track Record Period, we engaged in two related party transactions, which involved the provision of packaging and testing services for wafers and purchase and sales of goods.
Financial Information · 第 213 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.
We have entered into certain transaction with our Controlling Shareholders' associate that will constitute our continuing connected transaction upon [REDACTED].
During the Track Record Period, transactions with these related parties accounted for approximately RMB6.8 million, RMB5.0 million and RMB4.2 million of our total revenues in FY2023, FY2024 and FY2025, respectively.
Financial Information · 第 213 页
Our Directors are of the view that each of the related party transactions set out in Note 33 to the Accountant’s 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.
For details about our material related party transactions, see Note 30 to the Accountants’ Report set out in Appendix I to this Document.
Financial Information · 第 175 页
Our Directors are of the view that each of the material related party transactions set out in Note 30 to the Accountants’ Report set out 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.
For fund financing transactions, several key arrangements were in place during the Track Record Period. These included a loan provided by Heihe Luoke Mining to Hainan Shengwei Trading Co., Ltd. (“Hainan Shengwei”) for working capital purposes; a loan with no fixed term from our Company to Hainan Shengwei for an overseas acquisition; a loan from Heihe Luoke Mining to YTSH for working capital; a RMB cash-pool arrangement between YTSH and Yintai Sheng Hong (Singapore) Pte. Ltd. (“Yintai Sheng Hong”); a loan with no fixed term provided by Yintai Sheng Hong to Osino Mining Investments Ltd. to support its local operations; a loan with no fixed term provided by Tenya HK to Osino Mining Investments Ltd. to support its local operations; a loan provided by Hainan Shengwei to Yintai Sheng Hong; and a loan provided by Yintai Sheng Hong to Tenya HK for working capital purpose.
Business · 第 169 页
For fund financing related transactions, the applicable interest rates were agreed upon by both parties through negotiations, with reference to market interest rates and based on transaction terms including currency of the loan, principal amount, and loan tenure.
Business · 第 170 页
Our Directors believe that these transactions were conducted in the ordinary and usual course of business and did not distort our results of operations or make our historical results unreflective of our future performance.
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.
We have entered into certain one-off connected transactions, and expect to continue, certain transaction that will constitute partially-exempt continuing connected transactions of our Company under the Listing Rules upon [REDACTED] as described in the section headed “Connected Transactions” in this Document.
Summary · 第 10 页
Our Directors believe that these transactions were conducted in the ordinary and usual course of business, and did not distort our results of operations or make our historical results unreflective of our future performance.
We enter into transactions with our related parties from time to time. The balances with related parties are trade in nature.
Financial Information · 第 248 页
Our Directors are of the view that each of the material related party transactions set out in Note 35 to the Accountants’ Report included in Appendix IA 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.
Our Directors confirm that these transactions were conducted in the ordinary course of our business, on an arm’s length basis and with normal commercial terms between the relevant parties.