宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
与关连方的非贸易往来余额及其结算
Our amounts due to a related party were non-trade in nature and derived from the borrowings provided to us by a related party to fund our plant construction in Vietnam.
Financial Information · 第 253 页
As of the Latest Practicable Date, we have fully settled our borrowings due to a related party.
Financial Information · 第 253 页
Our net current assets decreased significantly from RMB3,389.6 million as of December 31, 2024 to RMB1,584.5 million as of December 31, 2025, primarily due to the settlement of amounts due from related parties, which were subsequently used for dividend payments.
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.
Our interest income from related parties remained stable at RMB0.7 million and RMB0.8 million in FY2024 and FY2025, respectively, primarily represent the interests received from shareholders.
Financial Information · 第 241 页
Our Directors believe that the related party transactions were carried out on an arm's length basis and will not distort our results during the Track Record Period or make such results not reflective of our future performance.
During the Track Record Period, we entered into certain related party transactions.
Financial Information · 第 250 页
Our Directors confirm that each of the significant related party transactions during the Track Record Period was conducted on an arm’s length basis, and would not distort our results of operations over the Track Record Period or make our historical results not reflective of our future performance.
During the Track Record Period, our prepayments, deposits and other receivables primarily comprised (i) other receivables, representing amounts due from the employee shareholding platforms for the repurchase prices paid to the resigned employees on behalf of the platforms, as well as the placement of a capital reduction guarantee deposit with one of our shareholders, (ii) prepayments to suppliers and prepaid expenses, primarily to procure raw materials, software and related services, (iii) deposits for targeted capital repurchase, see Note 23 of Appendix I to this document, and (iv) prepayment other tax expense, mainly representing deductible input VAT.
Financial Information · 第 249 页
Our prepayments, deposits and other receivables decreased from RMB19.6 million as of December 31, 2024 to RMB13.6 million as of December 31, 2025, primarily attributable to (i) a decrease in deposits for targeted credit losses, reflecting the receipt of the capital reduction guarantee deposit previously placed with one of our shareholders upon the completion of the capital reduction, and (ii) a decrease in prepaid other tax expenses in line with the increase of sales in 2025.
Financial Information · 第 250 页
Our Directors believe that our transactions with related parties during the Track Record Period and up to the Latest Practicable Date 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.
We enter into transactions with our related parties from time to time, which have given rise to certain amounts due from and due to related companies.
Financial Information · 第 175 页
Our Directors are of the view that each of the related party transactions set out in Note 43 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.
Financial Information · 第 175 页
The decrease was partially offset by movements in balances with related companies, including an increase of EUR44.1 million in amounts due to related companies and a decrease of EUR22.8 million in amounts due from related companies.
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 confirm that these transactions were conducted in the ordinary and usual 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.
Financial Information · 第 210 页
The increase in amounts due from related parties was connected in part with funding arrangements relating to jointly developed power station projects.
Financial Information · 第 191 页
The current portion of our prepayments, other receivables and other assets decreased by 24.5% from RMB6,265.5 million as of December 31, 2024 to RMB4,731.5 million as of December 31, 2025, primarily due to the substantial decrease in amounts due from related parties, mainly as we recovered balances from derecognized project companies.
During the Track Record Period, we had transactions with related parties in accordance with the terms agreed with the counterparties.
Financial Information · 第 257 页
Our Directors confirm that the material related party transactions during the Track Record Period were conducted on an arm’s length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, our Group made a loan to Mr. Feng, which had been settled in July 2024.
Financial Information · 第 233 页
Our Directors are of the view that the related party transactions 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 233 页
Our current deposits, prepayments and other receivables decreased from RMB240.3 million as of December 31, 2023 to RMB174.1 million as of December 31, 2024, primarily due to the amounts due from a related party of RMB70.0 million incurred as of December 31, 2023, which had been settled in July 2024, partially offset by an increase in prepaid expenses, mainly in relation to the prepaid rental for our new integrated distribution center in Dongguan.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
与关联方存在交易及余额
We had the certain transactions and balances with the related parties during the Track Record Period, details of which are set out in Note 38 to the Accountants’ Report set out in Appendix I to this document.
Financial Information · 第 249 页
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary course of business and on an arm’s length basis, and did not distort our track record results or make our historical results not reflective of our future performance.
As of June 30, 2026, the aggregate revenue generated from such distributors amounted to RMB201.7 million, RMB266.1 million, RMB306.9 million and RMB153.3 million in 2023, 2024, 2025 and for the six months ended June 30, 2026, representing 1.1%, 1.3%, 1.5% and 1.4% of our total revenue for the same periods, respectively
Business · 第 145 页
In aggregate, the revenue generated from the abovementioned distributors amounted to RMB230.3 million, RMB380.3 million, RMB426.9 million and RMB205.9 million in 2023, 2024, 2025 and for the six months ended June 30, 2026, representing 1.3%, 1.9%, 2.1% and 1.9% of our total revenue for the same periods, respectively.
Business · 第 146 页
The abovementioned distributors were engaged following the same standards as other distributors, becoming our distributors based on their qualifications and capabilities, and the salient terms of their distribution agreements are consistent with those of other distributors' distribution agreements.
During the Track Record Period, amounts due from Mr. Zhao Min and Ms. Zhou Zhongying were unsecured and interest-bearing at 2.50% to 4.75% per annum with no fixed terms of repayment.
Financial Information · 第 221 页
All outstanding amounts due from Mr. Zhao Min and Ms. Zhou Zhongying were fully repaid as of the Latest Practicable Date.
Financial Information · 第 221 页
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and at arm’s length basis.
We enter into transactions with our related parties from time to time. For details about our material related party transactions, see Note 36 to the Accountants' Report included in Appendix I to this document.
Financial Information · 第 244 页
Our Directors are of the view that each of the material related party transactions set out in Note 36 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.
Financial Information · 第 244 页
Our Directors are also of the view that our material-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.
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 Company has entered into a transaction which will constitute a continuing connected transaction under Chapter 14A of the Listing Rules upon the Listing.
Summary · 第 21 页
Our Directors confirm that these transactions were conducted in the ordinary and usual course of business and on arm’s length basis.
On March 20, 2024, we entered into a loan agreement with Yunnan Lingwei, pursuant to which we provided a short-term loan facility in the amount of RMB150.0 million to Yunnan Lingwei (an energy storage asset investment company in which our Company holds an 18% equity interest as of the Latest Practicable Date) to support its business operations.
Financial Information · 第 238 页
Such amount had been fully settled on January 8, 2026.
Financial Information · 第 238 页
As of the Latest Practicable Date, the loan remained outstanding as it was entered into in December 2025 with a term of one year from the date of loan disbursement and had not yet matured. The loan is expected to be repaid by the end of 2026.
During the Track Record Period, the related party transaction represented our loan to one of our Directors at an interest rate of 3.45% and 3.10%, which had been fully repaid as of the Latest Practicable Date.
Financial Information · 第 268 页
To ensure optimised corporate governance, we will discontinue all financial assistance received from, or provided to our connected persons upon the [REDACTED] and going forward.
Financial Information · 第 268 页
Interest income from a related party represented the interests accrued from an interest-bearing loan to one of our Directors, which had been fully repaid by the relevant Director.